Workhorse Group, Inc. · NASDAQ:WKHS
Workhorse — Investor Presentation (March 2026)
13 slides from Workhorse's investor presentation, March 2026
Slide 1: Post Merger Company Overview & Update
Post Merger Company Overview & Update March 2026 © 2025 Workhorse Group Inc. – Confidential and Proprietary | 1
Slide 2: Modernizing Commercial Trucking
Modernizing Commercial Trucking The $23 billion1 medium-duty commercial truck market is ripe for disruption, as it has yet to broadly adopt game-changing advancements that have been proven in the passenger car market. Most commercial fleets still run legacy ICE platforms - unconnected, expensive to
Slide 3: Why Partner with Workhorse?
20+ Why Partner with Workhorse? Years of Operating Experience Market Leader in Attractive $23B+ Medium-Duty Market(1) $860 1 Trusted by 10 of North America's largest fleets with 1,100+ vehicles deployed and a growing purchase order backlog. (2) Million of Total Historical Invested Capital High Quali
Slide 4: Strategic Merger Creates Four Distinct Value Drivers
Strategic Merger Creates Four Distinct Value Drivers Merger with Motiv Electric Trucks completed December 2025 Combined Scale to Drive Share Gains with Largest Fleets Enhanced Medium-Duty Portfolio • Robust lineup of trucks, shuttles & buses across key applications • 1,100 medium duty trucks and bus
Slide 5: A $23 Billion Market Seeking Modernization
1 Market Leader in Attractive Medium-Duty Market A $23 Billion Market Seeking Modernization Attractive Market Dynamics Already Trusted by 10 of the Largest Medium Duty Fleets in North America • Medium Duty is Class of Choice: for commercial and SLED (State gov, Local gov, EDucation) fleets who are s
Slide 6: The Best Medium Duty Trucks
Best-in-Class Product 2 The Best Medium Duty Trucks ✓ Developed with 20+ years of combined operating experience and data from 1,100 trucks on the road that have travelled over 20 million miles ✓ Demonstrated 64% cost savings on fuel and maintenance vs ICE (derived from real-world comparisons of Work
Slide 7: Experienced and Proven Executive Leadership
3 Ready-to-Scale Operations + Proven Leadership Experienced and Proven Executive Leadership Scott Griffith James Griffin Scott Zion Josh Anderson Bob Ginnan Helen Watson Chief Executive Officer Chief Revenue Officer Chief Product Officer Executive VP, Operations Chief Financial Officer VP Human Reso
Slide 8: World-Class Manufacturing in America's Heartland
3 Ready-to-Scale Operations + Proven Leadership World-Class Manufacturing in America’s Heartland Existing site in Union City, Indiana has capacity to meet 5-year growth plan with minimal additional CapEx By the Numbers Features ▪ Commercial-scale plant with sufficient ▪ Lean manufacturing focus with
Slide 9: Positioned for Significant Future Cash Flow Generation
4 Positioned for Future Cash Flow Positioned for Significant Future Cash Flow Generation Our business model projects cash flow Our planned R&D investment in 2026- Our 20+-years of combined break-even at approximately 2,500 2027 adds new products, with maximum experience and capital-efficient vehicle
Slide 10: A Capital Efficient Product Roadmap that Will Drive Continued Growth & Market Leadership
5 A Capital Efficient Product Roadmap* that Will Drive Continued Growth & Market Leadership Modular “Building-block” Approach: Software-Defined Vehicle: Proprietary SmartHub: Includes common set of scalable, interchangeable A digital architecture that evolves in real time— Proprietary circuit boards
Slide 11: Transforming The $23 Billion Commercial Trucking Market
Transforming The $23 Billion Commercial Trucking Market FROM TO Hardware oriented Software-defined Vehicle designs updated every 3-5 years Vehicles receive real-time over the air updates Highly polluting & CO2 emitting Zero tailpipe emissions and pollution “Dumb” (unconnected, low compute power) tru
Slide 12: The future of medium duty commercial trucking is integrated, intelligent and evolving!
The future of medium duty commercial trucking is integrated, intelligent and evolving! Workhorse is the established, experienced player and we intend to accelerate the transition to this exciting future by making adoption of Workhorse trucks simple, strategic and cost effective for our customers. Wo
Slide 13: Disclaimers and Forward Looking Statements
Disclaimers and 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 than statements of historical fact included in this co