Workhorse Posts 64% Q4 Revenue Jump After Motiv Merger, Targets $20M in Cost Synergies
Workhorse Group reported Q4 2025 revenue of $9.7 million, up 64% year-over-year, in its first earnings report since merging with Motiv Electric Trucks.
$9.7 million
$21.2 million
112
What Happened
Workhorse Group Inc. reported fourth-quarter revenue of $9.7 million, a 64% increase from $6.0 million a year earlier, and full-year revenue of $21.2 million, up 201%. The company delivered 65 vehicles in Q4 and 112 for the full year, compared to 46 in 2024. Operating loss widened to $20.1 million in Q4 from $16.5 million, driven partly by $4.9 million in merger-related expenses.
112vehicles
Up from 46 vehicles in 2024, reflecting increased production and demand.
- Merger integration is on track with manufacturing consolidated at Union City, Indiana facility.
- Targeting $20 million in annualized cost synergies by end of 2026 through administrative and supply chain efficiencies.
- New $40 million customer order lending facility secured to fund working capital for orders.
- Launched a lower-cost 140 kWh battery configuration of the W56 step van.
“Today marks a milestone for Workhorse as we report our first set of results as a combined company. Since closing the Motiv merger in December, we have made meaningful progress on all three commitments we made: completing the integration, expanding our product portfolio, and strengthening our financial position.”
Why this matters
The results highlight early merger benefits, including a stronger product lineup and cost savings roadmap, as Workhorse aims for profitability in the competitive electric truck market.
Terms in This Story
- Pro forma
- Financial results that include the combined figures of two companies as if they had merged at an earlier date.
- Cost synergies
- Cost savings achieved by combining operations, such as eliminating duplicate roles or consolidating facilities.
- Step van
- A type of delivery truck with a boxy body and a low step-in height, commonly used for last-mile deliveries.
- Cab chassis
- A vehicle platform consisting of the cab and frame, onto which a custom body can be mounted.
Summarised from the linked release; details can be imperfect — always verify against the original source.