Workhorse Group, Inc.

Greetings and welcome to the Workhorse Group and Motive joint conference call. At this time, all participants are in a listen-only mode. If anyone should require operator assistance, please press star zero on your telephone keypad. A question and answer session will follow the formal presentation, and you may be placed into question queue at any time by pressing star one on your telephone keypad. As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to your host, Stan March, from Workhorse. Please go ahead, Stan.

Thank you, Kevin. Good morning, and welcome to this joint Workhorse Motive conference call. Before we begin, I'd like to note that we posted our financial results for the quarter ended June 30th, 2025 by a press release, as well as filed its associated 10-Q with the SEC last Friday, August 15th. We also released the news of Workhorse and Motive entering into a definitive agreement via the press release and SEC Form 8-K, likewise, on the 15th. You can find all these documents as well as the presentation that will form the basis of today's conversation in the investor relations section of our website. We'll track along with that presentation during this call. On slide two, you can find our legal legend. As some of the comments that will be made today are forward-looking and are subject to certain provisions and subject to risks and uncertainties as well. Given that we'll also be filing a proxy in the near future, other notices are likewise described. in this legend. On slide three, you can see the call participants today. Driving the call are Rick Douck, our CEO, Bob Ganan, our CFO, and Scott Griffith, CEO of Motive. And on slide four, you'll find our agenda for today's call. Following my opening remarks, I'll hand it over to Rick. We'll give you an update on our Q2 performance as well as a business update. Bob will then walk us through our Q2 financial results. Rick will then provide an initial merger overview, and following those comments, Scott will discuss the rationale and drivers to create a leading North American medium-duty electric truck OEM. Rick will then close the conversation by reviewing the near-term priorities for the companies before we open the call up to questions. And with that brief introduction, I'll turn the call over to Rick.

Thanks, Stan, and thanks, everyone, for joining us on the call this morning. We are excited to dive deeper into our recently announced strategic combination with Motive, as well as discuss our strong second quarter earnings results. I'm pleased to have Scott Griffith, the CEO of Motive here with us today, who will help unpack some details about the strategic transaction and share more about what this holds for the future of both Workhorse and Motive. First, we'll start with Workhorse's second quarter 2020 high results. Let's look at slide five. In the second quarter, we secured 36 purchase orders for our W56 step vans, shipping a record 32 trucks in the quarter. These record results are testament to the hard work and dedication of the workhorse team, and were driven by the proven operating performance of our W56 line of vehicles and overwhelmingly positive customer feedback on these vehicles from the field. We believe the growing demand we see for our W56 further demonstrates the critical role Workhorse plays in the emerging transition to EV technology in the commercial vehicle space and last mile delivery space, as well as the market's recognition of the quality, value, dependability, and durability of our vehicles. The capability and reputation of our vehicles is being validated every day in the field and will continue to accelerate as more of our vehicles hit the road. There are currently more than 60 W56 vehicles operating customer and partner fleets across the country along diverse real-world routes. Additionally, we continue to advance our product plans to broaden the W56 application options. This work included the completion of final durability testing on the 140-kilowatt design with a range of 100 miles, which is slated to go into production in early 2026. It also included development and integration efforts to install the Utilamaster AeroMaster walk-in van body on the W56 chassis, now available for order. This familiar, time-tested body design adds flexibility to the all-electric W56 chassis platform, delivering its proven performance in the traditional step van form and configurations that many fleet operators know and trust. We continue to operate efficiently, extending the company's financial runway, enabling us to reach our strategic transaction with Motive last week. This is reflected in the decrease in operating expenses by $7 million year-over-year, while shipping a record number of vehicles in the quarter. Our near-term liquidity was further bolstered by the interim funding from Motive's controlling investor, totaling approximately $25 million. through the sale-leaseback and a secured convertible note financing transaction that we closed on last week. This funding will be partially utilized to pay down debt owed to Workforce's existing senior secured lender and to finance operations through the close of the transaction. With that, I'd like to turn it over to Bob to provide additional color on our financial performance for the second quarter.