Workhorse Achieves Record Q2 Results, Announces $20M Synergy Target and Strategic Merger with Motiv to Drive Medium-Duty EV Growth.

Workhorse Group Inc. (WKHS) reports record Q2 results with 36 purchase orders and 32 W56 step vans shipped. CEO Richard F. Dauch announces a strategic merger with Motiv to accelerate medium-duty EV growth, aiming for $20M synergy target. The merger aims to expand Workhorse's customer base and increase its market share in the medium-duty EV market.

Workhorse Group Inc. (NASDAQ: WKHS) reported its second-quarter 2025 results, showcasing record deliveries and a significant strategic move to accelerate growth in the medium-duty electric truck market. The company announced a merger with Motiv Electric Trucks to create a leading North American medium-duty electric truck manufacturer.

In Q2 2025, Workhorse delivered 32 W56 step vans and secured 36 purchase orders, marking a substantial increase from the prior year. The company's sales reached $5.7 million, up from $0.8 million in the same period last year. Despite the sales growth, Workhorse remains unprofitable, with a negative gross margin of -130% compared to -812% in Q2 2024. The company has been focusing on cost reduction, decreasing operating expenses by $7.0 million year-over-year, driven by reductions in SG&A expenses and R&D expenses.

The merger with Motiv Electric Trucks is a strategic pivot to strengthen Workhorse's financial position. The definitive merger agreement includes a $20 million sale-leaseback of Workhorse's Indiana facility and a $5 million secured convertible note. These funds will address Workhorse's precarious cash position, which stood at $2.2 million as of June 30, with $22.5 million in restricted cash. The liquidity infusion is timely given the company's inventory of $32.8 million and accounts payable of $10.8 million.

Workhorse's CEO, Rick Dauch, stated, "Our second quarter results reflect Workhorse’s continued efforts to advance our product roadmap, secure purchase orders and deliver exceptional vehicles for our customers." The merger with Motiv aims to expand Workhorse's customer base and increase its market share in the medium-duty electric truck market.

Workhorse and Motiv management will hold a joint conference call on Tuesday, August 19th, at 10:00 a.m. Eastern Time to discuss these financial results and the companies’ recently announced agreement.

References:
[1] https://www.stocktitan.net/news/WKHS/workhorse-group-reports-second-quarter-2025-nsfzgah2jb1l.html