Workhorse Group Inc. WKHS
Workhorse Group Inc. ("Workhorse", the "Company", "we", "us", or "our") is a North American manufacturer of medium-duty electric trucks and buses. Our primary focus is to provide sustainable and cost-effective solutions to the commercial transportation sector. We design and manufacture all-electric vehicles, including the technology that optimizes the way that these vehicles operate. The company's best-in-class vehicles are designed for last-mile delivery, medium-duty operations, and a growing range of specialized applications.
We are an American-based Original Equipment Manufacturer ("OEM"), and our products are marketed under the Workhorse® and Motiv® brands. Our vehicles are assembled in our Union City, IN production facility, or by contract manufacturers, using domestic and globally-sourced components.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $21.2M | $7.0M | $13.1M | $5.0M | -$851.9K | $1.4M | $376.6K | $763.2K | $10.0M | $6.4M |
| Cost of revenue | $30.8M | $13.2M | $38.4M | $37.7M | $132.5M | $13.1M | $5.8M | $8.0M | $24.4M | $13.6M |
| Gross profit | -$9.6M | -$6.1M | -$25.3M | -$32.6M | -$133.3M | -$11.7M | -$5.5M | -$15.2M | -$14.5M | -$7.2M |
| R&D | $13.2M | $12.9M | $24.5M | $23.2M | $11.6M | $9.1M | $8.2M | $7.4M | $17.7M | $6.1M |
| SG&A | $24.7M | $16.0M | $55.6M | $73.2M | $40.2M | $20.2M | $10.2M | $11.5M | $8.8M | $6.2M |
| Total operating expenses | $37.9M | $35.2M | $80.0M | $96.4M | $51.8M | $29.3M | $18.4M | $18.9M | $26.6M | $12.3M |
| Operating income | -$47.4M | -$41.3M | -$105.3M | -$129.1M | -$185.1M | -$41.0M | -$23.9M | -$34.1M | — | — |
| Interest expense | — | — | $8.7M | $1.8M | $12.6M | $190.5M | $29.1M | $2.4M | $180.4K | $44.0K |
| Pre-tax income | -$64.1M | -$51.6M | -$124.0M | -$117.3M | -$423.2M | $91.6M | -$37.2M | -$36.5M | — | — |
| Income tax | $4.0K | $1.0K | $110.5K | $0 | $21.8M | $21.8M | $0 | $0 | — | — |
| Net income | -$64.1M | -$51.6M | -$123.9M | -$117.3M | -$401.3M | $69.8M | -$37.2M | -$36.5M | -$41.2M | -$19.6M |
| EPS, basic | -6.76 | -9.43 | -149.45 | -0.74 | -3.12 | 0.75 | -0.58 | — | — | — |
| EPS, diluted | -6.76 | -9.43 | -149.45 | -0.74 | -3.12 | 0.70 | -0.58 | — | -1.06 | -0.78 |
| Shares, diluted (wtd. avg.) | 9.5M | 5.5M | 829,173 | 158.6M | 128.7M | 99.9M | 64.3M | 50.4M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $12.9M | $6.6M | $4.3M | $99.3M | $201.6M | $241.2M | $24.9M | $1.5M | $4.1M | $469.6K |
| Receivables | $3.9M | $3.6M | $2.3M | $2.1M | $149.8K | $1.0M | $7.9K | $0 | $1.0M | $628.7K |
| Inventory | $39.1M | $21.4M | $45.4M | $8.9M | $10.1M | $15.5M | $1.8M | $2.5M | $4.6M | $2.5M |
| Total current assets | $59.8M | $34.2M | $93.8M | $139.4M | $216.2M | $290.5M | $31.5M | $6.4M | $10.7M | $3.9M |
| Property, plant and equipment | $22.5M | $2.1M | $37.9M | $21.5M | $7.9M | $11.4M | $6.8M | $5.2M | $5.6M | $6.0M |
| Goodwill | $3.1M | $0 | $0 | — | — | — | — | — | — | — |
| Other intangibles | $10.2M | $0 | — | — | — | — | — | — | — | — |
| Total assets | $117.9M | $37.4M | $141.7M | $182.7M | $228.1M | $632.5M | $50.7M | $11.8M | $16.5M | $10.2M |
| Accounts payable | $11.6M | $2.1M | $12.5M | $10.2M | $7.8M | $4.8M | $1.7M | $4.3M | $5.7M | $3.1M |
| Short-term debt | $15.4M | $68.4M | $76.3M | — | $0 | $1.4M | $0 | $0 | $381.5K | $79.5K |
| Total current liabilities | $38.9M | $76.9M | $53.3M | $63.3M | $27.6M | $17.6M | $47.0M | $18.9M | $6.5M | $4.3M |
| Long-term debt | — | — | — | — | — | — | $19.4M | $8.3M | $1.7M | $2.1M |
| Total liabilities | $74.8M | $78.2M | $58.6M | $74.2M | $53.4M | $237.3M | $85.6M | — | — | — |
| Retained earnings | -$319.0M | -$254.9M | -$751.6M | -$627.6M | -$510.4M | -$109.0M | -$178.8M | -$141.6M | -$104.3M | -$63.1M |
| Total equity | $43.0M | -$40.8M | -$55.6M | $108.6M | $174.7M | $395.2M | -$34.9M | -$15.4M | $3.5M | $3.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$35.6M | -$38.2M | -$123.0M | -$93.8M | -$132.6M | -$70.3M | -$36.9M | -$21.8M | -$38.7M | -$19.0M |
| Depreciation and amortisation | $1.2M | $816.0K | $4.1M | $1.9M | $1.9M | $809.6K | $388.4K | $348.3K | $550.0K | $381.8K |
| Stock-based compensation | $678.0K | $555.0K | $13.4M | $11.5M | $4.9M | $4.0M | $2.0M | $1.1M | $1.4M | $799.6K |
| Capital expenditure | $603.0K | $4.8M | $18.7M | $17.5M | $5.3M | $5.7M | $2.0M | $23.2K | $143.4K | $528.1K |
| Investing cash flow | $9.8M | -$4.8M | -$18.7M | -$20.0M | $99.8M | -$5.7M | $1.7M | -$18.4K | -$143.4K | -$528.1K |
| Financing cash flow | $32.0M | $45.3M | $78.3M | $11.5M | -$6.8M | $292.4M | $58.6M | $19.2M | $42.4M | $12.4M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-022246.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.4M | $10.0M | $763.2K | $376.6K | $1.4M | -$851.9K | $5.0M | $13.1M | $7.0M | $21.2M |
| Gross profit | -$7.2M | -$14.5M | -$15.2M | -$5.5M | -$11.7M | -$133.3M | -$32.6M | -$25.3M | -$6.1M | -$9.6M |
| Net income | -$19.6M | -$41.2M | -$36.5M | -$37.2M | $69.8M | -$401.3M | -$117.3M | -$123.9M | -$51.6M | -$64.1M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Officer or director change Item 5.02
- Officer or director change Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Material agreement signed Item 1.01
- New debt or obligation Item 2.03
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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