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Jun 30, 2025
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.
Revenue by Geographic Location
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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