---
title: "Workhorse | 8-K: FY2026 Q1 Revenue Misses Estimate at USD 4.329 M"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/286501042.md"
datetime: "2026-05-15T03:14:19.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/286501042.md)
  - [en](https://longbridge.com/en/news/286501042.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/286501042.md)
---

# Workhorse | 8-K: FY2026 Q1 Revenue Misses Estimate at USD 4.329 M

Revenue: As of FY2026 Q1, the actual value is USD 4.329 M, missing the estimate of USD 8.52 M.

EPS: As of FY2026 Q1, the actual value is USD -1.99.

EBIT: As of FY2026 Q1, the actual value is USD -20.74 M.

#### Operational Metrics

-   **Vehicles Delivered**:
    -   Workhorse Group, Inc. delivered 21 vehicles in Q1 2026, an increase from 5 vehicles in Q1 2025.
-   **Cost of Sales**:
    -   Cost of sales for Q1 2026 was $11.8 million, up from $2.2 million in Q1 2025.
-   **Gross Loss**:
    -   The company reported a gross loss of - $7.5 million in Q1 2026, compared to - $1.1 million in Q1 2025.
-   **Operating Expenses**:
    -   Total operating expenses were $13.6 million in Q1 2026, compared to $8.0 million in Q1 2025.
    -   Selling, General and Administrative expenses were $9.5 million in Q1 2026, rising from $4.3 million in Q1 2025.
    -   Research and Development expenses were $4.1 million in Q1 2026, an increase from $3.7 million in Q1 2025.
-   **Operating Loss**:
    -   Operating loss for Q1 2026 was - $21.1 million, compared to - $9.1 million in Q1 2025.
-   **Net Loss**:
    -   Workhorse Group, Inc. reported a net loss of - $19.9 million in Q1 2026, compared to - $12.7 million in Q1 2025.

#### Cash Flow

-   **Net Cash Used in Operating Activities**:
    -   Net cash used in operating activities was - $16.5 million in Q1 2026, compared to - $12.5 million in Q1 2025.
-   **Net Cash Used in Investing Activities**:
    -   Net cash used in investing activities was - $0.1 million in Q1 2026, compared to - $0.2 million in Q1 2025.
-   **Net Cash Provided by Financing Activities**:
    -   Net cash provided by financing activities was $5.0 million in Q1 2026, down from $10.0 million in Q1 2025.
-   **Cash and Cash Equivalents and Restricted Cash (End of Period)**:
    -   As of March 31, 2026, cash and cash equivalents and restricted cash totaled $1.3 million, a decrease from $4.0 million as of March 31, 2025.

#### Balance Sheet Highlights

-   **Cash and Cash Equivalents**:
    -   Cash and cash equivalents were $0.6 million as of March 31, 2026, significantly lower than $12.2 million as of December 31, 2025.
-   **Total Current Assets**:
    -   Total current assets were $47.0 million as of March 31, 2026, compared to $59.8 million as of December 31, 2025.
-   **Total Assets**:
    -   Total assets were $102.7 million as of March 31, 2026, down from $117.9 million as of December 31, 2025.
-   **Total Current Liabilities**:
    -   Total current liabilities were $38.3 million as of March 31, 2026, a slight decrease from $38.9 million as of December 31, 2025.
-   **Total Liabilities**:
    -   Total liabilities were $76.5 million as of March 31, 2026, compared to $74.9 million as of December 31, 2025.
-   **Total Stockholders’ Equity**:
    -   Total stockholders’ equity was $26.2 million as of March 31, 2026, a decrease from $43.0 million as of December 31, 2025.

#### Unique Metrics and Operational Highlights

-   **Contracted Backlog**: Workhorse Group, Inc. reported a total contracted backlog of over 200 vehicles since the merger close, including a 100-vehicle W56 purchase order from Gateway Fleets and another 100-vehicle order from Purolator.
-   **Cost Synergies**: The company is on track to achieve a $20 million annualized cost synergy run rate by the end of 2026.
-   **Product Development**: Workhorse Group, Inc. plans to commence test and validation of a new modular chassis design and its first Class 5⁄6 cab chassis in 2026, with production for the cab chassis platform targeted for early 2027.

#### Outlook / Guidance

Workhorse Group, Inc. anticipates exiting 2026 with a $20 million annualized cost synergy run rate. Deliveries for the 100-vehicle W56 purchase order from Gateway Fleets are expected to commence in July 2026, and the 100-vehicle order from Purolator is projected to be completed by the end of 2026. Furthermore, the company aims to begin production of its new cab chassis platform in early 2027.

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