Workhorse Group, Inc. · NASDAQ:WKHS
Workhorse — Q2 2025 Earnings Presentation
16 slides from Workhorse's earnings presentation, Aug 19, 2025
Slide 1: Workhorse and Motiv Joint Conference Call
Workhorse and Motiv Joint Conference Call + August 19, 2025 © Copyright 2025 Workhorse. Confidential & Proprietary | 1
Slide 2: Cautionary Note Regarding Forward-Looking Statements
Legal Legends Cautionary Note Regarding Forward-Looking Statements This communication contains “forward-looking statements” within the meaning of Section 21E of the Exchange Act, and the Private Securities Litigation Reform Act of 1995, as amended. All statements other than statements of historical
Slide 3: Today's Presenters
Today’s Presenters Rick Dauch Scott Griffith Bob Ginnan Stan March CEO, Workhorse CEO, Motiv CFO, Workhorse VP, Corporate Development, Workhorse • 30+ years automotive • 30+ years of experience in • 25+ years of senior finance • 29+ years executive experience industry experience automotive, mobility
Slide 4: Agenda
Updated for Q2 and new photo Can we use a Vestis or FedEx logo'd truck? Agenda Introductions Q2 2025 Business Update & Financials WHKS-Motiv Merger Overview Near-Term Priorities Q&A © Copyright 2025 Workhorse. Confidential & Proprietary | 4
Slide 5: Growing Fleet Momentum & Strategic Progress
Growing Fleet Momentum & Strategic Progress Momentum in Fleet Orders Advancing Product Flexibility & Deployments ▪ Secured 36 POs in Q2 and shipped 32 units ▪ Completed testing of W56 140 kWh model; 100+ mile ▪ Real-world fleet performance and positive customer range with full payload feedback drivi
Slide 6: Financial Summary Highlights
Financial Summary Highlights Revenue Sales, net of returns and allowances for the three months ended June 30, 2025, and 2024 were $5.7 million and $0.8 million, respectively. For the three Q2 2025 Unaudited Results ended June 30, 2025, the increase in sales of $4.8 million was primarily due to Three
Slide 7: Balance Sheet Highlights
(Unaudited) December 31, June 30, 2025 2024 Balance Assets Current assets: Cash and cash equivalents $ 2,190,820 $ 4,119,938 Sheet Restricted cash Accounts receivable, less allowance for credit losses of $0.3 million and $0.2 million as of June 30, 2025 and December 31, 2024, respectively 22,528,341
Slide 8: Strategic Combination with Motiv Electric Trucks
Strategic Combination with Motiv Electric Trucks Leveraging a Strong Foundation Strategic Rationale & Shareholder Value ▪ Streamlined organization with strong products ▪ Combines complementary products, fleet and reputation for reliability relationships, and dealer networks ▪ Advanced W56 roadmap wi
Slide 9: Creating a Leading North American Medium-Duty Electric Truck OEM
Creating a Leading North American Medium-Duty Electric Truck OEM Broad Portfolio Targeting an Attractive Market: The merged company is expected to become a leader in the 1 $23B+(4) North American medium-duty truck segment with a full range of Class 4-6 trucks and buses Strong, Complementary Customer
Slide 10: Broader Combined Portfolio Expands TAM
Broader Combined Portfolio Expands TAM EPIC4 W4 CC Class 4 Cab Chassis Class 4 and Type A School Bus W750 Class 4 Step Van In Development Class 5 and 6 Cab Chassis W56 S Class 5/6 Step Van or Gen 6 Electrified Stripped Chassis Stripped Chassis - Standard and longer wheel base - 140 kWh and 210 kWh -
Slide 11: Strong, Complementary Customer Base
Strong, Complementary Customer Base ▪ Together, Motiv and Workhorse have existing commercial relationships with 10 of the largest medium-duty fleets(1) in North America ▪ Combined company positioned to expand through existing relationships ▪ Have ample room for cross-selling ▪ Combined company will
Slide 12: Combined Company to Benefit from Access to Proven Direct Sales and Dealer Network
Combined Company to Benefit from Access to Proven Direct Sales and Dealer Network Harmonizing Motiv’s consultative and direct selling methodology and process for growing from pilots to large multi-order relationships with WKHS’ robust dealer approach and network of truck dealers Selling Methodology
Slide 13: Creating a Stronger Financial Position and Simplified Capital Structure
Creating a Stronger Financial Position and Simplified Capital Structure Providing near-term liquidity to Workhorse Obtaining new debt financing to fuel and simplifying capital structure go-forward plans $20M $20M Sale leaseback completed for Workhorse’s Union City facility Access to debt financing e
Slide 14: Combined Company Poised to Create Long-term Shareholder Value
Combined Company Poised to Create Long-term Shareholder Value Creating a leading North American medium-duty electric truck OEM with a broader product offering, stronger customer relationships and manufacturing facilities to drive growth Strengthening Workhorse’s near- and long-term financial positio
Slide 15: Near-Term Priorities
Near-Term Priorities Complete Transaction with Motiv Strengthen Financial Position & ▪ Obtain shareholder approvals Operational Efficiency ▪ Close transaction and associated financing commitment ▪ Fulfill existing fleet purchase orders ▪ Target transaction close in Q4 2025 ▪ Expand dealer-led sales
Slide 16: Questions?
Questions? © Copyright 2025 Workhorse. Confidential & Proprietary | 16