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- **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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

WKHS

WKHS fundamentals

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