Workhorse Q3 revenue $2.4M, operating loss widens; merger with Motiv vote Nov 12

Workhorse Group Inc.

2025-Q3 EPS reported -$4.49 revenue$8,695,389

Q3 revenue $2.4M vs $2.5M YoY; cost of sales $10.1M includes $3.3M inventory obsolescence charge.
Operating expenses down $1.2M YoY in Q3; YTD op ex decreased $17.5M vs prior year.
Sold 15 trucks in Q3; 42 W56 vehicles in customer fleets with 97% uptime in last-mile ops.
Merger with Motiv on track; shareholder vote Nov 12, expected close Q4 2025.
Cash $12.7M plus $25.5M restricted; up to $20M in new debt financing from Motiv investor at closing.

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