Workhorse Group Secures Order for 100 Electric Vans from Gateway
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 30 2026
0mins
Should l Buy WKHS?
Workhorse Group announced a purchase order for 100 W56 fully-electric step vans from Gateway Fleets. Gateway plans to deploy the W56 step vans across its network of electrified sites and is preparing to launch additional locations, to be announced in the coming months, expanding access to reliable charging across key markets.
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Analyst Views on WKHS
Wall Street analysts forecast WKHS stock price to rise
1 Analyst Rating
0 Buy
1 Hold
0 Sell
Hold
Current: 3.540
Low
7.80
Averages
7.80
High
7.80
Current: 3.540
Low
7.80
Averages
7.80
High
7.80
About WKHS
Workhorse Group Inc. is a North American manufacturer of medium-duty electric trucks and buses. Its primary focus is to provide solutions for the commercial transportation sector. The Company designs and manufactures all-electric trucks, including the technology that optimizes the way these trucks operate. The Company also manufactures medium-duty electric trucks and buses. Its products are marketed under the Workhorse brand. It manufactures Class 5/6 commercial delivery vehicles. Its vehicles include the W56, based on long-standing Company know-how in the Class 5/6 truck chassis market, a medium-duty chassis, designed for last-mile delivery and high payload work-truck applications. The W56 is delivered in either a striped chassis or a complete step van configuration. It also sells a Class 4 cab chassis called Epic 4, and can be used for shuttle, school, box, refrigeration, work truck, flat bed and specialty applications.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Workhorse Group to Announce Q1 Earnings on May 14
- Earnings Announcement Schedule: Workhorse Group is set to release its Q1 2023 earnings report on May 14 after market close, with a consensus EPS estimate of -$1.24, indicating challenges in profitability.
- Revenue Expectations: Analysts project that Workhorse Group will generate $8.52 million in revenue for the first quarter, reflecting the company's ongoing efforts and developments in the electric transportation market despite the low figure.
- Historical Financial Data: The historical earnings data for Workhorse Group will provide investors with crucial context to assess performance trends and future growth potential, especially in the increasingly competitive electric vehicle sector.
- Market Reaction Anticipation: Investors are expected to closely monitor the upcoming earnings report to determine whether the company can meet its revenue and profitability targets, which will influence stock price movements and market confidence.
See More
Workhorse Partners with InCharge Energy for Integrated EV Support
- Integrated Customer Support: Workhorse has partnered with InCharge Energy to launch an integrated customer support service expected to be fully available in Q4 2026, aimed at simplifying the support experience for North American fleet customers, thereby enhancing customer satisfaction and vehicle uptime.
- Expert Technical Team: The new support service will be staffed by specialized technicians and a centralized Support Operations Center, ensuring rapid and accurate resolution of issues related to Workhorse electric trucks and charging infrastructure, thus optimizing fleet operational efficiency.
- Market Growth Expectations: Workhorse anticipates a significant increase in the deployment of electric trucks by the end of 2026, with CEO Scott Griffith stating that this partnership directly addresses the demand for high-quality service from large fleet operators, aiming to enhance customer experience and vehicle uptime.
- Electric Ecosystem Integration: By collaborating with InCharge, Workhorse can better integrate expertise in EV charging hardware and software, helping customers quickly identify and resolve technical issues, thereby promoting broader adoption of electric trucks.
See More
Workhorse Launches W56 Electric Step Van Promotion
- Promotional Pricing Advantage: Workhorse has launched a promotion for its W56 electric step vans from April 1 to September 30, 2026, with the standard wheelbase model starting at $196,000, down from $255,000, saving customers $59,000 and significantly reducing procurement costs for commercial fleets.
- Operating Cost Savings: The W56 electric step van has demonstrated up to 64% savings in operating costs compared to internal combustion engines, particularly highlighted in the current high fuel price environment, making electric vans increasingly attractive for fleets facing rising fuel expenses.
- Market Demand Response: With fuel prices exceeding $4 per gallon in many states, commercial fleets are under significant operational pressure, and Workhorse's price reduction for the W56 directly addresses customer needs for cost stability and operational predictability, helping them prepare for the busy holiday season.
- Production Capacity Enhancement: Workhorse's facility in Indiana has the capability to produce over 5,000 electric trucks annually, and combined with a national dealer network and over 20 million real-world miles driven, it enhances the company's competitiveness and production readiness in the electric vehicle market.
See More
Workhorse Group Reports Q4 2025 Earnings and Merger Impact
- Significant Revenue Growth: Workhorse Group reported Q4 2025 revenue of $9.7 million, a 61.7% increase from $6 million in Q4 2024, with full-year revenue reaching $21.2 million compared to $7 million in 2024, indicating strong market growth potential.
- Merger Challenges: Despite targeting $20 million in annual cost synergies from the merger, the company reported a net loss of $23.7 million in Q4, a 20.6% increase from the previous year, reflecting over $4 million in one-time expenses that pressured financials.
- Enhanced Production Capacity: The Union City, Indiana facility has the capacity to produce over 5,000 vehicles annually, and with the introduction of new models, it is expected to further drive revenue growth and enhance market competitiveness.
- Uncertain Profitability Outlook: The company does not anticipate achieving positive gross margins by the end of 2026, facing significant challenges in achieving cost parity with internal combustion engine trucks, necessitating a stronger balance sheet to support future growth plans.
See More
Workhorse Launches New W56 Electric Step Van Model
- New Model Launch: Workhorse has introduced the new W56 electric step van featuring a 140 kWh battery with a starting price of $169,000, offering an estimated range of 100 miles per charge at full payload, catering to last-mile delivery needs.
- Market Demand Response: This model is designed to address the needs of fleet operators seeking electrification due to rising fuel prices, providing a no-compromise option for cost control while ensuring efficient operations.
- Production Capacity Enhancement: The W56 is currently being produced at Workhorse's facility in Union City, Indiana, which has the capacity to manufacture over 5,000 vehicles annually, ensuring predictable delivery timelines.
- Positive Stock Market Reaction: Following the new model announcement, Workhorse's shares rose 5% in after-hours trading on Wednesday, despite an 89% decline in stock price over the past 12 months, indicating optimistic market sentiment towards the new product.
See More
Workhorse Merges with Motiv, Secures $50 Million Financing
- Merger Completion: Workhorse has successfully merged with Motiv, establishing itself as a leading manufacturer of medium-duty electric trucks in North America, which is expected to significantly enhance market share and competitive positioning.
- Enhanced Financing Capacity: Motiv's controlling investor has provided Workhorse with up to $50 million in new debt financing, including approximately $10 million in a revolving credit facility, which is anticipated to greatly improve the company's liquidity to support future growth.
- Increased Production Capacity: Workhorse's manufacturing facility in Indiana has an annual capacity of 5,200 vehicles, enabling it to meet the number of vehicles required for profitability without significant new capital expenditures.
- Optimized Management Team: Following the merger, Workhorse will have an experienced management team with a proven track record in designing quality products and scaling manufacturing, which is expected to drive the company's continued growth in the electric truck market.
See More
Workhorse Group to Announce Q1 Earnings on May 14
- Earnings Announcement Schedule: Workhorse Group is set to release its Q1 2023 earnings report on May 14 after market close, with a consensus EPS estimate of -$1.24, indicating challenges in profitability.
- Revenue Expectations: Analysts project that Workhorse Group will generate $8.52 million in revenue for the first quarter, reflecting the company's ongoing efforts and developments in the electric transportation market despite the low figure.
- Historical Financial Data: The historical earnings data for Workhorse Group will provide investors with crucial context to assess performance trends and future growth potential, especially in the increasingly competitive electric vehicle sector.
- Market Reaction Anticipation: Investors are expected to closely monitor the upcoming earnings report to determine whether the company can meet its revenue and profitability targets, which will influence stock price movements and market confidence.
See More
Workhorse Partners with InCharge Energy for Integrated EV Support
- Integrated Customer Support: Workhorse has partnered with InCharge Energy to launch an integrated customer support service expected to be fully available in Q4 2026, aimed at simplifying the support experience for North American fleet customers, thereby enhancing customer satisfaction and vehicle uptime.
- Expert Technical Team: The new support service will be staffed by specialized technicians and a centralized Support Operations Center, ensuring rapid and accurate resolution of issues related to Workhorse electric trucks and charging infrastructure, thus optimizing fleet operational efficiency.
- Market Growth Expectations: Workhorse anticipates a significant increase in the deployment of electric trucks by the end of 2026, with CEO Scott Griffith stating that this partnership directly addresses the demand for high-quality service from large fleet operators, aiming to enhance customer experience and vehicle uptime.
- Electric Ecosystem Integration: By collaborating with InCharge, Workhorse can better integrate expertise in EV charging hardware and software, helping customers quickly identify and resolve technical issues, thereby promoting broader adoption of electric trucks.
See More
Workhorse Launches W56 Electric Step Van Promotion
- Promotional Pricing Advantage: Workhorse has launched a promotion for its W56 electric step vans from April 1 to September 30, 2026, with the standard wheelbase model starting at $196,000, down from $255,000, saving customers $59,000 and significantly reducing procurement costs for commercial fleets.
- Operating Cost Savings: The W56 electric step van has demonstrated up to 64% savings in operating costs compared to internal combustion engines, particularly highlighted in the current high fuel price environment, making electric vans increasingly attractive for fleets facing rising fuel expenses.
- Market Demand Response: With fuel prices exceeding $4 per gallon in many states, commercial fleets are under significant operational pressure, and Workhorse's price reduction for the W56 directly addresses customer needs for cost stability and operational predictability, helping them prepare for the busy holiday season.
- Production Capacity Enhancement: Workhorse's facility in Indiana has the capability to produce over 5,000 electric trucks annually, and combined with a national dealer network and over 20 million real-world miles driven, it enhances the company's competitiveness and production readiness in the electric vehicle market.
See More
Workhorse Group Reports Q4 2025 Earnings and Merger Impact
- Significant Revenue Growth: Workhorse Group reported Q4 2025 revenue of $9.7 million, a 61.7% increase from $6 million in Q4 2024, with full-year revenue reaching $21.2 million compared to $7 million in 2024, indicating strong market growth potential.
- Merger Challenges: Despite targeting $20 million in annual cost synergies from the merger, the company reported a net loss of $23.7 million in Q4, a 20.6% increase from the previous year, reflecting over $4 million in one-time expenses that pressured financials.
- Enhanced Production Capacity: The Union City, Indiana facility has the capacity to produce over 5,000 vehicles annually, and with the introduction of new models, it is expected to further drive revenue growth and enhance market competitiveness.
- Uncertain Profitability Outlook: The company does not anticipate achieving positive gross margins by the end of 2026, facing significant challenges in achieving cost parity with internal combustion engine trucks, necessitating a stronger balance sheet to support future growth plans.
See More
Workhorse Launches New W56 Electric Step Van Model
- New Model Launch: Workhorse has introduced the new W56 electric step van featuring a 140 kWh battery with a starting price of $169,000, offering an estimated range of 100 miles per charge at full payload, catering to last-mile delivery needs.
- Market Demand Response: This model is designed to address the needs of fleet operators seeking electrification due to rising fuel prices, providing a no-compromise option for cost control while ensuring efficient operations.
- Production Capacity Enhancement: The W56 is currently being produced at Workhorse's facility in Union City, Indiana, which has the capacity to manufacture over 5,000 vehicles annually, ensuring predictable delivery timelines.
- Positive Stock Market Reaction: Following the new model announcement, Workhorse's shares rose 5% in after-hours trading on Wednesday, despite an 89% decline in stock price over the past 12 months, indicating optimistic market sentiment towards the new product.
See More
Workhorse Merges with Motiv, Secures $50 Million Financing
- Merger Completion: Workhorse has successfully merged with Motiv, establishing itself as a leading manufacturer of medium-duty electric trucks in North America, which is expected to significantly enhance market share and competitive positioning.
- Enhanced Financing Capacity: Motiv's controlling investor has provided Workhorse with up to $50 million in new debt financing, including approximately $10 million in a revolving credit facility, which is anticipated to greatly improve the company's liquidity to support future growth.
- Increased Production Capacity: Workhorse's manufacturing facility in Indiana has an annual capacity of 5,200 vehicles, enabling it to meet the number of vehicles required for profitability without significant new capital expenditures.
- Optimized Management Team: Following the merger, Workhorse will have an experienced management team with a proven track record in designing quality products and scaling manufacturing, which is expected to drive the company's continued growth in the electric truck market.
See More
