Workhorse Group Inc.

Analysis for Ticker: WKHS

Workhorse Group Inc is an American manufacturer designed to build zero emission electric delivery trucks for shipping goods over the last mile of a journey. The company is trapped in a structural collapse where it is borrowing money just to stay alive rather than to build products. On 25/04/2026, their primary lender, Motive Gm Holdings Ii Llc, recognized that the business is no longer a viable operation and moved 10$ million into a survival fund solely to keep the company breathing. The company is skipping its rent at its factory in Indiana, hiding a massive cash bill that must be paid all at once on 30/09/2026. At that same time, all the unpaid interest on their new loans will come due, creating a mathematical cliff where the company runs out of options. It is the financial equivalent of a child hiding their broken toys at the bottom of a closet and pretending they are still whole. The flashback to 2024 reveals the origins of this disaster, when the company was already losing 25$ million in operating cash just to generate 8,7$ million in sales. They tried to build the C1000 truck but had to abandon it to focus on new models like the W4 Cc, W750, and W56. To pay for this failure, they used notes that let lenders turn debt into new shares at a 12,5% discount, which constantly lowered the value for everyone else. To hide the fact that the stock was becoming worthless, they used a trick called a reverse stock split on 17/06/2024, which turned every 20 shares into just 1 share.