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 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $21.21M | $6.62M | $13.09M | $5.02M | - | $1.39M |
| Cost of Revenue | $30.77M | $28.84M | $38.35M | $37.67M | $132.49M | $13.07M |
| Gross Profit | ($9.55M) | ($22.23M) | ($25.26M) | ($32.65M) | ($133.34M) | ($11.67M) |
| R&D | $13.16M | $9.15M | $24.47M | $23.21M | $11.61M | $9.15M |
| SG&A | $24.72M | $42.51M | $55.57M | $73.22M | $40.16M | $20.16M |
| Total Operating Expenses | $37.88M | $51.66M | $80.04M | $96.43M | $51.77M | $29.31M |
| D&A | $1.24M | $7.91M | $4.06M | $1.95M | $1.91M | $809.6K |
| Operating Income | ($47.44M) | ($73.89M) | ($105.30M) | ($129.08M) | ($185.11M) | $282.13M |
| Interest Expense | - | - | - | - | - | $190.52M |
| Income Tax | $4.0K | ($117.1K) | ($110.5K) | $0 | ($21.85M) | $21.83M |
| Net Income | ($64.09M) | ($101.79M) | ($123.92M) | ($117.27M) | ($401.34M) | $69.78M |
| EPS - Basic | ($6.76) | ($620.28) | ($1800.00) | ($2220.00) | ($9360.00) | $2250.00 |
| EPS - Diluted | ($6.76) | ($620.28) | ($1800.00) | ($2220.00) | ($9360.00) | $2100.00 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $12.92M | $4.12M | $25.85M | $99.28M | $201.65M | $46.82M |
| Accounts Receivable | $3.89M | $537.5K | $4.47M | $2.08M | $149.8K | $884.4K |
| Inventory | $39.06M | $41.84M | $45.41M | $8.85M | $10.07M | $15.47M |
| Accounts Payable | $11.63M | $11.51M | $12.46M | $11.89M | $7.85M | $4.79M |
| Current Assets | $59.82M | $53.43M | $93.83M | $139.36M | $216.22M | $290.49M |
| Total Assets | $117.89M | $93.84M | $141.67M | $182.74M | $228.14M | $632.54M |
| Current Liabilities | $38.85M | $45.24M | $53.28M | $63.31M | $27.55M | $17.60M |
| Long-term Debt | - | - | - | - | - | - |
| Total Liabilities | $74.85M | $49.55M | $58.56M | $74.16M | $53.45M | $85.59M |
| Stockholders' Equity | $43.04M | $44.29M | $83.11M | $108.59M | $174.69M | $395.20M |
| Retained Earnings | ($319.02M) | ($853.36M) | ($751.57M) | ($627.65M) | ($510.37M) | ($109.03M) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | ($35.55M) | ($47.59M) | ($123.02M) | ($93.82M) | ($132.58M) | ($70.28M) |
| Investing Cash Flow | $9.83M | ($4.06M) | ($18.69M) | ($20.02M) | $99.81M | ($5.73M) |
| Financing Cash Flow | $32.02M | $20.45M | $78.28M | $11.47M | ($6.82M) | $292.37M |
| CapEx | $603.0K | $4.06M | $18.69M | $17.50M | $5.31M | $5.73M |
| Free Cash Flow | ($36.16M) | ($51.65M) | ($141.71M) | ($111.32M) | ($137.89M) | ($76.01M) |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | -45.0% | -335.9% | -192.9% | -650.0% | - | -838.4% |
| Operating margin | -223.7% | -1116.7% | -804.1% | -2569.8% | - | 20260.5% |
| EBITDA margin | -217.8% | -997.2% | -773.1% | -2531.1% | - | 20318.6% |
| Net margin | -302.1% | -1538.5% | -946.3% | -2334.7% | - | 5010.8% |
| Free cash flow margin | -170.5% | -780.7% | -1082.2% | -2216.1% | - | -5458.2% |
| FCF / Net income | 0.56 | 0.51 | 1.14 | 0.95 | 0.34 | -1.09 |
| R&D / Revenue | 62.1% | 138.3% | 186.9% | 462.1% | - | 657.0% |
| SG&A / Revenue | 116.6% | 642.5% | 424.4% | 1457.7% | - | 1447.6% |
| Effective tax rate | - | - | - | - | - | 23.8% |
| Return on assets | -54.4% | -108.5% | -87.5% | -64.2% | -175.9% | 11.0% |
| Return on equity | -148.9% | -229.8% | -149.1% | -108.0% | -229.7% | 17.7% |
| Return on invested capital | - | - | - | - | - | - |
| Liquidity | ||||||
| Current ratio | 1.54 | 1.18 | 1.76 | 2.20 | 7.85 | 16.51 |
| Quick ratio | 0.53 | 0.26 | 0.91 | 2.06 | 7.48 | 15.63 |
| Cash ratio | 0.33 | 0.09 | 0.49 | 1.57 | 7.32 | 2.66 |
| Leverage | ||||||
| Debt / Equity | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | - | 1.5x |
| Equity multiplier | 2.74 | 2.12 | 1.70 | 1.68 | 1.31 | 1.60 |
| Liabilities / Assets | 0.63 | 0.53 | 0.41 | 0.41 | 0.23 | 0.14 |
| Efficiency | ||||||
| Asset turnover | 0.18 | 0.07 | 0.09 | 0.03 | - | 0.00 |
| Inventory turnover | 0.79 | 0.69 | 0.84 | 4.26 | 13.16 | 0.84 |
| Days sales outstanding | 67d | 30d | 125d | 151d | - | 232d |
| Days inventory outstanding | 463d | 529d | 432d | 86d | 28d | 432d |
| Days payable outstanding | 138d | 146d | 119d | 115d | 22d | 134d |
| Cash conversion cycle | 392d | 413d | 438d | 122d | - | 530d |
| Valuation | ||||||
| P / E | - | - | - | - | - | 28.3x |
| P / B | 1.1x | 4.7x | 2693.7x | 6659.3x | 9634.5x | 15007.5x |
| P / S | 2.3x | 31.2x | 17096.7x | 143957.3x | - | 4259205.9x |
| EV / EBITDA | - | - | - | - | - | 20961.9x |
| Growth | ||||||
| Revenue growth (YoY) | 220.6% | -49.5% | 160.7% | - | - | 82.5% |
| Revenue CAGR (3y) | 61.6% | - | 111.1% | 87.4% | - | -49.6% |
| Revenue CAGR (5y) | 72.4% | 54.0% | 76.6% | -14.3% | - | 58.3% |
| Gross profit growth (YoY) | 57.0% | 12.0% | 22.6% | 75.5% | -1042.2% | -113.5% |
| Operating income growth (YoY) | 35.8% | 29.8% | 18.4% | 30.3% | - | - |
| Net income growth (YoY) | 37.0% | 17.9% | -5.7% | 70.8% | - | - |
| EPS growth (YoY) | 98.9% | 65.5% | 18.9% | 76.3% | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - |
| FCF growth (YoY) | 30.0% | 63.5% | -27.3% | 19.3% | -81.4% | -95.5% |
| FCF CAGR (5y) | - | - | - | - | - | - |
| Book value growth (YoY) | -2.8% | -46.7% | -23.5% | -37.8% | -55.8% | - |
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%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
-2.99
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
5/9
Neutral
- ✗Net income positive
- ✗Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- -Long-term debt decreased
- ✓Current ratio improved
- ✗No share dilution
- ✓Gross margin improved
- ✓Asset turnover improved
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.