Workhorse Group (WKHS) Q2 2026 earnings summary

Executive summary

• Completed final stages of merger integration, transitioning into an industrial technology company serving commercial, government, defense, and infrastructure markets, with Motiv as the accounting acquirer.

• Expanded beyond electric vehicles into high-growth markets, including mobile AI data centers, leveraging engineering and manufacturing expertise.

• Focused on cost reduction, product portfolio expansion, and building a strong order backlog into 2027, with a sales pipeline more than doubling since early 2026.

• Strengthened leadership with a new CFO and optimized organizational structure for growth.

• Management highlights ongoing challenges in market adoption, supply chain, and liquidity, with substantial doubt about the ability to continue as a going concern.

Financial highlights

• Q2 2026 revenue was $3.6 million, up from $0.8 million in Q2 2025 (GAAP), but down from $6.4 million pro forma combined in Q2 2025; 26 vehicles delivered versus 4 in Q2 2025.

• Gross loss for Q2 2026 was $7.5 million, consistent with Q1, reflecting higher sales volume and increased costs.

• Net loss for Q2 2026 was $20.2 million ($1.86/share), compared to $12.8 million ($1.38/share) in Q2 2025; operating loss was $19.4 million.

• Cash and equivalents at June 30, 2026, were $9.6 million, with $0.7 million in restricted cash.

• Operating cash outflow for H1 2026 was $40.6 million, up from $21.7 million in the prior year.

Outlook and guidance

• Production ramping up, with expectations to produce more electrified Class 5/6 chassis in the next five months than any prior period.

• Initial production and commercial deliveries of mobile AI data centers targeted for 2027.

• Company expects to exit 2026 at a $20 million annualized cost synergy run rate.

• Management expects continued liquidity challenges and warns that revenues are unlikely to cover operating requirements for the next twelve months.

• Not providing specific financial guidance but anticipates strong finish to 2026 and momentum into 2027.