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Workhorse Group cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$24.2M in Q2 2026 · −$55.0M over twelve months

Operating cash flow−$24.1M
Capital spending−$145K
Free cash flow−$24.2M
Cash conversion cycle271 days

Analysis

In Q2 2026, Workhorse Group generated −$24.1M of operating cash flow and spent $145K on capital projects, leaving free cash flow of −$24.2M. That is $14.9M less than in Q2 2025 (−$9.3M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$54.4M; the largest uses were operating cash flow ($54.4M), capital spending ($603K); besides operations, cash came from other financing ($48.3M), other investing ($10.4M); the cash balance rose by $7.7M.

Operating cash flow was −$24.1M against net income of −$20.2M. The largest differences: payables −$2.5M, depreciation & amortization +$1.6M, receivables +$847K.

Its cash conversion cycle was 271 days (receivables 73 + inventory 311 − payables 113).

Free cash flow

Workhorse Group: free cash flow by quarterWorkhorse Group: free cash flow by quarter−$10.3MQ3 2024$1.2MQ4 2024−$12.7MQ1 2025−$9.3MQ2 2025−$3.0MQ3 2025−$11.1MQ4 2025−$16.6MQ1 2026−$24.2MQ2 2026
Operating cash flow less capital spending.
Workhorse Group: operating cash flow against capital spendingWorkhorse Group: operating cash flow against capital spendingOperating cash flowCapital spending−$10.1M$268KQ3 2024$2.0M$733KQ4 2024−$12.5M$168KQ1 2025−$9.2M$102KQ2 2025−$3.3M−$270KQ3 2025−$10.5M$603KQ4 2025−$16.5M$125KQ1 2026−$24.1M$145KQ2 2026
Latest (Q2 2026): Operating cash flow −$24.1M, Capital spending $145K.

Capital allocation, year by year

Workhorse Group: where the cash came from (up) and went (down), by fiscal yearWorkhorse Group: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsFY2021: Operating cash flow −$133MFY2021: Capital spending −$5.3MFY2021FY2022: Operating cash flow −$93.8MFY2022: Net borrowing −$858KFY2022: Shares issued $12.9MFY2022: Asset sales $2.5MFY2022: Capital spending −$17.5M$15.4MFY2022FY2023: Operating cash flow −$123MFY2023: Net borrowing $16.6MFY2023: Shares issued $62.2MFY2023: Capital spending −$18.7M$78.8MFY2023FY2024: Operating cash flow −$38.2MFY2024: Net borrowing $24.2MFY2024: Shares issued $7.6MFY2024: Capital spending −$4.8M$31.8MFY2024FY2025: Operating cash flow −$35.6MFY2025: Net borrowing $32.0MFY2025: Shares issued $17KFY2025: Capital spending −$603KFY2025: Acquisitions $10.4M$42.4MFY2025
Over these 5 years operating cash flow totalled −$423M; the largest uses were operating cash flow ($423M) and capital spending ($46.9M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$9.6M
Debt$35.9M
Net debt$26.3M
Cash runway2 months

Workhorse Group is burning cash: its operations consume cash, a free cash flow of −$55.0M a year at the current rate against $9.6M of cash and investments: a runway of about 2 months before any new financing.

Where the cash came from and went

Workhorse Group: sources (+) and uses (−) of cash, Q2 2026Workhorse Group: sources (+) and uses (−) of cash, Q2 2026Net borrowing (+) / repaid (−)$33.2MOperating cash flow−$24.1MCash drawn (+) / kept (−)−$9.0MCapital spending−$145K
Workhorse Group: sources (+) and uses (−) of cash, TTM to Q2 2026Workhorse Group: sources (+) and uses (−) of cash, TTM to Q2 2026Operating cash flow−$54.4MOther financing$48.3MOther investing$10.4MCash drawn (+) / kept (−)−$7.7MNet borrowing (+) / repaid (−)$4.0MCapital spending−$603K

From profit to cash

Workhorse Group: net income to operating cash flow, Q2 2026Workhorse Group: net income to operating cash flow, Q2 2026Net income−$20.2MDepreciation & amortization$1.6MReceivables$847KInventory−$489KPayables−$2.5MPrepaid and other assets−$629KOperating cash flow−$24.1M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 202673311113271
Q1 202676291113253
Q4 2025191293515796
Q3 202568286100254
Q2 202514615984731271
Q1 202514212692661145
Q3 202426621146502

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$24.1M−$145K$33.2M—−$9.0M−$24.2M
Q1 2026−$16.5M−$125K$5.0M—$11.6M−$16.6M
Q4 2025−$10.5M−$603K$27.0M—$27.3M−$11.1M
Q3 2025−$3.3M$270K——−$37.5M−$3.0M
Q2 2025−$9.2M−$102K$8.0M—$1.3M−$9.3M
Q1 2025−$12.5M−$168K$10.0M$407K$2.7M−$12.7M
Q4 2024$2.0M−$733K$45.0M$3.0M−$35.0M$1.2M
Q3 2024−$10.1M−$268K$8.8M—$2.1M−$10.3M

Workhorse Group: income statement and cash flow

Workhorse Group, Q2 2026: revenue $3.6M (+375% year over year), operating margin -545.2%. The chart follows the revenue to costs, profit and cash.

Workhorse Group: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.