Revenue growth remains inconsistent at 5.8% year-over-year in 2026Q1, while the company continues to report severe structural margin compression with a gross margin of -172.8%.
Workhorse Group Inc. (WKHS) annual income statement — 19-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 |
|---|
| Sales/Revenue | 22.79M | 21.21M | 6.62M | 13.09M | 5.02M | -851.92K | 1.39M | 376.56K | 763.17K | 10.04M | 6.41M | 139.98K | 177.5K | 177.5K | 272.1K | 190.03K | 140.71K | 0 | 0 | 0 |
| Revenue Growth % | 112.11% | 220.58% | -49.47% | 160.69% | 689.62% | -161.18% | 269.8% | -50.66% | -92.4% | 56.49% | 4482.65% | -21.14% | 0% | -34.77% | 43.18% | 35.06% | - | - | - | - |
| Cost of Goods Sold | 35.39M | 30.77M | 28.84M | 38.35M | 37.67M | 125.69M | 13.07M | 5.84M | 15.95M | 24.52M | 13.58M | 0 | 0 | 161K | 152.81K | 162.93K | 304.38K | 52.15K | 0 | 0 |
| COGS % of Revenue | - | 145.05% | 435.92% | 292.87% | 749.99% | -14753.56% | 938.38% | 1552.17% | 2090.43% | 244.23% | 211.67% | - | - | 90.7% | 56.16% | 85.74% | 216.32% | - | - | - |
| Gross Profit | -12.6M | -9.55M | -22.23M | -25.26M | -32.65M | -126.54M | -11.67M | -5.47M | -15.19M | -14.48M | -7.16M | 139.98K | 177.5K | 16.5K | 119.29K | 27.11K | -163.67K | -52.15K | 0 | 0 |
| Gross Margin % | -55.3% | -45.05% | -335.92% | -192.87% | -649.99% | 14853.56% | -838.38% | -1452.17% | -1990.43% | -144.23% | -111.67% | 100% | 100% | 9.3% | 43.84% | 14.26% | -116.32% | - | - | - |
| Gross Profit Growth % | - | 57.01% | 12% | 22.65% | 74.2% | -983.9% | -113.49% | 64% | -4.92% | -102.11% | -5217.49% | -21.14% | 975.69% | -86.17% | 340.08% | 116.56% | -213.83% | - | - | - |
| Operating Expenses | 48.04M | 37.88M | 51.66M | 80.04M | 96.43M | 58.57M | 29.31M | 18.4M | 18.88M | 26.56M | 12.35M | 8.6M | 6.39M | 6M | 4.27M | 8.81M | 5.15M | 1.53M | 24.48K | 1.8K |
| OpEx % of Revenue | - | 178.61% | 780.81% | 611.26% | 1919.81% | -6875.52% | 2104.57% | 4885.94% | 2473.51% | 264.56% | 192.5% | 6144.41% | 3598.43% | 3382.52% | 1568.28% | 4637.41% | 3658.01% | - | - | - |
| Selling, General & Admin | 21.71M | 24.72M | 42.51M | 54.67M | 73.22M | 0 | 0 | 0 | 11.49M | 8.82M | 6.2M | 3.86M | 2.95M | 5.35M | 4.15M | 5.59M | 5.09M | 1.49M | 24.48K | 1.8K |
| SG&A % of Revenue | - | 116.55% | 642.53% | 417.53% | 1457.68% | - | - | - | 1504.96% | 87.86% | 96.69% | 2757.98% | 1662.23% | 3016.75% | 1523.66% | 2939.64% | 3617.42% | - | - | - |
| Research & Development | 18.56M | 13.16M | 9.15M | 24.47M | 23.21M | 11.61M | 9.15M | 8.2M | 7.39M | 18.06M | 6.15M | 4.74M | 3.44M | 211.83K | 57.79K | 264.42K | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 62.06% | 138.28% | 186.85% | 462.14% | -1362.8% | 657.01% | 2177.35% | 968.55% | 179.91% | 95.81% | 3386.43% | 1936.2% | 119.34% | 21.24% | 139.14% | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 0 | 900K | 0 | 46.96M | 20.16M | 10.2M | 0 | -322.44K | 0 | 0 | 0 | 437.42K | 63.63K | 2.96M | 57.11K | 34.86K | 0 | 0 |
| Operating Income | -60.65M | -47.44M | -73.89M | -105.3M | -129.08M | -185.11M | -40.98M | -23.87M | -34.07M | -41.04M | 19.51M | 8.46M | 6.21M | 5.83M | 4.04M | -8.7M | 5.02M | 1.53M | -24.48K | -1.8K |
| Operating Margin % | -266.09% | -223.66% | -1116.73% | -804.13% | -2569.8% | 21729.08% | -2942.95% | -6338.12% | -4463.94% | -408.79% | 304.17% | 6044.41% | 3498.43% | 3282.52% | 1485.35% | -4575.54% | 3567.39% | - | - | - |
| Operating Income Growth % | - | 35.79% | 29.83% | 18.43% | 30.27% | -351.71% | -71.71% | 29.94% | 16.98% | -310.32% | 130.61% | 36.25% | 6.58% | 44.16% | 146.48% | -273.22% | 228.5% | 6342.93% | -1259.78% | - |
| EBITDA | -61.05M | -46.2M | -65.98M | -101.24M | -127.14M | -183.21M | -40.17M | -23.48M | -33.72M | -40.49M | 19.89M | 8.83M | 6.6M | 6.15M | 4.11M | -8.64M | 5.06M | 1.56M | -1.32M | -1.8K |
| EBITDA Margin % | -267.85% | -217.84% | -997.2% | -773.1% | -2531.07% | 21505.07% | -2884.81% | -6234.97% | -4418.29% | -403.31% | 310.12% | 6309.61% | 3717.03% | 3462.61% | 1508.73% | -4545% | 3596.34% | - | - | - |
| EBITDA Growth % | -15.91% | 29.97% | 34.83% | 20.37% | 30.6% | -356.06% | -71.1% | 30.37% | 16.71% | -303.51% | 125.24% | 33.87% | 7.35% | 49.71% | 147.53% | -270.68% | 223.78% | 218.28% | -73307.56% | - |
| D&A (Non-Cash Add-back) | 5.43M | 1.24M | 7.91M | 4.06M | 1.95M | 1.91M | 809.64K | 388.4K | 348.34K | 549.97K | 381.82K | 371.23K | 388.01K | 319.65K | 63.63K | 58.04K | 40.73K | 34.86K | 0 | 0 |
| EBIT | -56.1M | -46.66M | -79.67M | -104.4M | -116.94M | -178.31M | -40.98M | -23.87M | -34.07M | -41.04M | -19.51M | -8.46M | -6.21M | -5.85M | -4.04M | -8.7M | -5.01M | -1.52M | -1.38M | 0 |
| Net Interest Income | -12.03M | -17.42M | -22.24M | -8.73M | -68.03K | -6.74M | -12.53M | -6.6M | -2.43M | -180.44K | -44.04K | -965.88K | -398.96K | -258.26K | -230.89K | -10.59K | -13.2K | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 264.68K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 12.03M | 17.42M | 22.24M | 8.73M | 332.71K | 6.74M | 12.53M | 6.6M | 2.43M | 180.44K | 44.04K | 965.88K | 398.96K | 258.26K | 230.89K | 10.59K | 13.2K | 736 | 0 | 0 |
| Other Income/Expense | -8.1M | -16.64M | -28.02M | -18.51M | 11.81M | -238.08M | 132.59M | -13.3M | -2.43M | -180.44K | -44.04K | -965.88K | -398.96K | -258.26K | -277.33K | -18.23K | -4.6M | 3.06M | -1.36M | 0 |
| Pretax Income | -68.74M | -64.08M | -101.91M | -123.81M | -117.27M | -423.19M | 91.61M | -37.16M | -36.5M | -41.22M | -19.56M | -9.43M | -6.61M | -6.11M | -4.27M | -8.71M | -5.01M | 1.53M | 0 | 0 |
| Pretax Margin % | -301.62% | -302.12% | -1540.23% | -945.48% | -2334.71% | 49674.96% | 6578.76% | -9868.98% | -4782.97% | -410.59% | -304.86% | -6734.43% | -3723.2% | -3442.57% | -1570.2% | -4581.11% | -3564.08% | - | - | - |
| Income Tax | -30K | 4K | -117.06K | 110.52K | 0 | -21.85M | 21.83M | 0 | 0 | 0 | 0 | 965.88K | 398.96K | 284.07K | 277.33K | 10.59K | 21.74K | 3.05M | 24.48K | 1.8K |
| Effective Tax Rate % | 0.04% | -0.01% | 0.11% | -0.09% | 0% | 5.16% | 23.83% | 0% | 0% | 0% | 0% | -10.25% | -6.04% | -4.65% | -6.49% | -0.12% | -0.43% | 199.39% | - | - |
| Net Income | -68.71M | -64.09M | -101.79M | -123.92M | -117.27M | -401.34M | 69.78M | -37.16M | -36.5M | -41.22M | -19.56M | -9.43M | -6.61M | -6.11M | -4.27M | -8.71M | -5.03M | -1.52M | -24.48K | -1.8K |
| Net Margin % | -301.49% | -302.14% | -1538.46% | -946.33% | -2334.71% | 47110.51% | 5010.81% | -9868.98% | -4782.97% | -410.59% | -304.86% | -6734.43% | -3723.2% | -3442.57% | -1570.2% | -4581.11% | -3573.46% | - | - | - |
| Net Income Growth % | 15.94% | 37.04% | 17.86% | -5.67% | 70.78% | -675.19% | 287.76% | -1.81% | 11.44% | -110.76% | -107.45% | -42.64% | -8.15% | -43.02% | 50.92% | -73.14% | -229.73% | -6130.28% | -1259.78% | - |
| Net Income (Continuing) | -68.71M | -64.09M | -101.79M | -123.92M | -117.27M | -401.34M | 69.78M | -37.16M | -36.5M | -41.22M | -19.56M | -9.43M | -6.61M | -6.11M | -4.27M | -8.71M | -5.03M | -1.52M | -1.38M | -1.8K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -6.33 | -6.76 | -51.69 | -149.45 | -184.88 | -779.76 | 174.53 | -144.79 | -184.94 | -265.87 | -194.00 | -137.50 | -125.00 | -200.00 | -250.00 | -642.23 | -570.88 | -15510.00 | -51011.00 | -0.00 |
| EPS Growth % | 77.88% | 86.92% | 65.41% | 19.16% | 76.29% | -546.78% | 220.54% | 21.71% | 30.44% | -37.05% | -41.09% | -10% | 37.5% | 20% | 61.07% | -12.5% | 96.32% | 69.59% | - | - |
| EPS (Basic) | - | -6.76 | -51.69 | -149.45 | -184.88 | -779.76 | 187.83 | -144.79 | -184.94 | -265.87 | -194.00 | -137.50 | -125.00 | -200.00 | -250.00 | -642.23 | -570.88 | -15510.00 | -51011.00 | -0.00 |
| Diluted Shares Outstanding | 10.85M | 9.47M | 1.97M | 829.17K | 634.3K | 514.7K | 399.8K | 257.26K | 201.51K | 155.02K | 100.81K | 69.17K | 54.41K | 30.28K | 17.97K | 13.55K | 8.81K | 98 | 27 | 4.34M |
| Basic Shares Outstanding | 10.85M | 9.47M | 1.97M | 829.17K | 634.3K | 514.7K | 371.49K | 257.26K | 201.51K | 155.02K | 100.81K | 69.17K | 54.41K | 30.28K | 17.97K | 13.55K | 8.81K | 98 | 27 | 4.34M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying WKHS stock.
For fiscal year 2025, Workhorse Group Inc. (WKHS) reported total revenue of $21.2M.
Workhorse Group Inc. (WKHS) reported a net loss of $64.1M for the fiscal year ending 2025.
Workhorse Group Inc. (WKHS) reported an operating income of $-47.4M, resulting in an operating profit margin of -223.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Workhorse Group Inc. (WKHS) generated $-9.6M in gross profit for the year, representing a gross profit margin of -45.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Liquidity and production scale
Metrics are mathematically derived from official filings.
Volatile Revenue Amid Production Shifts
As reported in recent financial filings, Workhorse Group's revenue trajectory remains highly inconsistent, characterized by a 5.8% year-over-year growth in 2026Q1 following a period of extreme quarterly fluctuations, which underscores the company's ongoing struggle to transition from prototype development to a stable, high-volume commercial delivery model.
The erratic revenue performance suggests that the company has yet to establish a predictable sales cadence, likely hampered by the transition to a dealer-centric distribution model. Investors should monitor whether the recent W56 production ramp can provide the necessary consistency to move beyond these transactional, lumpy revenue patterns.
Structural Negative Gross Margin Profile
Based on the provided income statement data, Workhorse continues to grapple with severe margin compression, evidenced by a gross margin of -172.8% in 2026Q1, which indicates that the cost of goods sold significantly exceeds the revenue generated from vehicle sales during this period of low-volume production.
This persistent negative margin profile suggests that the company is currently unable to achieve the economies of scale required to cover its direct manufacturing costs. Without a substantial increase in unit volume, the current cost structure appears fundamentally unsustainable and reliant on external capital to bridge the gap.
Operating Leverage Remains Deeply Negative
According to the latest quarterly results, Workhorse's operating leverage remains severely constrained, with an operating margin of -4.9% in 2026Q1, reflecting the company's inability to scale its operating income faster than its gross profit while maintaining necessary R&D and administrative overheads to support the W56 platform.
The inability to achieve positive operating leverage suggests that the company's fixed-cost base is disproportionately large relative to its current revenue generation. This indicates that any future path to profitability will require not only a massive increase in sales but also a rigorous optimization of its operational expense structure.
Liquidity Risks Challenge Survival Narrative
As indicated by the historical income statement data, the company's consistent net losses, including a $19.9 million loss in 2026Q1, suggest that the current business model faces significant existential risks, particularly given the extremely low cash position relative to the ongoing burn rate required for manufacturing operations.
Short-sellers would likely focus on the recurring need for dilutive financing to sustain operations, which may continue to erode shareholder value. The lack of a clear path to self-funding suggests that the company's survival remains highly contingent on external market conditions and the successful execution of its dealer-network strategy.