Workhorse Group Inc. Reports Third‑Quarter Results and Investor Action Ahead of Shareholder Meeting
Workhorse Group Inc. (NASDAQ: WKHS) released its consolidated financial statements for the third quarter ended September 30, 2025, on November 10. The company’s balance sheet shows a substantial increase in cash and cash equivalents—from $4.1 million at the end of 2024 to $12.7 million in the current quarter—underscoring a significant liquidity buildup. Restricted cash rose markedly to $25.5 million from $0.5 million in the prior year, a move that suggests the firm is positioning itself for upcoming capital needs or potential acquisitions.
Earnings Performance
The quarter’s earnings per share (EPS) were reported at –$1.45 by one analyst, a 88.2 % improvement over the prior‑year loss of –$12.25 EPS. Revenue guidance for the quarter was projected at $2.5 million, a 0.4 % decline from the same period last year, reflecting a modest contraction in sales volume. Despite the revenue dip, the company’s operating loss narrowed dramatically, signalling stronger cost control and operational efficiencies.
The management commentary highlighted a reduction in inventory levels—from $41.8 million at December 31, 2024 to $30.0 million at September 30, 2025—indicative of tighter inventory management and a shift toward more demand‑driven production cycles.
Shareholder Vote and Corporate Governance
In a move that underscores the company’s proactive governance stance, Workhorse Group urged shareholders to vote in favor of all proposals slated for the upcoming meeting on November 11. The proposals include board‑related motions and executive compensation adjustments, all of which the board believes align with long‑term shareholder interests. The company’s leadership is positioning itself to secure broad support for these items, thereby smoothing the path for strategic initiatives and potential capital allocation decisions.
Market Context
Workhorse’s stock price on November 9 stood at $0.783, a steep decline from the 52‑week high of $19.13 in November 2024 and barely above the 52‑week low of $0.737. The market cap sits at approximately $12.1 million, reflecting the company’s narrow valuation range amid volatile investor sentiment. While the broader Nasdaq and S&P 500 indices experienced modest intraday movements on November 11—futures slipped by 0.28 % and 0.18 % respectively—the market’s focus on Workhorse’s earnings release remained intense, especially given the company’s history of rapid expansion into electric vehicle and drone segments.
Forward Outlook
Analyst expectations for the next quarter anticipate a further tightening of losses, with a projected EPS of –$1.45 and revenue near $2.5 million. The company’s cash runway, bolstered by the recent cash infusion, should provide ample cushion to weather the near‑term volatility and invest in product development, particularly its battery‑electric cargo vans and eVTOL aircraft. Management has signaled intent to leverage its telematics platform to enhance fleet efficiency—an area that could unlock new revenue streams and improve operational margins.
In sum, Workhorse Group’s latest financials demonstrate a clearer path toward profitability, with reduced losses and a more disciplined balance sheet. The firm’s call for a unified shareholder vote further indicates a commitment to transparent governance and strategic alignment. As investors digest these developments, the company’s performance will be a key barometer for the broader electric‑vehicle and unmanned‑aircraft markets.
