Workhorse Group, Inc.
Cash Flow Statement
| Line Item | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $-20.2M | $-19.9M | $-30.8M | $-7.8M | $-12.8M | $-12.7M | $29.0M | $-25.1M |
| Depreciation & Amortization | $1.6M | $2.0M | $-4.4M | $5.2M | $198.0K | $197.0K | $-5.1M | $1.9M |
| Depreciation | — | — | — | — | — | — | — | — |
| Amortization | — | — | — | — | — | — | — | — |
| Stock-Based Compensation | $0 | $0 | $-890.8K | $1.4M | $106.0K | $106.0K | $-7.7M | $1.9M |
| Net Cash from Operating Activities | $-24.1M | $-16.5M | $-10.5M | $-3.3M | $-9.2M | $-12.5M | $2.0M | $-10.1M |
| Investing Activities | ||||||||
| Capital Expenditures | $145.0K | $125.0K | $603.0K | $-270.0K | $102.0K | $168.0K | $733.4K | $268.2K |
| Business Acquisitions | — | — | — | — | — | — | — | — |
| Net Cash from Investing Activities | $-145.0K | $-125.0K | $-9.6M | $19.7M | $-102.0K | $-168.0K | $-733.4K | $-268.2K |
| Financing Activities | ||||||||
| Dividends Paid | — | — | — | — | — | — | — | — |
| Stock Repurchases | — | — | — | — | — | — | — | — |
| Net Cash from Financing Activities | $33.3M | $5.0M | $-7.1M | $21.1M | $8.0M | $10.0M | $33.7M | $8.3M |
| Net Change in Cash | $9.0M | $-11.6M | $-27.3M | $37.5M | $-1.3M | $-2.7M | $35.0M | $-2.1M |
| Free Cash Flow | $-24.2M | $-16.6M | $-11.1M | $-3.0M | $-9.3M | $-12.7M | $1.2M | $-10.3M |