Flagship explainer

How WORKHORSE GROUP INC. makes its money

Start with a dollar of revenue and follow what the filing says remains.

revenueBranching filed flows with values and percentages directly labeled. Missing filing concepts are omitted rather than estimated.Revenue$21.2M · 100%Cost of revenue$30.8M · 145%Gross profit−$9.6M · −45%Operating income−$47.4M · −224%Income before tax−$64.1M · −302%Income tax$4000 · 0%Net income−$64.1M · −302%As of 2025-12-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed lineValue% of revenueSource
$21.2M100%
Cost of revenue$30.8M145%
−$9.6M−45%
−$47.4M−224%
Income before tax−$64.1M−302%
Income tax$40000%
−$64.1M−302%
Source: · event Dec 31, 2025 · retrieved Oct 16, 2026 · annual-row source set
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