Workhorse
Makes electric commercial trucks, vans, shuttles, and buses for North American fleets.
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Profile
Builds electric medium-duty trucks, step vans, shuttles, and buses for North American commercial customers. The current company combines legacy Workhorse vehicles with Motiv Electric Trucks after their December 2025 merger.
Builds electric medium-duty trucks, step vans, shuttles, and buses for North American commercial customers. The company operates an Indiana commercial-scale manufacturing plant and is headquartered in the Detroit area.
Legacy Workhorse focused on last-mile delivery vans. Since the December 2025 merger, Motiv Electric Trucks has been an indirect wholly owned subsidiary, and its accounting-acquirer status makes Motiv's results the combined company's historical financial statements. The transaction retained Workhorse as the legal issuer and Nasdaq listing.
Manufacturing execution, supplier and capital availability, customer adoption, Nasdaq listing compliance, and Motiv integration shape the business.
Company facts
Categories
Key statistics
Year to date −44.9% · Average volume (30d) 98.2K
Analysts
Ratings
Target range
Latest analyst notes
No analyst notes in the last 24 months.
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 13, 2026Q2 FY26 | −$0.95 | −$1.86 | −95.9% | $5.3M | $3.6M | −33.1% | +0.66% |
| May 14, 2026Q1 FY26 | −$1.70 | −$1.99 | −17.1% | $8.5M | $4.3M | −49.2% | −17.40% |
| Mar 31, 2026Q4 FY25 | −$8.88 | −$2.35 | +73.5% | $2.5M | $9.7M | +289.7% | −7.95% |
| Nov 10, 2025Q3 FY25 | −$17.41 | −$16.69 | +4.1% | $2.5M | $2.4M | −4.6% | −9.36% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $640.9K | $5.7M | $2.4M | $12.5M | $4.3M | $3.6M | |
| Gross profit | −$4.5M | −$7.4M | −$7.7M | $10.1M | −$7.5M | −$7.5M | |
| Operating income | −$12.8M | −$14.5M | −$16.6M | −$3.6M | −$21.1M | −$19.4M | |
| Net income | −$20.6M | −$14.8M | −$7.8M | −$20.8M | −$19.9M | −$20.2M | |
| Diluted EPS | −$4.68 | −$1.67 | −$0.50 | −$2.15 | −$1.99 | −$1.86 | |
| Gross margin | -705.8% | -130.2% | -323.2% | 80.4% | -172.8% | -209.8% | |
| Operating margin | -2,002.9% | -255.3% | -694.2% | -28.6% | -487.3% | -545.2% |
Fiscal years (4-quarter sums)FY21 −$851.9K · FY22 $5.0M · FY23 $13.1M · FY24 $6.6M · FY25 $21.2M
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $9.6M · Total debt $27.9M · Total assets $110.1M · Shareholders' equity $7.2M
Dividends
No dividends on record.
Ownership
Shares outstanding 10.89M · Float 9.75M · 89.5% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Motive GM Holdings II LLC | 8.13M | 65.40% | 13D | Aug 25, 2026 |
| Scott W. Griffith · director, officer: Chief Executive Officer | 562.5K | 5.16% | Form 4 | Jul 21, 2026 |
| Vanguard Capital Management LLC | 301.2K | 2.77% | 13F | Aug 13, 2026 |
| Joshua Joseph Anderson · officer: Executive VP, Operations | 93.9K | 0.86% | Form 4 | Jul 21, 2026 |
| Jody Davis · officer: Chief Financial Officer | 93.8K | 0.86% | Form 4 | Jul 21, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Dec 15, 2025 | William G. Iii Quigley | director | −5,051 | $6.51 |
| Dec 15, 2025 | Austin Scott Miller | director | −5,051 | $6.51 |
| Dec 15, 2025 | Pamela S. Mader | director | −5,051 | $6.51 |
| Dec 15, 2025 | Richard F. Dauch | director, officer: Chief Executive Officer | −1,909 | $6.51 |
| Dec 15, 2025 | Raymond Joseph Chess | director | −6,314 | $6.51 |
Peers
- PACCAR
Battery-electric Kenworth and Peterbilt commercial trucks
- General Motors
All-electric walk-in delivery vans for commercial fleets
- Ford
Electric commercial vans and upfit platforms for fleet customers
- Xos
Class 5–6 electric step-van and fleet-electrification systems
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Workhorse | $3.10 | +1.14% | $33.4M | — | — | 1.5 | −37.2% |
| PACCAR | $125.65 | +0.26% | $65.97B | 26.3 | 18.9 | 2.4 | −6.8% |
| General Motors | $86.10 | −0.20% | $78.03B | 43.6 | 6.3 | 0.4 | +1.9% |
| Ford | $13.89 | +0.07% | $55.31B | — | 8.0 | 0.3 | −3.8% |
| Xos | $3.34 | −0.58% | $34.4M | — | — | 0.9 | −74.2% |
| Median | 35.0 | 8.0 | 0.7 | −5.3% |






