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Mar 31, 2025
Workhorse Q1 2025 Earnings Report
Workhorse reported lower revenue and widened net loss in Q1 2025 amid decreased truck sales and efforts to preserve cash.
Key Takeaways
In Q1 2025, Workhorse generated $640,922 in revenue from commercial vehicle sales but posted a net loss of $20.6 million due to lower sales volume and high financing costs. The company continued to develop its electric truck lineup and received new customer orders while reducing operating expenses.
Revenue declined to $640,922 from $1.34 million in Q1 2024, mainly due to lower W4 CC and W56 truck sales.
Net loss was $20.6 million, or $4.68 per share, compared to $29.2 million loss last year.
Cash and cash equivalents totaled $2.6 million, with an additional $27.9 million in restricted cash.
Workhorse shipped 18 trucks early in Q2 2025, exceeding Q1 volume sixfold.
Revenue by Geographic Location
Forward Guidance
Workhorse plans to ramp up production and delivery volumes in Q2 and beyond while continuing cost-saving initiatives and customer expansion.
Positive Outlook
- Shipped six times more trucks in early Q2 vs. Q1
- Received new orders from Gateway Fleets and municipal customers
- Expanded dealer network with Ziegler and Range Truck Group
- Showcased W56 performance on a 2,400-mile cross-country trip
- Reduced SG&A and R&D expenses by $9.3 million YoY
Challenges Ahead
- Sales fell over 50% YoY
- High interest expense due to convertible notes
- Limited liquidity with only $2.6 million in cash
- Continued net losses and negative gross margin
- Production still not at commercial scale
Historical Earnings Impact
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Avg. Return Before/After Earnings
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