# Workhorse Group Inc. (WKHS)

**Exchange:** NASDAQ  
**Sector:** Consumer Cyclical  
**Market cap:** $30M  
**Price:** $3.16 (+2.60%)

> Workhorse Group Inc. is a technology company that designs, manufactures, and sells zero-emission commercial vehicles in the United States. It specializes in battery-electric medium-duty trucks tailored for last-mile delivery, medium-duty operations, and specialized applications, including models like the W56 step vans. The company operates as an original equipment manufacturer, producing all-electric delivery vehicles under the Workhorse brand, along with related fleet charging solutions. Workhorse assembles its vehicles at its manufacturing facility, known as the Workhorse Ranch in Union City, Indiana, emphasizing reliability, capability, sustainability, and intelligent features such as connected fleets for optimized workflows. Its products serve the commercial transportation sector, focusing on sustainable and cost-effective alternatives to traditional gas and diesel trucks. Founded in 2007 and headquartered in Sharonville, Ohio, Workhorse Group Inc. maintains additional locations in Wixom, Michigan for design and engineering, and Foster City, California for customer support.

## Income Statement (Annual, USD)

| Fiscal Year | Revenue | Gross Profit | Operating Income | Net Income | EPS (dil.) |
| --- | --- | --- | --- | --- | --- |
| 2025 | $21M | -$10M | -$47M | -$64M | — |
| 2024 | $7M | -$6M | -$41M | -$52M | — |
| 2023 | $13M | -$25M | -$105M | -$124M | — |
| 2022 | $5M | -$33M | -$129M | -$117M | — |
| 2021 | -$851,922 | -$133M | -$185M | -$401M | — |
| 2020 | $1M | -$12M | -$41M | $70M | — |
| 2019 | $376,562 | -$5M | -$24M | -$37M | — |
| 2018 | $763,173 | -$15M | -$34M | -$37M | — |
| 2017 | $10M | -$14M | — | -$41M | — |
| 2016 | $6M | -$7M | — | -$20M | — |
| 2015 | $139,980 | $139,980 | — | -$9M | — |
| 2014 | $177,500 | — | — | -$7M | — |
| 2013 | $177,500 | — | — | -$6M | — |
| 2012 | $272,098 | — | — | -$4M | — |
| 2011 | $190,035 | — | — | -$9M | — |

## Balance Sheet (Annual, USD)

| Fiscal Year | Total Assets | Total Liabilities | Equity | Cash | Long-term Debt |
| --- | --- | --- | --- | --- | --- |
| 2025 | $118M | $75M | $43M | $12M | $15M |
| 2024 | $37M | $78M | -$41M | $7M | — |
| 2023 | $142M | $59M | -$56M | $26M | — |
| 2022 | $183M | $74M | $109M | $99M | — |
| 2021 | $228M | $53M | $175M | $202M | — |
| 2020 | $633M | $237M | $395M | $47M | — |
| 2019 | $51M | $86M | -$35M | $24M | $39M |
| 2018 | $12M | — | -$15M | $2M | $8M |
| 2017 | $17M | — | $4M | $4M | $7M |
| 2016 | $10M | — | $4M | $469,570 | $2M |
| 2015 | $15M | — | -$4M | $8M | $3M |
| 2014 | $5M | — | -$809,387 | $442,257 | $3M |
| 2013 | $5M | — | -$2M | $7,019 | $3M |
| 2012 | $220,693 | — | -$3M | $39,819 | $592,942 |
| 2011 | $449,894 | — | -$2M | $89,488 | $90,191 |

## Cash Flow (Annual, USD)

| Fiscal Year | Operating Cash Flow | CapEx | Free Cash Flow |
| --- | --- | --- | --- |
| 2025 | -$36M | $603,000 | -$36M |
| 2024 | -$38M | $5M | -$43M |
| 2023 | -$123M | $19M | -$142M |
| 2022 | -$94M | $17M | -$111M |
| 2021 | -$133M | $5M | -$138M |
| 2020 | -$70M | $6M | -$76M |
| 2019 | -$37M | $2M | -$39M |
| 2018 | -$22M | $23,222 | -$22M |
| 2017 | -$39M | $143,355 | -$39M |
| 2016 | -$19M | $528,095 | -$20M |

Source: [CompaniesByCap](https://companiesbycap.com/company/WKHS)