Workhorse Group Earnings Call Transcripts
Fiscal Year 2026
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Integration and product expansion progressed, with revenue up year-over-year and major orders secured. Losses widened due to higher costs, but liquidity improved and new chassis initiatives aim to close the price gap with ICE vehicles. Strong market demand and rising fuel costs support growth.
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 execution, cost reduction, and a narrowed net loss, with strong W56 step van performance and state incentives driving demand. The proposed Motiv merger and recent financing have strengthened liquidity, positioning for growth and expanded offerings.
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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.