Workhorse Group (NasdaqCM:WKHS) Q4 2025 Earnings call March 31, 2026 04:30 PM ET Company ParticipantsBob Ginnan - CFOJohn Williams - Chief Communications OfficerScott Griffith - CEOConference Call ParticipantsBen Somers - AnalystCraig Irwin - Managing Director, Senior Research AnalystMichael Shlisky - Managing Director, Senior Research AnalystOperatorPlease note this conference is being recorded. I will now turn the conference over to John Williams, Chief Communications Officer. Thank you. You may begin.Joh ...

Workhorse Group (NasdaqCM:WKHS) Q4 2025 Earnings call March 31, 2026 04:30 PM ET Company ParticipantsBob Ginnan - CFOJohn Williams - Chief Communications OfficerScott Griffith - CEOConference Call ParticipantsBen Somers - AnalystCraig Irwin - Managing Director, Senior Research AnalystMichael Shlisky - Managing Director, Senior Research AnalystOperatorPlease note this conference is being recorded. I will now turn the conference over to John Williams, Chief Communications Officer. Thank you. You may begin.Joh ...

近日，在2026中国（合肥）新能源商用车展览会上，奇瑞商用车重磅发布FSCV未来超级商用车计划，以"零碳+AI"为核心，勾勒出下 一代商用车的技术路线图。作为奇瑞商用车重卡板块的重要承载者，联合重卡在这场战略布局中扮演着关键角色——如何将集团的技术 蓝图转化为用户手中的价值工具？联合重卡在春季新品发布会上给出了答案：以核心技术驱动产品升级，用硬核实力助力奇瑞商用车冲 刺2030年年销百万辆的战略目标。 市场变局中锚定主航道 让技术兑现价值 当前，中国重卡市场正经历深刻变革。业内预计，2030年新能源重卡渗透率将突破60%，而目前新能源重卡仅占保有量的4%，这意味 着超过400万辆的市场缺口。公路货运占比连续两年稳定在73.8%，货运总量同比增长4.1%，为行业发展提供了坚实支撑。在联合重卡 研究院院长于萌看来，新能源化已成为重卡行业"当之无愧的主航道"。 正是在这一主航道上，联合重卡交出了亮眼成绩单：2025年年度销量实现725%的同比增幅，增速位居行业第一，成功跻身行业十强。 搭载云凤凰大电量小增程技术的车型，更获得央视《朝闻天下》关注报道。"市场认可是起点，用户价值是终点，而核心技术是连接两 者的唯一途径 ...

全国政策 三部门：规范互联网平台价格行为 2025年12月，国家发改委、市场监管总局、国家网信办联合发布《互联网平台价格行为规则》，明确：规范价格竞争秩序，根据现行 法律法规规定，细化实化监管要求，为平台经营者、平台内经营者提供明确的价格行为指引，推动形成优质优价、良性竞争的市场秩 序；保护经营者自主定价权，完善对平台内经营者自主定价权的保护规定，明确平台经营者不得对平台内经营者的价格行为进行不合理 限制或者附加不合理条件；保护消费者合法权益，落实明码标价制度，推动动态定价、差别定价等规则公开，规范免密支付、自动续 期、自动扣款等服务，更好保护消费者的知情权、选择权。《行为规则》将于2026年4月10日起实施。 交通部：新申报车型应符合《危险货物运输车辆安全技术条件》要求 4月，商用车行业将迎来政策密集落地期。从全国性法规到地方性措施，多项涉及运价规范、车辆安全、通行效率、排放标准的新规将 于4月起陆续实施，为行业高质量发展注入新动能。 1月23日，交通运输部公路科学研究院汽车运输研究中心发布《关于做好部分道路运输车辆达标车型技术标准换版实施工作的通知》， 明确新申报车型，自2026年4月申报截止日期对应批次 ...

点 击 蓝 字 关 注 我 们 · 工信部等4部门聚焦节能装备升级,推动汽车产业绿色转型 CPCA | R 科瑞 咨询 3月20日，工信部等四部门发布《节能装备高质量发展实施方案（2026—2028年）》，该方案聚焦工业，通过节能装备升 级、数字化转型和供应链协同，将全方位推动汽车产业向绿色低碳和高质量方向发展，助力实现"双碳"目标， | ▶ 政策核心内容摘录 | | | | | | | --- | --- | --- | --- | --- | --- | | 总体目标 (2028年) | | 六大聚焦领域 | | 三大重点任务 | | | 节能装备关键材料、零部件取得突破,重点行业 | | · 电机和风机、泵、压缩机等负载设备 | | > 加快研发推广 | | | 领域用能系统匹配性、实际运行效率持续提升, | . | 变压器 | | | | | | . | 丁山执泵 | | > 强化系统耦合匹配 | | | 电机、变压器等节能装备能效水平达到国际领 | | | | | | | 先。节能装备市场占有率进一步提高。 | | 工业制冷(热)和加热设备 | | > 推进数字化提升 | | | | . | 水电解 ...

Allison Transmission Holdings, Inc. (NYSE:ALSN) is one of the Best Mid Cap Value Stocks to Buy in 2026. On March 10, Allison Transmission Holdings, Inc. (NYSE:ALSN) announced a significant expansion of its long-standing partnership with Daimler Truck North America LLC. ​The expansion will bring two new Allison transmission options into DTNA’s popular Freightliner M2 106 Plus medium-duty truck, targeting regional hauling, tractors, and vocational uses. The additions include Allison 3414 Regional Haul Serie ...

When geopolitical crises send oil prices soaring and Brussels simultaneously tightens CO2 regulations for trucks, the transportation industry comes under immense pressure. The combination of war-driven supply fears and strict EU climate rules suddenly propels alternative powertrains into the economic spotlight.Listen to the HotCopper podcast for in-depth discussions and insights on all the biggest headlines from throughout the week. On Spotify, Apple, and more.Disclaimer: This article is disseminated in par ...

Group 1: IDFC First Bank - The Enforcement Directorate conducted searches at 19 locations related to alleged embezzlement of ₹590 crore from the Haryana government's accounts maintained with IDFC First Bank in Chandigarh [2][10] Group 2: Ashok Leyland - Ashok Leyland announced an investment of up to ₹500 crore in a greenfield battery pack manufacturing facility near Chennai, with a groundbreaking ceremony held at Pillaipakkam [5][10] Group 3: Adani Enterprises - Adani Enterprises executed a Business Transfer Agreement through its subsidiary Adani Defence Systems and Technologies for the transfer of Punj Lloyd's Defence Unit located in Malanpur, Madhya Pradesh [6][10] Group 4: Bharat Forge - Bharat Forge made an investment of ₹160 crore in Bharat Forge Global Holding GmbH, a wholly owned subsidiary, as a contribution to capital reserve [7][11] Group 5: Mahanagar Gas - Mahanagar Gas reported that supply to industrial and commercial customers was impacted by gas curtailment and is currently assessing the situation to align its gas supply accordingly [9][11]

Financial Performance - Interest expense increased to $4.2 million from $2.2 million, attributed to higher interest rates [1] - The company reported a net loss of $6.4 million, or $0.19 per diluted share, compared to a net loss of $35.0 million, or $1.04 per diluted share, in the prior-year quarter [1] - Adjusted net loss for the quarter was $6.0 million ($0.18 per diluted share), compared to $5.1 million ($0.15 per diluted share) in the year-ago quarter [1] Revenue and Profitability - Consolidated fourth-quarter revenue was $154.8 million, down from $163.3 million in the prior-year period, primarily due to softer customer demand in Global Seating and Trim Systems and Components segments [3] - Adjusted EBITDA increased to $2.3 million from $0.9 million a year earlier, with adjusted EBITDA margin rising to 1.5% from 0.6% [2] - For full-year 2025, consolidated revenue was $649.0 million, down from $723.4 million in 2024, driven by lower demand [6] Cash Flow and Debt Management - The company generated $33.7 million of free cash flow for the full year, up $21.5 million from 2024, attributed to improved working capital performance and lower capital expenditures [7] - Free cash flow enabled the company to reduce net debt by $35.8 million during the year, lowering the net leverage ratio to 4.1x trailing twelve-month adjusted EBITDA from 4.7x at the end of 2024 [8] Segment Performance - Global Seating fourth-quarter revenue was $70.7 million, down 5.6% year over year, but adjusted operating income improved to $1.8 million [9] - Global Electrical Systems fourth-quarter revenue increased 12.7% to $49.7 million, benefiting from previously awarded business wins [15] - Trim Systems and Components fourth-quarter revenue declined 22.5% to $34.4 million, reflecting lower demand tied to reduced North American Class 8 production volumes [15] Future Outlook - The company issued 2026 guidance of $660 million to $700 million in sales and $24 million to $30 million in adjusted EBITDA, driven by expected growth in Global Electrical Systems [5][16] - Management expects growth to be supported by strength in Global Electrical Systems, targeting over 10% growth in 2026 [14] - The 2026 outlook assumes improving conditions in end markets and continued ramp of new business, with a forecast for Class 8 heavy truck builds implying a 4% year-over-year increase [13]

Financial Data and Key Metrics Changes - Consolidated fourth quarter 2025 revenue was $154.8 million, down from $163.3 million in the prior year, primarily due to softening customer demand [7] - Adjusted EBITDA for the fourth quarter was $2.3 million, compared to $0.9 million in the prior year, with adjusted EBITDA margins increasing to 1.5% from 0.6% [7][8] - Full year consolidated revenue was $649 million, down from $723.4 million in the prior year, with adjusted EBITDA at $17.8 million, down from $23.2 million [9][10] - Free cash flow for the full year was $33.7 million, up $21.5 million from last year, enabling a reduction in net debt by over $35 million [5][11] Business Line Data and Key Metrics Changes - Global Seating segment revenues decreased by 5.6% to $70.7 million in the fourth quarter, but adjusted operating income increased to $1.8 million [12] - Global Electrical Systems segment revenues increased by 12.7% to $49.7 million in the fourth quarter, with adjusted operating income rising to $0.9 million [13][14] - Trim Systems and Components revenues decreased by 22.5% to $34.4 million in the fourth quarter, resulting in an adjusted operating loss of $1.4 million [16][17] Market Data and Key Metrics Changes - The North American Class 8 truck market is experiencing a challenging demand environment, with a forecasted 4% increase in year-over-year volumes for 2026 [18] - The construction market is expected to grow in the low single-digit percentage range, driven by lower interest rates and fiscal stimulus initiatives [18] Company Strategy and Development Direction - The company is focusing on operational efficiency improvements and has announced a new contract with Zoox for autonomous vehicle components, indicating a strategic shift towards electric and autonomous vehicle markets [19][20] - The company aims to grow its Global Electrical Systems segment by more than 10% in 2026, supported by new business wins and increased capacity utilization [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about end market recovery and expects improved financial performance in 2026, with guidance for net sales between $660 million and $700 million [21][22] - The company anticipates generating positive free cash flow in 2026, which will be used to continue paying down debt and improving net leverage [21][22] Other Important Information - The company achieved a net leverage ratio of 4.1 times at the end of 2025, down from 4.7 times at the end of 2024 [10] - Interest expense for the fourth quarter was $4.2 million, up from $2.2 million in the prior year, driven by higher interest rates [8] Q&A Session Summary Question: Can you provide more color on the two key programs that started ramping in the third quarter? - Management confirmed that both programs are progressing as planned, with the Zoox program on track for volume production by the latter part of the second quarter [26][27] Question: What is the outlook for the aftermarket business? - The aftermarket business is expected to grow, driven by improved operational efficiencies and promotional initiatives [32][36] Question: What are the assumptions behind the guidance range for Adjusted EBITDA? - The guidance range reflects current macroeconomic trends and the anticipated recovery in Class 8 truck production, with expectations for significant drop-through of incremental top line [81][82]