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Workhorse Group
(NASDAQ:WKHS)
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Rating:45Neutral
Price Target:
$3.00
▼(-0.66% Downside)
Action:Reiterated
Date:08/17/26
The score is primarily constrained by weak financial performance—persistent losses, ongoing cash burn, and a weakened balance sheet with elevated leverage and limited equity cushion. Technicals are relatively neutral with slight near-term improvement, but the longer-term trend remains challenged. Guidance and corporate actions point to a planned operational ramp and liquidity support, yet they also underscore high execution and financing risk before profitability improves.
Positive Factors
Commercial Delivery and Production Ramp
Higher deliveries and planned production of Class 5/6 electric trucks could improve manufacturing utilization and customer traction. Converting the announced fleet orders into delivered vehicles would provide a foundation for recurring fleet sales and service revenue.
Negative Factors
Persistent Negative Profitability
Negative gross margins and substantial operating and net losses show that the current vehicle business is not yet economically self-sustaining. Profitability depends on successful volume growth, cost reductions and manufacturing execution, leaving limited tolerance for delays or weak orders.
Read all positive and negative factors
Positive Factors
Negative Factors
Commercial Delivery and Production Ramp
Higher deliveries and planned production of Class 5/6 electric trucks could improve manufacturing utilization and customer traction. Converting the announced fleet orders into delivered vehicles would provide a foundation for recurring fleet sales and service revenue.
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
$34.32M
Dividend YieldN/A
Average Volume (3M)112.36K
Price to Earnings (P/E)―
Beta (1Y)1.35
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. Volume79,196
30 Day Avg. Volume112,363
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit>-0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusHold
Number of Analyst Covering1
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...
How the Company Makes Money
Workhorse primarily makes money by selling commercial battery-electric vehicles to customers (typically fleet operators). A second revenue stream comes from selling replacement parts and providing service/support related to the vehicles it has del...
Workhorse Group Earnings Call Summary
Earnings Call Date:Aug 13, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 10, 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 | -52.30M | -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
2.95
Positive
3.03
Negative
4.26
Negative
Market Momentum
0.04
Positive
47.45
Neutral
32.83
Neutral
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 below the 20-day moving average (MA) of 3.19, above the 50-day MA of 2.95, and below the 200-day MA of 4.26, indicating a neutral trend. The MACD of 0.04 indicates Positive momentum. The RSI at 47.45 is Neutral, neither overbought nor oversold. The STOCH value of 32.83 is Neutral, 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% | |
45 Neutral | $34.32M | -0.46 | -253.36% | ― | 112.11% | 96.59% | |
38 Underperform | $28.10K | -0.51 | -117.84% | ― | ― | ― | |
37 Underperform | $1.07M | ― | 195.51% | ― | ― | ― | |
28 Underperform | $3.72K | -96.27 | ― | ― | ― | ― |
* Consumer Cyclical Sector Average
WKHS
Workhorse Group
3.02
-13.42
-81.63%
BINI
Bollinger Innovations
0.06
-80.06
-99.92%
ZAPPF
Zapp Electric Vehicles
0.01
-0.07
-87.50%
PEVM
Phoenix Motor
0.02
-8.98
-99.77%
Workhorse Group Corporate Events
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...
Business Operations and StrategyExecutive/Board Changes
Workhorse Group Adopts New Executive Incentive Compensation Plan
Positive
Jul 23, 2026
On July 20, 2026, Workhorse Group Inc.’s Human Resource Management and Compensation Committee approved a new Short-Term Incentive Plan, effective January 1, 2026, covering the company’s principal executive, financial, and other named e...
Business Operations and StrategyExecutive/Board ChangesM&A Transactions
Workhorse Group Announces New CFO and Accounting Leadership
Neutral
Jul 13, 2026
Workhorse Group Inc. announced a planned leadership transition in its finance organization on July 13, 2026, tied to its previously disclosed acquisition of Motiv Power Systems, Inc., with Chief Financial Officer Robert M. Ginnan stepping down fro...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Workhorse Shareholders Approve Expanded Long-Term Incentive Plan
Positive
Jun 30, 2026
At its annual meeting on June 29, 2026, Workhorse Group stockholders approved an amended and restated 2023 Long-Term Incentive Plan, increasing the pool of shares available for equity awards by 1,089,340 shares, following prior adoption by the boa...
Business Operations and StrategyPrivate Placements and Financing
Workhorse Group Expands Cash Flow Credit and Alters Financing
Neutral
Jun 17, 2026
On June 16, 2026, Workhorse Group Inc. amended its existing credit arrangements with Motive GM Holdings II LLC, raising the commitment under its Cash Flow Credit Agreement from $20 million to $30 million while deferring interest payments on the ad...
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.