Q2 2025 Workhorse Group Inc Earnings Call and Joint Management Call with Motiv Electric Trucks Transcript
Key Points
- Workhorse Group Inc (WKHS) secured 36 purchase orders for their W56 step vans and shipped a record 32 trucks in Q2 2025, indicating strong demand and operational success.
- The company reported a significant year-over-year improvement in financial performance, with sales increasing from $800,000 in Q2 2024 to $5.7 million in Q2 2025.
- Operating expenses decreased by $7 million year-over-year, demonstrating improved operational efficiency.
- The strategic merger with Motiv is expected to create a leading North American medium-duty electric truck OEM, broadening the product portfolio and strengthening financial positions.
- The transaction with Motiv includes a $25 million interim funding, enhancing liquidity and supporting operations through the transaction close.
- Despite improvements, Workhorse Group Inc (WKHS) still reported a net loss of $35.4 million for the first half of 2025, though this was an improvement from $55.5 million in 2024.
- The cost of sales increased to $13.1 million in Q2 2025, driven by higher sales volume and increased inventory excess and obsolescence reserves.
- The company faces challenges from a shifting political landscape and changing government regulations, which have delayed fleet customer adoption rates.
- Workhorse Group Inc (WKHS) had only $2.2 million in cash and cash equivalents as of June 30, 2025, indicating limited liquidity.
- The merger with Motiv will result in Workhorse shareholders owning only 26.5% of the combined company, potentially diluting their influence and returns.
Greetings, and welcome to the Workhorse Group and Motiv joint conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to turn the call over to your host, Stan March from Workhorse. Please go ahead, Stan.
Thank you, Kevin. Good morning, and welcome to this joint Workhorse Motiv conference call. Before we begin, I'd like to note that we posted our financial results for the quarter ended June 30, 2025, via press release as well as filed its associated 10-Q with the SEC last Friday, August 15. We also released the news of Workhorse and Motiv entering into a definitive agreement via the press release and SEC Form 8-K likewise on the 15.
You can find all these documents as well as the presentation that will form the basis of today's conversation in the Investor Relations section of our website. We'll track along with that presentation during this call.
On Slide 2, you can find our legal legend as
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
