Workhorse Reports Strong Revenue Growth Post-Merger, But Losses Persist
Event summary
- Workhorse reported $9.7M in Q4 2025 revenue, up 64% YoY, and $21.2M for full year 2025, up 201% YoY.
- Delivered 65 vehicles in Q4 2025, bringing full year 2025 deliveries to 112 units, up from 46 in 2024.
- Combined company revenue (pro forma) reached $34.0M for full year 2025, up 149% from 2024.
- Reported a net loss of $23.7M in Q4 2025 and $64.086M for full year 2025.
- Targeting $20M in annualized cost synergies from merger integration by the end of 2026.
The big picture
Workhorse's strong revenue growth post-merger reflects the strategic benefits of combining with Motiv Electric Trucks. The company is positioning itself to capture a larger share of the $23B Class 4 through 6 commercial truck marketplace. However, persistent losses and the need for further financing highlight the challenges of scaling in the competitive electric vehicle sector.
What we're watching
- Integration Execution
- The pace at which Workhorse realizes $20M in annualized cost synergies will determine its path to profitability.
- Market Expansion
- How the new 140 kWh battery configuration of the W56 step van will impact customer demand and revenue growth.
- Financial Health
- Whether Workhorse can secure additional financing to strengthen its balance sheet and support growth plans.
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