# WORKHORSE GROUP INC. (WKHS) · Edgar & Edgarette company card

> Workhorse Group (WKHS) grew revenue 201% in FY2025 to $21 million, operating margin -224% against a -2.1% median for motor vehicles & passenger car bodies, equity 36.5% of assets. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 1425287 · fiscal year ended 2025-12-31 · 5 audited years read · [page](https://www.pops4.com/boards/company/WKHS) · [JSON](https://www.pops4.com/boards/company/WKHS.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $21M |
| Revenue growth, 1 year | 201.1% |
| Revenue growth per year | — |
| Operating margin | -223.7% (prior year -586.7%) |
| Net margin | -302.1% |
| Operating cash flow | −$36M |
| Capital spending | $603,000 |
| Free cash flow | −$36M |
| Cash | $13M |
| Long-term debt | — |
| Total assets | $118M |
| Total equity | $43M |
| Equity ÷ assets | 36.5% |
| Return on equity | -148.9% |
| Dividend per share | — |
| Dividend years rising | — |

## Readings, computed from those figures

- Altman Z: -9.76 (distress zone)
- Piotroski F: 5 of 9 (middling)
- Health Harbor boat: Rotting at the dock · four or more warning signs · filed auditor change in the last 12 months; operating cash flow was negative; operating loss: a margin of -223.7% in FY2025; revenue is hard to predict: its 80% range is ±85%
- Cash Compass: Fast, cash not yet · growing fast, but little cash arriving so far

## Edgarette's reading

Exposure: revenue $21.2M (FY2025). Experience: revenue up 201.1% on the year; operating margin -223.7%, up from -586.7%. Soundness: equity 36.5% of assets, return on equity -148.9%. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $13.8M and $172.5M next year (method v4.1: its own 3-year record of growth weighed at 40% against under $50M filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $11.6M to $206.5M. A statistical range, not company guidance. Against peers (11 filers, $50M+ revenue, motor vehicles & passenger car bodies): operating margin -223.7% against a -2.1% median; growth 201.1% against -0.0%.

Range logged 2026-09-29, receipt f5c603360235873f, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item 4.01 Auditor change: 1, latest 2026-01-21 ([filing](https://www.sec.gov/Archives/edgar/data/1425287/000162828026002903/0001628280-26-002903-index.htm))
- Item 5.02 Director or officer change: 8, latest 2026-09-28 ([filing](https://www.sec.gov/Archives/edgar/data/1425287/000162828026063719/0001628280-26-063719-index.htm))

## Recent filings

- 8-K · filed 2026-11-02 · 1.01 Entry into a Material Definitive Agreement; 2.03 Creation of a Direct Financial Obligation; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1425287/000162828026068874/0001628280-26-068874-index.htm)
- 8-K · filed 2026-10-29 · 1.01 Entry into a Material Definitive Agreement; 7.01 Regulation FD Disclosure; 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1425287/000162828026068250/0001628280-26-068250-index.htm)
- 8-K · filed 2026-09-28 · 5.02 Departure or Election of Directors; Appointment of Officers; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1425287/000162828026063719/0001628280-26-063719-index.htm)
- 10-Q · filed 2026-08-13 · [filing](https://www.sec.gov/Archives/edgar/data/1425287/000162828026056708/0001628280-26-056708-index.htm)
- 8-K · filed 2026-08-13 · 2.02 Results of Operations and Financial Condition; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1425287/000162828026056707/0001628280-26-056707-index.htm)
- 8-K · filed 2026-08-12 · 1.01 Entry into a Material Definitive Agreement; 2.03 Creation of a Direct Financial Obligation; 3.02 Unregistered Sales of Equity Securities; 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1425287/000162828026056273/0001628280-26-056273-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0001425287.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1425287

## Cite

POPS4, Edgar & Edgarette: WORKHORSE GROUP INC. (WKHS) company card, from the company's own SEC filings, accessed 2026-11-14, https://www.pops4.com/boards/company/WKHS. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.