Workhorse Group financials
$2.900.00%
Close Sep 29, 2026 · split-adjustedRevenue
Net income
Income statement & cash flow
| Fiscal year | FY25 Dec 31 | FY24 Dec 31 | FY23 Dec 31 | FY22 Dec 31 | FY21 Dec 31 | FY20 Dec 31 | FY19 Dec 31 | FY18 Dec 31 | FY17 Dec 31 | FY16 Dec 31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $21.2M | $7.0M | $13.1M | $5.0M | -$851.9K | $1.4M | $376.6K | $763.2K | $10.0M | $6.4M |
| Gross profit | -$9.6M | -$6.1M | -$25.3M | -$32.6M | -$133.3M | -$11.7M | -$5.5M | -$7.2M | -$14.4M | -$7.2M |
| Gross margin | −45.0% | −87.3% | −192.9% | −650.0% | 15652.1% | −838.4% | −1452.2% | −945.8% | −143.1% | −111.7% |
| Operating income | -$47.4M | -$41.3M | -$105.3M | -$129.1M | -$410.5M | $282.1M | -$8.0M | -$34.1M | -$41.0M | -$19.5M |
| Net income | -$64.1M | -$51.6M | -$123.9M | -$117.3M | -$401.3M | $69.8M | -$37.2M | -$37.3M | -$41.2M | -$19.6M |
| Net margin | −302.1% | −732.4% | −946.3% | −2334.7% | 47110.5% | 5010.8% | −9891.9% | −4883.2% | −410.6% | −304.9% |
| Diluted EPS | $-6.76 | $-9.43 | $-1793.40 | $-2220.00 | $-9360.00 | $2100.00 | $-1740.00 | $-2220.00 | $-3180.00 | $-2340.00 |
| EBITDA | -$46.2M | -$34.3M | -$101.2M | -$127.1M | -$408.6M | $282.9M | -$7.6M | -$33.7M | -$40.5M | -$19.1M |
| Operating cash flow | -$35.6M | -$38.2M | -$123.0M | -$93.8M | -$132.6M | -$70.3M | -$24.7M | -$21.8M | -$38.7M | -$19.0M |
| Free cash flow | -$36.2M | -$42.9M | -$141.7M | -$111.3M | -$137.9M | -$76.0M | -$26.7M | -$21.8M | -$38.8M | -$19.6M |
| Diluted shares | 9.5M | 5.5M | 0.1M | 0.1M | 0.0M | 0.0M | 0.0M | 0.0M | 0.0M | 0.0M |
Balance sheet
| Period end | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Dec 31 |
|---|---|---|---|---|---|---|
| Cash & equivalents | $12.2M | $6.6M | $25.8M | $99.3M | $201.6M | $46.8M |
| Short-term investments | $0.00 | $0.00 | $0.00 | $0.00 | — | — |
| Total debt | $0.00 | $0.00 | $22.7M | $0.00 | $0.00 | $1.4M |
| Total assets | $117.9M | $37.4M | $141.7M | $182.7M | $228.1M | $632.5M |
| Total liabilities | $74.8M | $78.2M | $58.6M | $74.2M | $53.4M | $237.3M |
| Shareholders' equity | $43.0M | -$40.8M | $83.1M | $108.6M | $174.7M | $395.2M |
From SEC filings via Massive. Fiscal periods follow the company's own calendar; free cash flow is operating cash flow minus capital expenditure.
Sources: Massive / Polygon daily aggregates (split-adjusted) · SEC filings via Massive · FINRA settlements via Massive · Financial Modeling Prep. Figures are dated where shown; research is informational, not investment advice. Methodology