Workhorse Group Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $21.2M | $7.0M | $13.1M | $5.0M | -$851,922 |
| Cost of revenue | $30.8M | $13.2M | $38.4M | $37.7M | $132.5M |
| Gross profit | -$9.6M | -$6.1M | -$25.3M | -$32.6M | -$133.3M |
| Selling, general & administrative | $24.7M | $16.0M | $55.6M | $73.2M | $40.2M |
| Research and development | $13.2M | $12.9M | $24.5M | $23.2M | $11.6M |
| Operating expenses | $37.9M | $35.2M | $80.0M | $96.4M | $51.8M |
| Operating income | -$47.4M | -$41.3M | -$105.3M | -$129.1M | -$185.1M |
| Pretax income | -$64.1M | -$51.6M | -$124.0M | -$117.3M | -$423.2M |
| Income tax expense | $4,000 | $1,000 | -$110,524 | $0 | -$21.8M |
| Net income | -$64.1M | -$51.6M | -$123.9M | -$117.3M | -$401.3M |
| Balance Sheet | |||||
| Cash and equivalents | $12.9M | $6.6M | $25.8M | $99.3M | $201.6M |
| Current assets | $59.8M | $34.2M | $93.8M | $139.4M | $216.2M |
| Total assets | $117.9M | $37.4M | $141.7M | $182.7M | $228.1M |
| Current liabilities | $38.9M | $76.9M | $53.3M | $63.3M | $27.6M |
| Total liabilities | $74.8M | $78.2M | $58.6M | $74.2M | $53.4M |
| Stockholders' equity | $43.0M | -$40.8M | -$55.6M | $108.6M | $174.7M |
| Cash Flow Statement | |||||
| Cash from operations | -$35.6M | -$38.2M | -$123.0M | -$93.8M | -$132.6M |
| Depreciation and amortization | $1.2M | $816,000 | $4.1M | $1.9M | $1.9M |
| Stock-based compensation | $678,000 | $555,000 | $13.4M | $11.5M | $4.9M |
| Capital expenditure | $603,000 | $4.8M | $18.7M | $17.5M | $5.3M |
| Free cash flow | -$36.2M | -$42.9M | -$141.7M | -$111.3M | -$137.9M |
| Share repurchases | $0 | — | — | — | — |
| Impairments | $0 | $4.7M | $0 | $0 | $6.8M |
Shares outstanding 10.9M
Annual filing data through FY ended December 31, 2025; float as of July 13, 2026.