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Truck Shipments In Q2 2025, Workhorse shipped 32 trucks, a significant increase from 1 truck in Q2 2024. This increase of 31 trucks year-over-year was driven by customer demand for the W56 step van.
Sales (Net of Returns and Allowances) Sales for Q2 2025 were $5.7 million, compared to $800,000 in Q2 2024, marking a $4.8 million increase. This was due to higher W56 shipments, partially offset by the loss of revenue from the Aero divestiture and higher W4 CC sales in the prior year.
Cost of Sales Cost of sales for Q2 2025 was $13.1 million, up $5.8 million from $7.3 million in Q2 2024. The increase was driven by higher sales volume, a $1.8 million increase in inventory excess and obsolescence reserves, partially offset by lower production expenses and labor costs.
Selling, General and Administrative (SG&A) Expenses SG&A expenses for Q2 2025 were $5.8 million, a decrease of $6.3 million from $12.1 million in Q2 2024. The decrease was primarily due to lower employee compensation, legal and professional expenses, IT-related expenses, corporate insurance, and depreciation and amortization expenses.
Research and Development (R&D) Expenses R&D expenses for Q2 2025 were $1.2 million, down $700,000 from $2 million in Q2 2024. The decrease was driven by lower employee compensation, prototype part expenses, and rent expenses.
Net Loss Net loss for the first half of 2025 improved to $35.4 million from $55.5 million in the first half of 2024. Excluding interest and fair value adjustments, the net loss from operations improved from $44.2 million to $27.3 million.
Revenue (First Half Comparison) Revenue for the first half of 2025 was $6.3 million, up $4.1 million from $2.2 million in the first half of 2024. This increase was primarily due to higher deliveries of W56 trucks.
Operating Expenses (First Half Comparison) Operating expenses for the first half of 2025 were down $16.3 million year-over-year, driven by reductions in employee compensation, consulting-related expenses, legal and professional expenses, insurance, IT-related expenses, and depreciation and amortization expenses.
