Q3 2025 Workhorse Group Inc Earnings Call Transcript
Key Points
- Workhorse Group Inc (WKHS) completed the sale of 15 trucks, reflecting strong operating performance and positive customer feedback.
- The company maintained financial discipline, reducing operating expenses by $1.2 million year-over-year.
- Workhorse Group Inc (WKHS) announced the availability of the Utilimaster Aeromaster body on its all-electric W56 strip chassis, expanding its product portfolio.
- The W56 step van is eligible for California's HVIP vouchers, providing significant financial incentives for customers.
- The proposed merger with Motiv Electric Trucks is expected to accelerate growth and expand the product lineup, positioning Workhorse Group Inc (WKHS) for long-term success.
- Sales decreased by $100,000 compared to the same period last year, primarily due to lower truck deliveries.
- Cost of sales increased by $3.5 million, driven by an increase in inventory excess and obsolescence reserve.
- Selling, general, and administrative expenses increased by $100,000 due to higher consulting and legal expenses related to the proposed Motiv merger.
- Research and development expenses decreased, indicating potential underinvestment in innovation.
- The company reported a net loss of $7.8 million, although this was an improvement from the previous year's loss.
Greetings, and welcome to the Workhorse Group Q3 2025 earnings conference call and webcast. (Operator Instructions) As a reminder, this conference is being recorded.
It's now my pleasure to turn the call over to Stan March. Please go ahead, Stan.
Kevin, thank you. Good morning to all of you, and I'd like to welcome you to Workhorse's 2025 Third Quarter Results Call. Before we begin, I'd like to note that we posted our results for the third quarter, which ended on September 30, 2025, via press release and filed the associated 10-Q with the SEC last evening after the market closed.
This morning, we posted the accompanying presentation so you can find the release and the accompanying presentation in the Investor Relations section of our website. We'll be tracking along with the presentation during this call. Joining me on today's call are Rick Dauch, our CEO; and Bob Ginnan, our CFO. And for today's agenda, you can find that on slide 3 in the
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