Workhorse Group Inc. (Nasdaq: WKHS) reported financial results for the second quarter ended June 30, 2025.
The company shipped a record 32 trucks in the second quarter, driven by the performance of the W56 step vans and positive customer feedback.
Workhorse announced an agreement to combine with Motiv Electric Trucks to create a leading North American medium-duty electric truck OEM.
Strategic Transaction with Motiv
Entered into a definitive merger agreement to combine with Motiv Electric Trucks, aiming to create a leading North American medium-duty electric truck OEM.
Secure Purchase Orders
Secured 36 purchase orders for W56 step vans and shipped 32 units during the quarter, displaying continued demand for high-quality trucks.
Leveraging Manufacturing Scale
Upon completion of the merger with Motiv, the combined company will benefit from joint engineering experience and increased manufacturing scale for enhanced operational efficiency.
Real-World Performance of W56
W56 platform demonstrated reliability and performance with over 212,000 miles covered in customer and partner fleets across diverse real-world routes, achieving 97% uptime in daily last-mile operations.
Cash Conservation and Financial Runway Extension
Implemented cost-saving measures, reduced operating expenses by $7.0 million year-over-year, and secured interim funding of approximately $25 million through transactions related to the Motiv merger.
- Workhorse's second quarter sales showed significant growth, with net sales of $5.7 million compared to $0.8 million in the same period a year ago.
- The company's agreement to combine with Motiv Electric Trucks is expected to enhance operational efficiency, expand product offerings, and reduce unit costs for customers.
- The demonstration of W56 platform performance in real-world scenarios highlights the reliability and versatility of Workhorse's electric vehicles.
Workhorse's second quarter results reflect its commitment to innovation, customer satisfaction, and industry leadership in the transition to zero-emission commercial vehicles. The strategic merger with Motiv Electric Trucks and the positive sales performance indicate a promising future for Workhorse Group Inc.