Workhorse Group Earnings Call Transcripts
Fiscal Year 2026
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Q2 2026 saw revenue growth year-over-year but a decline on a pro forma basis, with a net loss of $20.2 million as integration and cost reduction efforts continued. The company is ramping production, expanding into the mobile AI data center market, and expects increased deliveries and backlog growth into 2027.
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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.
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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
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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.
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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.
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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.
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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.
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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.
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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
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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.
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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.
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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.