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].

Earnings Reports Overview - The earnings season is slowing down, but several retail-favorite companies are set to report this week [1] - Key companies reporting include Barrick Mining Corp., Plug Power Inc., Oklo Inc., Cisco Systems Inc., Walt Disney Co., and Applied Materials Inc. [2][3][5][10][11] Company-Specific Insights - Barrick Mining Corp. reported its third-quarter results before the market opened on November 10 [2] - Plug Power Inc. is expected to report losses of 12 cents per share and revenue of $179.54 million, having missed earnings expectations for the last 18 quarters [3] - Oklo Inc. is anticipated to report losses of 13 cents per share and revenue of $17.01 billion, with stock volatility noted ahead of the report [5] - Cisco Systems Inc. is expected to be a focal point for investors, particularly regarding management's guidance and updates on AI and cybersecurity business momentum [10] - Walt Disney Co. and JD.com Inc. will release earnings reports before the market opens on November 13 [11] - Applied Materials Inc. is set to release its Q4 results after the market closes on November 13 [11] Additional Companies Reporting - Other companies reporting this week include Workhorse Group Inc., Beyond Meat Inc., Microvision Inc., and Virgin Galactic Holdings Inc. [4][6][12]

Core Viewpoint - Workhorse Group, Inc. is urging shareholders to vote "FOR" all proposals related to the upcoming merger with Motiv, emphasizing the potential benefits of this transaction for the company's future in the medium-duty electric vehicle market [1][2][7]. Group 1: Shareholder Voting Importance - Shareholders are reminded that their vote is crucial for the approval of the Workhorse-Motiv merger, which is seen as a pathway to maximize investment value [2][7]. - The deadline for voting is set for November 11, 2025, at 11:59 pm ET, highlighting the urgency for shareholders to participate [3][8]. Group 2: Transaction Details - The merger with Motiv is positioned as the only viable option for Workhorse to address liquidity challenges and avoid potential restructuring that could diminish shareholder equity [7]. - Leading independent proxy advisory firms, Institutional Shareholder Services and Glass Lewis & Co., have recommended that shareholders vote in favor of the merger, recognizing its compelling value [7]. Group 3: Company Overview - Workhorse Group, Inc. focuses on the development of zero-emission commercial vehicles, with its manufacturing based in the United States [6]. - The company specializes in vehicles designed for last-mile delivery and medium-duty operations, catering to a growing range of specialized applications [6].

CINCINNATI, Nov. 06, 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 mailed a letter to shareholders reminding them to vote today FOR all proposals in connection with Workhorse’s upcoming Annual Meeting on November 12, 2025. Leading independent proxy advisory firms Institutional Shareholder Services and Glass Lewis & Co. have recognized the compelling ...

Core Points - Workhorse Group Inc. will hold a conference call on November 11, 2025, at 10:00 a.m. Eastern time to discuss its third-quarter financial results and future outlook [1][2] - The financial results will be released in a press release prior to the call [1] - The conference call will be available for live broadcast and replay on the company's Investor Relations website [3] Company Overview - Workhorse Group Inc. is focused on the transition to zero-emission commercial vehicles, designing and building vehicles in the United States at its facility in Union City, Indiana [3] - The company specializes in vehicles for last-mile delivery, medium-duty operations, and various specialized applications [3]

Core Viewpoint - Workhorse Group, Inc. has received recommendations from leading independent proxy advisory firms ISS and Glass Lewis to vote in favor of its transaction with Motiv Electric Trucks, highlighting the potential value this merger could deliver to shareholders [1][2]. Company Overview - Workhorse Group, Inc. is focused on the transition to zero-emission commercial vehicles, designing and building vehicles in the United States [7]. Transaction Details - The transaction with Motiv is seen as a significant milestone, providing shareholders with the opportunity to benefit from the growth potential in the medium-duty electric vehicle market [2][5]. - The merger is expected to create a platform for scalable growth, leveraging a diverse product portfolio and strong fleet relationships [5]. Strategic Rationale - The strategic rationale for the merger includes complementary businesses, expected scale benefits, and material cost synergies [5]. - The combined company aims to reduce unit costs and enhance competitiveness against both pure-play electric and legacy OEMs [5]. Financial Implications - The merger is projected to achieve at least $20 million in cost synergies by the end of 2026, through reductions in R&D, general and administrative expenses, and facility costs [5]. - A simplified capital structure and access to new financing are anticipated to support growth and margin expansion post-merger [5]. Market Position - Together, Workhorse and Motiv have served 10 of the largest medium-duty fleets in North America, enhancing customer confidence and market reach [5].

Core Viewpoint - Workhorse Group Inc. has announced the availability of the Utilimaster Aeromaster body for its all-electric W56 Class 5/6 step van, enhancing its product line for fleets seeking zero-emission commercial vehicles [1][2]. Product Development - The integration, testing, and validation of the Utilimaster Aeromaster body have been completed, expanding the W56 product line with a familiar body design that offers reliability and zero-emission performance [2][4]. - The Aeromaster body features durable aluminum construction, low step height for driver safety, and modular interiors suitable for various applications, including parcel delivery and service [3][4]. Market Positioning - Workhorse aims to provide operational consistency for large fleets by offering the Utilimaster body on the W56 chassis, allowing fleet operators to maintain their established vehicle setups without disruption [4]. - The W56 is designed for last-mile delivery with a range of up to 150 miles on a single charge, zero tailpipe emissions, and up to 1,200 cubic feet of cargo space, making it a competitive choice for fleets transitioning to electric operations [4][6]. Company Overview - Workhorse Group Inc. is focused on pioneering the transition to zero-emission commercial vehicles, designing and building its vehicles in the United States [7].

Visit VoteWKHS.com for Information on How to VoteCINCINNATI, Oct. 30, 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 reminded shareholders to take action and vote FOR all proposals in connection with Workhorse’s upcoming 2025 Annual General Meeting of Shareholders (the “Annual Meeting”). Shareholders of record as of the close of business on September ...