Tearsheet

Workhorse (WKHS)

Market Price (9/18/2025): $1.12 | Market Cap: $9.9 Mil
Sector: Consumer Discretionary | Industry: Automobile Manufacturers

Workhorse (WKHS)

Market Price (9/18/2025): $1.12
Market Cap: $9.9 Mil
Sector: Consumer Discretionary
Industry: Automobile Manufacturers

Investment Highlights

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 12%	Weak multi-year price returns 2Y Excs Rtn is -147%, 3Y Excs Rtn is -160%	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -57 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -530%
1			Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 432%
2			Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -294%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -297%
3			Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 123%
4			Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -839%
5			High stock price volatility Vol 12M is 892%
6			Significant short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 24%

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 12%
1	Weak multi-year price returns 2Y Excs Rtn is -147%, 3Y Excs Rtn is -160%
2	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -57 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -530%
3	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 432%
4	Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -294%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -297%
5	Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 123%
6	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -839%
7	High stock price volatility Vol 12M is 892%
8	Significant short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 24%

Market Valuation

	9/18/25	2024	2023	2022	2021
Share Price CYE	$1.12	$8.72	$90.00	$380.00	$1,090.00
Market Cap CYE ($ Mil)	9.9	33.5	93.6	247.7	632.8
Total Debt ($ Mil)	44.5	16.3	29.0	10.1	26.3
Total Cash ($ Mil)	2.2	4.1	25.8	99.3	201.6
Enterprise Value ($ Mil)	52.2	49.8	122.6	257.8	659.1
Valuation Ratios
P/S TTM	0.9	0.2	0.5	3.8	0.0
P/EBIT TTM	-0.2	-0.0	-0.1	-0.2	-0.1
P/E TTM	-0.1	-0.0	-0.1	-0.2	-0.1
Sector Ratios
P/S TTM (Sector)	0.8	0.8	0.9	0.8	1.3
P/EBIT TTM (Sector)	7.2	6.9	7.0	5.5	7.4
P/E TTM (Sector)	9.5	8.1	8.9	7.3	9.2

	9/18/25	2024	2023
Share Price CYE	$1.12	$8.72	$90.00
Market Cap CYE ($ Mil)	9.9	33.5	93.6
Total Debt ($ Mil)	44.5	16.3	29.0
Total Cash ($ Mil)	2.2	4.1	25.8
Enterprise Value ($ Mil)	52.2	49.8	122.6
Valuation Ratios
P/S TTM	0.9	0.2	0.5
P/EBIT TTM	-0.2	-0.0	-0.1
P/E TTM	-0.1	-0.0	-0.1
Sector Ratios
P/S TTM (Sector)	0.8	0.8	0.9
P/EBIT TTM (Sector)	7.2	6.9	7.0
P/E TTM (Sector)	9.5	8.1	8.9

Stock Price
Market Cap

Stock Price Chart

Return (1Y):

Market Cap Chart

Business 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. Show more

Price Returns Compared

Expand for Detailed View

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
WKHS Return	551%	-78%	-65%	-76%	-90%	-87%	-100%
Peers Return	159%	53%	-41%	45%	10%	5%	293%
S&P 500 Return	16%	27%	-19%	24%	23%	12%	104%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: THO, WGO, TSLA, GM, F. See WKHS Returns vs. Peers.
[3] 2025 data is for the year up to 9/17/2025 (YTD)

Better Bets than Workhorse (WKHS)

	WKHS	Better Performance than WKHS
Metric	Value	Industry (Automobile Manufacturers)
Rev Chg LTM	11.7%	RACE (12.4%), VFS (86.1%), LCID (39.0%), CYD (13.2%), CENN (127.3%)
Rev Chg 3Y Avg	173.3%	RIVN (183.6%)
Op Mgn LTM	-530.0%	TSLA (6.2%), TM (9.6%), RACE (28.9%), VWAGY (5.8%), MBGAF (6.1%)
CFO/Rev LTM	-293.7%	TSLA (17.0%), TM (10.1%), RACE (33.0%), VWAGY (4.9%), MBGAF (15.0%)
FCF/Rev LTM	-296.7%	TSLA (6.0%), TM (-0.2%), RACE (18.2%), VWAGY (-3.4%), MBGAF (8.8%)
Total Yield	-834.2%	TSLA (0.4%), TM (2077.1%), RACE (1.9%), VWAGY (15.0%), MBGAF (11.6%)

	WKHS	Better Performance than WKHS
Metric	Value	Sector (Consumer Discretionary)
Rev Chg LTM	11.7%	MELI (35.8%), DASH (23.8%), RCL (12.1%), RACE (12.4%), CPNG (18.7%)
Rev Chg 3Y Avg	173.3%	RIVN (183.6%), VVV (262.7%), INVZ (178.8%), HYLN (1262.5%), AXIL (306.4%)
Op Mgn LTM	-530.0%	AMZN (11.4%), TSLA (6.2%), HD (13.1%), BABA (14.6%), TM (9.6%)
CFO/Rev LTM	-293.7%	AMZN (18.1%), TSLA (17.0%), HD (10.8%), BABA (15.0%), TM (10.1%)
FCF/Rev LTM	-296.7%	AMZN (2.0%), TSLA (6.0%), HD (8.6%), BABA (15.0%), TM (-0.2%)
Total Yield	-834.2%	AMZN (2.9%), TSLA (0.4%), HD (5.7%), BABA (37.9%), TM (2077.1%)

	WKHS	Better Performance than WKHS
Metric	Value	All Other Sectors
Rev Chg LTM	11.7%	NVDA (71.6%), MSFT (14.9%), GOOGL (13.1%), META (19.4%), AVGO (28.0%)
Rev Chg 3Y Avg	173.3%	QXO (1115.2%), BBIO (1225.0%), OTF (221.9%), AXSM (699.5%), CYTK (824.6%)
Op Mgn LTM	-530.0%	NVDA (58.1%), MSFT (45.6%), AAPL (31.9%), GOOGL (32.7%), META (42.9%)
CFO/Rev LTM	-293.7%	NVDA (46.6%), MSFT (48.3%), AAPL (26.6%), GOOGL (36.0%), META (56.4%)
FCF/Rev LTM	-296.7%	NVDA (43.6%), MSFT (25.4%), AAPL (23.5%), GOOGL (18.0%), META (30.7%)
Total Yield	-834.2%	NVDA (2.1%), MSFT (3.3%), AAPL (3.2%), GOOGL (4.1%), META (3.7%)

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	Workhorse (WKHS) Stock: 37% of days in last 3 months had 1% or greater fluctuation
2	Workhorse Market Price	Market Price
3	Day 7 of Loss Streak for Workhorse Stock with -26% Return (vs. -50% YTD) [3/8/2025]	Notification
4	Day 0 of Loss Streak for Workhorse Stock with 0% Return (vs. -49% YTD) [3/7/2025]	Notification
5	Day 5 of Loss Streak for Workhorse Stock with -22% Return (vs. -48% YTD) [3/6/2025]	Notification
6	Day 5 of Loss Streak for Workhorse Stock with -13% Return (vs. -26% YTD) [2/3/2025]	Notification
7	Day 5 of Loss Streak for Workhorse Stock with -13% Return (vs. -26% YTD) [2/2/2025]	Notification
8	Day 5 of Loss Streak for Workhorse Stock with -13% Return (vs. -26% YTD) [2/1/2025]	Notification
9	Workhorse vs. S&P500 Correlation	Correlation
10	Workhorse Price Volatility	Volatility
11	ARTICLES
12	Workhorse Stock Still Looks Speculative After 45% Decline This Year		May 4th, 2021
13	Is Workhorse Stock Worth A Look After 60% Drop?		March 4th, 2021
14	Workhorse Or Canoo Stock: Which EV Upstart Should You Pick?		February 24th, 2021
15	Why Is Workhorse Stock Rallying Again?		February 2nd, 2021
16	Why Workhorse Stock Looks Set For Further Gains		January 28th, 2021

	Title
0	DASHBOARDS
1	Workhorse Stock Still Looks Speculative After 45% Decline This Year
2	Is Workhorse Stock Worth A Look After 60% Drop?
3	Workhorse Or Canoo Stock: Which EV Upstart Should You Pick?
4	Why Is Workhorse Stock Rallying Again?
5	Why Workhorse Stock Looks Set For Further Gains
6	ARTICLES
7	Workhorse (WKHS) Stock: 37% of days in last 3 months had 1% or greater fluctuation
8	Workhorse Market Price
9	Day 7 of Loss Streak for Workhorse Stock with -26% Return (vs. -50% YTD) [3/8/2025]
10	Day 0 of Loss Streak for Workhorse Stock with 0% Return (vs. -49% YTD) [3/7/2025]
11	Day 5 of Loss Streak for Workhorse Stock with -22% Return (vs. -48% YTD) [3/6/2025]
12	Day 5 of Loss Streak for Workhorse Stock with -13% Return (vs. -26% YTD) [2/3/2025]
13	Day 5 of Loss Streak for Workhorse Stock with -13% Return (vs. -26% YTD) [2/2/2025]
14	Day 5 of Loss Streak for Workhorse Stock with -13% Return (vs. -26% YTD) [2/1/2025]
15	Workhorse vs. S&P500 Correlation
16	Workhorse Price Volatility

Recent Active Movers

1 Day Top Gainers

#	Ticker	Company	1D Rtn	YTD Rtn
1	ECDA	ECD Automotive Design	3937.1%	307.9%
2	ATHA	Athira Pharma	890.3%	544.3%
3	SPRC	SciSparc	142.9%	1141.7%
4	ATCH	AtlasClear	87.4%	-83.1%
5	GV	Visionary	68.2%	14.8%
6	APLM	Apollomics	51.3%	89.1%
7	SQFT	Presidio Property Trust	46.3%	11.0%
8	CDT	CDT Equity	40.1%	-99.1%
9	EDUC	Educational Development	31.8%	9.1%
10	ILLR	Triller	29.8%	-37.8%

1 Day Top Losers

#	Ticker	Company	1D Rtn	YTD Rtn
1	CURX	Curanex Pharmaceuticals	-83.5%	148.4%
2	CODX	Co-Diagnostics	-34.7%	-44.4%
3	BOXL	Boxlight	-34.5%	-13.5%
4	OPI	Office Properties Income Trust	-31.8%	-40.9%
5	BIAF	bioAffinity Technologies	-30.0%	-79.9%
6	ENVB	Enveric Biosciences	-29.3%	-88.0%
7	KAVL	Kaival Brands Innovations	-27.3%	-46.7%
8	AEI	Alset	-25.5%	211.8%
9	INBS	Intelligent Bio Solutions	-25.0%	0.7%
10	LVRO	Lavoro	-23.0%	-67.2%

1 Week Top Gainers

#	Ticker	Company	1W Rtn	YTD Rtn
1	ECDA	ECD Automotive Design	3347.2%	307.9%
2	BDSX	Biodesix	1090.6%	-79.7%
3	CLSD	Clearside Biomedical	987.7%	-74.7%
4	ATHA	Athira Pharma	892.1%	544.3%
5	SDOT	Sadot	690.6%	-79.9%
6	ATCH	AtlasClear	684.9%	-83.1%
7	HSDT	Helius Medical Technologies	232.1%	-95.5%
8	CHEK	Check-Cap	222.2%	134.4%
9	APLM	Apollomics	197.8%	89.1%
10	SPRC	SciSparc	147.0%	1141.7%

1 Week Top Losers

#	Ticker	Company	1W Rtn	YTD Rtn
1	CURX	Curanex Pharmaceuticals	-80.5%	148.4%
2	ATYR	aTyr Pharma	-80.4%	-71.7%
3	NAKA	Kindly MD	-70.2%
4	BNGO	Bionano Genomics	-64.0%	-89.8%
5	XAGE	Longevity Health	-57.6%	-86.1%
6	FAAS	DigiAsia	-55.4%	-88.0%
7	ASST	Strive	-54.5%	650.3%
8	VCIG	VCI Global	-51.0%	-98.9%
9	REX	REX American Resources	-50.7%	44.3%
10	RBNE	Robin Energy	-42.6%

1 Month Top Gainers

#	Ticker	Company	1M Rtn	YTD Rtn
1	PMI	Picard Medical	11931.7%	11931.7%
2	GIBO	GIBO	10714.0%
3	LNZA	LanzaTech Global	8455.2%	-86.3%
4	GTI	Graphjet Technology	3998.4%	-93.1%
5	GWAV	Greenwave Technology Solutions	3582.8%	-91.4%
6	QMMM	QMMM	3409.6%	8153.1%
7	ECDA	ECD Automotive Design	2715.2%	307.9%
8	OESX	Orion Energy Systems	1373.7%	14.2%
9	OP	OceanPal	1266.5%	-95.6%
10	BCTX	BriaCell Therapeutics	1032.4%	-89.8%

1 Month Top Losers

#	Ticker	Company	1M Rtn	YTD Rtn
1	CJET	Chijet Motor	-94.5%	-96.0%
2	STFS	Star Fashion Culture	-92.3%	-97.9%
3	ELPW	Elong Power	-91.1%	-76.9%
4	NXTT	Next Technology	-90.1%	-95.4%
5	EPIX	ESSA Pharma	-89.4%	-8.9%
6	NAKA	Kindly MD	-88.1%
7	BINI	Bollinger Innovations	-87.6%	-100.0%
8	JEM	707 Cayman	-87.4%	-98.2%
9	YAAS	Youxin Technology	-83.3%	-98.4%
10	NEON	Neonode	-82.5%	-51.0%

Recent Active Movers

1 Day Top Gainers

#	Ticker	Company	1D Rtn	YTD Rtn
1	ECDA	ECD Automotive Design	3937.1%	307.9%
2	ATHA	Athira Pharma	890.3%	544.3%
3	SPRC	SciSparc	142.9%	1141.7%
4	ATCH	AtlasClear	87.4%	-83.1%
5	GV	Visionary	68.2%	14.8%
6	APLM	Apollomics	51.3%	89.1%
7	SQFT	Presidio Property Trust	46.3%	11.0%
8	CDT	CDT Equity	40.1%	-99.1%
9	EDUC	Educational Development	31.8%	9.1%
10	ILLR	Triller	29.8%	-37.8%

1 Day Top Losers

#	Ticker	Company	1D Rtn	YTD Rtn
1	CURX	Curanex Pharmaceuticals	-83.5%	148.4%
2	CODX	Co-Diagnostics	-34.7%	-44.4%
3	BOXL	Boxlight	-34.5%	-13.5%
4	OPI	Office Properties Income Trust	-31.8%	-40.9%
5	BIAF	bioAffinity Technologies	-30.0%	-79.9%
6	ENVB	Enveric Biosciences	-29.3%	-88.0%
7	KAVL	Kaival Brands Innovations	-27.3%	-46.7%
8	AEI	Alset	-25.5%	211.8%
9	INBS	Intelligent Bio Solutions	-25.0%	0.7%
10	LVRO	Lavoro	-23.0%	-67.2%

1 Week Top Gainers

#	Ticker	Company	1W Rtn	YTD Rtn
1	ECDA	ECD Automotive Design	3347.2%	307.9%
2	BDSX	Biodesix	1090.6%	-79.7%
3	CLSD	Clearside Biomedical	987.7%	-74.7%
4	ATHA	Athira Pharma	892.1%	544.3%
5	SDOT	Sadot	690.6%	-79.9%
6	ATCH	AtlasClear	684.9%	-83.1%
7	HSDT	Helius Medical Technologies	232.1%	-95.5%
8	CHEK	Check-Cap	222.2%	134.4%
9	APLM	Apollomics	197.8%	89.1%
10	SPRC	SciSparc	147.0%	1141.7%

1 Week Top Losers

#	Ticker	Company	1W Rtn	YTD Rtn
1	CURX	Curanex Pharmaceuticals	-80.5%	148.4%
2	ATYR	aTyr Pharma	-80.4%	-71.7%
3	NAKA	Kindly MD	-70.2%
4	BNGO	Bionano Genomics	-64.0%	-89.8%
5	XAGE	Longevity Health	-57.6%	-86.1%
6	FAAS	DigiAsia	-55.4%	-88.0%
7	ASST	Strive	-54.5%	650.3%
8	VCIG	VCI Global	-51.0%	-98.9%
9	REX	REX American Resources	-50.7%	44.3%
10	RBNE	Robin Energy	-42.6%

Peer Comparisons for Workhorse

Financials

	WKHS	THO	WGO	TSLA	GM	F	Median
Name	Workhorse	Thor Ind.	Winnebag.	Tesla	General .	Ford Mot.
Mkt Price	1.11	103.99	33.00	425.86	58.73	11.66	45.86
Mkt Cap	0.0	5.5	0.9	1,372.5	56.6	46.3	25.9
Rev LTM	11	9,590	2,742	92,720	187,600	182,874	51,155
Op Inc LTM	-57	331	50	5,778	10,653	4,313	2,322
FCF LTM	-32	539	-52	5,586	-1,842	9,309	253
FCF 3Y Avg	-86	565	120	4,488	-3,192	5,908	342
CFO LTM	-32	657	-12	15,765	23,970	17,717	8,211
CFO 3Y Avg	-74	733	180	13,751	21,614	13,986	7,242

Growth & Margins

	WKHS	THO	WGO	TSLA	GM	F	Median
Name	Workhorse	Thor Ind.	Winnebag.	Tesla	General .	Ford Mot.
Rev Chg LTM	11.7%	-6.4%	-9.3%	-2.7%	5.3%	3.0%	0.2%
Rev Chg 3Y Avg	173.3%	-15.5%	-16.9%	12.9%	12.9%	11.1%	12.0%
Rev Chg Q	573.0%	3.3%	-1.4%	-11.8%	-1.8%	-5.0%	-1.6%
QoQ Delta Rev Chg LTM	81.6%	1.0%	-0.4%	-3.1%	-0.4%	-1.1%	-0.4%
Op Mgn LTM	-530.0%	3.5%	1.8%	6.2%	5.7%	2.4%	2.9%
Op Mgn 3Y Avg	-954.3%	4.7%	5.7%	9.1%	6.3%	3.1%	5.2%
QoQ Delta Op Mgn LTM	534.5%	0.1%	-0.5%	-1.2%	-0.9%	-0.5%	-0.5%
CFO/Rev LTM	-293.7%	6.9%	-0.4%	17.0%	12.8%	9.7%	8.3%
CFO/Rev 3Y Avg	-726.3%	6.9%	5.2%	14.6%	12.1%	7.9%	7.4%
FCF/Rev LTM	-296.7%	5.6%	-1.9%	6.0%	-1.0%	5.1%	2.1%
FCF/Rev 3Y Avg	-838.6%	5.3%	3.4%	4.8%	-1.8%	3.3%	3.3%

Valuation

	WKHS	THO	WGO	TSLA	GM	F	Median
Name	Workhorse	Thor Ind.	Winnebag.	Tesla	General .	Ford Mot.
Mkt Cap	0.0	5.5	0.9	1,372.5	56.6	46.3	25.9
P/S	0.9	0.6	0.3	14.8	0.3	0.3	0.5
P/EBIT	-0.2	16.4	57.4	170.4	7.2	6.3	11.8
P/E	-0.1	24.8	-54.0	224.9	11.8	9.2	10.5
P/CFO	-0.3	8.4	-78.3	87.1	2.4	2.6	2.5
Total Yield	-834.2%	4.0%	0.2%	0.4%	9.6%	14.7%	2.2%
Dividend Yield	0.0%	0.0%	2.0%	0.0%	1.1%	3.9%	0.6%
FCF Yield 3Y Avg	-1,832.2%	11.1%	5.5%	0.5%	-6.2%	12.4%	3.0%
D/E	4.5	0.2	0.6	0.0	2.4	3.4	1.5
Net D/E	4.3	0.1	0.6	-0.0	1.9	2.6	1.2

Returns

	WKHS	THO	WGO	TSLA	GM	F	Median
Name	Workhorse	Thor Ind.	Winnebag.	Tesla	General .	Ford Mot.
1M Rtn	-31.1%	-2.0%	-2.6%	27.1%	4.7%	1.7%	-0.1%
3M Rtn	12.7%	21.8%	6.6%	32.2%	22.4%	13.3%	17.5%
6M Rtn	-46.1%	29.8%	-3.9%	80.6%	18.6%	17.9%	18.3%
12M Rtn	-87.9%	1.1%	-41.4%	86.9%	24.9%	15.1%	8.1%
3Y Rtn	-99.9%	47.6%	-37.7%	40.4%	51.6%	0.4%	20.4%
1M Excs Rtn	-33.4%	-4.4%	-4.9%	24.7%	2.4%	-0.6%	-2.5%
3M Excs Rtn	4.1%	12.3%	-4.4%	24.3%	11.6%	3.1%	7.9%
6M Excs Rtn	-65.2%	11.2%	-19.5%	71.5%	3.8%	2.9%	3.4%
12M Excs Rtn	-104.2%	-13.3%	-56.6%	67.6%	10.9%	0.0%	-6.6%
3Y Excs Rtn	-160.4%	-28.9%	-101.8%	-20.7%	-16.4%	-65.5%	-47.2%

Comparison Analyses

	Title
0	Workhorse Group vs NAPCO Security Technologies: Similar Market Cap; Which Stock Is A Better Bet?
1	Workhorse Group vs BJ's Restaurants: Similar Market Cap; Which Stock Is A Better Bet?
2	Workhorse Group vs Aclaris Therapeutics: Similar Market Cap; Which Stock Is A Better Bet?

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	6/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	8/15/2025	3/31/2025	3/12/2024	3/1/2023	3/1/2022	3/1/2021	3/13/2020
Key Financials
Total Revenue	11	7	13	5	-1	1	0
EBITDA	-55	-72	-111	-113	-415	105	-30
Operating Income	-57	-74	-105	-129	-185	-41	-24
Net Income	-82	-102	-124	-117	-401	70	-37
EPS	-24.11	-51.69	-149.45	-185.00	-780.00	187.50	-145.00
Growth Rates
Total Revenue Growth	11.7%	-49.5%	160.7%	689.6%	-161.2%	269.8%	-50.7%
EBITDA Growth	47.0%	35.5%	2.0%	72.6%	-495.0%	447.8%	10.5%
Operating Income Growth	43.3%	29.8%	18.4%	30.3%	-351.7%	-71.7%	29.9%
Net Income Growth	37.8%	17.9%	-5.7%	70.8%	-675.2%	287.8%	-1.8%
Margins
EBITDA Margin	-512.2%	-1084.5%	-849.5%	-2259.4%	-	7536.6%	-8014.2%
Operating Income Margin	-530.0%	-1116.7%	-804.1%	-2569.8%	-	-2943.0%	-6338.1%
Net Income Margin	-760.7%	-1538.5%	-946.3%	-2334.7%	-	5010.8%	-9869.0%
Cash & Debt
Total Cash	2	4	26	99	202	47	24
Total Debt	45	16	29	10	26	199	39
Net Debt / (Cash)	42	12	3	-89	-175	152	15
Cash Flows
Net Cash from Operations	-32	-48	-123	-94	-133	-70	-37
Free Cash from Operations	-32	-52	-142	-111	-138	-76	-39
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	-0	-0	-0	-0	-0	25	-0

$ Mil \| FY: 12/31	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3
Period End	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Filing Date	8/15/2025	5/15/2025	3/31/2025	11/19/2024	8/19/2024	5/20/2024	3/12/2024	11/14/2023	8/14/2023	5/15/2023	3/1/2023	11/8/2022
Key Financials Quarterly
Total Revenue	6	1	2	3	1	1	4	3	4	2	3	2
Ebitda	-13	-11	-19	-12	-18	-22	-44	-20	-23	-25	-25	-48
Operating Income	-14	-13	-15	-14	-21	-24	-35	-21	-24	-26	-39	-49
Net Income	-15	-21	-21	-25	-26	-29	-45	-31	-23	-25	-39	-35
EPS	-1.67	-4.68	-5.51	-12.25	-17.45	-24.09	-45.83	-35.50	-30.00	-37.50	-60.00	-55.00
Key Financials TTM
Total Revenue TTM	11	6	7	9	10	13	13	12	11	7	5	-0
Ebitda TTM	-55	-61	-72	-96	-104	-108	-111	-93	-121	-119	-113	-243
Operating Income TTM	-57	-63	-74	-94	-100	-103	-105	-109	-137	-135	-129	-210
Net Income TTM	-82	-93	-102	-126	-131	-128	-124	-117	-122	-120	-117	-235
Growth Rates Quarterly
Total Revenue Growth	573.0%	-52.1%	-56.3%	-17.1%	-78.8%	-20.9%	27.8%	95.5%	31492.7%	11742.9%	272.4%	368.6%
EBITDA Growth	31.5%	50.1%	55.7%	38.8%	19.0%	12.6%	-73.4%	58.5%	-10.2%	-27.7%	83.8%	40.9%
Operating Income Growth	29.5%	45.9%	56.0%	32.7%	12.8%	7.1%	10.6%	56.9%	-11.7%	-28.8%	67.3%	-91.5%
Net Income Growth	43.8%	29.2%	53.2%	18.0%	-14.3%	-16.6%	-17.1%	13.4%	-8.8%	-13.4%	75.2%	56.4%
Margins Quarterly
EBITDA Margin	-223.2%	-1693.5%	-1002.8%	-487.2%	-2191.2%	-1625.2%	-988.9%	-659.5%	-574.2%	-1470.9%	-728.9%	-3110.7%
Operating Income Margin	-255.3%	-2002.9%	-803.9%	-564.5%	-2435.6%	-1771.6%	-798.2%	-695.3%	-593.1%	-1508.7%	-1141.1%	-3153.8%
Net Income Margin	-260.7%	-3221.0%	-1100.3%	-1001.5%	-3124.3%	-2177.0%	-1027.1%	-1011.9%	-580.3%	-1476.2%	-1121.2%	-2286.0%
Cash & Debt
Total Cash	2	3	4	3	5	7	26	39	62	79	99	120
Total Debt	45	51	16	21	18	16	29	9	10	10	10	10
Net Debt / (Cash)	42	48	12	18	12	10	3	-30	-53	-69	-89	-110
Cash Flows Quarterly
FCF from Operations	-6	-8	-7	-10	-12	-18	-27	-30	-33	-33	-28	-11
Cash Flows TTM
FCF from Operations TTM	-32	-38	-48	-68	-87	-108	-123	-123	-104	-96	-94	-89
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-6.1%	-5.4%	-6.8%	-6.3%	-9.3%	-11.1%	-16.7%	-10.7%	-12.9%	-14.8%	-24.3%	-32.0%
Return on Invested Capital (ROIC) TTM
ROIC TTM	-6.0%	-6.6%	-8.1%	-10.4%	-11.4%	-12.1%	-12.6%	-13.9%	-18.8%	-19.6%	-19.9%	-34.5%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Design, manufacture, and distribution of all-electric vehicles as an Original Equipment	13		-1	1
Services, parts and accessories		1
Vehicles		4
Automotive					0
Other					0
Total	13	5	-1	1	0

Price Behavior

Behavior Stats
Betas Matrix

Price Behavior

Market Price	$1.11
Market Cap ($ Bil)	0.0
First Trading Date	01/07/2016
Distance from 52W High	-93.8%
	50 Days	200 Days
DMA Price	$1.73	$3.89
DMA Trend	down	up
Distance from DMA	-35.9%	-71.4%
	3M	1YR
Volatility	204.7%	897.5%
Downside Capture	-346.36	516.67
Upside Capture	-94.44	226.20
Correlation (SPY)	3.2%	7.1%

WKHS Betas & Captures as of 8/31/2025

	1M	2M	3M	6M	1Y	3Y
Beta	2.02	0.48	0.92	3.40	3.34	2.57
Up Beta	2.94	1.77	2.28	-0.18	0.80	1.09
Down Beta	2.22	10.01	8.42	3.63	3.36	2.47
Up Capture	-43%	-137%	24%	536%	716%	420%
Bmk +ve Days	10	22	35	71	142	415
Stock +ve Days	8	20	32	55	109	308
Down Capture	450%	-428%	-426%	236%	171%	109%
Bmk -ve Days	11	19	27	54	106	334
Stock -ve Days	12	20	29	67	134	424

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date	8292025
Short Interest: Shares Quantity	2,086,892
Short Interest: % Change Since 8152025	40.1%
Average Daily Volume	775,461
Days-to-Cover Short Interest	2.69
Basic Shares Quantity	8,827,196
Short % of Basic Shares	23.6%

Returns Analyses

	Title
0	Workhorse Stock Return Comparison
1	Workhorse Group (WKHS) Stock Return: AI Predicts WKHS Average and Excess Return After a Fall or Rise

Earnings Returns History

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	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
8/15/2025	-6.8%	-19.8%
3/31/2025	-5.2%	-30.9%	-40.7%
11/19/2024	-13.9%	-12.3%	-38.0%
8/20/2024	-21.0%	-35.6%	-40.0%
3/12/2024	-12.8%	-21.4%	-35.2%
11/14/2023	-0.1%	-5.0%	-2.8%
8/8/2023	-6.8%	-27.3%	-43.9%
5/15/2023	-2.1%	-1.2%	2.5%
...
SUMMARY STATS
# Positive	7	4	6
# Negative	13	16	14
Median Positive	5.6%	9.7%	26.5%
Median Negative	-7.6%	-15.3%	-33.2%
Max Positive	19.5%	16.0%	61.6%
Max Negative	-24.2%	-41.2%	-43.9%

	Forward Returns
8/15/2025	-6.8%	-19.8%
3/31/2025	-5.2%	-30.9%	-40.7%
11/19/2024	-13.9%	-12.3%	-38.0%
8/20/2024	-21.0%	-35.6%	-40.0%
3/12/2024	-12.8%	-21.4%	-35.2%
11/14/2023	-0.1%	-5.0%	-2.8%
8/8/2023	-6.8%	-27.3%	-43.9%
5/15/2023	-2.1%	-1.2%	2.5%
3/1/2023	-14.8%	-15.5%	-36.4%
11/8/2022	1.1%	-2.2%	-30.8%
8/9/2022	-24.2%	-6.5%	-31.3%
5/10/2022	4.3%	8.3%	21.7%
3/1/2022	19.5%	16.0%	58.5%
11/9/2021	-3.6%	4.2%	-20.0%
8/9/2021	1.8%	-6.8%	-9.3%
5/10/2021	-14.9%	-16.0%	61.6%
3/1/2021	7.2%	-15.1%	-20.0%
11/9/2020	9.7%	11.2%	23.5%
8/10/2020	-7.6%	-7.6%	29.4%
3/10/2020	5.6%	-41.2%	-33.2%
SUMMARY STATS
# Positive	7	4	6
# Negative	13	16	14
Median Positive	5.6%	9.7%	26.5%
Median Negative	-7.6%	-15.3%	-33.2%
Max Positive	19.5%	16.0%	61.6%
Max Negative	-24.2%	-41.2%	-43.9%

SEC Filings

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Report Date	Filing Date	Filing
6302025	8152025	10-Q 6/30/2025
3312025	5152025	10-Q 3/31/2025
12312024	3312025	10-K 12/31/2024
9302024	11192024	10-Q 9/30/2024
6302024	8192024	10-Q 6/30/2024
3312024	5202024	10-Q 3/31/2024
12312023	3122024	10-K 12/31/2023
9302023	11142023	10-Q 9/30/2023
6302023	8142023	10-Q 6/30/2023
3312023	5152023	10-Q 3/31/2023
12312022	3012023	10-K 12/31/2022
9302022	11082022	10-Q 9/30/2022
6302022	8092022	10-Q 6/30/2022
3312022	5102022	10-Q 3/31/2022
12312021	3012022	10-K 12/31/2021
9302021	11092021	10-Q 9/30/2021

Insider Activity

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External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Workhorse (WKHS)

Market Price (9/18/2025): $1.12 | Market Cap: $9.9 MilSector: Consumer Discretionary | Industry: Automobile Manufacturers

Workhorse (WKHS)

Market Price (9/18/2025): $1.12Market Cap: $9.9 MilSector: Consumer DiscretionaryIndustry: Automobile Manufacturers

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Market Price (9/18/2025): $1.12 | Market Cap: $9.9 Mil
Sector: Consumer Discretionary | Industry: Automobile Manufacturers

Market Price (9/18/2025): $1.12
Market Cap: $9.9 Mil
Sector: Consumer Discretionary
Industry: Automobile Manufacturers