Workhorse Group Inc.

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.

Workhorse Group Inc. entered into an Omnibus Amendment No. 2 to its credit agreements with Motive GM Holdings II LLC. The amendment increases the Cash Flow Credit Agreement commitment from $20 million to $30 million, with interest payments on the additional $10 million deferred until after September 30, 2026. Concurrently, the Customer Order Credit Agreement commitment was reduced from $30 million to $20 million. As consideration for these amendments, Workhorse is obligated to issue warrants to purchase equity interests to the lender.

Workhorse Group Inc. provided a business update following its December 2025 merger with Motiv Electric Trucks, highlighting successful integration, operational efficiencies, and significant new vehicle orders. The company is on track to achieve $20 million in annualized cost synergies by the end of 2026 and has secured two 100-vehicle purchase orders. Workhorse also announced its 2026 Annual Meeting of Stockholders for June 29, 2026, where shareholders will vote on director elections, executive compensation, auditor ratification, and an amended long-term incentive plan. The company acknowledged it is not yet profitable and requires disciplined cash management.

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.

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.