Workhorse Group Inc (WKHS) 2025 Q4 法說會逐字稿

Greetings. Welcome to Workhorse Group's fourth-quarter 2025 earnings call. (Operator Instructions) Please note this conference is being recorded.

各位好。歡迎參加 Workhorse Group 2025 年第四季財報電話會議。(接線員指示) 請注意，本次會議將被錄音。

I will now turn the conference over to John Williams, Chief Communications Officer. Thank you. You may begin.

現在我將把會議交給首席傳播長 John Williams。謝謝。您可以開始了。

Thank you, operator, and good afternoon, everyone. I'd like to welcome all of you to Workhorse's fourth-quarter and full year 2025 earnings call.

謝謝接線員，各位下午好。我想歡迎各位參加 Workhorse 2025 年第四季及全年財報電話會議。

Before we begin, I'd like to note that we have posted our results for the fourth quarter and full year ended December 31, 2025, via press release in 8-K and filed our associated annual report on Form 10-K with the SEC. You can find the release and an accompanying presentation in the Investor Relations section of our website. We will be tracking along with the presentation during this call.

在開始之前，我想說明，我們已透過 8-K 新聞稿公布截至 2025 年 12 月 31 日止第四季及全年業績，並已向美國證券交易委員會（SEC）提交相關的 Form 10-K 年度報告。您可在我們網站的投資人關係專區找到該新聞稿及隨附簡報。本次電話會議將配合該簡報進行。

Joining me on today's call are Scott Griffith, our Chief Executive Officer; and Bob Ginnan, our Chief Financial Officer. For today's agenda, please turn to slide 3.

今天與我一同出席的有我們的執行長 Scott Griffith，以及財務長 Bob Ginnan。關於今日議程，請翻到第 3 頁投影片。

Following my opening remarks, I will hand it over to Scott, who will give you an overview of the combined company and our strategic priorities. Bob will then walk us through our financial results for the quarter and full year, as well as our capital position. Scott will then close us out before we open up the call for questions.

在我開場致詞後，我將把時間交給 Scott，他會概述合併後公司的概況與我們的策略優先事項。接著 Bob 將帶領我們回顧本季與全年財務結果，以及資本狀況。之後 Scott 會做結語，然後我們將開放提問。

Our cautionary statements can be found on slide 4. Some of the comments that will be made today are forward-looking statements, which are based on current expectations, projections, or opinions about future periods.

我們的警示性聲明載於第 4 頁投影片。今天將發表的部分評論屬於前瞻性陳述，係基於對未來期間的目前預期、推估或觀點。

All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially. Some of these risks and uncertainties are discussed in today's press release and in our filings with the SEC, including our Form 10-K.

所有前瞻性陳述均受風險與不確定性影響，可能導致實際結果出現重大差異。其中部分風險與不確定性已在今日新聞稿及我們向 SEC 提交的文件（包括 Form 10-K）中討論。

Now, I'll turn it over to Scott.

現在我把時間交給 Scott。

Thanks, John. Good afternoon, everyone, and thank you for joining us.

謝謝你，John。各位下午好，感謝各位加入我們。

This is a milestone moment for Workhorse, our first earnings report as a combined company following the completion of our merger with Motiv Electric Trucks in December 2025. Before I get into the substance of what we've accomplished and where we're headed, let me briefly introduce myself for those I haven't yet had the chance to meet.

這是 Workhorse 的重要里程碑時刻：在 2025 年 12 月完成與 Motiv Electric Trucks 的合併後，我們首次以合併後公司的身分發布財報。在我深入說明我們已完成的成果與未來方向之前，先向尚未有機會見面的各位簡要自我介紹。

I came to Workhorse through our merger with Motiv, where I served as Chief Executive Officer. Before that, I spent much of my career building and scaling technology-driven transportation businesses, including operating and board roles at Ford, EVgo, Zipcar, Boeing, and TrueMotion.

我因與 Motiv 的合併加入 Workhorse，在 Motiv 期間我擔任執行長。在此之前，我職涯多數時間投入於打造並擴張以科技驅動的運輸事業，曾在 Ford、EVgo、Zipcar、Boeing 與 TrueMotion 擔任營運與董事會相關職務。

I took on this role because I believe Workhorse has the right products, the right customers, and the operational foundation to build a profitable scaled business in the medium-duty commercial truck market. I've seen what it looks like when the technology is right, the market is ready, and the execution is focused. That's where we are.

我接下這個職務，是因為我相信 Workhorse 擁有正確的產品、正確的客戶，以及足以在中型商用卡車市場建立具規模且可獲利事業的營運基礎。我見過當技術到位、市場成熟、執行聚焦時會是什麼樣子。我們正處於那個位置。

Let me start with what Workhorse is today. The new Workhorse is a leading North American medium-duty commercial vehicle OEM with a portfolio spanning classes four, five, and six. We bring more than 20 years of combined operating experience, more than $860 million in previously invested capital and a growing presence in the $23 billion North American medium-duty truck market.

我先從今日的 Workhorse 談起。新的 Workhorse 是北美領先的中型商用車 OEM，產品組合涵蓋第 4、5 與 6 級。我們擁有超過 20 年的合計營運經驗、先前投入資本超過 8.6 億美元，並在規模達 230 億美元的北美中型卡車市場中持續擴大布局。

The proof of our platform is on the road. Our vehicles operating in customer fleets have now surpassed 20 million real-world miles across more than 1,100 vehicles deployed with some of the largest commercial and public sector fleets in North America. These are not test vehicles. These are trucks in daily service, running delivery routes, generating real operational data through our embedded telematics platform, and delivering consistent documented results.

我們平台的證明就在路上。目前在客戶車隊中運行的車輛，已在真實環境累計超過 2,000 萬英里，涵蓋超過 1,100 輛已部署於北美一些最大型商業與公部門車隊的車輛。這些不是測試車。這些是每日投入服務的卡車，執行配送路線，透過我們內建的車聯網（telematics）平台產生真實營運數據，並交付一致且可佐證的成果。

We serve 10 of the largest medium-duty commercial truck fleets in North America. And we continue to see repeat purchase behavior, which we believe is a strong signal of customer satisfaction in this market.

我們服務北美 10 家最大的中型商用卡車車隊。我們也持續看到重複採購行為，我們認為這是此市場客戶滿意度的強烈訊號。

At the close of the merger in December, we made three clear commitments: complete the integration, expand our product portfolio, and strengthen our financial position.

在 12 月合併完成時，我們做出三項明確承諾：完成整合、擴大產品組合，以及強化財務狀況。

In just over three months, here's where we stand. On integration, our Board and governance structure are in place. Workforce and office integrations are nearly complete, and we have finished a full review of our enterprise systems and operating processes. We expect full enterprise integration to be complete over the next two to three quarters with our manufacturing consolidation at Union City, Indiana, wrapping up by the end of Q2 2026.

在短短三個多月後，我們目前的進展如下。在整合方面，我們的董事會與治理架構已就位。人力與辦公室整合已接近完成，我們也完成了對企業系統與營運流程的全面檢視。我們預期在未來兩到三個季度完成全面企業整合；位於印第安納州 Union City 的製造整併預計於 2026 年第二季末完成收尾。

We're targeting to exit 2026 with a run rate of $20 million in annualized cost synergies from the merger across manufacturing efficiency, headcount reductions, the elimination of other duplicative administrative functions, and other synergies, including the elimination of redundant expenses, supply chain cost savings, and reduced overall facility costs stemming from the consolidation of our operating locations.

我們的目標是在 2026 年底達到每年 2,000 萬美元的合併成本協同效益年化運行率，來源包括製造效率提升、人力精簡、取消其他重複的行政職能，以及其他協同效益（包含消除重複費用、供應鏈成本節省，以及因營運據點整併而降低的整體設施成本）。

On our product portfolio, our teams are working together on a new cycle plan and product roadmap that charts a path for the commonization of key components of our hardware and software platforms, along with the development of a proprietary Class 5/6 cap chassis to unlock a larger slice of the full $23 billion Class 4 through 6 commercial truck marketplace.

在產品組合方面，我們的團隊正共同制定新的週期計畫與產品藍圖，規劃硬體與軟體平台關鍵零組件的共通化路徑，並開發自有的第 5/6 級裸底盤（cap chassis），以切入規模達 230 億美元、涵蓋第 4 至第 6 級的商用卡車市場中更大的一部分。

And as I discussed in a moment, we've already taken our first concrete step, the introduction of a new lower-cost configuration of the W56 step van. We anticipate having additional pricing flexibility across our platforms as we realize merger synergies lower our bill of materials costs by utilizing commonized components across platforms and expanding our product line.

此外，正如我稍後將提到的，我們已經採取第一個具體步驟：推出 W56 step van 的全新低成本配置。隨著我們實現合併協同效益，透過跨平台採用共通化零組件並擴展產品線以降低物料清單（BOM）成本，我們預期在各平台上將具備更大的定價彈性。

On financial position, we entered the year with a stronger balance sheet following the merger, and as we disclosed, when we closed the merger, we put in place at closing a new $40 million customer order lending facility to support working capital to fulfill orders. I'm pleased with how far we've come in a short amount of time, but there's more to be done.

在財務狀況方面，合併後我們以更強健的資產負債表進入新年度；並如我們所揭露，在合併交割時，我們同步建立了一項新的 4,000 萬美元客戶訂單融資額度，以支援履行訂單所需的營運資金。我對我們在短時間內取得的進展感到滿意，但仍有更多工作要完成。

Now, let me tell you how we get from here to a larger-scale profitable business and why we believe the path is clear and achievable. Let's start with the market.

接下來，我將說明我們如何從現況邁向更大規模且可獲利的事業，以及為何我們相信這條路徑清晰且可達成。先從市場談起。

The medium-duty truck market in North America is large, approximately $23 billion in annual sales, and it's ripe for disruption. To understand why the timing is right, consider what has happened to how finished goods actually move through the sales and delivery channels.

北美中型卡車市場規模龐大，每年銷售額約 230 億美元，且正適合被顛覆。要理解為何時機成熟，請想想成品在銷售與配送通路中實際流動方式所發生的變化。

Before 2020, e-commerce was a meaningful but smaller channel, roughly 11% to 12% of US retail. The pandemic accelerated the use of e-commerce over bricks-and-mortar stores by more than 40% in a single year. And critically, that shift in demand to online didn't revert. It reset to a new normal.

在 2020 年之前，電商是重要但相對較小的通路，約占美國零售的 11% 至 12%。疫情在一年內將電商相對於實體門市的使用加速提升超過 40%。更關鍵的是，這種需求轉向線上的變化並未回復。它重設為新的常態。

Total US retail sales. Are forecast to reach $6.2 trillion by 2030, with e-commerce accounting for 29% of that total, according to Forrester Research. The front door to homes and offices have become the point of sale, and the truck that shows up at that door is the last link in the chain. That shift has forced a fundamental redesign of logistics networks and supply chains.

美國零售總銷售額依據 Forrester Research 的預測，至 2030 年將達 6.2 兆美元，其中電商占比為 29%。住家與辦公室的前門已成為銷售點，而出現在那扇門前的卡車就是供應鏈的最後一環。這項轉變迫使物流網路與供應鏈進行根本性的重新設計。

The old hub-and-spoke logistics model is giving way to distributed fulfillment, hyper-localized inventory, smaller and more numerous distribution nodes located closer to the end customer. This results in shorter mid-mile and last-mile routes and higher density for deliveries. The result is visible in the data. Annual mileage for medium-duty vehicles has grown from roughly 31,000 miles in 2020 to nearly 48,000 miles in 2025, even as heavy-duty truck mileage has declined.

傳統的樞紐—輻射式（hub-and-spoke）物流模式正讓位於分散式履約、更高度在地化的庫存配置，以及更小但數量更多、且更靠近終端客戶的配送節點。這使得中段運輸（mid-mile）與末端配送（last-mile）路線更短，且配送密度更高。這一結果在數據中清晰可見。中型商用車的年行駛里程已從2020年約31,000英里成長至2025年接近48,000英里，即便重型卡車的行駛里程同期下降。

The shift is also evident in smaller delivery van segments as well. Cox Automotive data shows Rivian registered. 2,230 Class 2 electric vehicles in 2022, that increased to 7,679 in 2023 and grew to a total of over 33,000 vehicles registered between '22 and 2025.

這種轉變在較小型的配送廂型車細分市場同樣明顯。Cox Automotive數據顯示，Rivian登記在案。2022年有2,230輛2級（Class 2）電動車，2023年增至7,679輛，並在2022年至2025年間累計登記總量成長至超過33,000輛。

The key takeaways we see here, delivery freight is moving closer to the customer and rapidly growing networks. The routes are getting shorter and more predictable. And many of the additional vehicles doing this work are squarely in Class 4 through 6. This isn't a trend. It's a structural reallocation of freight, and it plays directly into our strengths at Workhorse.

我們在此看到的關鍵重點是：配送貨運正更靠近客戶，且配送網路快速擴張。路線正變得更短且更可預測。而承擔這些工作的新增車輛中，許多明確落在4至6級（Class 4 through 6）。這不是一時的趨勢。這是貨運的結構性重新配置，並且直接契合Workhorse的優勢。

While this structural shift occurred, most commercial fleets continue to run ice truck platforms that are often unconnected, expensive to maintain, and increasingly out of step with what operators and regulators demand.

在這種結構性轉變發生的同時，多數商用車隊仍持續使用ICE（內燃機）卡車平台，這些平台往往缺乏連網能力、維護成本高，且與營運商與監管機構的要求日益脫節。

Now, after all of this recent growth. And change in transport networks, we're seeing a new trend emerging among some of the largest commercial fleet operators. As they adjust to the new normal in commerce, companies are embarking on a massive restructuring of many of their networks with a focus on network optimization, depot consolidation, adding smaller same-day mini warehouse nodes for final and last-mile delivery.

如今，在近期這一切成長之後。以及運輸網路的變化之後，我們看到一些最大的商用車隊營運商之間正浮現一個新趨勢。隨著他們調整以適應商業的新常態，企業正著手對其多個網路進行大規模重整，重點在於網路最佳化、場站（depot）整併、並新增更小型的當日達迷你倉節點，以支援最終與末端配送。

Companies ranging from FedEx, UPS, Purolator, Cintas, Amazon, Pepsi Frito-Lay and many more are looking at how to use data and AI to optimize routes, add automation and reduce transportation network operating costs.

從FedEx、UPS、Purolator、Cintas、Amazon、Pepsi Frito-Lay等眾多公司，都在研究如何運用數據與AI來最佳化路線、導入自動化並降低運輸網路的營運成本。

In addition, they're looking to add safety and driver assistance features as they move from next day to same-day delivery and fulfillment commitments. Software-defined vehicles and electrification are well-suited for this segment. Medium-duty routes are predictable, and most routes are depot-based and well within the range of today's batteries.

此外，隨著他們從次日達轉向當日達的配送與履約承諾，也在尋求加入安全與駕駛輔助功能。軟體定義車輛與電動化非常適合這一細分市場。中型車路線可預測，多數路線以場站為基地，且完全在當前電池續航範圍之內。

Vehicles return to depot overnight for charging, and the operating cost savings are significant and can be verified. Our Stables by Workhorse division, which operates as an independent FedEx contractor in Ohio, has documented savings of approximately 64%.

車輛夜間返回場站充電，營運成本節省幅度顯著且可被驗證。我們的Stables by Workhorse事業部在俄亥俄州以獨立FedEx承包商身分營運，已記錄到約64%的節省。

On fuel and maintenance compared to internal combustion vehicles, derived from three years of real-world mixed fleet comparisons. That's not a projection, that's operational data.

相較於內燃機車輛，在燃料與維護方面的節省，係基於三年真實世界的混合車隊對比得出。這不是推估，這是營運數據。

So while most of these routes are primarily being served by internal combustion-powered trucks today. The economic, operational and environmental benefits of replacing those ICE trucks with software-defined electric vehicles are becoming clearer to these large fleet operators. We're seeing similar data in EV adoption trends in another key segment we serve, school buses and shuttles.

因此，儘管目前多數此類路線主要仍由內燃機卡車提供服務。以軟體定義電動車取代這些ICE卡車所帶來的經濟、營運與環境效益，對這些大型車隊營運商而言正變得更加清晰。在我們服務的另一個關鍵細分市場——校車與接駁車——我們也看到類似的電動車採用趨勢數據。

We believe these trends will continue as we introduce our next generation of vehicles with even better economic and operating benefits versus internal combustion trucks.

我們相信，隨著我們推出下一代車款，並在相較內燃機卡車具備更佳的經濟性與營運效益，這些趨勢將會延續。

To sum it up, we're not starting from zero, our commercial fleet customers already have over 1,100 of our trucks on the road with 10 of North America's largest medium-duty fleets, more than 20 million cumulative miles driven and a growing purchase order backlog, the momentum at workhorse is real.

總結來說，我們不是從零開始；我們的商用車隊客戶已在路上部署超過1,100輛我們的卡車，涵蓋北美10家最大的中型車隊，累計行駛里程超過2,000萬英里，且採購訂單積壓持續成長；Workhorse的動能是真實存在的。

Now, let's talk about our path to profitability. Here's the key insight. We don't need a large slice of this market to reach profitability. We believe we only need a very small one. The installed North American medium-duty fleet is estimated to be about 5 million vehicles.

接下來，談談我們通往獲利的路徑。這裡有一個關鍵洞見。我們不需要拿下這個市場很大的一部分就能達到獲利。我們相信只需要非常小的一部分。北美既有的中型車（medium-duty）車隊規模估計約為500萬輛。

Annual truck production runs at about 200,000 to 250,000 units per year. Which ACT research pegs as roughly the average replacement rate for these classes of trucks. We believe capturing approximately 1% of that annual market or roughly 2,500 vehicles per year is very achievable. And based on our modeling, we believe that doing so would enable us to reach cash flow breakeven by the end of 2028.

每年卡車產量約為20萬至25萬輛。ACT Research將其視為這些級別卡車的大致平均汰換率。我們認為，取得該年度市場約1%的份額（約每年2,500輛）非常可行。並且根據我們的模型推算，我們相信這將使我們在2028年底前達到現金流損益兩平。

For a company that is already trusted by 10 of the largest fleets on the continent, that's not a stretch goal. We believe it is a modest, executable milestone.

對一家已獲得北美大陸10家最大車隊信任的公司而言，這並非勉強的目標。我們相信這是一個適度且可執行的里程碑。

And here's the second point. We already have the manufacturing capacity to get there. Our Union City, Indiana facility can produce more than 5,000 vehicles per year on a single operating shift. Our anticipated break-even volume of approximately 2,500 units represents just 50% of that existing capacity. We do not need to build new facilities. We do not need to invest significant capital in manufacturing infrastructure. The plant is built, tooled and ready.

第二點是。我們已具備達成目標所需的製造產能。我們位於印第安納州Union City的工廠，在單班制運作下每年可生產超過5,000輛車。我們預期的損益兩平產量約2,500輛，僅占現有產能的50%。我們不需要興建新廠。我們不需要在製造基礎設施上投入大量資本。工廠已建置完成、已配備工裝並已就緒。

Getting to profitability is a question of executing our product development plans, ramping up production and sales execution, not investing substantial CapEx into new manufacturing equipment and facilities.

達到獲利的關鍵在於落實我們的產品開發計畫、提升產量並強化銷售執行，而非在新的製造設備與廠房上投入大量資本支出（CapEx）。

So how do we get there? The first lever is cost. We need to drive down the bill of materials. And bring our vehicles to price points that are competitive with conventional ICE trucks. This is where we believe our merger synergies, our platform communization strategy, our economies of scale and our supply chain discipline can all come together.

那麼我們要如何達成？第一個槓桿是成本。我們需要降低物料清單（BOM）成本。並將車輛價格帶拉到可與傳統ICE卡車競爭的水準。我們相信，這正是併購綜效、平台共用化策略、規模經濟與供應鏈紀律能夠匯聚發揮作用之處。

We're already seeing the early results. We just launched a new lower configuration of the W56-step van featuring 140-kilowatt battery option. That's not a minor adjustment, it reflects the first wave of synergy savings being passed directly to our customer base.

我們已經看到初步成果。我們剛推出W56步入式廂車（step van）的新低配版本，搭載140千瓦電池選項。這不是小幅調整，而是第一波綜效節省直接回饋給客戶群的體現。

As we commonize hardware and software across our Class 4, 5, and 6 lineup, the savings can compound. Shared architecture means lower per-unit costs, fewer unique components, the source and inventory and faster speed to market for new configurations. We're targeting a minimum of $20 million in annualized cost synergies from the merger integration alone and our product roadmap designed to unlock further reductions as we scale.

隨著我們在4、5與6級（Class 4、5、6）產品線間共用化硬體與軟體，節省效益可望疊加放大。共用架構意味著更低的單位成本、更少的獨特零組件、更簡化的採購與庫存管理，以及更快推出新配置的上市速度。僅就併購整合本身，我們目標是至少達成每年2,000萬美元的年化成本綜效；同時，我們的產品路線圖也旨在隨規模擴大解鎖進一步降本。

We believe we have a clear executable plan to reach ICE comparable pricing, and when we get there, combined with the estimated 60% operating cost advantage our trucks already deliver, the total cost of ownership argument becomes extremely compelling for any fleet operator.

我們相信我們有一套清晰且可執行的計畫，能將定價拉近至與ICE相當；一旦達成，再結合我們卡車目前已具備約60%的營運成本優勢，對任何車隊營運商而言，總持有成本（TCO）的論點將極具吸引力。

The second lever is sales. Let me walk through our strategy for reaching our profitability target. We have a broadened product line. The merger with Motiv expanded our product portfolio beyond the W56 step van to include vehicles that serve Class IV shuttles, transits, type A school buses and work truck applications, and it adds to the opportunity to sell to the state, local, education or SLED fleet segment.

第二個槓桿是銷售。我來帶大家走過我們達成獲利目標的策略。我們的產品線已擴大。與Motiv的合併，將我們的產品組合從W56步入式廂車擴展到可服務4級（Class IV）接駁車、公共運輸車（transit）、A型校車（type A）以及工作用卡車（work truck）等應用，並增加了向州政府、地方政府、教育機構或SLED（州/地方/教育）車隊細分市場銷售的機會。

This is meaningful. It's opened up an entirely new customer category for Workhorse and expands the number of early adopting fleet operators we can serve with the compelling electric options.

這很重要。它為Workhorse開啟了全新的客戶類別，並擴大了我們能以具吸引力的電動化選項服務的早期採用車隊營運商數量。

We go to market through a blended approach, internally staffed national account development targeting new and large existing customers, bodybuilders and fleet as-a-service providers. This is complemented by a dealer network that extends our reach into regional and mid-market fleet operators and provides leverage for after-sales and parts support.

我們透過混合式方式進入市場：由內部編制的全國性大客戶開發團隊，鎖定新的及大型既有客戶、車身打造商，以及車隊即服務（fleet-as-a-service）供應商。同時搭配經銷商網路，將我們的觸角延伸至區域與中型市場的車隊營運商，並在售後服務與零件支援方面提供槓桿效益。

I'm pleased to report we fully integrated both sales teams and approaches since we closed the merger, and we are already seeing active and growing customer engagement as a result.

我很高興報告，自併購完成以來，我們已將兩個銷售團隊與作法全面整合，且我們已經看到客戶互動更為積極且持續成長。

Our sales strategy is focused on three primary paths to growth.

我們的銷售策略聚焦於三條主要成長路徑。

First, we're deepening existing accounts. Our repeat purchase rate from current customers is extremely strong, and these relationships are the most efficient source of near-term volume. Yesterday's announcement of another Purolator follow-on order is a good example of this.

第一，我們正深化既有客戶帳戶。現有客戶的回購率極為強勁，而這些關係是短期內最有效率的出貨量來源。昨天宣布的 Purolator 追加訂單就是很好的例子。

Second, we're actively targeting fleets and states with meaningful compliance requirements and purchase incentives for zero-emission vehicles, where the economics of adoption are most compelling right now. This is also where we're continuing to push into Canada, where we have a well-established relationship with Purolator.

第二，我們正積極鎖定對零排放車輛具有重要合規要求與購置補助誘因的車隊與州，因為目前在這些地區採用的經濟性最具吸引力。這也是我們持續推進加拿大市場的重點，我們與 Purolator 在當地已有穩固的合作關係。

Third, as I mentioned earlier, we're pursuing municipal fleet operators, state, local and education, where procurement timelines can be longer, but order volumes are substantial and the environmental and compliance drivers are strong. We're seeing positive trends in opportunity creation, progression and closings that reflect the early impact of the operational and strategic changes we've implemented since the merger closed.

第三，如我先前提到的，我們正開拓市政車隊營運商，以及州、地方與教育（SLED）領域；雖然採購時程可能較長，但訂單量可觀，且環境與合規驅動因素強勁。我們在商機創造、推進與成交方面看到正向趨勢，反映出自併購完成以來我們所推動的營運與策略調整已開始產生早期成效。

As we close out Q1, this progress is translating into a strengthening sales backlog that we believe supports our plans for 2026 and beyond.

隨著我們結束第一季，這些進展正轉化為更強勁的銷售訂單積壓（backlog），我們相信這可支撐我們 2026 年及之後的計畫。

The final piece is capital. Executing on this plan, ramping production, investing in our product roadmap, and growing our sales organization requires a stronger balance sheet than where we are today.

最後一塊是資本。要執行此計畫、提升產能、投資產品藍圖，以及擴大銷售組織，都需要比我們目前更強健的資產負債表。

We are actively working to evaluate financing alternatives, increasing engagement with analysts, and attending investor conferences is part of that work. We believe that strengthening our balance sheet at this stage will position us to capitalize on the commercial momentum we are building. And invest in the roadmap I've described.

我們正積極評估各種融資替代方案；提高與分析師的互動、參加投資人會議也是這項工作的一部分。我們相信，在此階段強化資產負債表，將使我們能把握正在建立的商業動能。並投資於我所描述的產品藍圖。

We'll share more of the details as they become available on capital formation.

關於資本形成的更多細節，我們將在可取得時再行分享。

With that, let me turn it back over to Bob to walk through the financial details. Bob.

接下來，我把時間交回給 Bob，請他說明財務細節。Bob。

Thanks, Scott. Good afternoon, everyone. I will walk you through our fourth-quarter and full-year 2025 financial results, our balance sheet, and our current liquidity position.

謝謝，Scott。各位下午好。我將帶各位回顧我們 2025 年第四季與全年財務結果、資產負債表，以及目前的流動性狀況。

Before I get into the numbers, a brief note on our reporting framework. The merger with Motiv closed on December 15, 2025. The merger was accounted for as a reverse merger, and as a result, our fourth-quarter and full-year 2025 financial statements reflect Motive on a standalone basis through December 15 and the combined company from December 16 onward.

在進入數字之前，先簡要說明我們的報導架構。與 Motiv 的合併於 2025 年 12 月 15 日完成交割。該合併以反向合併（reverse merger）方式入帳，因此我們 2025 年第四季與全年財務報表反映：截至 12 月 15 日為止以 Motive 單體為基礎，自 12 月 16 日起則為合併後公司。

All amounts that I will share are prepared on this basis unless otherwise noted.

除非另有說明，我接下來分享的所有金額皆依此基礎編製。

Revenue for the fourth quarter of 2025 was $9.7 million compared to $6 million in the fourth quarter of 2024. During the fourth quarter, we delivered 65 vehicles, bringing our full-year 2025 total to 112 units. This compared to 46 units delivered in full-year 2024 and 40 vehicles in Q4 2024. The increase was driven by deliveries of follow-on orders from existing customers.

2025 年第四季營收為 970 萬美元，較 2024 年第四季的 600 萬美元增加。第四季我們交付 65 輛車，使 2025 年全年交付總量達 112 輛。相較之下，2024 年全年交付 46 輛，2024 年第四季交付 40 輛。成長主要由既有客戶的追加訂單交付所帶動。

Cost of sales for the fourth quarter was $15.5 million compared to $9 million in the prior year. Gross margin for the quarter was a negative $5.7 million.

第四季銷貨成本為 1,550 萬美元，較前一年的 900 萬美元增加。本季毛利為負 570 萬美元。

We continue to expect gross margin improvement as we scale production volumes and realize the cost benefits of the combined platform. We believe our path to cash flow breakeven is tied to reaching approximately 2,500 units of annual production, which is achievable with our existing manufacturing footprint.

隨著我們擴大產量並實現合併平台的成本效益，我們仍預期毛利率將改善。我們認為達成現金流損益兩平的路徑，與年產量約 2,500 輛的目標相關；以我們現有的製造據點而言，這是可達成的。

As Scott noted, existing plant capacity supports this level of production and more with minimal additional CapEx required.

如 Scott 所提，現有廠房產能可支援此一產量水準，甚至更高，且所需額外資本支出（CapEx）極少。

Total operating expenses for the fourth quarter were $14.4 million compared to $13.5 million in the fourth quarter of 2024. The fourth quarter of 2025 included $4.9 million of merger expenses, primarily legal and banking costs. The prior year period included $6.2 million charge to impair assets invested in discontinued product line.

第四季總營業費用為 1,440 萬美元，較 2024 年第四季的 1,350 萬美元增加。2025 年第四季包含 490 萬美元的併購費用，主要為法律與投行費用。前一年同期則包含 620 萬美元的費用，用於減損已投入於已停產產品線的資產。

2025 also included $1.4 million of spending in the fourth quarter of 2025 for the additional SG&A and R&D cost of workhorse from the merger date through the end of the year.

2025 年第四季亦包含 140 萬美元支出，係自併購日起至年底，因合併而新增的 Workhorse 銷售、一般及行政（SG&A）與研發（R&D）成本。

Operating loss was $20.1 million in Q4 2025 compared to $16.5 million in Q4 2024.

2025 年第四季營業損失為 2,010 萬美元，較 2024 年第四季的 1,650 萬美元增加。

Interest expense in Q4 2025 was $4.4 million compared to $3 million in 2024. These interest costs largely reflect the interest cost of pre-merger mode of debt, which was all settled in connection with the merger with Workhorse.

2025 年第四季利息費用為 440 萬美元，較 2024 年的 300 萬美元增加。這些利息成本主要反映併購前既有債務模式的利息成本；該等債務已在與 Workhorse 合併時一併清償。

These historical interest costs are not reflective of our anticipated go-forward interest and financing cost as new lower-cost financing facilities were put in place as part of the merger.

這些歷史利息成本並不代表我們未來預期的利息與融資成本，因為合併的一部分已建立新的、成本較低的融資安排。

Additionally, these new financing arrangements are at more favorable interest rates than the pre-merger mode of debt arrangements. Net loss for the fourth quarter was $23.7 million compared to $19.6 million in the same period last year. For the full year 2025, revenue was $21.2 million compared to $7 million for the full year 2024.

此外，這些新的融資安排利率也較併購前的債務安排更為有利。第四季淨損為 2,370 萬美元，較去年同期的 1,960 萬美元增加。2025 年全年營收為 2,120 萬美元，較 2024 年全年的 700 萬美元增加。

On a pro forma basis, if the merger had been completed for both full year periods, total revenue for the full year 2025 would have been $34 million compared to $13.7 million in 2024. The increase was primarily due to an increase in the number of vehicles sold in 2025 compared to 2024.

以備考（pro forma）基礎計算，若合併在兩個年度期間一開始即完成，2025 年全年總營收將為 3,400 萬美元，較 2024 年的 1,370 萬美元增加。成長主要來自 2025 年相較 2024 年售出車輛數量增加。

These pro forma figures are provided for illustrative purposes that are not necessarily indicative of the results that the combined company would have achieved had the merger been completed at the beginning of those periods.

這些備考數字僅供說明之用，未必代表若合併於該等期間開始時即完成，合併後公司本可達成的實際結果。

Turning to our balance sheet, as of December 31, 2025, the combined company had $12.9 million of cash and cash equivalents, including restricted cash of $700,000. A key benefit of the merger was the simplification of our capital structure. As of December 31, 2025, our only outstanding debt is $5 million convertible note, which may convert to equity in connection with post-closing equity financing and a $10 million outstanding under a new cash flow credit facility put in place at closing.

接著看資產負債表，截至 2025 年 12 月 31 日，合併後公司持有現金及約當現金 1,290 萬美元，其中包含 70 萬美元的受限制現金。合併的一項關鍵效益是簡化我們的資本結構。截至 2025 年 12 月 31 日，我們唯一尚未償還的債務為 500 萬美元可轉換票據，該票據可能在交割後股權融資時轉換為股權；以及在交割時設立的新現金流信用融資額度項下尚未償還的 1,000 萬美元。

In addition, we have access to a purchase order back customer order lending facility of up to $40 million to fund vehicle manufacturing as we receive confirmed orders. We had no borrowings outstanding under this facility as of the end of 2025.

此外，我們可使用最高 4,000 萬美元的採購訂單（purchase order）支持之客戶訂單融資額度，以在收到確認訂單後為車輛製造提供資金。截至 2025 年底，我們在該額度下並無未償借款。

Looking ahead, we are actively exploring opportunities to raise additional capital to support our growth plan. We are evaluating financing alternatives and believe the strengthening of our balance sheet at this stage will position us to capitalize on commercial momentum. We are building this and to invest in the product roadmap Scott described. We will share more details as they become available.

展望未來，我們正積極探索籌集額外資本的機會，以支持我們的成長計畫。我們正在評估融資替代方案，並相信在此階段強化資產負債表將使我們能把握商業動能。我們正在建立這些能力，並投資於 Scott 所描述的產品藍圖。我們將在可取得時分享更多細節。

We remain focused on converting our backlog into revenue, manage our cost structure tightly as we integrate and positioning the combined company for sustainable growth.

我們仍專注於將在手訂單轉化為營收，在整合過程中嚴格控管成本結構，並讓合併後的公司具備可持續成長的定位。

While we are not providing specific financial guidance at this time, we expect deliveries to increase over the course of 2026 as we ramp production at Union Facility, convert our growing pipeline into confirmed orders. We will continue to provide visibility into our key operating metrics each quarter.

雖然我們目前不提供具體的財務指引，但隨著我們在 Union 廠區提升產能、將不斷成長的商機管線轉化為確認訂單，我們預期 2026 年全年交付量將逐步增加。我們將持續在每一季提供關鍵營運指標的能見度。

With that, let me turn it back over to Scott for closing remarks.

接下來，我把時間交回給 Scott 作結語。

Thanks, Bob. I want to leave you with the same through line that I started with.

謝謝你，Bob。我想用我一開始提到的同一條主線作結。

Workhorse does not need a moonshot to reach profitability. We need a small slice of a big underserved market that is experiencing a substantial transition. We have the plant to produce at that volume today. We have a clear plan to drive down costs to ice comparable levels. We have a sales strategy focused on the customers and geographies most likely to act, and we are actively working to strengthen our balance sheet to fund the journey.

Workhorse 不需要一個「登月式」的豪賭就能達到獲利。我們只需要在一個龐大且供給不足、正經歷重大轉型的市場中取得一小部分份額。我們今天就有工廠能以那樣的量產出。我們有明確的計畫把成本降到可比水準。我們的銷售策略聚焦於最可能採取行動的客戶與地區，同時我們也正積極強化資產負債表，以支應這段旅程的資金需求。

What makes me confident is not just the plan, it's that we are already executing against it. We made three commitments at the close of the merger, and we're delivering on all three. The proof is on the road. More than 1,100 trucks, 20 million real-world miles documented, 64% operating cost savings and repeat purchase behavior from 10 of North America's largest fleets. This is a working business with a clear path forward.

讓我有信心的不只是計畫本身，而是我們已經在執行。我們在合併完成時做出三項承諾，而我們三項都正在兌現。證據就在路上。超過 1,100 輛卡車、2,000 萬英里的真實道路里程紀錄、營運成本節省 64%，以及北美 10 家最大車隊的重複採購行為。這是一門正在運作的生意，而且前進路徑清晰。

We appreciate your continued support, and we look forward to reporting our progress.

感謝各位持續的支持，我們也期待向各位回報我們的進展。

Operator, we'll now open the line for questions.

接線員，我們現在開放提問。

(Operator Instructions) Craig Irwin, Roth Capital Partners.

(接線員指示) Craig Irwin，Roth Capital Partners。

Good evening, and thanks for taking my questions. So in the fourth quarter, you obviously would have had some material one-time expenses related to closing the merger. Maybe describe what those were and break those out in a little bit of detail.

晚安，謝謝讓我提問。第四季你們顯然會有一些與完成合併相關的一次性重大費用。能否說明那些費用是什麼，並稍微更詳細地拆分一下？

And with that, how did the $20 million in synergies cut in to the P&L over the course of '26?

另外，這 2,000 萬美元的協同效益在 2026 年期間會如何反映到損益表（P&L）上？

Hi, Craig. It's Bob. In the fourth quarter, we recognized a little over $4 million in what we would call one-time, fees and costs associated with the merger.

嗨，Craig。我是 Bob。在第四季，我們認列了略高於 400 萬美元、我們稱之為一次性的、與合併相關的費用與成本。

And then your second part of that question was, how does this lay out over the course of the year for 2026? We expect to be exiting 2026 at a $20 million run rate, and some of those are immediate. We made several personnel changes right away, and then some of them take a little more time as we migrate work into the Union City facility. But we're on track and well within that process right now.

你問題的第二部分是，這在 2026 年全年會如何展開？我們預期在 2026 年底的節省將達到 2,000 萬美元的年化（run rate）水準，其中有些是立即實現的。我們立刻做了幾項人事調整，而另一些則需要更多時間，因為我們要把工作移轉到 Union City 廠區。但我們目前進度如期，且完全在該流程的掌握之中。

Craig, I was just going to add to Scott here. Good to chat with you. So the primary sources, there's really four of them in that $20 million. The biggest first chunk comes from the manufacturing consolidation. We're exiting the facility. Actually, today is the last day for the motive facility, turns out, moving everything down into Indiana.

Craig，我想在 Scott 的基礎上補充一下。很高興和你交流。所以這 2,000 萬美元主要來源其實有四項。最大的一塊來自製造端的整併。我們正在退出該廠區。事實上，今天是 Motive 廠區的最後一天，我們會把所有東西搬到印第安納州。

The second part is significant headcount reductions. Most of that's in SG&A and R&D, consolidating the teams, if you will.

第二部分是顯著的人力縮減。其中大多發生在 SG&A 與研發（R&D），也就是把團隊整併起來。

And then the third is, things like professional fees, insurance, marketing costs, just redundant costs that both companies were spending. And so we've cut -- we've already cut a lot of that out. And then the rest is primarily some facility reductions, consolidating into fewer spaces with a smaller team. So those are the four big components.

第三部分是像專業服務費、保險、行銷成本等，也就是兩家公司原本都在支出的重複成本。因此我們已經把其中很多砍掉了。剩下的主要是一些場地縮減，把團隊縮小後整併到更少的空間。以上就是四個主要構成。

We remain quite confident on the $20 million. We'll exit the year at a run rate of about $20 million in savings, and so we're excited about that. That does not include any supply chain savings, by the way.

我們對 2,000 萬美元的目標仍然非常有信心。我們將在年底達到約 2,000 萬美元節省的年化水準，因此我們對此感到振奮。順帶一提，這不包含任何供應鏈節省。

We didn't try to factor that in because there's been a lot of moving parts, as you can imagine, in the supply chain world, so with tariffs and so forth. So we think there's more there, and we'll come back in future quarters with some of the estimates on that front.

我們沒有嘗試把那部分納入，因為如你所想，供應鏈領域有很多變動因素，例如關稅等等。所以我們認為那裡還有更多空間，未來幾季我們會再帶回一些相關估算。

Okay, excellent. And then with the significant change in your manufacturing footprint, would you be optimistic about reaching positive gross margins on your revenue by the fourth quarter this year?

好的，很棒。另外，隨著你們製造版圖出現重大變化，你會不會對今年第四季在營收上達到正的毛利率感到樂觀？

So Craig, I think -- no, I don't think we're quite there for the fourth quarter this year. Obviously, it's more near end as we continue to put volume in there, but it probably won't be in 2026.

Craig，我想——不，我認為今年第四季我們還不到那個程度。顯然，隨著我們持續把產量拉上去，會更接近年底的時點，但大概不會在 2026 年。

Understood. Thanks again for taking my questions.

了解。再次感謝讓我提問。

Ben Sommers, BTIG.

Ben Sommers，BTIG。

Good afternoon and thanks for taking my questions. I kind of wanted to ask on the step van market here and just your outlook there and then I guess any kind of preliminary feedback we've done on the new lower-cost model?

午安，謝謝讓我提問。我想問一下這裡的 step van 市場，以及你們對該市場的展望；另外，我想了解一下我們對新款低成本車型所收到的初步回饋？

Yeah, the preliminary feedback on the new lower-cost models are really good, both from dealers and directly from buyers. And so I think we'll probably be able to give you some news on some of the feedback in the next few weeks on that because we've had a lot of really positive feedback.

是的，新款低成本車型的初步回饋非常好，無論是來自經銷商或直接來自買家。因此我想我們可能在接下來幾週就能就這些回饋提供一些消息，因為我們收到很多非常正面的意見。

In large part, that was a kind of expected reaction. We spent a lot of time talking to dealers, to our customers to really understand the duty cycle of the step vans. And what they told us is, we love the W56 as is. What we also need is a complementary lower-cost vehicle that maybe has a little less payload, doesn't need to go as far per day, but we can spend less on it.

在很大程度上，這算是預期中的反應。我們花了很多時間與經銷商、與客戶溝通，真正理解 step van 的使用工況（duty cycle）。他們告訴我們：我們很喜歡目前的 W56。但我們也需要一款互補的低成本車輛，可能載重稍小、每天不需要跑那麼遠，但我們可以用更低的成本購置。

And so they're mixing these together now as the plan so that longer routes will take the current W56, shorter routes, smaller payload operations will take the new smaller vehicle. And we're continuing to look at -- we see other opportunities, just like that in the step van world to continue to tweak our product lineup. So we think that will be a real benefit.

因此他們現在的規劃是把兩者搭配使用：較長路線使用現行的 W56，較短路線、較小載重的營運則使用新的較小車型。我們也持續在尋找——我們在 step van 領域看到其他類似的機會，能持續微調我們的產品組合。所以我們認為這會帶來實質效益。

And sorry, what was the other part of your question?

抱歉，你問題的另一部分是什麼？

That was in kind of my next question was just a little bit on the plant capacity. So I know you guys mentioned that there's just minimal work to be done there. I guess if you just give any more color on kind of what we need to do to get to that 5,000-plus capacity, I know you guys mentioned that's pretty much minimal CapEx there, so I'm just kind of curious what's left to be done.

那其實是我的下一個問題，主要是關於工廠產能。我知道你們提到只需要做很少的工作。如果可以的話，能否再多補充一些細節：要達到 5,000 輛以上的產能，還需要做些什麼？我知道你們提到資本支出（CapEx）幾乎很少，所以我想了解還剩下哪些要完成。

Yeah, so Ben, I think if you look at the total capacity, we're in pretty good shape for the foreseeable future. And the minimal type capacity to get to 5,000 might be more things like lift equipment and torque guns, that type of thing. So it is very minimal.

好的，Ben，我想如果你看總產能，我們在可預見的未來狀況都相當不錯。而要達到 5,000 的最低限度擴充，可能更多是像升降設備與扭力槍之類的東西。所以確實是非常少。

I think as we expand products, those may drive capital expenditures, but those products would be incremental revenue and driving their own separate ROI.

我認為，隨著我們擴展產品，這些可能會帶動資本支出，但這些產品將帶來增量營收，並推動各自獨立的投資報酬率（ROI）。

Yeah, maybe slightly more. It's a good question. Think about the December state of the Union City facility had a single line operating W56 production.

是的，可能會稍微多一些。這是個好問題。想想看，12 月時 Union City 廠區的狀況是只有一條產線在運作 W56 的生產。

In the first quarter, we've completely relocated now our former line in Detroit Metro area from Motiv. So the Motiv chassis and powertrain has now been moved over there. And then we're -- so that's a second line. We're adding a third line right now, which will come up in Q2, which is our Class 4 truck.

在第一季，我們已經把先前在底特律都會區、來自 Motiv 的那條產線完全搬遷過來了。因此，Motiv 的底盤與動力總成現在都已移到那邊。然後我們——所以那是第二條產線。我們目前正在新增第三條產線，將在第二季（Q2）啟用，也就是我們的 4 級卡車。

And so that -- all three of those lines will be operating, within the same facilities. So think of a lot more production, a lot more revenue potential off of exactly the same footprint and very little additional capital.

因此——這三條產線都會在同一個廠房內運作。所以可以想像，在完全相同的占地之下，會有更多的產量、更多的營收潛力，而且幾乎不需要額外的資本投入。

Awesome. Thank you guys for the update, and thanks for taking my questions.

太棒了。謝謝各位的更新，也謝謝回答我的問題。

Thanks, Ben.

謝謝你，Ben。

(Operator Instructions) Mike Shlisky, D.A. Davidson.

（接線員指示）Mike Shlisky，D.A. Davidson。

Hello. Thanks for taking my questions here. I want to take a quick step back and you mentioned that motive, the motor process now in the UNC facility going forward. How will the Workhorse product and the motor product differ in the eyes of the customer?

你好。謝謝讓我提問。我想先退一步，你提到 Motiv 的、也就是馬達相關的流程，未來都會在 UNC 廠區進行。在客戶眼中，Workhorse 產品與 Motiv 產品會有什麼不同？

I figure out, like, what will the bills be in 2026? More than motor, more than Workhorse, or more than class 4?

我想弄清楚，例如 2026 年的帳單（出貨/營收）會是什麼樣？會是 Motiv 多一些、Workhorse 多一些，還是 4 級車多一些？

So we'll be -- that's a great question. We'll be sunsetting the former Class 5/6 chassis from the motive side. We've got some orders. We came into the year with a firm order backlog for a number of those orders, one of which was, we talked about yesterday, the Purolator order. Once those are behind us as we progress through this year, we will wind down that line, but we'll be ramping up.

所以我們會——這是個很好的問題。我們將逐步淘汰 Motiv 端原本的 5/6 級底盤。我們手上有一些訂單。我們在年初時就有一批確定的訂單積壓（backlog），其中一筆是我們昨天提到的 Purolator 訂單。當我們在今年推進、把這些訂單完成之後，我們會逐步縮減那條產線，但同時我們會加速擴產。

New lines for our Class 5, 6 cap chassis and also complementing that with the Class 4 line that I mentioned a few minutes ago. So we'll always -- we anticipate having at least three lines running there going forward.

為我們的 5、6 級駕駛室底盤（cab chassis）建立新產線，並且搭配我幾分鐘前提到的 4 級產線。因此我們預期未來那裡至少會一直維持三條產線運作。

We've got two of three up now, three by the end of Q2. And then we'll be moving one of those, more offline at the end of this year and bringing up the new Class 5/6 cap chassis line. So we're going to continue to see a lot of activity and transition there through this year.

目前三條裡已有兩條啟動，第二季末（Q2 結束前）會達到三條。接著我們會在今年底讓其中一條逐步下線，並啟動新的 5/6 級駕駛室底盤產線。所以今年我們會持續看到那邊有很多活動與轉換。

But obviously, the goal is to leverage the fixed cost structure as much as we can in that facility.

但很明顯，我們的目標是盡可能在該廠區最大化利用固定成本結構。

Got it, thanks for that. And my other question was around the growing materials. You were kind of deferred on the supply chain potential in the synergy that might be above and beyond what you had out there for the $20 million.

了解，謝謝說明。我另一個問題是關於物料成本（materials）的上升。你們對供應鏈可能帶來的協同效益，似乎先保留，可能會超出你們先前提到的 2,000 萬美元。

But I'm curious as to -- give us a ballpark or just some basic guideposts as to -- I'm not sure how you plan to reduce the bill of materials during 2026 and whether supply chain is -- it cannot be brought under control by the end of the year.

但我想請教——能否給我們一個大概的區間或一些基本指引——我不太確定你們計畫在 2026 年如何降低物料清單（BOM），以及供應鏈是否能在年底前被控制住。

Yeah, so think of sort of two -- another really good question. Think of sort of two -- at least two primary areas we're focused on in that regard.

是的，所以可以從兩個——這又是個很好的問題。可以從至少兩個主要面向來看我們在這方面的重點。

One is, as we go through our product roadmap and our so-called cycle plan, think of batteries, most of the components of the powertrain, braking systems, even chassis rails, et cetera. The more we can commonize those parts.

第一個是，隨著我們推進產品路線圖與所謂的週期計畫（cycle plan），例如電池、動力總成的大多數零組件、煞車系統，甚至車架縱樑等等。我們越能把這些零件做共用化（commonize）。

From class four to five to six, especially the electronics and battery side, the more leverage we're going to get on the supply chain side. We're also going to reduce the number of parts we have to stock. And the reason we haven't given you an estimate on that yet is we're still working our way through.

從 4 級到 5 級到 6 級，尤其在電子與電池端，我們越能取得供應鏈端的槓桿效益。我們也會減少需要備庫的零件數量。而我們之所以還沒給你估計值，是因為我們仍在逐步推進相關工作。

What does that future state look like 12 months from now when we've got a common set of batteries, a common set of electric motors, common set of brakes, common set of other system across all three of these classes of trucks now.

也就是在 12 個月後的未來狀態會是什麼樣：我們在這三個車級上都採用一套共用的電池、一套共用的電動馬達、一套共用的煞車，以及其他系統的共用配置。

So that's a big one. And we'll come back as the year progresses with tighter estimates on where we think that goes. But our ultimate goal, and we see a path to get there, is to get down to a BOM structure that can support pricing that's competitive with ICE trucks. And that's obviously a significant drop from where we are now, both on BOM and price.

所以這是一個很大的項目。隨著今年進展，我們會再回來提供更精準的估計，說明我們認為會走到哪裡。但我們的最終目標——而且我們看到有路徑可以達成——是把 BOM 結構降到能支撐與燃油車（ICE）卡車具競爭力的定價。而這顯然需要相較於目前在 BOM 與價格上都有顯著下降。

The W56 140-kilowatt launch last week is an example of that. That has less battery power and it has a lower BOM. So we're immediately dropping price on those, and that allows us to maintain our margin.

上週推出的 W56 140 千瓦版本就是一個例子。它的電池容量較小，BOM 也較低。因此我們會立即下調這些車款的價格，並讓我們能維持毛利。

And the last big feature is volume. As we drive more volume, three lines, more volume per line through that plant. You'll see, our cost structure come down with the BOM, the build cost itself on the manufacturing cost side.

最後一個重要因素是規模（volume）。當我們推動更高的產量——三條產線、每條產線在該工廠的更高產出。你會看到，隨著 BOM 下降，我們的成本結構也會下降，包括製造端的組裝成本本身。

So I don't know, Bob, if you want to add any more to that.

所以我不知道，Bob，你是否想再補充一些。

Yeah, that was good, Scott.

是的，Scott，講得很好。

Great. Thank you. I appreciate the color.

很好。謝謝。我很感謝這些補充說明。

Thanks, Mike.

謝謝你，Mike。

Thanks, Mike.

謝謝你，Mike。

We have reached the end of our question-and-answer session. I would like to turn the conference back over to Scott for closing remarks.

我們的問答環節到此結束。我想把會議交回 Scott 做結語。

We want to thank everybody for coming in today and give everyone a sense for how excited we are going forward with the company, welcome you back at the end of next quarter, and we're happy to report more after that.

我們想感謝大家今天的參與，也讓各位了解我們對公司未來發展有多麼振奮；歡迎各位在下個季度末再回來，我們也很樂意在那之後提供更多進展。

We've shipped quite a few units in the first quarter. We'll talk more about that in the coming weeks. And we're continuing to see our firm order backlog build since the closing of the merger. So we really see some great blue sky ahead and look forward to telling you more about the company's progress in future quarters.

我們在第一季已出貨相當多的單位數。我們會在接下來幾週談更多細節。而且自併購完成以來，我們持續看到確定的訂單積壓（backlog）在增加。因此我們確實看到前景一片光明，並期待在未來幾個季度向各位分享更多公司的進展。

Thanks very much.

非常感謝。

This does conclude today's conference. You may disconnect your lines at this time and thank you for your participation.

今天的電話會議到此結束。您現在可以掛線，感謝您的參與。