Workhorse Group Inc.

Workhorse said Q2 2026 revenue was $3.6 million versus $800 thousand in Q2 2025 on a GAAP basis; on a pro forma combined basis, prior-year Q2 revenue was $6.4 million. It delivered 26 vehicles in the quarter versus 4 a year ago. Gross loss was $7.5 million on $11 million of cost of sales. SG&A was $7.8 million versus $4.5 million last year, R&D was $4.1 million versus $3.2 million, operating loss was $19.4 million versus $9 million, interest expense net was $800 thousand versus $3.8 million, and net loss was $20.2 million, or $1.86 per basic and diluted share, versus $12.8 million, or $1.38 per share. For the first half, revenue was $7.9 million, roughly in line with pro forma first-half 2025 revenue of $8.2 million. Cash and cash equivalents were $9.6 million, plus $700 thousand in restricted cash, as of June 30. Management said it is not providing specific financial guidance, but expects deliveries to increase meaningfully in the second half of 2026, including orders of 100 vehicles each from Purolator and Gateway. The company also said it expects to exit 2026 at a $20 million annualized cost synergy run rate and is targeting 2027 for mobile data center production and commercial deliveries.

Scott Griffith framed Workhorse as a transformed industrial technology company rather than just an EV truck maker, citing merger integration, a broader product roadmap, and a push into mobile AI infrastructure. He repeatedly emphasized modularity, cost reduction, and expanding the addressable market beyond step vans into Class 5/6 cab chassis, while saying the company is still early in adoption but believes it can compete on total cost of ownership and product flexibility. His tone was constructive and ambitious, with confidence in the company’s strategic direction and 2027 outlook.

Jody Davis focused on execution discipline, saying his priority is putting the right capital structure in place while controlling costs and building finance systems for scale. He highlighted the quarter’s $3.6 million revenue, $7.5 million gross loss, $19.4 million operating loss, and $20.2 million net loss, and said gross margin should improve as production scales and the combined platform’s cost benefits come through. On liquidity, he pointed to $9.6 million in cash and cash equivalents plus $700 thousand restricted cash at quarter end, the $20 million drawn under the cash flow credit agreement during the first half, the additional $10 million borrowed after quarter-end, and $1.7 million available to borrow under the current credit agreement as of the 10-Q filing.

The main analyst question centered on the mobile AI data center plan, specifically what steps are needed for commercialization by 2027 and what early feedback management has received. Scott said the company is in a ‘phase zero’ stage focused on finishing the initial design, building out a modular platform, and developing manufacturing readiness over the next 10 to 12 months, while also building partnership relationships to handle market development and end-customer engagement. A follow-up asked how much control the company has over BOM reduction; Jody and Scott said they are actively reworking the cost structure through both current and new suppliers, co-development on high-value components, and a multiyear strategy aimed at better gross margin and eventually free cash flow positive.