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New product line targets a key segment of the rapidly growing mobile AI computing marketPlans to leverage existing engineering, test and validation capabilities and utilize manufacturing operations at Union City, IN plant DETROIT, July 28, 2026 (GLOBE NEWSWIRE) -- Workhorse Group, Inc. (NASDAQ: WKHS) (“Workhorse”) today announced its intent to enter the mobile AI data center category with a new product: a turnkey, compute-ready, containerized mobile AI data center designed to meet the localized mobile AI infrastructure needs of distributed deployment applications worldwide.

The new containerized mobile AI data center product line, which is currently in development, is intended to leverage Workhorse’s existing engineering, software, testing, agile design and supply-chain capabilities as well as other cost synergies from manufacturing the new mobile AI data center product line at its plant in Indiana.

According to Grand View Research, the market size for “Containerized Data Centers” could reach $41 billion by 2031.1 According to numerous research reports, demand for edge computing, which is largely enabled by containerized data centers, is being driven by a combination of factors, including, but not limited to: deployment speed and site flexibility; 5G rollout and edge/AI workloads; disaster recovery and continuity; energy efficiency and sustainability regulation; and telecom, IT and Banking/Financial/Securities industries.2

Workhorse intends to meet this demand with a new proprietary mobile AI data center infrastructure product. The initial containerized design is expected to feature liquid-to-liquid cooling, isolated server racks, a separate climate-controlled operator zone with two workstations, integrated uninterruptable power supply (UPS) and battery back-up power, a fire suppression system, advanced monitoring for safety and security, and the ability to use multiple sources of external power, among other capabilities needed to operate a mobile AI data center.

Workhorse expects to develop a partnership-based go-to-market approach for the new product line via supplier partnerships with final data center developers who would manage the market development and customer relationship aspects of this product line. Workhorse is targeting 2027 for the commencement of initial production and commercial deliveries.

“We believe this expansion into a new, growing segment is a strategic step that builds on the broader capabilities we now have as a result of the merger late last year and it supports our expanded company vision to build the ‘new’ Workhorse as an industrial technology company. Workhorse already builds highly reliable mobile platforms: electric medium duty commercial vehicles manufactured at our commercial scale plant in Union City, Indiana,” said Scott Griffith, CEO of Workhorse. “We feel that this is an opportunity to build a competitive advantage and develop a new revenue stream in this exciting new category where we can leverage many of our existing core capabilities to establish a scalable early mover position in the mobile AI data center market.”

Engineering and Technical Synergies: Workhorse believes that its expertise and competencies in areas like power electronics, thermal management, ruggedized enclosures, mobile connectivity, vibration isolation and embedded systems, are also applicable to containerized platforms that can meet the operating demands of mobile AI data center hardware and systems.

Manufacturing Synergies: With its flexible, low-cost, low-overhead manufacturing center in Union City, Indiana, Workhorse can accommodate high-mix, low-volume production, custom configurations, and rapid iteration. Moreover, Workhorse’s design-test-validation cycles are purpose-built to be agile and to translate customer requirements and lessons from the field into new features and product improvements in weeks, not model years.

“We believe this new product line can provide new sources of revenue and cash flow and increase our operating leverage, helping us more quickly drive down the production costs of our electric trucks for our commercial fleet customers,” continued Griffith.

Workhorse also has continued the previously announced engineering and design work for its upcoming modular chassis and cab chassis products, with production for those products also expected to begin in late 2027. The company anticipates providing further updates on both its commercial vehicle line of business and its new product line during Workhorse’s Q2 earnings call scheduled for August 13, 2026.

About Workhorse Group Inc.

Headquartered in the Detroit area with a commercial-scale manufacturing plant in Union City, Indiana, Workhorse (Nasdaq: WKHS) is an American engineering and manufacturing company specializing in electrification, high-voltage systems integration, mobility platforms, ruggedized mobile platform manufacturing, distributed energy systems, and deployable industrial infrastructure. We manufacture durable, reliable and high-performing vehicles and infrastructure for mission-critical applications deployed in the world’s most demanding operating environments. More information is available at www.workhorse.com.

Media Relations Contacts:
Workhorse
John Williams, Communications
+1-206-660-5503, [email protected]

ICR, Inc.
[email protected]

Investor Relations Contact:
[email protected]

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that are not historical facts, including statements regarding Workhorse’s new product line, the market for containerized data centers and edge computing, the Company’s go-to-market approach, the expected date for initial production and delivery of the new product line, the Company’s ability to leverage existing capabilities in developing the new product line, the potential for revenue from the new product line to enable the Company to continue its cost reduction efforts for its electric trucks and other statements regarding the Company's achievement of its priorities and its other plans, objectives, expectations, business strategies, future operations, financial performance, prospects, and other future events or developments, are forward-looking statements. Some of these statements may be identified by the use of the words “plans”, “expects” or “does not expect”, “estimated”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, “targets”, “projects”, “contemplates”, “predicts”, “potential”, “continue”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “should”, “might”, “will” or “will be taken”, “occur” or “be achieved”.

These forward-looking statements are based on management's current expectations, assumptions, and estimates as of the date of this press release and are subject to numerous known and unknown risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such statements. Factors that could cause actual results to differ include, among others, Workhorse’s ability to design and develop the new product line; additional costs that may be incurred in connection with the development of the product line; Workhorse’s ability to reach a commercial partnership for the development and sale of the new product line; the potential for distraction resulting from Workhorse’s efforts to develop the new product line; risks related to the development of the mobile AI computing market; and Workhorse’s ability to raise capital to fund its operations.

Additional information on these and other factors that may cause actual results and Workhorse’s performance to differ materially is included in Workhorse’s periodic reports filed with the SEC, including, but not limited to, Workhorse’s Annual Report on Form 10-K for the year ended December 31, 2025, including those factors described under the heading “Risk Factors” therein, and Workhorse’s subsequent periodic reports. Copies of Workhorse’s filings with the SEC are available publicly on the SEC’s website at www.sec.gov or may be obtained by contacting Workhorse. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. These forward-looking statements are made only as of the date hereof, and Workhorse undertakes no obligations to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

1 Grand View Research, “Global Containerized Data Center Market Size & Outlook” https://www.grandviewresearch.com/horizon/outlook/containerized-data-center-market-size/global
2 Fortune Business Insights, “Containerized Data Center Market Size, Share & Industry Analysis, 2026–2034,” fortunebusinessinsights.com/containerized-data-center-market-108571
Global Growth Insights, “Containerized and Modular Data Center Market Size, Share & Forecast to 2035,” globalgrowthinsights.com/market-reports/containerized-and-modular-data-center-market-105065
Global Market Insights (GMI), “Edge Data Center Market Size, Share & Growth Report, 2026–2035,” gminsights.com/industry-analysis/edge-data-center-market
Intel Market Research, “Modular Edge Data Centers Market, 2026–2034,” intelmarketresearch.com/modular-edge-data-centers-market-28018
BIS Research, “Prefabricated and Modular Data Centers Market — A Global and Regional Analysis, 2024–2034,” bisresearch.com/industry-report/prefabricated-and-modular-data-centers-market.html

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f5fcc6c1-c20d-4a1e-9a62-bcba4d6b21b2

Workhorse Containerized Mobile AI Data Center Product Line Workhorse to enter the mobile AI data center category with a turnkey, compute-ready, containerized m...

DETROIT, July 13, 2026 (GLOBE NEWSWIRE) -- Workhorse Group Inc. (NASDAQ: WKHS) (“Workhorse”), a North American OEM and provider of all-electric trucks, step vans, shuttles and buses, today announced the appointment of Jody Davis as Chief Financial Officer (CFO), replacing current CFO Bob Ginnan, who is retiring.

Davis is a finance executive with approximately 15 years of finance leadership experience across manufacturing, energy storage, aerospace, and technology companies, with a track record of closing large capital rounds and guiding development-stage businesses into full production. His experience includes roles in strategic finance, capital formation, capital markets, treasury, financial planning & analytics, as well as building the finance infrastructure needed to support capital intensive companies as they move from development into commercialization and production.

“Jody is a company-builder who has deep and direct experience in numerous areas that are critical to Workhorse at this stage in our journey,” said Scott Griffith, CEO of Workhorse. “His experience raising later-stage growth capital combined with experience developing relationships with analysts and investors will be a strong addition to the Workhorse leadership team. We believe he’s the right CFO for where we are and where we’re going.”

Immediately prior to joining Workhorse, Davis served as Vice President of Strategic Finance at Unimacts, where he led financing initiatives across multiple entities within a complex capital structure. Previously, he served as Chief Financial Officer of Evio, formerly EOS Aircraft Inc., a hybrid-electric regional aircraft program, where he led the strategic repositioning of the business to Montreal, Canada as part of an Industrial and Technological Benefits (ITB) partnership with Boeing Canada. In connection with that transition, he built integrated financial models linking design, production and certification milestones to capital deployment.

Davis was part of the founding team and served as Chief Financial Officer of Our Next Energy, Inc., (ONE), a Michigan-based LFP battery innovator. During his time with the company, ONE scaled from pre-seed stage to production while expanding to approximately 500 employees, and Davis built the finance, human resources, financial planning & analytics functions needed to support this rapid growth. He played a key role across capital formation, various debt structures, investor diligence, board reporting, treasury, working capital discipline, and manufacturing scale-up.

“Workhorse is at an inflection point. I believe it has something rare: a product that already wins on real operator economics, a commercial-grade manufacturing facility, and a customer base that includes many of the largest medium-duty fleets in North America,” said Davis. “Workhorse is in the early stages of an exciting growth plan, and with the right capital partners, I believe there is significant upside ahead. My focus will be to bring in those partners and work to maintain a financial architecture that keeps pace with the opportunity: the right capital structure, rigorous cost management, and the systems that give Workhorse’s team, customers and investors the visibility they need. I’m thrilled to join the Workhorse team and look forward to getting to work.”

The Company believes Davis’ background is well-suited to help Workhorse achieve its near-term priorities, including securing additional growth capital, developing relationships with analysts and institutional investors, and accelerating cost reductions on the W56 and next-generation Class 5–6 platforms. Davis replaces current CFO Bob Ginnan, who is retiring. Ginnan served as CFO at Workhorse since January, 2022, helping the company navigate through several key corporate financial events, including capital raises, a divestiture and the merger with Motiv Electric Trucks.

“I want to thank Bob for his years of leadership and tireless work, including his most recent efforts to assist with finalizing and closing the Workhorse-Motiv merger and his efforts to lead several key aspects of integration,” said Griffith. “We all wish him well.”

About Workhorse Group Inc.

Headquartered in the Detroit area with a commercial-scale manufacturing plant in Union City, Indiana, Workhorse (Nasdaq: WKHS) is redefining what a medium-duty truck should be. Workhorse builds software-first, electric trucks, shuttles and buses that are powerful, cost-efficient, reliable, safe and comfortable — all with zero tailpipe emissions. Our deep experience building electric vehicles at scale drives intentional innovations designed to help customers lower operating costs, improve fleet performance, enhance the driver experience, and maximize uptime without compromise. More information is available at www.workhorse.com.

Media Relations Contacts:

Workhorse
John Williams, Communications
+1-206-660-5503, [email protected]

ICR, Inc.
[email protected]

Investor Relations Contact:
[email protected]

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that are not historical facts, including statements regarding the impact of Mr. Davis’ appointment, and those regarding the Company's achievement of its priorities and its other plans, objectives, expectations, business strategies, future operations, financial performance, prospects, and other future events or developments, are forward-looking statements. These forward-looking statements are based on management's current expectations, assumptions, and estimates as of the date of this press release and are subject to known and unknown risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties are described in greater detail under the caption "Risk Factors" in the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other filings with the U.S. Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by applicable law.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/92a2014d-8229-4cbb-a588-2b25e1a0886b

Jody Davis, Chief Financial Officer at Workhorse Jody Davis joins Workhorse as CFO, replacing current CFO Bob Ginnan, who is retiring.