This article first appeared on GuruFocus.
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Revenue: $2.4 million for Q3 2025, a decrease from $2.5 million in Q3 2024.
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Cost of Sales: $10.1 million for Q3 2025, up from $6.6 million in Q3 2024.
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Selling, General and Administrative Expenses (SG&A): $7.8 million for Q3 2025, slightly up from $7.7 million in Q3 2024.
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Research and Development Expenses (R&D): $1.1 million for Q3 2025, down from $2.3 million in Q3 2024.
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Net Loss: $7.8 million for Q3 2025, an improvement from $25.1 million in Q3 2024.
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Gain on Sale of Assets: $13.8 million, primarily from the sale-leaseback of the Union City facility.
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Cash and Cash Equivalents: $38.2 million as of September 30, 2025, compared to $4.6 million in the same period last year.
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Operating Expenses Reduction: Decreased by $1.2 million year-over-year.
Release Date: November 11, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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Workhorse Group Inc (NASDAQ:WKHS) completed the sale of 15 trucks, reflecting strong operating performance and positive customer feedback.
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The company maintained financial discipline, reducing operating expenses by $1.2 million year-over-year.
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Workhorse Group Inc (NASDAQ:WKHS) announced the availability of the Utilimaster Aeromaster body on its all-electric W56 strip chassis, expanding its product portfolio.
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The W56 step van is eligible for California’s HVIP vouchers, providing significant financial incentives for customers.
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The proposed merger with Motiv Electric Trucks is expected to accelerate growth and expand the product lineup, positioning Workhorse Group Inc (NASDAQ:WKHS) for long-term success.
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Sales decreased by $100,000 compared to the same period last year, primarily due to lower truck deliveries.
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Cost of sales increased by $3.5 million, driven by an increase in inventory excess and obsolescence reserve.
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Selling, general, and administrative expenses increased by $100,000 due to higher consulting and legal expenses related to the proposed Motiv merger.
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Research and development expenses decreased, indicating potential underinvestment in innovation.
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The company reported a net loss of $7.8 million, although this was an improvement from the previous year’s loss.
Q: How are state-level incentives for the W56 step van progressing across the US, and what opportunities exist beyond California? A: Richard Dauch, CEO, explained that Workhorse has successfully leveraged California’s HVIP vouchers, leading to increased orders from FedEx ground operators. The company is now focusing on similar opportunities in Washington and New York, where they see promising movement in state-level incentives.
Q: As production ramps up for the W56 vehicle, how should costs be expected to trend in 2026? A: CFO Robert Ginnan noted that costs will improve as production increases, with a focus on reducing the bill of materials through engineering and supply chain efficiencies. Labor costs will also decrease as production stabilizes. CEO Richard Dauch added that de-escalators in purchase contracts will further reduce costs as volumes increase.
Q: What are the operational benefits observed from the W56 step vans in the field? A: Richard Dauch highlighted that the W56 step vans have achieved a 97-98% uptime and are delivering a 55-65% reduction in total cost of operation due to no fuel costs and minimal spare parts requirements. This reliability and cost efficiency are strong selling points for fleet operators.
Q: How is Workhorse preparing for the production launch of the W56 140-kilowatt vehicle in 2026? A: Richard Dauch stated that the company is finalizing plans for the new vehicle, which will have a range of approximately 120 miles and a 10% lower acquisition price. The merger with Motiv is expected to broaden the product lineup and accelerate the shared product roadmap.
Q: What are the anticipated benefits of the merger with Motiv for Workhorse? A: Richard Dauch emphasized that the merger with Motiv will lower operating costs, expand the product portfolio, and enhance long-term success opportunities. The merger is seen as a strategic move to deliver greater value to shareholders and strengthen Workhorse’s position in the commercial EV market.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.