Financial Data and Key Metrics Changes - The annual meeting was adjourned due to the lack of a quorum, indicating potential issues with shareholder engagement or voting participation [2][3]. Business Line Data and Key Metrics Changes - No specific business line data or key metrics were discussed during the meeting as it was primarily focused on procedural matters [1][4]. Market Data and Key Metrics Changes - There were no updates on market data or key metrics provided in the meeting [1][4]. Company Strategy and Development Direction and Industry Competition - The company is actively seeking to obtain a quorum for the annual meeting, which reflects its commitment to shareholder engagement and governance [3]. Management's Comments on Operating Environment and Future Outlook - Management did not provide comments on the operating environment or future outlook during this meeting due to its adjournment [1][4]. Other Important Information - The meeting is rescheduled to November 25, 2025, and will be held virtually, indicating a shift towards digital engagement with shareholders [3]. Q&A Session All Questions and Answers - There were no questions or answers during this meeting as it was adjourned before any discussions could take place [2][4].

Core Points - Workhorse Group, Inc. has adjourned its 2025 Annual General Meeting of Shareholders to November 25, 2025, to allow more time for shareholders to vote on proposals [1][2] - The company emphasizes the importance of shareholder participation in voting for the proposed merger with Motiv and other proposals to secure long-term growth opportunities [3][4] - Independent proxy advisory firms have recommended that shareholders vote in favor of the merger, highlighting its potential value [5] Company Overview - Workhorse Group, Inc. is focused on transitioning to zero-emission commercial vehicles, designing and building vehicles in the U.S. for last-mile delivery and medium-duty operations [9] Voting Information - Shareholders of record as of September 18, 2025, are entitled to vote, and those who have already voted do not need to take further action [6] - Voting can be done via proxy card, online, or by phone, with additional information available on the company's website [8]

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Financial Data and Key Metrics Changes - For Q3 2025, net sales were $2.4 million, a decrease of $100,000 from $2.5 million in Q3 2024, primarily due to lower truck deliveries [10] - Cost of sales increased to $10.1 million from $6.6 million year-over-year, driven by a $3.3 million increase in inventory excess and obsolescence reserve [11] - Net loss for Q3 2025 was $7.8 million, significantly improved from a loss of $25.1 million in the same period last year [12] - The company recognized a gain on the sale of assets of $13.8 million related to the sale leaseback of its Union City facility [13] - Cash and cash equivalents increased to $38.2 million from $4.6 million year-over-year, bolstered by $25 million in funding from Motiv's controlling investor [13][14] Business Line Data and Key Metrics Changes - The company sold 15 trucks during the quarter, reflecting progress in scaling sales and expanding the product portfolio [4] - The W56 step van continues to gain traction, with significant customer demand and positive feedback, achieving a 97% uptime availability in operations [5][8] Market Data and Key Metrics Changes - The company is actively engaging with logistics providers and service fleets to build order interest through its national dealer network [5] - The W56 step van is eligible for California's HVIP vouchers, which can provide $85,000 per truck, enhancing its market competitiveness [7] Company Strategy and Development Direction - The proposed transaction with Motiv aims to create a stronger entity in North America's medium-duty electric truck market, accelerating growth and expanding the product lineup [8][9] - The company is focused on cash conservation, expense reduction, and operational efficiencies while preparing for the production launch of the W56 140 kW vehicle in 2026 [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver value to shareholders and emphasized the importance of completing the transaction with Motiv [15][16] - The company is optimistic about the future, citing a potential 55-65% reduction in total cost of operation for its trucks compared to traditional vehicles [26] Other Important Information - The company completed a sale leaseback transaction for $20 million and secured a $5 million convertible note financing, strengthening its financial position [9][13] - The annual general shareholder meeting is scheduled for November 12, 2025, where shareholder approval for the Motiv transaction is sought [16] Q&A Session Summary Question: Broader market outlook for state-level incentives beyond California - Management noted successful engagement with California's HVIP vouchers, leading to increased orders, and mentioned positive developments in Washington and New York regarding similar incentives [20] Question: Cost trends as production ramps up in 2026 - Management indicated that both bill of material costs and labor costs are expected to improve as production increases, with ongoing efforts to reduce costs through engineering and supply chain optimization [22][23] Question: Total cost of operation reduction for trucks - Management highlighted that operational data shows a 55-65% reduction in total cost of operation, emphasizing the benefits of electric trucks over traditional vehicles [26]

Financial Data and Key Metrics Changes - For Q3 2025, net sales were $2.4 million, a decrease of $100,000 from $2.5 million in Q3 2024, primarily due to lower truck deliveries offset by an increase in deferred revenue recognition [10][11] - Cost of sales increased to $10.1 million from $6.6 million year-over-year, primarily due to a $3.3 million increase in inventory excess and obsolescence reserve [10][11] - Net loss for Q3 2025 was $7.8 million, significantly improved from a loss of $25.1 million in the same period last year [12] - Cash and cash equivalents increased to $38.2 million from $4.6 million year-over-year, bolstered by $25 million in funding from Motiv's controlling investor [13][14] Business Line Data and Key Metrics Changes - The company sold 15 trucks in Q3 2025, reflecting progress in scaling sales and expanding the product portfolio [4][5] - The W56 step van continues to gain traction, with a 97% or greater uptime availability reported during operations with FedEx [8][21] Market Data and Key Metrics Changes - Customer demand for the W56 step van is increasing, particularly in California, Washington, and New York, with successful engagement leading to repeat orders from FedEx ground operators [20][21] Company Strategy and Development Direction - The proposed transaction with Motiv aims to create a stronger entity in the medium-duty electric truck market, enhancing growth potential and product offerings [8][9][15] - The company is focused on cash conservation, expense reduction, and operational efficiencies while preparing for the W56 140 kW production launch in 2026 [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate challenging market conditions and emphasized the importance of the Motiv transaction for long-term success [9][15][30] - The company is optimistic about the potential for cost reductions and operational efficiencies post-merger, which will enhance shareholder value [30] Other Important Information - The company recognized a gain of $13.8 million from the sale leaseback of its Union City facility and a $4.8 million gain related to deferred revenue [12][13] - The merger with Motiv is expected to close in Q4 2025, pending shareholder approval [9][14] Q&A Session Summary Question: Broader market outlook for state-level incentives beyond California - Management noted successful engagement in California leading to increased orders and mentioned positive developments in Washington and New York regarding incentives [20][21] Question: Cost trends as production ramps up for the W56 vehicle - Management indicated that both bill of material costs and labor costs are expected to improve as production increases, with ongoing efforts to reduce costs through engineering and supply chain management [22][23] Question: Total cost of operation reduction for the W56 - Management highlighted a projected 55-65% reduction in total cost of operation, emphasizing the benefits of no fuel costs and high uptime [26]

Financial Data and Key Metrics Changes - For Q3 2025, net sales were $2.4 million, a decrease of $100,000 from $2.5 million in Q3 2024, primarily due to lower truck deliveries offset by an increase in deferred revenue recognition [9] - Cost of sales increased to $10.1 million from $6.6 million, primarily due to a $3.3 million increase in inventory excess and obsolescence reserve [10] - Net loss for Q3 2025 was $7.8 million, significantly improved from a loss of $25.1 million in the same period last year [11] Business Line Data and Key Metrics Changes - The company sold 15 trucks during the quarter, reflecting progress in scaling sales and expanding the product portfolio [4] - The W56 step van continues to see growing customer demand, with a 97% or greater uptime availability reported [7] Market Data and Key Metrics Changes - The W56 step van is eligible for California's HVIP vouchers, which can provide $85,000 per truck, contributing to increased orders from logistics providers [6][20] - Positive movements in state-level incentives are also noted in Washington and New York, indicating potential growth opportunities beyond California [20] Company Strategy and Development Direction - The proposed transaction with Motiv aims to create a stronger entity in the medium-duty electric truck market, enhancing growth and product offerings [7][8] - The company is focused on cash conservation, expense reduction, and operational efficiencies while preparing for the W56 140 kW production launch in 2026 [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver value to shareholders and emphasized the importance of completing the merger with Motiv [16] - The company is optimistic about capturing new opportunities in the commercial EV transition and believes the merger will enhance operational capabilities and product offerings [31] Other Important Information - The company recognized a gain of $13.8 million from the sale leaseback of its Union City facility, which bolstered its financial position [12] - Cash and cash equivalents increased to $38.2 million from $4.6 million year-over-year, largely due to funding from Motiv's controlling investor [12] Q&A Session Summary Question: Broader market outlook for state-level incentives beyond California - Management noted successful engagement with state-level incentives in California, Washington, and New York, leading to increased orders from FedEx ground operators [20] Question: Cost trends as production ramps up in 2026 - Management indicated that both bill of material costs and labor costs are expected to improve as production increases, with ongoing efforts to reduce costs through engineering and supply chain optimization [22][23] Question: Total cost of operation reduction for the W56 step van - Management highlighted a 55-65% reduction in total cost of operation, emphasizing the benefits of no fuel costs and high uptime [26]

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Q3 2025 Earnings Call Today's Presenters © Copyright 2025 Workhorse. Confidential & Proprietary | 2 Rick Dauch CEO, Workhorse Bob Ginnan CFO, Workhorse November 11, 2025 Stan March VP, Corporate Development, Workhorse • 30+ years of automotive industry experience • 19 years serving in CEO roles • Multiple public and private board memberships • 25+ years of senior finance and leadership experience • Refined capital structures for firms in multiple industries • Executed multiple accounting and information tec ...

Market Overview - U.S. stock futures indicate a mixed to slightly lower open as investors assess the sustainability of recent gains following an AI-driven rally [1][2] - The Nasdaq 100 futures are down 0.28%, S&P 500 futures dipped 0.18%, and Dow Jones futures inched 0.07% lower [2] Major Market Indexes Performance - On November 10, major U.S. market indexes rebounded significantly, with the Nasdaq Composite rising 2.27% to 23,527.17 points, marking its best day since May [4][5] - The S&P 500 climbed 1.54% to 6,832.43, recovering nearly all its previous week's losses, while the Dow Jones Industrial Average rose 0.81% to 47,368.63 points [4][5] AI Sector Dynamics - The AI sector saw a strong rebound, with Nvidia rising 5.8% on Monday, although premarket trading suggests a cooling as investors reassess valuations [10] - Other AI stocks like Alphabet gained 4% and Microsoft added 1.9%, while Palantir Technologies surged nearly 9% [10] Government Shutdown Resolution - A significant factor in the market rally was the Senate passing a bill to fund the government through January 30, 2026, which alleviated economic uncertainty [11] - This bipartisan effort has instilled optimism in the markets, although concerns remain regarding the impact of the shutdown on delayed economic data [11] Company-Specific Highlights - Metsera's shares fell after agreeing to be acquired by Pfizer for approximately $10 billion [12] - Airlines such as United Airlines and American Airlines saw their shares dip due to government-directed flight cuts related to the shutdown [12] Upcoming Market Events - Investors are monitoring key economic reports, including the NFIB Optimism Index, and remarks from Federal Reserve Governor Michael Barr for insights into monetary policy [7] - The earnings season continues, with companies like Oklo, Workhorse, and Sea Limited set to report quarterly results [8]

The Senate late Monday voted 60–40 to advance a bill funding the government through January 30, 2026, signaling an end to the longest shutdown in U.S. history, with eight Democrats joining Republicans. The AI sector dominated gains Monday as Nvidia jumped 5.8%, Alphabet climbed 4%, and Microsoft rose 1.9%, ending its eight-day losing streak. Investors returned to riskier tech names after last week’s sell-off, betting on sustained AI demand despite profit-taking. Paramount Skydance soared 6.6% in after-hour ...