10-Q · May 14, 2026
Workhorse Group Inc. reported a notable surge in Q1 2026 revenues with total sales increasing to $4.3 million, significantly up from $1.1 million in Q1 2025, though still resulting in a substantial net loss of $19.9…
Earnings analysis · 10-Q
WKHS earnings analysis
Filed August 13, 2026 · Our reading of the company's report
The latest report
Workhorse reported Q2 2026 revenue of $3.562 million and diluted EPS of $(1.86), missing consensus estimates of $5.330 million and $(0.95), respectively. Gross loss was $7.472 million and operating loss was $19.420…
Read full summary
Workhorse reported Q2 2026 revenue of $3.562 million and diluted EPS of $(1.86), missing consensus estimates of $5.330 million and $(0.95), respectively. Gross loss was $7.472 million and operating loss was $19.420 million, while free cash flow and segment detail were not provided in the available filing text. The unresolved material weakness in financial reporting and expansion into mobile AI data centers add significant execution, liquidity, and reporting risk; no revenue or EPS guidance was provided.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-1.86
- Gross margin
- -209.77%
- Operating margin
- -545.2%
What stood out
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Revenue missed estimates
Q2 2026 revenue was $3.562 million, down from $4 million in Q1 2026 but up from $2 million in Q2 2025. Revenue missed the $5.330 million consensus estimate by $1.768 million.
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Vehicle deliveries increased
The company delivered 26 vehicles in Q2 2026, an increase from the prior-year period, according to management's quarterly update.
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Cost synergies and AI expansion
Management continues to target a $20 million annualized cost-synergy run rate exiting 2026 and initial mobile AI data-center production and deliveries in 2027.
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Material weakness remediation underway
The company disclosed remediation actions including hiring additional accounting personnel, expanding third-party advisory support, and enhancing management-review controls to address the identified material weakness.
What to watch
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Severe gross losses persist
Q2 2026 gross loss was $7.472 million, equivalent to an approximately 209.8% gross margin on $3.562 million of revenue, compared with a 130.2% gross loss margin in Q2 2025.
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Operating losses worsened
Q2 2026 operating loss was $19.420 million, or approximately 545.2% of revenue, versus a 255.3% operating loss margin in Q2 2025.
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Material weakness remains unresolved
Management concluded that internal control over financial reporting was not effective as of June 30, 2026 because of a material weakness involving accounting personnel, complex estimates, management-review controls, reconciliations, and disclosures; the weakness was also disclosed in the 2025 Form 10-K.
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New AI data-center execution risk
The newly disclosed mobile AI data-center initiative may require significant investments in engineering, manufacturing, inventory, personnel, and software before meaningful revenue; initial production and deliveries are targeted for 2027, creating execution and funding risk.
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EPS miss and financing pressure
Q2 diluted EPS was $(1.86), missing the $(0.95) consensus estimate by $0.91 and reflecting continued pressure from the $19.420 million operating loss.
Management's outlook
No quantitative revenue or EPS guidance was provided. Management continues to target a $20 million annualized cost-synergy run rate exiting 2026 and initial mobile AI data-center production and deliveries in 2027.
Earlier filings 4
10-K · April 29, 2026
Workhorse Group Inc. reported significant revenue growth in 2025 with total revenue reaching $13 million, up from $6 million in 2024, representing a year-over-year increase of 116.7%. Margins improved as the company…
10-K · March 31, 2026
Workhorse completed a reverse merger with Motiv (closed December 15, 2025) and a 1-for-12 reverse stock split (effective December 8, 2025), broadening its product portfolio to cover Class 4–6 trucks and buses.…
10-Q · November 10, 2025
Workhorse reported Q3 2025 revenue of $2,384,998 (down from $2,509,717 in Q3 2024) and a net loss of $7,827,902, or $(0.50) per share. Gross margin and operating margin deteriorated sharply to -323.2% and -694.2%,…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.