WKHS Workhorse Group, Inc. - Common Stock

NASDAQ · Automobiles · View on SEC EDGAR ↗
$3.16
Price · Aug 19, 2026
Fundamentals as of Aug 13, 2026

About Workhorse Group, Inc. - Common Stock Company overview from Wikipedia

Workhorse Group is an original equipment manufacturer and technology company headquartered in Sharonville, Ohio, United States. In 2025, it merged its operations with those of Motiv Electric Trucks, forming a new entity known as Workhorse.

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Workhorse Group (originally AMP Electric Vehicles) is an original equipment manufacturer and technology company headquartered in Sharonville, Ohio, United States. In 2025, it merged its operations with those of Motiv Electric Trucks, forming a new entity known as Workhorse.

It makes commercial electric vehicles and telematics software designed for last-mile delivery. Its products include commercial electric vehicles and the Metron telematics software system.

History

Founded in 2007 by former Lordstown Motors CEO Steve Burns, it was originally known as AMP Electric Vehicles.

The company was formed the idea of converting passenger vehicles – originally designed with an internal combustion engine, gas tank, and related components – to electric drive. Its goal was to design an electric powertrain around a popular vehicle model, then convince the OEM that was already mass-producing that vehicle to sell it to AMP as a “glider” – a version without a drivetrain.

Over the years, however, two problems became apparent. First, the major automakers were hesitant to cooperate. Second, the passenger EV market didn't materialize quite as fast as AMP, and other manufacturers, had hoped it would.

In 2012, The commercial vehicle powerhouse Navistar decided to sell off its Workhorse subsidiary, a step van chassis manufacturer, including the Workhorse factory in Indiana. In March 2013, AMP Electric Vehicles took over Workhorse Custom Chassis, LLC's assets and began offering a range of electric vehicles.

On April 16, 2015, AMP Electric Vehicles changed its company name to Workhorse Group Incorporated. On January 4, 2016, the company was approved by Nasdaq Capital Market and its common stock started being quoted on Nasdaq under the symbol “WKHS” (NASDAQ: WKHS).

In February 2019, Steve Burns, co-founder of AMP Electric Vehicles and CEO of Workhorse resigned from the company. President and COO Duane Hughes became the new CEO of Workhorse.

In November 2021 it was reported that Workhorse faced a Department of Justice investigation as well as a SEC investigation that was first reported in a September 2021 report by shortselling research firm Fuzzy Panda who accused the company of fraud which was followed up by a Cincinnati Enquirer report which found that top Workhorse executives and board members sold off $60 million worth of stock and that part of the selling occurred following interactions with postal officials which signaled their USPS bid was in trouble. The report also stated that Workhorse was being sued by some shareholders in the company, which accuses them orchestrating its USPS as part of an insider trading scheme. On November 9, 2021, Workhorse confirmed its SEC and Department of Justice investigations in a regulatory filling which stated that the investigations were related to the trade of securities in the company leading up to the award of the USPS contract to Oshkosh.

In August 2021 Richard Dauch was appointed CEO, with the mission of resolving difficult issues Workhorse was facing and to transition Workhorse from a start-up to a leading manufacturer. By the end of 2022 all the legacy issues had been resolved, such as the securities class action lawsuit, the SEC investigation, and got Workhorse debt free. To prevent the factory being idle while the W56 was being developed, Workhorse entered into a 3-year contract manufacturing agreement with Tropos Technologies and a supply agreement with GreenPower Motor Company where Workhorse will complete the manufacturing process and sell those vehicles as W4 CC's and W750's.

Lordstown Plant & Licensing Agreement

On May 8, 2019, General Motors confirmed that it was in talks to potentially sell Lordstown Assembly, its idle 6.2 million square foot manufacturing plant in Lordstown, Ohio, to Workhorse Group. On November 7, 2019, the newly constituted Lordstown Motors, of which Workhorse Group had a 10% stake, purchased the shuttered Lordstown Assembly Plant from General Motors. Workhorse CEO Steve Burns assumed the role of co-founder and CEO of Lordstown Motors. Later that day, Workhorse Group issued a press release detailing a licensing agreement with Lordstown Motors for their W-15 pickup truck. Burns resigned as CEO of Lordstown Motors on June 14, 2021.

Aero Division

On June 12, 2024, Workhorse announced the divestiture of the Aero division. Workhorse had developed and patented various drone technologies, focused on autonomous last mile delivery.

Products

Vehicles

W4 CC

A class 4 cab chassis battery electric commercial vehicle.

W750

A class 4 step van battery electric commercial vehicle, with 750 cubic feet of storage space intended for last mile delivery.

W56

A class 5 and 6 battery electric commercial vehicle, with 1000 cubic feet of storage space intended for last mile delivery but also available as a strip chassis and cab and chassis. The beam axle is provided by Linamar's eAxle system, stated to have superior performance and efficiency. The W56 was unveiled at the 2023 NTEA Work Truck Show. Production began in September 2023.

Discontinued vehicles

W-15 (pickup truck)

In November 2016, Workhorse announced that they were working on an electrically powered pickup truck, called the W-15. North Carolina's Duke Energy stated that it would buy 500 of the vehicles, and the city of Orlando also reported interested. It was planned to have 460 horsepower and a battery range of 80 miles. A gasoline range extender was to supply further range. In March 2020, Workhorse confirmed that it had transferred the W-15 pickup truck project to Lordstown Motors through a licensing agreement. Lordstown Motors paid a licensing fee to Workhorse, and the truck will be produced in the future without the gasoline range extender. The W-15 became the basis of the Lordstown Endurance pickup truck.

C-Series (electric delivery van)

Workhorse was one of the finalists for the 10-year United States Postal Service contract for the Next Generation Delivery Vehicle (NGDV) to replace 165,000 aging and outdated Grumman LLVs that had been used by USPS since 1987. In February 2021, the contract was awarded to Oshkosh Defense. Workhorse announced what Bloomberg News described as a "long-shot bid" to overturn the loss of the award. On June 16, 2021, Workhorse filed a formal complaint with the United States Court of Federal Claims protesting the award of the United States Postal Service Next Generation Delivery Vehicle ("USPS NGDV") contract to Oshkosh Defense. However this complaint was dropped in September 2021.

The prototype NGDV candidate chassis was modified and reused for both the W-15 pickup and the N-GEN delivery van for commercial fleets. In June 2019, Workhorse obtained US$25 million to continue the delivery van project, which had a temporary name of N-GEN. By November 2019, Workhorse changed the name of the delivery van from N-GEN to C-Series. In November 2019, Workhorse chose battery supplier EnerDel to provide up to 5,200 battery packs for C-Series delivery vans. The C-series was intended to be built at a former General Motors factory in Lordstown, Ohio.

Workhorse developed a flagship electric van model C-1000 and started shipping it in the summer of 2021. However, after the initial sales, the company announced the truck would be redesigned to increase payload capacity. In September 2021 Workhorse suspended all deliveries of the vehicle and recalled 41 vans that were already delivered to customers with the company stating that it needed to provide "additional testing and modifications" to comply with US safety standards. In November 2021 CEO Rick Dauch admitted during a conference call that he believed the C-1000 was unreliable.

Octocopter

In December 2018, Workhorse announced that they would debut its SureFly, an electric vertical take off and landing octocopter at the 2019 North American International Auto Show. The SureFly would be built for air medical services, military organizations, agricultural customers, and for urban commuting. In December 2019, aerospace company Moog Inc. bought the SureFly program for $5 million. Moog planned to use the SureFly as a demonstrator for autonomous delivery vehicles.

HorseFly drone

Workhorse began the development of a truck-mounted drone called HorseFly in 2016. The HorseFly drone was developed in collaboration with defense contractor Moog (NYSE:MOG.A). Unmanned medical delivery capabilities of the HorseFly was also developed in partnership with San Diego–based Unmanned Systems Operations Group Inc.

Falcon drone

Workhorse modified their HorseFly design to make a lighter but more rugged drone intended for making deliveries in hazardous environments like a conflict zone, or inaccessible areas like in a natural disaster.

Management

Current management

Current employees in management positions are as follows:

Richard "Rick" Dauch – CEO

Robert “Bob” Ginnan – CFO

Josh Anderson – CTO

Jeff Mowry – CIO

Ryan Gaul – President, Commercial Vehicles

Jim Harrington – CAO, General Counsel, Secretary

Jim Peters – Vice President, Supply Chain and Procurement

Dave Bjerke – Vice President, Product Development

Kelly Kiger – Vice President, Sales and Marketing

Stan March – Vice President, Corporate Development and Communications

Kerry Roraff – CHRO

Brad Hartzell – Vice President, Manufacturing

George Petropoulos – Vice President, Commercial Vehicle Government Sales

Current board of directors

Current members of the board of directors are as follows:

Raymond Chess (Chairman)

Richard Dauch

Jacqueline Dedo

Pamela Mader

Bill Quigley

Austin Scott Miller

Jean Botti (CEO of VoltAero)

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

Wikidata ↗

WKHS Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price
$3.16
Market Cap
P/E (TTM)
-0.8
EPS (TTM)
$-6.76
Revenue (TTM)
$21M
Div Yield
ROE
Debt/Equity
52W Range
$1 – $13

WKHS Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $21M
10-point trend, +230.7%
2016-12-31 2025-12-31
EPS $-6.76
7-point trend, -1065.5%
2019-12-31 2025-12-31
Free Cash Flow
7-point trend, -265.2%
2017-12-31 2023-12-31
Margins
7-point trend, -53.0%
2017-12-31 2023-12-31

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric
5Y trend
WKHS
Peer Median
P/E (TTM)
5-point trend, +99.8%
-0.8
25.2

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric
5Y trend
WKHS
Peer Median

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric
5Y trend
WKHS
Peer Median

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric
5Y trend
WKHS
Peer Median
Revenue YoY
5-point trend, +2589.8%
201.1%
Revenue CAGR 3Y
5-point trend, +2589.8%
61.6%
Revenue CAGR 5Y
5-point trend, +2589.8%
72.4%

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric
5Y trend
WKHS
Peer Median
EPS (Diluted)
5-point trend, -116.7%
$-6.76

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
WKHS
Peer Median

WKHS Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

SELL 7 analysts
  • Strong Buy 0 0.0%
  • Buy 0 0.0%
  • Hold 4 57.1%
  • Sell 1 14.3%
  • Strong Sell 2 28.6%

12-Month Price Target

1 analysts · 2026-08-18
Median target $3.00 -5.1%
Mean target $3.00 -5.1%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise
-6.6%
Period EPS Actual EPS Est Surprise
June 30, 2026 $-1.86 $-1.11 -0.75%
March 31, 2026 $-1.99 $-1.50 -0.49%
Dec. 31, 2025 $-2.06 $-9.06 7.0%
Sept. 30, 2025 $-20.40 $-17.75 -2.7%
June 30, 2025 $-20.04 $-48.72 28.7%
March 31, 2025 $-56.16 $-42.08 -14.1%
Dec. 31, 2024 $-129.00 $-65.03 -64.0%

Peer comparison (GICS sub-industry) Key metrics vs sector peers

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
WKHS -0.8 201.1%
LCID $3.46B -0.9 67.6% -199.3% -172.7%
WGO $1.86B 39.5 -5.9% 0.92% 2.1% 13.1%
SEV -2.4 -185.8%
CENN $199.4K -0.0 -42.2% -403.7% -123.6% -12.8%
AZIO
FABC
TSLA 416.4 -2.9%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 17
Annual Income Statement data for WKHS
Metric Trend 202520242023202220212020201920182017201620152014
Revenue 10-point trend, +230.7% $21M $7M $13M $5M $-851.9K $1M $376.6K $763.2K $10M $6M · ·
Cost of Revenue 10-point trend, +126.6% $31M $13M $38M $38M $132M $13M $6M $8M $24M $14M · ·
Gross Profit 10-point trend, -33.4% $-10M $-6M $-25M $-33M $-133M $-12M $-5M $-15M $-14M $-7M · ·
R&D Expense 10-point trend, +114.2% $13M $13M $24M $23M $12M $9M $8M $7M $18M $6M · ·
SG&A Expense 10-point trend, +298.6% $25M $16M $56M $73M $40M $20M $10M $11M $9M $6M · ·
Operating Expenses 10-point trend, +206.8% $38M $35M $80M $96M $52M $29M $18M $19M $27M $12M · ·
Operating Income 8-point trend, -39.3% $-47M $-41M $-105M $-129M $-185M $-41M $-24M $-34M · · · ·
Interest Expense 5-point trend, +432546.8% · · · · · $191M $29M $2M $180.4K $44.0K · ·
Other Non-op 3-point trend, +97.4% $-259.0K $3.0K $-10M · · · · · · · · ·
Pretax Income 8-point trend, -75.6% $-64M $-52M $-124M $-117M $-423M $92M $-37M $-37M · · · ·
Income Tax 8-point trend, +4000.00 $4.0K $1.0K $-110.5K $0 $-22M $22M $0 $0 · · · ·
Net Income 10-point trend, -227.7% $-64M $-52M $-124M $-117M $-401M $70M $-37M $-37M $-41M $-20M · ·
EPS (Basic) 7-point trend, -1065.5% $-6.76 $-9.43 $-149.45 $-0.74 $-3.12 $0.75 $-0.58 · · · · ·
EPS (Diluted) 7-point trend, -1065.5% $-6.76 $-9.43 $-149.45 $-0.74 $-3.12 $0.70 $-0.58 · · · · ·
Shares (Basic) 8-point trend, -81.2% 9,475,000 5,468,000 829,173 158,576,305 128,676,131 92,871,936 64,314,756 50,377,909 · · · ·
Shares (Diluted) 8-point trend, -81.2% 9,475,000 5,468,000 829,173 158,576,305 128,676,131 99,949,868 64,314,756 50,377,909 · · · ·
EBITDA 7-point trend, -18507.3% · · $-101M $-127M $-183M $283M $-8M $348.3K $550.0K · · ·
Balance Sheet 29
Annual Balance Sheet data for WKHS
Metric Trend 202520242023202220212020201920182017201620152014
Cash & Equivalents 11-point trend, +59.4% $12M $7M $26M $99M $202M $47M $24M $2M $4M $469.6K $8M ·
Receivables 10-point trend, +518.6% $4M $4M $2M $2M $149.8K $1M $7.9K $0 $1M $628.7K · ·
Inventory 10-point trend, +1484.9% $39M $21M $45M $9M $10M $15M $2M $3M $5M $2M · ·
Prepaid Expense 10-point trend, +1447.2% $4M $3M $8M $14M $4M $33M $5M $2M $946.1K $255.2K · ·
Other Current Assets 6-point trend, +283.5% $583.0K $571.0K $909.0K $505.4K $342.6K $152.0K · · · · · ·
Current Assets 10-point trend, +1427.4% $60M $34M $94M $139M $216M $290M $32M $6M $11M $4M · ·
PP&E (Net) 10-point trend, +274.3% $22M $2M $38M $22M $8M $11M $7M $5M $6M $6M · ·
PP&E (Gross) 10-point trend, +252.2% $27M $6M $47M $27M $13M $15M $9M $8M $8M $8M · ·
Accum. Depreciation 10-point trend, +166.2% $4M $4M $9M $5M $5M $3M $3M $2M $2M $2M · ·
Goodwill 3-point trend, +3130000.00 $3M $0 $0 · · · · · · · · ·
Intangibles 2-point trend, +10182000.00 $10M $0 · · · · · · · · · ·
Other Non-current Assets 6-point trend, +339.3% $416.0K $139.0K $176.3K $176.3K $2M $94.7K · · · · · ·
Total Assets 10-point trend, +1051.3% $118M $37M $142M $183M $228M $633M $51M $12M $17M $10M · ·
Accounts Payable 10-point trend, +422.2% $16M $2M $12M $10M $8M $5M $2M $4M $6M $3M · ·
Accrued Liabilities 10-point trend, +905.1% $8M $5M $5M $46M $15M $6M $3M $4M $284.1K $802.2K · ·
Current Liabilities 10-point trend, +796.4% $39M $77M $53M $63M $28M $18M $47M $19M $11M $4M · ·
Capital Leases 6-point trend, +18777000.00 $19M $86.0K $5M $6M $1M $0 · · · · · ·
Deferred Tax 3-point trend, +0.00 · · · · $0 $22M $0 · · · · ·
Other Non-current Liabilities 5-point trend, +1792000.00 $2M $1M · · $0 $207.0K $0 · · · · ·
Total Liabilities 7-point trend, -12.5% $75M $78M $59M $74M $53M $237M $86M · · · · ·
Long-term Debt 5-point trend, +611.7% $15M · · · · · $39M $8M $7M $2M · ·
Total Debt 4-point trend, -100.0% · · · · $0 $1M $39M $8M · · · ·
Common Stock 10-point trend, -63.7% $10.0K $9.0K $1.1K $165.6K $151.9K $121.9K $67.1K $58.3K $41.5K $27.6K · ·
Paid-in Capital 10-point trend, +441.5% $362M $214M $835M $736M $686M $504M $144M $126M $108M $67M · ·
Retained Earnings 10-point trend, -405.8% $-319M $-255M $-752M $-628M $-510M $-109M $-179M $-142M $-104M $-63M · ·
AOCI 4-point trend, +0.00 · · · $0 $-1M $0 $0 · · · · ·
Stockholders' Equity 11-point trend, +1237.7% $43M $-41M $-56M $109M $175M $395M $-35M $-15M $4M $4M $-4M ·
Liabilities + Equity 10-point trend, +1051.3% $118M $37M $142M $183M $228M $633M $51M $12M $17M $10M · ·
Shares Outstanding 10-point trend, -64.8% 9,699,858 9,328,000 776,000 662,422 151,915,455 121,922,532 67,105,000 58,270,934 41,529,181 27,578,864 · ·
Cash Flow 16
Annual Cash Flow data for WKHS
Metric Trend 202520242023202220212020201920182017201620152014
D&A 10-point trend, +223.4% $1M $816.0K $4M $2M $2M $809.6K $388.4K $348.3K $550.0K $381.8K · ·
Stock-based Comp 10-point trend, -15.2% $678.0K $555.0K $13M $11M $5M $4M $2M $1M $1M $799.6K · ·
Deferred Tax Flat — no change across 2 periods · · · · · · $0 $0 · · · ·
Other Non-cash 7-point trend, -3005.0% · · $-17M $10M $262M $-145M $-2M $13M $571.1K · · ·
Operating Cash Flow 10-point trend, -86.8% $-36M $-38M $-123M $-94M $-133M $-70M $-37M $-22M $-39M $-19M · ·
CapEx 10-point trend, +14.2% $603.0K $5M $19M $17M $5M $6M $2M $23.2K $143.4K $528.1K · ·
Investing Cash Flow 10-point trend, +1960.8% $10M $-5M $-19M $-20M $100M $-6M $2M $-18.4K $-143.4K $-528.1K · ·
Debt Issued · · · · · · · $18M · · · ·
Net Debt Issued 4-point trend, +100.0% · · · · · $0 $-10M $8M $-76.6K · · ·
Stock Issued 6-point trend, +23.9% · $7M $62M $13M $0 $0 $6M · · · · ·
Net Stock Activity 3-point trend, +62155939.00 · · $62M $13M $0 · · · · · · ·
Financing Cash Flow 10-point trend, +159.1% $32M $45M $78M $11M $-7M $292M $59M $19M $42M $12M · ·
Net Change in Cash 10-point trend, +187.3% $6M $2M $-63M $-102M $-40M $216M $23M $-3M $4M $-7M · ·
Taxes Paid Flat — no change across 2 periods $1.0K $1.0K · · · · · · · · · ·
Free Cash Flow 7-point trend, -265.2% · · $-142M $-111M $-138M $-76M $-39M $-22M $-39M · · ·
Levered FCF 2-point trend, -225.1% · · · · · $-221M $-68M · · · · ·
Profitability 8
Annual Profitability data for WKHS
Metric Trend 202520242023202220212020201920182017201620152014
Gross Margin 7-point trend, -53.0% · · -192.9% -653.0% 1054.6% -838.4% -1452.2% -1990.4% -126.0% · · ·
Operating Margin 5-point trend, +62.2% · · -804.1% -2581.7% 1464.0% 20260.5% -2129.0% · · · · ·
Net Margin 7-point trend, -149.0% · · -946.3% -2345.5% 3174.1% 5010.8% -9869.0% -4783.0% -380.0% · · ·
Pretax Margin 5-point trend, +90.4% · · -947.2% -2345.5% 3346.9% 6578.8% -9869.0% · · · · ·
EBITDA Margin 7-point trend, -15348.5% · · -773.1% -2542.8% 1448.9% 20318.6% -2025.9% 45.6% 5.1% · · ·
ROA 6-point trend, +70.4% · · -76.4% -57.1% -93.3% 20.4% -119.0% -257.9% · · · ·
ROE 6-point trend, -123.3% · · -126.5% -97.8% -254.3% 36.4% 101.4% 543.5% · · · ·
ROIC 5-point trend, +35.2% · · -126.6% -118.9% -100.5% 54.2% -195.2% · · · · ·
Liquidity & Solvency 5
Annual Liquidity & Solvency data for WKHS
Metric Trend 202520242023202220212020201920182017201620152014
Current Ratio 5-point trend, +162.8% · · 1.8 2.2 7.8 16.5 0.7 · · · · ·
Quick Ratio 5-point trend, +12.1% · · 0.6 1.6 7.3 2.7 0.5 · · · · ·
Debt / Equity 4-point trend, +100.0% · · · · 0.0 0.0 -1.1 -0.5 · · · ·
LT Debt / Equity 2-point trend, -3.1% · · · · · · -0.6 -0.5 · · · ·
Interest Coverage 2-point trend, +638.3% · · · · · 1.5 -0.3 · · · · ·
Efficiency 3
Annual Efficiency data for WKHS
Metric Trend 202520242023202220212020201920182017201620152014
Asset Turnover 6-point trend, +49.7% · · 0.1 0.0 -0.0 0.0 0.0 0.1 · · · ·
Inventory Turnover 6-point trend, -36.6% · · 1.4 4.0 10.4 1.5 2.7 2.2 · · · ·
Receivables Turnover 5-point trend, -95.8% · · 4.0 4.5 -21.3 3.1 95.1 · · · · ·
Per Share 5
Annual Per Share data for WKHS
Metric Trend 202520242023202220212020201920182017201620152014
Book Value / Share 6-point trend, +209.8% · · $0.29 $0.66 $1.15 $3.24 $-0.52 $-0.26 · · · ·
Revenue / Share 5-point trend, +971.2% · · $0.06 $0.03 $-0.10 $0.01 $0.01 · · · · ·
Cash Flow / Share 5-point trend, -3.5% · · $-0.59 $-0.59 $-1.03 $-0.70 $-0.57 · · · · ·
Cash / Share 6-point trend, +247.7% · · $0.09 $0.60 $1.33 $0.38 $0.36 $0.03 · · · ·
EPS (TTM) 7-point trend, -1065.5% $-6.76 $-9.43 $-149.45 $-0.74 $-3.12 $0.70 $-0.58 · · · · ·
Growth Rates 3
Annual Growth Rates data for WKHS
Metric Trend 202520242023202220212020201920182017201620152014
Revenue YoY 3-point trend, +25.2% 201.1% -46.2% 160.7% · · · · · · · · ·
Revenue CAGR 3Y 2-point trend, -44.5% 61.6% · 111.1% · · · · · · · · ·
Revenue CAGR 5Y 72.4% · · · · · · · · · · ·
Valuation (TTM) 14
Annual Valuation (TTM) data for WKHS
Metric Trend 202520242023202220212020201920182017201620152014
Revenue TTM 10-point trend, +230.7% $21M $7M $13M $5M $-851.9K $1M $376.6K $763.2K $10M $6M · ·
Net Income TTM 12-point trend, -1123.7% $-64M $-52M $-124M $-117M $-401M $70M $-37M $-37M $-41M $-20M $-5M $-5M
Market Cap 6-point trend, +234.6% · · $25.74B $62.93B $165.59B $602.91B $51.00B $7.69B · · · ·
Enterprise Value 4-point trend, +2048.3% · · · · $165.39B $602.86B $51.01B $7.70B · · · ·
P/E 7-point trend, +99.9% -0.8 -0.9 -0.6 -513.5 -349.4 7064.3 -1310.3 · · · · ·
P/S 6-point trend, -80.5% · · 1965.5 12528.2 -194369.7 432961.4 135435.3 10078.7 · · · ·
P/B 6-point trend, +162.1% · · 309.7 579.5 947.9 1525.6 -1460.8 -498.7 · · · ·
P / Tangible Book 4-point trend, -99.9% 1.7 · · 579.5 947.9 1525.6 · · · · · ·
P / Cash Flow 6-point trend, +40.8% · · -209.2 -670.8 -1249.0 -8578.8 -1383.2 -353.6 · · · ·
P / FCF 6-point trend, +48.6% · · -181.6 -565.3 -1200.9 -7932.2 -1311.8 -353.2 · · · ·
EV / EBITDA 4-point trend, -104.1% · · · · -902.7 2130.7 -6687.2 22100.8 · · · ·
EV / FCF 4-point trend, -239.3% · · · · -1199.4 -7931.6 -1312.2 -353.5 · · · ·
EV / Revenue 4-point trend, -2024.5% · · · · -194133.0 432928.8 135475.6 10087.6 · · · ·
Earnings Yield 7-point trend, -165912.5% -132.8% -108.1% -166.1% -0.19% -0.29% 0.01% -0.08% · · · · ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement
2025-12-312024-12-312023-12-312022-12-312021-12-31
Revenue $21M$7M$13M$5M$-851.9K
Gross Margin % -192.9%-653.0%1054.6%
Operating Margin % -804.1%-2581.7%1464.0%
Net Income $-64M$-52M$-124M$-117M$-401M
Diluted EPS $-6.76$-9.43$-149.45$-0.74$-3.12
Balance Sheet
2025-12-312024-12-312023-12-312022-12-312021-12-31
Debt / Equity 0.0
Current Ratio 1.82.27.8
Quick Ratio 0.61.67.3
Cash Flow
2025-12-312024-12-312023-12-312022-12-312021-12-31
Free Cash Flow $-142M$-111M$-138M

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Institutional owners (13F) 76 filers · $1.3M total · As of June 30, 2026

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
13 (-1 vs prior Q) 11 (-4 vs prior Q) 7 (+1 vs prior Q) 9 (0 vs prior Q) +317K

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
VANGUARD CAPITAL MANAGEMENT LLC $924,785 301,233 72.06% Shares
GEODE CAPITAL MANAGEMENT, LLC $119,795 39,021 9.33% Shares
J. Safra Sarasin Holding AG $96,537 31,436 7.52% Shares
VANGUARD FIDUCIARY TRUST CO $87,010 28,342 6.78% Shares
NORTHERN TRUST CORP $34,608 11,273 2.70% Shares
WOLVERINE TRADING, LLC $14,740 13,400 1.15% Call option
BlackRock, Inc. $3,217 1,048 0.25% Shares
Tower Research Capital LLC (TRC) $1,096 357 0.09% Shares
GROUP ONE TRADING LLC $433 141 0.03% Shares
MCF Advisors LLC $261 85 0.02% Shares
Caitong International Asset Management Co., Ltd $135 44 0.01% Shares
OSAIC HOLDINGS, INC. $111 37 0.01% Shares
VANGUARD GROUP INC $92 18 0.01% Shares
JONES FINANCIAL COMPANIES LLLP $57 19 0.00% Shares
Vanguard Global Advisers, LLC $55 18 0.00% Shares
SBI Securities Co., Ltd. $55 18 0.00% Shares
HRT FINANCIAL LP $32 10,550 0.00% Shares
UBS Group AG $25 8 0.00% Shares
TD Waterhouse Canada Inc. $21 7 0.00% Shares
CIBC Private Wealth Group LLC $21 19 0.00% Shares
CWM, LLC $18 6 0.00% Shares
Cassady Schiller Wealth Management, LLC $17 25 0.00% Shares
Allworth Financial LP $16 5 0.00% Shares
Blue Trust, Inc. $15 5 0.00% Shares
WELLS FARGO & COMPANY/MN $15 5 0.00% Shares
Capital A Wealth Management, LLC $15 41 0.00% Shares
Rockefeller Capital Management L.P. $12 4 0.00% Shares
Integrated Wealth Concepts LLC $12 4 0.00% Shares
Federation des caisses Desjardins du Quebec $12 4 0.00% Shares
Steward Partners Investment Advisory, LLC $9 3 0.00% Shares
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO $9 3 0.00% Shares
Farther Finance Advisors, LLC $9 3 0.00% Shares
IFP Advisors, Inc $9 3 0.00% Shares
NATIONAL BANK OF CANADA /FI/ $9 3 0.00% Shares
INTERNATIONAL ASSETS INVESTMENT MANAGEMENT, LLC $6 2 0.00% Shares
HARBOUR INVESTMENTS, INC. $6 2 0.00% Shares
Activest Wealth Management $6 2 0.00% Shares
MERCER GLOBAL ADVISORS INC /ADV $6 2 0.00% Shares
CoreCap Advisors, LLC $6 2 0.00% Shares
TD Capital Management LLC $6 2 0.00% Shares
NFSG Corp $6 2 0.00% Shares
JNBA Financial Advisors $4 1 0.00% Shares
VALLEY NATIONAL ADVISERS INC $4 1 0.00% Shares
ATWOOD & PALMER INC $4 1 0.00% Shares
Clearstead Advisors, LLC $4 1 0.00% Shares
Parkside Financial Bank & Trust $4 1 0.00% Shares
BEACON INVESTMENT ADVISORY SERVICES, INC. $4 1 0.00% Shares
Acumen Wealth Advisors, LLC $4 1 0.00% Shares
SALEM INVESTMENT COUNSELORS INC $4 1 0.00% Shares
Investors Portfolio Services LLC $4 1 0.00% Shares
Harborfront Financial Group LLC $3 1 0.00% Shares
JPMORGAN CHASE & CO $3 1 0.00% Shares
EverSource Wealth Advisors, LLC $3 1 0.00% Shares
Wilmington Savings Fund Society, FSB $3 1 0.00% Shares
Vermillion Wealth Management, Inc. $3 1 0.00% Shares
Investors Research Corp $3 1 0.00% Shares
Clean Yield Group $3 1 0.00% Shares
Global Retirement Partners, LLC $3 1 0.00% Shares
BARCLAYS PLC $3 1 0.00% Shares
Indiana Trust & Investment Management Co $3 1 0.00% Shares
Smartleaf Asset Management LLC $3 1 0.00% Shares
MORGAN STANLEY $3 1 0.00% Shares
Ameritas Advisory Services, LLC $3 1 0.00% Shares
HORIZON FINANCIAL SERVICES, LLC $3 1 0.00% Shares
Parallel Advisors, LLC $3 1 0.00% Shares
US BANCORP \DE\ $3 1 0.00% Shares
SIGNATUREFD, LLC $3 1 0.00% Shares
Lodestone Wealth Management LLC $3 1 0.00% Shares
Cygnus Capital Advisors, LLC $3 1,067 0.00% Shares
Main Street Group, LTD $3 1 0.00% Shares
NewEdge Advisors, LLC $3 1 0.00% Shares
Medallion Wealth Advisors, LLC $3 1 0.00% Shares
AlphaMark Advisors, LLC $0 70 0.00% Shares
Householder Group Estate & Retirement Specialist, LLC $0 3 0.00% Shares
Motiv8 Investments LLC $0 1 0.00% Shares
Ashburton (Jersey) Ltd $0 30 0.00% Shares

Company insiders 30 insiders · 13 officers · 14 directors

Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Scott W. Griffith Chief Executive Officer July 20, 2026 A 562,500 0 0 $0
DAUCH RICHARD F Chief Executive Officer Dec. 15, 2025 M 1,310 0 4 $-55,752
Duane Hughes CEO and President July 13, 2020 M 417,589 0 0 $0
Jody Davis Chief Financial Officer July 20, 2026 A 93,750 0 0 $0
Robert M Ginnan Chief Financial Officer Dec. 15, 2025 M 168 0 3 $-3,691
Julio C. Rodriguez Chief Financial Officer May 19, 2017 A 0 0 $0
Robert Harry Willison Chief Operating Officer July 15, 2020 S 184,508 0 0 $0
James Francis Griffin Chief Revenue Officer July 20, 2026 A 62,500 0 0 $0
William Scott Zion Chief Product Officer July 20, 2026 A 87,500 0 0 $0
Joshua Joseph Anderson Executive VP, Operations July 20, 2026 A 93,854 0 0 $0
Lindsay A Barnes Chief Accounting Officer July 20, 2026 A 56,250 0 0 $0
Anthony Daly Furey Vice President-Finance July 17, 2020 S 348,324 0 0 $0
Gregory T. Ackerson Controller July 1, 2020 F 124,906 0 0 $0
Paul Timothy Savoie Director July 17, 2026 A 30,484 0 0 $0
Fildeza Ujkashevic Director July 17, 2026 A 30,484 0 0 $0
Matthew C. O'Leary Director July 17, 2026 A 38,105 0 0 $0
Pamela S. Mader Director July 17, 2026 A 30,624 0 0 $0
Raymond Joseph Chess Director July 17, 2026 A 30,699 0 0 $0
Alan S. Henricks Director July 17, 2026 A 30,484 0 0 $0
Harry Demott Director Nov. 6, 2019 A 71,713 0 0 $0
Michael Laurence Clark Director Nov. 6, 2019 A 71,713 0 0 $0
Benjamin H. Samuels Director Nov. 6, 2019 A 511,059 0 0 $0
Gerald B. Budde Director Nov. 6, 2019 A 191,405 0 0 $0
James Taylor Director Aug. 10, 2012 P 0 0 $0
MARATHON ASSET MANAGEMENT LP 10% owner May 6, 2020 X 0 0 0 $0
Joseph Theodore Lukens JR 10% owner June 14, 2018 M 0 0 0 $0
BAKSA STEPHEN D 10% owner June 13, 2016 X 2,748,940 0 0 $0
Jacqueline A Dedo Dec. 15, 2025 M 156 0 1 $-32,882
Stephen M. Fleming July 13, 2020 S 614,162 0 0 $0
Stephen S. Burns Feb. 4, 2019 A 804,102 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

Activists & 5%+ owners 11 positions

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer Filed Stake Status Purpose Filing
Motive GM Holdings II, LLC, Gary Magness, GMIT Lending Company, LLC Dec. 16, 2025 62.80% Initial filing SEC
NEW ERA CAPITAL FUND, L.P., JOSEPH T. LUKENS Sept. 11, 2020 Initial filing SEC
Arosa Capital Management LP, Arosa Opportunistic Fund LP, Till Bechtolsheimer ×4 filings Aug. 3, 2020 Initial filing SEC
STEPHEN D. BAKSA, NEW ERA CAPITAL FUND, L.P., JOSEPH T. LUKENS ×9 filings July 10, 2020 Initial filing SEC
Joseph T. Lukens ×7 filings Oct. 5, 2017 Initial filing SEC
Stephen S. Burns ×5 filings Jan. 18, 2017 Initial filing SEC
Charles E. Allen Feb. 11, 2010 Initial filing M&A / sale SEC
H. Kimberly Lukens Advanced Mechanical Products, Inc. Subchapter S. Trust Feb. 11, 2010 Initial filing M&A / sale SEC
John J. Kuntz Feb. 11, 2010 Initial filing M&A / sale SEC
Mickey W. Kowitz Feb. 11, 2010 Initial filing M&A / sale SEC
Gerald Wolken Feb. 11, 2010 Initial filing M&A / sale SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

ETF ownership Held by 3 ETFs

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
IWC · iShares Trust 0.00% 14,899 SH Aug. 8, 2026 Daily
VXF · VANGUARD INDEX FUNDS 0.00% 60,511 SH Aug. 8, 2026 Daily
VTI · VANGUARD INDEX FUNDS 0.00% 240,722 SH Aug. 8, 2026 Daily