Highest-materiality recent filing
Workhorse Group Amends Credit Agreements with Motive GM Holdings II LLC
Cash Flow Credit Agreement commitment increased from $20M to $30M on June 16, 2026.
Workhorse Q1 revenue $4.3M, 21 vehicles delivered; net loss widens to $19.9M
Revenue $4.3M vs $1.1M YoY; delivered 21 vehicles vs 5 in Q1 2025.
Workhorse Group amends credit agreements, increases cash flow facility by $10M, defers rent
Cash flow credit agreement commitment increased from $10M to $20M; customer order commitment reduced from $40M to $30M.
Workhorse settles lawsuit with Coulomb Solutions for $4.3M, dismissal subject to final agreement
Binding settlement term sheet to resolve Coulomb Solutions v. Workhorse case No. 2:24-cv-11048 in Eastern District of Michigan.
Workhorse Q4 revenue $9.7M (+64% YoY); full-year net loss $23.7M
Full-year 2025 revenue $21.2M (+201% YoY); pro forma combined revenue $34.0M (+149% vs $13.7M in 2024).
Motiv Power Systems net loss of $51.6M for 2024, revenues $7.0M vs $16.9M in 2023 (down 58%).
Integration of Motiv merger nearly complete; full enterprise systems integration planned over next 2-3 quarters.
Motiv restates 2024 EPS on weighted share error; FY24 loss $51.6M, revenue down 58%
Restated 2024 loss per share from $74.1 to $9.4; weighted avg shares corrected to 5.47M due to omitted preferred conversion and reverse split.
Workhorse closes Motiv merger; new CEO, $50M debt, and 1-for-12 reverse split take effect Dec 15
Merger consummated: Motiv becomes indirect wholly-owned subsidiary; 6,629,800 shares issued to MGMH, which gains control of Workhorse.
Workhorse Group Announces 1-for-12 Reverse Stock Split Effective December 8, 2025
Stockholders approved reverse split on Nov 25, 2025; Board set ratio at 1-for-12.
Workhorse shareholders approve merger with Motiv, elect directors, authorize reverse split
Shareholders approved issuance of shares for merger with Motiv Electric Trucks; transaction expected to close in weeks.
Workhorse adjourns annual meeting to Nov 25; quorum not reached, merger vote at risk
Annual meeting adjourned to Nov 25, 2025 at 10:00 a.m. ET; quorum not achieved despite strong votes for all nine proposals.
Workhorse Q3 revenue $2.4M, operating loss widens; merger with Motiv vote Nov 12
Q3 revenue $2.4M vs $2.5M YoY; cost of sales $10.1M includes $3.3M inventory obsolescence charge.
Workhorse Q2 revenue $5.7M (+613% YoY) on record 32 truck shipments; announces merger with Motiv
Revenue $5.7M vs $0.8M YoY; cost of sales $13.1M, SG&A $5.8M, R&D $1.2M.
Workhorse Group enters merger agreement with Motiv Power Systems
Workhorse to acquire Motiv Power Systems; post-merger Motiv investors will own ~62.5% of Workhorse.
Workhorse Group (WKHS) in talks to merge with private EV maker; would issue majority stake
In discussions to merge a private electric commercial vehicle maker into a new WKHS subsidiary; target's investors would hold substantial majority of WKHS post-close.
Workhorse Q1 sales fall 54% to $0.6M; Q2 shipments accelerate to 18 trucks
Net sales $0.6M vs $1.3M YoY, driven by Aero divestiture and lower truck sales.
Workhorse Group regains Nasdaq minimum bid compliance after reverse stock split
Received formal Nasdaq notice on April 2, 2025 confirming compliance with Listing Rule 5550(a)(2).
Workhorse FY2024 revenue $6.6M, net loss $101.8M; executes 1-for-12.5 reverse split
Sales $6.6M, down 50% YoY from $13.1M; net loss $101.8M vs $123.9M prior year.
Workhorse Group announces 1-for-12.5 reverse stock split to regain Nasdaq compliance
Reverse split at 1-for-12.5, effective March 17, 2025; trading begins that day on Nasdaq under WKHS.
Workhorse W56 and W750 step vans approved for sale in Canada
Transport Canada approved W56 and W750 for import/sale via Appendix G pre-clearance program.
Workhorse issues $35M 9% convertible note and 55M-share warrant to institutional investor
Issued $35M Tenth Additional Note (12.5% OID, net proceeds ~$30.6M before fees) and warrant to purchase 55,045,655 shares at $0.6999.
Workhorse issues $3.5M convertible note at 9%; expects $1.5-1.8M impairment on W4 CC prepaids
Issued $3.5M senior secured note (12.5% OID) to institutional investor; proceeds ~$3.06M before fees, due in 1 year.
Workhorse Group auditor Grant Thornton declines reappointment; material weaknesses noted
Grant Thornton notified Workhorse on Dec 3, 2024 it will not stand for reappointment as independent auditor for FY2024.
GSA contract GS-30F-RA005 under SIN 493E allows federal agencies to procure Workhorse's W56 electric commercial vehicles.
Workhorse reports Q3 net loss of $25.1M; revenue down to $2.5M; FedEx deal progress
Revenue $2.5M vs $3.0M YoY, decrease due to non-recurrence of $2.3M sales allowance reversal.
Workhorse Group receives Nasdaq delisting notice for bid price below $1.00
Nasdaq notified Workhorse on Oct 2, 2024 that its common stock bid price fell below $1.00 for 30 consecutive days, violating Listing Rule 5550(a)(2).
Workhorse issues $3.4M convertible note with 9% interest and warrant to raise capital
Issued Fifth Additional Note for $3.4M principal, net proceeds $2.975M after 12.5% OID.
FedEx orders 15 Workhorse W56 step vans for 2024 delivery
FedEx (FDX) issued purchase order for 15 W56 step vans to be delivered in 2024.
Workhorse issues $2.6M convertible note and warrant under existing SPA
Fourth Additional Note: $2.6M principal, 12.5% OID, net proceeds ~$2.275M.
Workhorse Q2 sales drop to $0.8M, net loss widens to $26.3M; deferred revenue expected in H2
Q2 2024 sales $0.8M vs $4.0M YoY; net loss $26.3M vs $23.0M YoY; cash $5.3M at June 30.
Workhorse issues $4M senior secured convertible note with 12.5% OID to institutional investor
Issued $4M principal note (net proceeds ~$3.5M after 12.5% OID) and warrant to buy 2,715,777 shares at $2.9260.
Workhorse regains Nasdaq minimum bid compliance after reverse split
Nasdaq confirmed compliance with Listing Rule 5550(a)(2) on July 3, 2024.
Workhorse Group effects 1-for-20 reverse stock split to regain Nasdaq compliance
Reverse split at 1-for-20 ratio effective June 17, 2024; authorized share count unchanged.
on July 13, 2026, Robert M. Ginnan and the Company agreed that Mr. Ginnan will no longer serve as the Company’s Chief Financial Officer, effective July 13, 2026.
On July 13, 2026, the Company announced the appointment of Jody Davis as its Chief Financial Officer (Principal Financial Officer), effective immediately.
On September 26, 2023, Workhorse Group Inc. (the “Company”) notified Greg Ackerson, the Company’s Chief Accounting Officer and Corporate Controller, that the Company will not renew his employment agreement. Mr. Ackerson’s last day of employment at the Company will be November 6, 2023.
Effective February 23, 2022, the Board of Directors (the “Board”) of Workhorse Group Inc. (the “Company”) appointed William G. Quigley III. as a Director.
On January 4, 2022, Workhorse Group Inc. (the “Company”) entered into an Employment Agreement with Robert Ginnan, age 58, pursuant to which he will become Chief Financial Officer of the Company (the “Employment Agreement”), effective January 4, 2022.
Workhorse Group Inc. (the “Company”) informed Rob Willison, the Company’s then Chief Operating Officer, that the Company would not be renewing his employment agreement and Mr. Willison left the Company effective September 30.
As previously reported, on September 29, 2021, Workhorse Group Inc. (the “Company”) informed Steve Schrader, the Company’s then Chief Financial Officer, that the Company would not be renewing his employment agreement and Mr. Schrader left the Company that day.
On September 29, 2021, Workhorse Group Inc. (the “Company”) appointed Greg Ackerson, the Company’s Corporate Controller, as interim Chief Financial Officer, succeeding Steve Schrader who departed the Company.
On September 30, 2021, the Company informed Stephen Fleming that the Company would not be renewing his employment agreement, which expires November 5, 2021.
On September 29, 2021, Workhorse Group Inc. (the “Company”) appointed Greg Ackerson, the Company’s Corporate Controller, as interim Chief Financial Officer, succeeding Steve Schrader who departed the Company.
Mr. Schrader and Mr. Willison left the Company effective September 29 and September 30, respectively.
On July 26, 2021, the Company and Duane Hughes mutually agreed that Mr. Hughes would no longer continue as a member of the Board of Directors and as Chief Executive Officer and President of the Company, effective August 2, 2021.
Max materiality 1.00 · Median 0.65 · Most common event other_material