Q4 2025 Workhorse Group Inc Earnings Call Transcript
Key Points
- Workhorse Group Inc (WKHS) successfully completed its merger with Motiv Electric Trucks, enhancing its product portfolio and market reach.
- The company has a strong presence in the North American medium-duty commercial vehicle market, with over 1,100 vehicles deployed and 20 million miles driven.
- Workhorse Group Inc (WKHS) is targeting $20 million in annualized cost synergies from the merger, focusing on manufacturing efficiency and headcount reductions.
- The company has a clear path to profitability, aiming to capture just 1% of the medium-duty truck market to reach cash flow breakeven by 2028.
- Workhorse Group Inc (WKHS) has a robust manufacturing capacity with its Union City, Indiana facility capable of producing over 5,000 vehicles per year on a single shift.
- Workhorse Group Inc (WKHS) reported a net loss of $23.7 million for the fourth quarter of 2025, an increase from the previous year's loss.
- The company faces challenges in achieving positive gross margins in the near term, with expectations not to reach this milestone by the end of 2026.
- There are significant one-time expenses related to the merger, including over $4 million in fees and costs recognized in the fourth quarter.
- Workhorse Group Inc (WKHS) needs to strengthen its balance sheet and is actively exploring financing alternatives to support its growth plans.
- The company is still working on reducing its bill of materials and achieving cost parity with internal combustion engine trucks, which remains a significant hurdle.
Greetings. Welcome to Workhorse Group's fourth-quarter 2025 earnings call. (Operator Instructions) Please note this conference is being recorded.
I will now turn the conference over to John Williams, Chief Communications Officer. Thank you. You may begin.
Thank you, operator, and good afternoon, everyone. I'd like to welcome all of you to Workhorse's fourth-quarter and full year 2025 earnings call.
Before we begin, I'd like to note that we have posted our results for the fourth quarter and full year ended December 31, 2025, via press release in 8-K and filed our associated annual report on Form 10-K with the SEC. You can find the release and an accompanying presentation in the Investor Relations section of our website. We will be tracking along with the presentation during this call.
Joining me on today's call are Scott Griffith, our Chief Executive Officer; and Bob Ginnan, our Chief Financial Officer. For today's agenda, please turn to slide 3.
Following my
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