Workhorse Group (WKHS) Financial Statements & Analysis

Workhorse Group (WKHS) Income Statement

Workhorse Group reported revenue of $21.21M in fiscal 2025 (fiscal year ended Mar 31, 2026), up 220.6% from $6.62M a year earlier. Workhorse Group posted a net loss of $64.09M, compared with a net loss of $101.79M a year earlier. Gross margin was -45.0% and operating margin -223.7%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was $3.56M, down 37.2% from the same quarter a year earlier.

Workhorse Group Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Workhorse Group, Inc. income statement - Annual data in millions USD
Breakdown	FY 2025	FY 2025	FY 2024	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Mar 2026	Dec 2025	Mar 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Revenue & Gross Profit
Revenue	21.21	21.21	6.62	7.04	13.09	5.02	-0.85	1.39	0.38	0.76	10.04
Cost of Revenue	30.77	30.77	28.84	13.19	38.35	37.67	132.49	13.07	5.84	15.95	24.52
Gross Profit	-9.56	-9.56	-22.23	-6.15	-25.26	-32.65	-133.34	-11.67	-5.47	-15.19	-14.48
Operating Expenses
Research & Development	13.16	13.16	9.15	12.89	24.47	23.21	11.61	9.15	8.20	7.39	18.06
Selling, General & Administrative	24.72	18.22	42.51	16.05	54.67	73.22	40.16	20.16	0.00	11.49	8.82
Operating Expenses	37.89	37.89	51.66	28.94	80.04	96.43	51.77	-293.81	18.40	18.88	26.56
Operating Income	-47.44	-47.44	-73.89	-35.08	-105.30	-129.08	-185.11	282.13	-23.87	-34.07	-41.04
Other Income/Expense
Interest Income	0.00	-	0.00	-	0.00	0.26	0.00	0.00	0.00	0.00	0.00
Interest Expense	17.42	-	22.24	22.24	8.73	1.84	6.74	-190.52	6.60	2.43	0.18
Other Income/Expense	-16.64	18.20	-28.02	-6.24	-18.51	15.48	-231.34	132.59	-13.30	-2.43	-0.18
Income
Income Before Tax	-64.08	-64.08	-101.91	-51.59	-123.81	-113.60	-423.19	91.61	-37.16	-36.50	-41.22
Income Tax Expense	0.00	0.00	-0.12	0.00	0.11	0.00	-21.85	21.83	0.00	0.00	0.00
Net Income	-64.09	-64.09	-101.79	-51.59	-123.92	-117.27	-401.34	69.78	-37.16	-36.50	-41.22
Net Income - Continuous Operations	-64.09	-64.09	-101.79	-51.59	-123.92	-117.27	-401.34	69.78	-37.16	-36.50	-41.22
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-	-	-
EBITDA	-45.43	-39.71	-71.76	-34.27	-100.34	-127.14	-414.55	-40.17	-23.48	-33.72	-40.49
EBIT	-	-40.94	-	-35.08	-42.60	-129.08	-416.45	282.13	-8.02	-	-
Depreciation & Amortization	1.24	1.24	7.91	0.82	4.06	1.95	1.91	0.81	0.39	0.35	0.55
Earnings Per Share
Basic EPS	-7.00	-7.00	-52.00	-620.00	-149.00	-22200.00	-9360.00	188.00	-145.00	-185.00	-266.00
Diluted EPS	-7.00	-7.00	-52.00	-620.00	-149.00	-22200.00	-9360.00	175.00	-145.00	-185.00	-266.00
Basic Shares Outstanding	9.48	9.48	1.97	0.16	0.83	0.01	0.04	0.37	0.26	0.20	0.16
Diluted Shares Outstanding	9.48	9.48	1.97	0.16	0.83	0.01	0.04	0.40	0.26	0.20	0.16

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Workhorse Group Financial Statements

What was Workhorse Group's revenue in fiscal 2025?

Workhorse Group reported revenue of $21.21M in fiscal 2025 (fiscal year ended Mar 31, 2026). That was up 220.6% from $6.62M a year earlier.

Is Workhorse Group profitable?

No. Workhorse Group reported a net loss of $64.09M in fiscal 2025. In fiscal 2024 it lost $101.79M.

What is Workhorse Group's operating margin?

Workhorse Group's operating income was −$47.44M on revenue of $21.21M in fiscal 2025, an operating margin of -223.7%, compared with -1116.7% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition