Workhorse Reports 32% Stock Surge Amid New Orders

WORKHORSE GROUP INC (NASDAQ: WKHS)

WORKHORSE GROUP INC is an American original equipment manufacturer specializing in battery-electric commercial vehicles and integrated telematics solutions for last-mile delivery. Headquartered in Sharonville, Ohio, the company designs and builds medium-duty electric step vans, cab-chassis trucks, and develops cloud-based performance monitoring systems.

Corporate Structure

Founded in 2007 (originally as AMP Electric Vehicles), Workhorse employs approximately 201–500 staff across engineering, manufacturing, and sales functions. The company operates a production facility in Indiana and maintains a nationwide network of certified dealers and service partners. In August 2021, Richard Dauch was appointed Chief Executive Officer, succeeding Duane Hughes.

Electric trucks by Ye Massa

Developments and News

• May 15, 2025: Workhorse reported first quarter 2025 financial results, securing purchase orders for 27 W56 step vans and six W4 CC/W750 trucks, including its first orders from Gateway Fleets and a municipal fleet in Washington state. Deliveries of the 208-inch wheelbase W56 began in April 2025 through partner Revolv.
• March–April 2025: Workhorse integrated Geotab® telematics into the W56 step van and completed a 2,400-mile demonstration drive from Cincinnati, Ohio, to Anaheim, California, to showcase range and charging performance.
• Q1 2025 Dealer Expansion: The company added three Ziegler Truck Group locations—two in Washington and one in Wisconsin—and announced a contract with the California Department of General Services to supply electric trucks to state agencies.
• May 30, 2025: Filed a Specialized Disclosure (Form SD) with a Conflict Minerals Report covering January 1–December 31, 2024, in compliance with SEC Rule 13p-1.
• June 12, 2024: Divested its Aero division, which had developed autonomous drone technologies for last-mile delivery.

Financial and Strategic Analysis

At market close on July 7, 2025, WKHS shares traded at $2.3104, reflecting an increase of 32.02% on trading volume of 2,000,841 shares (NASDAQ: NAS). As of May 15, 2025, Workhorse held $2.9 million in cash and cash equivalents and reduced operating expenses by $9.3 million year-over-year. The reported revenue for Q1 2025 was $600,000, a decrease from $1.3 million in Q1 2024. Interest expense rose to $5.3 million due to higher convertible note balances. The company is focusing on cash preservation and extending its financial runway while expanding production and order fulfillment.

Strategically, Workhorse is advancing its product roadmap with the 140 kWh version of the W56 on schedule. Partnerships with Revolv, Gateway Fleets, and municipal customers support its entry into both commercial and public sector operations. Dealer network expansion in the Pacific Northwest and Midwest aims to enhance market access and after-sales support.

Market Position and Industry Context

Workhorse competes in the medium-duty electric truck segment, targeting last-mile delivery operators transitioning to zero-emission fleets. Its step vans and cab-chassis trucks are designed to meet payload, range, and telematics requirements. Industry dynamics include increasing demand for clean-energy vehicles, government incentives at state and federal levels, and evolving charging infrastructure. Workhorse’s focus on integrated telematics and dealer partnerships aims to address adoption barriers such as fleet management visibility and service availability.

tl;dr

As of July 7, 2025, WKHS stock increased by 32.02% to $2.3104 amid order announcements and dealer expansions. In Q1 2025, Workhorse secured 27 W56 step van orders and six W4 CC/W750 trucks, began deliveries of the 208-inch W56, and integrated Geotab telematics. The company holds $2.9 million in cash, has reduced operating expenses by $9.3 million year-over-year, and continues to focus on cash preservation while increasing production of its medium-duty electric work trucks.