What is the revenue and EPS growth rate for Workhorse Group year over year?

What factors drove the changes in Workhorse Group's revenue and profit?

What does Workhorse Group do and what are its main business segments?

What is Workhorse Group's latest dividend and current dividend yield?

Did Workhorse Group beat or miss consensus estimates last quarter?

What were the key takeaways from Workhorse Group's earnings call?

What guidance did Workhorse Group's management provide for the next earnings period?

What is the market's earnings forecast for Workhorse Group next quarter?

- **Q3 Execution**: 15 W56 step vans sold with 97% uptime, $20M facility sale-leaseback, and $5M financing strengthen liquidity to $38.2M.
- **Strategic Merger**: Workhorse-Motiv combination to expand product portfolio and access $20M post-close debt financing.
- **Cost Optimization**: Operating expenses down $1.2M YoY; 2026 W56 launch targets 10% lower price and 120-mile range with improved manufacturing efficiency.
- **Market Expansion**: HVIP voucher utilization in California driving repeat orders, with growing interest in Washington and New York.

**【CEO Summary Section】**
- Delivered 15 W56 step vans in Q3, maintaining 97%+ uptime with FedEx and independent service providers.
- Expanded product flexibility with the Utilimaster Aeromaster body on W56 chassis, eligible for $85,000 California HVIP vouchers.
- Reduced operating expenses by $1.2M YoY, completing $20M sale-leaseback of Union City facility and $5M convertible note financing.
- Proposed merger with Motiv Electric Trucks to accelerate growth, with $20M post-close debt financing available.

**【CFO Financial Commentary】**
- Q3 2025 sales: $2.4M (down 4% YoY), cost of sales: $10.1M (up 53% YoY due to inventory reserves).
- Operating expenses decreased by $1.2M YoY, net loss narrowed to $7.8M (from $25.1M YoY).
- Recognized $13.8M gain from Union City sale-leaseback and $4.8M from Tropos agreement termination.
- Cash balance: $38.2M (up from $4.6M YoY) due to Motiv-related financing.

**【Q&A Highlights】**
- **State Incentives**: Beyond California, seeing traction in Washington and New York; W56 step vans achieve 55-65% total cost of ownership reduction.
- **Cost Trends 2026**: Bill of materials and labor costs expected to decline with production scale; 2026 W56 launch targeting $85,000 price reduction and 120-mile range.
- **Production Efficiency**: Achieved zero post-production touch-ups on recent builds, with de-escalator clauses in supplier contracts for volume discounts.

Workhorse Group Inc. (WKHS) Q3 2025 Earnings Call Transcript

- **Record Growth**: Q2 2025 W56 shipments up 3,100% YoY, with 60+ vehicles in operation, validating EV transition in last-mile delivery.
- **Strategic Merger**: $105M combined entity with Motiv, positioning as North America's largest medium-duty EV OEM. $25M interim funding supports debt repayment and operations.
- **Financial Efficiency**: Operating expenses down $16.3M YoY, net loss improvement to $35.4M (vs. $55.5M in 2024).
- **Market Expansion**: Targeting Class 4-6 trucks with 10+ major fleets, leveraging NJ ZIP and California incentives. Dealer network expansion and joint R&D to drive 2026+ growth.
- **Synergy Potential**: $20M+ annual savings by 2026, focusing on TCO reduction and scale advantages.

**【CEO Summary Section】**
- **Q2 2025 Performance**: Workhorse shipped a record 32 W56 step vans, up from 1 in Q2 2024, with 60+ vehicles in operation. Revenue growth driven by W56 demand, despite industry adoption delays.
- **Strategic Merger with Motiv**: Combined entity to create North America's leading medium-duty EV OEM. Transaction includes $20M sale-leaseback and $5M convertible note, providing liquidity for debt repayment and operations.
- **Product Expansion**: Completed durability testing for 140kW W56 (100-mile range) and integrated Utilimaster Aeromaster body, expanding configurations for 2026 launch.
- **Financial Efficiency**: Operating expenses decreased by $7M YoY, with near-term liquidity bolstered by $25M interim funding from Motiv's investor.

**【CFO Financial Commentary】**
- **Revenue**: Q2 2025 sales of $5.7M vs. $0.8M in 2024, driven by W56 shipments. First-half 2025 revenue up $4.1M YoY.
- **Cost Management**: SG&A expenses down $6.3M YoY to $5.8M, R&D down $0.7M to $1.2M. Net loss improved to $35.4M (vs. $55.5M in 2024), excluding fair value adjustments.
- **Balance Sheet**: $2.2M cash, $32.8M inventory, and $10.8M accounts payable. Fair value of 2024 notes at $39.5M, with $1.6M net gain from conversions.

**【Q&A Highlights】**
- **Merger Synergies**: Expected $20M+ annual synergies by 2026, including cost reductions and TCO improvements. Combined product portfolio targets Class 4-6 trucks, with focus on fleets like FedEx, Purolator.
- **Financing**: $20M debt facility at close, split between ABL and working capital. Post-close, plans to raise additional capital for 2026+ growth.
- **Market Access**: Leveraging Motiv's relationships in New Jersey (NJ ZIP voucher program) and California (CARB incentives) to accelerate fleet adoption. Workhorse's dealer network (19 locations) complements Motiv's direct sales model.
- **Product Roadmap**: Joint development of Class 5/6 cab chassis and expansion into school buses/shuttles, targeting low-mile, high-visibility use cases.
- **Customer Confidence**: Strong feedback from fleets on combined company's balance sheet and manufacturing capabilities, with potential orders contingent on merger completion.

Workhorse Group Inc. (WKHS) Q2 2025 Earnings Call Transcript

- **Revenue Growth**: Q1 2025 bookings of 27 W56 step vans, including first order from Gateway Fleets, with 18 trucks shipped in Q2 (vs. full-year 2024 volume).
- **Operational Excellence**: W56 step van achieved 96% uptime in real-world conditions, with 27 MPGe highway efficiency and 1,200 cubic feet cargo capacity in extended model.
- **Cost Efficiency**: $9.3 million YoY operating expense reduction, monthly cash burn below $3 million, and $2.6 million cash on hand.
- **Strategic Expansion**: CMVSS certification for Canada, new dealer/service partnerships in key markets, and telematics integration with Geotab.
- **Financial Resilience**: Reduced SG&A by 52% and R&D by 57%, with focus on converting debt to equity and maintaining financial runway.

**【Management Opening Remarks】**
- Stan March provided an overview of the call agenda, highlighting the release of Q1 2025 financial results and the accompanying investor presentation. He emphasized the company's focus on execution, partnerships, and financial discipline.

**【CEO Strategic Update】**
- **Revenue Growth and Orders**: Booked 27 W56 step van purchase orders (178-inch and 208-inch wheelbase models) for delivery within 60-120 days, including an initial order from Gateway Fleets. Delivered FedEx's 2024 order of 178-inch W56s to three terminals, expanding to 12 terminals by Q2 end.
- **Product Differentiation**: W56 step van achieved 96% uptime in real-world conditions, with 27 MPGe highway efficiency. Extended wheelbase 208-inch model delivers 1,200 cubic feet of cargo space without range compromise.
- **Partnerships**: Expanded dealer network with two new Ziegler dealers in Washington and Wisconsin, and added service partners in California and New York. Secured CMVSS certification for Canada, with demos planned for key fleets.
- **Cost Management**: Reduced operating expenses by $9.3 million YoY, maintaining cash preservation as a priority.

**【CFO Financial Commentary】**
- **Revenue**: Q1 2025 sales of $600,000 (down 54% YoY) due to Aero divestiture and lower truck sales. Cost of sales decreased 31% to $5.2 million, driven by lower volume and cost controls.
- **Expenses**: SG&A down 52% to $6.8 million, R&D down 57% to $1.5 million, reflecting headcount reductions and cost optimization.
- **Liquidity**: $2.6 million cash and $27.9 million restricted cash as of March 31, 2025. Monthly operating cash reduced to below $3 million, with $118,000 in Q1 capex.
- **Debt Management**: Converted $5.9 million of convertible notes to stock, recording a $2.9 million fair value loss. Fair value of outstanding warrants was $5.1 million.

**【Q&A Highlights】**
- **Sales Momentum**: 18 trucks shipped in Q2 (vs. full-year 2024 volume), with focus on securing larger fleet orders.
- **Battery Supply Chain**: Assessing new North American battery suppliers to strengthen resilience.
- **Market Position**: Only North American OEM producing complete electric step vans in-house, with six Class 4-6 models in production and four variants in development.


Workhorse Group Inc. (WKHS) Q1 2025 Earnings Call Transcript

- **Product Success**: W56 step van achieves 93-97% uptime, 150+ mile range, and 27-31 MPGe efficiency, with 13-unit order secured for Q2.
- **Cost Control**: 60% headcount reduction and $13.1M SG&A expense decline, reducing monthly cash burn to <$3M.
- **Financial Challenges**: Full-year 2024 net loss $101.8M, with no revenue guidance due to uncertain EV adoption pace.
- **Market Risk**: Regulatory delays and fleet hesitancy slow growth, but long-term cost savings (22% lower than ICE) position Workhorse for recovery.

**【CEO Strategic Update】**
- **Market Challenges**: Regulatory pauses (e.g., California EPA waiver withdrawal) and federal fleet procurement freezes have delayed EV adoption, with several fleets pausing investments.
- **Product Strengths**: W56 step van demonstrates real-world performance, including 150+ mile range, 27-31 MPGe efficiency, and 93-97% uptime in peak season. New 208-inch wheelbase variant secured 13-unit order for Q2 delivery.
- **Cost Control**: 60% headcount reduction and $13.1M SG&A expense decline in 2024, with monthly cash burn reduced to <$3M.
- **Partnerships**: FedEx signed 3-year master agreement, and Workhorse is testing with a major Canadian fleet in Q2.

**【CFO Financial Highlights】**
- **Revenue**: Full-year 2024 sales $6.6M (vs. $13.1M in 2023), driven by W56 growth offsetting W4 CC declines.
- **Cost Efficiency**: $9.5M cost of sales reduction via inventory management and lower employee costs. R&D expenses down 63% to $9.1M.
- **Financial Health**: $4.6M cash on hand, $41.8M inventory, and 1-for-12.5 reverse stock split to maintain NASDAQ listing.
- **Losses**: Net loss $101.8M (vs. $123.9M in 2023), with no revenue guidance due to market uncertainty.

**【Q&A Key Takeaways】**
- **Order Momentum**: 13-unit W56 order secured, with demos in Canada and discussions with Fortune 500 fleets.
- **Financial Runway**: Focus on cost discipline and preserving cash, with no immediate need for additional financing.
- **Market Outlook**: EV adoption lagging expectations, but long-term fundamentals (e.g., 22% lower operating costs vs. ICE) remain strong.

Actual									-75	-5280	-2340	6900	-3120	-1050	-1882.737	-3480	-450	-390	-660	-720	-450	-360	-420	-510	-300	-210	-147	36.72	-56.16	-20.04	-6
Forecast									-390	-322.5	-306	-390	-510	-620.7	-1002.8571	-406.3468	-347.1429	-351.4286	-370	-540	-534	-420	-360	-268.35	-277.575	-216.32	-124.785	-63.75	-48	-47.76	-17.4	-8.88
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+80.77%	-1537.21%	-664.71%	+1869.23%	-511.76%	-69.16%	-87.74%	-756.41%	-29.63%	-10.98%	-78.38%	-33.33%	+15.73%	+14.29%	-16.67%	-90.05%	-8.08%	+2.92%	-17.80%	+157.60%	-17.00%	+58.04%	+65.52%	0.00%

Actual	--	--	--	--	--	--	--	--	84.30K	91.94K	564.71K	652.00K	521.06K	1.20M	-576.60K	-2.00M	14.30K	12.55K	1.50M	3.45M	1.69M	3.97M	3.03M	4.40M	1.34M	842.44K	2.51M	1.93M	640.92K	5.67M	2.38M	--
Forecast	--	--	--	--	--	--	--	--	2.50K	275.00K	1.81M	1.32M	2.33M	4.56M	895.50K	75.17K	14.89K	14.29K	2.57M	10.76M	9.86M	13.87M	20.94M	2.84M	3.62M	4.19M	3.42M	3.06M	2.00M	2.30M	2.50M	2.50M
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+3272.00%	-66.57%	-68.80%	-50.55%	-77.68%	-73.60%	-164.39%	-2759.61%	-3.94%	-12.12%	-41.60%	-67.95%	-82.82%	-71.39%	-85.54%	+55.10%	-62.97%	-79.92%	-26.62%	-37.15%	-67.95%	+146.50%	-4.60%	0.00%

WKHS

WKHS fundamentals

WKHS Q4 2025 Earnings Preview

Earnings Call

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WKHS

WKHS fundamentals

WKHS Q4 2025 Earnings Preview

Earnings Call

WKHS Earnings Call Summary for Q4/2025Today4:30 PM on Mar 31, 2026

WKHS Earnings Call Summary for Q3/202510:00 AM on Nov 11, 2025

WKHS Earnings Call Summary for Q2/202510:00 AM on Aug 19, 2025

WKHS Earnings Call Summary for Q1/20258:00 AM on May 15, 2025

WKHS Earnings Call Summary for Q4/2024Invalid Date on Mar 31, 2025

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