Quarterly ResultMay 14, 2026, 04:18 PM
Workhorse Q1 Revenue Jumps to $4.3M; Delivers 21 Vehicles
AI Summary
Workhorse Group reported a significant increase in Q1 2026 revenue to $4.3 million, up from $1.1 million in the prior year, and delivered 21 vehicles. The company secured new purchase orders for over 200 vehicles and is on track to achieve $20 million in annualized cost synergies by the end of 2026. Despite these operational advancements and strategic product development plans, Workhorse recorded a net loss of $19.9 million for the quarter.
Key Highlights
- Q1 2026 revenue increased to $4.3 million from $1.1 million in Q1 2025.
- Delivered 21 vehicles in Q1 2026, up from 5 vehicles in Q1 2025.
- Announced 200+ vehicle purchase orders, including 100 W56 from Gateway Fleets.
- On track to achieve $20 million annualized cost synergy run rate by end of 2026.
- Reported a gross loss of $7.5 million for Q1 2026.
- Net loss for Q1 2026 was $19.9 million, or $1.99 per basic and diluted share.
- Planned start of production for new Class 5/6 cab chassis platform in early 2027.