Workhorse Group Inc. (NASDAQ: WKHS) reported first quarter 2026 revenue of $4.3 million, compared to $1.1 million in the same period last year, according to a company statement. The electric truck manufacturer delivered 21 vehicles during the quarter, up from 5 vehicles in Q1 2025.

The company posted a net loss of $19.9 million, or $1.99 per share, compared to a net loss of $12.7 million, or $1.36 per share, in the prior year quarter. Operating loss widened to $21.1 million from $9.1 million in Q1 2025.

Cost of sales increased to $11.8 million from $2.2 million in the prior year period, resulting in a gross loss of $7.5 million. Operating expenses totaled $13.6 million, including $9.5 million in selling, general and administrative expenses and $4.1 million in research and development costs.

Workhorse announced a 100-vehicle W56 purchase order from Gateway Fleets in April, with deliveries expected to begin in July 2026. Combined with a previously announced 100-vehicle order from Purolator, the company reported a contracted backlog of more than 200 vehicles since the merger close.

The company completed its merger with Motiv Electric Trucks in December 2025, with facility consolidation to Union City, Indiana now complete. Workhorse expects to achieve a $20 million annualized cost synergy run rate by the end of 2026.

The company launched a 140 kWh W56 battery configuration and introduced promotional pricing on the 210 kWh W56 model during the quarter. Workhorse plans to begin test and validation of a new modular chassis design and Class 5/6 cab chassis in 2026, supporting a planned start of production for the cab chassis platform in early 2027.

Cash and cash equivalents totaled $600,000 at March 31, 2026, down from $12.2 million at December 31, 2025.