Workhorse Group (WKHS) Q4 2025 earnings summary

Executive summary

• Completed merger with Motiv Electric Trucks in December 2025, creating a leading North American medium-duty commercial vehicle OEM with over 1,100 vehicles deployed and 20 million+ miles logged.

• Integration milestones achieved within three months, including board structure, office integration, and manufacturing consolidation, with full consolidation at Union City, Indiana expected by end of Q2 2026.

• Expanded product portfolio and coverage, including step vans, shuttles, Type A school buses, and work trucks, opening new customer categories and SLED fleet opportunities.

• Focused on expanding product portfolio, achieving cost synergies, and strengthening financial position to reach profitability.

• Launched new lower-cost W56 step van configuration, including a 140 kWh battery, to meet customer demand.

Financial highlights

• Q4 2025 revenue was $9.7 million, up from $6 million in Q4 2024; full-year 2025 revenue reached $21.2 million, up from $7 million in 2024.

• Delivered 65 vehicles in Q4 2025 and 112 for the full year, compared to 46 in 2024, a 143% YoY increase.

• Q4 2025 gross margin was -$5.7 million; operating loss was $20.1 million; net loss was $23.7 million.

• Full-year net loss was $64.1 million, compared to $51.6 million in 2024.

• Pro forma 2025 revenue would have been $34 million if the merger had occurred at the start of the year.

Outlook and guidance

• Targeting $20 million in annualized cost synergies by end of 2026 through manufacturing consolidation, headcount reduction, and elimination of duplicative costs.

• Path to cash flow breakeven by end of 2028, requiring annual production of approximately 2,500 vehicles, less than 1% of the addressable market.

• No significant new CapEx required to achieve breakeven; existing plant capacity exceeds 5,000 vehicles/year.

• Expecting increased deliveries in 2026 as production ramps and backlog converts to revenue.

• Aggressive product roadmap aims for ICE-comparable pricing and continued cost reductions.