Workhorse Group Inc Stock Research

Market Summary

USD1.27+0.03

Market Closed

2.42%

WKHS Stock Price

WKHS RSI Chart

WKHS Valuation

Market Cap

210.3M

Price/Earnings (Trailing)

-1.79

Price/Sales (Trailing)

41.87

EV/EBITDA

-0.72

Price/Free Cashflow

-1.89

WKHS Price/Sales (Trailing)

WKHS Profitability

Operating Margin

-649.99%

EBT Margin

-2334.71%

Return on Equity

-108%

Return on Assets

-64.17%

Free Cashflow Yield

-52.92%

WKHS Fundamentals

WKHS Revenue

Revenue (TTM)

5.0M

Revenue Y/Y

7.7K%

Revenue Q/Q

122.59%

WKHS Earnings

Earnings (TTM)

-117.3M

Earnings Y/Y

75.24%

Earnings Q/Q

-9.17%

Price Action

52 Week Range

1.185.39

(Low)(High)

Last 7 days

-15.3%

Last 30 days

-36.8%

Last 90 days

-22.6%

Trailing 12 Months

-71.7%

WKHS Financial Health

Current Ratio

2.2

WKHS Investor Care

Shares Dilution (1Y)

9.01%

Diluted EPS (TTM)

-0.74

Peers (Alternatives to Workhorse Group)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
TSLA	602.5B	81.5B	-5.20%	-43.66%	47.98	7.4	51.35%	127.50%
GM	48.8B	156.7B	-17.56%	-23.65%	4.91	0.31	23.41%	-0.85%
APTV	29.0B	17.5B	-7.68%	-9.77%	48.89	1.66	11.98%	0.68%
BWA	11.1B	15.8B	-4.74%	23.53%	11.75	0.7	6.49%	75.79%
MID-CAP
LEA	8.2B	20.9B	-3.83%	-3.36%	25.07	0.39	8.45%	-12.36%
ALV	7.7B	8.8B	-1.32%	18.04%	18.19	0.87	7.44%	-2.76%
GNTX	6.3B	1.9B	-5.37%	-6.37%	19.67	3.27	10.85%	-11.65%
ADNT	3.6B	14.3B	-13.47%	1.94%	-66.93	0.25	7.72%	-105.97%
SMALL-CAP
TEN	1.7B	18.6B	8.17%	58.15%	-7.03	0.09	1.85%	-200.42%
AXL	843.5M	5.8B	-16.55%	-8.91%	13.12	0.15	12.52%	989.83%
SRI	485.0M	899.9M	-23.34%	-1.77%	-23.72	0.54	16.80%	-255.49%
CPS	226.2M	2.5B	-16.22%	29.61%	-1.05	0.09	8.38%	33.28%
WKHS	210.3M	5.0M	-36.82%	-71.71%	-1.79	41.87	105.05%	70.78%
KNDI	191.4M	-	12.39%	-16.45%	-27.7	2.33	-5.77%	-145.33%

Financials for Workhorse Group

Income Statement (Last 12 Months)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	14.7%	5,023,072	4,379,735	3,736,397	3,093,060	2,449,722
Gross Profit	72.0%	-32,649,236	-116,804,200	-120,963,240	-131,548,845	-133,344,032
Operating Expenses	3.3%	96,433,628	93,370,265	65,871,277	56,943,470	51,770,822
S&GA Expenses	-2.9%	73,220,088	75,383,261	51,209,830	45,185,224	40,160,795
R&D Expenses	29.1%	23,213,540	17,987,004	14,661,447	11,758,246	11,610,027
EBITDA	43.4%	-153,305,049	-270,768,615	-300,940,120	-334,977,842	-
EBITDA Margin	50.6%	-30.52	-61.82	-167	-	-
Earnings Before Taxes	50.0%	-117,274,218	-234,737,008	-283,366,412	-307,107,174	-423,191,902
EBT Margin	56.4%	-23.35	-53.60	-157	-	-
Interest Expenses	-95.7%	-37,976,043	-19,404,629	-29,787,927	-12,644,164	-
Net Income	50.0%	-117,274,218	-234,723,849	-280,433,762	-302,892,577	-401,344,813
Net Income Margin	56.4%	-23.35	-53.59	-155	-	-
Free Cahsflow	-11.6%	-111,296,795	-99,728,004	-114,463,690	-136,061,212	-

* denotes actual numbers (not divided by Millions)
Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	-9.5%	183	202	191	210	228
Current Assets	-14.6%	139	163	165	189	216
Cash Equivalents	-17.3%	99.00	120	140	167	202
Inventory	-23.5%	9.00	12.00	13.00	13.00	10.00
Net PPE	26.1%	22.00	17.00	14.00	11.00	8.00
Liabilities	5.0%	74.00	71.00	27.00	53.00	53.00
Current Liabilities	4.9%	63.00	60.00	18.00	21.00	28.00
LT Debt, Current	-	-	-	-	-	-
Shareholder's Equity	-17.3%	109	131	164	156	175
Retained Earnings	-6.6%	-627	-589	-553	-532	-510
Additional Paid-In Capital	2.2%	736	720	717	688	686
Shares Outstanding	3.2%	166	160	160	152	152

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	-6.0%	-93.80	-88.51	-106	-128	-132
Share Based Compensation	11.1%	11.00	10.00	9.00	6.00	5.00
Cashflow From Investing	-122.5%	-20.02	89.00	97.00	97.00	100
Cashflow From Financing	110.4%	11.00	-110	-7.21	-7.09	-6.82

Risks for WKHS

What is the probability of a big loss on WKHS?

100%

Probability that Workhorse Group stock will be more than 20% underwater in next one year

100%

Probability that Workhorse Group stock will be more than 30% underwater in next one year.

98.8%

Probability that Workhorse Group stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does WKHS drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Workhorse Group was unfortunately bought at previous high price.

Drawdowns

Returns for WKHS

Cumulative Returns on WKHS

-24.1%

7-Year Cumulative Returns

-14.8%

5-Year Cumulative Returns

-10.1%

3-Year Cumulative Returns

What are the long-term rolling returns for WKHS?

FIve years rolling returns for Workhorse Group.

Annualized Returns

Which funds bought or sold WKHS recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-06	Rockefeller Capital Management L.P.	added	28.1	-3,000	7,000	-%
2023-02-28	Voya Investment Management LLC	unchanged	-	-83,058	93,942	-%
2023-02-27	Parallax Volatility Advisers, L.P.	reduced	-89.78	-18,944	1,056	-%
2023-02-21	MACQUARIE GROUP LTD	sold off	-100	-12,000	-	-%
2023-02-21	NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO	unchanged	-	-7,496	8,504	-%
2023-02-21	Boulder Wealth Advisors, LLC	new	-	-	-	-%
2023-02-16	HARBOUR INVESTMENTS, INC.	unchanged	-	-270	730	-%
2023-02-15	State of Wyoming	reduced	-38.66	-62,688	30,312	0.01%
2023-02-15	McIlrath & Eck, LLC	unchanged	-	228	228	-%
2023-02-15	ALLIANCEBERNSTEIN L.P.	added	36.72	-73,568	192,432	-%

Latest Funds Activity

Are funds buying WKHS calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own WKHS

No. of Funds

Workhorse Group News

Schedule 13G FIlings of Workhorse Group

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 09, 2023	vanguard group inc	5.40%	8,857,480	SC 13G
Jan 31, 2023	blackrock inc.	7.0%	11,538,946	SC 13G/A
Feb 03, 2022	blackrock inc.	5.5%	8,653,590	SC 13G/A
Nov 12, 2021	cowen and company, llc	0.25%	344,712	SC 13G
Feb 16, 2021	marathon asset management lp	0.95%	1,153,184	SC 13G/A
Feb 12, 2021	seaport global asset management llc	3.20%	3,856,754	SC 13G/A
Feb 02, 2021	blackrock inc.	5.9%	7,097,121	SC 13G
Sep 11, 2020	lukens joseph theodore jr	1.8%	1,870,578	SC 13D/A
Aug 03, 2020	arosa capital management lp	4.8%	5,161,706	SC 13D/A
Jul 17, 2020	arosa capital management lp	6.3%	5,968,706	SC 13D/A

WKHS Fair Value

Workhorse Group fair value in different scenarios

The table shows the Fair Value estimates for Workhorse Group for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	0.21 -83.46%	0.24 -81.10%	0.34 -73.23%	0.46 -63.78%	0.66 -48.03%
Current Inflation	0.20 -84.25%	0.23 -81.89%	0.32 -74.80%	0.42 -66.93%	0.59 -53.54%
Very High Inflation	0.20 -84.25%	0.22 -82.68%	0.29 -77.17%	0.38 -70.08%	0.51 -59.84%

Historical Workhorse Group Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of Workhorse Group

View All Filings

Date Filed	Form Type	Document
Mar 23, 2023	DEF 14A	DEF 14A
Mar 23, 2023	DEFA14A	DEFA14A
Mar 17, 2023	4	Insider Trading
Mar 17, 2023	4	Insider Trading
Mar 17, 2023	4	Insider Trading
Mar 17, 2023	4	Insider Trading
Mar 17, 2023	4	Insider Trading
Mar 17, 2023	4	Insider Trading
Mar 17, 2023	4	Insider Trading
Mar 17, 2023	4	Insider Trading

Latest Insider Trading transactions for WKHS

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-03-15	Harrington James D.	sold (taxes)	-7,253	1.53	-4,741	general counsel
2023-03-01	DAUCH RICHARD F	sold (taxes)	-44,116	1.76	-25,066	chief executive officer
2023-02-25	Ackerson Gregory T.	sold (taxes)	-2,186	1.91	-1,145	controller
2023-02-23	Gaul Ryan Wesley	sold (taxes)	-25,973	1.99	-13,052	president, commercial vehicles
2023-02-23	GINNAN ROBERT M	sold (taxes)	-31,857	1.99	-16,009	chief financial officer
2023-02-23	Harrington James D.	sold (taxes)	-29,867	1.99	-15,009	general counsel
2023-02-23	Peters James	sold (taxes)	-12,986	1.99	-6,526	vp, supply chain management
2023-02-23	DAUCH RICHARD F	sold (taxes)	-230,949	1.99	-116,055	chief executive officer
2023-02-23	Graber John Wesley	sold (taxes)	-24,100	1.99	-12,111	president, aerospace
2023-02-23	Roraff Kerry	sold (taxes)	-15,064	1.99	-7,570	chief human resources officer

About Workhorse Group

Richard F. Dauch

www.ampelectricvehicles.com

220

Workhorse Group Inc., a technology company, engages in design, manufacture, and sale of zero-emission commercial vehicles in the United States. The company offers electric and range-extended medium-duty delivery trucks under the Workhorse brand; and HorseFly Unmanned Aerial System, a custom-designed purpose-built all-electric drone system. It also provides Metron, an air delivery application that tracks the performance of various the vehicles deployed. The company was formerly known as AMP Holding Inc. and changed its name to Workhorse Group Inc. in April 2015. Workhorse Group Inc. was founded in 2007 and is headquartered in Loveland, Ohio.

WKHS Income Statement

2022-12-31

Consolidated Statements of Operations - USD ($)	12 Months Ended
Consolidated Statements of Operations - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Sales, net of returns and allowances	$ 5,023,072	$ (851,922)	$ 1,392,519
Cost of sales	37,672,308	132,492,110	13,067,108
Gross loss	(32,649,236)	(133,344,032)	(11,674,589)
Operating expenses
Selling, general and administrative	73,220,088	40,160,795	20,157,658
Research and development	23,213,540	11,610,027	9,148,931
Total operating expenses	96,433,628	51,770,822	29,306,589
Loss from operations	(129,082,864)	(185,114,854)	(40,981,178)
Interest expense, net	1,837,882	12,644,164	190,520,337
Other income (loss)	13,646,528	(225,432,884)	323,111,944
(Loss) income before (benefit) provision for income taxes	(117,274,218)	(423,191,902)	91,610,429
(Benefit) provision for income taxes	0	(21,847,089)	21,833,930
Net (loss) income	$ (117,274,218)	$ (401,344,813)	$ 69,776,499
Net (loss) income attributable to common stockholders per share - basic (in usd per share)	$ (0.74)	$ (3.12)	$ 0.75
Net (loss) income attributable to common stockholders per share - diluted (in usd per share)	$ (0.74)	$ (3.12)	$ 0.70
Weighted average number of common shares outstanding - basic (in shares)	158,576,305	128,676,131	92,871,936
Weighted average number of common shares outstanding - diluted (in shares)	158,576,305	128,676,131	99,949,868

WKHS Balance Sheet

2022-12-31

Consolidated Balance Sheets - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 99,276,301	$ 201,647,394
Accounts receivable, less allowance for credit losses of $0 at December 31, 2022 and 2021	2,079,343	149,776
Other receivable	15,000,000	0
Inventory, net	8,850,142	10,067,367
Prepaid expenses and other current assets	14,152,481	4,357,829
Total current assets	139,358,267	216,222,366
Property, plant and equipment, net	21,501,095	7,897,807
Investment in Tropos	10,000,000	0
Lease right-of-use assets	11,706,803	1,538,852
Other assets	176,310	2,479,865
Total Assets	182,742,475	228,138,890
Current liabilities:
Accounts payable	11,891,279	7,849,607
Accrued liabilities and other	44,551,497	14,752,827
Deferred revenue, current	3,375,000	0
Warranty liability	2,207,674	4,583,916
Current portion of lease liability	1,285,032	363,714
Total current liabilities	63,310,482	27,550,064
Deferred revenue, long-term	2,005,000	0
Lease liability, long-term	8,840,062	1,191,053
Convertible notes, at fair value	0	24,705,000
Total Liabilities	74,155,544	53,446,117
Commitments and contingencies
Stockholders’ Equity:
Series A preferred stock, par value of $0.001 per share, 75,000,000 shares authorized, zero shares issued and outstanding at December 31, 2022 and 2021	0	0
Common stock, par value of $0.001 per share, 250,000,000 shares authorized, 165,605,355 and 151,915,455 shares issued and outstanding at December 31, 2022 and 2021, respectively	165,605	151,916
Additional paid-in capital	736,070,388	686,318,201
Accumulated deficit	(627,649,062)	(510,374,844)
Accumulated other comprehensive loss	0	(1,402,500)
Total stockholders' equity	108,586,931	174,692,773
Total Liabilities and Stockholders' Equity	$ 182,742,475	$ 228,138,890