| Metric | Value ($ M) | Q2 FY25 | Q3 FY24 |
|---|---|---|---|
| Revenue | 2.38 | 58.0% | 5.2% |
| Total Income | 2.38 | 58.0% | 5.2% |
| Expenditure | 18.94 | 6.0% | 13.6% |
| PBT | -7.83 | 47.0% | 68.8% |
| Net Profit | -7.83 | 47.0% | 68.8% |
| OPM | — | ||
| NPM | — | ||
| EPS | -0.50 | 70.1% | 49.0% |
Workhorse Group Reports Q3 2025 Results
04 May 2026 · 4 May, 7:34 am
Summary
Workhorse Group reported its third quarter 2025 financial results, with sales totaling $2.4 million. The cost of sales was $10.1 million, impacted by an increase in inventory excess and obsolescence reserve. The company reduced operating expenses by $1.2 million year-over-year. Workhorse is focused on completing its proposed transaction with Motiv to create a leading North American medium-duty electric truck OEM.
Key Highlights
- 1
Workhorse Group reported sales of $2.4 million for the third quarter ended September 30, 2025.
- 2
Cost of sales for the third quarter ended September 30, 2025 was $10.1 million.
- 3
Operating expenses decreased by $1.2 million year-over-year in the third quarter of 2025.
- 4
Research and development expenses decreased by $1.2 million for the three months ended September 30, 2025.
- 5
The company recognized a gain on sale of assets of $13.8 million primarily related to the Sale Leaseback of its Union City, IN Facility during the third quarter.
- 6
Workhorse completed the sale of 15 trucks during the third quarter.
- 7
As of September 30, 2025, the Company had $12.7 million in cash and cash equivalents.
Management Comments
Rick Dauch
We continue to make important progress on our product roadmap at Workhorse. We recently announced the availability of the Utilimaster Aeromaster body for our W56 Class 5/6 step van, designed to enhance the flexibility, durability, efficiency, and safety of the W56 platform. This exciting new offering will enable us to deliver the performance and reliability of our step van in the traditional form factor that fleet operators already know and trust. During the third quarter we completed the sale of 15 trucks, in a combination of both Class 4 and 5 versions. We are focused on completing our proposed transaction with Motiv to create a leading North American medium-duty electric truck OEM. By building on our complementary strengths, Workhorse and Motiv are positioned to win the medium-duty EV market as the long-term industry trend towards electrification continues. We are confident that this transaction will provide our shareholders with the opportunity to participate in the potential upside of the combined company, with a significant ownership stake.
Bob Ginnan
Our proposed transaction with Motiv will provide Workhorse with a simplified capital structure and the near-term liquidity to support our operations through the proposed transaction close. We continue to take additional steps to extend our financial runway and efficiently manage our cash flow by reducing operating costs and improving working capital needs. We are confident in our ability to generate additional purchase orders and revenue from our customers while strengthening our financial position, and we look forward to completing the proposed transaction with Motiv.
Informational and educational content only. Not investment advice.