Monitor for execution of the definitive Supply Agreement by the December 31, 2026 target date, which would convert the non-binding LOI into a binding commitment and provide visibility on the 150-unit order's value and terms. Also watch for Workhorse's ability to achieve Completion of the spec unit within the 12-month Outside Date.
Price Chart
Executive Summary
Workhorse Group Inc. entered into a $10 million Manufacturing Spec Unit Purchase Agreement with Rhaelm Holdings Limited to build a full-scale TerraPod modular data center manufacturing spec unit. The companies also signed a non-binding Letter of Intent targeting a definitive Supply Agreement by December 31, 2026, which contemplates a contingent initial order for 150 TerraPod systems. This partnership marks Workhorse's entry into the modular AI infrastructure market, but the LOI is non-binding and the 150-unit order is contingent on multiple conditions with no guarantee of execution.
Key Financial Metrics
Key Facts
- Rhaelm will pay Workhorse $10,000,000 in three installments ($6M on effective date, $2M at Milestone 1 or 15 days, $2M at Milestone 2 or 30 days) to build a single non-functional manufacturing spec unit of the TerraPod system
- Non-binding LOI targets a definitive Supply Agreement by December 31, 2026, with a contingent initial order for 150 TerraPod systems
- Contingent 150-unit order is conditioned on execution of the Supply Agreement, Rhaelm's acceptance of the co-developed platform, definitive documentation, and required internal approvals by Rhaelm
- Workhorse retains ownership of all Developed Intellectual Property Rights; Rhaelm receives only a limited license in certain failure scenarios
- Workhorse believes TerraPod production can begin in late 2027 or early 2028
- The Blueprint Collaboration includes Rhaelm, Dell, and Jera (announced October 1, 2026)
Financial Impact
$10 million in guaranteed fees for a single manufacturing spec unit; potential future revenue from 150-unit order (value undisclosed) is contingent and non-binding
Risk Factors
- The LOI is non-binding and there is no assurance a definitive Supply Agreement will be signed
- The 150-unit contingent order is subject to multiple conditions (platform acceptance, definitive documentation, internal approvals) that may not be satisfied
- Workhorse has a market cap of only $28M and may lack the capital to scale TerraPod production without additional funding
- The spec unit is explicitly non-functional and not production-ready; commercial production is not expected until late 2027 or early 2028 at the earliest
- Workhorse's ability to obtain Consortium Partner consents for the Blueprint is uncertain and could delay the project
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-068250 |
| Exhibit: exhibit991workhorse-rhaelm.htm | 0001628280-26-068250 |
| Document: wkhs-20261028.htm | 0001628280-26-068250 |
| Document: 0001628280-26-068250-index-headers.html | 0001628280-26-068250 |
| Document: 0001628280-26-068250-index.html | 0001628280-26-068250 |
| Document: 0001628280-26-068250.txt | 0001628280-26-068250 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 3d ago | 8-K | $3.05 | awaiting T+60 | awaiting T+60 | $2.95 (−3.28%) |
Oct 29, 2026 3d ago | Press Release | $2.81 | awaiting T+60 | awaiting T+60 | $2.95 (+4.99%) |
Oct 9, 2026 23d ago | 144 | $2.98 | awaiting T+60 | awaiting T+60 | $2.95 (−1.01%) |
Jul 28, 2026 13w ago | 8-K | $2.97 $2.65 | ▼ −10.77% | ▼ −15.12% | $2.95 (−0.67%) |
Jul 23, 2026 14w ago | 8-K | $2.71 $2.66 | ▼ −1.84% | ▼ −5.57% | $2.95 (+8.86%) |
Jul 15, 2026 15w ago | Press Release | $2.61 | awaiting T+60 | awaiting T+60 | $2.95 (+13.03%) |
Jul 13, 2026 15w ago | 8-K | $2.64 $2.94 | ▲ +11.36% | ▲ +7.99% | $2.95 (+11.74%) |
Jun 30, 2026 17w ago | 8-K | $2.94 $2.91 | ▼ −1.02% | ▼ −3.89% | $2.95 (+0.34%) |
Jun 17, 2026 19w ago | 8-K | $3.03 $2.99 | ▼ −1.32% | ▼ −3.21% | $2.95 (−2.64%) |
May 20, 2026 23w ago | DEFA14A | $3.17 $3.31 | ▲ +4.42% | ▲ +0.12% | $2.95 (−6.94%) |
US Market Status
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