Press Release: Workhorse Group Reports Second Quarter 2026 Results

Dow Jones
08/14

DETROIT, Aug. 13, 2026 (GLOBE NEWSWIRE) -- Workhorse Group Inc. (NASDAQ: WKHS) ("Workhorse" or the "Company"), an American Industrial Technology company today reported financial results for the second quarter ended June 30, 2026 and provided an update on its recent announcement about a new product line.

"As we complete the final stages of merger integration, Workhorse is transforming from a pure-play manufacturer of electric commercial vehicles into a new, American industrial technology company built to serve critical commercial, government, defense, and infrastructure markets," said Scott Griffith, CEO of Workhorse. "At the heart of this transformation is our foundational expertise in the design, engineering, testing, validation and manufacturing of industrial products. While traditionally this expertise has been applied to the commercial vehicle market, we believe we are positioned to leverage it for broader industrial applications, opening up access to additional large, high-growth markets."

The Company has spent the first half of 2026 reducing costs to manufacture its flagship commercial electric vehicles through smart engineering, strategic supply chain use and the elimination of redundant operations and facilities. In addition, it has continued work on its lower-cost and more flexible next-generation platforms which the Company believes will enable the production of a wider variety of models that can meet the needs of a larger share of the medium-duty commercial truck segment.

"We believe the combination of our new enterprise sales strategy, the 2026 promotional pricing, and the strong TCO and on-road performance of our W56 step van product line is continuing to drive product enthusiasm and market interest," said Griffith. "We have a growing backlog of firm orders and our sales pipeline has more than doubled since the start of 2026."

In addition to the strategic efforts designed to grow market share in the commercial trucking market, the Company has announced its intent to leverage its expertise and manufacturing capabilities to enter a new market. In July, Workhorse announced its intent to manufacture a turnkey, compute-ready, mobile AI data center designed for the localized infrastructure needs of distributed AI deployments. The Company believes that this new line of business can leverage current capabilities and assets to offer a compelling value proposition to a high-growth market.

Second Quarter and Recent Strategic Highlights

   -- Merger Integration on Track: The Company continued integrating enterprise 
      technology systems and reducing redundancies across facilities and 
      personnel during the quarter. The Company continues to expect to exit 
      2026 at a $20 million annualized cost synergy run rate. 
 
   -- Bill of Materials Cost Reduction Advancing: Engineering and design work 
      on the Company's modular chassis program is progressing on schedule. 
      Workhorse has begun discussions with new suppliers for key components 
      expected to reduce vehicle costs and continues to work with existing 
      suppliers on further cost reductions. These efforts, together with the 
      Company's planned entry into the Class 5/6 cab-chassis segment, are 
      designed to expand Workhorse's addressable market beyond its step van 
      business and into a broader range of Class 5-6 truck types, including box 
      trucks, representing a larger share of the $23 billion medium-duty truck 
      market1. The modular chassis is the first step in a broader strategy to 
      commonize hardware and software across all product lines, with production 
      for the new chassis platform expected to begin in late 2027. 
 
   -- Optimizing for Rapid Production Ramp: Workhorse increased production in 
      the second quarter and continued building efficiencies across its supply 
      chain and manufacturing processes. The Company expects to produce more 
      fully electrified Class 5/6 chassis over the next five months than in any 
      prior five-month period in its history. Driven by a new strategic 
      enterprise sales approach, the total cost of ownership and performance 
      advantages of with W56, and the Company's promotional pricing on the W56 
      step van, demand is building from both existing and new customers for 
      deliveries in late 2026 and early 2027. 
 
   -- Leadership Team Strengthened: In July, Workhorse announced the 
      appointment of Jody Davis as Chief Financial Officer. Davis brings 
      approximately 15 years of finance leadership across manufacturing, energy 
      storage, aerospace, and technology companies, with a track record of 
      closing large capital rounds and guiding development-stage businesses 
      into full production. He has built the financial infrastructure that 
      capital-intensive companies require as they move from development into 
      commercialization -- precisely where Workhorse is in its journey. 
 
   -- Entry into Mobile AI Data Center Market: In July, Workhorse announced its 
      planned entry into the containerized mobile AI data center category, 
      targeting an estimated $41 billion market by 20312. The Company believes 
      its engineering competencies in power electronics, thermal management, 
      ruggedized enclosures, mobile connectivity, vibration isolation, and 
      embedded systems can translate directly to containerized platforms that 
      must meet the operating demands of AI hardware in the field. The 
      Company's go-to-market approach for this new product line is 
      partnership-based, with Workhorse intending to serve as the design, 
      engineering and manufacturing partner while strategic partners lead 
      end-market development and manage customer relationships, an approach 
      intended to reduce execution risk. The Company is targeting 2027 for 
      commencement of initial production and commercial deliveries. 

____________________(1) Represents annual forecast of vehicle registrations as of Q1 2026 Forecast per S&P Global Mobility for NTEA US Commercial Vehicle Market Report, multiplied by an assumed $100,000 value per ICE truck and $250,000 for electric truck.

(2) Grand View Research, "Global Containerized Data Center Market Size & Outlook" https://www.grandviewresearch.com/horizon/outlook/containerized-data-center-market-size/global

Second Quarter 2026 Financial Highlights

   -- Revenue: Sales, net of returns and allowances, for the second quarter of 
      2026 were $3.6 million, compared to $0.8 million in the second quarter of 
      2025 on a GAAP basis. On a pro forma combined basis, revenue for the 
      second quarter of 2025 was $6.4 million. For the first half of 2026, 
      revenue was $7.9 million, roughly in line with pro forma combined revenue 
      of $8.2 million in the first half of 2025. 
 
   -- Vehicles Delivered: The Company delivered 26 vehicles during the second 
      quarter of 2026, compared to 4 vehicles in the second quarter of 2025. 
 
   -- Cost of Sales: Cost of sales for the second quarter of 2026 was $11.0 
      million, resulting in a gross loss of $7.5 million, consistent with the 
      first quarter. The Company continues to expect gross margin to improve as 
      production volumes at Union City scale and the cost benefits of the 
      combined platform are realized. 
 
   -- Operating Expenses: Total operating expenses for the second quarter of 
      2026 were $11.9 million. Selling, general and administrative expenses 
      were $7.8 million, reflecting the costs of running the combined company, 
      partly offset by merger-related synergies, including reductions in 
      redundant headcount and other operating costs. Research and development 
      expenses were $4.1 million, reflecting continued strategic investment in 
      the Company's bill of materials cost reduction program and early-stage 
      engineering work supporting the mobile AI data center product line. 
 
   -- Operating Loss: Operating loss was $19.4 million in the second quarter of 
      2026, compared to $9.0 million in the second quarter of 2025. 
 
   -- Net Loss: Net loss for the second quarter of 2026 was $20.2 million, or 
      $1.86 per basic and diluted share, compared to a net loss of $12.8 
      million, or $1.38 per share, in the same period last year. 
 
   -- Capital Position: As of June 30, 2026, the Company had $9.6 million in 
      cash and cash equivalents, plus $0.7 million of restricted cash. During 
      the first half of 2026, the Company drew $20.0 million under its Cash 
      Flow Credit Agreement, bringing the outstanding balance to $30.0 million, 
      and drew $18.3 million under its Customer Order Credit Agreement. 
      Subsequent to quarter end, the Company amended its Cash Flow Credit 
      Agreement to increase capacity and borrowed an additional $10 million to 
      fund its operations. 

Conference Call

Workhorse management will hold a conference call on Thursday, August 13, 2026, at 4:30 p.m. Eastern time to discuss these results and answer related questions.

A link to listen to the conference call webcast will be available on the Investor Relations section of Workhorse's website.

The phone numbers to listen via telephone are (877)-407-0789 (U.S.) or (201)-689-8562 (international). A telephonic replay of the conference call will be available after 7 p.m. Eastern time on the same day through August 27, 2026.

Toll-free replay number: (844)-512-2921

International replay number: (412)-317-6671

Replay ID: 13761353

About Workhorse Group Inc.

Headquartered in the Detroit area with a commercial-scale manufacturing plant in Union City, Indiana, Workhorse (Nasdaq: WKHS) is an American engineering and manufacturing company specializing in electrification, high-voltage systems integration, mobility platforms, ruggedized mobile platform manufacturing, distributed energy systems, and deployable industrial infrastructure. We manufacture durable, reliable and high-performing vehicles and infrastructure for mission-critical applications deployed in the world's most demanding operating environments. More information is available at www.workhorse.com.

Media Relations Contacts:

Workhorse

John Williams, Communications

+1-206-660-5503, john.williams@workhorse.com

ICR, Inc.

workhorse@icrinc.com

Investor Relations Contact:

ir@workhorse.com

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that are not historical facts, including statements regarding future events, plans and anticipated results of operations, business strategies, the anticipated benefits of the Motiv/Workhorse merger, the anticipated impact of the Workhorse/Motiv merger on the combined company's business and future financial and operating results, the expected amount and timing of synergies from the Workhorse/Motiv merger, Workhorse's ability to achieve profitability, Workhorse's sales integration and pipeline, Workhorse's access to capital to fund operations and fulfill orders, Workhorse's expected delivery of contracted vehicle orders, Workhorse's product development plans, including chassis development, access to capital or operating results; Workhorse's new product line, the market for containerized data centers and edge computing, the Company's go-to-market approach, the expected date for initial production and delivery of the new mobile AI data center product line, the Company's ability to leverage existing capabilities in developing the new product line, the potential for revenue from the new product line to enable the Company to continue its cost reduction efforts for its electric trucks and other statements regarding the Company's achievement of its priorities and its other plans, objectives, expectations, business strategies, future operations, financial performance, prospects, and other future events or developments and other statements regarding the company's anticipated or planned operations, are forward-looking statements. Some of these statements may be identified by the use of the words "plans", "expects" or "does not expect", "estimated", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", "targets", "projects", "contemplates", "predicts", "potential", "continue", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "should", "might", "will" or "will be taken", "occur" or "be achieved".

Forward-looking statements are based on management's current expectations, assumptions, and estimates as of the date of this press release and are subject to numerous known and unknown risks, uncertainties, and other factors that could cause actual results, performance or achievements to differ materially from those expressed or implied by such statements. Factors that could cause actual results to differ include, among others, Workhorse's ability to design and develop the new product line; additional costs that may be incurred in connection with the development of the product line; Workhorse's ability to reach a commercial partnership for the development and sale of the new product line; the potential for distraction resulting from Workhorse's efforts to develop the new product line; risks related to the development of the mobile AI computing market; our ability to raise capital to fund our operations and to maintain access to our current debt facilities; our ability to achieve the expected synergies and/or efficiencies from our operations and as a result of the Motiv/Workhorse merger; our ability to reduce the cost to build our vehicles; our ability to deliver vehicles as contracted; our ability to further develop and bring to market new products as planned, including the mobile AI data center platform, chassis and cab development; the risk that the price of our securities may be volatile due to a variety of factors; changes in laws, regulations, technologies, the global supply chain, and macro-economic and social environments affecting our business, including demand for electric trucks and our cost of production; our status as a controlled company; and our ability to maintain compliance with Nasdaq rules and otherwise maintain our listing of securities on Nasdaq.

Additional information on these and other factors that may cause actual results and Workhorse's performance to differ materially is included in Workhorse's periodic reports filed with the SEC, including, but not limited to, Workhorse's Annual Report on Form 10-K for the year ended December 31, 2025, including those factors described under the heading "Risk Factors" therein, and Workhorse's subsequent periodic reports. Copies of Workhorse's filings with the SEC are available publicly on the SEC's website at www.sec.gov or may be obtained by contacting Workhorse. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. These forward-looking statements are made only as of the date hereof, and Workhorse undertakes no obligations to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

* Note on Financial Statement Presentation

On December 15, 2025, we completed our merger with Motiv. While the legal acquirer in the merger was Workhorse, for financial accounting and reporting purposes under U.S. GAAP, Motiv was the accounting acquirer, and the Merger was accounted for as a reverse acquisition. Accordingly, the consolidated assets, liabilities and results of operations of Motiv became the historical consolidated financial statements of the consolidated company, and Workhorse's assets, liabilities and results of operations were consolidated with those of Motiv beginning on December 15, 2025. As a result, comparative second quarter 2025 financial information reflects only Motiv and is not directly comparable to the combined company results for the second quarter of 2026.

 
                           Workhorse Group Inc. 
                   Condensed Consolidated Balance Sheets 
 
                                          (Unaudited)       December 31, 
(in thousands, except share amounts)      June 30, 2026         2025 
                                        ----------------  ---------------- 
Assets 
Current assets: 
  Cash and cash equivalents              $        9,629    $     12,240 
  Restricted cash                                   680             680 
  Accounts receivable, less allowance 
   for credit losses of $168 and $435 
   as of June 30, 2026 and December 
   31, 2025, respectively                         2,280           3,889 
  Inventory, net                                 38,175          39,065 
  Prepaid expenses and other current 
   assets                                         5,724           3,948 
                                            -----------       --------- 
     Total current assets                        56,488          59,822 
                                            -----------       --------- 
Property, plant and equipment, net               19,547          22,470 
Goodwill                                          3,226           3,130 
Intangible assets, net                            9,904          10,182 
Operating lease right-of-use assets, 
 net                                             20,373          21,872 
Other assets                                        604             416 
                                            -----------       --------- 
    Total Assets                         $      110,142    $    117,892 
                                            ===========       ========= 
Liabilities 
Current liabilities: 
   Accounts payable                      $       13,928    $     16,301 
   Accrued liabilities and other 
    current liabilities                           7,027           8,063 
   Deferred revenue                               1,003           1,615 
   Warranty liability - current 
    portion                                       2,768           3,183 
   Operating lease liability - current 
    portion                                       1,312           3,616 
   Stock rights liability                            --           6,074 
   Customer order credit agreement - 
   related party                                 18,250              -- 
                                            -----------       --------- 
     Total current liabilities                   44,288          38,852 
Operating lease liability - long-term            20,652          18,777 
Cash flow credit agreement - related 
 party                                           30,000          10,000 
Convertible notes at fair value - 
 related party                                    5,915           5,429 
Warranty liability - long-term                    2,109           1,792 
                                            -----------       --------- 
    Total Liabilities                           102,964          74,850 
                                            -----------       --------- 
Commitments and contingencies 
Stockholders' Equity: 
  Series A preferred stock, par value 
  of $0.001 per share, 75,000,000 
  shares authorized, 0 shares issued 
  and outstanding at June 30, 2026 and 
  December 31, 2025, respectively                    --              -- 
  Common stock, par value $0.001 per 
   share, 36,000,000 shares 
   authorized, 10,893,417 and 
   9,699,858 shares issued and 
   outstanding as of June 30, 2026 and 
   December 31, 2025, respectively                   11              10 
  Additional paid-in capital                    366,243         362,055 
  Accumulated deficit                          (359,076)       (319,023) 
                                            -----------       --------- 
     Total stockholders' equity                   7,178          43,042 
                                            -----------       --------- 
    Total Liabilities and 
     Stockholders' Equity                $      110,142    $    117,892 
                                            ===========       ========= 
 
 
 
                     Workhorse Group Inc. 
        Condensed Consolidated Statements of Operations 
                          (Unaudited) 
 
                    Three Months Ended      Six Months Ended 
                         June 30,               June 30, 
                   --------------------  ---------------------- 
(in thousands, 
except per share 
amounts)             2026       2025       2026       2025 
                               -------               ------- 
Sales, net of 
 returns and 
 allowances        $  3,562   $    750   $  7,891   $  1,896 
Cost of sales        11,034      2,109     22,845      4,334 
                    -------    -------    -------    ------- 
    Gross loss       (7,472)    (1,359)   (14,954)    (2,438) 
                    -------    -------    -------    ------- 
Operating 
expenses: 
  Selling, 
   general and 
   administrative     7,840      4,469     17,385      8,809 
  Research and 
   development        4,108      3,197      8,177      6,857 
                    -------    -------    -------    ------- 
    Total 
     operating 
     expenses        11,948      7,666     25,562     15,666 
                    -------    -------    -------    ------- 
Loss from 
 operations         (19,420)    (9,025)   (40,516)   (18,104) 
Interest expense, 
 net                   (800)    (3,819)    (1,154)    (7,395) 
Change in fair 
 value of 
 convertible 
 note                  (132)        --       (277)        -- 
Change in fair 
 value of stock 
 rights                 182         --      1,885         -- 
Other expense            (1)        (3)  $    (25)        (4) 
                    -------    -------    -------    ------- 
Loss before 
 benefit for 
 income taxes       (20,171)   (12,847)   (40,087)   (25,503) 
Benefit for 
income taxes             --         --         34         -- 
                    -------    -------    -------    ------- 
Net loss           $(20,171)  $(12,847)  $(40,053)  $(25,503) 
                    =======    =======    =======    ======= 
 
Net loss per 
share of common 
stock 
      Basic and 
       Diluted     $  (1.86)  $  (1.38)  $  (3.84)  $  (2.73) 
                    =======    =======    =======    ======= 
 
Weighted-average 
shares used in 
computing net 
loss per share of 
common stock 
      Basic and 
       Diluted       10,854      9,332     10,436      9,331 
                    =======    =======    =======    ======= 
 
 
 
                         Workhorse Group Inc. 
            Condensed Consolidated Statements of Cash Flows 
                              (Unaudited) 
 
                                                   Six Months Ended 
                                                       June 30, 
                                                ---------------------- 
(in thousands)                                    2026       2025 
                                                            ------- 
Cash flows from operating activities: 
    Net loss                                    $(40,053)  $(25,503) 
    Adjustments to reconcile net loss to net 
    cash used in operating activities: 
      Depreciation and amortization                3,649        395 
      Provision for allowance for credit 
       losses                                        (70)        -- 
      Provision for excess and obsolete 
       inventory                                    (348)        -- 
      Non-cash lease expense                       1,498        431 
      Warranty provision                           3,134        778 
      Stock-based compensation                        --        212 
      Non-cash interest expense and change in 
      fair value of convertible notes                486         -- 
      Non-cash change in fair value of stock 
       rights                                     (6,074)        -- 
      Non-cash conversion of stock rights          4,189         -- 
      Loss on disposal of assets                      23         -- 
    Effects of changes in operating assets and 
    liabilities: 
      Accounts receivable                          1,489     (1,750) 
      Inventory, net                               1,238     (4,389) 
      Prepaid expenses and other current 
       assets                                     (1,775)        44 
      Accounts payable                            (2,317)       169 
      Accrued liabilities and other current 
       liabilities                                (5,231)     8,323 
      Operating lease liability                     (429)      (424) 
                                                 -------    ------- 
Net cash used in operating activities            (40,591)   (21,714) 
                                                 -------    ------- 
 
Cash flows from investing activities: 
    Capital expenditures                            (270)      (270) 
                                                 -------    ------- 
    Net cash used in investing activities           (270)      (270) 
                                                 -------    ------- 
 
Cash flows from financing activities: 
    Proceeds from secured promissory note - 
     related party                                    --     18,000 
    Proceeds from Cash Flow Credit Agreement - 
    related party                                 20,000         -- 
    Proceeds from Customer Order Credit 
    Agreement - related party                     18,250         -- 
                                                 -------    ------- 
    Net cash provided by financing activities     38,250     18,000 
                                                 -------    ------- 
 
Change in cash and cash equivalents and 
 restricted cash                                  (2,611)    (3,984) 
Cash and cash equivalents and restricted cash, 
 beginning of the period                          12,920      6,629 
                                                 -------    ------- 
Cash and cash equivalents and restricted cash, 
 end of the period                              $ 10,309   $  2,645 
                                                 =======    ======= 
 
 

Workhorse Group, Inc.

Unaudited Pro Forma Revenue

The table below reflects the combined revenue of Workhorse and Motiv for the three months and six months ended June 30, 2025 as if the merger had occurred at the beginning of the period presented. The unaudited pro forma revenue presented is for informational purposes only and is not necessarily indicative of the results of operations that would have been achieved if the merger was completed at the beginning of the period presented or of the future operating results of the combined company. A reconciliation of pro forma revenue is provided below.

 
                           For the Three Months      For the Six Months 
(in thousands)              Ended June 30, 2025      Ended June 30, 2025 
                          ----------------------  ------------------------ 
Sales, net of returns 
 and allowances, as 
 reported                    $               750     $             1,896 
Pre-Merger Workhorse 
 sales, net of returns 
 and allowances                            5,670                   6,310 
                          ----------------------  ----  ---------------- 
Pro forma combined 
 revenue                     $             6,420     $             8,206 
                          ====  ================  ====  ================ 
 

应版权方要求,你需要登录查看该内容

免责声明:投资有风险,本文并非投资建议,以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请,作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考,不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证,投资者应自行研究并在投资前寻求专业建议。

热议股票

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10