WKHS · Workhorse Group Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.33M | - | $2.38M | $5.67M | $640.9K | - | $2.51M | $842.4K | $1.34M | - |
| Cost of Revenue | $11.81M | - | $10.09M | $13.05M | $5.16M | - | $6.64M | $7.30M | $7.44M | - |
| Gross Profit | ($7.48M) | - | ($7.71M) | ($7.38M) | ($4.52M) | - | ($4.13M) | ($6.46M) | ($6.10M) | - |
| R&D | $4.07M | - | $1.08M | $1.25M | $1.53M | - | $2.31M | $1.99M | $3.53M | - |
| SG&A | $9.54M | - | $7.77M | $5.84M | $6.78M | - | $7.72M | $12.07M | $14.10M | - |
| Total Operating Expenses | $13.61M | - | $8.85M | $7.09M | $8.31M | - | $10.04M | $14.06M | $17.62M | - |
| D&A | $2.02M | - | - | - | $1.98M | - | - | - | $1.96M | - |
| Operating Income | ($21.10M) | - | ($16.56M) | ($14.47M) | ($12.84M) | - | ($14.17M) | ($20.52M) | ($23.73M) | - |
| Interest Expense | - | - | - | - | - | - | - | - | - | - |
| Income Tax | ($34.0K) | - | $0 | $0 | $0 | - | $0 | $0 | $0 | - |
| Net Income | ($19.88M) | - | ($7.83M) | ($14.78M) | ($20.64M) | - | ($25.14M) | ($26.32M) | ($29.16M) | - |
| EPS - Basic | ($1.99) | - | ($6.00) | ($20.04) | ($56.16) | - | ($147.00) | ($210.00) | ($300.00) | - |
| EPS - Diluted | ($1.99) | - | ($6.00) | ($20.04) | ($56.16) | - | ($147.00) | ($210.00) | ($300.00) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $600.0K | $12.92M | $12.73M | $2.19M | $2.64M | $4.12M | $3.24M | $5.31M | $6.73M | $25.85M |
| Accounts Receivable | $3.42M | $3.89M | $1.15M | $2.37M | $27.3K | $537.5K | $682.7K | $760.5K | $1.77M | $4.47M |
| Inventory | $37.27M | $39.06M | $30.00M | $32.76M | $41.31M | $41.84M | $43.19M | $46.50M | $49.85M | $45.41M |
| Accounts Payable | $13.46M | $11.63M | $11.23M | $10.82M | $11.09M | $11.51M | $10.57M | $10.50M | $14.23M | $12.46M |
| Current Assets | $47.03M | $59.82M | $72.96M | $63.69M | $77.54M | $53.43M | $57.47M | $59.47M | $65.64M | $93.83M |
| Total Assets | $102.74M | $117.89M | $116.74M | $99.25M | $115.48M | $93.84M | $101.41M | $105.38M | $113.87M | $141.67M |
| Current Liabilities | $38.30M | $38.85M | $60.43M | $73.48M | $80.39M | $45.24M | $49.60M | $41.69M | $41.40M | $53.28M |
| Long-term Debt | $15.68M | - | - | - | - | - | - | - | - | - |
| Total Liabilities | $76.54M | $74.85M | $84.67M | $76.91M | $84.09M | $49.55M | $54.15M | $46.74M | $46.45M | $58.56M |
| Stockholders' Equity | $26.19M | $43.04M | $32.07M | $22.35M | $31.39M | $44.29M | $47.26M | $58.64M | $67.42M | $83.11M |
| Retained Earnings | ($338.90M) | ($319.02M) | ($896.61M) | ($888.78M) | ($874.00M) | ($853.36M) | ($832.18M) | ($807.04M) | ($780.72M) | ($751.57M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($16.52M) | - | - | - | ($8.15M) | - | - | - | ($17.96M) | - |
| Investing Cash Flow | ($125.0K) | - | - | - | ($17.9K) | - | - | - | ($3.03M) | - |
| Financing Cash Flow | $5.00M | - | - | - | $34.12M | - | - | - | ($8.13M) | - |
| CapEx | $125.0K | - | - | - | $17.9K | - | - | - | $3.03M | - |
| Free Cash Flow | ($16.64M) | - | - | - | ($8.17M) | - | - | - | ($20.99M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | -172.8% | - | -323.2% | -130.2% | -705.8% | - | -164.7% | -766.7% | -455.7% | - |
| Operating margin | -487.3% | - | -694.2% | -255.3% | -2002.9% | - | -564.5% | -2435.6% | -1771.6% | - |
| EBITDA margin | -440.8% | - | - | - | -1693.5% | - | - | - | -1625.2% | - |
| Net margin | -459.3% | - | -328.2% | -260.7% | -3221.0% | - | -1001.5% | -3124.3% | -2177.0% | - |
| Free cash flow margin | -384.4% | - | - | - | -1275.0% | - | - | - | -1567.2% | - |
| FCF / Net income | 0.84 | - | - | - | 0.40 | - | - | - | 0.72 | - |
| R&D / Revenue | 94.0% | - | 45.2% | 22.0% | 238.6% | - | 92.2% | 236.5% | 263.4% | - |
| SG&A / Revenue | 220.5% | - | 325.8% | 103.1% | 1058.5% | - | 307.7% | 1432.3% | 1052.4% | - |
| Effective tax rate | - | - | - | - | - | - | - | - | - | - |
| Return on assets | -19.4% | - | -6.7% | -14.9% | -17.9% | - | -24.8% | -25.0% | -25.6% | - |
| Return on equity | -75.9% | - | -24.4% | -66.1% | -65.8% | - | -53.2% | -44.9% | -43.2% | - |
| Return on invested capital | -39.8% | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 1.23 | 1.54 | 1.21 | 0.87 | 0.96 | 1.18 | 1.16 | 1.43 | 1.59 | 1.76 |
| Quick ratio | 0.25 | 0.53 | 0.71 | 0.42 | 0.45 | 0.26 | 0.29 | 0.31 | 0.38 | 0.91 |
| Cash ratio | 0.02 | 0.33 | 0.21 | 0.03 | 0.03 | 0.09 | 0.07 | 0.13 | 0.16 | 0.49 |
| Leverage | ||||||||||
| Debt / Equity | 0.60 | - | - | - | - | - | - | - | - | - |
| Debt / Assets | 0.15 | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | - | - | - | - | - | - |
| Equity multiplier | 3.92 | 2.74 | 3.64 | 4.44 | 3.68 | 2.12 | 2.15 | 1.80 | 1.69 | 1.70 |
| Liabilities / Assets | 0.75 | 0.63 | 0.73 | 0.77 | 0.73 | 0.53 | 0.53 | 0.44 | 0.41 | 0.41 |
| Efficiency | ||||||||||
| Asset turnover | 0.04 | - | 0.02 | 0.06 | 0.01 | - | 0.02 | 0.01 | 0.01 | - |
| Inventory turnover | 0.32 | - | 0.34 | 0.40 | 0.13 | - | 0.15 | 0.16 | 0.15 | - |
| Days sales outstanding | 289d | - | 176d | 153d | 16d | - | 99d | 329d | 482d | - |
| Days inventory outstanding | 1152d | - | 1085d | 916d | 2919d | - | 2373d | 2325d | 2445d | - |
| Days payable outstanding | 416d | - | 406d | 303d | 784d | - | 581d | 525d | 698d | - |
| Cash conversion cycle | 1024d | - | 855d | 766d | 2151d | - | 1891d | 2129d | 2229d | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | 1.2x | - | 6.4x | 5.2x | 3.1x | - | 70.6x | 75.7x | 3164.1x | - |
| P / S | 7.0x | - | 86.0x | 20.6x | 151.9x | - | 1329.1x | 5270.8x | 159291.3x | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 575.4% | - | -5.0% | 573.0% | -52.1% | - | -17.1% | -78.8% | 9266.4% | - |
| Revenue CAGR (3y) | 571.5% | - | - | - | - | - | - | -11.2% | 37.0% | - |
| Revenue CAGR (5y) | 52.7% | - | 33.4% | 128.0% | 50.0% | - | 258.2% | 173.5% | 19.0% | - |
| Gross profit growth (YoY) | -65.4% | - | -86.5% | -14.3% | 25.9% | - | -17.1% | -44.8% | -67.9% | - |
| Operating income growth (YoY) | -64.3% | - | -16.9% | 29.5% | 45.9% | - | 32.7% | 12.8% | 7.1% | - |
| Net income growth (YoY) | 3.7% | - | 68.9% | 43.8% | 29.2% | - | 18.0% | -14.3% | -16.6% | - |
| EPS growth (YoY) | 96.5% | - | 95.9% | 90.5% | 81.3% | - | -104900.0% | -174900.0% | -199900.0% | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | -103.6% | - | - | - | 61.1% | - | - | - | 45.0% | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | -16.6% | -2.8% | -32.1% | -61.9% | -53.4% | -46.7% | -58.1% | -45.4% | -35.7% | -23.5% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Product / service
$21.21M totalVehicles$20.76M · 97.9%
Services Parts And Accessories$348.0K · 1.6%
Extended Warranty Revenue$101.0K · 0.5%
Peer comparison
Same SIC group: Motor Vehicles & Passenger Car Bodies
Comparing Workhorse Group Inc. against the 5 most active filers in the same SIC group.