Slide 1: Q1 2026 Earnings Call
Q1 2026 Earnings Call May 14, 2026 | NASDAQ: WKHS
Slide 2: Today's Presenters
Today's Presenters Scott Griffith Bob Ginnan John Williams CEO, Workhorse CFO, Workhorse CCO, Workhorse 30+ years of automotive and 25+ years of senior finance and 30+ years of executive technology industry experience leadership experience experience across multiple 19 years serving in publi
Slide 3: Agenda
Agenda Opening Remarks John Williams, CCO Q1 2026 Operational & Commercial Update Scott Griffith, CEO Financial Results & Capital Position Bob Ginnan, CFO Closing Remarks Scott Griffith, CEO Q&A Executive Team © Copyright 2026 Workhorse. Confidential & Proprietary | 3
Slide 4: Disclaimers and Forward-Looking Statements
Disclaimers and Forward-Looking Statements Cautionary Note Regarding Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of Section 21E of the Exchange Act, and the Private Securities Litigation Reform Act of 1995, as amended. All statements other th
Slide 5: Delivering on Our Commitments
Delivering on Our Commitments Q1 2026 progress against the three commitments made at merger close Integration Product Portfolio Financial Position Facility aggregation complete; Next-generation chassis & Two legacy legal proceedings Motiv production line relocating to powertrain in development
Slide 6: Strong Order Book Momentum
Strong Order Book Momentum Pricing actions & revised Go to Market Strategy powering sales 100 Vehicles 100 Vehicles 75 Vehicles Sold through Kingsburg Truck Center Long-standing Motiv customer Growing W56 adoption across Announced late April 2026 Announced earlier in 2026 independent service provide
Slide 7: Medium Duty EV Category Approaching Tipping Point
Medium Duty EV Category Approaching Tipping Point Durable High-Value Market: The 2026 EV market Q1 2026 MD EV Sales Projections represents ~$625M2 immediate revenue opportunity, 25,000 concentrated in specific use-cases where the operational efficiency outweighs the upfront cost premiums. 20,000 #
Slide 8: Stables by Workhorse
Stables by Workhorse Three Years of Operating A Fleet Laboratory on Real Routes ~250,000 23 Trucks ~550,000 ~390,000 Real-World Miles in Packages Delivered in Mix of EV & ICE Delivery Stops in 2025 2025 2025 Stables by Workhorse is a Workhorse-owned Independent Service Provider contracted with FedEx
Slide 9: Electric Costs 5X Less Per Mile to Power
Electric Costs 5X Less Per Mile to Power ICE 5.6 MPG · $2.98/gal avg EV ~1.0 kWh/mi · $0.11/kWh avg $0.530 per mile $0.105 per mile 143,444 mi | 25,525 gal | $76,004 total 103,135 mi | 139,164 kWh | $10,865 total Data sourced from actual spend on fuel and electricity in 2025 © Copyright 2026 Workhor
Slide 10: Rising Fuel Costs Increase the EV Advantage to 7X!
Rising Fuel Costs Increase the EV Advantage to 7X! Ohio Average | Week of May 4, 2026 $0.849/mi $0.124/mi $4.77 ICE cost/mile at $4.83/gal EV cost/mile at $0.1293/kWh per gallon ↑ $0.92 vs. last week in April ↑ $1.06 vs. all of April EV advantage increases to ~7X in current high gas-price environmen
Slide 11: Driving Toward ICE-Comparable Pricing
Driving Toward ICE-Comparable Pricing Two recent pricing actions converting into commercial activity Action 1 Action 2 W56 140 kWh Lower-Priced W56 210 kWh — Limited-Time Configuration Promotional Pricing Starting at $169,000 Launched April 2026 Purpose-built for last-mile delivery routes Enable
Slide 12: Coming Soon: Next-Generation Product Development
Coming Soon: Next-Generation Product Development New Modular Lower Cost Chassis Architecture Scalable modular architecture targeting ICE-competitive pricing and target margins Building on proven W56 components and our cost-down engineering process Highly flexible wheelbase configurations Advance
Slide 13: Coming Soon: Next-Generation Product Development
Coming Soon: Next-Generation Product Development Workhorse Class 5/6 Cab Chassis: The upgrade commercial fleets have been waiting for Expanding Our Market Focus with Addition of a Cab Chassis Lightweight, low-cost cab designed for efficient upfitting Greater payload capacity, faster time to mark
Slide 14: OEM-Grade Customer Support
OEM-Grade Customer Support A Single, Accountable Customer Support Program PROGRAM LAUNCH For Workhorse fleet customers across North America Q4 2026 Expected Operates under the Workhorse brand Access to live, trained support specialists via dedicated toll-free line Why It Matters Knowledge base
Slide 15: Q1 2026 Financial Summary
Q1 2026 Financial Summary Q1 2026 reflects three full months of combined Workhorse and Motiv; Q1 2025 reflects only Motiv (legal accounting acquirer) In millions, except unit amounts Q1 2026 Q1 2025 Revenue Vehicles Delivered Cost of Sales $4.3 21 $11.8 $1.1 5 $2.2 21 Vehicles delivered in Q1 2026 G
Slide 16: Balance Sheet & Liquidity Position
Balance Sheet & Liquidity Position Quarter-end and subsequent April 2026 actions to support production for the order pipeline Cash Position Cash Flow Credit Customer Order Credit Strengthened Agreement Facility $12.3M drawn under Customer Borrowing capacity increased to Capacity adjusted to $30.0M;
Slide 17: Why Workhorse Wins
Why Workhorse Wins Delivering on Commitments Integration on track • Product portfolio expanded • Balance sheet strengthened New Products Expanding Our Addressable Market Next-generation modular EV platform in development • New Class 5/6 cab chassis program • Scalable architecture targeting ICE-compe