Q1 2025 Earnings Call May 15, 2025 Today's Presenters © Copyright 2025 Workhorse. Confidential & Proprietary | 2 Rick Dauch CEO Bob Ginnan CFO Stan March Vice President, Corporate Development • 28 years automotive industry experience • 16 years serving in CEO roles • Multiple public/private board memberships • 23+ years of senior finance and leadership experience • Refined capital structures for firms in multiple industries • Executed multiple accounting and information technology ("IT") system installation ...

"In addition to new orders, we began delivering our 208-inch extended wheelbase W56 step vans in April to a national customer through our partner, Revolv. We also secured a purchase order from a municipal fleet in Washington for two W4 CC trucks through one of our certified dealers, The Truck Shop. Expanding our product line remains a top engineering priority, and the development of the 140 kWh version of the W56 is progressing on schedule. We continue to receive strong feedback from potential customers at ...

Core Viewpoint - Workhorse Group Inc. successfully completed a 2,400-mile drive of its W56 electric step van, demonstrating its capabilities and efficiency in real-world conditions, which is crucial for fleet managers considering electric vehicle adoption [1][2][3]. Group 1: Vehicle Performance and Cost Efficiency - The W56 achieved 27 miles per gallon of gasoline-equivalent (MPGe) at highway speeds, nearly three times the efficiency of comparable internal combustion engine (ICE) step vans [2]. - The vehicle averaged 53% lower fuel costs compared to ICE vehicles and has 40% lower scheduled maintenance costs over five years, providing significant total cost of ownership advantages [2]. - The W56 is designed for last-mile delivery with a real-world range of up to 150 miles and cargo capacities of 1,000 or 1,200 cubic feet [8]. Group 2: Real-World Testing and Demonstration - The cross-country journey is part of Workhorse's "We Drove It Here" campaign, which began in October 2024, aimed at showcasing the readiness of its vehicles for commercial deployment [6]. - The journey included various challenging conditions, highlighting the vehicle's reliability and efficiency across different terrains and weather [3][6]. - Fleet managers can test drive the W56 at the ACT Expo, allowing them to experience the vehicle's operational reliability firsthand [7]. Group 3: Industry Context and Support - The transition to electric vehicles is supported by state HVIP funding, federal incentives, and infrastructure requirements, which are critical for fleet managers [8]. - Workhorse's vehicles meet federal and state incentive program requirements, ensuring compliance with regulatory landscapes while delivering immediate operational cost reductions [8]. - Kingsburg Truck Center, a certified Workhorse dealer, emphasizes the importance of practical conversations about making the EV transition financially viable for fleet managers [8].