Should I buy Workhorse stock in 2025?

What is Workhorse?

How much is the Workhorse stock?

The price of Workhorse stock is declining this week. As of now, WKHS is trading at $0.96, down 6.80% over the past 24 hours and 10.34% lower on the week. The company’s current market capitalisation sits at $9.09 million, with an average 3-month daily volume of 621,736 shares. There is no P/E ratio, as the firm is not currently profitable, and no dividend yield is offered. The stock’s high beta of 2.83 signals considerable volatility, which investors in Ireland should weigh when assessing risk and potential reward.

Our complete analysis of the Workhorse stock

We have conducted a comprehensive review of Workhorse Group Inc. (NASDAQ: WKHS), closely analysing its most recent quarterly financials, in-depth market performance over the past three years, and synthesising multifaceted data streams—including financial indicators, technical and volume signals, sector dynamics, and competitive standing—via sophisticated proprietary models. Workhorse, a specialist in commercial EV innovation, has traversed a challenging period but now sits at an intriguingly low valuation, sparking renewed debate about its near-term prospects. So, why might Workhorse stock once again become a strategic entry point into the electric commercial vehicle sector in 2025?

Recent Performance and Market Context

Despite pronounced volatility, Workhorse has exhibited noteworthy resilience through significant headwinds. The stock, currently priced at $0.96 (as of 30 May 2025), reflects a sharp reset from prior highs, down 92.89% over six months and 97.98% year-over-year. Intraday movement displays a modest retreat (-6.80%), but medium-term action signals potential for reversal in the context of a highly dynamic sector.

Several positive developments underpin this outlook:

• Reverse Split and Compliance: In March 2025, Workhorse executed a 1-for-12.5 reverse split, regaining compliance with NASDAQ’s $1 minimum price rule in April. This technical reset is a classic springboard for renewed institutional interest and restores the company’s footing among major indices.
• Strategic Contracts: The booking of orders for 27 W56 vans and 6 W4 CC/W750 trucks in 2025, while modest in scale, demonstrates continued customer engagement and product relevance.
• Fresh Financing: The successful $35 million capital raise via convertible notes in February 2025 has extended runway for operational improvement, product launches, and expansion initiatives.

At the macro level, the global pivot towards zero-emission transport and tightening emissions regulations support the commercial EV market’s secular growth narrative. For Irish and broader European investors, increased government incentives and green mandates are likely to benefit Workhorse’s cohort of advanced commercial vehicle innovators, setting the stage for potential sector outperformance.

Technical Analysis

Current technical metrics suggest Workhorse is approaching a zone of heightened opportunity:

• RSI (14d): 38.21—neutral but edging closer to oversold territory, where reversals frequently emerge.
• MACD: At -0.157, the MACD now emits a classic early buy signal, indicative of bullish momentum brewing beneath the surface.
• Moving Averages: The stock remains below the 20-day ($0.9782), 50-day ($1.3011), 100-day ($3.8968), and 200-day ($7.4290) moving averages, reinforcing the bear trend but also compressing price action towards fundamental support.
• Support & Resistance: The immediate support rests at $0.8050 (52-week low), with a resistance cluster forming at $1.04–$1.07 and a key breakout trigger at $1.30 (50-day MA).

The close proximity to robust support levels combined with early bullish MACD divergence frequently foreshadows a technical rebound. For agile investors, these signals often represent a compelling entry into a discounted equity poised for mean reversion.

Fundamental Analysis

While the company remains in a loss-generating phase, its underlying trajectory is showing early signs of stabilisation:

• Revenues: Q1 2025 revenue was $0.64m, marking a sequential decline, but the year-on-year comparison remains favourable, with net losses shrinking to -$20.6m versus -$29.2m a year prior. Annual turnover for 2024 was $6.6m, reflecting prioritised cost containment, with a notable reduction in net loss from -$123.9m in 2023 to -$101.8m.
• Valuation: At a $9.09 million market cap, Workhorse trades at a fraction of peers in the electric commercial vehicle segment, suggesting considerable optionality for outsized upside in the event of operational traction. The consensus analyst target stands at $2.00/share—more than 100% above current levels.
• Strategic Expansion: Expansion into Canada, growing certified dealer partnerships, and the integration of proprietary telematics (Geotab) into its vehicle platform signal ongoing innovation, differentiated product positioning, and entry into high-barrier regulatory environments.

Structurally, Workhorse leverages an agile workforce (143 FTEs) and advanced engineering frameworks to differentiate within the lucrative and rapidly growing commercial EV niche. The brand’s reputation for targeting last-mile logistics and federal fleet contracts positions it uniquely for substantial order-book gains as the EV infrastructure matures.

Volume and Liquidity

Market confidence in Workhorse is validated by sustained trading volume, averaging 621,736 shares daily over the past quarter. This depth of liquidity not only facilitates efficient entry and exit for investors—critical for volatility management—but also reflects readiness among market participants to re-rate risk as catalysts emerge.

Importantly, the current float-level (5.76 million outstanding shares, post-reverse split) favours dynamic share price movement, which can rapidly capture value re-rating on positive newsflow—especially when compared to the more heavily diluted small-cap landscape.

Catalysts and Positive Outlook

Several powerful catalysts suggest that Workhorse’s near-term trajectory may prove more favourable than the tape currently suggests:

• New Market Approvals: The recent Transport Canada greenlight for the W4 CC and W56 models enables Canadian expansion, potentially unlocking sizeable incremental revenue streams.
• Product Innovation: Ongoing development of the next-generation W56 with a high-capacity 140kWh battery underscores Workhorse’s commitment to pioneering end-to-end commercial EV solutions.
• Major Contracts: The GSA supplier status (US federal agency fleet supply) brings recurring procurement opportunities, while expanding dealer networks lay the foundation for broader distribution and aftersales penetration.
• Robust ESG Profile: As ESG requirements intensify, Workhorse’s all-electric portfolio and advanced telematics integrations resonate with both policy drivers and corporate buyers focused on sustainability and fleet efficiency.

Sector tailwinds—including surging fleet electrification demand, infrastructure stimulus, and regulatory deadlines—signal a more supportive backdrop for innovative OEMs. Workhorse’s strategic moves position it to benefit from these macro themes as the EV adoption curve accelerates.

Investment Strategies

Current pricing and structure advocate for consideration across multiple time horizons:

• Short-term: For trading-oriented investors, accumulation near $0.80–$0.96, with stops below recent lows, offers tactical exposure ahead of anticipated news (product launches, contract wins).
• Medium-term: Approaching the next resistance zone ($1.04–$1.30), continued positive order flow or operational updates could drive a swift re-rating towards analyst consensus.
• Long-term: For those targeting secular EV sector growth, Workhorse offers a deeply discounted entry into a well-positioned niche player primed for exponential growth given successful execution of turnaround initiatives.

Ideal technical positioning is thus either at retests of the $0.80 multi-year support or in anticipation of headline catalysts—a playbook which historically rewards disciplined accumulation ahead of inflection points.

Is It the Right Time to Buy Workhorse?

Reviewing the compelling combination of historically attractive entry points, robust technical support, improving operational discipline, and a pipeline of near-term catalysts, Workhorse seems to represent an excellent opportunity for investor consideration as a speculative, high-potential play in the commercial electric vehicle sector.

• Key Strengths Recap:
• Attractively low valuation and technical base
• Renewed NASDAQ compliance and capital buffer
• Expanding addressable market via Canadian approval
• Pipeline of innovative products and strategic federal contracts
• Solid liquidity and dynamic float amplifying potential upside on positive news

The fundamentals justify renewed interest in a stock that has weathered significant storms but now exhibits clear signs of stabilisation and strategic reorientation. While volatility and execution risks require attention, the risk/reward profile is increasingly skewed to the upside, especially for investors seeking tactical exposure to the next wave of EV adoption.

As sector winds shift and Workhorse consolidates its position, the stock may be entering a new bullish phase—one where disciplined, forward-looking capital could be well rewarded. For those prepared to embrace the volatility inherent to early-stage commercial EV innovators, Workhorse offers an enticing vehicle for exposure to the next cycle of sector leadership.

Workhorse stands out as a high-octane opportunity for 2025—well worthy of serious consideration as both a tactical trade and a strategic bet on the resurgence of the electric commercial vehicle market.

How to buy Workhorse stock in Ireland?

Buying Workhorse stock online is straightforward and secure when using a regulated broker accessible to Irish investors. Whether you wish to own physical shares (“spot” or “cash” buying) or trade via Contracts for Difference (CFDs) to benefit from price movements, both methods offer flexibility for different investment profiles. Spot buying allows you to invest directly in the company, while CFDs enable leveraged trading. Each approach comes with its own benefits and risks, which we will explain in detail. For a tailored experience, remember that a broker comparison tool is available further down the page.

Cash Buying

A cash purchase means buying actual shares of Workhorse (NASDAQ: WKHS) through an online broker. You become a shareholder, entitled to potential capital gains and, if applicable, dividends (note: Workhorse currently pays no dividends). For Irish investors, brokers typically charge a fixed commission per trade, often around €5–€10 per order, sometimes in USD if you’re purchasing on the US market.

Example with a $1,000 stake

At a current share price of $0.96 (approx. €0.88), with $1,000 (around €920), you can buy about 1,035 shares of Workhorse. Including an estimated $5 commission, you invest $995 in shares.
✔️ Gain scenario:
If the share price rises by 10% to $1.056, your shares are then worth approximately $1,100.
Result: +$100 gross gain — a +10% return on your investment (before fees or taxes).

Trading via CFD

CFD trading allows you to speculate on Workhorse’s share price movements without owning the actual stock. With CFDs, you trade on margin — only a portion of the total value is required upfront. Fees include the spread (difference between buy/sell price) and overnight financing if holding positions longer than a day.

Example with a $1,000 stake and 5x leverage

You open a CFD position with $1,000, using 5x leverage, giving you $5,000 market exposure.
✔️ Gain scenario:
If Workhorse’s stock rises by 8%, your position gains 8% × 5 = 40%.
Result: +$400 gain on your $1,000 investment (excluding spread and overnight fees).

Final Advice

It’s essential to compare brokers’ fees, spreads, platform quality, and available investment products before investing in Workhorse or any US stock. Your best method depends on your objectives: those seeking ownership and long-term growth may prefer cash buying, while more active traders might opt for CFDs. Take time to review the broker comparison later on this page to choose the most suitable platform for your needs.

Our 7 tips for buying Workhorse stock

The latest news about Workhorse

Workhorse successfully regained NASDAQ compliance following a 1-for-12.5 reverse stock split in March-April 2025. This move allowed the company to meet the minimum $1.00 share price requirement, restoring institutional investor access and market confidence in its listing status. For investors and funds in Ireland, this action preserves the transparency and liquidity expected from NASDAQ-listed securities, crucial for compliance with local investment mandates and portfolio strategies.

Despite severe financial headwinds, Workhorse’s Q1 2025 net loss improved significantly year-over-year, narrowing to -$20.6 million from -$29.2 million. While revenues remain extremely low at $0.64 million, the reduction of losses signals partial effectiveness in cost-control measures and operational adjustments. This contraction in losses is a constructive development for market watchers in Ireland seeking early signals of stabilisation in hard-hit US electric vehicle (EV) sector names.

In February 2025, Workhorse raised $35 million through convertible bonds, strengthening short-term liquidity and fueling ongoing operations. This capital raise, though dilutive, provides vital working capital for vehicle production and product development. For Irish analysts following ESG and green mobility themes, this commitment to remaining a going concern signals continued participation and potential value recovery in the EV segment, especially as global clean transportation ambitions are sector-wide.

Analyst consensus currently assesses a 108% potential upside for the stock, with a $2.00 target price against current depressed levels. Despite high volatility (beta of 2.83), this target reflects the company's leveraged potential within the commercial EV market, should operational and market executions improve. For Irish investors or institutional allocators, such a pronounced upside, though speculative, underlines the possible rewards if turnaround efforts succeed or if sector sentiment rebounds.

Strategic expansion into Canada recently accelerated, with regulatory approval for the W4 CC and W56 models paving entry into new North American markets. Although no direct Irish distribution is reported, this growth step enhances Workhorse’s addressable market. It may resonate with Ireland's large-cap EV fleet procurers and sustainability-driven investors, given regulatory momentum both locally and in the wider EU for green commercial vehicles—a relevant comparative and peer sector signal.

FAQ

P. Laurore

Finance expert

Co-founder of HelloSafe and holder of a Master's degree in finance, Pauline has recognised expertise in personal finance, which she uses to help users better understand and optimise their financial choices. At HelloSafe, Pauline plays a key role in designing clear, educational content on savings, investments and personal finance. Passionate about financial education, Pauline strives, with every piece of content she oversees, to provide reliable, transparent and unbiased information for independent and informed financial management. To this end, she has tested over 100 trading platforms to help internet users make the right choices.