UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2025 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number: 001-10883 WABASH NATIONAL CORPORATION (Exact name of registrant as specified in its charter) Delaware 52-1375208 (State of Incorpora ...

Financial Data and Key Metrics Changes - In Q2, consolidated revenue was $459 million, with gross margins at 9% and breakeven adjusted operating margins [23] - Adjusted EBITDA was $16 million, or 3.6% of sales, while adjusted net income attributable to common stockholders was negative $6.1 million, or negative $0.15 per diluted share [23] - Year-to-date operating cash flow was negative $16.1 million, with liquidity at $312 million as of June 30 [24] Business Line Data and Key Metrics Changes - Transportation Solutions generated revenue of $400 million and operating income of $13 million, while Parts and Services generated revenue of $60 million and operating income of $9.1 million [24] - Parts and Services segment grew 15% sequentially and 8.8% year over year, with EBITDA margins returning to the high teens [16] Market Data and Key Metrics Changes - Demand remains muted across the trailer industry, with shipment volumes expected to fall below basic replacement demand in 2025 [12] - The backlog declined to approximately $1 billion at the end of Q2, reflecting cautious customer behavior in capital spending [12] Company Strategy and Development Direction - The company is focusing on building resilient and recurring revenue streams through the Parts and Services segment, which is seen as a key driver of long-term stability and growth [6][21] - The company is committed to operational efficiency and cost discipline to offset inflationary pressures and rising costs [10] Management's Comments on Operating Environment and Future Outlook - Management noted that economic conditions remain softer than anticipated, with customers showing increased hesitation in capital spending [5] - The company expects to be near free cash flow breakeven for 2025, excluding capital investments in trailers as a service, and is cautiously optimistic about a return to growth in 2026 [13][30] Other Important Information - The company is actively engaged in legal matters stemming from a 2019 motor vehicle accident and is pursuing all available legal options [11] - Capital allocation priorities remain disciplined and growth-oriented, with a focus on maintaining dividends and evaluating share repurchases [25] Q&A Session Summary Question: Update on the overall trailer cycle for 2026 - Management indicated that capacity exiting the market is a key factor to watch for order rates to pick up, along with the fundamental freight-producing subsectors [35][36] Question: Industry efficiency with fewer assets - Management noted that there hasn't been substantial efficiency gains at scale, and the net inefficiency remains greater than efficiency created [40] Question: Details on parts and service growth - Management expressed confidence in continued growth for the Parts and Services segment, expecting a 20% improvement in the second half of the year [41][42] Question: Clarification on CapEx and investment in trailers as a service - Management confirmed that the $30 million to $40 million CapEx does not include investments in trailers as a service, which is separate [46] Question: Average sales price changes and driving factors - Management explained that the sequential drop in average sales price was primarily mix-driven, with a higher percentage of dry vans affecting ASP [49][51] Question: Market outlook and potential recovery - Management acknowledged the current market challenges but expressed hope that the darkest days may be behind, contingent on future market conditions [60][62]

Financial Performance - Q2 2025 - Revenue for Q2 2025 was $459 million[17] - GAAP EPS was $(0.23), while non-GAAP adjusted EPS was $(0.15)[13, 17] This excludes the appeal bond associated with the legal verdict[13] - Operating income was $(4.8) million, with an operating margin of (1.0)%, while non-GAAP adjusted operating income was $(0.1) million with an operating margin of 0.0%[17] - Net loss attributable to common stockholders was $(9.6) million, while the non-GAAP adjusted net loss was $(6.1) million[17] Segment Performance - Q2 2025 - Transportation Solutions revenue was $400 million with an operating margin of 3.1%[20] - Parts & Services revenue was $60 million with an operating margin of 15.2%[20] Cash Flow & Capital Allocation - Q2 2025 - Free cash flow was $(22.8) million[23] - Capital expenditures totaled $6.2 million[25] - Expenditures for revenue generating assets were $0.7 million[25] - Dividends paid amounted to $3.4 million[25] - Share repurchases totaled $10.4 million[25] 2025 Financial Outlook - The company reduced its 2025 outlook to a revenue midpoint of $1.6 billion and a non-GAAP adjusted EPS midpoint of $(1.15)[13, 28]

Media Contact: Dana Stelsel Director, Communications (765) 771-5766 dana.stelsel@onewabash.com Investor Relations: Jacob Page Senior Analyst, Corporate Development & IR (765) 414-2835 jacob.page@onewabash.com Wabash Announces Second Quarter 2025 Results LAFAYETTE, Ind. – July 25, 2025 – Wabash (NYSE: WNC), a leader in end-to-end supply chain solutions for the transportation, logistics and infrastructure markets, today reported results for the quarter ended June 30, 2025. The Company's net sales for the seco ...

Core Insights - Wabash reported a net sales of $458.8 million for Q2 2025, a decrease of 16.7% compared to Q2 2024 [2][7] - The company experienced a GAAP operating loss of $4.8 million, primarily due to a $5 million loss related to a legal verdict [2][7] - Total backlog as of June 30, 2025, was approximately $1.0 billion, indicating a cautious approach from customers regarding capital spending [3][7] Financial Performance - Consolidated gross profit for Q2 2025 was $41.4 million, representing 9.0% of sales, down from 16.2% in Q2 2024 [2][8] - Non-GAAP adjusted operating loss for the quarter was $0.1 million, while GAAP diluted earnings per share were $(0.23) [2][7] - The company reduced its full-year revenue outlook to approximately $1.6 billion and adjusted EPS guidance to a range of $(1.30) to $(1.00) [3][4] Market Environment - Demand in the trailer industry remains muted, with industry forecasts suggesting that 2025 shipment volumes will fall below basic replacement demand [4][7] - The company is cautiously optimistic about a return to growth in 2026 based on early discussions with customers and current industry forecasts [4][7] Business Segment Highlights - In Q2 2025, new trailers shipped totaled 8,640, down from 9,245 in Q2 2024, while new truck bodies shipped were 3,190, down from 3,925 [6][28] - Transportation Solutions segment net sales were $400.2 million, a decrease of 19.7% year-over-year, with an operating loss of $12.5 million [8][29] - Parts & Services segment net sales increased by 8.8% year-over-year to $59.7 million, with an operating income of $9.1 million [9][29]

Core Viewpoint - Wabash (NYSE: WNC) will host a quarterly earnings conference call to discuss its financial results for Q2 2025 on July 25, 2025, at 12:00 p.m. ET [1]. Group 1: Earnings Call Details - The earnings call will be accessible via a conference call number and will also be available for replay shortly after the presentation [2]. - Related materials, including the earnings press release and slides, will be posted on Wabash's website by 7:00 a.m. ET on the day of the call [2]. Group 2: Company Overview - Wabash is a leader in connected solutions for the transportation, logistics, and distribution industries, focusing on innovative products and services [3]. - The company designs and manufactures a variety of products, including trailers and specialty food-grade processing equipment, aimed at enhancing customer operations [3].

Core Insights - Wabash recognizes 38 top suppliers with the 2024 Supplier Awards for excellence in supply chain performance [1][2] - Fastenal and Whiting Door are awarded the Pinnacle Award, the highest honor for supplier of the year [2][4] - The awards are based on criteria such as innovation, quality, delivery, cost, and service [2] Company Highlights - Fastenal operates over 3,600 locations in 25 countries, providing a wide range of industrial supplies and services [3] - Fastenal's approach combines local expertise, technology, and logistics to enhance customer supply chains [3] - Whiting Door, founded in 1953, specializes in manufacturing roll-up doors and has a strong reputation for quality and innovation [4] - Whiting Door has three manufacturing locations and emphasizes ISO-certified processes and continuous improvement [4] Supplier Relationships - Wabash emphasizes the importance of collaborative supplier relationships for delivering innovative solutions [3] - Fastenal's partnership with Wabash focuses on operational integration and driving efficiencies [5] - Whiting Door highlights a long-standing relationship with Wabash based on shared goals and customer service [5] Awards and Recognition - In addition to the Pinnacle Award, 29 companies received Platinum Awards for ongoing excellence in supply chain performance [5] - Distinguished Supplier Awards were given to companies for outstanding customer service and business responsiveness [7]

Group 1 - Wabash National Corporation (NYSE: WNC) is currently facing challenges, indicating a downturn in performance [1] - The company was previously reaffirmed as a 'buy' candidate in early September of the previous year, suggesting a shift in sentiment [1] Group 2 - Crude Value Insights focuses on cash flow and companies in the oil and natural gas sector, highlighting the importance of financial health for investment decisions [1] - The service offers a stock model account and in-depth cash flow analyses for exploration and production firms, providing subscribers with valuable insights [2]

Core Viewpoint - Pomerantz LLP is investigating potential securities fraud and unlawful business practices involving Wabash National Corporation and its officers or directors [1] Financial Performance - Wabash reported an operating loss of $9.8 million in its Transportation Solutions segment for Q1 2025, a significant decline from an operating profit of $44.25 million in Q1 2024 [3] - The gross profit for Wabash in Q1 2025 was $19 million, down from $76.4 million in Q1 2024 [3] - The company revised its annual revenue forecast to approximately $1.8 billion, a decrease from the previous projection of $1.9 billion made in February 2025 [3] Market Reaction - Following the announcement of its financial results, Wabash's stock price fell by $3.05 per share, or 30.62%, closing at $6.91 per share on April 30, 2025 [4]

Core Viewpoint - Pomerantz LLP is investigating potential securities fraud and unlawful business practices involving Wabash National Corporation and its executives [1] Financial Performance - Wabash reported an operating loss of $9.8 million in its Transportation Solutions segment for Q1 2025, a significant decline from an operating profit of $44.25 million in Q1 2024 [2] - The company's gross profit for Q1 2025 was $19 million, down from $76.4 million in Q1 2024 [2] - Wabash revised its annual revenue forecast to approximately $1.8 billion, a decrease from the previous projection of $1.9 billion made in February 2025 [2] Market Reaction - Following the announcement of its financial results, Wabash's stock price dropped by $3.05 per share, or 30.62%, closing at $6.91 per share on April 30, 2025 [3]