Workhorse Group, Inc.

Greetings, and welcome to the Workhorse Group Q3 2025 Earnings Conference Call and Webcast. At this time, all participants are in listen-only mode. A question and answer session will follow the following presentation. You may be placed into question queue at any time by pressing star 1 on your telephone keypad, and we ask that you please ask one question, one follow-up, and return to the queue. If anyone should require operator assistance, please press star 0. As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Stan March. Please go ahead, Stan.

Thank you. Good morning to all of you, and I'd like to welcome you to Workhorse's 2025 third quarter results call. Before we begin, I'd like to note that we posted our results for the third quarter, which ended on September 30th, 2025 via press release, and filed the associated 10-Q with the SEC last evening after the market closed. This morning, we posted the accompanying presentation, so you can find the release and the accompanying presentation in the investor relations section of our website. We'll be tracking along with the presentation during this call. Joining me on today's call are Rick Douck, our CEO, and Bob Ganan, our CFO. And for today's agenda, you can find that on slide three in the presentation. Following my brief opening remarks, I'll hand it over to Rick, who'll give you an update on our Q3 performance of business operations as well as our proposed transaction with Motiv. Bob will then walk us through the financial results for the quarter, and Rick will then follow, wrapping it up, and then go to questions. On today's call, you can find in our presentation our disclaimers found on page four and five. Some of the comments that are going to be made today are forward-looking and are subject to various provisions, risks, and uncertainties. And you can find that full disclaimer in our 10-Q and in today's press release. You can, on slide five, you can also find references about the proposed transaction with Motive, where you can find additional information related to that proposed transaction. And with that brief introduction, I'll now turn the call over to Rick. Rick?

Thanks, Stan. Hello, and thank you for joining us on the call this morning, everyone. We're excited to be here with you today to discuss our third quarter results and provide an update on our proposed strategic transaction with Motive. Let's start with our Q3 results on slide six. During the quarter, we made good progress, executed on our product roadmap, scaling sales to targeted fleets with new orders and deployments, and expanding our product portfolio. We completed the sale of 15 trucks in a combination of Class 4 and 5-6 versions. These results reflect the hard work and resilience of the Workhorse team in a challenging commercial electric vehicle environment, It reinforces a strong operating performance and positive customer feedback of our W56 platform in the field. Growing customer demand for our W56 step van continues to advance our position as a segment leader in the EV Class 5-6 transition. We're building reliable, safe, and capable trucks, proving their performance, winning business, and earning customers' trust every day. During the quarter, we also maintained our financial discipline, taking continued decisive actions to reduce both operating and overhead costs and strengthening our near-term financial position. Despite continued challenging market conditions, we continue to make meaningful progress here at Workforce and our focus on finishing 2025 on strong footing. We are actively engaging with logistics providers and service fleets to build additional order interest through our national dealer network. We announced the availability of the Utilimaster Aeromaster body on our all-electric W56 strip chassis. This new offering expands and brings new flexibility to the W56 platform, combining the trusted durability of the industry standard Utilimaster step van body with the benefits of Workhorse's proven electric chassis. The W56 also remains fully eligible for the California Hybrid and Zero Emission Truck and Bus Voucher Incentive Program or HVIP vouchers of $85,000 per truck and higher for medium-duty Class VI vehicles. At the same time, we maintained our ongoing financial discipline, prioritizing cash conservation and expense reduction. In the third quarter, our operating expenses decreased $1.2 million on a year-over-year basis through disciplined cost management, with even more impressive results year-to-date. I'm also excited to share that we showcase our W56 Step Band at the FedEx Forward Service Provider Summit in Orlando, Florida in September, marking Workforce's third year participating in the event. Our W56 Step Bands in service with FedEx Express and FedEx Express Independent Service Providers have collectively logged tens of thousands of miles on daily delivery routes nationwide and are operating at a 97% or greater uptime availability. Lastly, we of course announced our proposed transaction with Motiv during the third quarter. Now let's turn to slide seven to touch on the proposed transaction. In August, we announced a definitive agreement to combine Workhorse with Motiv Electric Trucks, bringing together two veteran EV innovators to create a stronger force in North America's medium duty electric truck market. This combination positions us to accelerate growth, expand our product lineup, and capture greater share in the commercial EV space. For our shareholders, it represents a chance to participate in the upside of a unified, well-capitalized company built for long-term success. In addition, we also completed two transactions with entities affiliated with Motiv's controlling investor, including the sale-leaseback transaction of our Union City facility for $20 million and a secured convertible note financing for $5 million. These transactions have strengthened our near-term financial position and continue to support Workhorse's operations. Looking ahead, and as part of this transaction, the combined company is expected to be able to access up to $20 million in additional debt financing post-close to fund our go-forward strategic execution. The transaction is expected to close in the fourth quarter of 2025, subject to Workhorse shareholder approval. and other customary closing conditions, including the debt financing commitment. With our shareholders' approval at our annual meeting tomorrow, November 12th, we will be positioned to drive sustainable growth and create long-term shareholder value. And now I'll turn it over to Bob to discuss our financial results and recent steps we have taken to strengthen our near and long-term financial position.