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Conference call scheduled for Thursday, August 13, 2026, at 4:30 p.m. Eastern time July 15, 2026 09:00 ET  | Source: Workhorse Group, Inc.

DETROIT, July 15, 2026 (GLOBE NEWSWIRE) -- Workhorse Group Inc. (NASDAQ: WKHS) (“Workhorse”) a North American OEM and provider of all-electric trucks, shuttles and buses, plans to conduct a conference call to discuss its second quarter results and business outlook on Thursday, August 13, 2026, at 4:30 p.m. Eastern time.

Prior to the conference call, Workhorse will issue its second quarter earnings press release. The press release, once posted, may be viewed on Workhorse’s website at ir.workhorse.com.

A link to listen to the conference call webcast will be available on the Investor Relations section of Workhorse’s website.

The phone numbers to listen via telephone are (877)-407-0789 (U.S.) or (201)-689-8562 (international). A telephonic replay of the conference call will be available after 7 p.m. Eastern time on the same day through August 27, 2026.

Toll-free replay number: (844)-512-2921

International replay number: (412)-317-6671

Replay ID: 13761353

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]

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.

EV ‌maker ​Lucid ​Group ⁠said ​on ​Monday ​it ​will ‌reduce ⁠its ​U.S. ​workforce ⁠by ​about ​18%.

The job cuts affect employees in Rivian's service and customer organization, which handles sales and marketing.

Workhorse Group (NASDAQ: WKHS - Get Free Report) is projected to issue its Q4 2025 results before the market opens on Monday, March 30th. Analysts expect the company to announce earnings of ($8.88) per share for the quarter. Parties can find conference call details on the company's upcoming Q4 2025 earning report page for the latest

New configuration purpose-built for the needs of in-city, last-mile package deliveryLower entry price combined with 100-mile range offers more affordable option for companies seeking to diversify fleets as a hedge against rising fuel prices DETROIT, March 25, 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 availability of a new W56 Step Van model with a 140 kWh battery. The new model is based on the same platform as the 210 kWh Workhorse W56 step van, which is renowned for its spacious cargo, ergonomic design, reliability and durability and comes in two wheelbases (Standard and Extended).

W56 step vans with the Standard Wheelbase and 140 kWh configuration offer an estimated nominal range of 100 miles per charge at full payload. Pricing begins at $169,000 which includes a fully-integrated, purpose-built composite body. Because Workhorse produces the W56 fully on site, it has greater control of the process which can result in lower costs and more predictable delivery timelines.

The Standard 178" Wheelbase offers 1,000 cubic feet of cargo space and a payload of 11,000 lbs., making it ideal for many last-mile delivery needs. The Expanded 208" Wheelbase offers 1,000 cubic feet of cargo space and 10,000 lbs., making it perfect for larger loads with the added benefit of enhanced stability for efficient operations.

“The new 140 kWh version of our W56 step van is a result of listening to customer feedback and purpose-building a product to meet their needs,” said Scott Griffith, CEO of Workhorse. “We’ve been able to balance the functional needs of fleets – range, durability, reliability and performance – with a lower entry price to offer a ‘no-compromise’ electric truck.”

Fleet operators, (such as the network of independent service providers (ISPs) operating FedEx Ground routes, including Stables by Workhorse, an ISP that is owned and operated by Workhorse), have consistently reported that 100 miles of daily range substantially exceeds their needs for many of their routes. They’ve stated that a more appropriately sized battery pack at a lower price point would strengthen the business case for electrification.

The timing of today’s announcement comes as oil prices have surged — exceeding $100 at their recent peak1 — following geopolitical disruptions in the Middle East. Analysts at Goldman Sachs have warned that triple-digit oil could become a structural reality for years to come2. For fleet operators of any size, fuel is often the second-largest operating expense after the cost/depreciation of the vehicle itself3.

“Commercial ground fleets have similar exposure to spikes in fuel prices as airlines, and the launch of this new model offers fleets a no-compromise option to control costs while still ensuring efficient operations,” said Scott Griffith, CEO of Workhorse. “Because electricity costs are low, local, and more immune to global oil shocks, we believe every electric truck in a mixed fleet can act as a buffer against the volatility that is once again hammering operators who run entirely on gasoline and diesel.”

The new model and pricing are a result of the initial synergies realized through Workhorse’s December 2025 merger with Motiv Electric Trucks, as the combined company works to drive down production costs through economies of scale as well as operational and supply chain efficiencies. Fleets now have new options as they seek to reduce overall operating costs and hedge against the volatility of gas prices. ISPs can now operate a blend of 140 kWh and 210 kWh configurations of the Workhorse W56 to optimize performance among the mix of shorter and longer routes they serve daily.

The W56 is currently in production at Workhorse’s commercial-scale manufacturing facility in Union City, Indiana, which is capable of producing up to 5,000+ vehicles per year on a single operating shift. Workhorse sells its vehicles through a national dealer network, with post-sale support bolstered by regionally deployed Workhorse-trained technicians.

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 Contact:
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 Exchange Act, and the Private Securities Litigation Reform Act of 1995, as amended. All statements other than statements of historical fact included in this press release, including, among other things, statements regarding future events, plans and anticipated results of operations, business strategies, the anticipated benefits of the Motiv/Workhorse merger, the anticipated impact of the Workhorse/Motiv merger on the combined company’s business and future financial and operating results, the expected amount and timing of synergies from the Workhorse/Motiv merger and other aspects of either company’s operations or operating results 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”.

Forward-looking statements are based on the opinions and estimates of management of Workhorse as of the date such statements are made, and they are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Some factors that could cause actual results to differ include our ability to achieve the expected synergies and/or efficiencies from our operations and as a result of the Motiv/Workhorse merger; the effect of the announcement of the Motiv/Workhorse merger on the ability of the parties to operate their businesses and retain and hire key personnel and to maintain favorable business relationships; the possibility that the integration of the parties may be more difficult, time-consuming or costly than expected or that operating costs and business disruptions may be greater than expected; the risk that the price of our securities may be volatile due to a variety of factors; changes in laws, regulations, technologies, the global supply chain, and macro-economic and social environments affecting our business; and our ability to maintain compliance with Nasdaq rules and otherwise maintain our listing of securities on Nasdaq.

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, 2024, including those factors described under the heading “Risk Factors” therein, and Workhorse’s subsequent Quarterly Reports on Form 10-Q. 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 https://qz.com/brent-crude-oil-prices-wti-iran-war-energy-attacks-south-pars
2 https://www.cnn.com/2026/03/20/energy/oil-gas-prices-intl-hnk
3 https://www.automotive-fleet.com/346725/containing-fuel-spend-is-a-top-fleet-focus-despite-price-stability

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e7d2a6f4-92e1-44f6-817b-94364a951e49

Workhorse's New Model of its W56 Electric Step Van Workhorse is announcing a new model of its W56 all-electric step van. The 140 kWh model offers 100-m...

Key Takeaways Rising P/E signals investor confidence and expectations of strong future earnings growth. Momentum filters show consistent price gains vs. past periods and the S&P 500.Screening narrows 7,700 stocks to 66, highlighting high-quality breakout candidates. Investors often opt for the stock-picking approach that involves stocks with a low price-to-earnings (P/E) ratio. This strategy is based on the notion that the lower the P/E ratio, the higher the stock value. The reasoning behind this is straightforward — when a stock's current market price does not adequately reflect its higher earnings, it suggests potential for growth.

But there is more to this whole P/E story. Because not only low P/E, stocks with a rising P/E can also fetch strong returns. In this regard, investors can bet on the likes of H&R Block (HRB - Free Report) , Sportsman's Warehouse (SPWH - Free Report) , Sera Prognostics (SERA - Free Report) , Veeva Systems (VEEV - Free Report) and Workhorse Group (WKHS - Free Report) .

Rising P/E: A Useful ToolThe concept is that as earnings rise, so should the price of the stock. As forecasts for expected earnings come in higher, strong demand for the stock should continue to push up its prices. After all, a stock's P/E gives an indication of how much investors are ready to shell out per dollar of earnings.

Suppose an investor wants to buy a stock with a P/E ratio of 30. This means that he is willing to shell out $30 for only $1 worth of earnings, as he expects earnings of the company to rise at a faster pace in the future, owing to strong fundamentals.

So, if the P/E of a stock is rising steadily, it means that investors are assured of its inherent strength and expect some strong positives out of it.

Also, studies have revealed that stocks have seen their P/E ratios jump over 100% from their breakout point in the cycle. So, if you can pick stocks early in their breakout cycle, you can end up seeing considerable gains.

The Winning StrategyIn order to shortlist stocks that are exhibiting an increasing P/E, we chose the following as our primary screening parameters.

EPS growth estimate for the current year is greater than or equal to last year’s actual growth

Percentage change in last year EPS should be greater than or equal to zero

(These two criteria point to flat earnings or a growth trend over the years.)

Percentage change in price over four weeks greater than the percentage change in price over 12 weeks

Percentage change in price over 12 weeks greater than percentage change in price over 24 weeks

(These two criteria show that the price of a stock has been increasing consistently over the said timeframes.)

Percentage price change for four weeks relative to the S&P 500 greater than the percentage price change for 12 weeks relative to the S&P 500

Percentage price change for 12 weeks relative to the S&P 500 greater than the percentage price change for 24 weeks relative to the S&P 500

(Here, the case for consistent price gains gets even stronger as it displays percentage price changes relative to the S&P 500.)

Percentage price change for 12 weeks is 20% higher than or equal to the percentage price change for 24 weeks, but it should not exceed 100%

(A 20% increase in the price of a stock from the breakout point gives cues of an impending uptrend. But a jump of over 100% indicates that there is limited scope for further upside and that the stock might be due for a reversal.)

In addition, we place a few other criteria that lead us to some likely outperformers.

Zacks Rank less than or equal to 2: Only companies with a Zacks Rank #1 (Strong Buy) or 2 (Buy) can get through.

Average 20-day Volume greater than or equal to 50,000: High trading volume implies that the stocks have adequate liquidity.

Just these few criteria narrowed down the universe from over 7,700 stocks to just 66.

Here are five out of the 66 stocks:

H&R Block: This Zacks Rank #2 company is a leading provider of tax preparation services. The company provides assisted income tax return preparation, do-it-yourself (DIY) tax solutions, and other products and services associated with income tax return preparation in the United States, Canada and Australia. All these continuing operations are reported under a single segment. You can see the complete list of today’s Zacks #1 Rank stocks here.

The average four-quarter earnings surprise of HRB is 1.57%.

Sportsman's Warehouse: This Zacks Rank #2 company is an outdoor sporting goods retailer.

The average four-quarter earnings surprise of SPWH is 38.37%.

Sera Prognostics: This Zacks Rank #2 company is a women's health diagnostics company.

The average four-quarter earnings surprise of SERA is 15.54%.

Veeva Systems: This Zacks Rank #2 company offers cloud-based software applications and data solutions for the life sciences industry.

The average four-quarter earnings surprise of VEEV is 7.47%.

Workhorse Group: This Zacks Rank #2 company is engaged in designing, developing, manufacturing and selling medium-duty trucks.

The average four-quarter earnings surprise of WKHS is 19.89%.

DETROIT, April 07, 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 a limited-time pricing promotion on its W56 electric step van lineup. Effective April 1 through September 30, 2026, customers can purchase W56 step vans at significantly reduced prices through any authorized Workhorse dealer.

Promotional Pricing — April 1 through September 30, 2026:

W56 Standard Wheelbase (178”), 210 kWh: New pricing starts at $196,000 (versus $255,000 prior to promotion) — a savings of $59,000W56 Extended Wheelbase (208”), 210 kWh: New pricing starts at $204,000 (versus $265,000 prior to promotion) — a savings of $61,000 This promotion is timed to help commercial fleets manage costs at a time when high fuel prices are driving costs for fleets, enabled, in part, by the initial synergies realized through Workhorse’s December 2025 merger with Motiv Electric Trucks. The combined company has worked to drive down production costs through economies of scale, operational and supply chain efficiencies and product roadmap-driven Bill of Materials (BOM) and build cost reductions.

The W56 step van, with its spacious cargo capacity, demonstrated operating cost savings of 64 percent compared to internal combustion engines1, ergonomic design, reliability and durability, is designed to meet the needs of real-world duty cycles, driver usability, and long-term durability. Every model includes a fully-integrated, purpose-built composite body. Because Workhorse produces the W56 fully on site, it has greater control of the manufacturing process, which can result in lower costs and more predictable delivery timelines.

The Standard 178" Wheelbase offers 1,000 cubic feet of cargo space and a payload of 10,000 lbs., while the Expanded 208" Wheelbase offers 1,200 cubic feet of cargo space and a payload of 9,000 lbs., making both configurations well-suited for the full spectrum of last-mile delivery needs. Workhorse recently announced a 140 kWh version of the W56 in both wheelbase options, with an estimated nominal range of 100 miles per charge, slightly more payload capacity, and a base price of $169,000.

The lower cost 140 kWh model and the new promotional prices for the 210 kWh model can be further reduced by various state incentive programs. California’s HVIP program, for instance, offers between $60,000 and $80,000 for qualifying vehicles. Washington state’s soon-to-be-launched WAZIP program offers incentives from $60,000 up to $100,000. A number of other states offer lower, but still significant, incentive amounts. Combining these incentives with the promotional pricing can significantly reduce, if not virtually eliminate in some cases, the price difference between an electric step van and a gas-powered one.

Today, many fleets are seeing significantly increased operating costs as a result of rising fuel prices, which now exceed $4.00 per gallon in many states resulting from the geopolitical disruptions in the Middle East2, with analysts warning that high fuel prices could become a reality for years to come. For commercial fleet operators, fuel can be the second-largest operating expense after the vehicle itself3—and the current spike is hitting fleets hard. Fleets are also increasingly prioritizing cost stability, operational predictability, and vehicle uptime—areas where purpose-built electric platforms are delivering measurable advantages.

“We know exactly what this oil price environment is doing to fleet operators, because we live it every day,” said Scott Griffith, CEO of Workhorse. “Through Stables by Workhorse, our own FedEx Ground ISP operation, we see firsthand how fuel costs are hammering route economics. Lowering the purchase price of the W56 is one of the most direct ways we can help our customers. As package delivery companies typically plan months in advance of the busy holiday season, there’s never been a better time to add electric trucks to their fleets.”

Electric trucks offer a compelling total cost of ownership versus their internal combustion counterparts. Workhorse has demonstrated 64 percent operating cost savings compared to internal combustion engine (ICE) vehicles in its Stables by Workhorse fleet, and that case strengthens considerably in periods of high oil prices. Electricity costs are comparatively low, often locally sourced and can be largely immune to the global oil shocks that are currently hammering gas- and diesel-dependent fleets. Every electric step van in a mixed fleet acts as a hedge, and can stabilize per-mile operating costs independent of what happens at the pump.

All models of the W56 lineup are produced at Workhorse’s commercial-scale manufacturing facility in Union City, Indiana, which is capable of producing up to 5,000+ vehicles per year on a single operating shift. Workhorse sells its vehicles through a national dealer network, with post-sale support bolstered by regionally deployed Workhorse-trained technicians. With expanded scale, an established dealer network, and more than 20 million real-world miles driven across its fleet, Workhorse brings a level of operational experience and production readiness that is critical for fleets making the transition to electric vehicles today.

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 Exchange Act, and the Private Securities Litigation Reform Act of 1995, as amended. All statements other than statements of historical fact included in this press release, including, among other things, statements regarding future events and plans regarding Workhorse’s ability to achieve profitability, Workhorse’s sales, pricing and product pipeline, Workhorse’s access to capital to fund operations and fulfill orders, and other statements regarding the company’s anticipated or planned operations 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”.

Forward-looking statements are based on the opinions and estimates of management of Workhorse as of the date such statements are made, and they are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Some factors that could cause actual results to differ include our ability to raise capital to fund our operations and to maintain access to our current debt facilities, our ability to achieve the expected synergies and/or efficiencies from our operations and as a result of the Motiv/Workhorse merger; our ability to reduce the cost to build our vehicles; the effect of the Motiv/Workhorse merger on the ability of the parties to operate their businesses and retain and hire key personnel and to maintain favorable business relationships; the possibility that the integration of the parties may be more difficult, time-consuming or costly than expected or that operating costs and business disruptions may be greater than expected; and changes in laws, regulations, technologies, the global market and supply chain, and macro-economic and social environments affecting our business, including demand for electric trucks and our cost of production.

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 Quarterly Reports on Form 10-Q. 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.

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1 Based on 2023 full year operations of W56 trucks at Stables by Workhorse, which operates FedEx ISP Fleet
2 https://www.investopedia.com/20-states-now-have-gas-prices-at-4-plus-see-what-youll-pay-in-your-state-11943493#:~:text=Key%20Takeaways,each%20month%20the%20disruption%20persists.
3 https://www.automotive-fleet.com/346725/containing-fuel-spend-is-a-top-fleet-focus-despite-price-stability

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f30e29ae-ec30-4676-998b-612870e1f8e1

Workhorse Launches Pricing Promotion on W56 Electric Step Vans Price reductions of up to $61,000 are expected to make the W56 electric step vans a more attractive ...

DETROIT, April 30, 2026 (GLOBE NEWSWIRE) -- Workhorse Group Inc. (NASDAQ: WKHS) (“Workhorse”), a North American OEM and provider of all-electric trucks, step vans, shuttles and buses, and Kingsburg Truck Center (KTC), a leading California truck dealer, today announced a purchase order for 100 W56 fully-electric step vans from Gateway Fleets, a California-based provider of bundled electric vehicle and charging solutions for commercial delivery operators.

Gateway plans to deploy the W56 step vans across its network of electrified sites and is preparing to launch additional locations, to be announced in the coming months, expanding access to reliable charging across key markets. The company’s bundled model is designed to simplify electric fleet operations, pairing purpose-built electric trucks with on-site charging infrastructure, fleet support, and depot access — all available through flexible financing arrangements.

By offering W56 step vans through a lease structure, Gateway Fleets enables operators to access the fuel and maintenance savings of electric vehicles while managing cash flow and avoiding large upfront capital expenditures. The company currently operates depots in Southern California and is scaling its network to meet growing operator demand across the region and beyond.

“Gateway Fleets understands the challenges fleets are facing right now, and they’ve built a business model designed to solve it,” said Scott Griffith, Chief Executive Officer of Workhorse. “On top of the overall reduced costs of operating electric trucks, fleet electrification offers a counterweight to the current exorbitant costs and volatility of fossil fuels. Gateway’s bundled model enables fleets to seamlessly add electric trucks to their fleet by handling every aspect of electrification. We’re proud to support their vision.”

The W56 step vans available through Gateway are the Standard Wheelbase (178") with a 210 kWh battery, offering 1,000 cubic feet of cargo space, a payload of 10,000 lbs. and a nominal range of 150 miles per charge. Every van features a fully-integrated, purpose-built composite body, an ergonomic driver environment, and a platform engineered for the demands of high-cycle last-mile delivery.

“Even when factoring in electricity costs, we’ve seen fuel cost savings of up to 65 percent on active delivery routes, based on a year-long, real-world case study at our Riverside, California site. That’s real impact for operators managing tight margins. Vehicles like the W56 are performing reliably in last-mile operations, and through close coordination with partners like Workhorse and Kingsburg Truck Center, we’re delivering a more complete solution for operators,” said Jamie Miller, Chief Revenue Officer of Gateway Fleets.

All W56 models are produced at Workhorse’s commercial-scale manufacturing facility in Union City, Indiana, which is capable of producing up to 5,000+ vehicles per year on a single operating shift. To date, Workhorse has delivered more than 1,100 vehicles that have collectively accumulated more than 20 million real-world miles across customer fleets.

Vehicles are expected to begin deploying in July 2026, ahead of “peak” season, the lead-up to and through the holidays when package delivery volumes spike, supporting operators during the busiest time of year.

“At Kingsburg Truck Center, we pride ourselves on being at the forefront of the commercial transportation shift toward zero-emissions. This 100-unit commitment is a testament to the reliability of the Workhorse W56 and the strength of the partnership we've built with Gateway Fleets,” said Jerry Smith, President of Kingsburg Truck Center. “By combining Workhorse's quality engineering with our extensive experience in navigating the complex grant and incentive landscape, we are removing the traditional financial barriers to EV adoption and making it easier than ever for fleets to scale efficiently.”

Fleets interested in leasing a Workhorse W56 should contact Gateway Fleets directly or visit www.gatewayfleets.com.

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.

About Gateway Fleets

Gateway Fleets is a California-based provider of complete electric vehicle and charging solutions designed for commercial delivery operators. Gateway delivers electric trucks, fast flat-rate charging infrastructure, real-time fleet visibility and support, and depot access in a single bundled package — removing the barriers to electric fleet adoption and enabling operators to focus on their routes. Gateway Fleets currently serves operators in Southern California and is expanding to meet growing demand. More information is available at www.gatewayfleets.com.

About Kingsburg Truck Center
Based in Kingsburg, California, Kingsburg Truck Center is one of the nation's leading commercial truck dealerships and was the first full-service authorized dealer for Workhorse Group Inc. in the state of California. Specializing in advanced vocational solutions and zero-emission fleet deployment, Kingsburg Truck Center provides comprehensive upfitting, sales, and service for the medium-duty market. The company is a recognized leader in California's incentive ecosystem, leveraging deep expertise in grant writing and voucher processing to maximize funding for fleet transitions. As a strategic partner for sustainable transportation, Kingsburg Truck Center helps operators navigate technical and financial complexities to achieve zero-emission goals. More information is available at kingsburgtruckcenter.com.

Contacts:

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

ICR, Inc.
[email protected]

Investor Relations Contact:

[email protected]

Gateway Fleets

[email protected]

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 21E of the Exchange Act, and the Private Securities Litigation Reform Act of 1995, as amended. All statements other than statements of historical fact included in this press release, including statements regarding the planned delivery of vehicles to Gateway Fleets, Gateway Fleets’ intended leasing activities, anticipated fleet operator demand for electric vehicles, and the expected deployment date of purchased trucks 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”.

Forward-looking statements are based on the opinions and estimates of management of Workhorse as of the date such statements are made, and they are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Some factors that could cause actual results to differ include our ability to raise capital to fund our operations and to maintain access to our current debt facilities; our ability to achieve the expected synergies and/or efficiencies from our operations and as a result of the Motiv/Workhorse merger; our ability to reduce the cost to build our vehicles; changes in laws, regulations, technologies, the global supply chain, and macro-economic and social environments affecting our business, including demand for electric trucks and our cost of production; and our ability to maintain compliance with Nasdaq rules and otherwise maintain our listing of securities on Nasdaq.

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 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 Quarterly Reports on Form 10-Q. 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 except as required by law.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/29860789-3031-43f2-824d-05964608aaca

Gateway Purchases 100 Workhorse W56 Step Vans A Workhorse W56 step van at a Gateway charging station

Revenue of $4.3 million in Q1 2026, compared to $1.1 million in Q1 2025 on a comparable GAAP basisDelivered 21 vehicles in Q1 2026, compared to 5 vehicles in Q1 2025Announced 100-vehicle W56 purchase order from Gateway Fleets, with deliveries expected to begin in July 2026; combined with Purolator 100 vehicle order and other unannounced orders, drives total contracted backlog of 200+ vehicles since merger closeLaunched 140 kWh W56 battery configuration and limited-time promotional pricing on 210 kWh W56, driving new commercial activityOn track to exit 2026 at $20 million annualized cost synergy run rate; facility consolidation to Union City, Indiana complete DETROIT, May 14, 2026 (GLOBE NEWSWIRE) -- Workhorse Group Inc. (NASDAQ: WKHS) ("Workhorse" or the "Company"), a North American OEM and provider of all-electric trucks, step vans, shuttles and buses, today reported financial results for the first quarter ended March 31, 2026. Today’s results represent the Company’s first full quarter as a combined company following the completion of its merger with Motiv Electric Trucks in December 2025.

“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,” said Scott Griffith, CEO of Workhorse. “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.”

Running an electric fleet reduces operating costs to 20 percent of the cost compared to gas and diesel vehicles, according to data from the Stables by Workhorse program1, our subsidiary that operates as an Independent Service Provider contracted with FedEx using a mix of gas and electric delivery trucks. While such operating cost savings make a compelling case to electrify, the higher upfront cost of an electric vehicle is still an obstacle for many.

“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,” said Griffith. “Both efforts have generated strong interest and sales, including our announced 100-unit order from Gateway Fleets.”

Workhorse also believes that fundamental, structural changes in hardware and software, as well as strategic use of the global supply chain, are required to create further cost reductions needed to effectively compete with ICE vehicles.

Toward that end, Workhorse has developed a plan for a new, proprietary “modular” chassis design that will be produced exclusively at its Union City manufacturing plant. The new chassis design will be based on the foundational learnings gathered from proven W56 components but with a scalable architecture that supports flexible wheelbase configurations, advanced battery and axle technologies, and next-generation software and power electronics.

In addition, Workhorse has developed a plan for its first Class 5/6 cab chassis, which will pair the new modular chassis with a lightweight, low-cost cab designed for efficient upfitting, spanning applications across all classes of medium duty trucks. Workhorse’s engineering team is planning to begin test and validation of both products in 2026, supporting a planned start of production for the cab chassis platform in early 2027.

Last, the Company took actionable steps to further provide a high level of support demanded by large fleets by announcing a new at-scale customer support program across its North American network of trucks through a combination of national dealer relationships, internal capabilities and a partnership with InCharge Energy. This industry-first partnership is a key aspect of plans to deliver scalable ‘first-call’ service operations and provide large fleets with what they value most – high uptime.

“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,” said Griffith. “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.”

____________________
1 Q1 Actual operating data (fuel and electricity costs) from Stables by Workhorse

First Quarter and Recent Strategic Highlights

Merger Integration on Track: Facility aggregation is complete, including the relocation of the EPIC 4 and F59 production lines to Union City, Indiana. Platform commonization and supply chain optimization efforts are underway.Targeting $20 Million in Annualized Cost Synergies: The Company continues to expect to exit 2026 at a $20 million annualized cost synergy run rate, with early savings already being realized through the elimination of duplicative administrative functions.Gateway Fleets 100-Vehicle Order: In late April, the Company announced a 100-vehicle W56 purchase order from Gateway Fleets through partner Kingsburg Truck Center in California, with deliveries expected to begin in July 2026. The order was influenced by the Company's promotional pricing, demonstrating how the flexibility afforded by the Company’s cost reduction efforts is translating to commercial success.Purolator 100-Vehicle Order: Purolator, a leading Canadian integrated freight and logistics provider, placed a 100-vehicle purchase order for fully-electric step vans — Purolator’s fourth order with the company over a multi-year period and one that will double the number of Workhorse vehicles in its fleet. Deliveries are expected to be completed by the end of 2026. First Quarter 2026 Financial Highlights *

Revenue: Sales, net of returns and allowances, for the first quarter of 2026 were $4.3 million, compared to $1.1 million in the first quarter of 2025.
Vehicles Delivered: The Company delivered 21 vehicles during the first quarter of 2026, compared to 5 vehicles in the first quarter of 2025.Cost of Sales: Cost of sales for the first quarter of 2026 was $11.8 million, compared to $2.2 million in the prior year quarter. Cost of sales increased on higher sales volume and also reflects the higher fixed cost base of the pre-facility consolidation combined manufacturing footprint, including the costs for the Workhorse manufacturing facility as well as contract manufacturing under the legacy Motiv operational structure during the quarter. Gross loss for the quarter was $7.5 million.Operating Expenses: Total operating expenses for the first quarter of 2026 were $13.6 million, compared to $8.0 million in the first quarter of 2025. Selling, general and administrative expenses were $9.5 million and research and development expenses were $4.1 million.Operating Loss: Operating loss was $21.1 million in the first quarter of 2026, compared to $9.1 million in the first quarter of 2025.Net Loss: Net loss for the first quarter of 2026 was $19.9 million, or $1.99 per basic and diluted share, compared to a net loss of $12.7 million, or $1.36 per share, in the same period last year. Conference Call

Workhorse management will hold a conference call on Thursday, May 14, 2026, at 4:30 p.m. Eastern time to discuss these results and answer related questions.

To listen to the conference call webcast, please go to the Investor Relations section of Workhorse’s website at ir.workhorse.com.

To listen via telephone, please call (877)-407-0789 (U.S.) or (201)-689-8562 (international).

A telephonic replay of the conference call will be available after 7pm Eastern time on the same day through May 28, 2026.

Toll-free replay number: (844)-512-2921
International replay number: (412)-317-6671
Replay ID: 13760452

About Workhorse Group Inc.

Headquartered in the Detroit area with a commercial-scale manufacturing plant in 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 performance of their fleets, enhance the driver experience, and maximize uptime without compromise. By electrifying their fleets, our customers can make a positive impact on our world while meeting their financial, sustainability and compliance goals.

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 Exchange Act, and the Private Securities Litigation Reform Act of 1995, as amended. All statements other than statements of historical fact included in this press release, including, among other things, statements regarding future events, plans and anticipated results of operations, business strategies, the anticipated benefits of the Motiv/Workhorse merger, the anticipated impact of the Workhorse/Motiv merger on the combined company’s business and future financial and operating results, the expected amount and timing of synergies from the Workhorse/Motiv merger, Workhorse’s ability to achieve profitability, Workhorse’s sales integration and pipeline, Workhorse’s access to capital to fund operations and fulfill orders, Workhorse’s expected delivery of contracted vehicle orders, Workhorse’s product development plans, and other statements regarding the company’s anticipated or planned operations, access to capital or operating results 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”.

Forward-looking statements are based on the opinions and estimates of management of Workhorse as of the date such statements are made, and they are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Some factors that could cause actual results to differ include our ability to raise capital to fund our operations and to maintain access to our current debt facilities; our ability to achieve the expected synergies and/or efficiencies from our operations and as a result of the Motiv/Workhorse merger; our ability to reduce the cost to build our vehicles; our ability to deliver vehicles as contracted; our ability to further develop and bring to market new products as planned; the effect of the Motiv/Workhorse merger on the ability of the parties to operate their businesses and retain and hire key personnel and to maintain favorable business relationships; the possibility that the integration of the parties may be more difficult, time-consuming or costly than expected or that operating costs and business disruptions may be greater than expected; the risk that the price of our securities may be volatile due to a variety of factors; changes in laws, regulations, technologies, the global supply chain, and macro-economic and social environments affecting our business, including demand for electric trucks and our cost of production; our status as a controlled company; and our ability to maintain compliance with Nasdaq rules and otherwise maintain our listing of securities on Nasdaq.

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.

* Note on Financial Statement Presentation

On December 15, 2025, we completed our merger with Motiv. While the legal acquirer in the merger was Workhorse, for financial accounting and reporting purposes under U.S. GAAP, Motiv was the accounting acquirer, and the Merger was accounted for as a reverse acquisition. Accordingly, the consolidated assets, liabilities and results of operations of Motiv became the historical consolidated financial statements of the consolidated company, and Workhorse’s assets, liabilities and results of operations were consolidated with those of Motiv beginning on December 15, 2025. As a result, comparative first quarter 2025 financial information reflects only Motiv and is not directly comparable to the combined company results for the first quarter of 2026.

    Workhorse Group Inc.
Condensed Consolidated Balance Sheets    (in thousands, except share amounts)(Unaudited)
March 31, 2026 December 31,
2025Assets   Current assets:   Cash and cash equivalents$600  $12,240 Restricted cash 680   680 Accounts receivable, less allowance for credit losses of $295 and $435 as of March 31, 2026 and December 31, 2025, respectively 3,422   3,889 Inventory, net 37,272   39,065 Prepaid expenses and other current assets 5,059   3,948 Total current assets 47,033   59,822 Property, plant and equipment, net 20,689   22,470 Goodwill 3,482   3,130 Intangible assets, net 10,041   10,182 Operating lease right-of-use assets, net 21,075   21,872 Other assets 416   416 Total Assets$102,736  $117,892 Liabilities   Current liabilities:   Accounts payable$13,461  $13,301 Accrued liabilities and other current liabilities 11,993   11,063 Deferred revenue 1,291   1,615 Warranty liability - current portion 3,830   3,183 Operating lease liability - current portion 1,387   3,616 Stock rights liability 1,339   6,074 Customer order credit agreement - related party 5,000   — Total current liabilities 38,301   38,852 Operating lease liability - long-term 20,839   18,777 Cash flow credit agreement - related party 10,000   10,000 Convertible notes at fair value - related party 5,679   5,429 Warranty liability - long-term 1,724   1,792 Total Liabilities 76,543   74,850 Commitments and contingencies   Stockholders’ Equity:   Series A preferred stock, par value of $0.001 per share, 75,000,000 shares authorized, 0 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively —   — Common stock, par value $0.001 per share, 36,000,000 and shares authorized, 10,449,859 and 9,699,858 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 11   10 Additional paid-in capital 365,087   362,055 Accumulated deficit (338,905)  (319,023)Total stockholders’ equity 26,193   43,042 Total Liabilities and Stockholders’ Equity$102,736  $117,892          Workhorse Group Inc.
Condensed Consolidated Statements of Operations
(Unaudited)   Three Months Ended
March 31,(in thousands, except per share amounts) 2026   2025 Sales, net of returns and allowances$4,329  $1,145 Cost of sales 11,811   2,224 Gross loss (7,482)  (1,079)Operating expenses:   Selling, general and administrative 9,545   4,340 Research and development 4,069   3,660 Total operating expenses 13,614   8,000 Loss from operations (21,096)  (9,079)Interest expense, net (354)  (3,576)Change in fair value of convertible note (145)  — Change in fair value of stock rights 1,703   — Other expense (24)  (1)Loss before benefit for income taxes (19,916)  (12,656)Benefit for income taxes 34   — Net loss$(19,882) $(12,656)    Net loss per share of common stock   Basic and Diluted$(1.99) $(1.36)    Weighted average shares used in computing net loss per share of common stock   Basic and Diluted 10,014   9,329          Workhorse Group Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)   Three Months Ended
March 31,(in thousands) 2026   2025 Cash flows from operating activities:   Net loss$(19,882) $(12,656)Adjustments to reconcile net loss to net cash used in operating activities:   Depreciation and amortization 2,015   197 Allowance for credit losses (140)  — Excess and obsolete inventory 66   — Non-cash lease expense 797   218 Warranty provision 1,800   251 Stock-based compensation —   106 Non-cash interest expense and change in fair value of convertible notes 250   — Non-cash change in fair value of stock rights (4,735)  — Non-cash conversion of stock rights 3,032   — Loss on disposal of assets 23   — Effects of changes in operating assets and liabilities:   Accounts receivable 642   (1,025)Inventory, net 1,727   (3,188)Prepaid expenses and other current assets (1,146)  330 Accounts payable 171   654 Accrued liabilities and other long-term liabilities (968)  2,954 Operating lease liability (167)  (328)Net cash used in operating activities (16,515)  (12,487)    Cash flows from investing activities:   Capital expenditures (125)  (168)Net cash used in investing activities (125)  (168)Cash flows from financing activities:   Proceeds from secured promissory note - related party —   10,000 Proceeds from Customer Order Credit Agreement 5,000   — Net cash provided by financing activities 5,000   10,000     Change in cash and cash equivalents and restricted cash (11,640)  (2,655)Cash and cash equivalents and restricted cash, beginning of the period 12,920   6,629 Cash and cash equivalents and restricted cash, end of the period$1,280  $3,974     Supplemental disclosure of cash flow information:   Cash paid for interest$227  $— Cash paid for taxes$—  $—                  Workhorse Group, Inc.
Unaudited Pro Forma Revenue

The table below reflects the combined revenue of Workhorse and Motiv for the period ended March 31, 2025 as if the merger had occurred at the beginning of the period presented. The unaudited pro forma revenue presented is for informational purposes only and is not necessarily indicative of the results of operations that would have been achieved if the merger was completed at the beginning of the period presented or of the future operating results of the combined company. A reconciliation of pro forma revenue is provided below.

(in thousands)For the
Three Months Ended
March 31, 2025Sales, net of returns and allowances, as reported$1,145Pre-Merger Workhorse sales, net of returns and allowances 641Pro forma combined revenue$1,786