Workhorse Group Inc. Common Stock (WKHS)

FairStock Score: 53/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I approach this as a value investor looking for a durable business at a sensible price. Workhorse fails the first test. In fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $3.6 million, but net income was -$20.2 million, a -566.28% margin. In fiscal Q1 2026, ended 2026-03-31, revenue was $4.3 million and net loss was -$19.9 million. Revenue did rise from $750,000 in fiscal Q2 2025 to $3.6 million in fiscal Q2 2026, yet the company still lost $20.2 million in the latest quarter. For full years, revenue went from $7.0 million in FY2024 to $21.2 million in FY2025, while net loss worsened from -$51.6 million to -$64.1 million. There is no demonstrated moat: it is a small maker of electric delivery trucks and drones with 148 employees, competing in a capital-intensive industry. Financial health is poor. FairStock calculations show a Piotroski F-Score of 2/9, Altman Z-Score of -4.79, ROE of -247.68%, ROCE of -53.11%, and debt-to-equity of 10.61. Trailing free cash flow is -$55.0 million, a -165.6% FCF yield against a $33.2 million market cap. The stock at $3.04 on 2026-10-13 has a P/B of 1.21 and a negative P/E of -0.39; neither offers a margin of safety when book value is being consumed by losses. FairStock's Lynch category is none, because losses occurred in each of the last four years. This is not a Graham-style bargain; it is a speculative financing story until the company proves it can earn a profit.

In plain English: Workhorse makes electric delivery trucks and drone systems. The business looks weak: it is selling only a few million dollars a quarter and losing much more than it brings in. At $3.04 a share, the price does not look cheap against those numbers; it looks like a speculative bet on a turnaround.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer