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NASDAQ · MOTOR VEHICLES & PASSENGER CAR BODIES · SMALL CAP

Workhorse Group Inc. WKHS

18 fiscal years on record · USD · FY2025 reported · SEC filings only
$21.2M
▲ 201.1% YoY
$-64.1M
$-36.2M

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

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. We are an American-based Original Equipment Manufacturer (“OEM”), and our products are marketed under the Workhorse® and Motiv® brands. On December 15, 2025 (the “Closing Date”), we completed our merger with Motiv Power Systems, Inc. (“Motiv”), pursuant to which Motiv became our indirect, wholly owned subsidiary (the “Merger”).

Written from the business description in Workhorse Group Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 31 March 2026. Every sentence was checked against that document before publication.

Growth

USD 21.2M
Revenue, FY2025 · full 18-year series below
Revenue $M Net income $M
FY2025 · Revenue 21.2 · Net income -64.1
25.0M50.0M-150.0M-300.0M
2008201120142017202020232025
Compound annual growth
+61.6%
+72.4%
+65.2%
+39.7%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +72.4% a year over the five years to FY2025.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

−302 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -223.7% · Net -302.1%
10000%20000%-2000%-4000%-6000%
200820162025
ROE
FY2022 · ROE -82.8%
-500%-1000%
200820162025
Three returns, three denominators.
Return on equityNot applicable: equity was zero or negative in this period, so return on equity has no meaning.
Return on capital employedNot applicable: capital employed was zero or negative in this period, so return on capital employed has no meaning.
Gross margin-45.0%
Operating margin-223.7%
Net margin-302.1%
EBITDAUSD -46.2M

Cash & shareholders

·
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF -36.2
-50M-100M
200820162025

Total assetsUSD 117.9M
EquityUSD 43.0M
CashUSD 12.9M
Gross debtUSD 15.4M
Net debtUSD 2.5M
Current ratio1.54×

Net debt stands at 6% of equity.

The 18-year record

18 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative—not applicable◌not available in our data
WKHS, 18-year financial record
Metric 202520242023202220212020201920182017201620152014201320122011201020092008
Revenue $B0.00.00.00.0−0.00.00.00.00.00.00.00.00.00.00.00.0◌◌
Operating income $B−0.0−0.0−0.1−0.1−0.2−0.0−0.0−0.0◌◌◌◌◌◌◌◌◌◌
EBITDA $B−0.0−0.0−0.1−0.1−0.2−0.0−0.0−0.0◌◌◌◌◌◌◌◌◌◌
Income tax $B0.00.0−0.00.0−0.00.00.00.0◌◌◌◌◌◌◌◌◌◌
Net income $B−0.1−0.1−0.1−0.1−0.40.1−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0
Free cash flow $B−0.0−0.0−0.1−0.1−0.1−0.1−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0◌◌
EPS, diluted $−6.76−9.43−149.45−0.74−3.120.70−0.58◌−1.06−0.78−0.55−0.49−0.08−0.10−0.26−0.23◌◌
Dividend / sh $◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌
Payout % — not applicable: no dividend——————————————————
ROE %———−82.8−140.8———−1124.8—————————
Shares out B0.010.000.000.170.150.120.070.060.040.030.020.150.080.060.040.03◌◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

More in this sector

Other companies filing in the same sector

Provenance

Company facts, as filed

How we verify · 0 failures · 1 divergence in 74 reconciliationsAUDITED

Reconciled in 17 of the 18 fiscal years we could check. 1 of those reconciliations are divergences — the figures exist but don't fit the formula this check expects; that isn't the same as an error. Nine checks were skipped: cost of revenue is not tagged before 2016. Six checks were skipped: the balance sheet is not tagged before 2010. Four checks were skipped: the share count is not tagged before 2011.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures1 divergent
ActivityMotor Vehicles & Passenger Car Bodies
Listed onNASDAQ
Incorporated inNevada
Fiscal year endsDecember 31
SEC categorysmaller reporting company
Data on record since2008

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