Workhorse Q1 sales fall 54% to $0.6M; Q2 shipments accelerate to 18 trucks

Workhorse Group Inc.

2025-Q1 EPS reported -$4.68 revenue$640,922

Net sales $0.6M vs $1.3M YoY, driven by Aero divestiture and lower truck sales.
Operating expenses (SG&A+R&D) decreased $9.3M YoY to $8.3M on headcount and cost cuts.
Cash and cash equivalents $2.6M; restricted cash $27.9M; inventory $41.3M as of March 31.
Shipped 18 trucks in Q2 to date (6x Q1 volume); targeting more than full-year 2024 in Q2 alone.
Regained Nasdaq compliance on April 2 after 1-for-12.5 reverse stock split effective March 17.

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