Workhorse Group GAAP EPS of -$0.50 beats by $0.95, revenue of $2.38M misses by $0.12M

* Workhorse Group press release [https://seekingalpha.com/pr/20301565-workhorse-group-reports-third-quarter-2025-results] (WKHS [https://seekingalpha.com/symbol/WKHS]): Q3 GAAP EPS of -$0.50 beats by $0.95.
* Revenue of $2.38M (-5.2% Y/Y) misses by $0.12M.
*
As of September 30, 2025, the estimated fair value of the warrants held by Workhorse’s existing senior secured lender (the “2024 Warrants”) totaled $10.0 million. For the three months ended September 30, 2025 and 2024, the Company recorded a net fair value loss of $6.8 million and $2.6 million, respectively, related to the 2024 Warrants.

During the three months ended September 30, 2025, the Company recognized a gain on sale of assets of $13.8 million primarily related to the Sale Leaseback of its Union City, IN Facility.

During the three months ended September 30, 2025, the Company recognized a gain of $4.8 million related to deferred revenue upon termination of the Tropos Assembly Services Agreement.

As of September 30, 2025, the Company had $12.7 million in cash and cash equivalents and $25.5 million in restricted cash, net accounts receivable of $1.2 million, other receivables of $1.5 million, net inventory of $30.0 million and accounts payable of $11.2 million.

MORE ON WORKHORSE GROUP

* Workhorse Group Inc. 2025 Q2 - Results - Earnings Call Presentation [https://seekingalpha.com/article/4814920-workhorse-group-inc-2025-q2-results-earnings-call-presentation]
* Workhorse Group Inc. (WKHS) Q2 2025 Earnings Call Transcript [https://seekingalpha.com/article/4814919-workhorse-group-inc-wkhs-q2-2025-earnings-call-transcript]
* Workhorse Group Q3 2025 Earnings Preview [https://seekingalpha.com/news/4519387-workhorse-group-q3-2025-earnings-preview]
* Workhorse outlines $20M synergy target and strategic merger with Motiv to accelerate medium-duty EV growth [https://seekingalpha.com/news/4487165-workhorse-outlines-20m-synergy-target-and-strategic-merger-with-motiv-to-accelerate-medium]
* Seeking Alpha’s Quant Rating on Workhorse Group [https://seekingalpha.com/symbol/WKHS/ratings/quant-ratings]