WKHSNasdaqMotor Vehicles & Passenger Car BodiesUS GAAP · USD

Workhorse Group Inc.

Workhorse Group Inc. designs and manufactures all-electric commercial trucks in the United States, with a focus on vehicles for last-mile delivery and other fleet applications. The company also develops vehicle technology and related systems that support the operation of its electric truck platforms.

Kysy yhtiöstä
Liikevaihto21,2milj. USD
+220,6 %v/v
Liikevoitto (EBIT)−47,4milj. USD
−14,8 %v/v
EBIT-marginaali−223,7%
+401,0 %-yks.v/v
Nettotulos−64,1milj. USD
−24,2 %v/v
Vapaa kassavirta−36,2milj. USD
+15,7 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−200−150−100−50050milj. USD2020: 1,4 milj. USD2020: EBIT −41 milj. USD20202021: −0,85 milj. USD2021: EBIT −185 milj. USD20212022: 5,0 milj. USD2022: EBIT −129 milj. USD20222023: 13 milj. USD2023: EBIT −105 milj. USD20232024: 6,6 milj. USD2024: EBIT −41 milj. USD20242025: 21 milj. USD2025: EBIT −47 milj. USD202521−47
LiikevaihtoLiikevoitto (EBIT)

Liiketoiminta

Osuus liikevaihdosta
Electric commercial trucks75 %

Battery-electric trucks and chassis for commercial fleet use, including the W56 platform.

Truck variants and body configurations15 %

Step van and strip chassis variants built for last-mile delivery and fleet customization.

Vehicle technology and software5 %

Technology that optimizes truck operation and supports fleet performance.

Fleet deployment and support services5 %

Services tied to electrification planning, charging, training, and maintenance support.

Tuotteet

Raportoitu · osuus liikevaihdosta
97,9%FY2025100 %
  • Vehicles97,9 %
  • Services Parts and Accessories1,6 %
  • Extended Warranty Revenue0,5 %

Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

Workhorse sells primarily to commercial fleet operators that need electric vehicles for delivery and other urban logistics routes. Its core end market is last-mile delivery, where customers value lower-emission operations, route suitability, and fleet integration support. The company also serves customers evaluating the transition to EV operations, including charging, training, and maintenance planning.

Last-mile delivery fleets

Buy electric delivery trucks for urban and suburban parcel routes where emissions and operating access matter.

Commercial logistics operators

Purchase trucks for commercial transport routes that can be electrified with depot charging.

Independent fleet operators

Use Workhorse vehicles and deployment support to transition from diesel to EV operations.

Fleet electrification planners

Buy vehicles and operational know-how to plan charging, training, and maintenance.

Strategia

Workhorse is focused on ramping production of its electric truck platforms, especially the W56 and related variants, while broadening customer adoption in last-mile delivery. It is also using fleet operations and product development to improve vehicle performance, support charging and maintenance planning, and expand its commercial offering.

Increase production and deliveries of electric trucksLyhyt aikaväli

Commercial adoption depends on proving manufacturing execution and product availability.

Expand product lineup and truck variantsKeskipitkä aikaväli

More configurations can address more fleet use cases and improve market fit.

Use fleet operations to refine the product and customer offerKeskipitkä aikaväli

Operating its own fleet provides data on charging, maintenance, and route economics.

Secure capital to fund operations and growthLyhyt aikaväli

Truck development and production scaling require ongoing financing capacity.

Maantiede

Workhorse is a U.S.-based company and its business is centered on the American commercial vehicle market. Its operations and customer exposure are tied to U.S. regulations, incentives, charging infrastructure rollout, and state-level adoption programs. The company also references global planning and supply-chain considerations, but its disclosed commercial focus is domestic.

Riskit

Workhorse faces execution risk in scaling production, winning customer adoption, and funding operations while the EV truck market develops. Its business is also exposed to regulatory incentives, charging infrastructure rollout, tariffs, and commodity-price volatility, all of which can affect demand and costs. The company has also disclosed merger-related approval risk and going-concern uncertainty tied to financing and operating performance.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Financing and going-concern risk1Merger approval and closing risk5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Financing and going-concern riskVaikutus: KriittinenTodennäköisyys: Matala

    Operations and product development depend on continued access to capital.

    KohdistuuDebtEquityAsset monetization
  2. Slower-than-anticipated electric truck adoptionVaikutus: Korkea

    Fleet customers may delay purchases until infrastructure and economics improve.

    Kohdistuu: U.S. commercial EV truck market

  3. Charging infrastructure and grid rollout delaysVaikutus: Korkea

    Customers need depot power and charging access before large-scale deployment.

    Kohdistuu: Last-mile delivery and fleet electrification

  4. Dependence on incentives and regulatory supportVaikutus: Korkea

    Voucher programs and tax credits can materially influence customer demand.

    KohdistuuCalifornia HVIPNYTVIPFederal 45W changes
  5. Merger approval and closing riskVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    The Motiv transaction depends on conditions and regulatory approvals.

    Kohdistuu: Strategic transaction execution

  6. Commodity and tariff cost inflationVaikutus: Keskitaso

    Battery and vehicle inputs such as lithium, nickel, steel, and aluminum are volatile.

    Kohdistuu: Electric truck production supply chain

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition on truck sales and services

Revenue depends on when vehicles are delivered and obligations are satisfied.

Vaikutus: Affects quarterly comparability and reported sales timing

Inventory and manufacturing cost accounting

Production slowdowns and inventory changes can shift cost recognition.

Vaikutus: Affects gross profit and operating cash flow

Fair value of notes, warrants, and convertible instruments

Financing arrangements may contain embedded valuation judgments.

Vaikutus: Affects non-cash finance expense and equity classification

Going-concern and liquidity assumptions

Management must assess whether funding is sufficient to continue operations.

Vaikutus: Affects disclosure and investor assessment of solvency risk

Sale-leaseback accounting for the Union City facility

The transaction changes asset ownership, lease obligations, and cash flow presentation.

Vaikutus: Affects balance sheet structure and investing cash flow

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Päivitetty: 24.9.2026