1. Tesla for commercial delivery vehicles.

2. Rivian for electric delivery trucks and logistics drones.

• Electric and Range-Extended Medium-Duty Delivery Trucks: These are zero-emission commercial vehicles offered under the Workhorse brand.
• HorseFly Unmanned Aerial System (UAS): A custom-designed, purpose-built, all-electric drone system.
• Metron: An air delivery application designed to track the performance of various deployed vehicles.

Workhorse Group (WKHS) primarily sells its zero-emission commercial vehicles and related technology to other companies, focusing on fleet operators, logistics, and last-mile delivery services.

Historically, two of its most significant publicly recognized customers and partners include:

• United Parcel Service (UPS) - Symbol: UPS
• Ryder System, Inc. (R) - Symbol: R

While Workhorse has historically supplied electric vehicles to UPS, and Ryder System has partnered in areas such as distribution, maintenance, and vehicle leasing, the company's customer base and sales volumes have fluctuated. Workhorse continues to target various fleet operators, parcel delivery services, and government entities for its electric vehicles and drone systems. Recent financial disclosures have indicated revenue concentration from a few customers, though these are not consistently named publicly in the current environment.

Scott Griffith

Chief Executive Officer

Scott Griffith is an accomplished transformational CEO and board leader with extensive experience scaling automotive technology, electric vehicle, and mobility businesses. He was previously CEO of Motiv Electric Trucks and Zipcar. He also led Ford's autonomous vehicle and mobility initiatives. Griffith was instrumental in streamlining Motiv Electric Trucks, restructuring debt and operations, and architecting its merger with Workhorse. Prior to Ford, he served as an Executive-in-Residence at General Catalyst Partners, where he was chairman of two growth-stage portfolio companies, TrueMotion and Envoy Global.

Jody Davis

Chief Financial Officer

Jody Davis is a finance executive with approximately 15 years of senior finance leadership experience across manufacturing, energy storage, aerospace, and technology companies, with a track record of closing large capital rounds and guiding development-stage businesses into full production. Immediately prior to joining Workhorse, Davis served as Vice President of Strategic Finance at Unimacts. He previously served as Chief Financial Officer of Evio, formerly EOS Aircraft, and was a founding team member and Chief Financial Officer of Our Next Energy (ONE), a Michigan-based LFP battery innovator. At ONE, he helped the company scale from pre-seed stage to production, expanding to approximately 500 employees, and built the finance, human resources, financial planning, and treasury functions.

Josh Anderson

Executive VP, Operations

Josh Anderson has more than two decades of leadership in the EV and commercial vehicle industry, leading the concept, design, and launch of Class 4–8 electric vehicles. He previously served as President of RexRover Truck and Desch Systems Consultants. Anderson also held the role of CTO for DesignLine Bus and TransTeq Bus and holds 12 patents across vehicle systems, construction, and EV design.

Scott Zion

Chief Product & Engineering Officer

Scott Zion brings extensive leadership in electric and zero-emission vehicle product development and engineering. He previously served as Chief Product and Engineering Officer at Motiv Electric Trucks. His career also includes senior engineering roles at Bollinger Motors, XOS Trucks, Hino Motors, Navistar Defense, and Ford Motor Company.

James Griffin

Chief Revenue Officer

James Griffin brings nearly 30 years of commercial leadership across electric vehicles, fleet services, and transportation. He previously served as Chief Revenue Officer at Motiv Electric Trucks. His experience also includes senior roles at ChargePoint, PACCAR, MHC Truck Leasing, and Ryder.

The key risks to Workhorse Group (WKHS) include its questionable financial viability, weak market demand coupled with intense competition, and persistent operational challenges and production delays.

1. Financial Viability (Going Concern): Workhorse Group has expressed "substantial doubt" about its ability to continue as a going concern due to recurring operational losses, an accumulated deficit, significant projected capital needs, and lower-than-expected market demand. The company reported a nearly 50% drop in sales revenue in 2024 and continues to experience severe liquidity shortfalls and a high cash burn rate. Management has indicated that its ability to meet liquidity requirements relies heavily on obtaining third-party financing. The company has engaged in cost-cutting measures, including workforce reductions and suspending drone design and manufacturing.

2. Weak Market Demand and Intense Competition: The company faces an unpredictable and slower-than-expected pace of transition to electric vehicles in the commercial sector, with several fleets delaying or pausing their EV investment plans. Workhorse operates in a highly competitive market against both established commercial vehicle manufacturers pivoting to electric and other emerging specialists targeting the same fleet customers. The company has struggled to achieve significant market traction and has lost major contracts, such as the United States Postal Service contract in 2021, and its products may be priced higher than competitors.

3. Operational Challenges and Production Delays: Workhorse has experienced delays in bringing its vehicles to market and demonstrating reliable manufacturing and fulfillment capabilities for customer orders. Historically, the company has faced issues such as the suspension of deliveries and recall of its C-1000 electric delivery vans due to unreliability. Supply chain constraints, such as battery supplier capacity, have also impacted production targets in the past, contributing to lower production volumes. As of July 2025, Workhorse was reported to be building a limited number of trucks per week.

Electric and Range-Extended Medium-Duty Delivery Trucks:

• The U.S. electric commercial vehicle market, which includes medium-duty delivery trucks, was valued at USD 13.88 billion in 2024 and is projected to reach USD 55.92 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 26.41%.
• The North American electric truck market, encompassing various truck types including light-duty delivery vans, was valued at USD 2.95 billion in 2025 and is anticipated to expand to USD 375.84 billion by 2034, demonstrating an impressive CAGR of 71.36%. Light-duty trucks specifically held 45.3% of the North American electric truck market share in 2024.
• Globally, the electric truck market is valued at USD 83.7 billion in 2025 and is projected to reach USD 1.9 trillion by 2035, with a CAGR of approximately 35.2%. Within this, the medium-duty vehicle segment alone is expected to grow from USD 18.72 billion to USD 376.22 billion.

HorseFly Unmanned Aerial System (All-Electric Drone System):

• The global drone delivery service market was valued at USD 3.47 billion in 2025 and is projected to grow to USD 20.98 billion by 2034, at a CAGR of 19.45%. North America held a significant share, dominating the drone package delivery market with 35.47% in 2025.
• Another estimate places the global drone logistics and transportation market size at USD 2.05 billion in 2025, with a projection to reach approximately USD 103.70 billion by 2035, exhibiting a CAGR of 48.05%. In 2025, North America led this global market with a 63% share.

Metron (Air Delivery Application/Fleet Management Software):

• The global electric vehicle (EV) fleet management software market was valued at USD 4.8 billion in 2025 and is projected to reach USD 18.6 billion by 2034, growing at a CAGR of 16.2%.
• More broadly, the global fleet management software market was valued at USD 9.10 billion in 2025 and is projected to reach USD 43.88 billion by 2034, with a CAGR of 19.10%. North America was the dominant region in the fleet management software market, holding a 43.2% share in 2025. The transportation & logistics segment accounted for a 37.6% share in 2025 within this market due to the extensive use of fleet management software for various operational aspects.

Workhorse Group (WKHS) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Increased Production and Deliveries of W56 Step Vans: Workhorse has demonstrated significant year-over-year growth in vehicle deliveries, particularly for its W56 step vans, with a growing backlog of orders. The company is also expanding its W56 offerings to include new battery configurations, such as a 140 kWh variant, in response to customer demand, aiming to increase sales volume and market penetration.
2. Expanded Product Portfolio and Market Reach Post-Motiv Merger: The completion of the merger with Motiv Electric Trucks in December 2025 is a significant driver. This integration is expected to broaden Workhorse's product portfolio, including the development of a proprietary Class 5/6 cab chassis, which aims to unlock a larger segment of the commercial truck market. The combined entity is also focused on leveraging expanded scale and new financing to target large fleet customers.
3. Expansion into New Markets and Customer Segments: Workhorse is actively pursuing revenue growth by entering new geographical and vertical markets. This includes gaining approval to sell its W4 CC and W56 models in Canada, expanding reach through a General Services Administration (GSA) contract for federal government agencies, and a strategic move to enter the containerized mobile AI data center market, with initial production and deliveries targeted for 2027.
4. Strategic Partnerships and Growing Customer Backlog: The company has reported success in securing new purchase orders, such as a 100-vehicle order from Gateway Fleets and another from Purolator for its W56 vehicles, contributing to a contracted backlog of over 200 vehicles since the merger. Workhorse is also actively building out its dealer partner and service provider network to support increased sales and customer acquisition.

Share Issuance

• A 1-for-12 reverse stock split was approved and became effective on December 8, 2025, reducing outstanding common shares from approximately 26 million to 2.17 million to comply with Nasdaq minimum share price requirements for its proposed merger with Motiv Power Systems, Inc.
• Motive GM Holdings II LLC received warrants to purchase 1,500,000 shares of Workhorse common stock, each with an initial exercise price of $10.00 per share, in connection with $10,000,000 in additional borrowings under credit agreements.
• Workhorse reported inducement grants under NASDAQ Listing Rule 5635(c)(4) in August and July 2026.

Inbound Investments

• Motive GM Holdings II LLC holds a beneficial ownership of 65.4% of Workhorse Group's common stock.
• Workhorse expanded its cash-flow credit facility and altered terms for improved flexibility, drawing $20.0 million under its Cash Flow Credit Agreement and $18.3 million under its Customer Order Credit Agreement in the first half of 2026. An additional $10 million was borrowed under the amended Cash Flow Credit Agreement to fund operations after Q2 2026.
• The company received proceeds from a secured promissory note from a related party totaling $18,000 in Q2 2025.

Outbound Investments

• Workhorse Group acquired Motiv Power Systems in December 2025, significantly expanding its product range and dealer network.
• In July 2026, Workhorse announced its planned entry into the containerized mobile AI data center category, targeting a market estimated at $41 billion by 2031.
• Research and development expenses, which were $4.1 million in Q2 2026, reflect ongoing strategic investment in the bill of materials cost reduction program and early-stage engineering work for the mobile AI data center product line.

Capital Expenditures

• Capital expenditures were $4.1 million in 2024, with similar spending anticipated for 2025.
• In the second quarter of 2026, capital expenditures amounted to $270.
• Capital expenditures are primarily focused on reducing costs, advancing engineering for new product lines like mobile AI data centers, and consolidating manufacturing to the Union City, Indiana facility.