Workhorse Group reported Q4 2025 revenue of $9.7 million, up 64% year-over-year, and full-year revenue of $21.2 million, up 201% year-over-year. On a pro forma basis following the Motiv merger, combined 2025 revenue reached $34.0 million, while deliveries totaled 65 vehicles in Q4 and 112 for the full year.

Since closing the Motiv Electric Trucks merger in December 2025, governance and employee integrations are nearly complete and manufacturing is being consolidated at the Union City, Indiana facility. The company is targeting $20 million in annualized cost synergies through administrative eliminations, supply chain rationalization and manufacturing consolidation, and has secured a $40 million customer order lending facility.

In response to customer demand and cost objectives, Workhorse introduced a new lower-cost W56 step van configuration equipped with a 140 kWh battery. This addition expands the product portfolio and aims to drive volume growth in the $23 billion Class 4–6 commercial truck market.

Cost of sales for Q4 was $15.5 million, resulting in a gross loss of $5.7 million. Operating expenses totaled $14.4 million, including $4.9 million of merger-related costs, leading to an operating loss of $20.1 million and a net loss of $23.7 million for the quarter.