Workhorse Group Financials
This page shows Workhorse Group (WKHS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Workhorse’s recent recovery is mainly a financing-and-inventory story, with higher sales narrowing losses without yet creating self-funded operations.
Liquidity looked repaired as the current ratio moved from 0.4x in FY2024 to 1.5x in FY2025. But that cushion was not mostly cash: inventory ended FY2025 at$39.1M while cash was only$12.9M , so the improved working-capital picture still depends heavily on turning stock into sales.
FY2025 revenue reached
External capital was still doing much of the balancing work: FY2025 financing inflow of
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Workhorse Group's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Workhorse Group has an operating margin of -223.7%, meaning the company retains $-224 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -586.7% the prior year.
Workhorse Group's revenue surged 201.1% year-over-year to $21.2M, reflecting rapid business expansion. This strong growth earns a score of 79/100.
Workhorse Group carries a low D/E ratio of 1.74, meaning only $1.74 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 67/100, indicating a strong balance sheet with room for future borrowing.
Workhorse Group's current ratio of 1.54 is below the typical benchmark, resulting in a score of 26/100. This tight liquidity could limit financial flexibility if cash inflows slow.
While Workhorse Group generated -$35.6M in operating cash flow, capex of $603K consumed most of it, leaving -$36.2M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Workhorse Group generates a -148.9% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100.
Workhorse Group passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Workhorse Group generates $0.55 in operating cash flow (-$35.6M OCF vs -$64.1M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
Workhorse Group generated $21.2M in revenue in fiscal year 2025. This represents an increase of 201.1% from the prior year.
Workhorse Group's EBITDA was -$46.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 14.0% from the prior year.
Workhorse Group reported -$64.1M in net income in fiscal year 2025. This represents a decrease of 24.2% from the prior year.
Workhorse Group earned $-6.76 per diluted share (EPS) in fiscal year 2025. This represents an increase of 28.3% from the prior year.
Cash & Balance Sheet
Workhorse Group generated -$36.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 15.7% from the prior year.
Workhorse Group held $12.9M in cash against $0 in long-term debt as of fiscal year 2025.
Workhorse Group had 10M shares outstanding in fiscal year 2025. This represents a decrease of 76.3% from the prior year.
Margins & Returns
Workhorse Group's gross margin was -45.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 42.2 percentage points from the prior year.
Workhorse Group's operating margin was -223.7% in fiscal year 2025, reflecting core business profitability. This is up 363.1 percentage points from the prior year.
Workhorse Group's net profit margin was -302.1% in fiscal year 2025, showing the share of revenue converted to profit. This is up 430.2 percentage points from the prior year.
Workhorse Group's ROE was -148.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Capital Allocation
Workhorse Group invested $13.2M in research and development in fiscal year 2025. This represents an increase of 2.1% from the prior year.
Workhorse Group invested $603K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 87.3% from the prior year.
WKHS Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $12.5M+424.8% | $2.4M-57.9% | $5.7M+784.6% | $641K-72.8% | $2.4M-6.3% | $2.5M+197.9% | $842K-37.1% | $1.3M |
| Cost of Revenue | $2.5M-75.7% | $10.1M-22.7% | $13.1M+152.7% | $5.2M+163.0% | -$8.2M-223.4% | $6.6M-9.0% | $7.3M-1.9% | $7.4M |
| Gross Profit | $10.1M+230.5% | -$7.7M-4.4% | -$7.4M-63.2% | -$4.5M-142.9% | $10.5M+355.3% | -$4.1M+36.0% | -$6.5M-5.8% | -$6.1M |
| R&D Expenses | $9.3M+763.9% | $1.1M-13.5% | $1.2M-18.5% | $1.5M-69.8% | $5.1M+118.6% | $2.3M+16.1% | $2.0M-43.5% | $3.5M |
| SG&A Expenses | $4.3M-44.4% | $7.8M+33.0% | $5.8M-13.8% | $6.8M+138.0% | -$17.8M-331.0% | $7.7M-36.0% | $12.1M-14.4% | $14.1M |
| Operating Income | -$3.6M+78.4% | -$16.6M-14.4% | -$14.5M-12.7% | -$12.8M-175.1% | $17.1M+220.6% | -$14.2M+30.9% | -$20.5M+13.5% | -$23.7M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -$5.4M |
| Income Tax | $4K | $0 | $0 | $0-100.0% | $1K | $0 | $0 | $0 |
| Net Income | -$20.8M-166.1% | -$7.8M+47.0% | -$14.8M+28.4% | -$20.6M-171.1% | $29.0M+215.5% | -$25.1M+4.5% | -$26.3M+9.7% | -$29.2M |
| EPS (Diluted) | N/A | $-0.50+70.1% | $-1.67+64.3% | $-4.68 | N/A | $-19.00-8.9% | $-17.45 | $-24.09 |
WKHS Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $117.9M+1.0% | $116.7M+17.6% | $99.3M-14.1% | $115.5M+208.7% | $37.4M-63.1% | $101.4M-3.8% | $105.4M-7.5% | $113.9M |
| Current Assets | $59.8M-18.0% | $73.0M+14.6% | $63.7M-17.9% | $77.5M+126.9% | $34.2M-40.5% | $57.5M-3.4% | $59.5M-9.4% | $65.6M |
| Cash & Equivalents | $12.9M+1.5% | $12.7M+480.9% | $2.2M-17.2% | $2.6M-60.1% | $6.6M+104.3% | $3.2M-38.9% | $5.3M-21.1% | $6.7M |
| Inventory | $39.1M+30.2% | $30.0M-8.4% | $32.8M-20.7% | $41.3M+93.0% | $21.4M-50.4% | $43.2M-7.1% | $46.5M-6.7% | $49.9M |
| Accounts Receivable | $3.9M+237.6% | $1.2M-51.4% | $2.4M+8592.2% | $27K-99.2% | $3.6M+425.9% | $683K-10.2% | $761K-57.0% | $1.8M |
| Goodwill | $3.1M | N/A | N/A | N/A | $0 | N/A | N/A | N/A |
| Total Liabilities | $74.8M-11.6% | $84.7M+10.1% | $76.9M-8.5% | $84.1M+7.5% | $78.2M+44.5% | $54.2M+15.9% | $46.7M+0.6% | $46.4M |
| Current Liabilities | $38.9M-35.7% | $60.4M-17.8% | $73.5M-8.6% | $80.4M+4.5% | $76.9M+55.1% | $49.6M+19.0% | $41.7M+0.7% | $41.4M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $43.0M+34.2% | $32.1M+43.5% | $22.3M-28.8% | $31.4M+176.9% | -$40.8M-186.4% | $47.3M-19.4% | $58.6M-13.0% | $67.4M |
| Retained Earnings | -$319.0M+64.4% | -$896.6M-0.9% | -$888.8M-1.7% | -$874.0M-242.8% | -$254.9M+69.4% | -$832.2M-3.1% | -$807.0M-3.4% | -$780.7M |
WKHS Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$10.5M+4.1% | -$11.0M-87.1% | -$5.9M+28.0% | -$8.2M-515.6% | $2.0M+119.5% | -$10.1M+16.9% | -$12.1M+32.6% | -$18.0M |
| Capital Expenditures | $603K | $0+100.0% | -$18K-200.0% | $18K-97.6% | $733K+173.5% | $268K-63.4% | $734K-75.8% | $3.0M |
| Free Cash Flow | -$11.1M-1.4% | -$11.0M-86.5% | -$5.9M+27.9% | -$8.2M-765.2% | $1.2M+111.9% | -$10.3M+19.6% | -$12.8M+38.9% | -$21.0M |
| Investing Cash Flow | -$9.6M-149.5% | $19.5M+108877.1% | $18K+200.0% | -$18K+97.6% | -$733K-173.5% | -$268K+63.4% | -$734K+75.8% | -$3.0M |
| Financing Cash Flow | -$7.1M-241.7% | $5.0M+30736.5% | -$16K-100.0% | $34.1M+1.1% | $33.7M+308.7% | $8.3M-27.7% | $11.4M+240.4% | -$8.1M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
WKHS Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 80.4%+403.5pp | -323.2%-193.0pp | -130.2%+575.6pp | -705.8%-1154.2pp | 448.4%+613.1pp | -164.7%+602.0pp | -766.7%-311.0pp | -455.7% |
| Operating Margin | -28.6%+665.6pp | -694.2%-438.9pp | -255.3%+1747.6pp | -2002.9%-2729.0pp | 726.2%+1290.7pp | -564.5%+1871.0pp | -2435.6%-664.0pp | -1771.6% |
| Net Margin | -166.5%+161.7pp | -328.2%-67.5pp | -260.7%+2960.3pp | -3221.0%-4454.7pp | 1233.7%+2235.2pp | -1001.5%+2122.7pp | -3124.3%-947.3pp | -2177.0% |
| Return on Equity | -48.4%-24.0pp | -24.4%+41.7pp | -66.1%-0.4pp | -65.8% | N/A | -53.2%-8.3pp | -44.9%-1.7pp | -43.2% |
| Return on Assets | -17.7%-11.0pp | -6.7%+8.2pp | -14.9%+3.0pp | -17.9%-95.5pp | 77.6%+102.4pp | -24.8%+0.2pp | -25.0%+0.6pp | -25.6% |
| Current Ratio | 1.54+0.3 | 1.21+0.3 | 0.87-0.1 | 0.96+0.5 | 0.44-0.7 | 1.16-0.3 | 1.43-0.2 | 1.59 |
| Debt-to-Equity | 1.74-0.9 | 2.64-0.8 | 3.44+0.8 | 2.68+4.6 | -1.92-3.1 | 1.15+0.3 | 0.80+0.1 | 0.69 |
| FCF Margin | -89.0%+371.7pp | -460.7%-356.8pp | -103.9%+1171.0pp | -1275.0%-1327.2pp | 52.2%+463.4pp | -411.2%+1112.2pp | -1523.4%+43.8pp | -1567.2% |
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Frequently Asked Questions
What is Workhorse Group's annual revenue?
Workhorse Group (WKHS) reported $21.2M in total revenue for fiscal year 2025. This represents a 201.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Workhorse Group's revenue growing?
Workhorse Group (WKHS) revenue grew by 201.1% year-over-year, from $7.0M to $21.2M in fiscal year 2025.
Is Workhorse Group profitable?
No, Workhorse Group (WKHS) reported a net income of -$64.1M in fiscal year 2025, with a net profit margin of -302.1%.
What is Workhorse Group's EBITDA?
Workhorse Group (WKHS) had EBITDA of -$46.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Workhorse Group's gross margin?
Workhorse Group (WKHS) had a gross margin of -45.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Workhorse Group's operating margin?
Workhorse Group (WKHS) had an operating margin of -223.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Workhorse Group's net profit margin?
Workhorse Group (WKHS) had a net profit margin of -302.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Workhorse Group's return on equity (ROE)?
Workhorse Group (WKHS) has a return on equity of -148.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Workhorse Group's free cash flow?
Workhorse Group (WKHS) generated -$36.2M in free cash flow during fiscal year 2025. This represents a 15.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Workhorse Group's operating cash flow?
Workhorse Group (WKHS) generated -$35.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Workhorse Group's total assets?
Workhorse Group (WKHS) had $117.9M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Workhorse Group's capital expenditures?
Workhorse Group (WKHS) invested $603K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Workhorse Group spend on research and development?
Workhorse Group (WKHS) invested $13.2M in research and development during fiscal year 2025.
What is Workhorse Group's current ratio?
Workhorse Group (WKHS) had a current ratio of 1.54 as of fiscal year 2025, which is generally considered healthy.
What is Workhorse Group's debt-to-equity ratio?
Workhorse Group (WKHS) had a debt-to-equity ratio of 1.74 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Workhorse Group's return on assets (ROA)?
Workhorse Group (WKHS) had a return on assets of -54.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Workhorse Group's cash runway?
Based on fiscal year 2025 data, Workhorse Group (WKHS) had $12.9M in cash against an annual operating cash burn of $35.6M. This gives an estimated cash runway of approximately 4 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Workhorse Group's Piotroski F-Score?
Workhorse Group (WKHS) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Workhorse Group's earnings high quality?
Workhorse Group (WKHS) has an earnings quality ratio of 0.55x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Workhorse Group?
Workhorse Group (WKHS) scores 29 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.