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WKHS

Workhorse Group Inc.

WKHS

Workhorse Group Inc. • NASDAQ
$0.89 ▲ 2.28% (+0.02)
Market Cap $7.31 M
52w High $15.75
52w Low $0.53
Dividend Yield 0%
P/E 0.14
Volume 770.42K
Outstanding Shares 8.23M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.385M ▼ $8.848M ▲ $-7.828M ▲ -328.214% ▼ $-0.5 ▲ $-5.875M ▲
Q2-2025 $5.669M ▲ $7.091M ▼ $-14.781M ▲ -260.712% ▲ $-1.675 ▲ $-12.654M ▼
Q1-2025 $640.922K ▼ $8.313M ▼ $-20.644M ▲ -3.221K% ▼ $-4.682 ▲ $-10.854M ▲
Q4-2024 $1.925M ▼ $9.943M ▼ $-21.179M ▲ -1.1K% ▼ $-10.755 ▲ $-13.525M ▼
Q3-2024 $2.51M $10.035M $-25.136M -1.002K% $-12.278 $-12.228M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $12.726M ▲ $116.735M ▲ $84.665M ▲ $32.07M ▲
Q2-2025 $2.191M ▼ $99.254M ▼ $76.907M ▼ $22.347M ▼
Q1-2025 $2.645M ▼ $115.484M ▲ $84.092M ▲ $31.392M ▼
Q4-2024 $4.12M ▲ $93.841M ▼ $49.553M ▼ $44.288M ▼
Q3-2024 $3.245M $101.413M $54.155M $47.258M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-7.828M ▲ $-10.987M ▼ $19.47M ▲ $5M ▲ $13.483M ▲ $-10.987M ▼
Q2-2025 $-14.781M ▲ $-5.874M ▲ $17.866K ▲ $-16.32K ▼ $-5.872M ▼ $-5.856M ▲
Q1-2025 $-20.644M ▲ $-8.154M ▼ $-17.866K ▲ $34.118M ▲ $25.946M ▲ $-8.171M ▼
Q4-2024 $-21.179M ▲ $-7.474M ▲ $-36.728K ▲ $8.911M ▲ $1.4M ▲ $-7.511M ▲
Q3-2024 $-25.136M $-10.052M $-268.212K $8.257M $-2.064M $-10.321M

Revenue by Products

Product Q3-2023Q1-2024Q2-2024Q3-2024
Other Revenues
Other Revenues
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Workhorse’s income statement looks like that of a company still in the very early stages of commercialization. Revenue over the last several years has been extremely small, while production and operating costs have been much higher, leading to ongoing losses at the gross profit, operating income, and net income levels. There was a one‑off profitable year earlier in the period, but the longer‑term pattern is one of persistent losses rather than a steady profit engine. Losses have narrowed somewhat from the worst point, but they are still large compared with the small amount of sales being generated. Overall, the business remains firmly in “build and scale” mode, not in “steady earnings” mode.

Balance Sheet

Balance Sheet The balance sheet shows a company with a relatively small asset base and a shrinking financial cushion. Cash levels rose a few years ago but have since come down, and total assets and shareholders’ equity have been trending lower. Debt is present but not very large; the bigger concern is that the company’s equity base and cash resources are thin relative to its ongoing losses. Multiple reverse stock splits over time are another sign that Workhorse has relied heavily on the equity markets to stay funded. In simple terms, the balance sheet is light and leaves less room for long stretches of missteps or delays in scaling the business.

Cash Flow

Cash Flow Cash flow figures underline that the core business is not yet self‑sustaining. Workhorse has consistently used cash in its operations, reflecting the gap between limited revenue and substantial costs. Free cash flow has been negative each year, even though spending on equipment and facilities has not been especially high, which means the burn is driven mostly by operating expenses rather than heavy investment alone. This pattern implies continued reliance on raising new capital—through issuing shares, taking on debt, or forming strategic partnerships—to fund operations until meaningful sales and better margins materialize.

Competitive Edge

Competitive Edge Competitively, Workhorse is a very small player in a crowded commercial electric vehicle landscape dominated by large automakers and well‑funded newcomers. Its strategy is to compete not on size but on specialization: purpose‑built electric delivery trucks for last‑mile use, bundled with telematics, services, and, historically, drone technology. This focus on a defined niche and integrated solutions can be a differentiator, especially for fleet customers that want a turnkey electrification partner. The planned merger with Motiv Electric Trucks, if completed and well integrated, could strengthen its standing by broadening the product lineup and customer relationships. However, Workhorse still faces intense competition, execution risk, and the challenge of proving its reliability and service network to large fleets that are often conservative in their supplier choices.

Innovation and R&D

Innovation and R&D On the innovation side, Workhorse is ambitious. Its W56 platform is designed specifically for delivery work rather than being a converted traditional truck, which can offer advantages in range, cargo space, and operating costs. The company has also invested in telematics and connected‑vehicle data, aiming to help fleets optimize routes, charging, and maintenance. Its earlier drone delivery system and patents, along with the shift to a “drones‑as‑a‑service” model, show a willingness to experiment beyond pure truck manufacturing. The “Stables by Workhorse” concept—providing charging, maintenance, and fleet services as a package—adds another layer of potential recurring revenue and customer stickiness. The main tension is that all of this innovation requires ongoing spending, while financial resources are limited, so the company must prioritize carefully and execute efficiently to turn technical strengths into commercial traction.

Summary

Workhorse today looks like a technically creative but financially strained early‑stage manufacturer. The company has interesting, differentiated offerings for last‑mile delivery, an integrated service model, and a potentially strengthening position through its merger with Motiv. At the same time, its historical financials show minimal revenue, ongoing losses, negative cash flow, and a thinning balance sheet. The story is less about current profitability and more about whether Workhorse can scale production, win and retain sizeable fleet customers, improve margins, and manage its cash burn before its financial flexibility tightens further. The outcome depends heavily on execution of the new truck platforms, successful post‑merger integration, and broader adoption of its “Stables” and telematics‑driven solutions in a very competitive market.

NEWS

November 25, 2025 · 4:05 PM UTC

Workhorse Shareholders Approve Merger with Motiv Electric Trucks

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November 18, 2025 · 10:00 AM UTC

Workhorse Shareholders: The Time to Vote for the Motiv Transaction is NOW

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November 13, 2025 · 10:30 AM UTC

Workhorse Group Reminds Shareholders of Extended Deadline to Vote FOR Motiv Transaction and All Annual Meeting Proposals

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November 12, 2025 · 9:10 AM UTC

Workhorse Group Provides Additional Time To Vote For Motiv Transaction

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November 10, 2025 · 5:30 PM UTC

Workhorse Group Reports Third Quarter 2025 Results

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