Workhorse Group (WKHS) AI Stock Analysis

• Market Cap: $16.77M
• Dividend Yield: N/A
• Average Volume (3M): 1.18M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.23
• Revenue Growth: 16.74%
• EPS Growth: 81.14%
• Country: US
• Employees: 143
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Auto - Manufacturers
• EPS (TTM): -0.50
• Shares Outstanding: 19,059,954
• 10 Day Avg. Volume: 1,029,720
• 30 Day Avg. Volume: 1,182,898
• PEG Ratio: >-0.01
• Price to Book (P/B): 3.88
• Price to Sales (P/S): 25.98
• P/FCF Ratio: -3.33
• Enterprise Value/Market Cap: 1.76
• Enterprise Value/Revenue: 2.78
• Enterprise Value/Gross Profit: -1.17
• Enterprise Value/Ebitda: -0.69
• 1Y Price Target: $0.65
• Price Target Upside: -26.97% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 45 Neutral
• Price Target: $1.00 ▲(12.36% Upside)

Workhorse Group's overall stock score is primarily impacted by its poor financial performance, with significant losses and high leverage posing major risks. While the earnings call provided some positive developments, such as the proposed merger with Motiv, the technical analysis and valuation remain weak, contributing to a low overall score.

Positive Factors

Strategic Merger

The merger with Motiv Electric Trucks is a strategic move to enhance growth and expand the product lineup, potentially increasing market share and improving financial stability.

Product Performance

High uptime availability of the W56 step vans demonstrates product reliability, which can strengthen customer trust and lead to repeat business, supporting long-term revenue growth.

Improved Financial Position

An increase in cash reserves enhances financial flexibility, allowing the company to invest in growth opportunities and manage operational challenges more effectively.

Negative Factors

High Leverage

Significant leverage poses financial risk, potentially limiting the company's ability to invest in growth and increasing vulnerability to economic downturns.

Negative Cash Flows

Persistent negative cash flows indicate operational inefficiencies and could hinder the company's ability to sustain operations without additional financing.

Declining Revenue

A significant decline in revenue reflects challenges in market demand or competitive positioning, which could impact long-term growth prospects and profitability.

Workhorse Group Business Overview & Revenue Model

Company Description

Workhorse Group Inc., a technology company, engages in design, manufacture, and sale of zero-emission commercial vehicles in the United States. The company offers electric and range-extended medium-duty delivery trucks under the Workhorse brand; and HorseFly Unmanned Aerial System, a custom-designed purpose-built all-electric drone system. It also provides Metron, an air delivery application that tracks the performance of various the vehicles deployed. The company was formerly known as AMP Holding Inc. and changed its name to Workhorse Group Inc. in April 2015. Workhorse Group Inc. was founded in 2007 and is headquartered in Loveland, Ohio.

How the Company Makes Money

Workhorse Group generates revenue primarily through the sale of its electric delivery vehicles to commercial customers, including logistics and delivery companies. The company has established key partnerships with organizations seeking to transition to electric fleets, which provide significant contracts and orders. Additionally, Workhorse earns money through the sale of its drone technology and related services, particularly as interest in last-mile delivery solutions grows. Government incentives for electric vehicle purchases and sustainability initiatives also enhance the company's revenue potential. Overall, their revenue model relies on vehicle sales, partnerships, and technological innovations that cater to the evolving transportation needs of businesses.

Workhorse Group Financial Statement Overview

Summary

Workhorse Group is facing significant financial challenges across all verticals. The income statement reflects declining revenues and substantial losses, while the balance sheet shows high leverage and negative returns. Cash flow analysis indicates ongoing cash outflows and limited growth. The company needs to address operational inefficiencies and improve financial stability to enhance its financial health.

Income Statement

Workhorse Group's income statement reveals significant challenges. The company has experienced negative revenue growth, with a TTM revenue decline of 116.1% compared to the previous period. Gross profit margins are negative, indicating that the cost of goods sold exceeds revenue. Net profit margins are also deeply negative, reflecting substantial losses. EBIT and EBITDA margins are negative, highlighting operational inefficiencies. Overall, the income statement shows a struggling financial performance with declining revenues and profitability.

Balance Sheet

The balance sheet indicates a high debt-to-equity ratio of 1.99 in the TTM period, suggesting significant leverage and potential financial risk. Return on equity is negative, reflecting losses relative to shareholder equity. The equity ratio is low, indicating limited equity financing relative to total assets. While the company has some equity, the high leverage and negative returns pose risks to financial stability.

Cash Flow

Cash flow analysis shows negative operating and free cash flows, with a slight improvement in free cash flow growth in the TTM period. The operating cash flow to net income ratio is negative, indicating cash outflows from operations. The free cash flow to net income ratio is slightly above 1, suggesting that free cash flow is somewhat aligned with net income. Overall, cash flow challenges persist, with negative cash flows and limited growth.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	10.62M	6.62M	13.09M	5.02M	-851.92K	1.39M
Gross Profit	-25.14M	-22.23M	-25.26M	-32.65M	-126.54M	-11.67M
EBITDA	-42.91M	-71.76M	-100.34M	-127.14M	-176.40M	-40.17M
Net Income	-64.43M	-101.79M	-123.92M	-117.27M	-401.34M	69.78M
Balance Sheet
Total Assets	116.74M	93.84M	141.67M	182.74M	228.14M	632.54M
Cash, Cash Equivalents and Short-Term Investments	12.73M	4.12M	25.85M	99.28M	201.65M	46.82M
Total Debt	48.91M	16.32M	29.02M	10.13M	26.26M	199.11M
Total Liabilities	84.67M	49.55M	58.56M	74.16M	53.45M	237.34M
Stockholders Equity	32.07M	44.29M	83.11M	108.59M	174.69M	395.20M
Cash Flow
Free Cash Flow	-32.53M	-51.65M	-141.71M	-111.32M	-137.89M	-76.01M
Operating Cash Flow	-32.49M	-47.59M	-123.02M	-93.82M	-132.58M	-70.28M
Investing Cash Flow	19.43M	-4.06M	-18.69M	-20.02M	99.81M	-5.73M
Financing Cash Flow	48.01M	20.45M	78.28M	11.47M	-6.82M	292.37M

Workhorse Group Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 0.89
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For WKHS, the sentiment is Neutral. The current price of 0.89 is above the 20-day moving average (MA) of 0.82, below the 50-day MA of 0.98, and below the 200-day MA of 1.72, indicating a neutral trend. The MACD of -0.03 indicates Negative momentum. The RSI at 50.05 is Neutral, neither overbought nor oversold. The STOCH value of 66.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for WKHS.

Workhorse Group Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
WKHS	45 Neutral	$16.77M	-0.03	-162.44%	―	16.74%	81.14%
SBLX	41 Neutral	$5.14M	―	-121.52%	―	-100.00%	11.41%
EVTV	40 Underperform	$4.77M	-0.13	-267.76%	―	113.69%	-84.50%
BINI	38 Underperform	$1.90M	―	―	―	5865.42%	98.16%
PEVM	38 Underperform	$6.07M	-0.28	-144.52%	―	―	―
ZAPPF	28 Underperform	$1.28M	―	―	―	―	―

Workhorse Group Corporate Events

Workhorse Group’s Earnings Call Highlights Strategic Moves

The recent earnings call of Workhorse Group presented a balanced perspective, highlighting significant strides in product development and financial discipline, while also addressing challenges such as decreased sales and increased costs. The proposed merger with Motiv Electric Trucks was a focal point, seen as a strategic move to bolster growth and financial stability.

Workhorse Group Adjourns Annual Meeting for Merger Vote

On November 12, 2025, Workhorse Group Inc. announced the adjournment of its 2025 Annual Meeting of Stockholders to November 25, 2025, due to a lack of quorum, despite strong support for nine proposals, including a merger with Motiv Power Systems, Inc. The company emphasized the importance of shareholder voting to secure the merger, which is seen as a significant opportunity to enhance its position in the medium-duty EV commercial vehicle market and deliver long-term shareholder value.

The most recent analyst rating on (WKHS) stock is a Sell with a $0.50 price target. To see the full list of analyst forecasts on Workhorse Group stock, see the WKHS Stock Forecast page.

Workhorse Group’s Q3 2025: Strategic Moves and Financial Highlights

Workhorse Group Inc. is a technology company dedicated to advancing zero-emission commercial vehicles, with a focus on last-mile delivery and medium-duty operations, and is based in Union City, Indiana.

Workhorse Group’s Earnings Call: Strategic Gains Amid Challenges

Workhorse Group’s recent earnings call painted a picture of optimism and strategic advancement, despite some underlying challenges. The company, along with its merger partner Motiv, showcased a robust second quarter performance with record truck shipments and notable financial improvements. While increased costs of sales and reliance on external financing were highlighted as challenges, the overall sentiment was positive, with the benefits seemingly outweighing the negatives.