Workhorse Group (WKHS) Q1 2025 Earnings Call May 15, 2025 08:00 AM ET Speaker0 Greetings, and welcome to the Workhorse Group Q1 twenty twenty five Earnings Conference Call and Webcast. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Stan Marsh. Please go ahead, Stan. Speaker1 Thank you very much, Kevin. Good morning. We'd like to welcome ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission file number: 001-37673 WORKHORSE GROUP INC. (Exact name of registrant as specified in its charter) Nevada 26-1394771 (State or other ...

Q1 2025 Earnings Call May 15, 2025 Today's Presenters © Copyright 2025 Workhorse. Confidential & Proprietary | 2 Rick Dauch CEO Bob Ginnan CFO Stan March Vice President, Corporate Development • 28 years automotive industry experience • 16 years serving in CEO roles • Multiple public/private board memberships • 23+ years of senior finance and leadership experience • Refined capital structures for firms in multiple industries • Executed multiple accounting and information technology ("IT") system installation ...

Exhibit 99.1 Workhorse Group Reports First Quarter 2025 Results CINCINNATI, May 15, 2025 – Workhorse Group Inc. (Nasdaq: WKHS) ("Workhorse" or "the Company"), an American technology company focused on pioneering the transition to zero-emission commercial vehicles, today reported financial results for the first quarter ended March 31, 2025. Management Commentary "We continue to deliver high-quality electric trucks and build strong momentum as customer interest grows," said Workhorse CEO Rick Dauch. "Our W56' ...

Range Truck Group joins as key Pacific Northwest partner; third Midwest Ziegler Truck Group location addedCINCINNATI, May 13, 2025 (GLOBE NEWSWIRE) -- Workhorse Group Inc. (Nasdaq: WKHS) (“Workhorse” or “the Company”), an American technology company focused on pioneering the transition to zero-emission commercial vehicles, today announced the expansion of its partnership with Ziegler Truck Group, adding two new dealer locations to its national network. Range Truck Group, located in Fife, Washington, joins t ...

CINCINNATI, April 28, 2025 (GLOBE NEWSWIRE) -- Workhorse Group Inc. (Nasdaq: WKHS) ("Workhorse" or "the Company"), an American technology company focused on pioneering the transition to zero-emission commercial vehicles, today announced the successful completion of a 2,400-mile drive from Cincinnati, Ohio to Anaheim, California in its W56 electric step van. The vehicle, which demonstrated its real- world capability across nine states and multiple charging networks, is now available for test drives at ACT Ex ...

Core Viewpoint - Workhorse Group Inc. has regained compliance with Nasdaq's minimum bid price requirement of $1.00 per share after a reverse stock split and meeting the necessary trading conditions [1][2][3]. Compliance with Nasdaq - The company received a notification from Nasdaq confirming compliance with Listing Rule 5550(a)(2) after previously being notified of non-compliance due to a closing bid price below $1.00 for 30 consecutive trading days [1][2]. - To regain compliance, Workhorse was required to maintain a minimum closing bid price of at least $1.00 for ten consecutive trading days, which has now been achieved [2]. Reverse Stock Split - On March 17, 2025, Workhorse executed a 1-for-12.5 reverse stock split to increase the market price of its common stock, which began trading on a split-adjusted basis thereafter [3]. Company Overview - Workhorse Group Inc. is focused on the transition to zero-emission commercial vehicles, designing and building vehicles in the U.S. for last-mile delivery and medium-duty operations [4].

Core Points - Workhorse Group Inc. has regained compliance with Nasdaq's minimum bid price requirement of $1.00 per share [1][2] - The company had previously fallen below this threshold for 30 consecutive trading days, prompting a notification from Nasdaq [2] - A reverse stock split of 1-for-12.5 was executed on March 17, 2025, to increase the stock price, after which the stock began trading on a split-adjusted basis [3] Company Overview - Workhorse Group Inc. is focused on the transition to zero-emission commercial vehicles, designing and building vehicles in the United States [4] - The company specializes in last-mile delivery, medium-duty operations, and a range of specialized applications [4]

Financial Data and Key Metrics Changes - Sales net of returns and allowances for the full year 2024 were $6.6 million, a decrease from $13.1 million in 2023, primarily due to lower W4CC truck sales, offset by an increase in W56 truck sales and service revenue [43] - Cost of sales for 2024 was $28.2 million, down $9.5 million from $38.4 million in 2023, driven by lower W4CC vehicle sales and cost-saving initiatives [44] - SG&A expenses decreased to $42.5 million in 2024 from $55.6 million in 2023, primarily due to reduced employee compensation and consulting expenses [45] - R&D expenses for 2024 were $9.1 million, a decrease of $15.3 million compared to $24.5 million in 2023, mainly due to lower headcount and reduced prototype expenses [46] - The net loss for 2024 was $101.8 million, compared to a net loss of $123.9 million in 2023 [48] Business Line Data and Key Metrics Changes - The decrease in sales was primarily attributed to lower W4CC truck sales, while W56 truck sales increased, contributing positively to service revenue [43] - The company launched the new W56 208-inch wheelbase truck, receiving positive customer feedback and a purchase order for 13 units [11] Market Data and Key Metrics Changes - The commercial EV market is experiencing uncertainty due to regulatory pauses and delays in fleet electrification plans, impacting investment decisions by several fleets [8][9] - Despite challenges, some states continue to advance their electrification plans, and Workhorse is positioned to capitalize on these opportunities [9] Company Strategy and Development Direction - The company aims to extend its financial runway while advancing its product roadmap and ramping up production [53] - Workhorse is focused on securing breakthrough high-volume orders with national fleets and smaller orders in states with effective incentive programs [57] - The company emphasizes its commitment to delivering reliable, durable, and capable commercial vehicles that meet the needs of last-mile delivery fleets [38] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that EV adoption in the commercial space is slower than expected due to external factors such as regulatory delays and inadequate charging infrastructure [54] - The company remains optimistic about the fundamentals of transitioning to EVs in the last-mile delivery segment, highlighting the operational benefits of their vehicles [55] Other Important Information - The company executed a one-for-12.5 reverse stock split to increase the market price of its common stock and maintain compliance with NASDAQ listing requirements [48] - Workhorse has established in-house manufacturing capabilities, making it the only North American-based OEM capable of producing complete step vans [20] Q&A Session Summary - No specific questions were recorded during the Q&A session, and the call concluded with management expressing gratitude for the support and commitment to securing necessary orders for future growth [61][62]

March 31, 2025 Today's Presenters © Copyright 2025 Workhorse. Confidential & Proprietary | 2 Rick Dauch CEO Bob Ginnan CFO Stan March Vice President, Corporate Development • 28 years automotive industry experience • 16 years serving in CEO roles • Multiple public/private board memberships FY 2024 Earnings Call • 23+ years of senior finance and leadership experience • Refined capital structures for firms in multiple industries • Executed multiple accounting and information technology ("IT") system installati ...