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Workhorse Group
(NASDAQ:WKHS)
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Rating:44Neutral
Price Target:
$2.50
▼(-17.22% Downside)
Action:Reiterated
Date:09/29/26
WKHS scores low primarily due to very weak financial fundamentals—persistent losses, heavy cash burn, and a weakened balance sheet with limited equity cushion. Technicals also reflect a downtrend (below key moving averages with negative MACD). The earnings call provides some offset via clear delivery/cost-synergy ramp plans, but near-term liquidity dependence and negative gross margins keep the overall risk profile elevated.
Positive Factors
Commercial delivery ramp
A planned increase in Class 5/6 production and deliveries could convert the existing commercial pipeline into recurring fleet revenue. Executing against named customer orders would validate product-market fit, improve factory utilization, and provide a foundation for broader fleet adoption.
Negative Factors
Persistently negative margins
Gross losses exceeding revenue show that current vehicle economics are not yet viable at the reported production scale. Until volume, design changes, and BOM reductions materially improve unit costs, additional sales may continue to generate losses rather than the cash contribution needed to fund growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Commercial delivery ramp
A planned increase in Class 5/6 production and deliveries could convert the existing commercial pipeline into recurring fleet revenue. Executing against named customer orders would validate product-market fit, improve factory utilization, and provide a foundation for broader fleet adoption.
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
$28.41M
Dividend YieldN/A
Average Volume (3M)62.92K
Price to Earnings (P/E)―
Beta (1Y)1.13
Revenue Growth112.11%
EPS Growth96.59%
CountryUS
Employees148
SectorConsumer Cyclical
Sector Strength84
IndustryAuto - Manufacturers
Share Statistics
EPS (TTM)-6.50
Shares Outstanding10,928,585
10 Day Avg. Volume54,506
30 Day Avg. Volume62,924
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 Cap3.49
Enterprise Value/Revenue4.35
Enterprise Value/Gross Profit-7.87
Enterprise Value/Ebitda-1.96
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-4.21
Revenue Forecast (FY)$34.32M
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...
Workhorse Group Earnings Call Summary
Earnings Call Date:Aug 13, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 12, 2026
Earnings Call Sentiment Neutral
The call presented a balanced mix of operational and strategic progress — notable revenue and delivery increases (GAAP), a clear production ramp, a defined BOM cost-down program, and a new high‑growth line of business in mobile AI data centers — alongside significant near-term financial challenges: large gross losses, widening operating and net losses, elevated SG&A/R&D, and tight liquidity requiring additional borrowings. Management is on track with integration synergies and early commercial momentum, but profitability and cash-flow depend on successfully executing cost reductions, ramping production, and converting the growing pipeline into firm, funded orders over the next several quarters.Positive Updates
Quarterly Revenue and Delivery Growth (GAAP)
Q2 2026 revenue of $3.6M versus $0.8M in Q2 2025 (GAAP), an increase of ~350%; vehicle deliveries rose to 26 in Q2 2026 from 4 in Q2 2025 (a ~550% increase). (Note: pro forma combined Q2 2025 was $6.4M and 39 vehicles—comparability affected by merger.)
Negative Updates
Large Gross Loss and Negative Margins
Q2 2026 cost of sales was $11.0M on $3.6M revenue, producing a gross loss of $7.5M and a deeply negative gross margin (gross loss exceeds revenue), consistent with the prior quarter—indicating profitability remains distant until scale and BOM reductions are realized.
Read all updates
Q2-2026 Updates
Positive
Negative
Quarterly Revenue and Delivery Growth (GAAP)
Q2 2026 revenue of $3.6M versus $0.8M in Q2 2025 (GAAP), an increase of ~350%; vehicle deliveries rose to 26 in Q2 2026 from 4 in Q2 2025 (a ~550% increase). (Note: pro forma combined Q2 2025 was $6.4M and 39 vehicles—comparability affected by merger.)
Read all positive updates
Company Guidance
Management's guidance emphasized a production and cost-transformation ramp: they expect to achieve $20 million of annualized cost synergies by the end of 2026 and to meaningfully increase deliveries in H2 2026 (supporting the previously announced 100-vehicle Purolator and 100-vehicle Gateway orders), with plans to produce more fully electrified Class 5/6 chassis and trucks over the next five months than in any prior five-month period. Financials cited on the call included Q2 revenue of $3.6M (26 vehicles vs. 4 prior-year, pro forma prior-year Q2 $6.4M and H1 26 revenue $7.9M vs. pro forma $8.2M), Q2 cost of sales $11M (gross loss $7.5M), SG&A $7.8M, R&D $4.1M, operating loss $19.4M, net loss $20.2M or $1.86 per share, and cash of $9.6M plus $0.7M restricted; liquidity actions included drawing $20M (outstanding $30M) and $18.3M under a customer order credit, an August追加 $10M borrow, and $1.7M available under the credit facility as filed. Product and timeline targets include BOM cost reductions over a 12–18 month window, modular chassis prototypes for the W56 in Q4 2026 with planned production start in late 2027, and a targeted commencement of mobile AI data center production and commercial deliveries in 2027 (the mobile data center market is projected at ~$41B by 2031); management also expects gross margins to improve as Union City volumes scale.Workhorse Group Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
28
Negative
Cash Flow
18
Very Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 22.79M | 21.21M | 6.62M | 13.09M | 5.02M | -851.92K |
| Gross Profit | -12.60M | -9.55M | -22.23M | -25.26M | -32.65M | -126.54M |
| EBITDA | -50.67M | -45.43M | -71.76M | -100.34M | -115.00M | -176.40M |
| Net Income | -68.71M | -64.09M | -101.79M | -123.92M | -117.27M | -401.34M |
Balance Sheet | ||||||
| Total Assets | 110.14M | 117.89M | 93.84M | 141.67M | 182.74M | 228.14M |
| Cash, Cash Equivalents and Short-Term Investments | 9.63M | 12.92M | 4.12M | 25.85M | 99.28M | 201.65M |
| Total Debt | 27.88M | 37.82M | 16.32M | 29.02M | 10.13M | 26.26M |
| Total Liabilities | 102.96M | 74.85M | 49.55M | 58.56M | 74.16M | 53.45M |
| Stockholders Equity | 7.18M | 43.04M | 44.29M | 83.11M | 108.59M | 174.69M |
Cash Flow | ||||||
| Free Cash Flow | -63.01M | -36.16M | -51.65M | -141.71M | -111.32M | -137.89M |
| Operating Cash Flow | -62.12M | -35.55M | -47.59M | -123.02M | -93.82M | -132.58M |
| Investing Cash Flow | 9.56M | 9.83M | -4.06M | -18.69M | -20.02M | 99.81M |
| Financing Cash Flow | 36.17M | 32.02M | 20.45M | 78.28M | 11.47M | -6.82M |
Workhorse Group Technical Analysis
Negative
3.02
Price Trends
3.00
Negative
2.98
Negative
3.30
Negative
Market Momentum
-0.10
Positive
30.69
Neutral
8.53
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 3.02 is above the 20-day moving average (MA) of 2.85, above the 50-day MA of 3.00, and below the 200-day MA of 3.30, indicating a bearish trend. The MACD of -0.10 indicates Positive momentum. The RSI at 30.69 is Neutral, neither overbought nor oversold. The STOCH value of 8.53 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 2 risk factors in its most recent earnings report. Workhorse Group reported the most risks in the "Tech & Innovation" 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% | |
44 Neutral | $28.41M | -0.40 | -253.36% | ― | 112.11% | 96.59% | |
38 Underperform | $1.20K | -0.51 | -117.84% | ― | ― | ― | |
37 Underperform | $1.08M | ― | -506.73% | ― | ― | ― | |
28 Underperform | $1.86K | -96.27 | 0.03% | ― | ― | ― |
* Consumer Cyclical Sector Average
WKHS
Workhorse Group
2.60
-10.48
-80.12%
BINI
Bollinger Innovations
0.06
-0.07
-52.31%
ZAPPF
Zapp Electric Vehicles
0.01
-0.08
-88.89%
PEVM
Phoenix Motor
0.02
-7.77
-99.74%
Workhorse Group Corporate Events
Business Operations and StrategyExecutive/Board Changes
Workhorse Launches New Long-Term Value Creation Incentive Plan
Positive
Sep 28, 2026
On September 22, 2026, Workhorse Group Inc.’s board adopted a new Value Creation Incentive Plan that offers long-term performance-based awards to executives and other employees, payable in cash or stock after three- to five-year measurement ...
Business Operations and StrategyPrivate Placements and Financing
Workhorse Group Expands Credit Facility and Defers Rent
Positive
Aug 12, 2026
On August 11, 2026, Workhorse amended its Cash Flow Credit Agreement with Motive GM Holdings II LLC, increasing the lending commitment from $30 million to $40 million and deferring interest payments on two $10 million tranches until after January ...
Business Operations and StrategyProduct-Related Announcements
Workhorse Plans Mobile AI Data Center Expansion
Positive
Jul 28, 2026
On July 28, 2026, Workhorse Group announced plans to enter the mobile AI data center market with a turnkey, compute-ready, containerized product designed for localized AI and edge-computing deployments worldwide. The planned systems will feature 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.