NASDAQ$WKHS
Workhorse Group Inc · Q1 2026 earnings
Q1 2026 earnings · · Investor relations
Briefing
Workhorse Group Inc reported net sales of $4.3 million and a net loss of $19.9 million for the first quarter of 2026.
Workhorse Group Inc, following its reverse merger with Motiv Power Systems, reported first quarter 2026 net sales of $4.3 million, driven primarily by vehicle deliveries. The company incurred a net loss of $19.9 million and used $16.5 million in cash from operations amid ongoing integration and production ramp activities. Management highlighted substantial doubt about the company's ability to continue as a going concern without additional financing.
- Net sales increased to $4.3 million from $1.1 million year-over-year, primarily from 16 additional vehicle deliveries including W56 step vans.
- Gross loss widened to $7.5 million due to higher fixed manufacturing costs post-merger and increased warranty provisions for Canadian truck retrofits.
- Net loss grew to $19.9 million with operating expenses rising to $13.6 million reflecting combined company costs and integration activities.
- Cash position declined sharply to $0.6 million with $16.5 million used in operations, raising substantial going concern doubts pending further financing.
Headline financials
Revenue & EPS history
Workhorse · Revenue · Quarterly
$4.33M
Revenue by segment
Workhorse · $4.33M total across 3 segments · Q1 2026
- Vehicles$4.27M—98.7%
- Extended Warranty$29K—0.7%
- Services, Parts and Accessories$26K—0.6%
Forward guidance
The company continues to focus on production ramp, cost synergies from the Motiv merger, and securing additional financing while monitoring regulatory and market conditions for electric vehicle adoption.
Tailwinds
- Merger expected to deliver cost synergies and expanded product portfolio
- New purchase order announced for 100 W56 step vans post-quarter
Headwinds
- Substantial doubt regarding ability to continue as going concern
- Slower than expected EV adoption and regulatory headwinds
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q1 2026
-1.3%
Avg return
Earnings day
-5.9%
Avg return
5 days after
-6.2%
Avg return
30 days after
26%
16 / 62 earnings
Positive
+201.1%
Q1 2019
Best reaction
-55.1%
Q1 2011
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +2.8% | -20.1% | — | |
| Q4 2025 | +5.8% | -9.6% | -1.0% | |
| Q3 2025 | -1.9% | -21.3% | -30.8% | |
| Q2 2025 | -7.4% | -20.9% | -35.0% | |
| Q1 2025 | -9.8% | -11.8% | -1.5% | |
| Q4 2024 | -5.2% | -30.9% | -43.8% | |
| Q3 2024 | -12.5% | -8.3% | -36.9% | |
| Q2 2024 | -27.9% | -35.7% | -35.9% | |
| Q1 2024 | -11.3% | -10.4% | -60.8% | |
| Q4 2023 | -15.0% | -15.8% | -35.8% | |
| Q3 2023 | +2.5% | -6.5% | -5.0% | |
| Q2 2023 | -12.7% | -23.9% | -48.3% | |
| Q1 2023 | -3.7% | -1.2% | +8.6% | |
| Q4 2022 | -9.0% | -8.3% | -35.4% | |
| Q3 2022 | -3.3% | +1.8% | -31.5% | |
| Q2 2022 | -13.9% | -2.7% | -31.5% | |
| Q1 2022 | -8.7% | +11.0% | +15.7% | |
| Q4 2021 | +21.1% | +17.6% | +59.7% | |
| Q3 2021 | -3.6% | +4.1% | -25.8% | |
| Q2 2021 | +1.7% | -6.8% | -11.8% | |
| Q1 2021 | -14.5% | -16.0% | +75.3% | |
| Q4 2020 | -0.2% | -15.1% | -14.8% | |
| Q3 2020 | +9.8% | +11.2% | +21.7% | |
| Q2 2020 | -7.3% | -7.6% | +43.0% | |
| Q1 2020 | -8.8% | -8.5% | +0.0% | |
| Q4 2019 | -11.6% | -33.2% | -23.2% | |
| Q3 2019 | -8.0% | -16.9% | -8.1% | |
| Q2 2019 | -11.8% | -15.3% | -7.3% | |
| Q1 2019 | +201.1% | +106.8% | +136.4% | |
| Q4 2018 | -10.7% | -11.1% | -40.7% | |
| Q3 2018 | -1.6% | -0.5% | -34.5% | |
| Q2 2018 | -15.3% | -28.0% | -21.0% | |
| Q1 2018 | -8.0% | -8.0% | -19.4% | |
| Q4 2017 | -1.7% | -3.5% | -5.9% | |
| Q3 2017 | +5.7% | +5.0% | +1.5% | |
| Q2 2017 | -0.8% | +4.9% | +33.8% | |
| Q1 2017 | -13.4% | +5.1% | +28.8% | |
| Q4 2016 | -16.8% | -14.2% | -29.6% | |
| Q3 2016 | -1.1% | +2.6% | -6.1% | |
| Q2 2016 | +4.9% | +7.9% | +15.3% | |
| Q1 2016 | -3.5% | — | — | |
| Q4 2015 | -2.1% | — | — | |
| Q3 2015 | +22.7% | — | — | |
| Q2 2015 | +0.0% | — | — | |
| Q1 2015 | +3.4% | — | — | |
| Q4 2014 | -2.7% | — | — | |
| Q3 2014 | +11.4% | — | — | |
| Q2 2014 | +27.7% | — | — | |
| Q4 2013 | +0.0% | — | — | |
| Q3 2013 | +0.7% | — | — | |
| Q2 2013 | -4.0% | — | — | |
| Q1 2013 | +20.5% | — | — | |
| Q4 2012 | +0.0% | — | — | |
| Q3 2012 | -28.0% | — | — | |
| Q2 2012 | -33.3% | — | — | |
| Q1 2012 | -13.8% | — | — | |
| Q4 2011 | -8.3% | — | — | |
| Q1 2011 | -55.1% | — | — | |
| Q3 2011 | +0.0% | — | — | |
| Q2 2010 | +0.0% | — | — | |
| Q4 2010 | +12.5% | — | — | |
| Q3 2010 | -9.7% | — | — | |
| Q1 2010 | — | — | — |
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