WKHS

MKT CAP:$28M

Workhorse Group Inc.

Market Cap

$28M

Consumer Cyclical·Auto - Manufacturers·🇺🇸 United States·NASDAQ

Consumer Cyc.·Auto·🇺🇸·NASDAQ

Stock Price

$2.66-$2.90 (-52.16%)

Apr 23, 2026

Company Details

Workhorse Group Inc., a technology company, engages in design, manufacture, and sale of zero-emission commercial vehicles in the United States. The company offers electric and range-extended medium-duty delivery trucks under the Workhorse b...

CEO

Scott W. Griffith

IPO Date

Jun 2, 2010

Website

www.workhorse.com

Key Metrics TTM

Revenue

$21M

+220.6% YoY

Net Income

-$64M

EPS (Diluted)

-$9.01

Free Cash Flow

-$36M

Revenue / Share

$2.20

Gross Margin

-45.0%

Operating Margin

-223.7%

Net Margin

-302.1%

FCF Margin

-170.5%

P/S

1.3x

P/E

—

Earnings Reports

FY 2025

Mar 31, 2026

$21M+220.6%EPS -$6.76

Q4 2025

Mar 31, 2026

$13M+550.2%EPS -$2.15

Q3 2025

Nov 10, 2025

$2M-5.0%EPS -$0.50

Q2 2025

Aug 15, 2025

$6M+573.0%EPS -$1.67

Q1 2025

May 15, 2025

$640.9K-52.1%EPS -$4.68

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$14.3K	-$4M	-$20M
Q2 22	$12.6K	-$3M	-$21M
Q3 22	$2M	-$8M	-$49M
Q4 22	$3M	-$18M	-$39M
Q1 23	$2M	-$4M	-$26M
Q2 23	$4M	-$4M	-$24M
Q3 23	$3M	-$4M	-$21M
Q4 23	$4M	-$14M	-$35M
Q1 24	$1M	-$6M	-$24M
Q2 24	$842.4K	-$6M	-$21M
Q3 24	$3M	-$4M	-$14M
Q4 24	$2M	-$6M	-$15M
Q1 25	$640.9K	-$5M	-$13M
Q2 25	$6M	-$7M	-$14M
Q3 25	$2M	-$8M	-$17M
Q4 25	$13M	$10M	-$4M

Valuation

Quarter	P/S	P/E
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	8435.3x	—
Q1 23	5277.1x	—
Q2 23	3007.6x	—
Q3 23	1743.8x	—
Q4 23	1479.4x	—
Q1 24	959.7x	—
Q2 24	446.6x	—
Q3 24	282.3x	—
Q4 24	332.5x	—
Q1 25	32.9x	—
Q2 25	10.8x	—
Q3 25	11.0x	—
Q4 25	2.3x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$31M	-$34M
Q2 22	-$25M	-$27M
Q3 22	-$11M	-$15M
Q4 22	-$28M	-$36M
Q1 23	-$33M	-$38M
Q2 23	-$33M	-$38M
Q3 23	-$30M	-$36M
Q4 23	-$27M	-$30M
Q1 24	-$18M	-$21M
Q2 24	-$12M	-$13M
Q3 24	-$10M	-$10M
Q4 24	-$7M	-$8M
Q1 25	-$8M	-$8M
Q2 25	-$6M	-$6M
Q3 25	-$11M	-$11M
Q4 25	-$11M	-$11M

Capital Expenditures

Quarter	CapEx
Q1 22	$4M
Q2 22	$2M
Q3 22	$4M
Q4 22	$8M
Q1 23	$5M
Q2 23	$5M
Q3 23	$6M
Q4 23	$2M
Q1 24	$3M
Q2 24	$733.6K
Q3 24	$268.2K
Q4 24	$36.7K
Q1 25	$17.9K
Q2 25	$17.9K
Q3 25	$0
Q4 25	$620.9K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-97.3%	+16.9%
Q2 22	-99.0%	-11.9%
Q3 22	+368.6%	+102.1%
Q4 22	+272.4%	-63.9%
Q1 23	+11742.9%	+37.3%
Q2 23	+31492.7%	+30.4%
Q3 23	+95.5%	-52.2%
Q4 23	+27.8%	-7.5%
Q1 24	-20.9%	-8.0%
Q2 24	-78.8%	-22.3%
Q3 24	-17.1%	-30.8%
Q4 24	-56.3%	-56.0%
Q1 25	-52.1%	-46.2%
Q2 25	+573.0%	-5.7%
Q3 25	-5.0%	+13.6%
Q4 25	+550.2%	-7.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$2M	16436.8%
Q2 22	$3M	26223.9%
Q3 22	$3M	192.7%
Q4 22	$0	0.0%
Q1 23	$3M	178.6%
Q2 23	$4M	95.2%
Q3 23	$4M	116.2%
Q4 23	$0	0.0%
Q1 24	$3M	251.6%
Q2 24	$3M	343.8%
Q3 24	$0	0.0%
Q4 24	$2M	96.3%
Q1 25	$751.4K	117.2%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	-$890.8K	-7.1%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 22	$4M	—	—	—
Q2 22	$5M	—	—	—
Q3 22	$6M	—	—	—
Q4 22	$8M	$13M	$1M	—
Q1 23	$7M	—	—	—
Q2 23	$5M	—	—	—
Q3 23	$6M	—	—	—
Q4 23	$6M	$13M	$1M	—
Q1 24	$4M	—	—	—
Q2 24	$2M	—	—	—
Q3 24	$2M	—	—	$8M
Q4 24	$1M	$8M	$900.0K	—
Q1 25	$2M	—	—	—
Q2 25	$1M	—	—	—
Q3 25	$1M	—	—	—
Q4 25	$4M	—	—	$11M

Revenue Segments

Quarter

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$167M	$0	$167M
Q2 22	$140M	$0	$140M
Q3 22	$120M	$0	$120M
Q4 22	$99M	$0	$99M
Q1 23	$79M	$0	$79M
Q2 23	$62M	$0	$62M
Q3 23	$39M	$0	$39M
Q4 23	$26M	$0	$26M
Q1 24	$7M	$0	$7M
Q2 24	$5M	$0	$5M
Q3 24	$3M	$0	$3M
Q4 24	$4M	$0	$4M
Q1 25	$3M	$0	$3M
Q2 25	$2M	$0	$2M
Q3 25	$13M	$0	$13M
Q4 25	$13M	$0	$13M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	608K	+0.0%	+23.9%
Q2 22	636K	+4.7%	+28.9%
Q3 22	641K	+0.7%	+29.6%
Q4 22	652K	+1.7%	+7.2%
Q1 23	669K	+2.6%	+10.0%
Q2 23	743K	+11.1%	+16.7%
Q3 23	864K	+16.3%	+34.7%
Q4 23	1M	+32.5%	+75.6%
Q1 24	1M	+5.8%	+81.0%
Q2 24	2M	+24.6%	+103.1%
Q3 24	2M	+35.7%	+137.1%
Q4 24	2M	-3.8%	+72.2%
Q1 25	4M	+123.9%	+264.3%
Q2 25	9M	+100.2%	+485.2%
Q3 25	16M	+76.0%	+659.0%
Q4 25	10M	-38.0%	+389.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$65	221
Q2 22	$57	221
Q3 22	$7.0K	221
Q4 22	$10.4K	331
Q1 23	$5.1K	331
Q2 23	$12.0K	331
Q3 23	$9.1K	331
Q4 23	$14.8K	298
Q1 24	$4.5K	298
Q2 24	$2.8K	298
Q3 24	$8.4K	298
Q4 24	$13.5K	143
Q1 25	$4.5K	143
Q2 25	$39.6K	143
Q3 25	$16.7K	143
Q4 25	$84.6K	148

Revenue / Employee