Slide 1: Q4 2025 Earnings Call
Q4 2025 Earnings Call March 31, 2026 | NASDAQ: WKHS © Copyright 2026 Workhorse. Confidential & Proprietary | 1
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 ▪ 30+ years of executive technology industry experience and leadership experience experience across multiple industrial sectors ▪ 19 yea
Slide 3: Agenda
Agenda Opening Remarks John Williams, CCO Combined Company & Strategy Scott Griffith, CEO Financial Results & Balance Sheet Bob Ginnan, CFO Closing Remarks Scott Griffith, CEO Q&A Executive Team
Slide 4: Disclaimers and Forward-Looking Statements
Disclaimers and Forward-Looking Statements Cautionary Note Regarding Forward-Looking Statements This communication 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 t
Slide 5: The New Workhorse
The New Workhorse A North American Medium-Duty Commercial Vehicle OEM | Class 4, 5 & 6 Platforms ~64% $23B 20M+ 1,100+ Lower Operating Target Market Real-World Miles 1 Vehicles Deployed Cost vs ICE (TAM)4 Vehicles3 Platform Proof Points Product Lineup ▪ Serving 10 of North America's largest MD fleet
Slide 6: Delivering on Our Commitments
Delivering on Our Commitments Three commitments at merger close – progress in just 3 months Integration Product Portfolio Financial Position ▪ Board & governance structure ▪ Engineering teams working on ▪ Stronger post-merger balance in place new Cycle Plan sheet ▪ Employee & office integrations ▪ C
Slide 7: Market Size (Billions)
Workhorse is Targeting a ~$23 Billion Market that is Large & Growing Why is Class 4-6 Compelling? Class 4-6 Market Size 1. Ecommerce driving greater use of $29 middle- and last-mile logistics $27 $27 $27 $26 $26 2. Medium duty (MD) is class of $25 $25 $24 choice for these use cases Market Size (B
Slide 8: Path to Profitability
Path to Profitability Market Size Modeled Breakeven Plant Capacity Target 200k – 250k1 5,000+ MD trucks manufactured in ~2,500 Vehicles / year at Union City, IN North America / year Vehicles / year for cash flow breakeven Minimal additional CapEx ~10% annual fleet refresh rate required <1% of target
Slide 9: Driving Toward ICE-Comparable Pricing
Driving Toward ICE-Comparable Pricing Cost Reduction Drivers New Product Offers Low Entry Cost Commonized HW/SW platforms W56 140 kWh across Class 4–6 ▪ Starting at $169,000 Economies of scale from increased ▪ 100-mile nominal range at full payload production volume ▪ 11,000 lbs payload vs. 210 kWh
Slide 10: Financial Summary Highlights
In millions, except unit amounts Q4 2025 Q4 2024 FY 2025 FY 2024 Revenue $9.7 $6.0 $21.2 $7.0 Vehicles Delivered 65 40 112 46 Cost of Sales $15.4 $9.0 $30.8 $13.1 Financial Gross Margin ($5.7) ($3.0) ($9.6) ($6.1) Summary Operating Expenses $14.4 $13.5 $37.9 $35.2 Highlights Loss from Operations ($2
Slide 11: Balance Sheet & Liquidity Position
Balance Sheet & Liquidity Position Cash & Equivalents Simplified Debt Structure ▪ $5M Convertible Note1 $12.9M ▪ $10M Revolving Cash Flow Lending Facility1 Including $0.7M Restricted Cash Customer Order Lending Facility 1: Up to $40M purchase order-backed | $0 outstanding as of YE 2025 Looking Ahead
Slide 12: Why Workhorse Wins
Why Workhorse Wins Delivering on our commitments Integration complete ● Portfolio expanded ● Balance sheet simplified Path to profitability Plant already built ● Minimal additional CapEx needed ICE-comparable pricing is within reach Operational synergies are already reducing costs ● Aggressive produ