Workhorse Group Inc
workhorse.comWhat Do They Do?
Builds all-electric medium-duty trucks and buses for commercial fleets and businesses, including delivery, shuttle and work-truck applications.
10-K for FY2025, filed Mar 31, 2026Workhorse Group Inc. (“Workhorse”, the “Company”, “we”, “us”, or “our”) is a North American manufacturer of medium-duty electric trucks and…View ↗
Primarily focused on meeting the needs of the medium duty trucking market, which we believe to be an approximately $23 billion market, we…View ↗
Our Class 4 cab chassis called “Epic 4” can be used for shuttle, school, box, refrigeration, work truck, flat bed and specialty…View ↗
How Do They Make Money?
Vehicle buyers generally pay the invoice price at or shortly after sale, usually when the vehicle ships to a dealer, distributor or upfitter. Parts sales are tied to shipment, services to completion, and extended-warranty revenue to the service period.
10-K for FY2025, filed Mar 31, 2026Revenue is recognized when obligations under the terms of a contract with our customer are satisfied; generally this occurs when we satisfy…View ↗
Services, parts and accessories revenue consists of non-warranty after-sales vehicle services, body shop and parts, and assembly services.…View ↗
We also provide extended warranty services to customers. Revenue related to these services is recognized over time as the services are…View ↗
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10-K for FY2025, filed Mar 31, 2026
FY2025 revenue by product or service ↗
$21.2M
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10-K for FY2025, filed Mar 31, 2026
$21.2M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Vehicles
Sold outright
10-K for FY2025, filed Mar 31, 2026 |
98%
FY2022: 87%
|
Vehicles, FY2025
$20.8M Sources
|
Sold outright |
|
Services, parts and accessories
Sold outright
|
1.6%
FY2022: 13%
|
Services, parts and accessories, FY2025
$348K Sources
|
Sold outright |
|
Extended warranty revenue
Recurring
|
0.5% |
Extended warranty revenue, FY2025
$101K Sources
|
Recurring |
Who Are Their Customers?
Commercial fleets and other businesses buy vehicles directly or through dealers and distributors; certified dealers also support maintenance and fleet deployment.
10-K for FY2025, filed Mar 31, 2026A vital component of management’s intended plan to improve our liquidity and working capital requirements was completion of the Merger.…View ↗
Revenue is recognized when obligations under the terms of a contract with our customer are satisfied; generally this occurs when we satisfy…View ↗
During 2025, we continued to develop our network of Workhorse certified dealers trained to safely repair and maintain the electric…View ↗
Do Revenues Turn Into Profits?
No. It lost $64.1M in FY2025.
10-K for FY2025, filed Mar 31, 2026
−$47.4MView ↗
10-K for FY2025, filed Mar 31, 2026
−$64.1MView ↗
10-K for FY2025, filed Mar 31, 2026
−$36.2MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 13, 2026
−$20.2MView ↗
- ▲ +57% (Loss)
- vs −$12.8M in Q2 FY2025
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Jul 28, 2026
Announced planned entry into mobile AI data centers
Workhorse plans to develop a turnkey, containerized mobile AI data center and is targeting 2027 for initial production and commercial deliveries.
Sources
8-K, filed Jul 28, 2026
Workhorse expects to develop a partnership-based go-to-market approach for the new product line via supplier partnerships with final data…View ↗
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Jul 13, 2026
Appointed Jody Davis CFO, replacing Robert Ginnan
Jody Davis was appointed CFO; Robert Ginnan left the role and remained briefly to assist with the transition.
Sources
8-K, filed Jul 13, 2026
As previously disclosed by Workhorse Group Inc. (the “Company”) in its definitive proxy statement on Schedule 14A, filed with the…View ↗
Broader vehicle focus
The older report described last-mile delivery trucks and drone systems; the latest describes medium-duty trucks and buses for delivery, shuttle, school and work-truck uses.
10-K for FY2022, filed Mar 1, 2023
More varied production
The older report said all Workhorse last-mile trucks were assembled at its Union City facility; the latest also describes using contract manufacturers and co-development partners for some vehicles.
10-K for FY2022, filed Mar 1, 2023 10-K for FY2025, filed Mar 31, 2026We are an American-based Original Equipment Manufacturer (“OEM”), and our products are marketed under the Workhorse® brand. All Workhorse…View ↗
We currently manufacture Class 5/6 commercial delivery vehicles in our production facility in Union City, IN. For our other vehicles, we…View ↗
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