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Sep 30
Workhorse Q3 2025 Earnings Report
Workhorse posted a smaller net loss in Q3 2025, supported by gains from asset sales and deferred revenue, despite higher cost of sales and limited truck deliveries.
Key Takeaways
Workhorse recorded $2.38 million in revenue for Q3 2025 from vehicle deliveries and deferred revenue, alongside a $7.8 million net loss, which was mitigated by asset sale gains and other income.
Sold 15 trucks during Q3 2025, including Class 4 and 5 models
Recognized $13.8M gain from sale-leaseback of Union City facility
Reduced R&D expenses to $1.1M, down from $2.3M a year ago
Ended quarter with $12.7M in cash and $25.5M in restricted cash
Workhorse
Workhorse
Workhorse Revenue by Geographic Location
Revenue by Geographic Location
United States Revenue
CapyFin.com Forward Guidance
Workhorse expects the proposed merger with Motiv to strengthen its financial structure and provide access to additional funding, helping support future vehicle production and order growth.
Positive Outlook
- Proposed Motiv merger expected to simplify capital structure
- Anticipated access to $20M in post-merger debt financing
- Gain of $13.8M from Union City facility sale boosts Q3 results
- Deferred revenue gain of $4.8M improves net income
- SG&A and R&D cost reductions help conserve cash
Challenges Ahead
- Revenue declined slightly YoY despite truck deliveries
- Cost of sales increased by $3.5M due to inventory charges
- Still operating at a loss with limited vehicle volume
- Only $12.7M in unrestricted cash at quarter-end
- Uncertainty remains around closing terms of Motiv merger