WKHS Workhorse Group Inc.
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Executive Summary
Workhorse Group reported its first results post-merger with Motiv, showing Q4 revenue of $9.7M (up 64% YoY) and full-year revenue of $21.2M (up 201% YoY), but a net loss of $23.7M, significantly wider than the prior year. The company highlighted progress on integration, $20M in targeted annualized cost synergies, and delivery of 112 vehicles in 2025.
Actionable Insight
Monitor the company's ability to convert its strengthened sales pipeline into revenue and achieve its $20M cost synergy target in 2026, as revenue growth is positive but current losses remain substantial.
Key Facts
- Q4 2025 revenue was $9.7 million, up 64% year-over-year.
- Full-year 2025 revenue was $21.2 million, up 201% year-over-year.
- Q4 2025 net loss was $23.7 million, compared to $19.6 million in Q4 2024.
- The company delivered 65 vehicles in Q4 and 112 for the full year 2025, up from 46 in 2024.
- The merger with Motiv closed in December 2025, with the company now targeting $20 million in annualized cost synergies.
Financial Impact
Revenue grew significantly YoY, but losses widened; pro forma combined revenue for 2025 was $34.0M.
Risk Factors
- Continued significant net losses despite revenue growth.
- Execution risk in achieving projected $20M annualized cost synergies.
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-022400 |
| Document: wkhs-20260331.htm | 0001628280-26-022400 |
| Document: 0001628280-26-022400-index-headers.html | 0001628280-26-022400 |
| Document: 0001628280-26-022400-index.html | 0001628280-26-022400 |
| Document: 0001628280-26-022400.txt | 0001628280-26-022400 |
| 8-K Data (Synthetic) | 0001628280-26-022400 |
Track record builds as more directional reports settle.
Filters
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May 20, 2026
25d ago
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DEFA14A
| $3.17 $3.83 | ▲ +20.82% | ▲ +18.97% | $2.99 (−5.68%) |
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May 6, 2026
5w ago
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Press Release
| $4.07 $3.42 | ▼ −15.97% | ▼ −17.10% | $2.99 (−26.54%) |
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Apr 27, 2026
6w ago
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8-K
| $2.42 $3.22 | ▼ −33.06% | ▼ −31.37% | $2.99 (−23.55%) |
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Apr 23, 2026
7w ago
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8-K
| $2.67 $2.90 | ▼ −8.61% | ▼ −7.71% | $2.99 (−11.99%) |
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Mar 31, 2026
10w ago
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8-K
| $2.78 $2.44 | ▼ −12.23% | ▼ −16.00% | $2.99 (+7.55%) |
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Mar 24, 2026
11w ago
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Press Release
| $3.18 $2.78 | ▼ −12.58% | ▼ −12.34% | $2.99 (−5.97%) |
US Market Status
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