Workhorse Group Inc. Earnings Recaps
Q3 2025
Nov 12, 2025
Workhorse Group reported mixed Q3 2025 results, with sales totaling $2.4 million driven by increased recognition of deferred revenue, amid ongoing challenges in vehicle deliveries. The company is poised for a strategic merger with Motiv Electric Trucks, aiming to strengthen its position in the medium-duty electric vehicle market.
Key takeaways
- Sales decreased slightly year-over-year, reflecting challenges in vehicle deliveries despite recognizing $2.2 million in deferred revenue.
- Operating expenses reduced by $1.2 million from the prior year, indicating effective cost management efforts.
- Proposed merger with Motiv Electric Trucks expected to close in Q4 2025, enhancing growth potential and market share.
- New product offerings, including the Utilimaster Aeromaster body on the W56 chassis, aim to increase customer interest and sales.
- Workhorse showcased high operational uptime of 97% for its W56 step vans, reinforcing its reliability in the commercial EV space.
Q2 2025
Aug 19, 2025
Workhorse Group reported strong Q2 2025 results, shipping a record number of W56 step vans while significantly reducing operating expenses, amid a strategic merger with Motiv.
Key takeaways
- Achieved record shipments of 32 W56 trucks in Q2 2025, up from just 1 truck in Q2 2024.
- Revenue rose to $5.7 million, a significant increase from $800,000 in the prior year, driven primarily by higher demand for the W56.
- Operating expenses decreased by $7 million year-over-year, reflecting improved operational efficiency.
- Received an interim funding boost of approximately $25 million from Motiv's controlling investor, enhancing liquidity ahead of the merger.
- Continued development efforts for the W56, including a new 140-kilowatt design and integration of the Utilimaster Aeromaster van body.