| Metric | Value ($ M) | Q1 FY25 |
|---|---|---|
| Revenue | 4.33 | 576.6% |
| Total Income | 4.33 | 576.6% |
| Expenditure | 25.43 | 88.7% |
| PBT | -19.92 | 3.5% |
| Net Profit | -19.88 | 3.7% |
| OPM | — | |
| NPM | — | |
| EPS | -1.99 | 57.5% |
Workhorse Group Reports Q1 2026 Revenue of $4.3 Million
15 May 2026 · 15 May, 1:48 am
Summary
Workhorse Group Inc. reported its financial results for the first quarter ended March 31, 2026, marking its first full quarter as a combined company post-merger with Motiv Electric Trucks. Revenue for Q1 2026 was $4.3 million, a significant increase from $1.1 million in Q1 2025. The company delivered 21 vehicles, compared to 5 in the same period last year. Management is focused on reducing the time to the electric transition in the medium-duty segment and expects to exit 2026 with $20 million in annualized cost synergies.
Key Highlights
- 1
Workhorse Group reported revenue of $4.3 million in Q1 2026, compared to $1.1 million in Q1 2025 on a comparable GAAP basis.
- 2
The company delivered 21 vehicles in Q1 2026, an increase from 5 vehicles in Q1 2025.
- 3
A 100-vehicle W56 purchase order from Gateway Fleets was announced, with deliveries expected to begin in July 2026, contributing to a total contracted backlog of 200+ vehicles since the merger close.
- 4
Workhorse launched a 140 kWh W56 battery configuration and promotional pricing on the 210 kWh W56 to drive new commercial activity.
- 5
The company is on track to exit 2026 at a $20 million annualized cost synergy run rate, with facility consolidation to Union City, Indiana, complete.
Management Comments
Scott Griffith
Reflecting back on the first quarter, I am pleased to report we are continuing to deliver on our commitments, controlling what is controllable, and positioning Workhorse for sustained growth. We believe a strong product-market fit exists in the medium duty segment, with numerous large fleets already deploying electric vehicles at scale, making this $23 billion commercial vehicle market near a tipping point of an electric transition. Our efforts this year have been focused on reducing the time to that tipping point. We took decisive steps in the first quarter to address the issue of upfront cost by introducing a lower cost version (140 kWh) of our W56 step van, while also launching promotional pricing on our 210 kWh. Both efforts have generated strong interest and sales, including our announced 100-unit order from Gateway Fleets. Ultimately, we believe we’re very well positioned in the category to deliver on both of the key drivers of the tipping point to the electrification of the medium duty segment: ICE-comparable economics and professional, scalable post-sale support. We believe our revised product priorities and new product development roadmap will address the need to deliver on the first, while our new partnership with InCharge, combined with the ongoing learnings from our existing customers and data from our own operations at our FedEx ISP, put us in a great position to solve the second.
Informational and educational content only. Not investment advice.