Workhorse raises customer-order credit by $10M in quick re-raise
What's the deal? Workhorse GroupDealroom has a profile for this one. Try Dealroom → amended its Customer Order and Cash Flow credit agreements with Motive GM Holdings II LLC on October 27, 2026, raising the Customer Order commitment from $20 million to $30 million. Interest on the added $10 million loan is deferred until the first interest payment date after March 31, 2027.
Why now? The electric-vehicle maker has leaned on lender-backed financing throughout 2026, with repeated amendments shifting capacity toward cash-flow borrowing and postponing interest. The latest change is a quick re-raise rather than a new equity round.
What's the endgame? The added flexibility is aimed at funding operations and customer-order production. The move follows a late-October agreement under which Rhaelm Holdings will pay $10,000,000 for Workhorse to build a full-scale TerraPod manufacturing unit in Union City, Indiana.
What could go wrong? The deferrals are temporary and do not resolve the company's cash burn. By June 30, Workhorse held $9.6 million in cash and had used $40.6 million in operating cash in the first half.
The signal: With a market cap near $32.24 million and persistent losses, Workhorse's repeated credit amendments point to ongoing liquidity management. The facility buys time for its production ramp, but the underlying financial pressure remains.
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