Workhorse Group Inc (WKHS) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Workhorse Group and Motiv Joint conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Workhorse Group 和 Motiv 聯合電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It's now my pleasure to turn the call over to your host, Stan March from Workhorse. Please go ahead, Stan.

現在我很高興將電話轉給主持人，來自 Workhorse 的 Stan March。請繼續，斯坦。

Thank you, Kevin. Good morning, and welcome to this joint Workhorse Motiv conference call. Before we begin, I'd like to note that we posted our financial results for the quarter ended June 30, 2025, via press release as well as filed its associated 10-Q with the SEC last Friday, August 15. We also released the news of Workhorse and Motiv entering into a definitive agreement via the press release and SEC Form 8-K likewise on the 15.

謝謝你，凱文。早安，歡迎參加 Workhorse Motiv 聯合電話會議。在我們開始之前，我想指出的是，我們透過新聞稿發布了截至 2025 年 6 月 30 日的季度財務業績，並於 8 月 15 日上週五向美國證券交易委員會提交了相關的 10-Q 報表。我們也在 15 日透過新聞稿和 SEC 8-K 表格發布了 Workhorse 與 Motiv 達成最終協議的消息。

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.

您可以在我們網站的投資者關係部分找到所有這些文件以及作為今天談話基礎的簡報。我們將在本次通話中追蹤該演示。

On Slide 2, 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.

在第 2 張投影片上，您可以找到我們的法律說明，因為今天發表的一些評論具有前瞻性，並且受某些條款的約束，同時也受到風險和不確定性的影響。鑑於我們近期也將提交代理申請，其他通知也同樣在此圖例中描述。

On Slide 3, you can see the call participants today. Driving the call are Rick Dauch, our CEO; Bob Ginnan, our CFO; and Scott Griffith, CEO of Motiv.

在投影片 3 上，您可以看到今天的通話參與者。主持此次電話會議的是我們的執行長 Rick Dauch、我們的財務長 Bob Ginnan 和 Motiv 執行長 Scott Griffith。

And on Slide 4, you'll find our agenda for today's call. Following my opening remarks, I'll hand it over to Rick, who will 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.

在第 4 張投影片上，您可以看到我們今天電話會議的議程。在我的開場白之後，我將把時間交給 Rick，他將向大家介紹我們第二季的業績以及業務更新情況。然後鮑伯將向我們介紹我們的第二季財務業績。然後，里克將提供初步的合併概述。

And following that 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.

在這些評論之後，史考特將討論創建領先的北美中型電動卡車 OEM 的理由和驅動因素。在我們開始提問之前，Rick 將透過回顧公司的近期優先事項來結束對話。

And with that brief introduction, I'll turn the call over to Rick.

簡短介紹完畢後，我會把電話轉給里克。

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 Motiv as well as discuss our strong second quarter earnings results. I'm pleased to have Scott Griffith, the CEO of Motiv 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 Motiv.

謝謝斯坦，也謝謝大家今天早上參加我們的電話會議。我們很高興深入了解我們最近宣布的與 Motiv 的策略合併，並討論我們強勁的第二季獲利結果。我很高興今天能邀請到 Motiv 執行長 Scott Griffith 來到這裡，他將幫助我們解讀有關此策略交易的一些細節，並分享更多有關這對 Workhorse 和 Motiv 未來的影響的資訊。

First, we'll start with Workhorse's second quarter 2025 results. Let's look at Slide 5. 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 a 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.

首先，我們從 Workhorse 2025 年第二季的業績開始。我們來看投影片 5。第二季度，我們獲得了 36 份 W56 廂型車的採購訂單，本季卡車出貨量創下了 32 輛的紀錄。這些創紀錄的成績證明了 Workhorse 團隊的辛勤工作和奉獻精神，並得益於我們 W56 系列車輛經過驗證的運行性能以及現場客戶對這些車輛的積極反饋。

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 are being validated every day in the field and will continue to accelerate as more of our vehicles hit the road.

我們相信，W56 的需求不斷增長，進一步證明了 Workhorse 在商用車領域和最後一英里交付領域向電動車技術的新興轉型中所發揮的關鍵作用，以及市場對我們車輛的品質、價值、可靠性和耐用性的認可。我們的車輛的性能和聲譽每天都在實地得到驗證，隨著越來越多的車輛上路，驗證將持續加速。

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.

目前，全國有超過 60 輛 W56 車輛沿著不同的實際路線運行客戶和合作夥伴車隊。此外，我們將繼續推進我們的產品計劃，以拓寬 W56 應用選項。這項工作包括完成 140 千瓦設計、續航里程 100 英里的最終耐久性測試，該設計計劃於 2026 年初投入生產。

It also included development and integration efforts to install the Utilimaster 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.

它還包括在 W56 底盤上安裝 Utilimaster Aeromaster 步入式廂型車車身的開發和整合工作，現在可供訂購。這種熟悉的、經過時間考驗的車身設計為全電動 W56 底盤平台增加了靈活性，在許多車隊營運商熟知和信賴的傳統廂型車形式和配置中發揮了其久經考驗的性能。

We continue to operate efficiently, extending the company's financial runway, enabling us to reach our strategic transaction with Motiv last week. This is reflected in a decrease in operating expenses by $7 million year-over-year, while shipping a record number of vehicles in the quarter.

我們繼續高效運營，延長公司的財務跑道，使我們能夠上週與 Motiv 達成戰略交易。這體現在營運費用年減 700 萬美元，同時本季汽車出貨量創下歷史新高。

Our near-term liquidity was further bolstered by the interim funding for Motiv'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 Workhorse's existing senior secured lender and to finance operations through the close of the transaction.

我們透過上週完成的售後回租和擔保可轉換票據融資交易，為 Motiv 的控股投資者提供了總計約 2500 萬美元的臨時資金，進一步增強了我們的短期流動性。這筆資金將部分用於償還 Workhorse 現有的優先擔保貸款人的債務，並為交易結束前的營運提供資金。

With that, I'd like to turn it over to Bob to provide additional color on our financial performance for the second quarter.

有了這些，我想把時間交給鮑勃，讓他為我們第二季度的財務表現提供更多細節。

Thanks, Rick. In the second quarter, Workhorse saw significant year-over-year improvement across almost every operating metric. Let me start by comparing some straightforward numbers, truck shipments. In the second quarter of 2024, we shipped one truck compared to this year's second quarter when we shipped 32, an increase of 31 trucks during the year. In fact, in the first half of 2025, we have shipped 35 trucks, which is more trucks than we did in all of 2024, which was 29. This shipment unit difference was driven almost exclusively by customer demand for the W56 step van.

謝謝，里克。第二季度，Workhorse 幾乎所有營運指標均較去年同期有顯著改善。首先讓我比較一些簡單的數字，卡車運輸量。2024 年第二季度，我們運送了 1 輛卡車，而今年第二季度我們運送了 32 輛卡車，全年增加了 31 輛。事實上，2025 年上半年，我們已經運送了 35 輛卡車，比 2024 年全年運送的 29 輛卡車還要多。出貨量差異幾乎完全是由顧客對 W56 廂型車的需求所造成的。

Turning to Slide 6. Sales net of returns and allowances for the second quarter of 2025 were $5.7 million compared to $800,000 in the same period a year ago. The $4.8 million increase was due to higher W56 shipments in the current period, partially offset by the loss of revenue due to the Aero divestiture and higher W4 CC sales in the prior year.

翻到幻燈片 6。2025 年第二季扣除退貨和折讓後的銷售額為 570 萬美元，而去年同期為 80 萬美元。480 萬美元的成長是由於本期 W56 出貨量增加，但部分被上一年 Aero 資產剝離造成的收入損失和 W4 CC 銷售額增加所抵消。

Cost of sales for the second quarter of 2025 was $13.1 million, an increase of $5.8 million compared to $7.3 million in the prior year. The cost of sales increase was primarily driven by unit cost increase from higher sales volume and an increase in inventory excess and obsolescence reserves of $1.8 million, which was partially offset by lower production expenses of $1.2 million and lower direct and indirect labor costs of $200,000, primarily due to lower headcount.

2025 年第二季的銷售成本為 1,310 萬美元，比去年同期的 730 萬美元增加了 580 萬美元。銷售成本增加的主要原因是銷售量增加導致單位成本增加以及庫存過剩和過時儲備增加 180 萬美元，但這被生產費用降低 120 萬美元以及直接和間接勞動力成本降低 20 萬美元（主要由於員工人數減少）部分抵消。

Selling, general and administrative expense in the second quarter of 2025 were $5.8 million, a decrease of $6.3 million compared to $12.1 million in the prior year. The decrease in SG&A expense was primarily driven by a $3.1 million decrease in employee compensation-related expenses, primarily due to lower equity compensation and lower headcount, a decrease in legal and professional expenses of $1.1 million, a decrease in IT-related expense of $400,000, lower corporate insurance of $500,000 and a $200,000 decrease in depreciation and amortization expense due to the Aero divestiture.

2025 年第二季的銷售、一般和行政費用為 580 萬美元，較去年同期的 1,210 萬美元減少 630 萬美元。銷售、一般及行政費用的減少主要由於員工薪酬相關費用減少 310 萬美元，這主要是由於股權薪酬減少和員工人數減少，法律和專業費用減少 110 萬美元，IT 相關費用減少 40 萬美元，公司保險減少 50 萬美元，以及由於 Aero 資產剝離導致折舊和攤銷費用減少 20 萬美元。

Research and development expenses during the second quarter of 2025 were $1.2 million, a decrease of $700,000 compared to $2 million in the prior year. The decrease in R&D expense was primarily driven by a $100,000 decrease in employee compensation- related expenses due to lower headcount, a $300,000 decrease in prototype part expenses and a $300,000 decrease in rent expenses as well as depreciation and amortization expense.

2025 年第二季的研發費用為 120 萬美元，與去年的 200 萬美元相比減少了 70 萬美元。研發費用的減少主要是由於員工人數減少導致員工薪酬相關費用減少 100,000 美元、原型零件費用減少 300,000 美元、租金費用以及折舊和攤銷費用減少 300,000 美元。

Looking at the same key parameters for revenue and operating costs for the first half of 2024 and 2025. Sales, net of returns and allowances for the first half of 2025 and 2024 were $6.3 million and $2.2 million, respectively. For the six months ended June 30, 2025, the increase in sales of $4.1 million was primarily due to the increased delivery of W56 trucks.

查看 2024 年和 2025 年上半年的收入和營運成本的相同關鍵參數。2025 年上半年和 2024 年上半年的銷售額（扣除退貨和折讓）分別為 630 萬美元和 220 萬美元。截至 2025 年 6 月 30 日的六個月內，銷售額增加 410 萬美元，主要原因是 W56 卡車交付量增加。

Cost of sales for the first half of 2025 and 2024 were $18.2 million and $14.7 million, respectively. The increase in cost of sales of $3.5 million was driven due to the increase in sales volume as well as a $1.3 million increase in warranty reserve expenses, which was offset by a $1.6 million decrease in direct and indirect labor costs and a $1.3 million reversal of infrastructure expenses previously accrued.

2025 年和 2024 年上半年的銷售成本分別為 1,820 萬美元和 1,470 萬美元。銷售成本增加 350 萬美元，原因是銷售量增加以及保固準備金費用增加 130 萬美元，但直接和間接人工成本減少 160 萬美元以及先前計提的基礎設施費用沖銷 130 萬美元抵消了這一增加。

SG&A expenses during the first 6 months of 2025 and 2024 were $12.6 million and $26.2 million, respectively. The decrease in SG&A of $13.6 million was primarily driven by a $7.2 million decrease in employee compensation and related expenses due to lower headcount and equity compensation, a decrease of $1.8 million in consulting-related expenses, a decrease in legal and professional expenses of $1.9 million, a decrease of $1.1 million in insurance expense, a decrease in IT-related expenses of $900,000 and a $300,000 decrease in depreciation and amortization expense due to the Aero divestiture.

2025 年及 2024 年前 6 個月的銷售、一般及行政費用分別為 1,260 萬美元及 2,620 萬美元。銷售、一般和行政費用減少 1,360 萬美元，主要原因是由於員工人數和股權薪酬減少導致員工薪酬和相關費用減少 720 萬美元，諮詢相關費用減少 180 萬美元，法律和專業費用減少 190 萬美元，保險費用減少 110 萬美元，IT 相關費用減少 90 萬美元，以及由於 Aero 剝離成本減少 30 萬美元。

Research and development expense during the first six months of 2025 and 2024 were $2.8 million and $5.5 million, respectively. The decrease in R&D expense of $2.7 million was primarily driven by successful completion of the W56 initial design and production of

2025 年和 2024 年前六個月的研發費用分別為 280 萬美元和 550 萬美元。研發費用減少 270 萬美元，主要原因是 W56 初始設計及生產成功完成。

the W56 and the W56 208-inch wheelbase truck program in the prior year. So to summarize, year-over-year revenue and operating costs for the 6-month period, revenue is up $4.1 million. Operating expenses were down $16.3 million.

去年推出的 W56 和 W56 208 英吋軸距卡車專案。總而言之，與去年同期相比，6 個月的營收和營運成本增加了 410 萬美元。營運費用下降了 1,630 萬美元。

Turning back to Q2. Interest expense net for the second quarter of 2025 was $600,000 compared to $2 million in the prior year. The decrease was primarily driven by higher financing fees related to the 2024 notes in the prior year. As of June 30, 2025, the estimated fair value of the 2024 notes totaled $39.5 million. During the three months ended June 30, 2025, the institutional investor converted $13.5 million principal into common stock.

回到 Q2。2025 年第二季的利息支出淨額為 60 萬美元，去年同期為 200 萬美元。下降的主要原因是去年 2024 年票據相關的融資費用增加。截至 2025 年 6 月 30 日，2024 年票據的估計公允價值總計 3,950 萬美元。在截至 2025 年 6 月 30 日的三個月內，該機構投資者將 1,350 萬美元的本金轉換為普通股。

And the company recorded a $5.4 million fair value net gain on conversion in the condensed consolidated statements of operations. During the three months ended June 30, 2025 and 2024, we recorded a $1.6 million fair value net loss and a $3.1 million fair value net loss, respectively, in the consolidated financial statements. As of June 30, 2025, the estimated fair value of outstanding warrants totaled $3.1 million.

該公司在簡明合併經營報表中記錄了 540 萬美元的公允價值轉換淨收益。在截至 2025 年 6 月 30 日和 2024 年 6 月 30 日的三個月期間，我們在合併財務報表中分別記錄了 160 萬美元的公允價值淨虧損和 310 萬美元的公允價值淨虧損。截至 2025 年 6 月 30 日，未償還認股權證的估計公允價值總額為 310 萬美元。

During the three months for the second quarter, the company recorded $1.9 million fair value gain and a $600,000 fair value loss, respectively, relating to outstanding warrants. Overall, net loss for the six months ended June 30, 2025, has improved from $55.5 million in 2024 to $35.4 million in 2025. If you factor out the interest and fair value adjustments, the net loss from operations improved from $44.2 million to $27.3 million.

在第二季的三個月中，該公司分別記錄了與未償還認股權證相關的 190 萬美元公允價值收益和 60 萬美元公允價值損失。總體而言，截至 2025 年 6 月 30 日的六個月的淨虧損已從 2024 年的 5,550 萬美元改善至 2025 年的 3,540 萬美元。如果不考慮利息和公允價值調整，營業淨虧損將從 4,420 萬美元改善至 2,730 萬美元。

Turning to our balance sheet on Slide 7. As of June 30, 2025, the company had $2.2 million of cash and cash equivalents and $22.5 million in restricted cash, accounts receivable of $2.4 million, other receivables of $100,000, inventory net of reserves of $32.8 million and accounts payable of $10.8 million.

前往投影片 7 上的資產負債表。截至 2025 年 6 月 30 日，該公司擁有 220 萬美元的現金和現金等價物、2,250 萬美元的受限現金、240 萬美元的應收帳款、10 萬美元的其他應收款、3,280 萬美元的庫存淨額和 1,080 萬美元的應付帳款。

In connection with the proposed transaction with Motiv, Workhorse completed two transactions with entities affiliated with Motiv's controlling investor, including a $20 million sale leaseback for Workhorse's Union City, Indiana manufacturing facility as well as a secured convertible note financing for $5 million, each of which were consummated at the time of the execution of the merger agreement.

與 Motiv 擬議的交易相關，Workhorse 與 Motiv 控股投資者的附屬實體完成了兩項交易，包括對 Workhorse 位於印第安納州聯合城的製造工廠進行 2000 萬美元的售後回租，以及 500 萬美元的擔保可轉換票據融資，每項交易均在合併協議執行時完成。

With that, I'd like to turn it back over to Rick to discuss the Motiv transaction, how we arrived here and how the combined company will be well positioned to build on our progress.

說到這裡，我想把時間交還給 Rick，討論 Motiv 交易、我們如何走到今天，以及合併後的公司將如何更好地推進我們的進步。

Thanks, Bob. As Bob mentioned, on Slide 8, I'm going to touch on our transaction with Motiv and then turn it over to Scott for his perspective on the future prospects of our combined companies. Let me start by taking a moment to reflect back on our journey and highlight how far we've come since I first joined this commercial start-up company about four years ago.

謝謝，鮑伯。正如鮑伯所提到的，在第 8 張投影片上，我將談談我們與 Motiv 的交易，然後將其交給史考特，聽聽他對我們合併後公司未來前景的看法。首先，請容許我花點時間回顧我們的歷程，並強調自從四年前我第一次加入這家商業新創公司以來，我們已經取得了多大的進步。

At the time, Workhorse's path forward was far from clear. Our Union City plant and equipment were old and outdated. Our newly designed Class 4, 5 step van was failing, both on the test track and in the field. Since then, we have rebuilt the company from the ground up and into a streamlined, process-driven organization with market segment-leading products with a reputation for reliability, durability and significantly lower TCO cost than comparable ICE vehicles.

當時，Workhorse 的前進道路還很不明朗。我們的聯合城工廠和設備已經老舊過時。我們新設計的 4 級、5 級廂型車在測試軌道和現場都出現了故障。從那時起，我們從頭開始重建公司，使其成為一個精簡的、流程驅動的組織，擁有市場領先的產品，這些產品以可靠性、耐用性和比同類 ICE 汽車低得多的 TCO 成本而聞名。

We accomplished this by advancing our technology road map, iterating designs based on direct customer feedback from the field and continuing to invest to expand our product portfolio. As a result, our W56 step van has become the flagship of our portfolio with consistent positive customer feedback while offering two wheelbase options, 2 EV powertrain options and now three body configurations.

我們透過改進技術路線圖、根據現場的直接客戶回饋迭代設計以及繼續投資擴大我們的產品組合來實現這一目標。因此，我們的 W56 廂型車已成為我們產品組合中的旗艦產品，並獲得了客戶的一致好評，同時提供兩種軸距選項、兩種電動車動力系統選項以及現在的三種車身配置。

We partner with proven and technically capable commercial vehicle component suppliers who continue to support our efforts here at Workhorse. At the same time, we built a strong dealer network across the country and built strong relationship with operators of the largest medium-duty fleets who now know and view the Workhorse brand to be associated with the high quality, reliability and integrity, a far cry from 2021.

我們與經驗豐富、技術能力強大的商用車零件供應商合作，他們將繼續支持 Workhorse 的努力。同時，我們在全國範圍內建立了強大的經銷商網絡，並與最大的中型車隊營運商建立了牢固的關係，他們現在知道並認為 Workhorse 品牌與高品質、可靠性和誠信聯繫在一起，這與 2021 年的情況大不相同。

We also invested heavily into our Union City manufacturing facility, turning it into the jewel of the commercial electric vehicle manufacturing segment here in the United States. That said, while we remain optimistic about the long-term transition to commercial EV vehicles, it's true that factors largely outside of our control, like a shifting political landscape and changing government regulations and incentives have led to delayed fleet customer adoption rates.

我們也對聯合城製造工廠進行了大力投資，使其成為美國商用電動車製造領域的一顆明珠。儘管如此，儘管我們對向商用電動車的長期過渡仍然持樂觀態度，但確實有很多我們無法控制的因素，例如不斷變化的政治格局和不斷變化的政府法規和激勵措施，導致了車隊客戶採用率的延遲。

Gaining momentum on the revenue side of the equation has taken far longer than expected or forecasted by any OEM, automotive or Wall Street industry analysts. In light of these market conditions and with the support of our financial stakeholders, our Board of Directors and management team evaluated numerous strategic opportunities to best position Workhorse for both the near- and long- term future of the company and our stakeholders.

營收方面的成長動能所花的時間遠遠超出了任何 OEM、汽車或華爾街產業分析師的預期或預測。鑑於這些市場條件，並在我們的金融利益相關者的支持下，我們的董事會和管理團隊評估了許多策略機會，以使 Workhorse 為公司和利害關係人的近期和長期未來做好最佳定位。

Our transaction with Motiv was a result of the strategic guidance from our Board. By combining with Motiv, we are creating a broader commercial truck product portfolio, strengthening our near- and long-term financial positions and providing Workhorse shareholders the opportunity to participate in the upside of a leader in the medium-duty EV commercial vehicle market. The transaction itself has a few pieces, so I want to use this opportunity to break it down.

我們與 Motiv 的交易是我們董事會策略指導的結果。透過與 Motiv 合併，我們正在創建更廣泛的商用卡車產品組合，增強我們的近期和長期財務狀況，並為 Workhorse 股東提供參與中型電動商用車市場領導者優勢的機會。交易本身有幾件，所以我想利用這個機會把它分解。

Starting with our transaction that merges Motiv and Workhorse. Under the terms of the transaction, at closing, Motiv will merge with a newly created subsidiary of Workhorse in exchange for newly issued shares of Workhorse common stock. We have also taken steps to provide near-term liquidity to Workhorse and simplify our capital structure.

從我們合併 Motiv 和 Workhorse 的交易開始。根據交易條款，交易結束時，Motiv 將與 Workhorse 新成立的子公司合併，以換取 Workhorse 新發行的普通股。我們也採取措施為 Workhorse 提供短期流動性並簡化我們的資本結構。

First, we have completed two transactions with entities affiliated with Motiv's controlling investor, a sale leaseback for Workhorse's Union City, Indiana manufacturing facility for $20 million as well as a $5 million convertible note secured note financing. These transactions are expected to provide near-term liquidity to support Workhorse's operations through closing. They also provide us with the capital to pay down debt owed to Workhorse's existing senior secured lender.

首先，我們與 Motiv 控股投資者的附屬實體完成了兩筆交易，一筆是 Workhorse 位於印第安納州聯合城的製造工廠的售後回租，價值 2000 萬美元，另一筆是 500 萬美元的可轉換票據擔保票據融資。預計這些交易將提供短期流動性，以支援 Workhorse 的運作直至完成。他們還為我們提供資金來償還欠 Workhorse 現有優先擔保貸款人的債務。

In connection with signing, we entered into an agreement with our senior lender to permit the sale leaseback and convertible note and to provide additional structure around our repayment of obligations. As a result of the agreement at closing the merger, all remaining indebtedness owed to such lender, including all warrants currently held by the lender will be repaid and or canceled.

在簽署協議時，我們與高級貸款人達成了一項協議，允許售後回租和可轉換票據，並為我們的債務償還提供額外的結構。根據合併結束時達成的協議，欠該貸款人的所有剩餘債務，包括貸款人目前持有的所有認股權證將被償還或取消。

In addition, the lender will receive rights to acquire shares of Workhorse common stock. At the close of the transaction on a fully diluted basis, Motiv's controlling investor initially will own approximately 62.5% of the combined company. Workhorse's existing senior secured lender will have rights to receive common stock that represent approximately 11% and Workhorse shareholders will own approximately 26.5% of the company. All these ownership stakes are subject to certain potential adjustments and additional future dilution.

此外，貸款人還將獲得收購 Workhorse 普通股的權利。交易完成後，以完全稀釋計算，Motiv 的控股投資者最初將擁有合併後公司約 62.5% 的股份。Workhorse 現有的優先擔保貸款人將有權獲得約 11% 的普通股，而 Workhorse 股東將擁有該公司約 26.5% 的股份。所有這些所有權股份都可能受到某些潛在調整和未來進一步稀釋的影響。

Looking ahead, we intend to seek additional new financing to fuel go-forward plans. As part of the merger agreement and as a condition of closing, at the completion of the transaction, the combined company is expected to obtain access to up to $20 million in debt financing provided by entities affiliated with Motiv's controlling investor. This includes approximately $10 million expected to be available in our revolving credit facility and an additional $10 million expected to be available to fund manufacturing costs associated with confirmed purchase orders of the combined company in an ABL facility.

展望未來，我們打算尋求額外的新融資來推動未來的計劃。作為合併協議的一部分和成交條件，交易完成後，合併後的公司預計將獲得由 Motiv 控股投資者關聯實體提供的最高 2000 萬美元的債務融資。其中包括預計將從我們的循環信貸額度中獲得的約 1000 萬美元，以及預計將用於資助與合併後公司在 ABL 工廠確認的採購訂單相關的製造成本的另外 1000 萬美元。

In addition, the combined company will seek to raise additional funding financing to fund its go-forward strategic execution plans in 2026 and beyond. 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.

此外，合併後的公司將尋求籌集額外資金，為其2026年及以後的策略執行計畫提供資金。該交易預計將於 2025 年第四季完成，但須獲得 Workhorse 股東批准並滿足其他慣例成交條件，包括債務融資承諾。

Turning now to why we believe our shareholders will be poised to benefit from the upside potential of the combined company. From a strategic perspective, we believe that Motiv is the right partner for Workhorse. Together, we are a compelling and complementary fit. The combination of Motiv's diverse product portfolio and top fleet relationships with Workhorse's proven vehicles, manufacturing capabilities and national dealer network creates a strong combined company.

現在來談談為什麼我們相信我們的股東將從合併後公司的上行潛力中受益。從策略角度來看，我們相信 Motiv 是 Workhorse 的最佳合作夥伴。我們在一起是一個引人注目且互補的組合。Motiv 的多樣化產品組合和頂級車隊關係與 Workhorse 的成熟車輛、製造能力和全國經銷商網路相結合，打造出強大的合併公司。

Together, we expect to have more scale and the ability to operate more effectively and efficiently. We believe this will enable us to compete more effectively with our industry's pure-play electric and legacy OEMs and capitalize on new opportunities to serve more customers with a more competitive advanced electric product portfolio offering.

我們期望共同擴大規模並提高營運效率和效益。我們相信，這將使我們能夠更有效地與業界的純電動和傳統 OEM 競爭，並利用新的機會為更多客戶提供更具競爭力的先進電動產品組合。

Moreover, we are establishing a strong financial foundation from which we can advance our combined product road map. In addition to the cost synergy we expect to capture, we believe the actions we are taking to strengthen the combined company's financial position will create opportunities for margin expansion and provide greater flexibility to pursue future growth initiatives.

此外，我們正在建立強大的財務基礎，以便推進我們的綜合產品路線圖。除了我們期望獲得的成本協同效應之外，我們相信，我們為加強合併後公司的財務狀況而採取的行動將為利潤率擴張創造機會，並為追求未來的成長計劃提供更大的靈活性。

With a simplified capital structure, we also believe that the combined company will be better positioned to raise additional capital post close. Taken together, with these actions, we believe we will be well positioned to drive sustainable growth and create long-term shareholder value.

我們也相信，透過簡化資本結構，合併後的公司將能夠更好地籌集額外資本。綜合起來，透過這些行動，我們相信我們將能夠推動永續成長並創造長期股東價值。

With that, I'll turn things over to Scott to share the Motiv perspective on how the combined company will create shareholder value.

接下來，我將把主題交給史考特，讓他從 Motiv 的角度分享合併後的公司將如何創造股東價值。

Thanks, Rick. It's great to be here with you at the Workhorse headquarters in Cincinnati to discuss the compelling combination of our two leading OEMs in the medium-duty space. I want to take a step back and provide a more detailed view of Motiv for those of you that may be less familiar with our company. We're a leading manufacturer of medium-duty zero-emission trucks and buses.

謝謝，里克。很高興來到辛辛那提的 Workhorse 總部與您一起討論我們兩家領先的中型 OEM 廠商之間的引人注目的結合。我想退一步，為那些可能不太熟悉我們公司的人提供對 Motiv 更詳細的介紹。我們是中型零排放卡車和巴士的領先製造商。

For more than 15 years, we've partnered with our customers to help them along in their electrification journey, building long-term trusted relationships along the way. I've personally served as CEO of Motiv for more than a year, and I'm thrilled to become CEO of the combined company at close.

15 年來，我們一直與客戶合作，幫助他們走上電氣化之路，並在過程中建立長期信任的關係。我個人擔任 Motiv 執行長已經一年多了，我很高興能夠在合併後的公司擔任執行長。

I've spent much of my career at the intersection of transportation, technology and sustainability. Prior to joining Motiv, I was CEO of Ford's autonomous vehicles and mobility businesses. For more than a decade, I was CEO at Zipcar, the world's largest car sharing network from seed stage to a public offering and ultimately through its sale to Avis Budget Group.

我的大部分職業生涯都花在了交通、技術和永續發展的交叉領域。在加入 Motiv 之前，我是福特自動駕駛汽車和行動業務的執行長。十多年來，我一直擔任 Zipcar 的首席執行官，該公司是世界上最大的汽車共享網絡，從種子階段到公開募股，最終出售給 Avis Budget Group。

Between my time at Zipcar and my leadership role at Ford Motor, I served as Executive in Residence a General Catalyst, a leading multibillion-dollar venture and growth stage investment firm. In addition to my work at Motiv, I'm also on the Board of NASDAQ- listed EVgo, a leading EV charging infrastructure company. I have great admiration for the talented Workhorse team, the vehicles and the manufacturing infrastructure your company has built.

在 Zipcar 任職和擔任福特汽車領導職務期間，我曾擔任 General Catalyst 的常駐執行官，這是一家領先的價值數十億美元的風險投資和成長階段投資公司。除了在 Motiv 的工作之外，我還是納斯達克上市公司 EVgo 的董事會成員，這是一家領先的電動車充電基礎設施公司。我非常欽佩貴公司才華橫溢的 Workhorse 團隊、車輛和建造的製造基礎設施。

Now turning back to our slides. As you can see from Slide 9, together, we believe we'll be positioned for success as a leading North American medium-duty electric truck OEM. The transaction joins Motiv's diverse product portfolio and top fleet relationships with Workhorse's proven vehicles, manufacturing capabilities and national dealer network. This slide covers the highlights of the transaction as well as the combined company's impressive track record of delivering nearly 1,000 total vehicles and the over 17 million real-world miles driven by our vehicles.

現在回到我們的幻燈片。正如您從幻燈片 9 中看到的，我們相信，透過共同努力，我們將成功成為北美領先的中型電動卡車 OEM。此交易將 Motiv 多樣化的產品組合和頂級車隊關係與 Workhorse 成熟的車輛、製造能力和全國經銷商網路結合。本投影片介紹了此交易的亮點以及合併後公司令人印象深刻的業績記錄，共交付近 1,000 輛汽車，我們的汽車實際行駛里程超過 1,700 萬英里。

The combination of Motiv and Workhorse creates a leading medium-duty electric truck OEM. We've developed eight supporting reasons we believe this provides a platform for future success and future shareholder value creation.

Motiv 和 Workhorse 的結合創造了領先的中型電動卡車 OEM。我們提出了八個支持理由，我們相信這為未來的成功和未來股東價值創造提供了一個平台。

One, product sorry, broad product portfolio targeting an attractive market; two, strong complementary customer base; three, compelling total cost of ownership to accelerate adoption; four, a proven direct sales and dealer network; five, scalable and expandable US manufacturing six, significant synergies seven, stronger financial position and simplified capital structure and finally, eight, strong executive leadership.

一是產品，很抱歉，廣泛的產品組合瞄準了有吸引力的市場；二是強大的互補客戶群；三是令人信服的總體擁有成本，以加速採用；四是成熟的直銷和經銷商網絡；五是可擴展和可擴張的美國製造業；六是顯著的協同效應；七是更強的財務狀況和簡化的資本結構；最後，八是強大的執行力。

I won't take the time today to go through all details on all 8 of these key points, but I will focus on points one, two, four and seven in the next few slides. In the coming weeks, we'll provide deeper detail on all 8 points.

今天我不會花時間詳細闡述這 8 個關鍵點，但在接下來的幾張投影片中我會重點討論第一、二、四和第七點。在接下來的幾週內，我們將提供有關所有 8 點的更深入的詳細資訊。

Turning to Slide 10. You'll see that following the close, we'll have a full range of Class 4 through 6 trucks to serve customers. Our leading portfolio will comprise the most advanced and road-tested products and together, we'll chart a product road map designed to deliver what our customers want in the future.

翻到幻燈片 10。您會發現，收盤後，我們將擁有全系列的 4 級至 6 級卡車為客戶提供服務。我們領先的產品組合將包括最先進和經過道路測試的產品，我們將共同製定產品路線圖，以滿足客戶未來的需求。

This includes joint development of a Class 5, 6 cab chassis. And importantly, we'll play in the $23 billion medium-duty electric medium-duty truck segment that we believe is poised for continued electrification in the coming years.

其中包括聯合開發 5 級、6 級駕駛室底盤。重要的是，我們將進入價值 230 億美元的中型電動中型卡車領域，我們相信該領域在未來幾年將繼續電氣化。

Both companies believe the next phase of large-scale adoption of medium-duty electric trucks in North America will be driven by national scale commercial fleets with tested and piloted multi-depot EV truck operations, similar to the types of large customers we already support, including Purolator, FedEx, Cintas, Aramark and others.

兩家公司都認為，北美下一階段大規模採用中型電動卡車的趨勢將由經過測試和試點的多倉庫電動卡車運營的全國性商業車隊推動，類似於我們已經支持的大型客戶類型，包括 Purolator、FedEx、Cintas、Aramark 等。

Turning then to Slide 11. We have a strong and complementary customer base. And together, we've served 10 of the largest medium- duty fleets in North America, positioning the combined company to expand adoption through these existing relationships with the most likely early scalers. We believe there is ample room for cross-selling and increasing new and existing customer contact and confidence as we bring the two organizations together.

然後翻到幻燈片 11。我們擁有強大且互補的客戶群。我們共同為北美 10 個最大的中型車隊提供服務，合併後的公司將透過與最有可能的早期擴展者建立現有關係來擴大採用。我們相信，隨著兩家公司的合併，交叉銷售以及增加新舊客戶聯繫和信心將擁有充足的空間。

Moving to Slide 12. Together, the companies will have significant commercial capabilities as we bring together Motiv's consultative and direct selling methodology and processes for growing from pilots to large, multi-order relationships with Workhorse's robust dealer network. Workhorse has 19 dealer locations and is able to sell across all 50 states.

移至投影片 12。我們將 Motiv 的諮詢和直銷方法與流程與 Workhorse 強大的經銷商網路結合起來，從試點發展到大型多訂單關係，兩家公司將共同擁有強大的商業能力。Workhorse 擁有 19 個經銷商，產品銷售範圍覆蓋全美 50 個州。

Together, we'll be able to increase customer contact and confidence through a much stronger go-to-market strategy. We'll combine Motiv's strong experienced sales team with Workhorse's national dealer network to foster what I call a new team sell approach with the dealer groups that will allow their sales professionals to participate in the sales process and help them sell more trucks.

透過共同努力，我們將能夠透過更強大的市場進入策略來增加客戶聯繫和信心。我們將把 Motiv 經驗豐富的強大銷售團隊與 Workhorse 的全國經銷商網路結合起來，與經銷商集團一起培育我所謂的新團隊銷售方式，讓他們的銷售專業人員參與銷售過程並幫助他們銷售更多的卡車。

Turning to Slide 13. Rick touched earlier on the new liquidity this transaction provides to Workhorse to support the company through close, along with debt financing at close and a significant synergy opportunity, which we project to be at least $20 million by the end of 2026.

翻到幻燈片 13。里克早些時候談到了這筆交易為 Workhorse 提供的新流動性，以支持公司完成交易，以及交易時的債務融資和重大的協同機會，我們預計到 2026 年底將達到至少 2000 萬美元。

The company will have a stronger financial position and simplified capital structure from which to execute its goals. This will support our ability to drive lower unit costs while optimizing total cost of ownership for our customers.

該公司將擁有更強大的財務狀況和更簡化的資本結構來實現其目標。這將有助於我們降低單位成本，同時優化客戶的整體擁有成本。

Widespread adoption of medium-duty electric trucks, we believe, will come from achieving cost parity versus internal combustion and diesel trucks and offering compelling long-term value, and this will be a primary focus of the combined company.

我們相信，中型電動卡車的廣泛應用將來自於實現與內燃機和柴油卡車的成本平價並提供引人注目的長期價值，這將是合併後公司的主要關注點。

In summary, we're really excited about this combination. Following the close of the merger, as one company, we'll have more vehicles delivered and more miles on the road than any other medium-duty truck OEM.

總而言之，我們對這種組合感到非常興奮。合併完成後，作為一家公司，我們交付的車輛數量和行駛里程將比其他中型卡車原始設備製造商更多。

We'll combine that with world-class engineering talent, a best-in-class supply chain and a fantastic manufacturing facility in Union City, Indiana. All of this will be commercially powered by top-notch sales leaders and dealers and a proven executive team. We can't wait to get everything we've just told you underway so we can deliver a best-in-class product to our customers and deliver new shareholder value for our investors.

我們將把它與世界一流的工程人才、一流的供應鏈和位於印第安納州聯合城的一流製造工廠結合。所有這些都將由一流的銷售領導和經銷商以及經驗豐富的執行團隊提供商業支援。我們迫不及待地想要完成剛才告訴您的一切，以便我們能夠為客戶提供一流的產品，並為我們的投資者創造新的股東價值。

With that, Rick, I'll turn it back to you to close this out.

就這樣，里克，我會把話題轉回給你來結束這個話題。

Thanks, Scott. Over the next several months, we will continue to work towards completing our transaction with Motiv, which we expect to occur in the fourth quarter of 2025. As we do that, our focus remains on expanding our product portfolio, including by ensuring reliable fleet operations and customer satisfaction in the field as well as finalizing plans for the W56 140-kilowatt production launch in 2026.

謝謝，斯科特。在接下來的幾個月裡，我們將繼續努力完成與 Motiv 的交易，預計將在 2025 年第四季完成。同時，我們的重點仍然是擴大我們的產品組合，包括確保可靠的車隊營運和現場客戶滿意度，以及最終確定 2026 年 W56 140 千瓦生產啟動計畫。

We will work with the Motiv team on a planning to integrate our product road maps and R&D technology, allowing us to hit the ground running once the transaction is completed. We will also continue to strengthen our financial position by fulfilling fleet purchase orders, expanding dealer-led sales and continuing to convert finished goods inventory into cash.

我們將與 Motiv 團隊共同規劃，整合我們的產品路線圖和研發技術，以便我們在交易完成後立即開始工作。我們還將繼續透過履行車隊採購訂單、擴大經銷商主導的銷售以及繼續將成品庫存轉化為現金來加強我們的財務狀況。

Together, the teams will also begin the planning process for our go-to-market strategy and how we will best optimize operations at deal close. I hope you share our excitement for the future of our combined company and see the significant opportunities ahead to win in the commercial EV transition world. Thanks for joining today's call.

各團隊也將共同開始規劃我們的市場進入策略以及如何在交易結束時最好地優化營運。我希望您能與我們一樣對合併後公司的未來感到興奮，並看到在商用電動車轉型領域取得成功的重大機會。感謝您參加今天的電話會議。

And now I'll hand it back over to the operator, Kevin. Thanks.

現在我將把麥克風交還給接線生凱文。謝謝。

(Operator Instructions)

（操作員指示）

Craig Irwin from Roth Capital Partners.

羅斯資本合夥公司的克雷格歐文。

Good morning and thanks for taking my questions so this question is really a question for Scott, right? There's different strengths on the Workhorse side and on the Motiv side. But one area where Motiv has kind of invested over the last number of years is the market opportunity in New Jersey. You guys have been working with Hudson County Motors for several years now. And those guys in Secaucus are in a pretty interesting place now that the New Jersey ZIP is the most attractive funding opportunity in the country.

早安，感謝您回答我的問題，所以這個問題實際上是問斯科特的，對嗎？Workhorse 和 Motiv 方面有不同的優勢。但 Motiv 在過去幾年中投資的一個領域是新澤西州的市場機會。你們已經與 Hudson County Motors 合作好幾年了。現在，新澤西州郵遞區號已成為全國最具吸引力的融資機會，而錫考卡斯的這些人現在的處境非常有趣。

Can you maybe talk a little bit about your history working with Hudson County and the New Jersey ZIP so that the investors interested in Workhorse can understand that. And maybe I need to be corrected about Workhorse's history with New Jersey. But can you maybe give us a scope or approximate number of vouchers you've helped clients procure and if you have any in hand? And if there's anything on the Workhorse side or that could maybe be used for the Workhorse side to facilitate the growth over the next couple of years?

您能否談談您與哈德遜縣和新澤西州郵遞區號合作的歷史，以便對 Workhorse 感興趣的投資者能夠了解這一點。也許我需要修正一下 Workhorse 與新澤西的歷史。但是，您能否告訴我們您幫助客戶購買的優惠券的範圍或大約數量，以及您手邊是否有優惠券？Workhorse 方面是否有任何改進，或者是否可以用於 Workhorse 方面以促進未來幾年的成長？

Craig, thanks for your question. It's a really good point. We have a fantastic relationship with Hudson County Motors. I think that's going to expand. And in fact, I think it's a good example of how we can develop relationships in other states, frankly. You probably know there's a voucher program that is continuing, and there's a new voucher program that's being developed in adjacent states, including New York. So we think that's going to be extensible into new locations. A lot of those relationships are going into people mover and box trucks both.

克雷格，謝謝你的提問。這確實是一個好觀點。我們與哈德遜縣汽車公司有著良好的關係。我認為這個數字還會擴大。事實上，坦白說，我認為這是我們如何與其他州發展關係的一個很好的例子。您可能知道有一個代金券計劃正在繼續實施，並且包括紐約在內的鄰近州正在製定一個新的代金券計劃。因此我們認為這將可以擴展到新的領域。許多此類合作關係都涉及載人運輸車和廂型車領域。

So we anticipate that opportunity will continue through Hudson County and relationships that look a lot like that. So thanks for your question. I think it's extensible to the future. And it really develops this consultative sale approach that I mentioned during my comments, Craig, where we really help sell with the customer and the dealer together and then the dealer kind of gets this delivery done and help serve the customer in the market.

因此，我們預計這一機會將透過哈德遜縣和類似的關係繼續下去。感謝您的提問。我認為它可以擴展到未來。它確實發展了我在評論中提到的這種顧問式銷售方法，克雷格，我們真正幫助客戶和經銷商一起進行銷售，然後經銷商完成交付並幫助為市場上的客戶提供服務。

So I think that joint effort that we're doing with Hudson County is exactly the kind of model we're moving to where we bring our direct sales approach in with the dealer network that Workhorse has developed. And using that as an example across the country is the way we see the future. Thanks again for your question.

因此，我認為我們與哈德遜縣的共同努力正是我們正在轉向的模式，我們將直銷方式與 Workhorse 開發的經銷商網路結合。以此為榜樣在全國推廣，這就是我們看待未來的方式。再次感謝您的提問。

Excellent. Excellent. Then my second question, I guess, is for the team, right? Most important thing for Workhorse has been growth, revenue growth and the market has not necessarily been cooperative, right? We've had some very promising programs from the federal government as well as from different state governments, which have had some of them had false starts, some have provided a lot more support than anticipated.

出色的。出色的。那我的第二個問題，我想，是針對團隊的，對嗎？對 Workhorse 來說，最重要的是成長、收入成長，而市場不一定會合作，對嗎？我們從聯邦政府以及不同的州政府獲得了一些非常有前景的項目，其中一些項目起步不順，而有些項目提供的支持比預期的多得多。

Can you maybe flesh out for us what the combined company looks like as far as being able to access these different programs? Is this going to be something that's maybe a more effective target for you guys with the combined entity? And what are your thoughts around growth and continued deliveries growth into '26?

您能否為我們詳細說明合併後的公司在存取這些不同程序方面的情況？對於合併後的實體來說，這是否會成為你們更有效的目標？您對 26 年的成長和持續交付成長有何看法？

Great, great questions. Obviously, there's been a lot of changes in both the federal level and in some of the state levels and some of the government incentive programs and tax incentives. As recently last week, CARB has now republished their new incentive programs for California, restoring the Class 5, 6 type incentives, $85,000 for trucks and up to $165,000 for small business owners. We think that's going to be positive for us.

非常好的問題。顯然，聯邦和一些州一級的政府激勵計劃和稅收優惠都發生了許多變化。就在上週，加州空氣資源委員會 (CARB) 重新發布了針對加州的新激勵計劃，恢復了 5 級、6 級激勵措施，卡車獎勵 85,000 美元，小企業主獎勵最高可達 165,000 美元。我們認為這對我們有正面的影響。

We've worked closely with other EV manufacturers to help lobby CARB to get that done, and we see a big adoption rate going on in California. So a lot of the large fleets, almost both companies, as Scott said, have covered over 10 of the major fleets in North America. We've successfully passed all of our demonstrations there.

我們與其他電動車製造商密切合作，幫助遊說加州空氣資源委員會 (CARB) 實現這一目標，我們看到加州的電動車採用率正在大幅提升。因此，正如斯科特所說，幾乎兩家公司都擁有許多大型車隊，涵蓋了北美 10 多個主要車隊。我們在那裡的所有示威活動都成功通過。

One of the issues we had as a start-up company is we had a balance sheet that's a little bit risky. We've already heard from two or three of the largest fleets, both Scott and myself individually and from one of our dealers, they like this deal because it gives us a stronger balance sheet with a strong financial backer and Motiv primary investor, gives them more of a green light to go try some.

作為一家新創公司，我們面臨的問題之一是我們的資產負債表有點風險。我們已經從兩三個最大的車隊那裡聽說了這件事，包括斯科特和我本人以及我們的一個經銷商，他們喜歡這筆交易，因為它讓我們擁有了更強大的資產負債表，擁有了強大的財務支持者和 Motiv 的主要投資者，讓他們有更多的機會去嘗試。

I've talked to one of the largest fleets. They have over 300 charging stations installed out in California that don't have electric vehicles right now because they couldn't find others with electric vehicles that last more than 90 to 120 days. Our trucks are proven in the field. Whether it was minus 20 degrees over Christmas during the holiday season or 118 degrees out in Arizona in the last two weeks, our trucks have performed flawlessly. We've had 0 service call.

我曾與最大的艦隊之一進行過交談。他們在加州安裝了 300 多個充電站，但目前這些充電站還沒有電動車，因為他們找不到其他可以使用 90 到 120 天以上的電動車的充電站。我們的卡車已經過實地驗證。無論是聖誕節假期期間的零下 20 度，還是過去兩週亞利桑那州的 118 度高溫，我們的卡車都表現完美。我們接到了 0 通服務電話。

I'll give it back to Scott to give his opinion about it.

我會把它交還給斯科特，讓他發表意見。

Craig, I love the question. Maybe just a couple of other aspects that I'd add on. One of the reasons we have this financing that we structured that comes in at closing is under the condition that we get some of these orders you're just asking about, we're going to have the working capital support for parts and production to get those into the system right away.

克雷格，我喜歡這個問題。也許我只想補充幾個其他方面。我們在交易結束時進行融資的原因之一是，如果我們收到您剛才詢問的一些訂單，我們將獲得零件和生產的營運資金支持，以便立即將這些訂單納入系統。

That's been an issue in the industry in the past. People wait for orders before they can actually order parts. It takes an awful long time to then develop the inventory and build the truck and get it out through a body builder to the customer.

這在過去一直是該行業存在的問題。人們等待訂單後才可以真正訂購零件。然後需要花費很長時間來開發庫存、製造卡車並透過車身製造商將其交付給客戶。

We're trying to circumvent that time frame and really bring it to a much shorter, much more assured delivery date, and we think that will help our ability to deliver against these new orders now. I'd say the second thing, look, we love these voucher programs. We love working with the states. At the end of the day, long term, the successful OEM EV company, truck company is going to have to be competitive against internal combustion engines and diesel engines on an apples-to-apples basis, no vouchers, no cost support, no other support.

我們正在嘗試繞過這個時間框架，真正實現更短、更有保證的交貨日期，我們認為這將有助於我們現在滿足這些新訂單的能力。我想說的第二件事是，看，我們喜歡這些優惠券計劃。我們喜歡與各州合作。歸根結底，從長遠來看，成功的 OEM EV 公司、卡車公司必須在同類基礎上與內燃機和柴油引擎競爭，沒有優惠券、沒有成本支援、沒有其他支援。

And at the end of the day, that's what this transaction can do. We think it gives us the scale. It puts us on a product development road map to do that. And we've already got more trucks and more miles than anybody else. So we're kind of coming down that TCO development curve together after we close this deal.

最終，這就是這筆交易所能達到的效果。我們認為它為我們提供了尺度。它為我們制定了產品開發路線圖來實現這一目標。而且我們已經擁有比其他任何人都多的卡車和行駛里程。因此，在完成這筆交易後，我們將共同降低 TCO 發展曲線。

So I think near term, we've got more financial support Rick mentioned. We've got this new debt structure that we're going to put in place to help support orders through those voucher programs. And then long term, our vision is to be the low-cost provider and have the lowest TCO in the industry, and we're going to work very hard to get that.

所以我認為短期內我們會得到里克提到的更多財政支持。我們已經建立了新的債務結構，以便透過這些代金券計劃幫助支持訂單。從長遠來看，我們的願景是成為低成本供應商，並擁有業內最低的整體擁有成本，我們將努力實現這一目標。

Scott, just to reiterate a couple of things here. I served on a public company board for over 11 years. And in the commercial step van space, it's been a double duopoly for a long time between chassis supply and body upfit, right? I'll give you an example. We shipped some of our trucks to one of the fleets last September. They arrived in the field in July. That's how long the upfit process took.

史考特，我在此重申幾件事。我在一家上市公司董事會任職超過 11 年。在商用廂型車領域，底盤供應和車身改裝長期以來一直是雙頭壟斷的，對嗎？我給你舉個例子。去年九月，我們將一些卡車運送到了其中一個車隊。他們於七月抵達該地。這就是改裝過程所花的時間。

We're still the only OEM in North America that can build our own stripped chassis from scratch and put a cabin box on it. It doesn't take much capital investment to go into the upfit part of the business as well. That will be up to Scott and the new leadership team as we go forward. We think we can offer these large fleets rather than have trucks sit waiting to be upfit for 9 to 12 months, we can have it go from order to delivery in less than 6 months. That's a big strategic and operational advantage for this combined company.

我們仍然是北美唯一一家能夠從頭開始建造自己的剝離底盤並在其上安裝駕駛室箱的 OEM。業務的裝修部分也不需要太多的資本投資。這將取決於斯科特和新的領導團隊的未來發展。我們認為我們可以為這些大型車隊提供服務，而不是讓卡車等待 9 到 12 個月的改裝，我們可以在不到 6 個月的時間內完成從訂購到交付。這對於合併後的公司來說是一個巨大的策略和營運優勢。

Great. I like that. I like this deal. Congratulations for pulling it all together.

偉大的。我喜歡這個。我喜歡這筆交易。恭喜你成功了。

Thanks, we appreciate your support all the years. We'll see in the field.

謝謝，我們感謝您多年來的支持。我們將在現場見證這一點。

Yeah, thanks, Craig, appreciate it.

是的，謝謝，克雷格，非常感謝。

Thank you.

謝謝。

Greg Lewis from BTIG.

BTIG 的 Greg Lewis。

Yeah, hey, thank you and good morning and thanks for taking my question and congrats on getting this deal to the finish line. Scott, I did have a question for you. I mean, clearly, the bus business, the Class A school bus business has been really a small part of Motiv business. Like as you think about the opportunity bringing that into under

是的，嘿，謝謝你，早安，謝謝你回答我的問題，恭喜你完成這筆交易。史考特，我確實有一個問題想問你。我的意思是，顯然，公車業務、 A 級校車業務實際上只是 Motiv 業務的一小部分。就像你考慮將其納入

the merging with Workhorse, just giving to Rick's comments about the ability to kind of really build vehicles, use their chassis, like do we how are you thinking about this? Is this a potential opportunity to really ramp that part of the market, which I think everybody is waiting for step vans to get better. But this the school bus market does seem like a pretty it seems like it's here and now and doing pretty well.

與 Workhorse 的合併，只是給了 Rick 關於真正製造車輛、使用其底盤的能力的評論，您對此有何看法？這是真正擴大該部分市場的潛在機會嗎？我認為每個人都在等待廂型車變得更好。但校車市場看起來確實很不錯，目前看起來發展得很好。

Yeah, Greg, I appreciate the question. And I agree with, I think, the direction you're kind of going. It's school buses and it's also shuttles. It's both. They're really the same platform. They kind of have slightly different conditions when you build them. But the underlying platform, the bodies are roughly the same.

是的，格雷格，我很感謝你的提問。我認為我同意你的方向。它是校車，也是接駁車。兩者都有。它們實際上是同一個平台。當你建造它們時，它們的條件會略有不同。但底層平台、主體大致相同。

That market has continued to develop. There's also some financial support for that. And frankly, there's a lot of community support for it because you're putting kids on buses that are much cleaner. And you're putting shuttles on airport and other really tight operations in a much cleaner setting.

該市場一直在持續發展。對此也有一些財政支持。坦白說，社區對此給予大力支持，因為孩子們乘坐的校車更加清潔。而且，您還可以將接駁車運送到機場和其他非常緊湊的營運場所，環境更加清潔。

So I think there's financial support for it. There's and these don't run high miles. They tend to run fairly low miles. So they kind of hit the exact duty cycle that the battery technology, the electric vehicle technology can hit right now. So it's really a nice sweet spot for us. And we think on a cost basis, TCO basis, we're highly competitive against the ICE counterparts in that space. So I agree with you.

所以我認為這是有財政支持的。有，而且這些跑不了多遠。它們的行駛里程通常很低。因此，他們達到了電池技術和電動車技術目前所能達到的精確佔空比。所以這對我們來說確實是一個很好的機會。我們認為，從成本基礎和總體擁有成本 (TCO) 來看，我們在該領域與 ICE 同行相比具有強大的競爭力。所以我同意你的看法。

I think we're going to bring that together. We'll do more of that as we can together. And but we already see lots of opportunity. And I'd say adjacent to that is the municipal space, box trucks, in particular, small work trucks. Again, driven by some of the same underlying demand, these are highly dense urban populations where municipalities, school districts, airports want to have lower carbon impact.

我認為我們會把這些結合起來。我們將盡我們所能共同做更多這樣的事。但我們已經看到了很多機會。我想說的是，與此相鄰的是市政空間、箱型貨車，特別是小型工作卡車。同樣，受一些相同潛在需求的驅動，這些城市人口高度密集，市政當局、學區、機場都希望降低碳排放影響。

So they're really looking at using electric vehicles to help do that. It's a very visible way for them to deliver on the promise to do that. So we think that segment is exciting. It's going to continue to be, in our opinion, robust for the next few years. And as the rest of the commercial duty commercial electric truck market develops, that will continue to be a big slice of the pie that we're going to go after.

因此他們確實在考慮使用電動車來幫助實現這一目標。這是他們兌現承諾的一種非常明顯的方式。所以我們認為這個部分很令人興奮。我們認為，未來幾年它將繼續保持強勁勢頭。隨著其他商用電動卡車市場的不斷發展，這將繼續成為我們爭奪的一大塊蛋糕。

Super helpful thank you very much.

非常有幫助，非常感謝。

I'd like to turn the floor back over to management for any further comments or questions.

我想將發言權交還給管理層，以便他們提出進一步的評論或問題。

Yeah, thank you very much, Kevin. In addition to the questions that we just heard, Workhorse solicited questions from shareholders, and we received many of them into the e-mail box. And for this part of the program, what I'd like to do is summarize the ones that were similar and ask the management team members present to respond to the various questions that came directly from shareholders.

是的，非常感謝，凱文。除了我們剛剛聽到的問題之外，Workhorse 還向股東徵集了問題，我們在電子郵件中收到了很多問題。對於節目的這一部分，我想做的是總結類似的內容，並要求在場的管理團隊成員回答股東直接提出的各種問題。

I actually will take the first one. In the first question, we were asked, what are the terms of the sale and leaseback agreement? What are the terms of the convertible note? And what are the terms in the merger agreement for closing?

我實際上會選擇第一個。在第一個問題中，我們被問到售後回租協議的條款是什麼？可轉換票據的條款是什麼？合併協議中有哪些條款？

And what I can say there is every one of those documents that you need to get the information out of is filed in the 8-K that was filed with the SEC on Friday, you can find every one of those terms, conditions to close and whatnot and the sale and leaseback dynamics all in there. So it's available. Of course, we'll be filing a proxy as well. We'll have more further details, but you can find the specific information you're looking for right there in that 8-K. Glad we can point that out to you.

我可以說的是，您需要從中獲取資訊的所有文件都包含在周五向美國證券交易委員會提交的 8-K 文件中，您可以在其中找到所有條款、成交條件等等以及售後回租動態。所以它是可用的。當然，我們也會提交代理申請。我們將提供更多詳細信息，但您可以在 8-K 中找到您正在尋找的具體信息。很高興我們能向您指出這一點。

So the questions range a wide variety of topics. Let me start with the first one. One investor asked, why is a reverse split on the table in connection with the approval of this transaction? And I'm going to ask Bob Ginnan that question. Bob, why is that?

因此問題涉及各種各樣的主題。讓我先從第一個開始。一位投資人問道，為什麼在批准這筆交易時要考慮反向分割？我要問鮑伯金南這個問題。鮑勃，為什麼呢？

So the reason is because the transaction involves a potential change of control of Workhorse, Workhorse will be treated as a new applicant for NASDAQ listing and must meet its initial listing standards. Those standards include minimum price thresholds between $2 and $4, depending on other factors. And as a result, we may need to effect a reverse stock split in order to meet these standards.

原因是由於該交易涉及Workhorse的潛在控制權變更，Workhorse將被視為納斯達克上市的新申請人，必須滿足其首次上市標準。這些標準包括 2 美元至 4 美元之間的最低價格門檻，具體取決於其他因素。因此，我們可能需要進行反向股票分割以滿足這些標準。

Okay. Thanks, Bob. We got one more for you, Bob. Can you provide the details on the math for the stated $105 million valuation that was in the press release last week?

好的。謝謝，鮑伯。鮑勃，我們還有一個給你。您能否提供上週新聞稿中所述的 1.05 億美元估值的具體計算方法？

Yeah, the go-forward entity is being created as a combination of the following contributions: $50 million from the Motiv side of the business contribution, $30 million from the Workhorse business contribution and $25 million, which is a combination of the value of sale-leaseback transaction and the convertible note on an as-converted basis. That totals $105 million.

是的，未來實體是由以下貢獻組合而成的：來自 Motiv 業務貢獻的 5000 萬美元、來自 Workhorse 業務貢獻的 3000 萬美元以及 2500 萬美元，這是售後回租交易價值與可轉換票據按轉換後的價值的組合。總計 1.05 億美元。

Thank you, Bob. Scott, I have one for you. Can you provide more details on Motiv's financials or pro forma financials for the combined company given that the Workhorse shareholders will own approximately 26.5% of the combined entity?

謝謝你，鮑伯。史考特，我有一個給你。鑑於 Workhorse 股東將擁有合併後公司約 26.5% 的股份，您能否提供有關 Motiv 財務狀況或合併後公司備考財務狀況的更多詳細資訊？

Yeah, what I can say is that we'll provide quite a bit more detail in our in the proxy. I think the timing of that is weeks away now. We expect to file. What I can say is the transaction really strengths the company's financial position, expected to create opportunities for our margin expansion, doing that together, reducing BOM, using volume on the production side and then enabling greater flexibility to pursue future growth initiatives.

是的，我可以說的是，我們將在代理中提供更多細節。我認為距離那個時間還有幾週的時間。我們期望提交。我可以說的是，這筆交易確實增強了公司的財務狀況，預計將為我們的利潤率擴張創造機會，共同努力，減少物料清單，利用生產方面的數量，然後提供更大的靈活性來追求未來的成長計劃。

So I think we're in a good position now. You'll see more details in the proxy. And then the go forward, which we'll talk about in a subsequent presentation to really go after future growth initiatives at a lower cost structure.

所以我認為我們現在處於有利地位。您將在代理中看到更多詳細資訊。然後繼續前進，我們將在後續的演示中討論如何以較低的成本結構真正追求未來的成長計劃。

Thank you, Scott. A number of folks were a number of shareholders were asking questions about product portfolio. So let me ask both Scott, you and Rick, how do you plan to address the overlap in the combined portfolios, specifically in the Class 4 through 6 where both companies have existing products?

謝謝你，斯科特。許多股東都在詢問有關產品組合的問題。那麼，讓我問一下斯科特、你和里克，你們打算如何解決合併後的產品組合中的重疊問題，特別是兩家公司都有現有產品的 4 至 6 類產品？

Rick, why don't I take that first? I think we both noted that as a combined company, and it was on one of the slides, we'll have a full range of Class 4 through 6 trucks to serve our customers. We think these are the most advanced road-tested products out there. That's going to mean a lot to the especially the larger fleet customer, the experienced fleet customer operator that we're going to target.

瑞克，我先拿那個好嗎？我想我們都注意到，作為一家合併後的公司，而且在一張幻燈片上，我們將擁有全系列的 4 級至 6 級卡車來服務我們的客戶。我們認為這些是目前最先進的經過道路測試的產品。這對我們目標客戶——尤其是大型車隊客戶和經驗豐富的車隊客戶營運商來說意義重大。

We'll be developing a Class 5 and 6 cab chassis together. We bring a pretty decent head start on that into the mix. And then we'll be continuing to work on a longer-term cycle plan, product road map, if you will, that really targets that. And back to a question that was asked, we'll be continuing to focus on the bus and shuttle business, something Workhorse has not really played in, in the past. We think that's an extensible growth opportunity as well.

我們將共同開發 5 級和 6 級駕駛室底盤。我們在這方面取得了相當不錯的領先優勢。然後，我們將繼續制定長期週期計劃、產品路線圖，如果你願意的話，這確實是為了實現這一目標。回到剛才提出的問題，我們將繼續專注於公車和接駁車業務，這是 Workhorse 過去從未真正涉足過的領域。我們認為這也是一個可擴展的成長機會。

So full stack of products from Class 4 through 6, lots of different body configurations that we can support from that and a cost structure that I think is going to be much more attractive going forward.

因此，我們可以支援從 4 級到 6 級的全系列產品、多種不同的車身配置以及成本結構，我認為這種成本結構在未來會更具吸引力。

Yes. Let me jump in, Scott. We're working with the Motiv team on integration planning across all functional parts of the company, including our product portfolio and our R&D road map. There's many details to be determined. At a high level, Workhorse imports a Class 4 cab chassis from China, Motiv uses a U.S.-made cab chassis. So you can factor in tariffs, et cetera. We'll see how that plays out.

是的。讓我插嘴一下，史考特。我們正在與 Motiv 團隊合作，制定公司所有職能部門的整合規劃，包括我們的產品組合和研發路線圖。還有很多細節有待確定。在高層，Workhorse 從中國進口了 4 級駕駛室底盤，Motiv 使用美國製造的駕駛室底盤。因此你可以考慮關稅等等。我們將拭目以待事情會如何發展。

On the Class 5, 6 chassis standpoint, Motiv uses one from an OEM here in North America, where Workhorse is designed from scratch and built in-house. So Scott and I are going to work on that. We'll get the best products at the best cost going forward. Critical for us, we use different battery suppliers today. We'll have to map out our battery supply situation going forward.

從 5 級、6 級底盤的角度來看，Motiv 使用的是來自北美一家 OEM 的底盤，而 Workhorse 則是從頭開始設計並內部製造的。所以斯科特和我將致力於此。我們將以最優惠的價格提供最好的產品。對我們來說至關重要的是，我們今天使用不同的電池供應商。我們必須規劃未來的電池供應狀況。

And we're going to map out our supply chains to make sure where there's overlap and where there's not overlap, we can kind of see what we can do going forward. So a lot of work to do. Good news is we both have well-qualified set of engineers, both in mechanical, electrical and software, and we'll put those guys to work pretty quickly, so.

我們將規劃我們的供應鏈，以確保哪裡有重疊，哪裡沒有重疊，我們就能知道下一步可以做什麼。所以還有很多工作要做。好消息是我們都擁有一群高素質的工程師，包括機械、電氣和軟體方面的工程師，我們很快就會讓這些人投入工作。

Thanks. I think a question for the combined CEOs again, if you don't mind. Is the financing in connection with the transaction enough to fund operations? Or will you need to raise more capital in the future?

謝謝。如果您不介意的話，我想再次向聯合執行長提出這個問題。與交易相關的融資是否足以支持營運？或者您將來需要籌集更多資金？

Great question. I'll go first. So we believe that the proceeds from the sale leaseback and the convertible note, coupled with the potential for additional capital from our existing secured lender will be sufficient to support Workhorse's ongoing operations through the transaction close and provide sufficient capital to pay down all the outstanding debt owed to our existing senior secured convertible note holder at closing.

好問題。我先走了。因此，我們相信售後回租和可轉換票據的收益，加上我們現有擔保貸款人可能提供的額外資本，將足以支持 Workhorse 在交易結束前持續運營，並提供足夠的資本來償還交易結束時欠我們現有優先擔保可轉換票據持有人的所有未償債務。

Right. And then I'll just add to that, Rick. If you note in the merger agreement, and it's been mentioned a few times on the call, I think there's a condition to close that our controlling investor at Motiv will provide up to $20 million in debt financing, and that's split between some working capital support on an asset-backed lending structure and then just normal operating support against the company's operating cash flow needs.

正確的。然後我再補充一點，瑞克。如果您注意到合併協議，並且在電話會議上提到過幾次，我認為有一個成交條件，即 Motiv 的控股投資者將提供高達 2000 萬美元的債務融資，這筆資金將分為資產支持貸款結構上的部分營運資金支持，以及針對公司營運現金流需求的正常營運支持。

So I think we've got both of those pieces in place as we hit. And as we get new orders, we can kind of get those orders into the system quickly using that structure. And then also following the completion of the transaction, we'll look to raise additional capital to fund the company's go-forward strategic execution.

所以我認為我們在進攻時已經把這兩部分都準備好了。當我們收到新訂單時，我們可以使用該結構將這些訂單快速輸入系統。交易完成後，我們也將尋求籌集更多資金來資助公司未來的策略執行。

We'll be talking more about that in the coming months as we get closer to the close. And then lastly, I'd say with a stronger financial position, we'll be better positioned to pursue future growth initiatives as the combined company. That product road map that Rick and I just talked about, expanding our sales activity is something that we'll want to invest in. And so that's those are exciting new growth avenues for us as we get this uniform product portfolio put together.

隨著交易接近尾聲，我們將在未來幾個月內更多地討論這個問題。最後，我想說，有了更強大的財務狀況，合併後的公司將更有能力追求未來的成長計畫。我和 Rick 剛剛談到的產品路線圖，擴大我們的銷售活動是我們想要投資的事情。當我們將這個統一的產品組合整合在一起時，這些對我們來說是令人興奮的新成長途徑。

Thank you very much, Scott and Rick. We got a question that we certainly want to answer very specific, Bob, I think I'll ask you, did Workhorse retain any patents when it had the transaction for the Aero division? Can the company still use any of that intellectual property?

非常感謝斯科特和里克。我們有一個問題，我們當然想非常具體地回答，鮑勃，我想我會問你，Workhorse 在進行 Aero 部門交易時是否保留了任何專利？該公司還能使用其中的任何智慧財產權嗎？

So Stan, all the drone-related patents were included with the divestiture of the Aero division.

所以斯坦，所有與無人機相關的專利都包含在 Aero 部門的剝離中。

Okay. I think back to the CEOs, does Workhorse or Motiv have any near-term contracts, regulatory approvals or partnerships or other announcements in the near term that will increase shareholder confidence in the combined company? Or maybe said a different way, are there any potential customers that you'd expect will submit purchase orders only if this transaction is completed?

好的。我回想起執行長們的問題，Workhorse 或 Motiv 是否有任何近期合約、監管部門批准或合作夥伴關係或其他公告可以增加股東對合併後公司的信心？或者換句話說，您是否期望只有當這筆交易完成後才會有潛在客戶提交採購訂單？

Great, Stan. We've had conversations with the customers that started since the announcement, and we've received initially strong feedback. I can tell you that I have been on calls since Friday with our largest dealer. He's excited to meet Scott and understand the product portfolio at Motiv and see how he can help us. We're also working with him on a big opportunity for a large order for a fleet.

太好了，斯坦。自公告發布以來，我們就開始與客戶進行對話，並且收到了初步的強烈回饋。我可以告訴你，我從週五開始就一直在與我們最大的經銷商通話。他很高興見到斯科特並了解 Motiv 的產品組合，並看看他能如何幫助我們。我們也正在與他合作，爭取獲得一個艦隊的大訂單。

Second, we've talked to one or two of the big fleets at my level, and Scott's talked to a couple of them as well. With the stronger balance sheet, with the capability of the manufacturing and the capital they have approved in their future spending, it looks like we can go out and secure some additional orders.

其次，我們已經與一兩家與我級別相當的大型艦隊進行了交談，斯科特也與其中幾家艦隊進行了交談。憑藉更強勁的資產負債表、製造能力以及他們在未來支出中批准的資本，看起來我們可以出去獲得一些額外的訂單。

We're not going to comment any further until we actually receive those new orders. So it's on us right now, and Scott and I are going to work together to go out and secure additional orders that we hope to close before the deal is finalized.

在我們真正收到這些新訂單之前，我們不會發表進一步的評論。所以現在就輪到我們了，史考特和我將共同努力，爭取在交易完成之前獲得更多訂單。

Yeah, Rick, I think I would just add, I have also personally talked to some of our customers, James Griffin, our CROs, talk to our customer base. We've had universal great support from for the idea behind this. I think the compelling 8 points that we went through earlier about the support for why this transaction makes sense strategically and financially, I think our customers are pretty quickly seeing that, and they see the benefits that will accrue to them over time. So I'm excited about the feedback we've had in the past few days since we announced the merger.

是的，里克，我想我只想補充一點，我還親自與我們的一些客戶、我們的 CRO 詹姆斯·格里芬 (James Griffin) 進行了交談，與我們的客戶群進行了交談。我們的這個想法得到了大家的大力支持。我認為，我們之前提出的關於為什麼這筆交易在戰略和財務上有意義的 8 點令人信服，我認為我們的客戶很快就會看到這一點，並且他們會看到隨著時間的推移他們將獲得的好處。因此，我對我們宣布合併以來過去幾天收到的回饋感到非常興奮。

The other thing I'd say is the timing of this transaction and assuming we close in Q4, it lays in directly to the buying cycle for next year for 2026. Large fleets primarily that we deal with, start doing their planning, their budgeting and their fleet sizing between now and into Q4. And so we fit right into that buying cycle, that planning cycle.

我想說的另一件事是這筆交易的時間，假設我們在第四季度完成，它將直接影響到明年（2026 年）的購買週期。我們主要處理的大型車隊從現在到第四季開始進行規劃、預算和車隊規模調整。因此，我們正好適應了購買週期和規劃週期。

So I really like the way this dovetails into that. So we'll be starting conversations as we start moving toward close with customers about their plans for next year and walking them through how we see the combined portfolio of products fitting into that and how we can support their plans for development of electric vehicle fleet expansion next year.

所以我真的很喜歡這與那個相吻合的方式。因此，當我們開始與客戶密切討論他們明年的計劃時，我們將開始對話，並向他們介紹我們如何看待組合產品組合適應這一計劃，以及我們如何支持他們明年擴大電動汽車車隊的計劃。

So we're excited about the timing of this. That part is a little bit lucky. Sometimes you got to be a little bit lucky. And I think our timing here is really good.

因此，我們對這個時機感到非常興奮。這部分有點幸運。有時候你得有點幸運。我認為我們現在的時機非常好。

Just one comment Scott gave me on Monday, he had a call with one of the fleets that we spent an extensive amount of time last year on a demo for over several months. And our truck passed with flying colors, ranges from 50 to 150 mile with payloads up to 5,000 pounds.

斯科特週一給我的只是一條評論，他與其中一個艦隊通了電話，說我們去年花了大量時間進行了長達數月的演示。我們的卡車以優異的成績通過了測試，行駛里程為 50 至 150 英里，有效載荷高達 5,000 磅。

We didn't miss a beat, but the customer was concerned about our balance sheet and our ability to sustain the company going forward. By putting these two companies together and having a clean balance sheet with the right financial backing, that alleviates that issue. And hopefully, we can turn that now into a real PO.

我們沒有錯過任何一個細節，但客戶擔心我們的資產負債表以及我們維持公司未來發展的能力。透過將這兩家公司合併，並擁有一份擁有正確財務支持的清晰資產負債表，可以緩解這一問題。希望我們現在可以將其轉變為真正的採購訂單。

Okay. And I think the last summary question, I think mostly is for you, Scott. I know you've talked about this, but let's come at it again. What's the first priority in driving sales in the new organization? How will the new Workhorse target the market? And do you have any particular customers that you want to attract? Or do you feel like you've got a broad enough group now?

好的。我認為最後一個總結性問題主要是問你的，史考特。我知道你已經談論過這個問題，但我們還是再討論一下。在新組織中推動銷售的首要任務是什麼？新款 Workhorse 將如何瞄準市場？有什麼特別想要吸引的客戶嗎？或者您覺得您現在已經擁有一個足夠廣泛的群體了？

Yeah. I mean, look, the secret to success here is these larger fleets at the starting point. We've developed what we think of as a 4- phase program that starts with a pilot. It then often results in a first order and then a multiyear contract with multiple orders after that. That cycle can take anywhere from 12 months to a couple of years to get through. So we want to continue those. We're in those conversations with, as I mentioned earlier, 10 of the largest fleets in North America. All 10 of those are currently commercially operating with one of our companies.

是的。我的意思是，你看，這裡成功的秘訣就是在起點擁有更大的艦隊。我們制定了一個我們認為的四階段計劃，從試點開始。這通常會帶來第一份訂單，然後是一份多年期合同，之後還會有多個訂單。該週期可能需要 12 個月到幾年的時間才能完成。因此我們希望繼續這樣做。正如我之前提到的，我們正在與北美最大的 10 個船隊進行對話。目前，這 10 家公司均與我們其中一家公司進行商業營運。

We'd like to get to the next 30 or 40 of those and start that same discussion that we've proven this track record of how we get you started in pilots, how we get you into a single depot operation at some scale and then we use the multiple depot operations, including the infrastructure required and then the maintenance and parts and support and customer service. So I think that continues to so we've got this direct sales approach that we take on our side.

我們希望進入接下來的 30 或 40 個階段，並開始同樣的討論，我們已經證明了我們如何幫助您開始試點，如何讓您在一定規模上進入單一倉庫運營，然後我們使用多個倉庫運營，包括所需的基礎設施，然後是維護、零件、支援和客戶服務。所以我認為這種情況會持續下去，我們採取的是這種直接銷售的方式。

We're going to combine that with the dealer network. And from my perspective that's a peanut butter and chocolate combination because it really is a very straightforward. The big fleets that we speak with, they really want to talk directly with the OEM as they start really understanding this transition. Once they get more comfortable, they get enough trucks on the road, the dealer can start to play a much more important role.

我們將把它與經銷商網路結合。從我的角度來看，這是花生醬和巧克力的組合，因為它確實非常簡單。我們與之交談的大型車隊確實希望直接與 OEM 對話，因為他們開始真正理解這種轉變。一旦他們變得更加安心，道路上有足夠的卡車，經銷商就可以開始發揮更重要的作用。

So we see this as a transition from our direct sales model; the Workhorse model, which is maybe more focused on the dealer side, put those two together. And now we work all the way through those 4 phases I mentioned, from early, early adoption in a pilot phase all the way to hundreds and maybe thousands of trucks in the fleet.

因此，我們認為這是我們直銷模式的轉變；Workhorse 模式可能更側重於經銷商方面，將兩者結合在一起。現在，我們正在完成我提到的四個階段，從早期試點階段的早期採用一直到車隊中數百輛甚至數千輛卡車。

We can support that whole journey now in our customer road map. So we'll be combining our experienced sales team with the national dealer network to foster this new team sell approach I mentioned earlier with the dealer groups, allow their sales professionals to participate in the sales process.

我們現在可以在客戶路線圖中支援整個旅程。因此，我們將把經驗豐富的銷售團隊與全國經銷商網路結合起來，與經銷商集團一起推廣我之前提到的這種新的團隊銷售方式，讓他們的銷售專業人員參與銷售過程。

It's pretty difficult for a dealer to make the first sale of an electric truck to a fleet that's never run an electric truck before. It's a complicated sale. There's a lot to answer on the technology. There's a lot to answer on the economics of these trucks. We like to do that directly and then bring the dealers in as our partner. And that's what the combination of these two companies is going to allow us to do at real scale now.

對於經銷商來說，要向從未運行過電動卡車的車隊首次銷售電動卡車是相當困難的。這是一次複雜的銷售。關於這項技術，還有很多問題需要回答。關於這些卡車的經濟性，有許多問題需要回答。我們希望直接這樣做，然後將經銷商作為我們的合作夥伴。這兩家公司的合併將使我們能夠真正大規模地進行這項工作。

Yeah, Let me comment on that just quick. We have experience with a few fleets out there. It's almost followed the exact same pattern Scott talked about. You have to have a successful demo or pilot, which is typically one to a few units. Those demos take 30 to 180 days. They're used in different scenarios, range of the route, payloads, et cetera.

是的，讓我快速評論一下。我們在那裡與一些艦隊有合作經驗。它幾乎遵循了斯科特所說的完全相同的模式。您必須有一個成功的演示或試點，通常是一到幾個單位。這些演示需要 30 到 180 天。它們用於不同的場景、路線範圍、有效載荷等等。

If you pass that demo pilot, you can get to an initial order with these are expensive trucks. They can see an order from maybe 5 to 20 trucks. The fleets want to run those trucks now in the field for a year across all the seasons, including the peak season. And if you are successful there and you give good service to the field because sometimes these trucks get banged around, they have a heavy usage, then they make a big decision about are they making the capital expenditures to actually make the transition to EVs.

如果您通過了該演示試點，您就可以獲得這些昂貴卡車的初始訂單。他們可以看到來自 5 到 20 輛卡車的訂單。車隊希望這些卡車能夠在一年中的所有季節（包括旺季）內在現場運行。如果你在那裡取得成功，並為該領域提供良好的服務，因為有時這些卡車會被撞來撞去，使用頻率很高，那麼他們會做出一個重大決定，是否要進行資本支出，真正實現向電動汽車的過渡。

That starts with the charging systems. And Scott's position on the Board at EVgo helps give him insight to the fleets across the country across the going ahead and putting in EV charging systems and also where they're going in by states. And then you start seeing the bigger orders from the bigger companies. And there's a couple who are leaders in the industry, both north of the border and here in the United States.

首先從充電系統開始。史考特在 EVgo 董事會的職位使他能夠深入了解全國各地正在推進和安裝電動車充電系統的車隊，以及各州的電動車充電系統部署。然後你會開始看到更大公司的更大訂單。其中有幾位是該行業的領導人物，既在邊境以北，也在美國境內。

We think we're well positioned with two of the leaders to earn their initial big EV transition design buys. And that's a big capital expenditure. These companies buy these trucks and they hold on them from anywhere from 10 to 15 up to 20 years. What we're seeing on our own stables route is we're seeing paybacks of less than three to four years depending on the incentive programs going on.

我們認為，我們與兩大領先企業合作，已做好充分準備，贏得他們最初的大型電動車轉型設計採購訂單。這是一筆龐大的資本支出。這些公司購買這些卡車並持有 10 到 15 甚至 20 年。我們在自己的馬厩路線上看到的情況是，根據正在進行的激勵計劃，我們看到的回報時間不到三到四年。

So that's a good business decision. This is not going to be driven by incentive programs long term, as Scott said, we have to drive the cost of vehicles down, including battery costs, manufacturing efficiencies. And if we do, we're confident there's a great business case for these fleets to go electric.

所以這是一個正確的商業決策。正如史考特所說，這不會長期由激勵計畫推動，我們必須降低車輛成本，包括電池成本、製造效率。如果我們這樣做，我們相信這些車隊採用電力驅動將具有良好的商業前景。

And to sort of close that out, I think this merger puts us in really a good position to be able to do that as a real one of the real industry leaders with scale and a supply chain that's really excited about supporting us as we start to scale up.

最後，我認為這次合併讓我們處於一個非常有利的位置，讓我們能夠成為真正的行業領導者之一，擁有規模和供應鏈，當我們開始擴大規模時，他們非常樂意支持我們。

And I can tell you from one of the fleets we deal with, there's three or four people who have been fighting for that business. One company has been taken off the bid list because their trucks don't last more than 90 to 120 days. Another one hasn't passed the initial pilot phase. So we're well positioned. We got to go out and win that business.

我可以告訴你，在我們打交道的一支船隊中，有三、四個人一直在爭取這項業務。一家公司已被從投標名單中除名，因為他們的卡車使用壽命不超過 90 至 120 天。另一個尚未通過初步試點階段。因此我們處於有利地位。我們必須走出去並贏得那項業務。

Okay. That actually is I think we've wrapped up in summary fashion, the questions that came in from the shareholders. And thank you very much for those of you who took the time to respond. We tried to make sure we got all the relevant questions addressed here. Kevin, unless there's another call on the line, I think we can wrap it up from here.

好的。實際上，我認為我們已經以總結的方式回答了股東提出的問題。非常感謝那些花時間回覆的人。我們盡力確保所有相關問題都在這裡解決。凱文，除非還有其他電話，否則我想我們可以就此結束。

Sir, do you have any further closing comments?

先生，您還有其他結束語嗎？

Well I appreciate the opportunity to and thanks for your patience with us. Look forward to rolling up our sleeves and working with the Motiv team to put these two companies together by the end of the year. And then Scott can have the baton and he can run the next lap here at Workhorse.

我很感謝有這個機會，也感謝您的耐心。我們期待著擼起袖子，與 Motiv 團隊合作，在年底前將這兩家公司合併。然後史考特就可以​​接過接力棒，在 Workhorse 跑下一圈。

My only last comment is I imagine both of our teams a number of our team members are listening, as Tom Brady says,

我最後要說的是，我想我們兩個團隊的許多成員都在聽，正如湯姆布雷迪所說，

Let's go.

我們走吧。

Thank you very much. Signing off.

非常感謝。簽名。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議和網路直播到此結束。此時您可以斷開線路並享受美好的一天。我們感謝您今天的參與。