Workhorse Group (WKHS)
NASDAQ:WKHS
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Workhorse Group
(NASDAQ:WKHS)
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Rating:46Neutral
Price Target:
$2.50
▲(2.46% Upside)
Action:ReiteratedDate:04/01/26
The score is held down primarily by weak financial performance (large losses and ongoing cash burn) and bearish technicals (trading below key moving averages with negative MACD). Earnings-call and corporate-event updates add some support via improved cost discipline, liquidity actions, and merger/integration progress, but do not yet offset the current profitability and cash-flow risks.
Positive Factors
Revenue Rebound and Improving Commercial Traction
A sharp revenue rebound in 2025 demonstrates improving product-market fit and that commercial EV sales are gaining traction. Sustained top-line growth supports scale economics, improves bargaining power with suppliers, and is a necessary step toward durable margin improvement if deliveries continue.
Negative Factors
Persistent Negative Cash Flow and Cash Burn
Sustained negative operating and free cash flow is a structural constraint on the business: it shortens runway, forces reliance on external financing, risks dilution, and limits ability to invest in production scale or R&D. Improvement direction is positive but absolute cash generation remains weak.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Rebound and Improving Commercial Traction
A sharp revenue rebound in 2025 demonstrates improving product-market fit and that commercial EV sales are gaining traction. Sustained top-line growth supports scale economics, improves bargaining power with suppliers, and is a necessary step toward durable margin improvement if deliveries continue.
Read all positive factors
Workhorse Group (WKHS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$25.50M
Dividend YieldN/A
Average Volume (3M)94.06K
Price to Earnings (P/E)―
Beta (1Y)1.20
Revenue Growth16.74%
EPS Growth81.14%
CountryUS
Employees143
SectorConsumer Cyclical
Sector Strength84
IndustryAuto - Manufacturers
Share Statistics
EPS (TTM)-2.46
Shares Outstanding10,449,858
10 Day Avg. Volume117,331
30 Day Avg. Volume94,055
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 Cap1.58
Enterprise Value/Revenue1.90
Enterprise Value/Gross Profit-4.23
Enterprise Value/Ebitda-0.92
Forecast
1Y Price Target
$3.00Price Target Upside22.95% Upside
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)-25.8
Revenue Forecast (FY)$9.00M
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; a...
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 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 Earnings Call Summary
Earnings Call Date:Nov 10, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:May 12, 2026
Earnings Call Sentiment Neutral
The earnings call presented a balanced view with significant progress in product development and financial discipline, but also highlighted challenges with decreased sales and increased costs. The proposed merger with Motiv is seen as a strategic move to enhance growth and financial stability.Positive Updates
Product Roadmap and Sales Expansion
Completed the sale of 15 trucks in Class 4 and 5/6 versions. Expanded product portfolio and maintained strong operating performance with positive customer feedback for the W56 platform.
Negative Updates
Decreased Sales and Increased Costs
Sales decreased by $100,000 due to lower truck deliveries. Cost of sales increased by $3.5 million due to inventory excess and obsolescence reserves.
Read all updates
Q3-2025 Updates
Positive
Negative
Product Roadmap and Sales Expansion
Completed the sale of 15 trucks in Class 4 and 5/6 versions. Expanded product portfolio and maintained strong operating performance with positive customer feedback for the W56 platform.
Read all positive updates
Company Guidance
During the Q3 2025 Earnings Conference Call, Workhorse Group provided several key financial and operational metrics for the quarter ending September 30, 2025. The company reported sales of $2.4 million, slightly down from $2.5 million the previous year, with a net loss of $7.8 million compared to $25.1 million in Q3 2024. Operating expenses decreased by $1.2 million year-over-year, and the company had $38.2 million in cash and cash equivalents as of September 30, 2025. Workhorse completed the sale of 15 trucks and maintained a strong position with the W56 step van, which has a 97% or greater uptime availability. The company announced a proposed strategic transaction with Motiv Electric Trucks and completed a $20 million sale-leaseback transaction, alongside a $5 million secured convertible note, to strengthen its financial position. The W56 platform remains eligible for California HVIP vouchers of $85,000 per truck.Workhorse Group Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
46
Neutral
Cash Flow
22
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 | -46.20M | -71.76M | -100.34M | -127.14M | -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 | 27.82M | 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
2.44
Price Trends
3.49
Negative
5.18
Negative
11.08
Negative
Market Momentum
-0.32
Positive
26.92
Positive
8.78
Positive
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 2.44 is below the 20-day moving average (MA) of 2.95, below the 50-day MA of 3.49, and below the 200-day MA of 11.08, indicating a bearish trend. The MACD of -0.32 indicates Positive momentum. The RSI at 26.92 is Positive, neither overbought nor oversold. The STOCH value of 8.78 is Positive, 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 43 risk factors in its most recent earnings report. Workhorse Group reported the most risks in the "Finance & Corporate" 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% | |
47 Neutral | $9.22M | -0.21 | -294.40% | ― | 113.69% | -84.50% | |
46 Neutral | $25.50M | ― | -198.95% | ― | 16.74% | 81.14% | |
43 Neutral | $1.59M | ― | 308.19% | ― | 5865.42% | 98.16% | |
40 Underperform | $3.09M | -0.08 | -121.52% | ― | -100.00% | 11.41% | |
| ― | $355.18K | ― | ― | ― | ― | ― | |
| ― | $6.36M | -0.29 | -144.52% | ― | ― | ― |
* Consumer Cyclical Sector Average
WKHS
Workhorse Group
2.44
-13.76
-84.94%
SBLX
StableX Technologies
2.12
-5.56
-72.40%
BINI
Bollinger Innovations
0.09
-11,499,998.91
-100.00%
EVTV
Envirotech Vehicles
1.91
-0.63
-24.92%
ZAPPF
Zapp Electric Vehicles
0.02
-0.57
-96.78%
PEVM
Phoenix Motor
4.75
-6.75
-58.70%
Workhorse Group Corporate Events
Business Operations and StrategyFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
Workhorse Highlights Post-Merger Integration Progress and Growth Outlook
Positive
Mar 9, 2026
On March 9, 2026, Workhorse Group detailed post-merger progress following its December 2025 combination with Motiv Electric Trucks, highlighting substantial integration advances, a consolidated operating model, and continued production of its W56 ...
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.