Commercial Electric Vehicles / Medium-Duty EV Trucks
Strategic Profile
With the merger, Workhorse has scalable manufacturing capabilities, advanced and road-tested products, and commercial relationships with 10 of the largest commercial truck fleets in North America. The company builds software-first, electric trucks designed to help customers lower operating costs, improve fleet performance, and enhance the driver experience with zero tailpipe emissions.
Cyborg Score Rationale
In 2024, Workhorse's revenue was $7.04 million (down 58%), with losses of -$51.59 million. Despite merger synergies, 2026 earnings are forecast at -$52.6 million with only modest revenue growth projected. The company is pre-revenue scale with significant losses but strategic assets from the Motiv merger.
Top Insights
Manufacturing capacity of 5,200 vehicles/year at Union City, Indiana with up to $50 million in new debt financing available
Strong sales pipeline and backlog of orders for trucks, step vans, school buses, and shuttles entering 2026
2026 revenue forecast of $34.1 million (up 3x from 2025) signals ramp toward commercialization
Recently completed major merger consolidates fragmented medium-duty EV truck market with proven fleet relationships
Named Competitors
R1T/Commercial Vehicles — Electric adventure trucks and commercial delivery vehicles
Lion6, Lion7, Lion8 — Medium-duty and heavy-duty electric vehicles
Electric Trucks & Buses — Traditional OEM transitioning to commercial EV production
Recent Developments
(December 2025) Completed merger with Motiv Electric Trucks to create combined North American medium-duty EV truck and bus manufacturer
(November 2025) Shareholders approved merger transaction at Annual Meeting
(2024) Revenue declined 58% to $7.04M; company undertook 1-for-12 reverse stock split
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