Workhorse Group Inc.

Workhorse Group Inc. has adopted the Value Creation Incentive Plan (VCIP) and granted performance awards to its CEO, Scott Griffith, and CFO, Jody Davis. The VCIP allows for performance awards based on achieving specific financial goals over a three-to-five-year period, payable in cash or stock. Mr. Griffith has a target award of $15 million, and Mr. Davis has a target award of $6.5 million, with a performance period from October 1, 2026, to September 30, 2031. The performance goals are tied to revenue, gross margin, operating cash flow, and enterprise equity value.

Workhorse Group reported Q2 2026 revenue of $3.6 million, a significant increase from $0.8 million in Q2 2025, but a net loss of $20.2 million, wider than the $12.8 million loss in the prior year. The company delivered 26 vehicles, up from 4 in the same period last year. Strategically, Workhorse is progressing with merger integration, targeting $20 million in annualized cost synergies by year-end, and announced its entry into the mobile AI data center market, aiming for initial production in 2027.

Workhorse Group Inc. reported a net loss of $(20.17) million for Q2 2026 and $(40.05) million for the first six months, with sales increasing to $3.56 million in Q2. The company disclosed substantial doubt about its ability to continue as a going concern due to recurring losses, accumulated deficit, and projected capital needs. Management is implementing plans to improve liquidity, including increasing sales, developing a mobile AI data center product line, reducing expenses, and securing additional financing.

Workhorse Group Inc. amended its Cash Flow Credit Agreement with Motive GM Holdings II LLC, increasing the commitment by $10,000,000 to a total of $40,000,000. The amendment also defers interest payments on $20,000,000 of loans until after January 31, 2027. As part of the agreement, Workhorse will issue 1,500,000 warrants to MGMH to purchase common stock at an exercise price of $10.00 per share. Additionally, the company secured a deferral of rent payments for its Union City, Indiana manufacturing facility until January 31, 2027.

Workhorse Group Inc. announced its strategic intent to enter the mobile AI data center category with a new product line. The company plans to develop a turnkey, containerized mobile AI data center, leveraging its existing engineering and manufacturing capabilities at its Indiana plant. This move targets the rapidly growing mobile AI computing market, with initial production and commercial deliveries expected in 2027. The initiative is aimed at creating new revenue streams and improving operating leverage to reduce electric truck production costs.

Workhorse Group Inc. announced its strategic entry into the rapidly growing mobile AI data center market with a new product line: a turnkey, containerized mobile AI data center. The company plans to leverage its existing engineering, testing, and manufacturing capabilities at its Indiana plant for this venture. With initial production and commercial deliveries targeted for 2027, Workhorse aims to tap into a market projected to reach $41 billion by 2031, establishing a new revenue stream and strengthening its position as an industrial technology company.

Workhorse Group Inc. announced that its Human Resource Management and Compensation Committee approved a new Short-Term Incentive Plan (STIP), effective January 1, 2026. The plan aims to motivate and reward executives based on achieving specific performance goals. For 2026, the key metrics are adjusted EBITDA and revenue, each weighted at 50%. The target payout for the CEO, CFO, and Executive Vice President of Operations is set at 50% of their annual base salary, with actual payouts potentially ranging from 0% to 150% of the target.

Workhorse Group Inc. announced it will host a conference call on Thursday, August 13, 2026, at 4:30 p.m. Eastern time to discuss its second quarter results and business outlook. The company plans to issue its second quarter earnings press release before the call. Details for accessing the webcast and telephonic replay will be available on the Investor Relations section of Workhorse's website.

Workhorse Group Inc. announced the appointment of Jody Davis as its new Chief Financial Officer, effective July 13, 2026. Robert M. Ginnan, the previous CFO, departed on the same date as part of a pre-agreed arrangement related to the Motiv Power Systems acquisition, and will assist with the transition until July 17, 2026. The company also appointed Lindsay A. Barnes as Chief Accounting Officer, effective immediately. Mr. Davis brings over fifteen years of finance experience, including roles at Unimacts Global and EVIO, Inc., and will receive an annual base salary of $375,000 and an equity grant.

Workhorse Group Inc. announced the appointment of Jody Davis as its new Chief Financial Officer, effective immediately. Davis replaces Bob Ginnan, who is retiring after serving as CFO since January 2022. Davis brings extensive experience in strategic finance, capital formation, and capital markets, with a track record of guiding development-stage businesses to full production. The company expects Davis to play a crucial role in securing additional growth capital, enhancing investor relations, and accelerating cost reductions.