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Workhorse Group Inc. ( Workhorse , the Company , we , us , or our ) is a North American manufacturer of medium-duty electric trucks and buses. Our primary focus is to provide sustainable and cost-effective solutions to the commercial transportation sector.
The business is unprofitable at the operating level (-223.88% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue up 200.8% YoY with margins expanding 362.9pp.
ROIC dropped from -22.78% to -37.60%, capital efficiency is deteriorating. Negative free cash flow of -$36M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$25M
▲ +200.8% YoY
Net Income (TTM)
-$63M
▼ -24.2% YoY
Op. Margin
-242.54%
▲ +362.9pp YoY
ROIC
-79.50%
▼ -14.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$40M
▲ +15.7% YoY
Op. Cash Flow (TTM)
-$40M
▲ +6.8% YoY
Net Debt
$42M
Cash & Equiv.
$600K
5Y CAGR: +72.4%
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