Workhorse and Motiv presented a strong second quarter performance with record truck shipments and significant financial improvements. The strategic merger with Motiv is expected to enhance their market position. However, increased costs of sales and reliance on external financing highlight underlying challenges. Despite these lowlights, the positives appear to outweigh the negatives.

Company Guidance

During the joint conference call, Workhorse Group and Motiv discussed their strategic merger, highlighting several key metrics and financial improvements. Workhorse secured 36 purchase orders and shipped a record 32 W56 step vans in Q2 2025, demonstrating increasing demand and operational success. The company reported a significant year-over-year improvement with sales reaching $5.7 million, a $4.8 million increase, driven by higher shipments. Operating expenses decreased by $7 million, contributing to a net loss improvement from $55.5 million in 2024 to $35.4 million in 2025. The merger is expected to close in Q4 2025, with Workhorse shareholders owning approximately 26.5% of the combined company, which aims to enhance financial positioning, operational efficiency, and market reach in the medium-duty electric vehicle segment.

Record Truck Shipments

In the second quarter of 2025, Workhorse secured 36 purchase orders for W56 step vans and shipped a record 32 trucks, a significant increase from the previous year's single truck shipment.

Financial Improvement

Workhorse reported a $4.8 million increase in sales due to higher W56 shipments and a decrease in operating expenses by $7 million year-over-year.

Strategic Merger with Motiv

Workhorse and Motiv are merging to create a leading North American medium-duty electric truck OEM, combining product portfolios and strengthening financial positions.

Cost Reductions

SG&A expenses decreased by $6.3 million compared to the prior year, and research and development expenses decreased by $700,000.

Reduced Net Loss

The net loss for the first half of 2025 improved from $55.5 million in 2024 to $35.4 million in 2025, with operating expenses down by $16.3 million year-over-year.

Workhorse Group (WKHS) Earnings, Revenues Date & History

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WKHS Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 18, 2025	2025 (Q3)	-1.45 / -	-12.25	―	―	―
Aug 19, 2025	2025 (Q2)	-3.98 / -1.67	-17.5	90.46% (+15.83)
May 15, 2025	2025 (Q1)	- / -4.68	-25	81.28% (+20.32)
Mar 31, 2025	2024 (Q4)	-4.00 / -4.68	-25	81.28% (+20.32)
Nov 19, 2024	2024 (Q3)	-10.40 / -12.25	-35	65.00% (+22.75)
Aug 20, 2024	2024 (Q2)	-18.03 / -17.50	-30	41.67% (+12.50)
May 20, 2024	2024 (Q1)	-23.13 / -25.00	-37.5	33.33% (+12.50)
Mar 12, 2024	2023 (Q4)	-22.36 / -42.50	-60	29.17% (+17.50)
Nov 14, 2023	2023 (Q3)	-30.00 / -35.00	-55	36.36% (+20.00)
Aug 08, 2023	2023 (Q2)	-35.00 / -30.00	-32.5	7.69% (+2.50)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

WKHS Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 19, 2025	$1.61	$1.45	-9.94%
May 15, 2025	$1.00	$0.90	-10.00%
Mar 31, 2025	$1.94	$1.84	-5.15%
Nov 19, 2024	$15.25	$13.12	-13.97%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.