Quarterly ResultMay 14, 2026, 04:19 PM
Workhorse Q1 Net Loss Widens to $19.9M; Going Concern Doubt Raised
AI Summary
Workhorse Group Inc. reported a significant widening of its net loss to $19.9 million for the first quarter of 2026, compared to a net loss of $12.7 million in the same period last year, despite an increase in sales to $4.3 million. The company's cash and cash equivalents plummeted to $0.6 million by March 31, 2026, and it used $16.5 million in cash from operating activities. Management has determined that substantial doubt exists regarding the company's ability to continue as a going concern, citing recurring losses, an accumulated deficit, and projected capital needs, with its ability to obtain additional financing being extremely limited.
Key Highlights
- Net loss widened to $19.9 million in Q1 2026 from $12.7 million in Q1 2025.
- Sales increased to $4.3 million in Q1 2026 from $1.1 million in Q1 2025.
- Cash and cash equivalents were $0.6 million as of March 31, 2026.
- Net cash used in operating activities was $16.5 million for Q1 2026.
- Management identified substantial doubt about the company's ability to continue as a going concern.
- Customer Order Credit Agreement had $5.0 million outstanding and $35.0 million available.
- Cash Flow Credit Agreement had $10.0 million outstanding with no remaining availability.
- Merger with Motiv Power Systems was completed on December 15, 2025.