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]

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

Financial Performance - Workhorse Q3 2025 sales were $24 million, a decrease of $01 million compared to $25 million in Q3 2024, primarily due to lower truck sales, offset by recognition of deferred revenue[22, 23] - Cost of sales for Q3 2025 was $101 million, an increase of $35 million from $66 million in Q3 2024, mainly due to an increase in inventory excess and obsolescence reserve[22, 24] - Operating expenses decreased by approximately $12 million Q3/Q3 YOY and $175 million YTD YOY through disciplined cost management[17] - Net loss for Q3 2025 was $(78) million, compared to $(251) million for Q3 2024[22] - As of September 30, 2025, Workhorse had $382 million in cash and cash equivalents, including restricted cash[27] Strategic Initiatives - Workhorse completed the sale of 15 trucks in Q3 2025, with positive customer feedback driving repeat business and new orders[17] - Workhorse announced a definitive merger agreement with Motiv to broaden the product portfolio and create a leading North American medium-duty commercial EV OEM[18] - Workhorse completed a $20 million sale-leaseback of the Union City facility and $5 million convertible note financing[21] Product Development - Workhorse worked in Q3 to complete the integration, testing, and validation of the Utilimaster Aeromaster walk-in van body, expanding the W56 product line[18] - Development of a cost-effective W56 140 kWh battery model is tracking to plan[18] Near-Term Priorities - Workhorse aims to close the transaction with Motiv and associated financing commitment in Q4 2025, subject to customary closing conditions and shareholder approval[33]

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 ...

CINCINNATI, Nov. 10, 2025 (GLOBE NEWSWIRE) -- Workhorse Group, Inc. (Nasdaq: WKHS) (“Workhorse” or “the Company”), an American technology company focused on pioneering the transition to zero-emission commercial vehicles, today reported financial results for the third quarter ended September 30, 2025. Management Commentary “We continue to make important progress on our product roadmap at Workhorse,” said Company CEO Rick Dauch. “We recently announced the availability of the Utilimaster Aeromaster body for ou ...

Financial Performance - Workhorse reported net sales of $2.4 million for Q3 2025, a decrease of $0.1 million compared to $2.5 million in Q3 2024, primarily due to lower truck sales[8]. - Net sales for the three months ended September 30, 2025, were $2.38 million, a decrease of 5% compared to $2.51 million for the same period in 2024[33]. - The net loss for the three months ended September 30, 2025, was $7.83 million, significantly improved from a net loss of $25.14 million in the same period in 2024[33]. - Gross loss for the nine months ended September 30, 2025, was $19.61 million, compared to a gross loss of $16.70 million for the same period in 2024, indicating a 17.3% increase in losses[33]. Expenses - Cost of sales increased to $10.1 million in Q3 2025 from $6.6 million in Q3 2024, driven by a $3.3 million increase in inventory excess and obsolescence reserve[9]. - Operating expenses decreased by $1.2 million year-over-year, totaling $7.8 million in Q3 2025, with a year-to-date reduction of $17.5 million compared to 2024[5]. - Research and development expenses fell to $1.1 million in Q3 2025 from $2.3 million in Q3 2024, reflecting a decrease in employee compensation and prototype part expenses[11]. - Selling, general and administrative expenses increased slightly to $7.8 million in Q3 2025, primarily due to a rise in consulting and legal expenses related to the merger[10]. - Operating expenses for the three months ended September 30, 2025, were $8.85 million, down from $10.04 million in the same period in 2024, reflecting an 11.8% decrease[33]. Assets and Cash Position - As of September 30, 2025, Workhorse had $12.7 million in cash and cash equivalents, $25.5 million in restricted cash, and net inventory of $30.0 million[16]. - Cash and cash equivalents increased to $12.73 million as of September 30, 2025, compared to $4.12 million as of December 31, 2024, marking a 208.5% increase[30]. - As of September 30, 2025, total assets increased to $116.74 million from $93.84 million as of December 31, 2024, representing a 24.4% growth[30]. Liabilities and Deficit - Total current liabilities rose to $60.43 million as of September 30, 2025, up from $45.24 million as of December 31, 2024, representing a 33.6% increase[30]. - The company’s accumulated deficit increased to $896.61 million as of September 30, 2025, from $853.36 million as of December 31, 2024[30]. Other Significant Events - Workhorse completed the sale of 15 trucks during the quarter and has over 42 vehicles operating in customer fleets, achieving 97% uptime in last-mile operations[6]. - The proposed merger with Motiv Electric Trucks is expected to close in Q4 2025, providing Workhorse with up to $20 million in debt financing at closing[7][17]. - The company recognized a gain on the sale of assets of $13.8 million related to the sale-leaseback of its Union City facility in Q3 2025[15]. - The company reported a gain on the sale of assets amounting to $13.81 million for the three months ended September 30, 2025[33]. Interest and Shares - Interest expense decreased significantly to $0.2 million in Q3 2025 from $3.0 million in Q3 2024, attributed to lower financing fees recognized in the prior year[12]. - The weighted average shares used in computing net loss per share increased to 15,537,878 for the three months ended September 30, 2025, compared to 1,323,168 for the same period in 2024[33].

Merger and Acquisition - The company entered into a merger agreement with Motiv Power Systems, Inc. on August 15, 2025, which will result in Motiv becoming a wholly-owned subsidiary of the company [176]. - Upon closing of the merger, pre-merger Motiv investors will own approximately 62.5% of the company, while existing shareholders will own about 26.5% [178]. - The merger agreement includes a condition for up to $20 million in debt financing, with $10 million allocated for general corporate purposes and $10 million for vehicle manufacturing [179]. - The company plans to repay approximately $24.1 million in outstanding obligations under the 2024 Notes upon closing of the merger [186]. Financial Performance - Sales for the three months ended September 30, 2025, were $2.4 million, a decrease of $0.1 million compared to $2.5 million in the same period of 2024, primarily due to lower truck sales [215]. - For the nine months ended September 30, 2025, sales increased to $8.7 million from $4.7 million in 2024, driven by increased delivery of W56 trucks [215]. - Cost of sales for the three months ended September 30, 2025, was $10.1 million, an increase of $3.5 million from $6.6 million in 2024, mainly due to higher inventory reserves [216]. - The gross loss for the three months ended September 30, 2025, was $7.7 million, compared to a gross loss of $4.1 million in the same period of 2024 [214]. - Selling, general and administrative expenses for the nine months ended September 30, 2025, were $20.4 million, down from $33.9 million in 2024, a decrease of $13.5 million [219]. - Research and development expenses for the nine months ended September 30, 2025, were $3.9 million, a decrease of $3.9 million from $7.8 million in 2024, attributed to cost-saving measures [221]. - The net loss for the nine months ended September 30, 2025, was $43.3 million, compared to a net loss of $80.6 million in the same period of 2024 [214]. - The company recognized a gain on the sale of assets of $13.8 million during the three and nine months ended September 30, 2025, primarily from the sale-leaseback of its Union City, IN facility [228]. Cash Flow and Liquidity - As of September 30, 2025, the company had $12.7 million in cash and cash equivalents and $25.5 million in restricted cash [233]. - The company reported a net cash used in operating activities of $25.0 million for the nine months ended September 30, 2025, a decrease from $40.1 million in the same period of 2024, primarily due to reduced spending on inventory and cost-saving measures [242][244]. - Cash provided by investing activities was $19.5 million for the nine months ended September 30, 2025, compared to cash used of $4.0 million in the same period of 2024, driven by proceeds from the Sale Leaseback of the Union City, IN manufacturing facility [245]. - Net cash provided by financing activities was $39.1 million for the nine months ended September 30, 2025, significantly higher than $11.5 million in the same period of 2024, primarily due to issuances of Notes and Warrants under the 2024 Securities Purchase Agreement [246]. - As of September 30, 2025, approximately $17.0 million of proceeds from the Tenth Additional 2024 Note remain in a lockbox account, contingent on satisfaction of specific conditions [235]. - Approximately $15.8 million has been released from the lockbox account as of November 7, 2025, with net proceeds received by the company totaling approximately $15.2 million [236]. Cost Management - Management has implemented cost-saving measures, significantly reducing operating costs during the first nine months of 2025 compared to the prior year [198]. - The company has deferred approximately 20% of executive officers' cash compensation from Q1 2024 to Q3 2024, with $0.4 million paid in July 2025 [200]. - The company continues to seek additional opportunities to reduce costs and maintain significantly reduced capital expenditures to address liquidity needs [202]. Challenges and Concerns - The company continues to face challenges with slower-than-anticipated electric truck adoption rates and regulatory uncertainties impacting demand [206]. - The company has substantial doubt regarding its ability to continue as a going concern for at least one year from the issuance date of the financial statements due to recurring losses and projected capital needs [240]. - The company plans to generate liquidity through increasing truck sales, reducing expenses, and raising capital via debt or equity securities [238]. - If the company fails to obtain additional financing, it may need to adjust operations or seek bankruptcy protection, which could significantly impact stakeholder value [239]. - The company has the potential to issue up to $61.5 million of additional 2024 Notes, but existing financing arrangements impose substantial restrictions on obtaining additional financing [237].