Q2 2026 Workhorse Group Inc Earnings Call Transcript
Key Points
- Workhorse Group Inc (WKHS) is on track to achieve its $20 million annualized cost synergy run rate by the end of 2026, with operating expenses declining sequentially in Q2 2026 even as production increased.
- The company is making significant progress on its bill of materials (BOM) cost reduction program, including consolidating systems and engaging with new suppliers, which is expected to substantially lower costs and improve competitiveness.
- Workhorse Group Inc (WKHS) has a growing backlog and sales pipeline, with plans to produce more Class 5 and 6 electric trucks in the next five months than in any prior five-month period, supported by orders from Purolator and Gateway.
- The company is entering the high-growth mobile AI data center market, targeting 2027 for production, leveraging its existing engineering and manufacturing capabilities to serve as a Tier 1 supplier to strategic partners.
- Workhorse Group Inc (WKHS) has strengthened its leadership team with the appointment of Jody Davis as CFO, who brings extensive financial experience in capital-intensive industries and a track record of scaling development-stage businesses.
- Workhorse Group Inc (WKHS) reported a net loss of $20.2 million in Q2 2026, wider than the prior year period, with a gross loss of $7.5 million as costs continue to outpace revenue.
- The company's cash position is tight, with only $9.6 million in cash and cash equivalents as of June 30, 2026, and it had to draw additional $10 million from its credit agreement in August to fund operations.
- Revenue in Q2 2026 was $3.6 million, a significant decline from the pro forma combined revenue of $6.4 million in the prior year quarter, indicating a slowdown in deliveries.
- The company is still in the early stages of market adoption for its electric trucks, and broader adoption depends on achieving price parity with internal combustion engines, which remains a challenge.
- The mobile AI data center initiative is in its early development phase, with no confirmed customers or revenue yet, and the company faces execution risks in a new market.
Good afternoon and thank you for joining today's call. Welcome to Workhorse Group Q2 2026 earnings call.
(Operator Instructions) Please be advised that today's conference is being recorded.
I will now turn the call over to John Williams, Chief Communications Officer. Mr. Williams, please go ahead.
Thank you, operator, and good afternoon, everyone. I would like to welcome all of you to Workhorse's second-quarter 2026 earnings call.
Please note that we have posted our results for the second quarter ended June 30, 2026, via press release in 8-K and filed our associated quarterly report on Form 10-Q with the SEC. You can find the release and an accompanying presentation in the Investor Relations section of our website. We will be tracking along with the presentation during this call.
Before we get to the quarter, one framing point. While Workhorse and Motiv came together in December 2025, what came out of the merger is, in practice, a different company than the
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