Workhorse : Q1 2026 Earnings Conference Call Presentation
WKHS
Published on 05/14/2026 at 04:35 pm EDT
Q1 2026
Earnings Call
May 14, 2026 | NASDAQ: WKHS
Today's Presenters
Scott Griffith
CEO, Workhorse
30+ years of automotive and technology industry experience
19 years serving in public and private company CEO roles
Multiple public and private board memberships
Bob Ginnan
CFO, Workhorse
25+ years of senior finance and leadership experience
Refined capital structures for firms in multiple industries
Executed multiple accounting and information technology ("IT") system installations
John Williams
CCO, Workhorse
30+ years of executive experience across multiple industrial sectors
Extensive public relations, corporate communications and public affairs experience
Agenda
Opening Remarks
John Williams, CCO
Q1 2026 Operational & Commercial Update
Scott Griffith, CEO
Financial Results & Capital Position
Bob Ginnan, CFO
Closing Remarks
Scott Griffith, CEO
Q&A
Executive Team
Disclaimers and Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements
This presentation contains "forward-looking statements" within the meaning of Section 21E of the Exchange Act, and the Private Securities Litigation Reform Act of 1995, as amended. All statements other than statements of historical fact included in this press release, including, among other things, 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, and other statements regarding the company's anticipated or planned operations, access to capital or operating results 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 the opinions and estimates of management of Workhorse as of the date such statements are made, and they are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Some factors that could cause actual results to differ include 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; the effect of the Motiv/Workhorse merger on the ability of the parties to operate their businesses and retain and hire key personnel and to maintain favorable business relationships; the possibility that the integration of the parties may be more difficult, time-consuming or costly than expected or that operating costs and business disruptions may be greater than expected; 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 https://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.
Delivering on Our Commitments
Q1 2026 progress against the three commitments made at merger close
Integration
Facility aggregation complete; Motiv production line relocating to Union City, IN
Builds underway on F59 chassis line; EPIC 4 production line successfully integrated
HW/SW platform commonization continues across engineering
Supply chain optimization underway; transition support team winding down
Product Portfolio
Next-generation chassis & powertrain in development
First Class 5/6 cab-chassis launching on a scalable, shared modular architecture
Targeting ICE-competitive pricing while maintaining target margins
Core designs and development prototypes targeted by end of Q3 2026, with production early 2027
Financial Position
Two legacy legal proceedings resolved during the period
Capital structure simplification continues
Cost discipline driving early synergy capture
We believe we are on track to exit 2026 at our previously communicated $20M+ annualized cost synergy run rate
Strong Order Book Momentum
Pricing actions & revised Go to Market Strategy powering sales
Vehicles
Long-standing Motiv customer
Announced earlier in 2026
Continuing relationship with the
combined Workhorse
Customer relationships traveled with us through the merger
Validates merger thesis on commercial side
Combined with Gateway = meaningful order book momentum
Vehicles
Growing W56 adoption across
independent service providers
Vehicles deployed or on order for
near-term delivery across multiple states
Supporting FedEx Independent Service Providers in daily parcel operations
Demonstrates growing demand for W56 step vans in depot-based last-mile delivery operations
Vehicles
Sold through Kingsburg Truck Center Announced late April 2026
California-based bundled EV + charging solutions provider
Lease-based model: truck, charging, fleet support, depot access removes upfront cost barrier
Deliveries expected to begin July 2026
Followed directly from the 210 kWh promotional pricing action
Medium Duty EV Category Approaching Tipping Point
Durable High-Value Market: The 2026 EV market represents ~$625M2 immediate revenue opportunity, concentrated in specific use-cases where the operational efficiency outweighs the upfront cost premiums.
Resilient Fleet Demand: Forward-thinking national fleets continue to electrify on the heels of documented uptime and TCO benefits.
S&P data projects 8x unit growth in next 5-years1. Translates to 4.2X revenue growth as prices decline to near ICE levels2.
Key to Tipping Point: Reducing upfront cost of BEVs, enhancing TCO to compete more directly with ICE economics, enhancing documented uptime
25,000
# of MD EV Units Sold
20,000
15,000
10,000
5,000
0
Q1 2026 MD EV Sales Projections
CY 2023 CY 2025 CY 2027 CY 2029 CY 2031 CY 2033
metrics. Sources:
S&P Global Data (units)
Revenue estimated at target ASP/unit of $250K in 2026 and $175K in 2031
2026
~$625M2
~4.2x growth in revenue in next 5 yrs
2031
~$2.6B2
Stables by Workhorse
Three Years of Operating A Fleet Laboratory on Real Routes
~250,000
Real-World Miles in 2025
23 Trucks
Mix of EV & ICE
~550,000
Packages Delivered in 2025
~390,000
Delivery Stops in 2025
Stables by Workhorse is a Workhorse-owned Independent Service Provider contracted with FedEx running delivery routes in Ohio. It provides a controlled, real-world operating environment to compare EV and ICE vehicles on the same routes, drivers, weather conditions, and delivery demands.
Over the past three years, we've analyzed revenue-generating operations including packages delivered, miles logged, uptime, and energy costs - generating operational insights that directly inform vehicle development, serviceability, and total cost of ownership.
Electric Costs 5X Less Per Mile to Power
ICE 5.6 MPG · $2.98/gal avg
$0.530 per mile
143,444 mi | 25,525 gal | $76,004 total
EV~1.0 kWh/mi · $0.11/kWh avg
$0.105 per mile
103,135 mi | 139,164 kWh | $10,865 total
Data sourced from actual spend on fuel and electricity in 2025
Rising Fuel Costs Increase the EV Advantage to 7X!
$0.849/mi
ICE cost/mile at $4.83/gal
$0.124/mi
EV cost/mile at $0.1293/kWh
Ohio Average | Week of May 4, 2026
$4.77
per gallon
↑ $0.92 vs. last week in April
↑ $1.06 vs. all of April
EV advantage increases to
in current high gas-price environment!
Source: US Energy Information Administration Ohio Week of May 4. EV rate: Choose Energy OH commercial rate, May 1, 2
Driving Toward ICE-Comparable Pricing
Two recent pricing actions converting into commercial activity
A c t i o n 1
W56 140 kWh Lower-Priced Configuration
Starting at $169,000
A c t i o n 2
W56 210 kWh - Limited-Time Promotional Pricing
Launched April 2026
Purpose-built for last-mile delivery routes
100-mile nominal range at full payload
11,000-lb payload (lighter battery vs. 210 kWh)
Range is well within daily route lengths
Enabled by initial merger synergies and BOM cost-down
Key decision factor in 100-vehicle Gateway Fleets order
Demonstrates the link between cost reduction and order conversion
New Modular Lower Cost Chassis Architecture
Scalable modular architecture targeting ICE-competitive pricing and target margins
Building on proven W56 components and our cost-down engineering process
Highly flexible wheelbase configurations
Advanced battery and axle technologies
Next-generation software and improved power electronics smart hub
Coupled with technically advanced, low-cost cab
Greater payload capacity, faster time to market, more competitive TCO
Goal: Balance performance, quality and customer-desired features with a path to ICE-competitive pricing, while maintaining target margins
Test and validation of modular chassis platform begins in 2026, supporting an expected start of production in early 2027.
Workhorse Class 5/6 Cab Chassis:
The upgrade commercial fleets have been waiting for
Expanding Our Market Focus with Addition of a Cab Chassis
Lightweight, low-cost cab designed for efficient upfitting
Greater payload capacity, faster time to market, more competitive TCO
Large customer base of last-mile and food & beverage fleets, as well as municipalities
Goal: Quickly accelerate our product offering in the very large medium duty market for cab chassis category
Test and validation of cab chassis begins in 2026, supporting an expected start of production in early 2027.
OEM-Grade Customer Support
P R O G R A M L A U N C H
Q4 2026
Expected
For Workhorse fleet customers across North America
Operates under the Workhorse brand
Why It Matters
Maximizes uptime via faster, more accurate diagnosis to keep trucks on the road.
Major fleet operators expect not only a great truck but OEM-grade customer service. We believe such support will be an important part of how we win and retain the largest fleet operators in North America.
Access to live, trained support specialists via dedicated toll-free line
Knowledge base covers vehicle, charging infrastructure, and broader hardware/software ecosystem
Single point of contact with deep electrification expertise
In partnership with InCharge
Q1 2026 Financial Summary
Vehicles delivered in Q1 2026
21
Q1 2026 reflects three full months of combined Workhorse and Motiv; Q1 2025 reflects only Motiv (legal accounting acquirer)
In millions, except unit amounts
Q1 2026
Q1 2025
Revenue
$4.3
$1.1
Vehicles Delivered
21
5
Cost of Sales
$11.8
$2.2
Gross Loss
($7.5)
($1.1)
SG&A
$9.5
$4.3
R&D
$4.1
$3.7
Loss from Operations
($21.1)
($9.1)
Net Loss
($19.9)
($12.7)
Net Loss / Share (basic & diluted)
($1.99)
($1.36)
$4.3M
Q1 2026 revenue (vs. $1.1M in Q1 2025)
Note: Q1 2026 cost of sales includes a $1.5M warranty charge primarily related to a retrofit campaign for certain Motiv trucks previously sold in Canada. Higher cost of sales also reflects the combined Workhorse manufacturing footprint and temporary cost of contract manufacturing under the legacy Motiv operational structure in Q1, which exits in Q2 as production consolidates at Union City. Net loss includes a $1.7M non-cash gain on change in fair value of stock rights.
Balance Sheet & Liquidity Position
Quarter-end and subsequent April 2026 actions to support production for the order pipeline
$12.3M drawn under Customer Order Credit Agreement
Borrowing capacity increased to
$20.0M; $20.0M outstanding as of 10-Q filing
Capacity adjusted to $30.0M; $12.3M outstanding, $17.7M remaining as of 10-Q filing
L E G A C Y P R O C E E D I N G R E S O L V E D
Coulomb Solutions Settlement
April 2026 settlement provides for dismissal in exchange for a $4.3M payment, expected to be funded through borrowings under the Customer Order Credit Agreement. Together with the resolution of one other previously disclosed legal item, two legacy proceedings removed in the period.
O U T L O O K
Looking Ahead
Deliveries expected to increase over 2026 as production ramps at Union City and pipeline converts
Continuing to actively evaluate financing alternatives to support the growth plan
Why Workhorse Wins
Integration on track • Product portfolio expanded • Balance sheet strengthened
New Products Expanding Our Addressable Market
Next-generation modular EV platform in development • New Class 5/6 cab chassis program • Scalable architecture targeting ICE-competitive pricing
100-vehicle Gateway Fleets • 100-vehicle Purolator • CA HVIP & WA WAZIP incentives in play
Plant capacity already in place • Minimal additional CapEx required for breakeven • Strategy to reach ICE-comparable pricing
Reducing BOM costs • Launching national customer support program • Expanding TAM
Disclaimer
Workhorse Group Inc. published this content on May 14, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 14, 2026 at 20:33 UTC.