Workhorse Group reports Q1 EPS ($4.68) vs. ($24.09) last year

Reports Q1 revenue $640,922 vs. $1.3M last year. “We continue to deliver high-quality electric trucks and build strong momentum as customer interest grows,” said Workhorse CEO Rick Dauch. “Our W56’s proven capabilities and recommendations from satisfied customers helped secure an initial order from Gateway Fleets, which will deploy the W56 across its vehicle network serving the independent service provider community during Q3. This initial order lays the foundation for a long-term partnership, and we look forward to building on it for years to come. Thus far in 2025, Workhorse has received purchase orders for a total of 27 W56 step vans, in both 178- and 208-inch wheelbases, as well as six W4 CC/W750 trucks. We are also currently negotiating with several potential customers regarding the purchase of additional W56 trucks. In addition to new orders, we began delivering our 208-inch extended wheelbase W56 step vans in April to a national customer through our partner, Revolv. We also secured a purchase order from a municipal fleet in Washington for two W4 CC trucks through one of our certified dealers, The Truck Shop. Expanding our product line remains a top engineering priority, and the development of the 140 kWh version of the W56 is progressing on schedule. We continue to receive strong feedback from potential customers at key industry events. In April, we further demonstrated the W56’s real-world performance and efficiency by completing a 2,400-mile drive across nine states, through diverse terrain and challenging weather, utilizing multiple charging networks. As we focus on securing purchase orders and delivering vehicles for customers, preserving cash and extending our financial runway remain key priorities. We’ve demonstrated our resilience in a challenging market, and we believe the value of our electric vehicle offering is clear. We’re confident in our position to capitalize on long-term EV market opportunities as we continue to execute for both our customers and stockholders.”