Workhorse Q1 revenue rises on higher deliveries

Workhorse

14/05/2026 21:23

Overview

US electric truck maker's Q1 revenue rose yr/yr on a comparable basis

Company delivered 21 vehicles in Q1, up from 5 a year earlier

New purchase orders drive contracted backlog to 200+ vehicles since merger close

Outlook

Workhorse expects to exit 2026 at a $20 mln annualized cost synergy run rate

Company plans to begin test and validation of new chassis products in 2026

Deliveries for Gateway Fleets 100-vehicle order expected to begin in July 2026

Result Drivers

PROMOTIONAL PRICING - Co said launch of lower-cost 140 kWh W56 and limited-time promotional pricing on 210 kWh W56 drove new commercial activity and orders

COST SYNERGIES - Co said facility consolidation and elimination of duplicative administrative functions led to early cost savings as part of targeted $20 mln annualized cost synergies

Company press release: ID:nGNX6gVLd8

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Sales
Miss
$4.32 mln
$8.50 mln (2 Analysts)
Q1 EPS
Miss
-$1.99
-$1.47 (2 Analysts)

Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the auto & truck manufacturers peer group is "buy."

Wall Street's median 12-month price target for Workhorse Group Inc is $3.00, about 15.3% below its May 13 closing price of $3.54

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)