Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.41M | $10.0M | $763K | $377K | $1.39M | -$852K | $5.02M | $13.1M | $7.04M | $21.2M |
| Revenue growth | — | 56.5% | -92.4% | -50.7% | 269.8% | -161.2% | 689.6% | 160.7% | -46.2% | 201.1% |
| Gross profit | -$7.16M | -$14.5M | -$15.2M | -$5.47M | -$11.7M | -$133M | -$32.6M | -$25.3M | -$6.15M | -$9.55M |
| Gross margin | -111.7% | -144.2% | -1990.4% | -1452.2% | -838.4% | 15652.1% | -650.0% | -192.9% | -87.3% | -45.0% |
| Operating income | — | — | -$34.1M | -$23.9M | -$41.0M | -$185M | -$129M | -$105M | -$41.3M | -$47.4M |
| Operating margin | — | — | -4463.9% | -6338.1% | -2943.0% | 21729.1% | -2569.8% | -804.1% | -586.7% | -223.7% |
| Net income | -$19.6M | -$41.2M | -$36.5M | -$37.2M | $69.8M | -$401M | -$117M | -$124M | -$51.6M | -$64.1M |
| Net margin | -304.9% | -410.6% | -4783.0% | -9869.0% | 5010.8% | 47110.5% | -2334.7% | -946.3% | -732.4% | -302.1% |
| EPS (diluted) | -$0.78 | -$1.09 | — | -$0.58 | $0.70 | -$3.12 | -$0.74 | -$149.45 | -$9.43 | -$6.76 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$19.0M | -$38.7M | -$21.8M | -$36.9M | -$70.3M | -$133M | -$93.8M | -$123M | -$38.2M | -$35.6M |
| Capital expenditures | $528K | $143K | $23.2K | $2.00M | $5.73M | $5.31M | $17.5M | $18.7M | $4.76M | $603K |
| Free cash flow | -$19.6M | -$38.8M | -$21.8M | -$38.9M | -$76.0M | -$138M | -$111M | -$142M | -$42.9M | -$36.2M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $470K | $4.07M | $1.51M | $23.9M | $46.8M | $202M | $99.3M | $25.8M | $6.63M | $12.9M |
| Total assets | $10.2M | $16.5M | $11.8M | $50.7M | $633M | $228M | $183M | $142M | $37.4M | $118M |
| Total liabilities | — | — | — | $85.6M | $237M | $53.4M | $74.2M | $58.6M | $78.2M | $74.8M |
| Long-term debt | $2.09M | $1.71M | $8.31M | $19.4M | — | — | — | — | — | — |
| Shareholders' equity | $3.82M | $3.51M | -$15.4M | -$34.9M | $395M | $175M | $109M | -$55.6M | -$40.8M | $43.0M |
| Retained earnings | -$63.1M | -$104M | -$142M | -$179M | -$109M | -$510M | -$628M | -$752M | -$255M | -$319M |
| Shares (wtd avg diluted) | 27.6M | 41.5M | 50.4M | 64.3M | 99.9M | 129M | 159M | 829K | 5.47M | 9.47M |
Every figure is extracted from Workhorse Group Inc.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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