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Workhorse Group
(NASDAQ:WKHS)
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Rating:45Neutral
Price Target:
$3.00
▲(7.14% Upside)
Action:Reiterated
Date:07/01/26
The score is held down primarily by weak financial performance: persistent negative gross profit, heavy operating losses, and ongoing cash burn alongside rising leverage and shrinking equity. Technicals also remain soft with the stock below key moving averages. These are partially offset by earnings-call evidence of improving deliveries/revenue and meaningful new purchase orders, plus stated cost-synergy targets—though near-term losses, reliance on financing, and lack of formal guidance limit upside confidence.
Positive Factors
Commercial traction and order visibility
Meaningful quarter-over-quarter revenue and delivery growth plus multi-hundred-unit purchase orders provide durable demand visibility. Fleet customers and recurring order cadence support scale benefits in production planning, service revenue potential, and stronger negotiating leverage with suppliers over subsequent quarters.
Negative Factors
Persistent negative margins and heavy cash burn
Sustained negative gross and operating margins, with large operating cash outflows, undermine the company's ability to self‑fund growth. Until volume scale and synergies materially improve unit economics, the business remains dependent on external capital and faces risk that losses persist across multiple quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Commercial traction and order visibility
Meaningful quarter-over-quarter revenue and delivery growth plus multi-hundred-unit purchase orders provide durable demand visibility. Fleet customers and recurring order cadence support scale benefits in production planning, service revenue potential, and stronger negotiating leverage with suppliers over subsequent quarters.
Read all positive factors
Workhorse Group Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down revenue by different business units, highlighting which segments are driving growth and where the company might be facing challenges. This helps investors understand the company's strategic focus and operational strengths.
Breaks down revenue by different business units, highlighting which segments are driving growth and where the company might be facing challenges. This helps investors understand the company's strategic focus and operational strengths.
Data provided by:
The Fly
The FlyWorkhorse Group (WKHS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$29.09M
Dividend YieldN/A
Average Volume (3M)190.47K
Price to Earnings (P/E)―
Beta (1Y)1.31
Revenue Growth320.74%
EPS Growth94.41%
CountryUS
Employees146
SectorConsumer Cyclical
Sector Strength84
IndustryAuto - Manufacturers
Share Statistics
EPS (TTM)-6.31
Shares Outstanding10,893,400
10 Day Avg. Volume139,633
30 Day Avg. Volume190,472
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)1.12
Price to Sales (P/S)2.27
P/FCF Ratio-1.33
Enterprise Value/Market Cap2.00
Enterprise Value/Revenue2.33
Enterprise Value/Gross Profit-4.65
Enterprise Value/Ebitda-1.29
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)-4.73
Revenue Forecast (FY)$37.16M
Workhorse Group Business Overview & Revenue Model
Company Description
Workhorse Group, Inc. designs and manufactures electric trucks and related fleet charging solutions. The company provides electric trucks for medium-duty fleet applications, including the Argo electric truck and Argo chassis, which integrate propr...
How the Company Makes Money
Workhorse makes money primarily by selling commercial battery-electric vehicles (and related parts) to fleet customers, recognizing revenue when vehicles are delivered under customer purchase agreements. A secondary revenue stream can come from af...
Workhorse Group Earnings Call Summary
Earnings Call Date:May 14, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 11, 2026
Earnings Call Sentiment Neutral
The call presented a mix of encouraging operational and commercial progress alongside meaningful near-term financial challenges. Positive factors include successful merger integration, increased revenue and deliveries, large new purchase orders (Purolator and Gateway), product roadmap initiatives (modular chassis and Class 5/6 cab chassis) with clear timelines, demonstrated TCO advantages, a customer-support partnership, resolution of legacy legal overhangs, and strengthened borrowing capacity. Offsetting these positives are significant near-term losses (gross loss of $7.5M; operating loss $21.1M; net loss $19.9M), sharply higher cost of sales and SG&A as the company transitions to owned manufacturing, a $1.5M warranty charge for retrofit work, and continued reliance on external financing to fund operations and settlements. Management expects synergies and scale to improve margins over 2026, but the current quarter reflects heavy transitional costs and cash use.Positive Updates
Revenue and Deliveries Growth
Revenue of $4.3M in Q1 2026 versus $1.1M in Q1 2025 (≈+291% YoY). Vehicle deliveries increased to 21 from 5 in the prior year period (+320% YoY), reflecting early commercial traction following the merger.
Negative Updates
Significant Gross Loss and Higher Cost of Sales
Cost of sales was $11.8M in Q1 2026 versus $2.2M in Q1 2025 (≈+436% YoY), producing a gross loss of $7.5M for the quarter. Management attributed higher costs to increased sales volume, owning manufacturing vs prior contract manufacturing, and temporary consolidation costs.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue and Deliveries Growth
Revenue of $4.3M in Q1 2026 versus $1.1M in Q1 2025 (≈+291% YoY). Vehicle deliveries increased to 21 from 5 in the prior year period (+320% YoY), reflecting early commercial traction following the merger.
Read all positive updates
Company Guidance
The company provided no formal numeric revenue or EPS guidance but said it expects deliveries to increase through 2026 as Union City production ramps and reiterated it still expects to exit 2026 with a $20 million annualized cost‑synergy run rate; near‑term operational metrics include three production lines in Union City (W56, new F59 chassis line, EPIC4), 21 vehicle deliveries and $4.3 million revenue in Q1 vs. 5 deliveries and $1.1 million a year ago, Q1 cost of sales $11.8 million (gross loss $7.5 million) including a $1.5 million warranty charge, SG&A $9.5 million, R&D $4.1 million, loss from operations $21.1 million and net loss $19.9 million ($0.99 per share) vs. a prior‑year net loss of $12.7 million ($1.36); liquidity actions include drawing $7.3 million on April 1 (bringing that facility to $12.3 million outstanding), an additional $10 million drawn under the cash‑flow facility after amending credit lines (cash‑flow capacity now $20 million, customer‑order capacity $30 million with $17.7 million available as of the 10‑Q), and a $4.3 million settlement payment for Coulomb; product and commercial milestones include POs for 100 Purolator step vans and 100 Gateway W56s, ~75 W56s deployed or on order to ISPs, a new 140 kW W56 variant and promotional pricing on the 210 kW model, plans to begin validation of a proprietary modular chassis and a Class 5/6 cab chassis in 2026 with initial production targeted in early 2027, and real‑world Stables data (2025: ~560,000 packages, ~250,000 miles, $76,000 gas vs. $10,800 electricity — ~$0.53/mile ICE vs. ~$0.10/mile EV in 2025, gap widening to ~$0.73/mile with current prices and ~$220,000 annual fuel savings for a 20‑vehicle fleet).Workhorse Group Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
36
Negative
Cash Flow
24
Negative
| Breakdown | Mar 2026 | Mar 2025 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 21.21M | 6.62M | 13.09M | 5.02M | -851.92K |
| Gross Profit | -9.55M | -22.23M | -25.26M | -32.65M | -126.54M |
| EBITDA | -45.43M | -71.76M | -100.34M | -115.00M | -176.40M |
| Net Income | -64.09M | -101.79M | -123.92M | -117.27M | -401.34M |
Balance Sheet | |||||
| Total Assets | 117.89M | 93.84M | 141.67M | 182.74M | 228.14M |
| Cash, Cash Equivalents and Short-Term Investments | 12.92M | 4.12M | 25.85M | 99.28M | 201.65M |
| Total Debt | 37.82M | 16.32M | 29.02M | 10.13M | 26.26M |
| Total Liabilities | 74.85M | 49.55M | 58.56M | 74.16M | 53.45M |
| Stockholders Equity | 43.04M | 44.29M | 83.11M | 108.59M | 174.69M |
Cash Flow | |||||
| Free Cash Flow | -36.16M | -51.65M | -141.71M | -111.32M | -137.89M |
| Operating Cash Flow | -35.55M | -47.59M | -123.02M | -93.82M | -132.58M |
| Investing Cash Flow | 9.83M | -4.06M | -18.69M | -20.02M | 99.81M |
| Financing Cash Flow | 32.02M | 20.45M | 78.28M | 11.47M | -6.82M |
Workhorse Group Technical Analysis
Negative
2.80
Price Trends
3.16
Negative
3.20
Negative
6.14
Negative
Market Momentum
-0.11
Positive
39.53
Neutral
41.23
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For WKHS, the sentiment is Negative. The current price of 2.8 is below the 20-day moving average (MA) of 2.99, below the 50-day MA of 3.16, and below the 200-day MA of 6.14, indicating a bearish trend. The MACD of -0.11 indicates Positive momentum. The RSI at 39.53 is Neutral, neither overbought nor oversold. The STOCH value of 41.23 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for WKHS.
Workhorse Group Risk Analysis
Workhorse Group disclosed 1 risk factors in its most recent earnings report. Workhorse Group reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Workhorse Group Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
45 Neutral | $29.09M | -0.42 | -204.85% | ― | 320.74% | 94.41% | |
45 Neutral | $21.59M | -0.50 | 1245.96% | ― | 360.39% | 28.58% | |
43 Neutral | $1.38M | ― | 308.19% | ― | ― | ― | |
| ― | $3.72K | -96.27 | ― | ― | ― | ― | |
| ― | $2.68M | -0.51 | -144.52% | ― | ― | ― |
* Consumer Cyclical Sector Average
WKHS
Workhorse Group
2.67
-18.33
-87.29%
BINI
Bollinger Innovations
0.08
-14,999.93
-100.00%
EVTV
Envirotech Vehicles
1.67
-0.02
-0.89%
ZAPPF
Zapp Electric Vehicles
0.01
-0.06
-85.71%
PEVM
Phoenix Motor
2.00
-6.01
-75.02%
Workhorse Group Corporate Events
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Workhorse Shareholders Approve Expanded Long-Term Incentive Plan
Positive
Jun 30, 2026
At its annual meeting on June 29, 2026, Workhorse Group stockholders approved an amended and restated 2023 Long-Term Incentive Plan, increasing the pool of shares available for equity awards by 1,089,340 shares, following prior adoption by the boa...
Business Operations and StrategyPrivate Placements and Financing
Workhorse Group Expands Cash Flow Credit and Alters Financing
Neutral
Jun 17, 2026
On June 16, 2026, Workhorse Group Inc. amended its existing credit arrangements with Motive GM Holdings II LLC, raising the commitment under its Cash Flow Credit Agreement from $20 million to $30 million while deferring interest payments on the ad...
Business Operations and StrategyExecutive/Board ChangesPrivate Placements and Financing
Workhorse Restructures Financing to Bolster Near-Term Liquidity
Neutral
Apr 27, 2026
On April 25, 2026, Workhorse amended its existing credit agreements with Motive GM Holdings II LLC, doubling its cash flow loan commitment from $10 million to $20 million while deferring interest on the additional $10 million until after September...
Business Operations and StrategyLegal ProceedingsPrivate Placements and Financing
Workhorse Group Reaches Settlement, Reducing Litigation Uncertainty
Positive
Apr 23, 2026
On April 17, 2026, Workhorse Group Inc. entered into a binding settlement term sheet with Coulomb Solutions, Inc. to resolve a previously disclosed lawsuit in the U.S. District Court for the Eastern District of Michigan. Under the agreement, the l...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.