Wabash National Q2 Loss Widens to $0.56/Share; Backlog Surges 45% as Convertible Notes Close
WNC sits 95% above its 52-week low of $6.63.
Summary
Wabash National reported a wider Q2 loss of $0.56 per share on a 9% sales decline, while its 12-month backlog surged 45% to $876 million. The company subsequently closed a $150 million convertible notes offering, bolstering liquidity but adding potential dilution.
Key Events · Earnings and Guidance · WNC
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Q2 Loss Widens
Net loss of $22.9 million ($0.56/share) vs. $9.6 million loss in Q2 2025; revenue fell 9.1% to $417.2 million, and gross margin compressed to 3.7% from 9.0%.
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Transportation Solutions Swings to Operating Loss
TS segment posted a $13.9 million operating loss, down from $12.5 million income a year ago, driven by lower truck body and tank trailer shipments.
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Backlog Surges 45%
12-month backlog reached $876 million, up from $602 million a year ago, fueled by an accelerated 2027 dry van order cycle that provides revenue visibility.
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Liquidity Tightens
Liquidity fell to $192.8 million from $312.0 million a year ago; revolver borrowings rose to $115 million, and cash from operations was a $28.5 million use.
Analysis · WNC · Manufacturing
Wabash National's second quarter deepened its losses, with net loss of $22.9 million ($0.56 per share) compared to a $9.6 million loss a year ago, as sales fell 9% and gross margin collapsed to 3.7% from 9.0%. The Transportation Solutions segment swung to an operating loss, while Parts & Services profitability also eroded. Against that backdrop, the company's 12-month backlog jumped 45% to $876 million, driven by an accelerated 2027 dry van order cycle, providing a potential revenue bridge. Liquidity tightened to $192.8 million, and the subsequent closing of a $150 million convertible notes offering (4.00% due 2032, conversion price ~$16.75) provides critical cash but introduces dilution risk. The combination of deteriorating current operations and a large, dilutive financing creates a high-stakes inflection point.
At the time of this filing, WNC was trading at $12.92 on NYSE in the Manufacturing sector, with a market capitalization of approximately $525.5M. The 52-week trading range was $6.63 to $14.32. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.