Workhorse Group, Inc.
1.0600-0.02 (-1.85%)
Oct 29, 4:00:01 PM EDT · NasdaqCM · WKHS · USD
Key Stats
Market Cap
20.20MP/E (TTM)
-Basic EPS (TTM)
-16.22Dividend Yield
0%Recent Filings
8-K
Workhorse-Motiv merger advances
Workhorse Group advances its merger with Motiv Electric Trucks, announced August 15, 2025, to create a leading North American medium-duty EV OEM with combined products, fleets, and manufacturing. The deal injects $45M in financing, simplifies capital structure by repaying debt, and targets $20M+ synergies by end-2026, while Q2 revenue hit $5.7M from W56 deliveries. Merger closes Q4 2025, pending approvals. Risks include regulatory delays and integration hurdles.
8-K
Workhorse-Motiv merger advances
Workhorse Group entered a merger agreement with Motiv Power Systems on August 15, 2025, where Motiv investors will own 62.5% of the combined entity on a fully diluted basis, while Workhorse shareholders hold 26.5% and the 2024 note holder gets 11% rights. The deal, conditioned on stockholder approvals and Nasdaq listing, includes a $20 million sale-leaseback of Workhorse's Union City facility for 20 years at $2.1 million annual rent and a $5 million 8% convertible note maturing in 24 months. This bolsters liquidity and simplifies capital structure, yet integration risks loom amid regulatory hurdles.
8-K
Workhorse Q2 sales surge, Motiv merger
Workhorse Group reported Q2 2025 results with net sales of $5.7 million, up from $0.8 million last year, fueled by shipping a record 32 W56 electric trucks amid ongoing losses. The company inked a definitive merger with Motiv Electric Trucks to form a top North American medium-duty EV OEM, boosting scale and efficiencies. It secured $25 million in interim funding via a $20 million sale-leaseback and $5 million convertible note to extend runway. Merger risks include integration hurdles and shareholder approval delays.
10-Q
Q2 FY2025 results
Workhorse's Q2 revenue surged 573% y/y to $5.7M, driven by higher W56 truck deliveries, though gross margins stayed negative at -130% amid $4.3M inventory write-downs. Operating expenses dropped 50% y/y to $7.1M, thanks to headcount cuts and consulting reductions, narrowing the operating loss to $14.5M from $20.5M. Net loss improved to $14.8M, or $(1.67) per diluted share on 8.8M shares, versus $(17.45) last year, with fair-value gains on warrants offsetting note changes. Cash burn eased to $14.0M YTD, bolstered by $34.1M in note proceeds, leaving $2.2M unrestricted cash against $39.5M fair-value debt; free cash flow not disclosed in the 10-Q. Post-quarter, Workhorse inked a merger with Motiv Power Systems, swapping $30.9M debt for equity and raising $25M via sale-leaseback and convertible notes. Yet merger delays could stall the turnaround.
8-K
Exclusivity renewed for EV merger
Workhorse Group reentered a seven-day exclusivity period on August 4, 2025, with a private U.S. electric vehicle manufacturer for a potential merger into a new subsidiary, swapping shares for the asset. This extends prior talks after a brief lapse, locking out rival deals amid fiduciary outs. Deal terms remain fluid. Risks loom if negotiations falter.
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