{"success":true,"data":{"pressRelease":{"id":"16676","rtpr_id":"nGNXGCSh6","ticker":"WNC","exchange":"NYSE","all_tickers":["WNC"],"title":"Wabash Announces First Quarter 2026 Results","author":"Globe Newswire","published_at":"2026-05-01T10:53:00.430Z","article_body":"* Quarterly revenue of $303 million - Softer than expected demand,\nparticularly in our Truck Body business, led to revenue coming in below our\nguidance range. Parts & Services generated positive revenue growth\nyear-over-year.\n* GAAP operating loss of $52 million or Non-GAAP adjusted operating loss of\n$56 million; Excludes impact of $6 million gain related to purchase accounting\nand $2.8 million of facility idling costs. \n* Quarterly GAAP EPS of $(1.11) or Non-GAAP adjusted EPS of $(1.17). Missing\nExpectations due to revenue miss and operational inefficiencies associated\nwith lower than expected volumes.\n* Total backlog of $837 million ending Q1. Near-term market environment\ncontinues to be challenging as the industry remains cautious, though\nunderlying indicators point to pending recovery.\n* Q2-2026 revenue outlook midpoint of $390 million, EPS outlook $(0.50).\nMarket conditions and financials expected to improve throughout 2026.\nLAFAYETTE, Ind., May 01, 2026 (GLOBE NEWSWIRE) -- Wabash (NYSE: WNC), a leader\nin end-to-end supply chain solutions for the transportation, logistics and\ninfrastructure markets, today reported results for the quarter ended March 31,\n2026.\n\nThe Company's net sales for the first quarter of 2026 were $303.2 million,\nreflecting a 20.4% decrease compared to the same quarter of the previous year.\nThe Company generated consolidated gross margin loss of $11 million,\nequivalent to negative 3.5% of sales. GAAP operating loss amounted to\n$52 million as the company recognized a $6 million gain related to purchase\naccounting and $2.8 million of facility idling costs. Non-GAAP adjusted\noperating loss was $55.5 million for the quarter. First quarter GAAP diluted\nearnings per share was $(1.11) or $(1.17) on a Non-GAAP adjusted basis.\n\nAs of March 31, 2026, total Company backlog stood at approximately $837\nmillion, an increase of $132 million over the prior quarter.\n\nFor the second quarter of 2026, the Company guides its revenue to be in the\nrange of $380 million to $400 million and Non-GAAP adjusted EPS to a range of\n$(0.40) to $(0.60).\n\n\"As we entered the first quarter, we did so with a clear-eyed view of the\nenvironment in front of us. Freight markets were uncertain, and customers\ncontinued to act cautiously. Order patterns were uneven, asset utilization\ninconsistent, and capital decisions across the industry were being evaluated\ncarefully\" explained Brent Yeagy, President and Chief Executive Officer. \"At\nthe same time, we were encouraged by early signs of stabilization and\nimproving fundamentals that typically precede a broader recovery. Now, as we\nmove into the second quarter of 2026, both our customers and our visibility\ncontinues to improve, and it shows an environment that is building to set up a\nconstructive 2027 as spot rates, contract rates, capacity and demand are all\ncoming together to drive back to replacement demand for equipment and possibly\nbeyond, and fleets begin to to plan more confidentially.\"\n\nBusiness Segment Highlights\n\nThe table below is a summary of select segment operating and financial results\nprior to the elimination of intersegment sales for the first quarter of 2026\nand 2025. A complete disclosure of the results by individual segment is\nincluded in the tables following this release.\n\n Wabash National Corporation \n Three Months Ended March 31, 2026 2025 \n New Units Shipped \n Trailers 5,378 6,290 \n Truck bodies 1,527 3,000 \n \n Transportation Solutions Parts & Services \n Three Months Ended March 31, 2026 2025 2026 2025 \n (Unaudited, dollars in thousands) \n Net sales $ 250,176 $ 346,803 $ 54,069 $ 51,955 \n Gross (loss) profit $ (15,516 ) $ 8,414 $ 4,941 $ 10,589 \n Gross (loss) profit margin (6.2)% 2.4% 9.1 % 20.4% \n (Loss) income from operations $ (37,349 ) $ (9,798) $ 3,803 $ 6,910 \n (Loss) income from operations margin (14.9)% (2.8)% 7.0 % 13.3% \n\nDuring the first quarter, Transportation Solutions generated net sales of\n$250.2 million, a decrease of 27.9% compared to the same quarter of the\nprevious year. Operating loss for the quarter amounted to $37.3 million,\nrepresenting 14.9% of sales.\n\nParts & Services' net sales for the first quarter were $54.1 million, an\nincrease of 4.1% compared to the prior year quarter. Operating income for the\nquarter amounted to $3.8 million, or 7.0% of sales.\n\nNon-GAAP Measures\n\nIn addition to disclosing financial results calculated in accordance with\nUnited States generally accepted accounting principles (GAAP), the financial\ninformation included in this release contains non-GAAP financial measures\nincluding adjusted operating loss, adjusted EBITDA, adjusted net loss\nattributable to common stockholders, adjusted diluted loss per share, free\ncash flow, adjusted segment EBITDA, and adjusted segment EBITDA margin. These\nnon-GAAP measures should not be considered a substitute for, or superior to,\nfinancial measures and results calculated in accordance with GAAP, including\nnet (loss) income, and reconciliations to GAAP financial statements should be\ncarefully evaluated.\n\nAdjusted operating loss, a non-GAAP financial measure, excludes certain costs,\nexpenses, other charges, gains or income that are included in the\ndetermination of operating income under U.S. GAAP, but that management would\nnot consider important in evaluating the quality of the Company’s operating\nresults as they are not indicative of the Company’s core operating results\nor may obscure trends useful in evaluating the Company’s continuing\nactivities. Accordingly, the Company presents adjusted operating loss\nexcluding these special items to help investors evaluate our operating\nperformance and trends in our business consistent with how management\nevaluates such performance and trends. Further, the Company presents adjusted\noperating loss to provide investors with a better understanding of the\nCompany’s view of our results as compared to prior periods. A reconciliation\nof adjusted operating loss to operating (loss) income, the most comparable\nGAAP financial measure, is included in the tables following this release.\n\nAdjusted EBITDA includes noncontrolling interest & excludes loss from\nunconsolidated entity and is defined as earnings before interest, taxes,\ndepreciation, amortization, stock-based compensation, impairment and other,\nnet, facility idling costs, purchase accounting gain, Missouri legal matter\nand other non-operating income and expense. Management believes providing\nadjusted EBITDA is useful for investors to understand the Company’s\nperformance and results of operations period to period with the exclusion of\nthe items identified above. Management believes the presentation of adjusted\nEBITDA, when combined with the GAAP presentations of operating (loss) income\nand net (loss) income, is beneficial to an investor’s understanding of the\nCompany’s operating performance. A reconciliation of adjusted EBITDA to net\n(loss) income, the most comparable GAAP financial measure, is included in the\ntables following this release.\n\nAdjusted net loss attributable to common stockholders and adjusted diluted\nloss per share reflect an adjustment for the facility idling cost, purchase\naccounting gain, Missouri legal matter and the related tax effects of those\nadjustments. Management believes providing adjusted measures and excluding\ncertain items facilitates comparisons to the Company’s prior year periods\nand, when combined with the GAAP presentation of net (loss) income and diluted\nnet (loss) income per share, is beneficial to an investor’s understanding of\nthe Company’s performance. A reconciliation of adjusted net loss\nattributable to common stockholders and adjusted diluted loss per share to net\n(loss) income attributable to common stockholders and diluted loss per share,\nthe most comparable GAAP financial measures, are included in the tables\nfollowing this release.\n\nFree cash flow is defined as net cash used in operating activities minus cash\npayments for capital expenditures minus expenditures for revenue generating\nassets. Management believes providing free cash flow is useful for investors\nto understand the Company’s performance and results of cash generation\nperiod to period with the exclusion of the item identified above. Management\nbelieves the presentation of free cash flow, when combined with the GAAP\npresentations of cash used in operating activities, is beneficial to an\ninvestor’s understanding of the Company’s operating performance. A\nreconciliation of free cash flow to cash used in operating activities, the\nmost comparable GAAP financial measure, is included in the tables following\nthis release.\n\nAdjusted segment EBITDA, a non-GAAP financial measure, includes noncontrolling\ninterest & excludes loss from unconsolidated entity and is calculated by\nadding back segment depreciation and amortization expense to segment operating\nincome, and excludes certain costs, expenses, other charges, gains or income\nthat are included in the determination of operating (loss) income under GAAP,\nbut that management would not consider important in evaluating the quality of\nthe Company’s segment operating results as they are not indicative of each\nsegment's core operating results or may obscure trends useful in evaluating\nthe segment's continuing activities. Adjusted segment EBITDA Margin is\ncalculated by dividing Adjusted segment EBITDA by segment total net sales. A\nreconciliation of adjusted segment EBITDA to (loss) income from operations,\nthe most comparable GAAP financial measure, is included in the tables\nfollowing this release.\n\nInformation reconciling any forward-looking adjusted operating loss, adjusted\nEBITDA, adjusted net loss attributable to common stockholders, adjusted\ndiluted loss per share, free cash flow, adjusted segment EBITDA and adjusted\nsegment EBITDA margin to GAAP financial measures is unavailable to us without\nunreasonable effort. We cannot provide reconciliations of the above noted\nforward looking non-GAAP measures to GAAP financial measures because certain\nitems required for such reconciliations are outside of our control and/or\ncannot be reasonably predicted. Preparation of such reconciliations would\nrequire a forward-looking balance sheet, statement of income and statement of\ncash flows, prepared in accordance with GAAP, and such forward-looking\nfinancial statements are unavailable to us without unreasonable effort.\n\nFirst Quarter 2026 Conference Call\n\nWabash will discuss its results during its quarterly investor conference call\non Friday, May 1, 2026, beginning at 12:00 p.m. EDT. The call and an\naccompanying slide presentation will be accessible on the \"Investors\" section\nof Wabash's website, www.onewabash.com, under \"Events & Presentations.\" The\nconference call will be accessible at the following link:\nhttps://events.q4inc.com/attendee/310958583 \nA replay of the call will be available shortly after the conclusion of the\npresentation.\n\nAbout\n\nWabash (NYSE: WNC) is the visionary leader of connected solutions for the\ntransportation, logistics and distribution industries that is Changing How the\nWorld Reaches You(®). Headquartered in Lafayette, Indiana, the company\nenables customers to thrive by providing insight into tomorrow and delivering\npragmatic solutions today to move everything from first to final mile. Wabash\ndesigns, manufactures, and services a diverse range of products, including:\ndry freight and refrigerated trailers, flatbed trailers, tank trailers, dry\nand refrigerated truck bodies, structural composite panels and products,\ntrailer aerodynamic solutions, and specialty food grade processing equipment.\nLearn more at www.onewabash.com.\n\nSafe Harbor Statement\n\nThis press release contains certain forward-looking statements as defined by\nthe Private Securities Litigation Reform Act of 1995. Forward-looking\nstatements convey the Company’s current expectations or forecasts of future\nevents. All statements contained in this press release other than statements\nof historical fact are forward-looking statements. These forward-looking\nstatements include, among other things, all statements regarding the\nCompany’s outlook for trailer and truck body shipments, backlog,\nexpectations regarding demand levels for trailers, truck bodies, non-trailer\nequipment and our other diversified product offerings, pricing, profitability\nand earnings, cash flow and liquidity, opportunity to capture higher margin\nsales, new product innovations, our growth and diversification strategies, our\nexpectations for improved financial performance during the course of the year\nand our expectations with regards to capital allocation. These and the\nCompany’s other forward-looking statements are subject to certain risks and\nuncertainties that could cause actual results to differ materially from those\nimplied by the forward-looking statements. Without limitation, these risks and\nuncertainties include the risks related to highly cyclical nature of our\nbusiness, uncertain economic conditions including the possibility that\ncustomer demand may not meet our expectations, our backlog may not reflect\nfuture sales of our products, increased competition, reliance on certain\ncustomers and corporate partnerships, risks of customer pick-up delays,\nshortages and costs of raw materials including the impact of tariffs or other\ninternational trade developments, risks in implementing and sustaining\nimprovements in the Company’s manufacturing operations and cost containment,\ndependence on industry trends and timing, supplier constraints, labor costs\nand availability, customer acceptance of and reactions to pricing changes,\ncosts of indebtedness, and our ability to execute on our long-term strategic\nplan. Readers should review and consider the various disclosures made by the\nCompany in this press release and in the Company’s reports to its\nstockholders and periodic reports on Forms 10-K and 10-Q.\n\nWABASH NATIONAL CORPORATION\nCONDENSED CONSOLIDATED BALANCE SHEETS\n(Unaudited - dollars in thousands)\n\n March 31, 2026 December 31, 2025 \n Assets \n Current assets: \n Cash and cash equivalents $ 43,427 $ 31,923 \n Accounts receivable, net 159,186 119,874 \n Inventories, net 198,289 181,153 \n Prepaid expenses and other 68,349 86,136 \n Total current assets 469,251 419,086 \n Property, plant, and equipment, net 292,391 300,477 \n Goodwill 213,339 191,222 \n Deferred income taxes 21,951 9,047 \n Intangible assets, net 60,887 63,561 \n Investment in unconsolidated entities 16,110 7,250 \n Other assets 155,199 180,538 \n Total assets $ 1,229,128 $ 1,171,181 \n Liabilities and Stockholders’ Equity \n Current liabilities: \n Current portion of long-term debt $ — $ — \n Accounts payable 212,512 145,739 \n Other accrued liabilities 140,237 156,556 \n Total current liabilities 352,749 302,295 \n Long-term debt 498,035 442,852 \n Deferred income taxes 12 — \n Other non-current liabilities 56,598 57,492 \n Total liabilities 907,394 802,639 \n Commitments and contingencies \n Noncontrolling interest 1,120 1,184 \n Wabash National Corporation stockholders’ equity: \n Common stock 200,000,000 shares authorized, $0.01 par value, 40,673,967 and 40,436,437 shares outstanding, respectively 789 787 \n Additional paid-in capital 701,805 700,697 \n Retained earnings 255,108 303,615 \n Accumulated other comprehensive income (loss) 255 (398) \n Treasury stock at cost, 38,263,966 and 38,263,966 common shares, respectively (637,343) (637,343) \n Total Wabash National Corporation stockholders' equity 320,614 367,358 \n Total liabilities, noncontrolling interest, and equity $ 1,229,128 $ 1,171,181 \n\nWABASH NATIONAL CORPORATION\nCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS\n(Unaudited - dollars in thousands, except per share amounts)\n\n Three Months Ended March 31, \n 2026 2025 \n Net sales $ 303,229 $ 380,890 \n Cost of sales 313,804 361,887 \n Gross (loss) profit (10,575) 19,003 \n General and administrative expenses 32,097 (304,685) \n Selling expenses 7,718 6,379 \n Amortization of intangible assets 2,674 2,789 \n Impairment and other, net (705) (31) \n (Loss) income from operations (52,359) 314,551 \n Other income (expense): \n Interest expense (6,186) (5,026) \n Other, net 290 1,614 \n Other expense, net (5,896) (3,412) \n Loss from unconsolidated entity — (1,842) \n (Loss) income before income tax expense (58,255) 309,297 \n Income tax (benefit) expense (13,020) 78,101 \n Net (loss) income (45,235) 231,196 \n Net (loss) income attributable to noncontrolling interest (64) 255 \n Net (loss) income attributable to common stockholders $ (45,171) $ 230,941 \n \n Net (loss) income attributable to common stockholders per share: \n Basic $ (1.11) $ 5.41 \n Diluted $ (1.11) $ 5.36 \n Weighted average common shares outstanding (in thousands): \n Basic 40,739 42,716 \n Diluted 40,739 43,087 \n Dividends declared per share $ 0.08 $ 0.08 \n\nWABASH NATIONAL CORPORATION\nCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS\n(Unaudited - dollars in thousands)\n\n Three Months Ended March 31, \n 2026 2025 \n Cash flows from operating activities \n Net (loss) income $ (45,235) $ 231,196 \n Adjustments to reconcile net (loss) income to net cash used in operating activities \n Depreciation 12,355 12,243 \n Amortization of intangibles 2,674 2,789 \n Net (gain) loss on sale of property, plant and equipment (1,162) 33 \n Deferred income taxes (12,892) 86,461 \n Stock-based compensation 3,171 3,249 \n Non-cash interest expense 262 246 \n Equity in loss from unconsolidated entity — 1,842 \n Accounts receivable (38,719) (27,747) \n Inventories (17,136) (19,823) \n Prepaid expenses and other 5,542 (15,573) \n Accounts payable and accrued liabilities 64,202 73,227 \n Other, net (6,714) (348,415) \n Net cash used in operating activities (33,652) (272) \n Cash flows from investing activities \n Cash payments for capital expenditures (3,425) (8,698) \n Expenditures for revenue generating assets (235) (20,144) \n Proceeds from the sale of assets 8,385 40 \n Acquisition, net of cash acquired (2,872) (1,666) \n Investment in unconsolidated affiliates and other (6,174) (3,350) \n Net cash used in investing activities (4,321) (33,818) \n Cash flows from financing activities \n Proceeds from exercise of stock options — 11 \n Dividends paid (3,476) (3,864) \n Borrowings under revolving credit facilities 111,303 20,414 \n Payments under revolving credit facilities (56,303) (414) \n Debt issuance costs paid — (1) \n Stock repurchases — (16,504) \n Other (2,047) — \n Net cash provided by (used in) financing activities 49,477 (358) \n Cash and cash equivalents: \n Net increase (decrease) in cash and cash equivalents 11,504 (34,448) \n Cash and cash equivalents at beginning of period 31,923 115,484 \n Cash and cash equivalents at end of period $ 43,427 $ 81,036 \n Supplemental disclosures of cash flow information: \n Cash paid for interest $ 1,302 $ 191 \n Net cash refunds received for income taxes $ (10,346) $ (193) \n Period end balance of payables for property, plant, and equipment $ 1,788 $ 5,001 \n\nWABASH NATIONAL CORPORATION\nSEGMENTS AND RELATED INFORMATION\n(Unaudited - dollars in thousands)\n\n Wabash National Corporation \n Three Months Ended March 31, 2026 2025 \n Units Shipped \n New trailers 5,378 6,290 \n New truck bodies 1,527 3,000 \n Used trailers 30 36 \n \n Three Months Ended March 31, Transportation Solutions Parts & Services Corporate and Eliminations Consolidated \n 2026 \n New trailers $ 205,447 $ — $ (514) $ 204,933 \n Used trailers — 1,044 — 1,044 \n Components, parts and service — 33,086 — 33,086 \n Equipment and other 44,729 19,939 (502) 64,166 \n Total net external sales $ 250,176 $ 54,069 $ (1,016) $ 303,229 \n Gross (loss) profit $ (15,516) $ 4,941 $ — $ (10,575) \n (Loss) income from operations $ (37,349) $ 3,803 $ (18,813) $ (52,359) \n Adjusted loss from operations (1) $ (34,517) $ (2,192) $ (18,813) $ (55,522) \n \n 2025 \n New trailers $ 251,045 $ — $ (17,670) $ 233,375 \n Used trailers — 1,500 — 1,500 \n Components, parts and service — 31,502 — 31,502 \n Equipment and other 95,758 18,953 (198) 114,513 \n Total net external sales $ 346,803 $ 51,955 $ (17,868) $ 380,890 \n Gross profit $ 8,414 $ 10,589 $ — $ 19,003 \n (Loss) income from operations $ (9,798) $ 6,910 $ 317,439 $ 314,551 \n Adjusted (loss) income from operations (1) $ (9,798) $ 6,910 $ (24,561) $ (27,449) \n\n(1 )Adjusted operating loss, a non-GAAP financial measure, excludes certain\ncosts, expenses, other charges, gains or income that are included in the\ndetermination of operating (loss) income under U.S. GAAP, but that management\nwould not consider important in evaluating the quality of the Company’s\noperating results as they are not indicative of the Company’s core operating\nresults or may obscure trends useful in evaluating the Company’s continuing\nactivities. Accordingly, the Company presents adjusted operating loss\nexcluding these special items to help investors evaluate our operating\nperformance and trends in our business consistent with how management\nevaluates such performance and trends. Further, the Company presents adjusted\noperating loss to provide investors with a better understanding of the\nCompany’s view of our results as compared to prior periods.\n\nWABASH NATIONAL CORPORATION\nSEGMENT AND COMPANY FINANCIAL INFORMATION\n(Unaudited - dollars in thousands)\n\n Adjusted Operating Loss (1) Three Months Ended March 31, \n 2026 2025 \n Transportation Solutions \n Loss from operations $ (37,349) $ (9,798) \n Adjustments: \n Facility idling and related costs 2,832 — \n Adjusted operating loss (34,517) (9,798) \n \n Parts & Services \n Income from operations 3,803 6,910 \n Adjustments: \n Purchase accounting gains (5,995) — \n Adjusted operating (loss) income (2,192) 6,910 \n \n Corporate \n (Loss) income from operations (18,813) 317,439 \n Adjustments: \n Missouri legal matter — (342,000) \n Adjusted operating loss (18,813) (24,561) \n \n Consolidated \n (Loss) income from operations (52,359) 314,551 \n Adjustments: \n Facility idling and related costs 2,832 — \n Purchase accounting gains (5,995) — \n Missouri legal matter — (342,000 ) \n Adjusted operating loss $ (55,522) $ (27,449 ) \n \n \n\n(1 )Adjusted operating loss, a non-GAAP financial measure, excludes certain\ncosts, expenses, other charges, gains or income that are included in the\ndetermination of operating (loss) income under U.S. GAAP, but that management\nwould not consider important in evaluating the quality of the Company’s\noperating results as they are not indicative of the Company’s core operating\nresults or may obscure trends useful in evaluating the Company’s continuing\nactivities. Accordingly, the Company presents adjusted operating loss\nexcluding these special items to help investors evaluate our operating\nperformance and trends in our business consistent with how management\nevaluates such performance and trends. Further, the Company presents adjusted\noperating loss to provide investors with a better understanding of the\nCompany’s view of our results as compared to prior periods.\n\nWABASH NATIONAL CORPORATION\nRECONCILIATION OF GAAP FINANCIAL MEASURES TO\nNON-GAAP FINANCIAL MEASURES\n(Unaudited - dollars in thousands, except per share amounts)\n\n Adjusted EBITDA (1): Three Months Ended March 31, \n 2026 2025 \n Net (loss) income $ (45,235) $ 231,196 \n Income tax (benefit) expense (13,020) 78,101 \n Interest expense 6,186 5,026 \n Depreciation and amortization 15,029 15,032 \n Stock-based compensation 3,171 3,249 \n Impairment and other, net (705) (31) \n Other, net (290) (1,614) \n Loss from unconsolidated entity — 1,842 \n Facility idling and related costs 2,832 — \n Purchase accounting gains (5,995) — \n Missouri legal matter — (342,000) \n Adjusted EBITDA $ (38,027) $ (9,199) \n\n\n\n Adjusted Net Loss Attributable to Common Stockholders (2): Three Months Ended March 31, \n 2026 2025 \n Net (loss) income attributable to common stockholders $ (45,171) $ 230,941 \n Adjustments: \n Facility idling and related costs 2,832 — \n Purchase accounting gains (5,995) — \n Missouri legal matter — (342,000) \n Tax effect of aforementioned items 791 86,253 \n Adjusted net loss attributable to common stockholders $ (47,543) $ (24,806) \n\n\n\n Adjusted Diluted Loss (2): Three Months Ended March 31, \n 2026 2025 \n Diluted (loss) earnings per share $ (1.11) $ 5.36 \n Adjustments: \n Facility idling and related costs 0.07 — \n Purchase accounting gains (0.15) — \n Missouri legal matter — (7.94) \n Tax effect of aforementioned items 0.02 2.00 \n Adjusted diluted loss per share $ (1.17) $ (0.58) \n \n Weighted average diluted shares outstanding (in thousands) 40,739 43,087 \n\n(1 )Adjusted EBITDA includes noncontrolling interest & excludes loss from\nunconsolidated entity and is defined as earnings before interest, taxes,\ndepreciation, amortization, stock-based compensation, impairment and other,\nnet, facility idling costs, purchase accounting gain, the Missouri legal\nmatter, and other non-operating income and expense. Management believes\nproviding adjusted EBITDA is useful for investors to understand the\nCompany’s performance and results of operations period to period with the\nexclusion of the items identified above. Management believes the presentation\nof adjusted EBITDA, when combined with the GAAP presentations of operating\n(loss) income and net (loss) income, is beneficial to an investor’s\nunderstanding of the Company’s operating performance.\n\n(2 )Adjusted net loss attributable to common stockholders and adjusted diluted\nloss per share reflect adjustments for facility idling costs, purchase\naccounting gain, the Missouri legal matter and the related tax effect of those\nadjustments.\n\nWABASH NATIONAL CORPORATION\nRECONCILIATION OF FREE CASH FLOW(1)\n(Unaudited - dollars in thousands)\n\n Three Months Ended March 31, \n 2026 2025 \n Net cash used in operating activities $ (33,652) $ (272) \n Cash payments for capital expenditures (3,425) (8,698) \n Expenditures for revenue generating assets (235) (20,144) \n Free Cash Flow (1) $ (37,312) $ (29,114) \n\n(1 )Free cash flow is defined as net cash used in operating activities minus\ncash payments for capital expenditures minus expenditures for revenue\ngenerating assets. Management believes providing free cash flow is useful for\ninvestors to understand the Company’s performance and results of cash\ngeneration period to period with the exclusion of the item identified above.\nManagement believes the presentation of free cash flow, when combined with the\nGAAP presentations of cash provided by operating activities, is beneficial to\nan investor’s understanding of the Company’s operating performance.\n\nWABASH NATIONAL CORPORATION\nRECONCILIATION OF ADJUSTED SEGMENT EBITDA(1)\nAND ADJUSTED SEGMENT EBITDA MARGIN(1)\n(Unaudited - dollars in thousands)\n\n Transportation Solutions Parts & Services \n Three Months Ended March 31, 2026 2025 2026 2025 \n (Loss) income from operations $ (37,349) $ (9,798) $ 3,803 $ 6,910 \n Depreciation and amortization 11,636 12,705 2,314 1,177 \n Facility idling and related costs 2,832 — — — \n Purchase accounting gains — — (5,995) — \n Adjusted segment EBITDA (1) $ (22,881) $ 2,907 $ 122 $ 8,087 \n \n Adjusted segment EBITDA margin (1) (9.1)% 0.8% 0.2% 15.6% \n \n\n(1 )Adjusted segment EBITDA, a non-GAAP financial measure, includes\nnoncontrolling interest & excludes loss from unconsolidated entity and is\ncalculated by adding back segment depreciation and amortization expense to\nsegment operating (loss) income, and excludes certain costs, expenses, other\ncharges, gains or income that are included in the determination of operating\n(loss) income under GAAP, but that management would not consider important in\nevaluating the quality of the Company’s segment operating results as they\nare not indicative of each segment's core operating results or may obscure\ntrends useful in evaluating the segment's continuing activities. Adjusted\nsegment EBITDA margin is calculated by dividing Adjusted segment EBITDA by\nsegment total net sales.\n\nMedia Contact:\nHeidi Murphy \nHeidi.murphy@padillaco.com\n\nInvestor Relations:\nJohn Cummings \nSr. Director, FP&A & IR \n(765) 262-2898 \njohn.cummings@onewabash.com\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/67ddcd0d-87c6-46eb-be95-42ef22d92756)\n\n\n\nGlobeNewswire, Inc. 2026","article_body_html":"","raw_payload":{"data":{"id":"nGNXGCSh6","title":"Wabash Announces First Quarter 2026 Results","author":"Globe Newswire","ticker":"WNC","created":"2026-05-01T10:53:00.430Z","tickers":["WNC"],"exchange":"NYSE","article_body":"* Quarterly revenue of $303 million - Softer than expected demand,\nparticularly in our Truck Body business, led to revenue coming in below our\nguidance range. Parts & Services generated positive revenue growth\nyear-over-year.\n* GAAP operating loss of $52 million or Non-GAAP adjusted operating loss of\n$56 million; Excludes impact of $6 million gain related to purchase accounting\nand $2.8 million of facility idling costs. \n* Quarterly GAAP EPS of $(1.11) or Non-GAAP adjusted EPS of $(1.17). Missing\nExpectations due to revenue miss and operational inefficiencies associated\nwith lower than expected volumes.\n* Total backlog of $837 million ending Q1. Near-term market environment\ncontinues to be challenging as the industry remains cautious, though\nunderlying indicators point to pending recovery.\n* Q2-2026 revenue outlook midpoint of $390 million, EPS outlook $(0.50).\nMarket conditions and financials expected to improve throughout 2026.\nLAFAYETTE, Ind., May 01, 2026 (GLOBE NEWSWIRE) -- Wabash (NYSE: WNC), a leader\nin end-to-end supply chain solutions for the transportation, logistics and\ninfrastructure markets, today reported results for the quarter ended March 31,\n2026.\n\nThe Company's net sales for the first quarter of 2026 were $303.2 million,\nreflecting a 20.4% decrease compared to the same quarter of the previous year.\nThe Company generated consolidated gross margin loss of $11 million,\nequivalent to negative 3.5% of sales. GAAP operating loss amounted to\n$52 million as the company recognized a $6 million gain related to purchase\naccounting and $2.8 million of facility idling costs. Non-GAAP adjusted\noperating loss was $55.5 million for the quarter. First quarter GAAP diluted\nearnings per share was $(1.11) or $(1.17) on a Non-GAAP adjusted basis.\n\nAs of March 31, 2026, total Company backlog stood at approximately $837\nmillion, an increase of $132 million over the prior quarter.\n\nFor the second quarter of 2026, the Company guides its revenue to be in the\nrange of $380 million to $400 million and Non-GAAP adjusted EPS to a range of\n$(0.40) to $(0.60).\n\n\"As we entered the first quarter, we did so with a clear-eyed view of the\nenvironment in front of us. Freight markets were uncertain, and customers\ncontinued to act cautiously. Order patterns were uneven, asset utilization\ninconsistent, and capital decisions across the industry were being evaluated\ncarefully\" explained Brent Yeagy, President and Chief Executive Officer. \"At\nthe same time, we were encouraged by early signs of stabilization and\nimproving fundamentals that typically precede a broader recovery. Now, as we\nmove into the second quarter of 2026, both our customers and our visibility\ncontinues to improve, and it shows an environment that is building to set up a\nconstructive 2027 as spot rates, contract rates, capacity and demand are all\ncoming together to drive back to replacement demand for equipment and possibly\nbeyond, and fleets begin to to plan more confidentially.\"\n\nBusiness Segment Highlights\n\nThe table below is a summary of select segment operating and financial results\nprior to the elimination of intersegment sales for the first quarter of 2026\nand 2025. A complete disclosure of the results by individual segment is\nincluded in the tables following this release.\n\n Wabash National Corporation \n Three Months Ended March 31, 2026 2025 \n New Units Shipped \n Trailers 5,378 6,290 \n Truck bodies 1,527 3,000 \n \n Transportation Solutions Parts & Services \n Three Months Ended March 31, 2026 2025 2026 2025 \n (Unaudited, dollars in thousands) \n Net sales $ 250,176 $ 346,803 $ 54,069 $ 51,955 \n Gross (loss) profit $ (15,516 ) $ 8,414 $ 4,941 $ 10,589 \n Gross (loss) profit margin (6.2)% 2.4% 9.1 % 20.4% \n (Loss) income from operations $ (37,349 ) $ (9,798) $ 3,803 $ 6,910 \n (Loss) income from operations margin (14.9)% (2.8)% 7.0 % 13.3% \n\nDuring the first quarter, Transportation Solutions generated net sales of\n$250.2 million, a decrease of 27.9% compared to the same quarter of the\nprevious year. Operating loss for the quarter amounted to $37.3 million,\nrepresenting 14.9% of sales.\n\nParts & Services' net sales for the first quarter were $54.1 million, an\nincrease of 4.1% compared to the prior year quarter. Operating income for the\nquarter amounted to $3.8 million, or 7.0% of sales.\n\nNon-GAAP Measures\n\nIn addition to disclosing financial results calculated in accordance with\nUnited States generally accepted accounting principles (GAAP), the financial\ninformation included in this release contains non-GAAP financial measures\nincluding adjusted operating loss, adjusted EBITDA, adjusted net loss\nattributable to common stockholders, adjusted diluted loss per share, free\ncash flow, adjusted segment EBITDA, and adjusted segment EBITDA margin. These\nnon-GAAP measures should not be considered a substitute for, or superior to,\nfinancial measures and results calculated in accordance with GAAP, including\nnet (loss) income, and reconciliations to GAAP financial statements should be\ncarefully evaluated.\n\nAdjusted operating loss, a non-GAAP financial measure, excludes certain costs,\nexpenses, other charges, gains or income that are included in the\ndetermination of operating income under U.S. GAAP, but that management would\nnot consider important in evaluating the quality of the Company’s operating\nresults as they are not indicative of the Company’s core operating results\nor may obscure trends useful in evaluating the Company’s continuing\nactivities. Accordingly, the Company presents adjusted operating loss\nexcluding these special items to help investors evaluate our operating\nperformance and trends in our business consistent with how management\nevaluates such performance and trends. Further, the Company presents adjusted\noperating loss to provide investors with a better understanding of the\nCompany’s view of our results as compared to prior periods. A reconciliation\nof adjusted operating loss to operating (loss) income, the most comparable\nGAAP financial measure, is included in the tables following this release.\n\nAdjusted EBITDA includes noncontrolling interest & excludes loss from\nunconsolidated entity and is defined as earnings before interest, taxes,\ndepreciation, amortization, stock-based compensation, impairment and other,\nnet, facility idling costs, purchase accounting gain, Missouri legal matter\nand other non-operating income and expense. Management believes providing\nadjusted EBITDA is useful for investors to understand the Company’s\nperformance and results of operations period to period with the exclusion of\nthe items identified above. Management believes the presentation of adjusted\nEBITDA, when combined with the GAAP presentations of operating (loss) income\nand net (loss) income, is beneficial to an investor’s understanding of the\nCompany’s operating performance. A reconciliation of adjusted EBITDA to net\n(loss) income, the most comparable GAAP financial measure, is included in the\ntables following this release.\n\nAdjusted net loss attributable to common stockholders and adjusted diluted\nloss per share reflect an adjustment for the facility idling cost, purchase\naccounting gain, Missouri legal matter and the related tax effects of those\nadjustments. Management believes providing adjusted measures and excluding\ncertain items facilitates comparisons to the Company’s prior year periods\nand, when combined with the GAAP presentation of net (loss) income and diluted\nnet (loss) income per share, is beneficial to an investor’s understanding of\nthe Company’s performance. A reconciliation of adjusted net loss\nattributable to common stockholders and adjusted diluted loss per share to net\n(loss) income attributable to common stockholders and diluted loss per share,\nthe most comparable GAAP financial measures, are included in the tables\nfollowing this release.\n\nFree cash flow is defined as net cash used in operating activities minus cash\npayments for capital expenditures minus expenditures for revenue generating\nassets. Management believes providing free cash flow is useful for investors\nto understand the Company’s performance and results of cash generation\nperiod to period with the exclusion of the item identified above. Management\nbelieves the presentation of free cash flow, when combined with the GAAP\npresentations of cash used in operating activities, is beneficial to an\ninvestor’s understanding of the Company’s operating performance. A\nreconciliation of free cash flow to cash used in operating activities, the\nmost comparable GAAP financial measure, is included in the tables following\nthis release.\n\nAdjusted segment EBITDA, a non-GAAP financial measure, includes noncontrolling\ninterest & excludes loss from unconsolidated entity and is calculated by\nadding back segment depreciation and amortization expense to segment operating\nincome, and excludes certain costs, expenses, other charges, gains or income\nthat are included in the determination of operating (loss) income under GAAP,\nbut that management would not consider important in evaluating the quality of\nthe Company’s segment operating results as they are not indicative of each\nsegment's core operating results or may obscure trends useful in evaluating\nthe segment's continuing activities. Adjusted segment EBITDA Margin is\ncalculated by dividing Adjusted segment EBITDA by segment total net sales. A\nreconciliation of adjusted segment EBITDA to (loss) income from operations,\nthe most comparable GAAP financial measure, is included in the tables\nfollowing this release.\n\nInformation reconciling any forward-looking adjusted operating loss, adjusted\nEBITDA, adjusted net loss attributable to common stockholders, adjusted\ndiluted loss per share, free cash flow, adjusted segment EBITDA and adjusted\nsegment EBITDA margin to GAAP financial measures is unavailable to us without\nunreasonable effort. We cannot provide reconciliations of the above noted\nforward looking non-GAAP measures to GAAP financial measures because certain\nitems required for such reconciliations are outside of our control and/or\ncannot be reasonably predicted. Preparation of such reconciliations would\nrequire a forward-looking balance sheet, statement of income and statement of\ncash flows, prepared in accordance with GAAP, and such forward-looking\nfinancial statements are unavailable to us without unreasonable effort.\n\nFirst Quarter 2026 Conference Call\n\nWabash will discuss its results during its quarterly investor conference call\non Friday, May 1, 2026, beginning at 12:00 p.m. EDT. The call and an\naccompanying slide presentation will be accessible on the \"Investors\" section\nof Wabash's website, www.onewabash.com, under \"Events & Presentations.\" The\nconference call will be accessible at the following link:\nhttps://events.q4inc.com/attendee/310958583 \nA replay of the call will be available shortly after the conclusion of the\npresentation.\n\nAbout\n\nWabash (NYSE: WNC) is the visionary leader of connected solutions for the\ntransportation, logistics and distribution industries that is Changing How the\nWorld Reaches You(®). Headquartered in Lafayette, Indiana, the company\nenables customers to thrive by providing insight into tomorrow and delivering\npragmatic solutions today to move everything from first to final mile. Wabash\ndesigns, manufactures, and services a diverse range of products, including:\ndry freight and refrigerated trailers, flatbed trailers, tank trailers, dry\nand refrigerated truck bodies, structural composite panels and products,\ntrailer aerodynamic solutions, and specialty food grade processing equipment.\nLearn more at www.onewabash.com.\n\nSafe Harbor Statement\n\nThis press release contains certain forward-looking statements as defined by\nthe Private Securities Litigation Reform Act of 1995. Forward-looking\nstatements convey the Company’s current expectations or forecasts of future\nevents. All statements contained in this press release other than statements\nof historical fact are forward-looking statements. These forward-looking\nstatements include, among other things, all statements regarding the\nCompany’s outlook for trailer and truck body shipments, backlog,\nexpectations regarding demand levels for trailers, truck bodies, non-trailer\nequipment and our other diversified product offerings, pricing, profitability\nand earnings, cash flow and liquidity, opportunity to capture higher margin\nsales, new product innovations, our growth and diversification strategies, our\nexpectations for improved financial performance during the course of the year\nand our expectations with regards to capital allocation. These and the\nCompany’s other forward-looking statements are subject to certain risks and\nuncertainties that could cause actual results to differ materially from those\nimplied by the forward-looking statements. Without limitation, these risks and\nuncertainties include the risks related to highly cyclical nature of our\nbusiness, uncertain economic conditions including the possibility that\ncustomer demand may not meet our expectations, our backlog may not reflect\nfuture sales of our products, increased competition, reliance on certain\ncustomers and corporate partnerships, risks of customer pick-up delays,\nshortages and costs of raw materials including the impact of tariffs or other\ninternational trade developments, risks in implementing and sustaining\nimprovements in the Company’s manufacturing operations and cost containment,\ndependence on industry trends and timing, supplier constraints, labor costs\nand availability, customer acceptance of and reactions to pricing changes,\ncosts of indebtedness, and our ability to execute on our long-term strategic\nplan. Readers should review and consider the various disclosures made by the\nCompany in this press release and in the Company’s reports to its\nstockholders and periodic reports on Forms 10-K and 10-Q.\n\nWABASH NATIONAL CORPORATION\nCONDENSED CONSOLIDATED BALANCE SHEETS\n(Unaudited - dollars in thousands)\n\n March 31, 2026 December 31, 2025 \n Assets \n Current assets: \n Cash and cash equivalents $ 43,427 $ 31,923 \n Accounts receivable, net 159,186 119,874 \n Inventories, net 198,289 181,153 \n Prepaid expenses and other 68,349 86,136 \n Total current assets 469,251 419,086 \n Property, plant, and equipment, net 292,391 300,477 \n Goodwill 213,339 191,222 \n Deferred income taxes 21,951 9,047 \n Intangible assets, net 60,887 63,561 \n Investment in unconsolidated entities 16,110 7,250 \n Other assets 155,199 180,538 \n Total assets $ 1,229,128 $ 1,171,181 \n Liabilities and Stockholders’ Equity \n Current liabilities: \n Current portion of long-term debt $ — $ — \n Accounts payable 212,512 145,739 \n Other accrued liabilities 140,237 156,556 \n Total current liabilities 352,749 302,295 \n Long-term debt 498,035 442,852 \n Deferred income taxes 12 — \n Other non-current liabilities 56,598 57,492 \n Total liabilities 907,394 802,639 \n Commitments and contingencies \n Noncontrolling interest 1,120 1,184 \n Wabash National Corporation stockholders’ equity: \n Common stock 200,000,000 shares authorized, $0.01 par value, 40,673,967 and 40,436,437 shares outstanding, respectively 789 787 \n Additional paid-in capital 701,805 700,697 \n Retained earnings 255,108 303,615 \n Accumulated other comprehensive income (loss) 255 (398) \n Treasury stock at cost, 38,263,966 and 38,263,966 common shares, respectively (637,343) (637,343) \n Total Wabash National Corporation stockholders' equity 320,614 367,358 \n Total liabilities, noncontrolling interest, and equity $ 1,229,128 $ 1,171,181 \n\nWABASH NATIONAL CORPORATION\nCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS\n(Unaudited - dollars in thousands, except per share amounts)\n\n Three Months Ended March 31, \n 2026 2025 \n Net sales $ 303,229 $ 380,890 \n Cost of sales 313,804 361,887 \n Gross (loss) profit (10,575) 19,003 \n General and administrative expenses 32,097 (304,685) \n Selling expenses 7,718 6,379 \n Amortization of intangible assets 2,674 2,789 \n Impairment and other, net (705) (31) \n (Loss) income from operations (52,359) 314,551 \n Other income (expense): \n Interest expense (6,186) (5,026) \n Other, net 290 1,614 \n Other expense, net (5,896) (3,412) \n Loss from unconsolidated entity — (1,842) \n (Loss) income before income tax expense (58,255) 309,297 \n Income tax (benefit) expense (13,020) 78,101 \n Net (loss) income (45,235) 231,196 \n Net (loss) income attributable to noncontrolling interest (64) 255 \n Net (loss) income attributable to common stockholders $ (45,171) $ 230,941 \n \n Net (loss) income attributable to common stockholders per share: \n Basic $ (1.11) $ 5.41 \n Diluted $ (1.11) $ 5.36 \n Weighted average common shares outstanding (in thousands): \n Basic 40,739 42,716 \n Diluted 40,739 43,087 \n Dividends declared per share $ 0.08 $ 0.08 \n\nWABASH NATIONAL CORPORATION\nCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS\n(Unaudited - dollars in thousands)\n\n Three Months Ended March 31, \n 2026 2025 \n Cash flows from operating activities \n Net (loss) income $ (45,235) $ 231,196 \n Adjustments to reconcile net (loss) income to net cash used in operating activities \n Depreciation 12,355 12,243 \n Amortization of intangibles 2,674 2,789 \n Net (gain) loss on sale of property, plant and equipment (1,162) 33 \n Deferred income taxes (12,892) 86,461 \n Stock-based compensation 3,171 3,249 \n Non-cash interest expense 262 246 \n Equity in loss from unconsolidated entity — 1,842 \n Accounts receivable (38,719) (27,747) \n Inventories (17,136) (19,823) \n Prepaid expenses and other 5,542 (15,573) \n Accounts payable and accrued liabilities 64,202 73,227 \n Other, net (6,714) (348,415) \n Net cash used in operating activities (33,652) (272) \n Cash flows from investing activities \n Cash payments for capital expenditures (3,425) (8,698) \n Expenditures for revenue generating assets (235) (20,144) \n Proceeds from the sale of assets 8,385 40 \n Acquisition, net of cash acquired (2,872) (1,666) \n Investment in unconsolidated affiliates and other (6,174) (3,350) \n Net cash used in investing activities (4,321) (33,818) \n Cash flows from financing activities \n Proceeds from exercise of stock options — 11 \n Dividends paid (3,476) (3,864) \n Borrowings under revolving credit facilities 111,303 20,414 \n Payments under revolving credit facilities (56,303) (414) \n Debt issuance costs paid — (1) \n Stock repurchases — (16,504) \n Other (2,047) — \n Net cash provided by (used in) financing activities 49,477 (358) \n Cash and cash equivalents: \n Net increase (decrease) in cash and cash equivalents 11,504 (34,448) \n Cash and cash equivalents at beginning of period 31,923 115,484 \n Cash and cash equivalents at end of period $ 43,427 $ 81,036 \n Supplemental disclosures of cash flow information: \n Cash paid for interest $ 1,302 $ 191 \n Net cash refunds received for income taxes $ (10,346) $ (193) \n Period end balance of payables for property, plant, and equipment $ 1,788 $ 5,001 \n\nWABASH NATIONAL CORPORATION\nSEGMENTS AND RELATED INFORMATION\n(Unaudited - dollars in thousands)\n\n Wabash National Corporation \n Three Months Ended March 31, 2026 2025 \n Units Shipped \n New trailers 5,378 6,290 \n New truck bodies 1,527 3,000 \n Used trailers 30 36 \n \n Three Months Ended March 31, Transportation Solutions Parts & Services Corporate and Eliminations Consolidated \n 2026 \n New trailers $ 205,447 $ — $ (514) $ 204,933 \n Used trailers — 1,044 — 1,044 \n Components, parts and service — 33,086 — 33,086 \n Equipment and other 44,729 19,939 (502) 64,166 \n Total net external sales $ 250,176 $ 54,069 $ (1,016) $ 303,229 \n Gross (loss) profit $ (15,516) $ 4,941 $ — $ (10,575) \n (Loss) income from operations $ (37,349) $ 3,803 $ (18,813) $ (52,359) \n Adjusted loss from operations (1) $ (34,517) $ (2,192) $ (18,813) $ (55,522) \n \n 2025 \n New trailers $ 251,045 $ — $ (17,670) $ 233,375 \n Used trailers — 1,500 — 1,500 \n Components, parts and service — 31,502 — 31,502 \n Equipment and other 95,758 18,953 (198) 114,513 \n Total net external sales $ 346,803 $ 51,955 $ (17,868) $ 380,890 \n Gross profit $ 8,414 $ 10,589 $ — $ 19,003 \n (Loss) income from operations $ (9,798) $ 6,910 $ 317,439 $ 314,551 \n Adjusted (loss) income from operations (1) $ (9,798) $ 6,910 $ (24,561) $ (27,449) \n\n(1 )Adjusted operating loss, a non-GAAP financial measure, excludes certain\ncosts, expenses, other charges, gains or income that are included in the\ndetermination of operating (loss) income under U.S. GAAP, but that management\nwould not consider important in evaluating the quality of the Company’s\noperating results as they are not indicative of the Company’s core operating\nresults or may obscure trends useful in evaluating the Company’s continuing\nactivities. Accordingly, the Company presents adjusted operating loss\nexcluding these special items to help investors evaluate our operating\nperformance and trends in our business consistent with how management\nevaluates such performance and trends. Further, the Company presents adjusted\noperating loss to provide investors with a better understanding of the\nCompany’s view of our results as compared to prior periods.\n\nWABASH NATIONAL CORPORATION\nSEGMENT AND COMPANY FINANCIAL INFORMATION\n(Unaudited - dollars in thousands)\n\n Adjusted Operating Loss (1) Three Months Ended March 31, \n 2026 2025 \n Transportation Solutions \n Loss from operations $ (37,349) $ (9,798) \n Adjustments: \n Facility idling and related costs 2,832 — \n Adjusted operating loss (34,517) (9,798) \n \n Parts & Services \n Income from operations 3,803 6,910 \n Adjustments: \n Purchase accounting gains (5,995) — \n Adjusted operating (loss) income (2,192) 6,910 \n \n Corporate \n (Loss) income from operations (18,813) 317,439 \n Adjustments: \n Missouri legal matter — (342,000) \n Adjusted operating loss (18,813) (24,561) \n \n Consolidated \n (Loss) income from operations (52,359) 314,551 \n Adjustments: \n Facility idling and related costs 2,832 — \n Purchase accounting gains (5,995) — \n Missouri legal matter — (342,000 ) \n Adjusted operating loss $ (55,522) $ (27,449 ) \n \n \n\n(1 )Adjusted operating loss, a non-GAAP financial measure, excludes certain\ncosts, expenses, other charges, gains or income that are included in the\ndetermination of operating (loss) income under U.S. GAAP, but that management\nwould not consider important in evaluating the quality of the Company’s\noperating results as they are not indicative of the Company’s core operating\nresults or may obscure trends useful in evaluating the Company’s continuing\nactivities. Accordingly, the Company presents adjusted operating loss\nexcluding these special items to help investors evaluate our operating\nperformance and trends in our business consistent with how management\nevaluates such performance and trends. Further, the Company presents adjusted\noperating loss to provide investors with a better understanding of the\nCompany’s view of our results as compared to prior periods.\n\nWABASH NATIONAL CORPORATION\nRECONCILIATION OF GAAP FINANCIAL MEASURES TO\nNON-GAAP FINANCIAL MEASURES\n(Unaudited - dollars in thousands, except per share amounts)\n\n Adjusted EBITDA (1): Three Months Ended March 31, \n 2026 2025 \n Net (loss) income $ (45,235) $ 231,196 \n Income tax (benefit) expense (13,020) 78,101 \n Interest expense 6,186 5,026 \n Depreciation and amortization 15,029 15,032 \n Stock-based compensation 3,171 3,249 \n Impairment and other, net (705) (31) \n Other, net (290) (1,614) \n Loss from unconsolidated entity — 1,842 \n Facility idling and related costs 2,832 — \n Purchase accounting gains (5,995) — \n Missouri legal matter — (342,000) \n Adjusted EBITDA $ (38,027) $ (9,199) \n\n\n\n Adjusted Net Loss Attributable to Common Stockholders (2): Three Months Ended March 31, \n 2026 2025 \n Net (loss) income attributable to common stockholders $ (45,171) $ 230,941 \n Adjustments: \n Facility idling and related costs 2,832 — \n Purchase accounting gains (5,995) — \n Missouri legal matter — (342,000) \n Tax effect of aforementioned items 791 86,253 \n Adjusted net loss attributable to common stockholders $ (47,543) $ (24,806) \n\n\n\n Adjusted Diluted Loss (2): Three Months Ended March 31, \n 2026 2025 \n Diluted (loss) earnings per share $ (1.11) $ 5.36 \n Adjustments: \n Facility idling and related costs 0.07 — \n Purchase accounting gains (0.15) — \n Missouri legal matter — (7.94) \n Tax effect of aforementioned items 0.02 2.00 \n Adjusted diluted loss per share $ (1.17) $ (0.58) \n \n Weighted average diluted shares outstanding (in thousands) 40,739 43,087 \n\n(1 )Adjusted EBITDA includes noncontrolling interest & excludes loss from\nunconsolidated entity and is defined as earnings before interest, taxes,\ndepreciation, amortization, stock-based compensation, impairment and other,\nnet, facility idling costs, purchase accounting gain, the Missouri legal\nmatter, and other non-operating income and expense. Management believes\nproviding adjusted EBITDA is useful for investors to understand the\nCompany’s performance and results of operations period to period with the\nexclusion of the items identified above. Management believes the presentation\nof adjusted EBITDA, when combined with the GAAP presentations of operating\n(loss) income and net (loss) income, is beneficial to an investor’s\nunderstanding of the Company’s operating performance.\n\n(2 )Adjusted net loss attributable to common stockholders and adjusted diluted\nloss per share reflect adjustments for facility idling costs, purchase\naccounting gain, the Missouri legal matter and the related tax effect of those\nadjustments.\n\nWABASH NATIONAL CORPORATION\nRECONCILIATION OF FREE CASH FLOW(1)\n(Unaudited - dollars in thousands)\n\n Three Months Ended March 31, \n 2026 2025 \n Net cash used in operating activities $ (33,652) $ (272) \n Cash payments for capital expenditures (3,425) (8,698) \n Expenditures for revenue generating assets (235) (20,144) \n Free Cash Flow (1) $ (37,312) $ (29,114) \n\n(1 )Free cash flow is defined as net cash used in operating activities minus\ncash payments for capital expenditures minus expenditures for revenue\ngenerating assets. Management believes providing free cash flow is useful for\ninvestors to understand the Company’s performance and results of cash\ngeneration period to period with the exclusion of the item identified above.\nManagement believes the presentation of free cash flow, when combined with the\nGAAP presentations of cash provided by operating activities, is beneficial to\nan investor’s understanding of the Company’s operating performance.\n\nWABASH NATIONAL CORPORATION\nRECONCILIATION OF ADJUSTED SEGMENT EBITDA(1)\nAND ADJUSTED SEGMENT EBITDA MARGIN(1)\n(Unaudited - dollars in thousands)\n\n Transportation Solutions Parts & Services \n Three Months Ended March 31, 2026 2025 2026 2025 \n (Loss) income from operations $ (37,349) $ (9,798) $ 3,803 $ 6,910 \n Depreciation and amortization 11,636 12,705 2,314 1,177 \n Facility idling and related costs 2,832 — — — \n Purchase accounting gains — — (5,995) — \n Adjusted segment EBITDA (1) $ (22,881) $ 2,907 $ 122 $ 8,087 \n \n Adjusted segment EBITDA margin (1) (9.1)% 0.8% 0.2% 15.6% \n \n\n(1 )Adjusted segment EBITDA, a non-GAAP financial measure, includes\nnoncontrolling interest & excludes loss from unconsolidated entity and is\ncalculated by adding back segment depreciation and amortization expense to\nsegment operating (loss) income, and excludes certain costs, expenses, other\ncharges, gains or income that are included in the determination of operating\n(loss) income under GAAP, but that management would not consider important in\nevaluating the quality of the Company’s segment operating results as they\nare not indicative of each segment's core operating results or may obscure\ntrends useful in evaluating the segment's continuing activities. Adjusted\nsegment EBITDA margin is calculated by dividing Adjusted segment EBITDA by\nsegment total net sales.\n\nMedia Contact:\nHeidi Murphy \nHeidi.murphy@padillaco.com\n\nInvestor Relations:\nJohn Cummings \nSr. Director, FP&A & IR \n(765) 262-2898 \njohn.cummings@onewabash.com\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/67ddcd0d-87c6-46eb-be95-42ef22d92756)\n\n\n\nGlobeNewswire, Inc. 2026"},"type":"article","timestamp":"2026-05-01T10:53:00.481841668Z","server_sent_at_ms":1777632780481},"received_at":"2026-05-01T10:53:00.737Z","source_url":"https://www.globenewswire.com/news-release/2026/04/06/3268726/0/en/wabash-schedules-first-quarter-2026-earnings-conference-call.html"},"analysis":{"id":"12397","press_release_id":"16676","analysis_json":{"industry":{"label":"Capital Goods","sector":"Industrials"},"redFlags":["Revenue below guidance range","Negative gross margin of 3.5%","GAAP operating loss of $52 million vs prior year income","Negative EPS guidance for Q2 2026"],"eventType":"earnings","narrative":"Wabash reported first-quarter revenue of $303.2 million, a 20.4% decrease from the prior year, missing internal guidance due to softer demand in the Truck Body segment.\n\nThe company posted a GAAP operating loss of $52 million and a diluted loss per share of $(1.11), weighed down by negative gross margins and operational inefficiencies.\n\nDespite the current challenges, total backlog increased to $837 million, and management projected Q2 revenue between $380 million and $400 million with expectations for gradual improvement throughout the year.","sentiment":"bearish","agentHooks":{"shouldPost":true,"suggestedAngle":"Wabash swings to loss on revenue miss and negative margins, though backlog growth suggests potential for recovery later in 2026."},"keyFigures":{"revenue":"$303.2 million","guidance":"Q2 2026 revenue $380M-$400M, Non-GAAP EPS $(0.40)-$(0.60)","revenueYoy":"-20.4%","customDimensions":{"backlog_usd":837000000,"gaap_operating_loss_usd":52000000}},"quotedText":"We were encouraged by early signs of stabilization and improving fundamentals that typically precede a broader recovery.","namedEntities":{"people":[{"name":"Brent Yeagy","role":"President and Chief Executive Officer"},{"name":"John Cummings","role":"Sr. Director, FP&A & IR"}],"products":["Trailers","Truck bodies","Parts & Services"],"companies":[{"name":"Wabash National Corporation","ticker":"WNC"}],"dollarAmounts":[{"amount":"$303 million","context":"Q1 2026 revenue"},{"amount":"$52 million","context":"GAAP operating loss"},{"amount":"$56 million","context":"Non-GAAP adjusted operating loss"},{"amount":"$(1.11)","context":"Quarterly GAAP EPS"},{"amount":"$837 million","context":"Total backlog ending Q1"},{"amount":"$380 million to $400 million","context":"Q2 2026 revenue outlook"}]},"materialImpact":{"score":4,"reasoning":"Significant quarterly miss with revenue falling 20.4% year-over-year and coming in below guidance. The company reported a GAAP operating loss of $52 million driven by negative gross margins, reflecting substantial operational headwinds."},"tickerRelevance":{"others":[],"primary":"WNC"},"globalImportance":25,"audienceRelevance":30,"eventTypeSecondary":["guidance_update"],"importanceComponents":{"tickerTier":"mid-cap","eventGravity":"earnings-miss-negative-margins","sectorWeight":"industrials"}},"event_type":"earnings","event_type_secondary":["guidance_update"],"sentiment":"bearish","material_impact_score":4,"narrative":"Wabash reported first-quarter revenue of $303.2 million, a 20.4% decrease from the prior year, missing internal guidance due to softer demand in the Truck Body segment.\n\nThe company posted a GAAP operating loss of $52 million and a diluted loss per share of $(1.11), weighed down by negative gross margins and operational inefficiencies.\n\nDespite the current challenges, total backlog increased to $837 million, and management projected Q2 revenue between $380 million and $400 million with expectations for gradual improvement throughout the year.","key_figures":{"revenue":"$303.2 million","guidance":"Q2 2026 revenue $380M-$400M, Non-GAAP EPS $(0.40)-$(0.60)","revenueYoy":"-20.4%","customDimensions":{"backlog_usd":837000000,"gaap_operating_loss_usd":52000000}},"named_entities":{"people":[{"name":"Brent Yeagy","role":"President and Chief Executive Officer"},{"name":"John Cummings","role":"Sr. Director, FP&A & IR"}],"products":["Trailers","Truck bodies","Parts & Services"],"companies":[{"name":"Wabash National Corporation","ticker":"WNC"}],"dollarAmounts":[{"amount":"$303 million","context":"Q1 2026 revenue"},{"amount":"$52 million","context":"GAAP operating loss"},{"amount":"$56 million","context":"Non-GAAP adjusted operating loss"},{"amount":"$(1.11)","context":"Quarterly GAAP EPS"},{"amount":"$837 million","context":"Total backlog ending Q1"},{"amount":"$380 million to $400 million","context":"Q2 2026 revenue outlook"}]},"model_name":"glm-4.7","prompt_hash":"sha256:a2703c5a1b5285fe","schema_hash":"sha256:1f8af1196c7db48c","created_at":"2026-05-01T10:54:09.456Z","global_importance":25,"audience_relevance":30,"importance_components":{"tickerTier":"mid-cap","eventGravity":"earnings-miss-negative-margins","sectorWeight":"industrials"}},"durationMs":69122,"modelName":"glm-4.7"}}