Key Highlights

  • Net sales for the second quarter of 2026 came to USD 3.6 million, compared with USD 0.8 million a year earlier, as deliveries climbed to 26 from 4.
  • The second-quarter net loss per share was 1.86, versus 1.38 a year earlier, with the net loss at USD 20.2 million across 10.854 million weighted average shares.
  • A USD 20 million annualized cost synergy run rate is the target management expects to reach by the end of 2026, following the Motiv Merger that closed on December 15, 2025.
  • Cash stood at USD 9.6 million on June 30, 2026, while related-party borrowings included a USD 30.0 million Cash Flow Credit agreement and a further USD 10 million was drawn after quarter end.

Earnings Date of November 12, 2026 and the Second-Quarter Baseline for Workhorse Group (NASDAQ:WKHS)

Workhorse Group (NASDAQ:WKHS) has said it will publish third-quarter 2026 results and hold its call on November 12, 2026, which does not match the November 16, 2026 batch date. Second-quarter net sales reached USD 3.562 million, while the gross loss stood at USD 7.5 million, with cost of sales at USD 11.0 million. The operating loss expanded from USD 9.0 million to USD 19.4 million. Since reverse Acquisition accounting applies, pro forma combined Revenue of USD 6.4 million for the second quarter of 2025 offers a fairer comparison.

Last Quarter's Operating Costs and Management's Plans for Workhorse Group (NASDAQ:WKHS)

Operating expenses at Workhorse Group (NASDAQ:WKHS) reached USD 11.9 million in the second quarter, split between SG&A of USD 7.8 million and Research and Development of USD 4.1 million. Year-to-date sales were USD 7.9 million, against USD 8.2 million on a pro forma basis, while the six-month loss totalled USD 40.1 million, equal to 3.84 per share. Leadership expects gross Margin to firm up as Union City output scales, intends to build more electrified Class 5 and 6 chassis in five months than in any earlier five-month stretch, and points to delivery Demand in late 2026 and early 2027. Mobile AI data centre production and deliveries are targeted for 2027, with modular chassis output in late 2027.

Thin Cash, Related-Party Borrowing and Risks at Workhorse Group (NASDAQ:WKHS)

At June 30, 2026 the company held USD 9.6 million in cash and USD 0.7 million restricted, against USD 12.2 million of cash on December 31, 2025. Related-party Debt consisted of a USD 30.0 million cash flow facility, USD 18.25 million tied to customer orders and USD 5.9 million in convertible notes at fair value, a total of USD 54.15 million by calculation. Liabilities of USD 103.0 million stood against Equity of USD 7.2 million, with 10,893,417 shares outstanding. The main risks are thin liquidity, dependence on related-party financing, continuing gross losses and execution of the move into mobile AI data centres, a market projected at USD 41 billion through 2031.

Where Things Stand

Workhorse Group (NASDAQ:WKHS) is moving from a pure electric commercial vehicle maker toward a wider industrial technology company that includes a mobile AI data centre line. The quarter delivered 26 vehicles, USD 3.6 million in net sales and a USD 20.2 million net loss (1.86 per share). Management is aiming to exit the year at a USD 20 million annualized synergy pace and anticipates better gross margin as Union City Volume grows. With USD 9.6 million of cash and USD 103.0 million of total liabilities, financing terms and delivery cadence are the main variables through the third-quarter reporting cycle.