• Tesla for commercial delivery vehicles
• Rivian for delivery vans
• The electric equivalent of Ford's commercial vehicle division

• Electric Delivery Vans: Battery-electric commercial vehicles designed primarily for last-mile package delivery and other fleet applications.
• Stables Telematics System: A proprietary cloud-based software system that provides real-time data, route optimization, and fleet management tools for their electric vehicles.

Workhorse (symbol: WKHS) primarily sells its electric delivery vehicles and drones to other companies, making its business model primarily Business-to-Business (B2B).

Workhorse typically does not disclose the names of its current major customers in its public financial filings or press releases. For instance, while their 2022 10-K filing indicated that two customers accounted for 90% and 10% of total revenue, these specific customers were not named.

However, based on historical relationships and significant strategic partnerships that facilitate sales, the following are notable:

• United Parcel Service (UPS) (NYSE: UPS): UPS has historically been a significant customer and early adopter of Workhorse's electric delivery vehicles, operating them in various capacities within its fleet. While UPS has diversified its electric vehicle suppliers over time, Workhorse vehicles have been part of their sustainability initiatives.
• Ryder System, Inc. (NYSE: R): Ryder is a major logistics and fleet management company that serves as a key strategic partner for Workhorse. Ryder provides nationwide maintenance and support services for Workhorse electric vehicles, which is crucial for Workhorse's ability to sell to and support various fleet operators across the country. While Ryder itself is not typically a direct customer buying large volumes of vehicles for its own operational fleet, its partnership is integral to Workhorse's sales ecosystem by enabling vehicle maintenance and potentially leasing options for other customers.

• Isuzu Motors Ltd. (TYO: 7202)

Richard Dauch, Chief Executive Officer

Richard Dauch has served as the CEO of Workhorse Group since August 2021. He brings over 25 years of experience in the automotive industry, including 12 years in CEO roles for both private and publicly traded companies. Before joining Workhorse, Dauch was CEO of Delphi Technologies, where he completed a spin-off from Aptiv and then executed a merger with BorgWarner in October 2020. From 2011 to 2019, he was President and CEO of Accuride Corporation, a global supplier of wheel end systems, and prior to that, he was President and CEO of Acument Global Technologies, a fastening solutions provider. He also spent 13 years with American Axle and Manufacturing. Dauch served as an officer in the U.S. Army for seven years and holds master's degrees in management and engineering from MIT.

Robert Ginnan, Chief Financial Officer

Robert Ginnan was appointed Chief Financial Officer of Workhorse Group in January 2022. He has over two decades of senior finance and leadership experience, including in public and private equity-backed companies. Most notably, he led the sale of a large RV dealership network (Family RV Group) to RV Retailer in February 2021, where he had served as CFO and later CEO. At Family RV Group, revenues grew significantly under his financial leadership through acquisitions. Ginnan holds a bachelor's degree in Accounting and IT from Ohio State University and an MBA from Ashland University.

Jim Harrington, Chief Administrative Officer, General Counsel and Secretary

Jim Harrington has 25 years of business, legal, accounting, and HR experience, including 15 years as SVP, General Counsel with Tenneco and Delphi Technologies. He holds a BBA in Accounting from Notre Dame, an MBA from the University of Chicago, and a Law Degree from Northwestern.

Josh Anderson, Executive Vice President, Operations

Josh Anderson brings over two decades of executive experience in the EV industry, leading the concept, design, development, and launch of Class 4 to 8 vehicles. He possesses a full vehicle systems background and holds 12 patents in EV/automotive strategies, construction, and design. He received his BS in Engineering from Harvey Mudd College.

Stan March, Vice President, Corporate Development & Communications

Stan March has over 15 years of executive experience at companies ranging from multi-industry conglomerates to global semiconductors and clean technologies. He played a notable role in executing a $2.3 billion Swiss IPO for Landis + Gyr. He earned his BS in General Engineering from West Point and an MS in Chemical Engineering from Vanderbilt University.

The key risks to Workhorse Group Inc. (WKHS) primarily revolve around its financial viability, operational challenges, and stock market compliance.

1. Persistent Financial Struggles and Liquidity Concerns: Workhorse faces significant financial instability, characterized by deeply negative profitability metrics, substantial net losses, and a high rate of cash burn from operating activities. The company reported a net loss of $7.83 million in the third quarter of 2025, despite some improvement from the prior year. Its gross profit margin for the trailing twelve months ended September 30, 2025, was -236.75%, indicating that the cost of goods sold far exceeds revenue. Workhorse has consistently experienced negative cash flow from operating activities, with $123.0 million and $93.8 million in losses for the years ended December 31, 2023, and 2022, respectively. The company's ability to secure additional capital is critical for meeting customer demands and expanding operations. While the recent merger with Motiv Electric Trucks has brought up to $50 million in new debt financing capacity, Workhorse's reliance on extraordinary financing events and its operational cash burn remain significant concerns for its long-term liquidity and ability to achieve positive cash flow.
2. Operational and Production Challenges & Inability to Achieve Profitability: As an early-stage electric vehicle (EV) manufacturer, Workhorse has struggled with effectively scaling production and achieving profitability. The company has faced production delays and quality control issues with past vehicles, such as the recall of its C-1000 vehicle. Despite efforts in cost control, Workhorse's margins are well below industry averages, reflecting the substantial costs associated with scaling EV manufacturing. The company's ambitious product roadmap requires significant capital expenditure, further straining its limited liquidity and presenting a challenge to sustained, profitable growth.
3. Nasdaq Listing Compliance and Stock Volatility: Workhorse has experienced issues maintaining compliance with Nasdaq's continuing listing requirements, particularly the minimum bid price rule. In October 2024, the company received a notice from Nasdaq due to its stock price falling below the $1.00 minimum bid price for 30 consecutive trading days. While a recent 1-for-12 reverse stock split was implemented to address this, there is no guarantee it will ensure sustained compliance. The company's stock price has also shown significant volatility, which could result in substantial losses for shareholders and impact the liquidity and market price of its common stock.

The rapid and well-resourced entry of traditional automotive giants (such as Ford with its E-Transit and GM with BrightDrop) into the electric delivery van market poses a significant emerging threat. These companies leverage vast manufacturing scale, established service networks, existing fleet relationships, and substantial capital to quickly capture market share, potentially overwhelming smaller, pure-play electric vehicle manufacturers like Workhorse.

Workhorse (WKHS) primarily operates in the electric last-mile delivery vehicle and drone package delivery markets.

• Electric Last-Mile Delivery Vehicles:
  • The global electric last-mile delivery vehicle market was valued at approximately USD 29.17 billion in 2024 and is projected to reach USD 139.41 billion by 2033, growing at a compound annual growth rate (CAGR) of 19.4% from 2025 to 2033. Other estimates place the global market at USD 21.3 billion in 2024, expected to grow to USD 103.5 billion by 2034 with a CAGR of 18.3%.
  • In the U.S., the electric last-mile delivery vehicle market generated USD 6.8 billion in revenue in 2024, representing approximately 86% of the North American market. The broader U.S. last-mile delivery transportation market was valued at USD 32.61 billion in 2024 and is projected to reach USD 85.61 billion by 2034, with a CAGR of 10.24% from 2025 to 2034.
• Drone Package Delivery:
  • The global drone package delivery market was valued at USD 1.51 billion in 2024 and is projected to grow to USD 18.26 billion by 2032, exhibiting a CAGR of 31.3%. Another report estimated the global market size at USD 585.9 million in 2023, projected to reach USD 5,238.8 million by 2030, with a CAGR of 38.7% from 2024 to 2030.
  • For the U.S., the drone package delivery market is projected to reach USD 1,080.1 million by 2030, from an estimated USD 225.2 million in 2024, at a CAGR of 28.6% during the forecast period. North America as a whole dominated the drone package delivery market with a share of around 45% in 2023.

• Expanded Product Portfolio and Increased Deliveries: Workhorse is actively expanding its electric vehicle (EV) offerings and ramping up production. The company is particularly focused on its W56 electric vehicle, with a production launch targeted for 2026, alongside plans for further product lineup expansion. Recent reports indicate the successful launch of a W56 extended 208-inch wheelbase model, engineered for increased cargo capacity, which is now in production and being delivered to customers. Workhorse also continues to produce and promote its W4 CC and W750 models through dealer programs and field demonstrations. The company has received purchase orders for numerous W56 step vans and W4 CC/W750 trucks in 2025, and anticipates Q2 2025 shipments to surpass the total for 2024.
• Merger with Motiv Electric Trucks: A proposed merger with Motiv Electric Trucks is expected to be a significant catalyst for Workhorse, anticipated to close in Q4 2025. This strategic combination aims to establish a leading medium-duty electric truck OEM in North America. The merger is projected to broaden Workhorse's product range, accelerate its shared product roadmap, and integrate R&D technologies to offer a more diverse portfolio of vehicles. Furthermore, Motiv's expertise in the bus and shuttle business presents a new avenue for growth that Workhorse has not traditionally explored.
• Expansion of Dealer and Service Networks & Market Reach: Workhorse is actively engaged in strengthening and expanding its dealer and service provider networks to enhance vehicle availability and customer support. The company has made strides in expanding its market reach, including obtaining approval from Transport Canada for its W4 CC and W56 models, opening up the Canadian market with demo trucks expected in April 2025. Additionally, Workhorse was awarded a General Services Administration (GSA) contract, streamlining the procurement process for federal government agencies interested in purchasing their vehicles.
• Leveraging Government Incentives and Programs: Workhorse's vehicles are positioned to benefit from various government initiatives aimed at promoting electric vehicle adoption. For instance, the W56 step van is eligible for California's Hybrid and Zero-Emission Truck and Bus Voucher Project (HVIP) vouchers, offering substantial financial incentives to customers. The company has expressed interest in participating in other state-level EV incentive programs, aligning with broader governmental efforts towards decarbonization that create favorable conditions for commercial EV manufacturers.
• Focus on Last-Mile Delivery and Medium-Duty Market: Workhorse is strategically focused on the last-mile delivery and medium-duty operations segments within the commercial vehicle market. This focus aligns with the increasing demand for efficient last-mile transportation solutions, driven by the expansion of e-commerce. By concentrating on these growing segments, Workhorse aims to capitalize on the ongoing electrification trend in commercial fleets, which is further propelled by stringent emission regulations and the push for lower overall costs of ownership for fleet operators.

Share Repurchases

• No significant share repurchase programs or material dollar amounts of share repurchases were identified over the last 3-5 years.

Share Issuance

• Workhorse executed a 1-for-20 reverse stock split effective June 17, 2024, and a 1-for-12.5 reverse stock split effective March 17, 2025.
• During 2024, Workhorse issued and sold 2024 Notes in the original principal amount of $39.0 million, and in early 2025, an additional $38.5 million in 2024 Notes were issued.
• During the three months ended September 30, 2025, Workhorse's existing senior secured lender converted $19.0 million in principal into Common Stock.

Inbound Investments

• Workhorse received approximately $25 million in funding tied to Motiv Power Systems' controlling investor, including a $20 million sale-leaseback transaction and a $5 million secured convertible note financing, completed at the execution of the merger agreement.
• The sale-leaseback of the Union City, Indiana facility resulted in a $13.8 million gain.
• The proposed merger with Motiv includes a condition for up to $20 million in additional debt financing at closing.

Outbound Investments

• Workhorse made a minority ownership investment in Tropos Technologies, Inc. during the third quarter of 2022, consisting of a $5.0 million cash payment and a $5.0 million non-cash contribution.
• This investment in Tropos Technologies, Inc. was later impaired by $10.0 million in the third quarter of 2023.

Capital Expenditures

• Capital expenditures were reported as -$36,728 in the last 12 months (up to Q3 2025), indicating minimal new capital investments. [cite: 7 (previous step)]
• Workhorse's strategy includes reducing expenses and limiting non-contracted capital expenditures to conserve cash and improve liquidity.
• Capital expenditure growth is forecasted at 0.0% over the next five fiscal years, suggesting a continued focus on minimal capital deployment. [cite: 15 (previous step)]