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SEC filingWorkhorse Group reported its first quarterly results post-merger with Motiv, showing increased revenue and vehicle deliveries but widening losses due to merger costs and higher expenses.
Workhorse Group's fourth quarter 2025 results represent the company's first earnings report following the completion of its merger with Motiv Electric Trucks in December 2025. While revenue showed substantial growth of 64% year-over-year to $9.7 million, driven by increased vehicle deliveries of 65 units in the quarter, the company's losses widened significantly. The net loss of $23.7 million in Q4 2025 compared to $19.6 million in the prior year period was primarily driven by $4.9 million in merger-related expenses and higher cost of sales, which increased to $15.5 million from $9.0 million in Q4 2024. Management highlighted progress on merger integration, with board and governance structures in place and employee integrations nearly complete. The company is targeting $20 million in annualized cost synergies from the merger as it exits 2026, with savings expected from eliminating duplicative administrative functions and consolidating manufacturing operations. CEO Scott Griffith emphasized the company's focus on converting its sales pipeline into revenue, managing costs during integration, and positioning for sustainable growth. The company also announced a new 140 kWh battery configuration for its W56 step van in response to customer demand and entered 2026 with a stronger balance sheet following the merger, including a new $40 million customer order lending facility for working capital. Despite the increased losses, management expressed confidence in having a clear path to profitability as the combined company works to commonize its technology platform and develop a proprietary Class 5/6 cab chassis to address the broader commercial truck market.