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.
Price Chart
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.
Key Financial Metrics
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
Investment Themes
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
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 9, 2026 17d ago | 144 | $2.98 | awaiting T+60 | — | $2.54 (−14.77%) |
Jul 28, 2026 12w ago | 8-K | $2.97 $2.65 | ▼ −10.77% | ▼ −15.12% | $2.54 (−14.48%) |
Jul 23, 2026 13w ago | 8-K | $2.71 $2.66 | ▼ −1.84% | ▼ −5.57% | $2.54 (−6.27%) |
Jul 15, 2026 14w ago | Press Release | $2.61 | awaiting T+60 | — | $2.54 (−2.68%) |
Jul 13, 2026 15w ago | 8-K | $2.64 $2.94 | ▲ +11.36% | ▲ +7.99% | $2.54 (−3.79%) |
Jun 30, 2026 16w ago | 8-K | $2.94 $2.91 | ▼ −1.02% | ▼ −3.89% | $2.54 (−13.61%) |
Jun 17, 2026 18w ago | 8-K | $3.03 $2.99 | ▼ −1.32% | ▼ −3.21% | $2.54 (−16.17%) |
May 20, 2026 22w ago | DEFA14A | $3.17 $3.31 | ▲ +4.42% | ▲ +0.12% | $2.54 (−19.87%) |
May 6, 2026 24w ago | Press Release | $4.07 $3.05 | ▼ −25.06% | ▼ −27.12% | $2.54 (−37.59%) |
Apr 27, 2026 26w ago | 8-K | $2.42 $2.76 | ▼ −14.05% | ▼ −10.06% | $2.54 (−4.96%) |
US Market Status
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