Workhorse Group Earnings Call Transcripts
Fiscal Year 2026
-
The meeting covered four key proposals: director elections, executive compensation, auditor ratification, and an expanded long-term incentive plan. Quorum was confirmed, voting procedures were followed, and the meeting concluded after all proposals were presented.
-
Integration and operational consolidation progressed, with new modular chassis and Class 5/6 cab chassis initiatives launched. Q1 revenue rose to $4.3M, but gross margin remained negative due to high costs. Major orders and industry partnerships signal growing demand and improved liquidity.
Fiscal Year 2025
-
Merger integration is nearly complete, with expanded product offerings and strong customer engagement driving revenue growth. Cost synergies and manufacturing consolidation are on track, supporting a clear path to profitability by 2028.
-
Seven key proposals, including a merger-related stock issuance and reverse stock split, were approved by shareholders. The Motiv transaction is expected to close in Q4 2025, with integration planning already underway and a focus on U.S.-based EV manufacturing leadership.
-
The annual meeting was called to order to vote on nine proposals, but a quorum was not present. The meeting was adjourned and rescheduled for November 25, 2025, with notice provided to all attendees.
-
Q3 2025 saw progress in product sales, cost reductions, and a narrowed net loss, supported by state incentives and strong fleet demand. The proposed Motiv merger and recent financings have strengthened the financial position, with a focus on scaling production and expanding the product lineup.
-
Workhorse and Motiv announced a merger to form a leading medium-duty electric truck OEM, with strong Q2 2025 results, improved financials, and a robust product roadmap. The combined entity will benefit from expanded scale, new financing, and a focus on large fleet customers.
-
Q1 2025 saw lower sales but significant cost reductions and growing momentum for W56 step vans, with new orders from major fleets and government channels. Financial discipline remains a priority amid market volatility, with production ramping to meet rising demand.
Fiscal Year 2024
-
2024 saw lower sales and a narrowed net loss amid regulatory and market headwinds, with disciplined cost reductions and strong W56 product performance. Focus remains on extending financial runway, ramping production, and securing large fleet orders.
-
Secured a major FedEx agreement and GSA contract, driving new commercial and government fleet opportunities. Q3 sales declined year-over-year due to non-recurring items, but cost reductions improved net loss and cash burn. Focus remains on order growth and financial stability.
-
Q2 2024 saw lower sales and a wider net loss amid slow EV adoption and regulatory delays. Cost-cutting actions, including divestitures and workforce reductions, reduced cash burn, while new orders and partnerships offer optimism for 2025.