Workhorse's Q1 2025 Earnings Call: Key Contradictions in Cash Management, Demand, and Production Capacity

Financial runway and cash management, customer demand and market shift, customer demand and order pipeline, production capacity and ramp-up plans, financial runway and cash position are the key contradictions discussed in Workhorse's latest 2025Q1 earnings call.



Customer Demand and Product Performance:
- Workhorse Group reported booking purchase orders for a total of 27 W56 step vans, covering both the 178-inch and 208-inch wheelbase models, slated for delivery within 60 to 120 days.
- The orders were driven by the strong reputation of the W56 as the best commercial EV step van and its proven performance in real-world fleet operations.

Cost Reduction and Financial Discipline:
- Workhorse successfully reduced operating expenses by $9.3 million year-over-year in Q1 2025.
- This was achieved by implementing employee furloughs, reducing headcount, and minimizing expenses in areas such as compensation, consulting, legal, marketing, IT, and insurance.

Dealer and Service Network Expansion:
- Workhorse expanded its dealer and service networks with the addition of two new Ziegler Company dealers and two certified service partners in key metro markets.
- This move aimed to enhance market coverage and ensure fast, reliable service where customers need it most, supporting rising demand and customer satisfaction.