🧾 What This Document Is

This is an 8-K filing, which companies use to announce major news to investors. Attached is their press release with full financial results for the last quarter and full year of 2025. It’s Workhorse’s first earnings report after completing a major merger, so it’s a key update on how the combined company is doing.

🏢 What The Company Does

👉 In simple terms, Workhorse builds electric commercial trucks, delivery vans, shuttles, and buses. They are a "software-first" manufacturer trying to carve out a space in the growing market for medium-duty electric vehicles, competing to help fleet operators go green.

💰 Financial Highlights

Here’s the snapshot of their money story for 2025:

• Revenue Grew Strongly: They made $9.7 million in the 4th quarter (Q4), up 64% from last year. For the full year, revenue was $21.2 million, up a huge 201%.
• The Merger Impact: On a "pro forma" basis—meaning if you combined the two companies for the whole year—their joint revenue was $34.0 million for 2025.
• Selling More Trucks: They delivered 65 vehicles in Q4. For the full year, they delivered 112 vehicles, which is more than double the 46 sold in 2024.
• Still Unprofitable: They spent more than they made. Their cost to produce the vehicles (Cost of Sales) was $15.5 million in Q4, leading to a $5.7 million gross loss on those sales.
• Overall Loss: After all expenses, including merger costs and regular operations, the net loss for Q4 was $23.7 million.

🚀 Key Moves & Strategy

This quarter was all about the merger with Motiv Electric Trucks, finished in Dec 2025. Here’s what they’re doing:

• Integration On Track: They’ve combined leadership and are merging offices. Manufacturing is being consolidated at their plant in Union City, Indiana.
• Cutting Costs: They’re targeting $20 million in annual cost savings by 2026 from eliminating duplicate roles and streamlining the business.
• New Funding: They secured a $40 million lending facility to help pay for materials to build customer orders.
• New Product Option: Responding to customer demand, they launched a new, lower-cost version of their W56 step van with a 140 kWh battery.
• Sales Pipeline: They report their sales pipeline is strengthening for 2026 and beyond.

📦 Financial Position & Risks

👉 While revenue is growing, they are still burning cash. The merger was designed to simplify their finances, and the new $40 million loan helps, but the company is not yet self-sustaining. They are actively looking for more financing to support their growth.

🔮 What's Next

The CEO outlined a clear path forward: finish integrating Motiv, convert their sales pipeline into revenue, control costs, and develop a shared technology platform. Their big goal is to build a new truck chassis to compete for a larger piece of the $23 billion market for Class 4-6 commercial trucks.

⚖️ Big Picture

👍 Strengths: Revenue is growing fast, vehicle deliveries are up, the merger is creating a larger company, and they have a clear plan to cut costs. ⚠️ Risks: They are still losing significant money, face intense competition in the EV truck market, and need more funding to execute their plans. Execution risk on the merger and new products is high.

🧠 The Analogy

Think of Workhorse like a new sports team that just merged with another franchise. They have a bigger roster and more fans (higher revenue and deliveries), but they're still figuring out how to play together (integration) and aren't making a profit from ticket sales yet. Their strategy is to build a star player (the new chassis) to win the championship (profitability) in a tough league.

📇 Key Contacts & People

• CEO: Scott Griffith
• Media Contact: John Williams, Communications
  • Phone: +1-206-660-5503
  • Email: [email protected]
• Investor Relations Email: [email protected]
• PR Agency: ICR, Inc.
  • Email: [email protected]

🧩 Final Takeaway

Workhorse is growing quickly after its merger, hitting key integration milestones and selling more electric trucks. However, it's still posting heavy losses as it invests in this growth. The next year is critical: they must execute on cost cuts and convert their sales pipeline into profitable revenue.