Here are 1-3 brief analogies for Wabash National:

• Boeing for commercial ground transportation trailers.
• General Motors for semi-trailers and truck bodies.
• Caterpillar for the road logistics industry's hauling equipment.

• Dry Van Trailers: Enclosed semi-trailers primarily used for transporting general freight.
• Refrigerated Van Trailers (Reefers): Temperature-controlled semi-trailers designed for the transport of perishable goods.
• Flatbed Trailers: Open platform trailers used for transporting oversized, heavy, or irregularly shaped cargo.
• Tank Trailers: Specialized trailers for hauling liquid or dry bulk commodities.
• Truck Bodies: Dry freight and refrigerated bodies designed for installation on straight truck chassis.

Wabash National (WNC) primarily sells its products to other companies (B2B). Their major customers are typically large transportation, logistics, and fleet management companies, as well as major retailers and package delivery services with extensive private fleets.

According to Wabash National's financial filings (e.g., their 10-K report for the fiscal year ended December 31, 2023), no single customer accounted for 10% or more of their consolidated net sales during the last three fiscal years. This indicates a broad and diversified customer base rather than reliance on a few dominant customers.

While specific customer names are not publicly disclosed by Wabash National due to this diversification, their customer base generally includes, but is not limited to, companies like:

• Ryder System, Inc. (NYSE: R) - A leading logistics and fleet management solutions company that leases and rents commercial vehicles, including trailers.
• J.B. Hunt Transport Services, Inc. (NASDAQ: JBHT) - One of the largest transportation and logistics companies in North America, operating extensive truckload and intermodal fleets.
• XPO, Inc. (NYSE: XPO) - A major freight transportation provider specializing in less-than-truckload (LTL) and truck brokerage services, requiring a large fleet of trailers.

These examples represent the types of large-scale operators that would frequently purchase or lease the commercial trailers and truck bodies manufactured by Wabash National.

• Trane Technologies (TT)
• Carrier Global (CARR)
• Cummins (CMI)
• Goodyear Tire & Rubber Company (GT)
• Bridgestone Corporation (BRDCY)
• Michelin (MGDDY)

Brent L. Yeagy, President and Chief Executive Officer

Mr. Yeagy has served as President and Chief Executive Officer of Wabash National since June 2018. He joined Wabash in 2003 and held several leadership positions including President and Chief Operating Officer, Senior Vice President and Group President – Commercial Trailer Products, Vice President and General Manager – Commercial Trailer Products, and Vice President of Manufacturing. Before joining Wabash National, he held various positions in human resources, environmental engineering, and safety management at Delco Remy International from 1999 to 2003. He also served in plant engineering roles at Rexnord Corporation from 1995 to 1999 and in the United States Navy from 1991 to 1994.

Patrick Keslin, Senior Vice President, Chief Financial Officer

Mr. Keslin was appointed Senior Vice President, Chief Financial Officer on September 1, 2024. He joined Wabash National in 2017 and has held various finance positions with increasing responsibility, including Vice President, Finance, Senior Director of Business Finance, Senior Director of Finance – Commercial Trailer Products, and Director of Finance – Diversified Products Group. Prior to Wabash, from 2001 to 2017, Mr. Keslin held various finance positions at Honeywell, including Director of Finance at Honeywell UOP.

Mike Pettit, Senior Vice President, Chief Growth Officer

Mr. Pettit was appointed Senior Vice President, Chief Growth Officer on September 1, 2024. In this role, he focuses on driving the company's growth initiatives, expanding market reach, and overseeing the company's Parts and Services segment. Before this appointment, he served as Senior Vice President, Chief Financial Officer from January 2020. His previous roles at Wabash National include Senior Vice President and Group President, Final Mile Products (2018–2020), Vice President of Finance and Investor Relations (2014–2018), and Director of Finance for Commercial Trailer Products (2012–2014). Prior to joining Wabash in 2012, Mr. Pettit spent 14 years at Ford Motor Company (1998-2012) in various finance positions.

Dustin Smith, Senior Vice President, Chief Operating Officer

Mr. Smith transitioned to Chief Operating Officer on December 8, 2023. He previously served as Senior Vice President, Chief Strategy Officer from June 2021 to December 2023. Prior to that, he was Senior Vice President, Global Operations from March 2020 to June 2021. Mr. Smith joined Wabash National in 2007 and has held various positions, including Senior Vice President and Group President, Commercial Trailer Products, and Vice President of Manufacturing. From 2000 to 2007, he held various positions at Ford Motor Company across product development and manufacturing divisions, including Plant Controller.

Kevin Page, Senior Vice President, Chief Commercial Officer

Mr. Page serves as the Senior Vice President and Chief Commercial Officer at Wabash. He joined Wabash National in February 2017 as Vice President and General Manager, Final Mile and Distributed Services. Before joining Wabash National, he served as Interim President of Truck Accessories Group, LLC from 2015 to 2016, and Vice President of Sales, Marketing and Business Development from 2012 to 2015. He also served as President of Universal Trailer Cargo Group from 2008 to 2012 and had a long career at Utilimaster Corporation, including as Vice President of Sales and Marketing.

1. Product Liability Lawsuit
   Wabash National is facing a significant product liability lawsuit that could materially affect its financial condition. Initially, a jury awarded $12 million in compensatory damages and $450 million in punitive damages in September 2024. While the punitive damages were subsequently reduced to $108 million by the Circuit Court of the City of St. Louis, Missouri, the company still considers this amount excessively high and is reviewing all legal options, including appeals. This ongoing legal dispute and its uncertain outcome pose a substantial financial risk to the company.
2. Cyclical Nature of Business and Weak Freight Demand
   The company's business is highly susceptible to the cyclical nature of the transportation and logistics industry and overall economic conditions. Wabash National has experienced weaker freight demand, leading to declining trailer deliveries and reduced revenue guidance for both 2024 and 2025. This has resulted in significant drops in revenue, profitability, and cash flow, particularly within its Transportation Solutions segment. The prolonged period of weak demand and economic uncertainty continues to be a fundamental risk to the company's financial performance.
3. Raw Material Price Fluctuations and Supply Chain Disruptions
   Wabash National is exposed to market risks from fluctuations in raw material prices, notably steel and aluminum, which directly impact production costs. The company also faces challenges from inflationary pressures and broader supply chain disruptions. These factors contribute to increased operational costs and can affect profitability and manufacturing efficiency.

Wabash National Corporation (WNC) primarily operates in the North American transportation industry, specializing in the design and production of semi-trailers, truck bodies, and related transportation equipment. The company's main products and services include dry freight and refrigerated trailers, platform trailers, bulk tank trailers, truck bodies, structural composite panels, and aftermarket parts and services, including its "Trailers as a Service" (TaaS) offering.

Addressable Markets for Main Products and Services:

• Dry Van Trailers: The global dry van trailers market size was valued at approximately $7.2 billion in 2023 and is projected to grow to $12.48 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 6.3% during the forecast period of 2025-2032.
• Tank Trailers: The global tank trailer market is estimated at $15 billion in 2025 and is expected to cross $35.7 billion by the end of 2033, growing at a CAGR of 5.8% between 2024-2033. North America and Europe are significant markets for tank trailers.
• Platform Trailers: The global platform trailer market size is estimated at $15 billion in 2025, with a projected CAGR of 6% from 2025 to 2033. North America and Europe currently dominate this market.
• Truck Bodies (Final Mile Equipment): In 2017, the final mile equipment segment, which includes truck bodies, was an approximately $2.0 billion market, a sector Wabash National expanded into with the acquisition of Supreme Industries, Inc. This market is primarily concentrated in North America.
• Aftermarket Parts and Services & Trailers as a Service (TaaS): Wabash National provides aftermarket parts and services, and has been expanding its Trailers as a Service (TaaS) fleet, which is expected to grow from around 1,000 trailers to as many as 4,000 by the end of 2025. While specific market sizes for the aftermarket parts and services industry as a whole or for TaaS as a distinct market were not readily available, Wabash's Parts & Services segment generated net sales of $54.9 million in the second quarter of 2024.

1. Recovery in the Freight and Transportation Market: Wabash National anticipates a gradual recovery in the broader freight and transportation industry, with cautious optimism for a return to growth in 2026. This recovery is expected to be supported by replacement needs for equipment and improving freight conditions, following a period of soft demand and delayed customer capital spending.
2. Growth in Parts & Services Segment: The Parts & Services segment is consistently highlighted as a key driver for long-term stability and growth. Wabash National has reported year-over-year and sequential revenue growth in this segment, even amidst challenging market conditions. The company views this as a strategic initiative to generate recurring revenue and achieve higher margins, with expectations for accelerated growth.
3. Expansion of Trailers as a Service (TaaS) Program: Wabash is investing in and expanding its "Trailers as a Service" (TaaS) program. This business model innovation aims to extend Wabash's manufacturing and distribution leadership and is expected to be a source of revenue generation. The company has made capital investments in TaaS and anticipates at least 1,000 units in 2024.
4. Growth in Upfit Business and Truck Bodies: Despite recent softness in the truck body market, Wabash National is strategically expanding its Upfit business. This includes opening new upfit centers in key markets, with plans to exceed 2,000 units in 2025 and over 2,500 updated truck bodies in 2026. This expansion sets the stage for continued growth in this area.
5. New Product Offerings and Customer-Centric Solutions (First to Final Mile): Wabash is focusing on delivering a "First to Final Mile" portfolio of solutions. Strategic growth initiatives are targeting areas such as cold chain, and addressing e-commerce and logistics disruption. This involves bringing new and refreshed product offerings to market to meet evolving customer needs and capture significant market opportunities.

Share Repurchases

• Wabash National's Board of Directors authorized an additional $150 million share repurchase in February 2024, bringing the total outstanding authorization to approximately $180 million.
• The company repurchased $13.7 million in shares during Q1 2025 and $10.4 million in Q2 2025.
• Wabash National expects to complete $70 million to $80 million in share repurchases in 2024 and $50 million to $60 million in 2025.

Capital Expenditures

• In Q1 2025, Wabash National directed $9 million to traditional capital expenditures and invested $20.1 million in revenue-generating assets to support its "Trailers as a Service" (TaaS) initiative.
• For the full year 2025, the company's traditional capital investment is guided to be between $25 million and $30 million, alongside an approximate $40 million investment specifically for the Trailers as a Service initiative.
• Capital expenditure efforts are primarily focused on developing and expanding the TaaS initiative, which includes opening new upfit centers to enhance its service and truck body upfitting capabilities across the Midwest and other strategic markets.