Highlights 

  • Q3 revenue reaches 2.4M USD, focused on W56 step van and Class 4/5 truck sales. 
  • Planned merger with Motiv aims to form a leading North American medium-duty EV OEM. 
  • Operating expenses decreased by 1.2M USD in Q3, supporting cash conservation efforts. 

Workhorse Group, Inc. (NASDAQ:WKHS) reported results for the third quarter ending September 30, 2025. Net sales for Q3 2025 totaled 2.4M USD, slightly below 2.5M USD in Q3 2024, reflecting lower truck sales, partially offset by recognition of seven vehicles from deferred revenue. Cost of sales rose to 10.1M USD from 6.6M USD, largely due to a 3.3M USD increase in inventory excess and obsolescence reserves. 

SG&A expenses were 7.8M USD, slightly up from 7.7M USD in Q3 2024, driven by a 3.6M USD increase in consulting and legal expenses tied to the proposed Motiv merger, partially offset by reductions in employee compensation, marketing, and IT costs. R&D expenses decreased to 1.1M USD from 2.3M USD, mainly due to lower headcount, reduced prototype costs, and lower consulting fees. Net interest expense fell to 0.2M USD from 3.0M USD, reflecting lower financing fees versus the prior year. 

Management Commentary 
Rick Dauch, CEO of Workhorse, said, “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. During the third quarter we completed the sale of 15 trucks, in a combination of both Class 4 and 5 versions.” 

Bob Ginnan, CFO, said, “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.” 

Strategic and Operational Updates 
During Q3, Workhorse advanced the W56 platform by integrating and validating the Utilimaster Aeromaster walk-in body. Over 42 vehicles operated in customer and partner fleets, delivering 97% uptime in last-mile operations. Operating expenses decreased 1.2M USD year-over-year, with a nine-month reduction of 17.5M USD compared to 2024. Workhorse also received approximately 25M USD in funding from Motiv’s controlling investor, including a 20M USD sale-leaseback and a 5M USD secured convertible note. 

Liquidity and Cash Position 
As of September 30, 2025, Workhorse held 12.7M USD in cash and cash equivalents, 25.5M USD in restricted cash, 1.2M USD in net accounts receivable, and 30.0M USD in net inventory. Accounts payable were 11.2M USD. The proposed Motiv transaction includes up to 20M USD in debt financing at closing, with 10M USD allocated for general corporate purposes and 10M USD for vehicle production.