Files Definitive Proxy Materials and Mails Letter to Shareholders Highlighting Compelling Transaction with Motiv Electric Trucks Visit votewkhs.com for Information on How to Vote CINCINNATI, Oct. 08, 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 recommended shareholders vote FOR the previously announced transaction with Motiv Electric Trucks (“Motiv” ...

Core Insights - Workhorse Group Inc. announced that its W56 step van is eligible for $85,000 in base incentives through California's Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP) [1][2] - The company expects a growing backlog for the W56 as demand increases, with initial HVIP voucher requests already submitted [2][3] - The W56 is designed for last-mile delivery and is available in two configurations, showcasing its capabilities at industry events [3][4] Company Overview - Workhorse Group Inc. focuses on the transition to zero-emission commercial vehicles, designing and building its vehicles in the USA [5] - The company entered into a merger agreement with Motiv Electric Trucks to create a leading North American medium-duty electric truck OEM, expected to close in Q4 2025 [6] Product Details - The W56 step van is available in 178-inch and 208-inch wheelbase configurations, offering cargo capacities of 1,000 or 1,200 cubic feet [4] - The vehicle has been tested in real delivery routes, logging tens of thousands of miles in service with FedEx and other providers [3]

Core Viewpoint - Workhorse Group Inc. is set to hold a conference call on August 19, 2025, to discuss its second quarter 2025 financial results and a previously announced transaction with Motiv Electric Trucks [1][3]. Company Overview - Workhorse Group Inc. focuses on the transition to zero-emission commercial vehicles, designing and building vehicles in the U.S. at its facility in Union City, Indiana [4]. - Motiv Electric Trucks, founded in 2009, is a manufacturer of medium-duty, zero-emission electric trucks and buses, producing various vehicle types that eliminate tailpipe emissions [5][6]. Financial Results and Transaction Discussion - The conference call will cover Workhorse's second quarter 2025 financial results, which were released on August 15, 2025 [1][3]. - Shareholders are encouraged to submit questions in advance of the call [2]. Conference Call Details - The call is scheduled for August 19, 2025, at 10:00 a.m. ET, with dial-in numbers provided for U.S. and international participants [3]. - A live broadcast and replay of the call will be available through Workhorse's website [4]. Regulatory and Proxy Information - Workhorse plans to file a Proxy Statement with the SEC regarding the proposed transaction with Motiv, urging shareholders to read the document carefully once available [7].

Core Viewpoint - Workhorse Group Inc. reported significant growth in sales and strategic developments, including a merger with Motiv Electric Trucks, aimed at enhancing its position in the zero-emission commercial vehicle market [2][5]. Financial Performance - Sales for Q2 2025 reached $5.7 million, a substantial increase from $0.8 million in Q2 2024, driven by higher shipments of W56 trucks [4]. - Cost of sales for Q2 2025 was $13.1 million, up from $7.3 million in the previous year, primarily due to increased sales volume and inventory reserves [6]. - Selling, general, and administrative expenses decreased to $5.8 million from $12.1 million year-over-year, reflecting cost-cutting measures [7]. - Research and development expenses fell to $1.2 million from $2.0 million, indicating a focus on efficiency [8]. - The net loss for Q2 2025 was $14.8 million, compared to a loss of $26.3 million in Q2 2024, showing improvement in financial performance [29]. Strategic Developments - Workhorse secured 36 purchase orders for W56 step vans during the quarter and shipped 32 units, indicating strong demand [5]. - The merger with Motiv Electric Trucks is expected to create a leading North American medium-duty electric truck OEM, enhancing operational efficiencies and product offerings [5]. - The combined company will leverage joint engineering and manufacturing capabilities to optimize costs and improve total cost of ownership for customers [5]. Operational Highlights - The W56 platform demonstrated reliability with over 97% uptime in real-world operations, accumulating over 212,000 miles across diverse conditions [5]. - Workhorse is expanding the application options for the W56, including the integration of the Utilimaster Aeromaster walk-in van body [5]. Cash Management - The company reduced operating expenses by $7.0 million year-over-year and secured interim funding of approximately $25 million related to the merger with Motiv [14][13]. - As of June 30, 2025, Workhorse had $2.2 million in cash and cash equivalents, alongside $22.5 million in restricted cash [12].

Core Viewpoint - Workhorse Group Inc. reported its financial results for Q1 2025, highlighting a decrease in sales but progress in securing purchase orders and expanding its electric vehicle offerings, while focusing on cash conservation and operational efficiency [1][5][14]. Management Commentary - CEO Rick Dauch emphasized the company's momentum in delivering electric trucks and securing initial orders, including 27 W56 step vans and six W4 CC/W750 trucks in 2025 [2]. - The company is negotiating additional orders and has begun delivering W56 step vans to a national customer [2]. - Workhorse is focused on cash preservation and extending its financial runway while capitalizing on long-term EV market opportunities [2]. Recent Strategic & Financial Actions - Workhorse secured a purchase order for two W4 CC electric work trucks for a municipal fleet in Washington [3]. - The integration of Geotab telematics technology into the W56 step van enhances fleet management capabilities [3]. - The company expanded its certified dealer network, adding new locations to strengthen its presence in key markets [3]. First Quarter Financial Results - Q1 2025 sales were $0.6 million, down from $1.3 million in the same period last year, primarily due to the Aero divestiture and decreased truck sales [5]. - Cost of sales decreased to $5.2 million from $7.4 million, driven by lower sales volume and reduced labor costs [6]. - SG&A expenses fell to $6.8 million from $14.1 million, reflecting a significant reduction in employee compensation and related expenses [7]. Research and Development Expenses - R&D expenses in Q1 2025 were $1.5 million, down from $3.5 million, mainly due to lower headcount and consulting expenses [8]. Interest Expense and Financial Position - Interest expense increased to $5.3 million from $1.2 million, attributed to higher outstanding convertible note balances [9]. - As of March 31, 2025, the company had $2.6 million in cash and cash equivalents, $27.9 million in restricted cash, and $41.3 million in inventory [12]. Financial Overview and Future Outlook - The CFO stated that the company expects to secure additional orders and aims to ship more trucks in Q2 2025 than in all of 2024 [13]. - Workhorse has reduced operating expenses by $9.3 million year-over-year, focusing on revenue generation while preserving financial runway [14]. - The company regained compliance with Nasdaq's minimum bid price requirement following a reverse stock split [14].

Core Viewpoint - Workhorse Group Inc. is set to discuss its financial results for Q1 2025 and future plans during a conference call on May 15, 2025 [1][2]. Group 1: Conference Call Details - The conference call will take place on May 15, 2025, at 8:00 a.m. Eastern time (5:00 a.m. Pacific time) [1][2]. - Participants can join the call by dialing U.S. number 877-407-8289 or international number 201-689-8341 [2]. - A telephonic replay will be available after 11:00 a.m. Eastern time on the same day through May 22, 2025, with toll-free and international replay numbers provided [3]. Group 2: Company Overview - Workhorse Group Inc. focuses on the transition to zero-emission commercial vehicles, designing and building vehicles in the U.S. 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].