Updated: December 8, 2025
Workhorse Group Inc. (NASDAQ: WKHS), a once‑hyped electric delivery‑truck maker, enters trading on December 8, 2025 as a radically shrunken stock. The company is executing a 1‑for‑12 reverse split, its second reverse split this year, while preparing to merge with Motiv Electric Trucks in a last‑ditch attempt to stay listed on Nasdaq and remain a player in the medium‑duty EV market. [1]
Below is a detailed look at the latest news, fundamentals, forecasts and risks around Workhorse stock as of December 8, 2025.
Workhorse stock today: price, reverse split and new share count
As of the last full trading session before the split (Friday, December 5, 2025), Workhorse closed at $0.78 per share, down 8.36% on the day. MarketWatch notes that shares now trade about 95% below their 52‑week high of $15.75 reached in early December 2024. [2]
On December 8, 2025, the company’s 1‑for‑12 reverse stock split becomes effective at the open of trading on the Nasdaq Capital Market. [3]
Key details from the company’s Form 8‑K and Nasdaq notifications: [4]
- Ratio: Every 12 pre‑split shares are being combined into 1 post‑split share.
- Effective date: December 8, 2025; WKHS begins trading on a split‑adjusted basis at the market open.
- Outstanding shares: Workhorse had 26,037,208 common shares outstanding as of November 19, 2025; after the split, it expects about 2.17 million shares outstanding (subject to rounding of fractional shares).
- Fractional shares: No fractional shares will be issued; any fractional position is rounded up to the nearest whole share.
- Symbol and CUSIP: The symbol remains WKHS; the new CUSIP is 98138J503.
- Authorized shares: The number of authorized common shares is unchanged.
- Options and warrants: Exercise prices and share counts on options, warrants and equity awards will be adjusted to reflect the 1‑for‑12 ratio.
At the pre‑split price of about $0.78, a purely mechanical 12‑for‑1 consolidation would imply a split‑adjusted price around $9.40 per share. In practice, the market can re‑price the stock once trading begins, so the actual opening level could differ materially.
Based on recent prices and share counts, Workhorse’s equity value sits in roughly the high‑teens to low‑twenties millions of dollars, firmly in micro‑cap territory. [5]
A second reverse split in 2025: the Nasdaq pressure cooker
This new 1‑for‑12 reverse split comes only months after Workhorse executed a 1‑for‑12.5 reverse split on March 17, 2025. That earlier split, together with subsequent trading action, allowed the company to regain compliance with Nasdaq’s minimum $1 bid requirement by April 2, 2025, after receiving a deficiency notice in October 2024. [6]
The December 8 reverse split is explicitly tied to the company’s planned merger with Motiv Power Systems (Motiv Electric Trucks). Workhorse’s latest 8‑K states that the split is intended to help the company comply with Nasdaq “Minimum Share Price Requirements” that apply to the Motiv transaction; however, the filing warns there is no guarantee the split will be enough. If Workhorse fails to meet those price conditions, the merger “may not be consummated,” which would “adversely affect the Company’s financial condition and business.” [7]
Market commentary has reacted nervously. Trefis, for example, attributes roughly a 35% drop in WKHS between late August and early December 2025 to a combination of reverse‑split headlines and worries that failure to close the Motiv deal would leave Workhorse in a precarious position. [8]
Motiv merger: building a medium‑duty EV truck contender
On August 15, 2025, Workhorse and Motiv Electric Trucks announced a definitive agreement to combine, aiming to create a leading North American manufacturer of medium‑duty electric trucks and buses. [9]
Key points on the transaction:
- The combined company targets what industry coverage estimates as a $23 billion medium‑duty battery‑electric truck market, focusing on Class 4–6 commercial vehicles. [10]
- Workhorse brings its W4 CC, W750 and W56 step‑van platforms and its Union City, Indiana manufacturing base; Motiv contributes its electric truck and bus platform, including products built on Ford chassis. [11]
- The deal is expected to close in Q4 2025, subject to financing and regulatory approvals. [12]
On November 25, 2025, Workhorse shareholders voted to approve the merger with Motiv Electric Trucks at the company’s 2025 Annual Meeting. [13]
Funding around the deal is critical:
- Workhorse has already received roughly $25 million from Motiv’s controlling investor: a $20 million sale‑leaseback of the Union City facility plus a $5 million secured convertible note. [14]
- The merger agreement includes a condition that entities affiliated with Motiv’s largest investor provide up to $20 million of additional debt financing at closing — split between a revolver for general corporate purposes and an asset‑based facility to fund vehicle manufacturing against orders. [15]
- At closing, Workhorse expects all remaining indebtedness and warrants held by its existing senior secured lender (the “2024 Notes” and “2024 Warrants”) to be repaid or cancelled, leaving the $5 million Motiv convertible note as the only secured debt, potentially convertible into equity. [16]
The stakes are very high. In a November 13, 2025 letter urging shareholders to vote for the transaction, Workhorse explicitly warned that if the Motiv deal failed and the company had to pursue a standalone path, a restructuring “would likely result in your Workhorse investment having little or no value.” [17]
Q3 2025 earnings: shrinking losses, fragile fundamentals
Workhorse released its third‑quarter 2025 results on November 10, 2025, and held its earnings call on November 11. [18]
Operational highlights:
- Revenue: Net sales were $2.4 million for Q3 2025, slightly below $2.5 million a year earlier. The decline reflects fewer trucks sold, partially offset by recognizing revenue from seven vehicles previously in deferred revenue. [19]
- Units sold: Workhorse sold 15 trucks during the quarter and reported more than 42 W56 vehicles operating in customer and partner fleets, delivering 97% uptime in daily last‑mile routes. [20]
- Cost of sales: Cost of sales climbed to $10.1 million from $6.6 million, driven largely by a $3.3 million inventory excess and obsolescence reserve, highlighting ongoing challenges in matching production to demand. [21]
Operating expenses show some progress:
- SG&A (selling, general & administrative): Essentially flat at $7.8 million vs. $7.7 million a year ago. Within that, legal and consulting costs rose due to the Motiv deal, but were offset by lower headcount and reduced marketing and IT spending. [22]
- R&D: Fell to $1.1 million from $2.3 million, mainly due to reduced staffing and prototype spending. [23]
- Across the first nine months of 2025, Workhorse says total operating expenses are down $17.5 million versus the same period in 2024 as it cuts costs to conserve cash. [24]
The bottom line is still deeply negative, but narrowing:
- An earnings‑call summary estimates Q3 net loss at about $7.8 million, a sharp improvement from $25.1 million in Q3 2024, albeit helped by one‑time gains. [25]
- On a per‑share basis, Q3 2025 EPS came in at ‑$1.70, worse than the consensus estimate of ‑$1.45, reflecting an operating loss that is still material despite non‑recurring gains. [26]
- The company recorded a $13.8 million gain on the sale‑leaseback of its Union City plant and a $4.8 million gain from recognizing deferred revenue after terminating an assembly agreement with Tropos. [27]
Liquidity and capital structure:
- As of September 30, 2025, Workhorse reported $12.7 million in cash and cash equivalents, $25.5 million in restricted cash, net inventory of $30.0 million, and accounts payable of $11.2 million. [28]
- The fair value of notes held by the existing senior secured lender was $27.1 million, and the Motiv‑linked convertible note was $5.1 million. [29]
Taken together, Q3 shows a company shoring up liquidity with asset sales and partner financing, while core truck sales remain modest and gross margins deeply negative.
Market performance and volatility: a 94% collapse in a year
Workhorse’s stock performance over the last 12 months has been brutal:
- The shares are down roughly 93–95% over the past year, with a 52‑week range of about $0.53 to $15.75. [30]
- TradingView data indicate an all‑time low around $0.53 reached in mid‑November 2025. [31]
- Recent trading has been extremely choppy: the stock fell 5.2% to $0.84 on December 1, then jumped 10.8% to $0.90 on December 3, before dropping back to $0.78 on December 5, regularly underperforming or occasionally outperforming broader indices and EV peers like Tesla and GM. [32]
Workhorse’s beta around 1.3 and estimated daily volatility over 10% underscore that this is a highly speculative, sentiment‑driven stock even before layering on reverse‑split mechanics. [33]
Analyst forecasts and valuation: one cautious voice
Wall Street coverage of Workhorse has largely evaporated. Current data show only one analyst actively publishing a 12‑month target and rating: [34]
- The analyst maintains a “Neutral/Hold” stance on WKHS.
- On August 18, 2025, Roth Capital cut its target from $2.00 to $1.75 (pre‑split) while keeping a Neutral rating. [35]
- A November 14, 2025 note then lowered the target again, from $1.50 to $0.65, citing “non‑consequential” Q3 results and concerns around the Motiv vote and the company’s dependence on that deal. [36]
With the stock recently trading around $0.78, that $0.65 target implies modest downside on a pre‑split basis. Post‑split, both the share price and the target would be scaled up by a factor of 12 (i.e., a notional target around $7.80), but the underlying economic view is unchanged.
Given the micro‑cap size, reverse‑split dynamics and binary exposure to the Motiv merger, investors should be cautious about treating any single target as a precise guide to value.
What the reverse split really changes (and what it doesn’t)
Reverse splits can look dramatic on a quote screen, but they are mechanically neutral:
- Every 12 shares become 1 share; the share price rises in proportion.
- Market capitalization and the economic interest of each shareholder are unchanged at the moment of the split.
- Liquidity can decline if the float becomes very small, which may increase volatility.
In Workhorse’s case, the split is primarily about meeting Nasdaq’s minimum bid‑price rules to keep the stock listed and allow the Motiv merger to close under its current structure. [37]
However, the danger is that reverse splits often occur in distressed situations, and historical patterns in many micro‑cap names show that post‑split rallies can be short‑lived if fundamentals don’t improve. The company’s own filings and shareholder letters emphasize that:
- The business needs the Motiv merger and its associated financing to simplify the capital structure and extend liquidity. [38]
- Failure to close the deal could force a restructuring in which equity holders may be largely wiped out. [39]
The reverse split, by itself, does not fix Workhorse’s losses, inventory issues or the structural challenges of competing in a capital‑intensive, price‑competitive EV truck market.
Upside scenario: what has to go right
For investors looking at Workhorse as a deep‑value or turnaround bet, the potential upside depends on several things actually working:
- Motiv merger closes on schedule
- Regulatory approvals and financing commitments are finalized.
- Nasdaq accepts the post‑split trading level as compliant, avoiding delisting risk around the transaction. [40]
- Integration and product execution
- Balance‑sheet cleanup
- As promised, senior secured debt and related warrants are fully paid off or cancelled at closing, leaving a simpler capital structure and only the Motiv‑linked convertible note as secured debt. [43]
- Path to sustainable margins
- The company converts cost cuts and Motiv synergies into a credible roadmap toward positive gross margins and reduced cash burn, rather than relying on one‑off gains like asset sales and reserve releases. [44]
If that chain of events plays out, the current micro‑cap valuation could, in theory, offer significant upside. But each step is uncertain, and the company’s own language around potential “little or no value” for shareholders if the merger fails underlines the binary nature of the bet. [45]
Key risks to monitor after December 8, 2025
From here, the story will likely hinge on a few observable milestones:
- Post‑split trading behavior: Does WKHS hold above the split‑adjusted price level needed to satisfy Nasdaq, or does it drift back toward deficiency territory? [46]
- Merger closing updates: Any news on final approvals, financing drawdowns and the expected closing date for the Motiv combination. [47]
- New orders and deliveries: Evidence that sales volumes are scaling beyond low‑double‑digit truck deliveries per quarter. [48]
- Cash flow and capital raises: With limited unrestricted cash, additional equity or debt financing remains a real possibility, potentially diluting shareholders further even after two reverse splits in one year. [49]
Bottom line
As of December 8, 2025, Workhorse Group stock is a high‑risk, event‑driven EV micro‑cap:
- It has collapsed more than 90% over the past year. [50]
- It is implementing its second reverse split of 2025 to stay on Nasdaq and keep a complex merger alive. [51]
- The company is shrinking operating losses and cutting costs, but core operations remain unprofitable and heavily reliant on partner funding and one‑time transactions. [52]
For readers following Workhorse, the most important questions now are not about the new per‑share price after the split, but about whether the Motiv merger closes, how the combined company executes, and whether it can eventually stand on its own without constant balance‑sheet surgery.
References
1. ir.workhorse.com, 2. www.marketwatch.com, 3. ir.workhorse.com, 4. ir.workhorse.com, 5. stockanalysis.com, 6. ir.workhorse.com, 7. ir.workhorse.com, 8. www.trefis.com, 9. www.motivtrucks.com, 10. www.cleantrucking.com, 11. www.stocktitan.net, 12. www.motivtrucks.com, 13. www.nasdaq.com, 14. www.stocktitan.net, 15. ir.workhorse.com, 16. ir.workhorse.com, 17. ir.workhorse.com, 18. ir.workhorse.com, 19. www.stocktitan.net, 20. www.stocktitan.net, 21. www.stocktitan.net, 22. www.stocktitan.net, 23. www.stocktitan.net, 24. ir.workhorse.com, 25. www.investing.com, 26. public.com, 27. www.stocktitan.net, 28. ir.workhorse.com, 29. ir.workhorse.com, 30. www.investing.com, 31. www.tradingview.com, 32. www.marketwatch.com, 33. www.tradingview.com, 34. www.marketwatch.com, 35. finance.yahoo.com, 36. www.tipranks.com, 37. ir.workhorse.com, 38. ir.workhorse.com, 39. ir.workhorse.com, 40. ir.workhorse.com, 41. www.stocktitan.net, 42. www.stocktitan.net, 43. ir.workhorse.com, 44. www.stocktitan.net, 45. ir.workhorse.com, 46. ir.workhorse.com, 47. www.motivtrucks.com, 48. www.stocktitan.net, 49. ir.workhorse.com, 50. www.investing.com, 51. ir.workhorse.com, 52. www.stocktitan.net
