NASDAQ : WKHS
Workhorse Group, Inc. — Financial statements
Consumer Discretionary · Auto Manufacturers · United States
Last price 2.95 USD (Oct 30, 2026, 3:52 PM EDT) · Market cap 32.24M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Workhorse Group, Inc. (WKHS) reported revenue of 27.21M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|
| Revenue | 27.21M | 21.21M | 7.04M | 16.88M | 1.39M | 376.56K |
| Cost of Revenue | 49.28M | 30.77M | 13.19M | 29.48M | 13.07M | 5.84M |
| Gross Profit | -22.07M | -9.55M | -6.15M | -12.59M | -11.67M | -5.47M |
| Selling, General & Admin | 26.80M | 18.22M | 16.05M | 16.50M | 20.16M | 10.20M |
| Research & Development | 14.48M | 13.16M | 12.89M | 13.51M | 9.15M | 8.20M |
| Other Operating Expenses | -323.11M | -15.85M | ||||
| Operating Expenses | 41.28M | 31.39M | 28.94M | 30.01M | -293.81M | 2.55M |
| Operating Income | -63.35M | -40.94M | -35.08M | -42.60M | 282.13M | -8.02M |
| Interest Expense | -11.18M | -17.42M | -10.26M | -5.05M | -190.52M | -29.15M |
| Other Non Operating Income (Expenses) | -357.00K | -59.00K | 3.00K | 56.79K | ||
| EBT Excluding Unusual Items | -74.89M | -58.42M | -45.34M | -47.60M | 91.61M | -37.16M |
| Merger & Restructuring Charges | -3.58M | -5.46M | -6.25M | |||
| Gain (Loss) on Sale of Assets | -200.00K | -200.00K | ||||
| Other Unusual Items | 762.09K | |||||
| Pretax Income | -78.67M | -64.08M | -51.59M | -46.84M | 91.61M | -37.16M |
| Income Tax Expense | -30.00K | 4.00K | 1.00K | 800.00 | 21.83M | |
| Net Income | -78.64M | -64.09M | -51.59M | -46.84M | 69.78M | -37.16M |
| Net Income to Common | -78.64M | -64.09M | -51.59M | -46.84M | 69.78M | -37.16M |
| Shares Outstanding (Basic) | 10.03M | 9.47M | 5.47M | |||
| Shares Outstanding (Diluted) | 10.03M | 9.47M | 5.47M | |||
| EPS (Basic) | -7.84 | -6.76 | -9.43 | |||
| EPS (Diluted) | -7.84 | -6.76 | -9.43 | |||
| Free Cash Flow | -55.03M | -36.16M | -42.91M | -42.09M | ||
| Free Cash Flow Per Share | -5.49 | -3.82 | -7.85 | |||
| Gross Margin | -81.12% | -45.05% | -87.25% | -74.59% | ||
| Operating Margin | -232.86% | -193.01% | -498.07% | -252.33% | 20,260.46% | -2,129.03% |
| Profit Margin | -289.04% | -302.14% | -732.37% | -277.41% | 5,010.81% | -9,868.98% |
| Free Cash Flow Margin | -202.28% | -170.46% | -609.24% | -249.25% | ||
| EBITDA | -58.86M | -39.70M | -34.27M | -41.83M | ||
| EBITDA Margin | -216.36% | -187.19% | -247.73% | |||
| D&A For EBITDA | 4.49M | 1.24M | 816.00K | 775.67K | ||
| EBIT | -63.35M | -40.94M | -35.08M | -42.60M | 282.13M | -8.02M |
| EBIT Margin | -232.86% | -193.01% | -252.33% | 20,260.46% | ||
| Effective Tax Rate | 23.83% | |||||
| Advertising Expenses | 800.00K | 1.30M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 9.63M | 12.92M | 6.63M | 4.26M | 46.82M | 23.87M |
| Cash & Short-Term Investments | 9.63M | 12.92M | 6.63M | 4.26M | 46.82M | 23.87M |
| Receivables | 2.28M | 3.89M | 3.59M | 5.11M | 1.04M | 41.02K |
| Inventory | 38.17M | 39.06M | 21.40M | 18.18M | 15.47M | 1.80M |
| Prepaid Expenses | 954.00K | 2.65M | 413.44K | 32.76M | 4.81M | |
| Restricted Cash | 680.00K | 194.41M | 1.00M | |||
| Other Current Assets | 4.77M | 1.30M | 2.55M | 1.60M | ||
| Total Current Assets | 56.49M | 59.82M | 34.17M | 29.55M | 290.49M | 31.52M |
| Property, Plant & Equipment | 39.92M | 44.34M | 3.09M | 3.65M | 11.40M | 6.83M |
| Long-Term Investments | 330.56M | 12.19M | ||||
| Goodwill | 3.23M | 3.13M | ||||
| Other Intangible Assets | 9.90M | 10.18M | 139.13K | |||
| Long-Term Accounts Receivable | 94.70K | 129.18K | ||||
| Other Long-Term Assets | 604.00K | 416.00K | 139.00K | 142.89K | ||
| Total Assets | 110.14M | 117.89M | 37.41M | 33.48M | 632.54M | 50.67M |
| Accounts Payable | 13.93M | 11.63M | 2.07M | 3.09M | 10.79M | 5.09M |
| Accrued Expenses | 5.68M | 7.66M | 2.81M | 4.36M | ||
| Short-Term Debt | 18.25M | 68.36M | 76.28M | 1.41M | ||
| Current Portion of Long-Term Debt | 19.62M | |||||
| Current Portion of Leases | 1.31M | 3.62M | 888.00K | 620.44K | ||
| Current Unearned Revenue | 1.00M | 1.61M | 823.00K | 639.29K | ||
| Other Current Liabilities | 4.11M | 14.33M | 1.96M | 2.39M | 5.40M | 22.34M |
| Total Current Liabilities | 44.29M | 38.85M | 76.92M | 87.37M | 17.60M | 47.04M |
| Long-Term Debt | 35.91M | 15.43M | 197.70M | 38.54M | ||
| Long-Term Leases | 20.65M | 18.78M | 86.00K | 383.21K | ||
| Long-Term Deferred Tax Liabilities | 21.83M | |||||
| Other Long-Term Liabilities | 2.11M | 1.79M | 1.22M | 1.36M | 207.04K | |
| Total Liabilities | 102.96M | 74.85M | 78.23M | 89.12M | 237.34M | 85.59M |
| Common Stock | 11.00K | 10.00K | 9.00K | 776.00 | 395.20M | -34.91M |
| Additional Paid-In Capital | 366.24M | 362.06M | 214.06M | 147.63M | ||
| Retained Earnings | -359.08M | -319.02M | -254.94M | -203.35M | ||
| Total Common Equity | 7.18M | 43.04M | -40.87M | -55.72M | 395.20M | -34.91M |
| Shareholders' Equity | 7.18M | 43.04M | -40.82M | -55.64M | 395.20M | -34.91M |
| Total Liabilities & Equity | 110.14M | 117.89M | 37.41M | 33.48M | 632.54M | 50.67M |
| Total Debt | 76.13M | 37.82M | 69.34M | 77.28M | 199.11M | 58.16M |
| Net Cash (Debt) | -66.50M | -24.90M | -62.71M | -73.03M | -152.29M | -34.29M |
| Net Cash Per Share | -6.63 | -2.63 | -11.47 | |||
| Filing Date Shares Outstanding | 10.93M | 10.45M | 3.84M | 829.17K | ||
| Total Common Shares Outstanding | 10.89M | 9.70M | 3.84M | 829.17K | ||
| Working Capital | 12.20M | 20.97M | -42.74M | -57.82M | 272.90M | -15.52M |
| Book Value Per Share | 0.66 | 4.44 | -10.63 | -67.20 | ||
| Tangible Book Value | -5.95M | 29.73M | -40.87M | -55.86M | 395.20M | -34.91M |
| Tangible Book Value Per Share | -0.55 | 3.06 | -10.63 | -67.37 | ||
| Machinery | 25.92M | 5.18M | 4.80M | |||
| Construction In Progress | 249.00K | 426.00K | 491.63K | |||
| Leasehold Improvements | 420.00K | 389.00K | 389.24K |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|
| Net Income | -78.64M | -64.09M | -51.59M | -46.84M | ||
| Depreciation & Amortization | 4.49M | 1.24M | 816.00K | 1.24M | ||
| Other Amortization | 14.00K | 935.13K | ||||
| Loss (Gain) From Sale of Assets | 255.00K | 232.00K | 6.25M | |||
| Stock-Based Compensation | 466.00K | 678.00K | 555.00K | 846.29K | ||
| Provision & Write-off of Bad Debts | -49.00K | 21.00K | ||||
| Other Operating Activities | 5.86M | 4.18M | 3.83M | 6.12M | ||
| Change in Accounts Receivable | 3.29M | 53.00K | 1.52M | -1.29M | ||
| Change in Inventory | 10.48M | 4.85M | -5.04M | -2.58M | ||
| Change in Accounts Payable | -439.00K | 2.05M | -1.01M | -152.88K | ||
| Change in Unearned Revenue | 266.75K | |||||
| Change in Other Net Operating Assets | -141.00K | 15.24M | 6.51M | 658.92K | ||
| Operating Cash Flow | -54.43M | -35.55M | -38.15M | -40.81M | ||
| Capital Expenditures | -603.00K | -603.00K | -4.76M | -1.28M | ||
| Cash Acquisitions | 10.43M | 10.43M | ||||
| Sale (Purchase) of Intangibles | -126.86K | |||||
| Investing Cash Flow | 9.83M | 9.83M | -4.76M | -1.41M | ||
| Short-Term Debt Issued | 22.00M | 45.00M | 50.00M | |||
| Long-Term Debt Issued | 10.00M | |||||
| Total Debt Issued | 52.25M | 32.00M | 45.00M | 50.00M | ||
| Long-Term Debt Repaid | -2.00K | -9.66M | ||||
| Net Debt Issued (Repaid) | 52.25M | 32.00M | 45.00M | 40.34M | ||
| Issuance of Common Stock | 17.00K | 17.00K | 38.00K | 7.33K | ||
| Financing Cash Flow | 52.27M | 32.02M | 45.29M | 40.35M | ||
| Net Cash Flow | 7.66M | 6.29M | 2.37M | -1.87M | ||
| Free Cash Flow | -55.03M | -36.16M | -42.91M | -42.09M | ||
| Free Cash Flow Margin | -202.28% | -170.46% | -609.24% | -249.25% | ||
| Free Cash Flow Per Share | -5.49 | -3.82 | -7.85 | |||
| Levered Free Cash Flow | -40.50M | -26.95M | -36.77M | |||
| Unlevered Free Cash Flow | -33.51M | -16.06M | -30.37M | |||
| Cash Interest Paid | 722.00K | 705.14K | ||||
| Cash Income Tax Paid | 1.00K | 1.00K | 1.00K | 800.00 | ||
| Change in Working Capital | 13.19M | 22.19M | 1.98M | -3.10M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 32.24M | 53.75M | ||||
| Enterprise Value | 98.74M | 145.47M | ||||
| Last Close Price | 2.95 | 5.09 | ||||
| PS Ratio | 1.19 | 2.53 | ||||
| PB Ratio | 4.48 | 1.25 | ||||
| P/TBV Ratio | 1.81 | |||||
| EV/Sales Ratio | 3.63 | 6.86 | ||||
| Debt / Equity Ratio | 10.61 | 0.88 | -1.70 | -1.39 | 0.50 | -1.67 |
| Net Debt / Equity Ratio | 9.26 | 0.58 | -1.54 | -1.31 | 0.39 | -0.98 |
| Net Debt / EBITDA Ratio | -1.13 | -0.63 | -1.83 | -1.75 | ||
| Net Debt / FCF Ratio | -1.21 | -0.69 | -1.46 | -1.74 | ||
| Asset Turnover | 0.36 | 0.27 | 0.20 | 0.00 | ||
| Inventory Turnover | 1.54 | 1.02 | 0.67 | 1.51 | ||
| Quick Ratio | 0.27 | 0.43 | 0.13 | 0.11 | 2.72 | 0.51 |
| Current Ratio | 1.27 | 1.54 | 0.44 | 0.34 | 16.51 | 0.67 |
| Return on Equity (ROE) | -5,768.32% | 38.73% | ||||
| Return on Assets (ROA) | -53.11% | -32.95% | -61.86% | 51.62% | ||
| Return on Invested Capital (ROIC) | -89.12% | -287.96% | -17.26% | 77.98% | -220.87% | |
| Return on Capital Employed (ROCE) | -96.20% | -51.80% | 88.80% | 79.10% | 45.90% | -220.90% |
| Earnings Yield | -265.83% | -119.22% | ||||
| FCF Yield | -170.70% | -67.26% | ||||
| Buyback Yield / Dilution | -6.07% | -73.28% |