Workhorse Q2 net loss widens as expenses rise

Workhorse

13/08/2026 21:51

Overview
US industrial technology firm's Q2 revenue rose but fell short of pro forma combined prior-year levels
Net loss for Q2 widened yr/yr as operating expenses increased
Company plans to enter mobile AI data center market, targeting initial production in 2027

Outlook
Company expects to exit 2026 at a $20 mln annualized cost synergy run rate
Workhorse expects improved gross margin as production volumes scale and cost synergies are realized
Company targets initial production of mobile AI data center product line in 2027

Result Drivers
COST REDUCTION INITIATIVES - Co said it reduced manufacturing costs through engineering improvements, supply chain changes, and eliminating redundant operations through H1
INCREASED VEHICLE DELIVERIES - Workhorse delivered more vehicles in Q2 2026 than in the prior-year period, supported by increased production and supply chain efficiencies
GROWING DEMAND FOR W56 - Demand for W56 step van driven by promotional pricing, total cost of ownership advantages, and a new enterprise sales strategy

Company press release: ID:nGNX9Xn9g7

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Loss Per Share
Miss
$1.86
$1.09 (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 2.9% below its August 12 closing price of $3.09

Reuters Recommended Reads
Aug 13 - Xos' Q2 revenue drops sharply as deliveries shift to later quarters
Aug 11 - Hyliion Q2 revenue more than triples on US Navy contracts, raises 2026 outlook
Aug 10 - Microvast Q2 revenue falls on tariff refunds; co swings to net loss

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.)