Workhorse Group Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	21.21	7.04	13.09	5.02	-0.85
Revenue Growth (YoY)	201.12%	-46.21%	160.69%	-	-
Cost of Revenue	30.77	13.19	38.35	37.67	132.49
Gross Profit	-9.56	-6.15	-25.26	-32.65	-133.34
Selling, General & Admin	24.72	16.05	55.57	73.22	40.16
Research & Development	13.16	12.89	24.47	23.21	11.61
Other Operating Expenses	-	6.25	-	-	-
Total Operating Expenses	37.89	35.18	80.04	96.43	51.77
Operating Income	-47.44	-41.33	-105.3	-129.08	-185.12
Interest Expense	17.42	10.26	8.73	1.84	-12.64
Other Non-Operating Income (Expense)	0.78	0	-10	13.65	-225.43
Total Non-Operating Income (Expense)	18.2	10.26	-1.27	15.48	-238.08
Pretax Income	-29.24	-31.07	-106.57	-113.6	-423.19
Provision for Income Taxes	-0	-0	0.11	-	-21.85
Net Income	-64.09	-51.59	-123.92	-117.27	-401.35
Net Income to Common	-64.09	-51.59	-123.92	-117.27	-401.35
Shares Outstanding (Basic)	9	5	0	0	0
Shares Outstanding (Diluted)	9	5	0	0	0
Shares Change (YoY)	73.28%	7813.42%	1207.22%	23.24%	28.74%
EPS (Basic)	-6.76	-9.43	-1793.40	-22200.00	-93600.00
EPS (Diluted)	-6.76	-9.43	-1793.40	-22200.00	-93600.00
Shares Outstanding	9.7	9.33	0.01	0.01	0.01
Free Cash Flow	-36.16	-42.92	-141.71	-111.32	-137.89
Free Cash Flow Per Share	-3.82	-7.85	-2050.88	-21059.00	-32148.50
Gross Margin	-45.05%	-87.25%	-192.87%	-649.99%	15652.10%
Operating Margin	-223.66%	-586.74%	-804.13%	-2569.80%	21729.10%
Profit Margin	-302.14%	-732.37%	-946.33%	-2334.71%	47110.50%
FCF Margin	-170.46%	-609.24%	-1082.20%	-2216.08%	16185.90%
EBITDA	-46.21	-40.51	-101.24	-127.14	-183.21
EBITDA Margin	-217.84%	-575.16%	-773.10%	-2531.07%	21505.10%
EBIT	-47.44	-41.33	-105.3	-129.08	-185.12
EBIT Margin	-223.66%	-586.74%	-804.13%	-2569.80%	21729.10%
Effective Tax Rate	0.01%	0.00%	-0.10%	0.00%	5.16%

Updated Feb 26, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q