Workhorse Q1 Revenue Rises to $4.3M with 21 EV Deliveries and 200+ Vehicle Backlog
Workhorse Group posted Q1 revenue of $4.3M, up from $1.1M year-over-year, delivering 21 electric vehicles against 5 in Q1 2025 and securing over 200-unit backlog including a 100-vehicle Gateway order. The company launched its new 140 kWh W56 variant, instituted promotional pricing on 210 kWh models, and expects $20M in annualized cost synergies by year-end.
1. Q1 Financial and Delivery Results
Workhorse reported $4.3 million in Q1 revenue compared to $1.1 million a year earlier, marking its first full quarter post-merger with Motiv Electric Trucks. Vehicle deliveries climbed to 21 units from 5 in Q1 2025, demonstrating accelerating commercial traction in medium duty electric step vans.
2. Backlog and Order Book Expansion
Since merger close, the company has contracted over 200 W56 vehicles, anchored by a 100-unit purchase order from Gateway Fleets with deliveries beginning July 2026 and a matching 100-unit order from Purolator. This robust backlog underscores growing demand and supports revenue visibility through 2026.
3. Cost Synergies and Operational Consolidation
Workhorse completed facility consolidation to Union City, Indiana, relocating EPIC 4 and F59 production lines and advancing supply chain optimization. Management projects a $20 million annualized cost synergy run rate by year-end, driven by eliminated duplicative functions and platform commonization.
4. Product Launches and Future Roadmap
The firm introduced a 140 kWh W56 configuration alongside promotional pricing on the 210 kWh model, fueling new commercial orders. Engineering is set to test a proprietary modular chassis and Class 5/6 cab chassis in 2026, targeting production start in early 2027, while scaling post-sale support via an InCharge Energy partnership.