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Jun 30
Workhorse Q2 2025 Earnings Report
Workhorse reported a substantial increase in revenue driven by higher W56 shipments but continued to post a net loss in Q2 2025.
Key Takeaways
Workhorse's Q2 2025 revenue surged to $5.7 million, boosted by W56 deliveries, while the company narrowed its operating losses year-over-year. Strategic moves included a merger agreement with Motiv and actions to conserve cash and streamline operations.
Revenue increased to $5.7 million from $842,440 in Q2 2024 due to higher W56 deliveries.
Net loss narrowed to $14.78 million compared to $26.32 million a year ago.
Company completed a $20 million sale leaseback and a $5 million secured convertible note to support liquidity.
Operating expenses dropped by $7 million YoY, reflecting cost-saving efforts.
Workhorse
Workhorse
Workhorse Revenue by Geographic Location
Revenue by Geographic Location
United States Revenue
CapyFin.com Forward Guidance
Workhorse expects increased scale and operational efficiency following its proposed merger with Motiv, alongside continued demand for its W56 trucks.
Positive Outlook
- Merger with Motiv to enhance scale and product portfolio
- Improved operational efficiency through joint platform development
- Continued customer demand for W56 step vans
- New W56 configurations available for order
- Funding secured to support near-term operations
Challenges Ahead
- Ongoing net losses despite revenue growth
- High cost of sales outweighing revenue gains
- Continued reliance on external funding to support liquidity
- Significant convertible debt remains on balance sheet
- Uncertainty around transaction closure timing with Motiv