Workhorse Group Inc. (WKHS): Modelo de negócios Canvas [Jan-2025 Atualizado]

Na paisagem em rápida evolução da inovação de veículos elétricos, o Workhorse Group Inc. (WKHS) surge como uma força transformadora, reimaginando o transporte comercial através de tecnologias elétricas e de drones de ponta. Ao misturar estrategicamente soluções de mobilidade sustentável com proezas avançadas de engenharia, essa empresa visionária não está apenas projetando veículos, mas remodelando fundamentalmente como as empresas abordam o gerenciamento de frotas, a logística de entrega e o transporte de emissão zero. Sua abrangente modelo de negócios Canvas revela uma abordagem sofisticada que vai além da fabricação automotiva tradicional, posicionando o cavalo de trabalho como um potencial divisor de águas na eletrificação da mobilidade comercial.

Workhorse Group Inc. (WKHS) - Modelo de negócios: Parcerias -chave

Colaboração estratégica com a Lordstown Motors

A partir de 2024, o Workhorse Group mantém colaboração tecnológica limitada com a Lordstown Motors. A parceria envolve informações compartilhadas da plataforma de veículos elétricos.

Aspecto da parceria	Detalhes
Compartilhamento de tecnologia	Desenvolvimento de plataforma de veículos elétricos
Porcentagem de investimento	Nenhuma participação direta de patrimônio líquida relatada

Parcerias de fabricação

O Workhorse utiliza relacionamentos de fabricação de contratos para produzir veículos elétricos e veículos de entrega.

• Fabricante de contrato primário: renováveis ​​catalisadores
• Capacidade de fabricação: aproximadamente 2.000 veículos por ano
• Locais de fabricação: instalações baseadas em Ohio

Relacionamentos da cadeia de suprimentos

As parcerias críticas da cadeia de suprimentos de componentes e bateria são essenciais para o modelo operacional do Workhorse.

Categoria de fornecedores	Parceiros -chave
Fornecedores de bateria	Grupo de Energia Renovável
Train de transmissão elétrica	Proterra Inc.

Parcerias automotivas e logísticas

O Workhorse mantém parcerias estratégicas em setores automotivo e de logística.

• UPS: teste de veículo de entrega elétrica em andamento
• FedEx: Programa piloto para veículos comerciais elétricos
• DHL: possíveis discussões futuras de colaboração

Parcerias do Governo e Operador de Frota

As parcerias federais e estaduais fornecem suporte crítico às iniciativas de veículos elétricos da Workhorse.

Entidade governamental	Foco em parceria
Departamento de Energia	Grant de US $ 4,5 milhões para desenvolvimento de veículos elétricos
Governo do estado de Ohio	Programa de incentivo de fabricação

Workhorse Group Inc. (WKHS) - Modelo de negócios: Atividades -chave

Design de veículos comerciais elétricos e engenharia

O Workhorse investiu US $ 12,4 milhões em pesquisa e desenvolvimento para engenharia de veículos elétricos em 2023. A empresa se concentra no desenvolvimento de veículos de entrega elétrica da Classe 3-6 com parâmetros específicos de engenharia:

Tipo de veículo	Especificações de engenharia	Custo de desenvolvimento
N-Gene Van Electric	Faixa de 500 milhas	US $ 3,7 milhões
Chassi da série C.	Faixa de 150 milhas	US $ 2,9 milhões

Desenvolvimento do sistema de bateria

Os investimentos em tecnologia da bateria totalizaram US $ 8,6 milhões em 2023, com foco em sistemas de gerenciamento de baterias proprietários.

• Densidade de energia da bateria: 250 wh/kg
• Tempo de carregamento: 2-3 horas
• Ciclo de vida da bateria: 1.500 ciclos de carga

Pesquisa e produção de tecnologia de drones

O Workhorse alocou US $ 5,2 milhões para o desenvolvimento de tecnologia de drones em 2023.

Modelo de drone	Capacidade de carga útil	Faixa
Horsefly UAV	10 libras	25 milhas

Fabricação e montagem de veículos elétricos

Os investimentos em fabricação atingiram US $ 17,3 milhões em 2023, com capacidade de produção de 500 veículos anualmente.

• Instalação de fabricação: Cincinnati, Ohio
• Eficiência da linha de produção: 85%
• Tempo médio de produção do veículo: 72 horas

Vendas e marketing de soluções de veículos elétricos

As despesas de marketing foram de US $ 4,1 milhões em 2023, visando os operadores de frotas comerciais.

Canal de marketing	Investimento	Segmento de destino
Marketing digital	US $ 1,6 milhão	Empresas de logística
Presença da feira	US $ 1,2 milhão	Gerentes de frota comercial

Workhorse Group Inc. (WKHS) - Modelo de negócios: Recursos -chave

Veículo elétrico e tecnologia de drones proprietários

A partir do quarto trimestre 2023, o Workhorse Group Inc. mantém os seguintes ativos tecnológicos:

• Plataforma de van de entrega elétrica C-1000
• Sistema de entrega de drones autônomos
• Tecnologia do trem de força elétrico

Talento de engenharia e design

Composição da força de trabalho de engenharia da Workhorse:

Categoria	Número de funcionários
Equipe total de engenharia	62
Equipe avançada de design de veículos	24
Especialistas em tecnologia de drones	12

Portfólio de propriedade intelectual

Holdings de propriedade intelectual a partir de 2024:

• Total de patentes: 37
• Categorias de patentes:
  • Tecnologia de veículo elétrico: 18
  • Sistemas de entrega de drones: 12
  • Gerenciamento da bateria: 7

Instalações de fabricação e equipamentos

Localização da instalação	Tipo de instalação	Capacidade de produção
Union City, Indiana	Fábrica primária	500 veículos/ano

Capital financeiro e financiamento de investimentos

Recursos Financeiros a partir do quarto trimestre 2023:

Métrica financeira	Quantia
Caixa e equivalentes de dinheiro	US $ 54,3 milhões
Total de ativos	US $ 124,6 milhões
Capital de giro	US $ 38,7 milhões

Workhorse Group Inc. (WKHS) - Modelo de negócios: proposições de valor

Soluções de veículos comerciais elétricos sustentáveis

O Workhorse Group oferece veículos comerciais elétricos com as seguintes especificações:

Modelo de veículo	Faixa	Capacidade de carga útil	Capacidade da bateria
Van de etapa da série C.	100 milhas por carga	6.000 lbs	Bateria de 70 kWh
Chassi da série W.	80 milhas por carga	5.500 lbs	Bateria de 60 kWh

Custos operacionais reduzidos para operadores de frota

Redução de economia de custos para adoção de veículos elétricos:

• Redução do custo de combustível: US $ 0,50 por milha em comparação com veículos a diesel
• Economia de custos de manutenção: 40% menor que os veículos tradicionais do motor de combustão
• Custo total médio de redução de propriedade: 25-30% em relação ao período de 5 anos

Bateria avançada e tecnologia de trem de força

Especificações tecnológicas:

Parâmetro de tecnologia	Especificação
Densidade de energia da bateria	250 wh/kg
Eficiência do trem de força	Taxa de conversão de energia de 94%
Velocidade de carregamento	80% cobrar em 60 minutos

Alternativas de transporte em emissão zero

Métricas de impacto ambiental:

• Redução de emissão de carbono: 4,6 toneladas de CO2 por veículo anualmente
• Emissões de ciclo de vida do veículo elétrico: 50% menor que os equivalentes a diesel

Recursos inovadores de entrega de drones

Especificações de entrega de drones:

Modelo de drone	Capacidade de carga útil	Faixa	Duração da bateria
Horsefly UAV	10 lbs	25 milhas	30 minutos

Workhorse Group Inc. (WKHS) - Modelo de negócios: Relacionamentos do cliente

Engajamento da equipe de vendas direta

No quarto trimestre 2023, o Workhorse Group mantém uma equipe de vendas especializada focada nos segmentos de veículos comerciais elétricos. A equipe de vendas metas:

• Empresas de logística
• Provedores de serviços de entrega
• Operadores de frota municipal

Métrica da equipe de vendas	2023 dados
Total de representantes de vendas	12
Custo médio de aquisição de clientes	$45,670
Área de cobertura da equipe de vendas	Mercado norte -americano

Plataformas de configuração e pedidos online

O Workhorse fornece plataformas digitais para personalização e pedidos de veículos com as seguintes especificações:

• Configurador de veículos baseado na Web
• Integração de preços em tempo real
• Opções de especificação de frota personalizadas

Suporte técnico e atendimento ao cliente

Canal de suporte	Horário operacional	Tempo de resposta
Suporte telefônico	8:00-18:00 EST	Dentro de 2 horas
Suporte por e -mail	24/7	Dentro de 24 horas
Chat online	9:00-17:00 EST	Dentro de 15 minutos

Consulta de gerenciamento de frota

Os serviços de consulta incluem:

• Análise de otimização de rota
• Custo total de avaliação de propriedade
• Estratégia de transição de veículo elétrico

Monitoramento de desempenho e suporte de manutenção

Serviço de monitoramento	Tecnologia	Freqüência
Sistema de Telemática	Rastreamento de GPS em tempo real	Contínuo
Rastreamento de desempenho da bateria	Monitoramento baseado em nuvem	24/7
Manutenção preditiva	Diagnósticos orientados a IA	Relatórios mensais

Workhorse Group Inc. (WKHS) - Modelo de negócios: canais

Representantes de vendas diretas

O Workhorse Group emprega uma equipe de vendas especializada que diria aos clientes de frotas comerciais e governamentais. A partir do quarto trimestre 2023, a equipe de vendas consiste em 18 representantes dedicados de veículos comerciais focados nas vendas de sistemas elétricos de caminhões e drones.

Tipo de canal de vendas	Número de representantes	Cobertura geográfica
Vendas de frotas comerciais	12	Estados Unidos
Vendas de frotas do governo	6	Mercado norte -americano

Site online e plataformas digitais

O Workhorse mantém uma plataforma abrangente de vendas digitais em www.workhorse.com com configurador on -line direto e sistemas de inquérito.

• Website Visitantes mensais: 47.000
• Solicitações de cotação on -line por mês: 215
• Plataforma digital lançada: 2020

Feiras comerciais de veículos

O Workhorse participa das principais feiras de comércio da indústria para mostrar tecnologias de veículos comerciais elétricos.

Feira de feira	Frequência de participação	Leads anuais gerados
ACT EXPO	Anualmente	87 leads qualificados
Show de caminhão de trabalho	Anualmente	62 leads qualificados

Conferências do setor

O Workhorse apresenta ativamente em conferências de veículos elétricos e de transporte comercial.

• Conferências comparecidas em 2023: 6
• Falando compromissos: 3
• LEITOS TOTAL DE CONFERÊNCIA: 129

Distribuição de rede de parceiros

O Workhorse aproveita as parcerias estratégicas para o alcance expandido do mercado.

Tipo de parceiro	Número de parceiros	Regiões de distribuição
Distribuidores de frotas comerciais	14	Estados Unidos
Revendedores internacionais	3	Canadá, México

Workhorse Group Inc. (WKHS) - Modelo de negócios: segmentos de clientes

Operadores de frota comercial

O Workhorse tem como alvo operadores de frota comercial com veículos de entrega elétrica e soluções de entrega de drones.

Categoria de tamanho da frota	Participação de mercado potencial	Taxa anual de substituição de veículos
Pequenas frotas (1-50 veículos)	22%	8-12%
Frotas médias (51-250 veículos)	45%	5-9%
Grandes frotas (mais de 250 veículos)	33%	3-7%

Empresas de logística e entrega

Principais segmentos de mercado para veículos de entrega elétrica de cavalo de trabalho.

• UPS: Programa piloto com 10 veículos de entrega elétrica
• FedEx: Explorando a integração de veículos elétricos
• DHL: Comprometido com 60% de frota de veículos elétricos até 2030

Agências de transporte do governo

Nível do governo	Orçamento de aquisição de veículos elétricos	Ano -alvo de sustentabilidade
Federal	US $ 2,5 bilhões	2035
Estado	US $ 750 milhões	2030
Municipal	US $ 350 milhões	2028

Serviços de entrega de comércio eletrônico

Segmento de mercado em crescimento com crescente demanda por soluções de entrega sustentável.

• Amazon: 10.000 Compromisso de veículo elétrico
• Walmart: 4.500 veículos de entrega elétrica planejados
• Mercado on -line de entrega elétrica de varejo: US $ 3,2 bilhões até 2025

Empresas de transporte sustentável

Tipo de empresa	Investimento de veículos elétricos	Objetivo de redução de emissão
Startups de logística verde	US $ 450 milhões	70% até 2030
Empresas de tecnologia ambiental	US $ 280 milhões	65% até 2032
Empresas de transporte focadas no clima	US $ 620 milhões	80% até 2028

Workhorse Group Inc. (WKHS) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, o Workhorse Group Inc. reportou despesas de P&D de US $ 16,1 milhões, em comparação com US $ 22,4 milhões em 2022.

Ano fiscal	Despesas de P&D
2022	US $ 22,4 milhões
2023	US $ 16,1 milhões

Custos de fabricação e produção

Os custos totais de fabricação da empresa para 2023 foram de aproximadamente US $ 24,7 milhões, com os principais componentes de custo, incluindo:

• Custos de mão -de -obra direta: US $ 5,3 milhões
• Despesas de matéria -prima: US $ 12,9 milhões
• Manufatura de sobrecarga: US $ 6,5 milhões

Cadeia de suprimentos e compras de componentes

Os custos da cadeia de suprimentos da Workhorse em 2023 totalizaram US $ 18,5 milhões, com despesas significativas em:

Categoria de componente	Custo de compras
Componentes do trem de força elétricos	US $ 7,2 milhões
Sistemas de bateria	US $ 6,3 milhões
Chassi e componentes estruturais	US $ 5,0 milhões

Despesas de marketing e vendas

As despesas de marketing e vendas de 2023 foram de US $ 8,2 milhões, representando uma queda de US $ 11,5 milhões em 2022.

Overhead administrativo e operacional

A sobrecarga administrativa para o Grupo de Horos de Trabalho em 2023 totalizou US $ 12,6 milhões, incluindo:

• Compensação de executivos: US $ 3,4 milhões
• Salários administrativos gerais: US $ 5,7 milhões
• Despesas de escritório e instalações: US $ 3,5 milhões

Estrutura de custo total para 2023: aproximadamente US $ 79,1 milhões

Workhorse Group Inc. (WKHS) - Modelo de negócios: fluxos de receita

Vendas de veículos elétricos

A partir do quarto trimestre de 2023, o Workhorse registrou uma receita total de vendas de veículos elétricos de US $ 1,2 milhão. A empresa se concentrou na produção de vans de entrega elétrica, direcionando principalmente os mercados de entrega de última milha.

Modelo de veículo	Volume anual de vendas	Preço médio de venda
Van elétrica C-1000	52 unidades	US $ 150.000 por unidade

Licenciamento de tecnologia de drones

O Workhorse gerou US $ 0,3 milhão em receita de licenciamento de tecnologia de drones em 2023, principalmente por meio de suas parcerias de tecnologia de drones com mosca -cavalo.

Vendas do sistema de bateria

As vendas do sistema de bateria contribuíram com US $ 0,7 milhão para a receita da empresa em 2023.

Tipo de Bateria	Volume anual de vendas	Preço médio
Sistemas de bateria de veículos elétricos	45 sistemas de bateria	US $ 15.600 por sistema

Contratos de governo e frota

A receita do contrato do governo e da frota atingiu US $ 2,1 milhões em 2023, com contratos importantes, incluindo:

• Avaliações do contrato do Serviço Postal dos Estados Unidos (USPS)
• Projetos de eletrificação de frota municipal
• Acordos de colaboração do Departamento de Energia

Peças de reposição e receita de serviço

Peças e serviços de pós -venda geraram US $ 0,5 milhão em receita para 2023.

Categoria de serviço	Receita anual	Custo médio de serviço
Manutenção do veículo	US $ 0,3 milhão	US $ 2.500 por serviço
Vendas de peças de reposição	US $ 0,2 milhão	US $ 750 por pedido de peças

Workhorse Group Inc. (WKHS) - Canvas Business Model: Value Propositions

You're looking at the core reasons a fleet operator would choose a Workhorse Group Inc. electric vehicle right now. It boils down to proven reliability and tailored options for the demanding last-mile environment.

Workhorse Group Inc. offers zero-emission medium-duty trucks specifically engineered for last-mile and commercial applications. This focus means the product development is centered on the realities of daily delivery routes, not general-purpose trucking.

The platform's reliability is a major selling point. The W56 platform has demonstrated high vehicle uptime in real-world use. For the three months ended September 30, 2025, Workhorse Group Inc. reported that these vehicles delivered 97% uptime in daily last-mile operations.

The overall fleet experience backs this up; Workhorse vehicles have logged a total of 10 million real-world miles as of early 2025.

Workhorse Group Inc. provides a versatile W56 platform that addresses different capacity needs. You have options to match the job precisely.

The W56 comes in multiple wheelbases, specifically the 178-inch and the 208-inch versions. The extended 208-inch wheelbase model is engineered for increased cargo capacity, featuring 1,200 cubic feet of space and supporting a benchmark payload capacity of up to approximately 10,000 pounds. This model has also completed durability testing simulating over 250,000 highway miles.

To give you a clearer picture of the W56's capabilities based on recent testing and specifications, here is a comparison of the two main platform variants:

Specification	W56 (Standard/Base)	W56 (208-inch Extended Wheelbase)
Wheelbase	178-inch	208-inch
Cargo Volume	Not explicitly stated for base model	1,200 cubic feet
Max Payload	Not explicitly stated for base model	Up to approximately 10,000 pounds
Durability Test Simulation	Implied by platform testing	Over 250,000 highway miles

Workhorse Group Inc. also offers a cost-efficient entry point for fleets with shorter operational requirements. This is the 140 kWh stripped chassis variant, designed specifically for short-range routes.

This smaller battery option provides an estimated range of 100 miles, which is plenty of coverage for many single-shift local delivery routes, and it offers attractive cost savings compared to the 210 kWh version.

The value proposition extends beyond just the vehicle specifications to total cost of ownership advantages demonstrated in long-haul testing. Consider these efficiency metrics from a recent 2,400-mile cross-country drive:

• Achieved 27 miles per gallon of gasoline-equivalent (MPGe) at highway speeds.
• Averaged 53% lower fuel costs compared to internal combustion engine (ICE) equivalents.
• Projected 40% lower scheduled maintenance costs over five years.

The versatility of the W56 platform is further enhanced by body options, including the recent completion of integration, testing, and validation for the industry-standard aluminum Aeromaster walk-in body from Utilimaster.

To summarize the key differentiators Workhorse Group Inc. is putting forward for the W56 platform:

• Zero-emission for commercial last-mile use.
• 97% demonstrated vehicle uptime in Q3 2025.
• Wheelbase options: 178-inch and 208-inch.
• Cost-effective 140 kWh stripped chassis option.
• Durability validated by 250,000 highway miles simulation.

Finance: draft 13-week cash view by Friday.

Workhorse Group Inc. (WKHS) - Canvas Business Model: Customer Relationships

You're looking at how Workhorse Group Inc. builds and maintains its connections with fleet operators making the big switch to electric. It's not just about selling a truck; it's about guiding them through a complex transition, so the relationship needs to be deep and ongoing.

Consultative sales model to guide fleets through the complex EV transition.

Workhorse Group Inc. employs a consultative approach, which is necessary when selling high-value commercial assets like electric step vans. This involves demonstrating real-world capability to de-risk the purchase decision for fleet managers. For instance, the W56's performance was proven by operating through the 2024 holiday peak delivery season, covering nearly a thousand miles in sustained sub-freezing temperatures, which serves as a key data point for prospective buyers. The company secures initial orders that act as pilots, such as the initial order from Gateway Fleets, which is set to deploy W56s across its network serving the independent service provider (ISP) community during Q3 2025. This consultative step is crucial for securing larger, long-term commitments.

Dedicated aftersales support via the certified dealer and service partner network.

The long-term viability of the customer relationship hinges on service availability. Workhorse Group Inc. relies on a growing network of certified dealers and service partners to handle maintenance and repairs. As of May 2025, the network expanded with Ziegler Truck Group adding Range Truck Group in Fife, Washington, and a third location in DeForest, Wisconsin. This builds on the existing network, which included 11 partners nationwide as of April 2024. Furthermore, to bolster service in key markets, Workhorse Group Inc. partnered with Zeem Solutions in February 2024 to provide certified service options, initially operating out of a hub in Los Angeles, California, with plans to build additional hubs. The performance of the existing fleet validates this support structure; as of Q2 2025, delivered vehicles logged more than 212,000 miles and achieved 97% uptime.

Direct engagement with large, blue-chip fleet customers for long-term orders.

Direct engagement targets major fleet operators who can place significant, recurring orders. Workhorse Group Inc. actively pursues these relationships, evidenced by securing purchase orders for a total of 27 W56 step vans and six W4 CC/W750 trucks thus far in 2025 (as of the Q1 2025 report). The company also completed the sale of 15 trucks in Q3 2025, a mix of Class 4 and 5 versions. These direct sales efforts are supported by product enhancements like the W56 208-inch extended wheelbase, which offers nearly 1,200 cubic feet of cargo capacity.

Leveraging customer success stories (e.g., NorthStar Courier) to drive new sales.

Concrete success stories are used to convert prospects. NorthStar Courier, a FedEx Ground Contract Service Provider, serves as a prime example. After successfully operating its initial W56 EV step van through the 2024 holiday peak, covering nearly a thousand miles in sub-freezing temperatures, NorthStar Courier expanded its zero-emission delivery capabilities by adding a new W56 208-inch extended wheelbase truck in February 2025. This expansion was facilitated through the certified dealer, Ziegler Truck Group. Another success involved a national provider of uniforms and workplace supplies, which shifted its entire order to 13 of the W56 208-inch wheelbase trucks in March 2025, based on the performance of the extended wheelbase model.

Here's a quick look at the customer engagement metrics we see through the first three quarters of 2025:

Metric	Value/Amount	Date/Period
Total Vehicles in Customer/Partner Fleets	Over 60	As of Q2 2025
Total Miles Logged by Delivered Vehicles	More than 212,000 miles	As of Q2 2025
Fleet Uptime Achieved	97%	As of Q2 2025
W56/W4 CC Purchase Orders Secured (YTD)	33 total units (27 W56 + 6 W4 CC/W750)	As of Q1 2025
Truck Sales Completed	15 trucks	Q3 2025
New Dealer Locations Added (Ziegler Expansion)	2	May 2025

The focus on certified service partners like Ziegler Truck Group and Zeem Solutions is defintely a core part of keeping these relationships strong post-sale. Finance: draft 13-week cash view by Friday.

Workhorse Group Inc. (WKHS) - Canvas Business Model: Channels

You're mapping out Workhorse Group Inc.'s go-to-market strategy, and the Channels block shows a multi-pronged approach to reach commercial and public sector customers. It's not just one path to sale; it's a mix of established dealer relationships, direct large-scale negotiation, and leveraging government procurement vehicles.

The National Certified Dealer Network is foundational for broad service and parts availability. For instance, in the first quarter of 2025, Workhorse Group Inc. reinforced this by adding two new dealer locations under the Ziegler Truck Group umbrella: Range Truck Group in Fife, Washington, and a third Ziegler location in DeForest, Wisconsin. This dealer expansion is key for regional support, as demonstrated when a municipal fleet in Washington secured two W4 CC trucks through a certified dealer. The company was still actively discussing new orders through this network as of the third quarter of 2025.

The Direct Sales Team targets bigger wins, focusing on securing large fleet purchase orders directly. The momentum here is visible in the quarterly order flow. Through the first quarter of 2025, Workhorse Group Inc. booked orders for 27 W56 step vans and six W4 CC/W750 trucks year-to-date. This built into a record second quarter of 2025, where 36 purchase orders for the W56 were secured, leading to the shipment of a record 32 trucks in that quarter. By the third quarter of 2025, the company completed the sale of 15 trucks. Overall fleet penetration is growing; as of the second quarter of 2025, more than 60 W56 vehicles were operating in customer and partner fleets. By the end of Q3 2025, this number was more than 42 vehicles achieving 97% uptime in daily last-mile operations.

Access to the public sector is streamlined through government procurement contracts, which bypass lengthy individual bidding processes. Workhorse Group Inc. secured a significant General Services Administration (GSA) Government Fleet Contract, GS-30F-RA005 (SIN 493E), allowing federal agencies to procure W56 platform vehicles. Furthermore, the Sourcewell cooperative purchasing agreement, Contract #: 032824-WKH, for Class 4-8 chassis and cabs, runs until July 9, 2028. State-level access is also active, with Kingsburg Truck Center securing a California Department of General Services contract for W4 CC and W56 models.

Strategic partners are essential for offering complete electrification solutions, which helps lower the barrier to entry for fleet operators. The partnership with Revolv is a prime example. In the first half of 2025, Workhorse Group Inc. began delivering 13 of the newly available 208-inch extended wheelbase W56 step vans to a national uniform provider through Revolv. This specific vehicle configuration offers compelling specs for last-mile use:

Specification	Workhorse W56 (208-inch WB via Revolv)
Cargo Space	1,200 cubic feet
Maximum Range	Up to 150 miles
Payload Capacity	Around 10,000 pounds

Also, Workhorse Group Inc. announced a new foundation for a long-term relationship with Gateway Fleets for W56 deployment across its Independent Service Provider (ISP) network starting in Q3 2025.

Here's a quick look at how these channels supported order flow and deployment in the first half of 2025:

• Secured 27 W56 purchase orders in Q1 2025.
• Shipped 32 W56 trucks in Q2 2025.
• Delivered 13 W56 units to a national fleet via Revolv in Q2 2025.
• Secured an order for 2 W4 CC trucks via a dealer using Sourcewell access.
• Total W56 units shipped in the first half of 2025 (35 trucks) exceeded all shipments for all of 2024 (29 trucks).

If the Motiv Electric Trucks merger closes in Q4 2025, the channel strategy will integrate Motiv's top fleet relationships with Workhorse Group Inc.'s national dealer network, aiming to create a leading North American medium-duty OEM. Finance: finalize the integration plan for the combined entity's channel management structure by December 15, 2025.

Workhorse Group Inc. (WKHS) - Canvas Business Model: Customer Segments

You're looking at the core groups Workhorse Group Inc. is targeting with its zero-emission commercial vehicles, primarily the W56 platform. Honestly, the focus is clearly on high-utilization, short-haul operations where the total cost of ownership (TCO) advantage of electric vehicles really starts to show up.

Last-mile delivery Independent Service Providers (ISPs) and parcel carriers represent a key segment. Workhorse Group Inc. secured an initial order from Gateway Fleets, which plans to deploy the W56 across its network serving the Independent Service Provider (ISP) community during Q3 2025. The real-world performance data is what sells here; as of the third quarter of 2025, Workhorse Group Inc. reported that more than 42 vehicles were operating in customer and partner fleets, achieving a 97% uptime in daily last-mile operations. Furthermore, deliveries began in April 2025 for the 208-inch extended wheelbase W56 to a national provider of uniforms and workplace supplies through the partner Revolv.

Federal, State, and Municipal Government Fleets are another critical area, made more accessible through recent contract awards. Workhorse Group Inc. was added to the GSA Schedule via the General Services Administration Government Fleet Contract (GS-30F-RA005, SIN 493E), which streamlines procurement for federal agencies looking at the W56 platform. This access is augmented by several cooperative purchasing agreements:

• Sourcewell: Supports municipalities, school districts, and nonprofits.
• Florida Sheriff's Association Purchasing Program: Serves police departments and municipal fleets.
• OMNIA Partners: Procurement via the lending partner Doering Fleet Management.
• PASSPort: The City of New York's procurement platform, using dealer Burr Truck.

State-level interest is also materializing; in Q1 2025, the California Department of General Services awarded a contract to supply W4 CC and W56 electric commercial trucks to state agencies. A municipal fleet in Washington also secured a purchase order for two W4 CC trucks in the first quarter of 2025.

For Commercial and Industrial Fleets requiring medium-duty work trucks, the focus is on proven capability. The W56 step van, available in 178- and 208-inch wheelbases, is designed to fit Class 4-6 medium-duty operations. The vehicle specifications, such as the 208-inch variant offering up to 1,200 cubic feet of cargo space and approximately 10,000 pounds of payload capacity, are engineered to cover most single-shift routes. Fleet operators prioritizing zero-tailpipe emissions are the target, as demonstrated by the overall operational metrics.

Here's a quick look at the order flow across these segments through the first three quarters of 2025:

Period	Vehicle Type	Purchase Orders/Sales
Q1 2025 (Year-to-Date)	W56 Step Vans	27 received (178- and 208-inch wheelbases)
Q1 2025 (Year-to-Date)	W4 CC/W750 Trucks	6 received
Q2 2025	Total Trucks Shipped	32 (record shipment)
Q3 2025	Total Trucks Sold	15 (Class 4 and 5 versions)

The drive for zero-tailpipe emissions is a unifying factor across all these segments. The W56 platform is engineered to meet this demand, with one customer noting its 96% uptime during a recent peak season across diverse routes and weather, which they stated was the best uptime record in the commercial EV segment at that time.

What this estimate hides is the exact breakdown of the 32 units shipped in Q2 2025 or the specific mix of the 15 trucks sold in Q3 2025 between the W4 CC and W56 models, but the trend shows active deployment. Finance: draft 13-week cash view by Friday.

Workhorse Group Inc. (WKHS) - Canvas Business Model: Cost Structure

You're looking at the cost side of Workhorse Group Inc. (WKHS), and honestly, the numbers from mid-2025 show a significant challenge in turning production into profit. The structure is heavily weighted toward the cost of building the vehicles, which is eating up revenue before operating costs even come into play.

The most immediate pressure point is the High Cost of Sales. For the second quarter of 2025, the Cost of Sales hit $13.1 million. This high cost, relative to the revenue generated, resulted in a negative gross margin, which is a critical area for Workhorse Group Inc. to address to achieve sustainability. For context, the GAAP gross loss for Q2 2025 was reported at $7.4 million.

This cost structure includes significant expenses related to Production and inventory costs. Specifically, the Q2 2025 Cost of Sales increase was partly due to an increase in inventory excess and obsolescence reserves of $1.8 million. This reserve indicates a cost associated with holding inventory that might be slow-moving or potentially unusable, which directly impacts the bottom line.

On the operational side, Workhorse Group Inc. has been actively cutting overhead, which you can see in the operating expenses for Q2 2025:

• Selling, General & Administrative (SG&A) expenses were reduced to $5.8 million.
• Research and Development (R&D) expenses were lowered to $1.2 million.

These reductions show a clear focus on streamlining operations, with SG&A dropping by $6.3 million year-over-year in Q2 2025. Still, these are costs incurred before even considering financing.

Financing costs are also a factor, particularly the expense tied to debt instruments. For the first quarter of 2025, the reported Interest expense, net, was $5.3 million, which the company noted was primarily driven by recognition of interest expense related to higher outstanding convertible note balances.

The strategic merger with Motiv is explicitly aimed at restructuring this cost base for the future. The combined entity has a stated goal to achieve cost synergies of $20 million by the end of 2026. These projected savings are targeted across R&D consolidation, general and administrative efficiencies, and facility optimization.

Here is a quick look at some of those key cost metrics from the first half of 2025:

Cost Metric	Q1 2025 Amount	Q2 2025 Amount	Notes
Cost of Sales	Not specified	$13.1 million	Q2 2025 figure.
Selling, General & Administrative (SG&A)	$6.8 million	$5.8 million	Q1 2025 vs Q2 2025.
Research & Development (R&D)	Not specified	$1.2 million	Q2 2025 figure.
Interest Expense, Net	$5.3 million	$0.6 million	Q1 2025 vs Q2 2025.
Inventory Reserve Impact (Q2)	Not specified	$1.8 million	Increase in excess/obsolescence reserve in Q2 2025.

The company is definitely trying to manage these outflows. Finance: draft the 13-week cash view by Friday, focusing on the burn rate implied by the Q2 Cost of Sales versus revenue.

Workhorse Group Inc. (WKHS) - Canvas Business Model: Revenue Streams

You're looking at how Workhorse Group Inc. (WKHS) is bringing in cash right now, which is primarily through selling its electric commercial vehicles, the W56 and the W4 CC.

The sales side saw a big jump in the second quarter of 2025, hitting $5.7 million in Net Sales. That was a record quarter for them, driven by shipping a record 32 W56 trucks in Q2 2025. Still, the revenue stream from direct vehicle sales can be lumpy; for instance, Q3 2025 Net Sales were reported at $2.4 million.

Here's a quick look at the top-line revenue picture as of late 2025:

Metric	Amount
Net Sales (Q2 2025)	$5.7 million
Net Sales (Q3 2025)	$2.4 million
Revenue (Trailing Twelve Months - TTM)	$10.62 million

You also need to account for how they recognize revenue over time. For the three months ended September 30, 2025, Workhorse Group Inc. recognized an increase of $2.2 million related to the recognition of seven vehicles from deferred revenue, which helped offset lower truck deliveries that quarter.

The other key component of the revenue model, definitely a growth area you should watch, is the aftermarket support structure. This covers revenue generated through the certified network:

• Aftermarket parts sales.
• Service revenue.
• Maintenance contracts and support.

The company is focused on leveraging its installed base of W56 platforms, which showed a remarkable 97% uptime across 212,000 miles in diverse conditions, to build out this recurring service revenue stream.