Workhorse Stock Earnings Reports

Workhorse reported Q1 2026 results reflecting the combined Workhorse and Motiv operations: revenue of $4.3 million and 21 vehicle deliveries (vs. $1.1M and 5 vehicles in Q1 2025). The company is on track with integration—production lines from Motiv have been relocated to Union City, Indiana, and three lines (W56 step van, new F59 chassis line, EPIC4) are operating there. Management highlighted two strategic product initiatives: a proprietary modular chassis and a Class 5/6 cab chassis, with tests and validation beginning in 2026 and planned production starts in early 2027. Commercial traction included two notable POs: 100 step vans from Purolator and 100 W56s through Gateway Fleets (via Kingsburg Truck Center). Q1 gross loss was $7.5 million and net loss was $19.9 million ($0.99 per share), with cost pressures driven by higher fixed manufacturing costs, a $1.5M warranty charge tied to a Canadian retrofit campaign, and higher SG&A and R&D as the combined company scales. Management reiterated a $20 million annualized cost synergy run rate target by exit 2026. Liquidity was meaningfully increased after quarter-end via draws on credit facilities (including $7.3M drawn April 1, additional $10M under a cash flow facility) and a restructured borrowing capacity; the company will fund a $4.3M settlement of a legacy litigation (Coulomb) via borrowing. Workhorse emphasized initiatives to lower bill-of-material costs, promotional pricing to close the ICE price gap (which helped secure Gateway’s order), and a partnership with InCharge Energy to provide scalable vehicle + charging support to improve uptime for fleet customers. Management expects deliveries to ramp through 2026 as Union City production scales but did not provide explicit forward financial guidance.