Workhorse(US:WKHS)2025-11-11 15:00Financial Performance - Workhorse Q3 2025 sales were $24 million, a decrease of $01 million compared to $25 million in Q3 2024, primarily due to lower truck sales, offset by recognition of deferred revenue[22, 23] - Cost of sales for Q3 2025 was $101 million, an increase of $35 million from $66 million in Q3 2024, mainly due to an increase in inventory excess and obsolescence reserve[22, 24] - Operating expenses decreased by approximately $12 million Q3/Q3 YOY and $175 million YTD YOY through disciplined cost management[17] - Net loss for Q3 2025 was $(78) million, compared to $(251) million for Q3 2024[22] - As of September 30, 2025, Workhorse had $382 million in cash and cash equivalents, including restricted cash[27] Strategic Initiatives - Workhorse completed the sale of 15 trucks in Q3 2025, with positive customer feedback driving repeat business and new orders[17] - Workhorse announced a definitive merger agreement with Motiv to broaden the product portfolio and create a leading North American medium-duty commercial EV OEM[18] - Workhorse completed a $20 million sale-leaseback of the Union City facility and $5 million convertible note financing[21] Product Development - Workhorse worked in Q3 to complete the integration, testing, and validation of the Utilimaster Aeromaster walk-in van body, expanding the W56 product line[18] - Development of a cost-effective W56 140 kWh battery model is tracking to plan[18] Near-Term Priorities - Workhorse aims to close the transaction with Motiv and associated financing commitment in Q4 2025, subject to customary closing conditions and shareholder approval[33]