WKHS · Workhorse Group Inc.

Workhorse Group Inc. reported its first full quarter results as a combined entity post-merger with Motiv Electric Trucks completed in December 2025, marking significant operational progress amid ongoing integration. Revenue surged to $4.3 million from $1.1 million year-over-year, driven by 21 vehicle deliveries versus 5 prior year, reflecting improved production and sales execution in the medium-duty electric truck segment. However, cost of sales rose sharply to $11.8 million due to higher volume and pre-consolidation fixed costs across legacy facilities, yielding a $7.5 million gross loss. Operating expenses climbed to $13.6 million, with SG&A at $9.5 million and R&D at $4.1 million, contributing to a $21.1 million operating loss and $19.9 million net loss, or $1.99 per share. CEO Scott Griffith highlighted strategic moves to address upfront EV cost barriers, including launch of a lower-cost 140 kWh W56 configuration and promotional pricing on 210 kWh, which secured a 100-vehicle order from Gateway Fleets (deliveries from July 2026) and a 100-vehicle Purolator order, pushing backlog over 200 vehicles. Facility consolidation to Union City, Indiana is complete, with platform commonization underway, positioning the company for $20 million annualized cost synergies by year-end. New product plans feature a modular chassis and Class 5/6 cab chassis for production start in early 2027, alongside enhanced support via InCharge Energy partnership for fleet uptime. Note that Q1 2025 comparatives reflect only Motiv as the accounting acquirer under reverse acquisition accounting.