Workhorse : Q4 2023 Earnings Conference Call Presentation

Q4 and FY 2023 Earnings Call

March 12, 2024

Today's Presenters

Rick Dauch	Bob Ginnan
CEO	CFO
• 28 years automotive industry	• 23 plus years of senior finance and
experience	leadership experience
• 16 years serving in CEO roles	• Refined capital structures for firms in
		multiple industries
• Multiple public/private board
memberships	• Executed multiple accounting and
		information technology ("IT") system
		installations

Stan March

Vice President, Corporate Development

• 27 years executive experience across multiple industrial sectors
• Extensive M&A, public affairs, investor relations and corporate communications experience

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Agenda

Introduction

Business Update

Full Year 2023 Financials

2024 Overview

Near Term Priorities

Disclaimer

Cautionary Note Regarding Forward Looking Statements

The discussions in this presentation contain forward-looking statements reflecting our current expectations that involve risks and uncertainties. These statements are made

under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. When used in this Report, the words "anticipate," "expect," "plan," "believe,"

"seek," "estimate" and similar expressions are intended to identify forward-looking statements. These are statements that relate to future periods and include, but are not limited to, statements about the features, benefits and performance of our products, our ability to introduce new product offerings and increase revenue from existing products, expected expenses including those related to selling and marketing, product development and general and administrative, our beliefs regarding the health and growth of the market for our products, anticipated increase in our customer base, expansion of our products functionalities, expected revenue levels and sources of revenue, expected impact, if any, of legal proceedings, the adequacy of our liquidity and capital resources, the likelihood of us obtaining additional financing in the immediate future and the expected terms of such financing, and expected growth in business. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained in this Report. Factors that could cause actual results to differ materially include, but are not limited to: our ability to develop and manufacture our new product portfolio, including the W4 CC, W750, W56 and WNext programs; our ability to attract and retain customers for our existing and new products; risks associated with obtaining orders and executing upon such orders; the unavailability, reduction, elimination or adverse application of government subsidies, incentives and regulations; supply chain disruptions, including constraints on steel, semiconductors and other material inputs and resulting cost increases impacting our Company, our customers, our suppliers or the industry; our ability to capitalize on opportunities to deliver products to meet customer requirements; our limited operations and need to expand and enhance elements of our production process to fulfill product orders; our general inability to raise additional capital to fund our operations and business plan; our ability to obtain financing to meet our immediate liquidity needs and the potential costs, dilution and restrictions imposed by any such financing; our ability to regain compliance with the listing requirements of the Nasdaq Capital Market and otherwise maintain the listing of our securities thereon and the impact of any steps we take to regain such compliance, such as a reverse split of our common stock, on our operations, stock price and future access to liquidity; our ability to protect our intellectual property; market acceptance for our products; our ability to obtain sufficient liquidity from operations and financing activities to continue as a going concern and, our ability to control our expenses; the effectiveness of our cost control measures and impact such measures could have on our operations; potential competition, including without limitation shifts in technology; volatility in and deterioration of national and international capital markets and economic conditions; global and local business conditions; acts of war (including without limitation the conflicts in Ukraine and Israel) and/or terrorism; the prices being charged by our competitors; our inability to retain key members of our management team; our inability to satisfy our customer warranty claims; the outcome of any regulatory or legal proceedings; and other risks and uncertainties and other factors discussed from time to time in our filings with the Securities and Exchange Commission ("SEC"), including under the "Risk Factors" section of our annual report on Form 10-K filed with the SEC. Forward- looking statements speak only as of the date hereof. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

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Key Accomplishments

Executing CV Product Roadmap & Launches

• W4 CC and W750 Update:
• • First intermediate vehicle manufacturer to secure CARB HVIP approval
  • Completed W750 launch and stabilized production at one unit/day
• W56 Update:
• • Received final HVIP certification approval in Nov '23
  • Received first two fleet orders for W56 step van in Dec '23 in Jan '24, respectively
  • 178" stripped chassis, step van completing production launch in Q1 '24
  • Kicked off W56 208" wheelbase design and testing program
• Multiple product demonstrations with large last-mile fleets in process
• Expanded dealer network to 11 dealers nationwide
• Entered into partnerships with both W.W. Williams and Zeem Solutions to expand service and support options for customers

Growth in Stables by Workhorse

• +20% organic growth in routes Y/Y; 90% growth in revenue Q4 '23 vs. Q4 '22
• 7 Class 4 EV units in operation, W56 integration begins in Q1 '24
• "ICE to EV Transition" White Paper nearing completion
• Expect full fleet to be electrified in 2024

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Advancing Aero & Pivot to DaaS Model

• On-trackto secure FAA 44807 certification in Q1 '24

▪ Delivered 5 Horsefly units to USPFF in '24

▪ 5 FALCON units in field testing in Eastern Europe

• USDA/NCRS Programs
• • Earned 2 additional grants, $850K in Q1 '24
  • Additional grants or contracts expected in 1H '24
• Decision made to suspend drone design and mothball manufacturing to focus exclusively on DaaS business
• Continuing to evaluate strategic alternatives

Manufacturing Revitalization Complete

• Completed overhaul of Union City manufacturing complex
• • Capacity of 5,200 units/year on one shift
  • Shortest lead-time in NA CL5-6 step van industry
  • Completing launch of new paint line
  • Production will ramp in-line with new sales
• Entered sale/leaseback agreement for Union City manufacturing complex, target deal close Q2 '24

W4 CC and W750 Products

W4 CC

CL4, 7,000-lb. payload, 150-mile range

• First repeat orders from dealers in Q4 '23
• Demos with commercial & gov't fleets
• Multiple rear configurations & applications
• • 12-16'Box
  • Reefer (Morgan truck body, Polar steed)
  • Utility and service trucks
  • Flatbed/dump body

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W750 Step Van

CL4, 5000-lb. payload, 150-mile range

• Production capability currently 4 units/week
• Operating successfully at Stables for 9+ months
• Successful demos - industrial supplies, last-mile package delivery
• Expanding FedEx Ground demos & rentals

W56 Products

W56 Stripped Chassis

CL5-6,13,500-lb. payload at 23,000-lb. GVW

• >250,000-miledurability & systems testing completed
• SORP on August 28th, ramping to 2-3 units/day in Q1 '24
• • 100% of supplier parts & MFG processes are PPAP'd
• First P.O. received and in body upfit for linen supplier

+30 Days

W56 Step Van

CL5-6,10,000-lb. payload, 150-170-mile range at GVW

• Same rigorous testing standards as stripped chassis
• SORP September 21st, ramping to 2 units/day by EOY
• • 95% parts and MFG processes PPAP'd, complete in Q1
  • Completing paint line ramp-up in Q1
• Initial P.O.s received; multiple fleet demos underway
• Reefer unit displayed at NTEA Show

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W56 Production

W56 Chassis Line

• Running at planned rate
• Able to produce all four variants in sequence (178 SC, 178 SV, 208 SC, 208 SV)
• First-time-qualityrunning at world- class levels, with path to best-in-class in 2024

W56 Body Line	Paint Booth
▪ Ramp-rate on track and improving	▪ Ramp-rate on track and improving
▪ Able to produce all variants, final	▪ Able to run up to 2,800 vehicles per
equipment installed in Q1	year in three colors
▪ Launching 208" LWB version in Q3	▪ All environmental certifications
	received and fully operational

Design to Production in <22 Months!

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W56 Demos to P.O.s:

"Two for Two"

• First two product demos = two P.O.s!
• • Industrial linen service
  • Industrial supplies
• Multiple demos underway in Q1
• • Global package delivery companies
  • Industrial linen supplies
  • Step van lease fleets
• Order-to-Deliveryin 5-6 weeks
• • Includes custom upfit, paint, brand
  • Universally positive driver and fleet manager feedback on truck performance (payload, range)

Shortest Lead-Time for CL5-6 Step Van

in the NA industry!

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Established & Growing Dealer Network

Strategic Relationships with Commercial Vehicle Dealers Across the U.S.

• To help sell its product, Workhorse has established a strong, nationwide certified dealer network with service, targeting dealer locations in key commercial EV markets
• Workhorse has experienced strong fleet and dealer interest in its W56 vehicles, following successful durability testing and field demos in 2023
• The Company is currently targeting dealers along the East and West Coast, as well as additional dealers in the Southeast and Southwest
  Representative Dealers

Can Deliver Workhorse Trucks to All 50 States,

Current Dealer Coverage in 30 States

Thoughtful Dealer Selection Criteria

• Select locations along critical logistics corridors (i.e. major interstates)
• Select locations within Section 177 states with incentives - CA, NY, NJ, and NY (with a priority on CA)
• Strength of the dealer go-to-market plan for the electric vehicle presented
• Ability for the dealer to service electric vehicles (i.e. infrastructure, equipment, technical staff, etc.)
• Ability to upfit vehicles, either through its own capacity or through partnerships

Continuing to actively expand dealer

network with a target of 15-20 dealers by

the end of 2024

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