The earnings call presented a balanced view with significant progress in product development and financial discipline, but also highlighted challenges with decreased sales and increased costs. The proposed merger with Motiv is seen as a strategic move to enhance growth and financial stability.

Company Guidance

During the Q3 2025 Earnings Conference Call, Workhorse Group provided several key financial and operational metrics for the quarter ending September 30, 2025. The company reported sales of $2.4 million, slightly down from $2.5 million the previous year, with a net loss of $7.8 million compared to $25.1 million in Q3 2024. Operating expenses decreased by $1.2 million year-over-year, and the company had $38.2 million in cash and cash equivalents as of September 30, 2025. Workhorse completed the sale of 15 trucks and maintained a strong position with the W56 step van, which has a 97% or greater uptime availability. The company announced a proposed strategic transaction with Motiv Electric Trucks and completed a $20 million sale-leaseback transaction, alongside a $5 million secured convertible note, to strengthen its financial position. The W56 platform remains eligible for California HVIP vouchers of $85,000 per truck.

Product Roadmap and Sales Expansion

Completed the sale of 15 trucks in Class 4 and 5/6 versions. Expanded product portfolio and maintained strong operating performance with positive customer feedback for the W56 platform.

Financial Discipline and Cost Reduction

Operating expenses decreased by $1.2 million year-over-year through disciplined cost management. Continued actions to reduce operating and overhead costs.

Proposed Merger with Motiv

Announced a definitive agreement to combine with Motiv Electric Trucks to accelerate growth and expand product lineup, providing potential upside for shareholders.

W56 Step Van Performance

W56 step vans operating at 97% or greater uptime availability and eligible for California HVIP vouchers of $85,000 per truck.

Improved Financial Position

Net loss reduced to $7.8 million from $25.1 million year-over-year. Cash and cash equivalents increased to $38.2 million from $4.6 million in the same period last 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
Mar 03, 2026	2025 (Q4)	-0.74 / -	3.06	―	―	―
Nov 10, 2025	2025 (Q3)	-1.45 / -0.50	-12.25	95.92% (+11.75)
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)

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
Nov 10, 2025	$0.78	$0.71	-8.97%
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%

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.