Workhorse Group Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Workhorse Group Inc. filed its 2023 10-K report detailing financial performance and corporate history.</b>

AI Summary

Workhorse Group Inc. (WKHS) filed a Annual Report (10-K) with the SEC on March 12, 2024. Workhorse Group Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The company's principal business address is 100 Commerce Drive, Loveland, OH 45140. Workhorse Group Inc. was formerly known as AMP Holding Inc. and Title Starts Online, Inc. The filing includes financial data for the fiscal years 2021, 2022, and 2023. The report references accounting standards for interest income/expense net and lease accounting.

Why It Matters

For investors and stakeholders tracking Workhorse Group Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Workhorse Group's financial health and operational status for the fiscal year 2023, crucial for investors assessing the company's trajectory. Understanding the company's historical name changes and its current operational base in Loveland, OH, provides context for its business evolution and physical footprint.

Risk Assessment

Risk Level: medium — Workhorse Group Inc. shows moderate risk based on this filing. The company has a history of name changes and is filing a 10-K, indicating it is a public entity subject to regulatory scrutiny and financial reporting requirements, which inherently carries medium risk.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to assess Workhorse Group's current financial health and future prospects.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-12 — Filing Date (Date of submission)

Key Players & Entities

• Workhorse Group Inc. (company) — Filer name
• 100 Commerce Drive, Loveland, OH 45140 (location) — Business address
• AMP Holding Inc. (company) — Former company name
• Title Starts Online, Inc. (company) — Former company name

FAQ

Industry Context

Workhorse Group Inc. operates in the automotive industry, specifically focusing on electric vehicles. This 10-K filing is standard for publicly traded companies in this sector.

Regulatory Implications

As a publicly traded company in the US, Workhorse Group Inc. is subject to the regulations of the Securities and Exchange Commission (SEC), requiring regular filings like this 10-K.

What Investors Should Do

1. Review Workhorse Group's detailed financial statements for FY 2023.
2. Analyze any disclosed risk factors related to operations, market conditions, or financial standing.
3. Compare FY 2023 performance against previous years if historical data is available in the filing.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-12: Filing Date — Date the 10-K report was officially submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document type filed, providing the core financial and operational data for Workhorse Group Inc.)

Fiscal Year End

The last day of a company's accounting year. (Indicates the period covered by the financial statements in the 10-K filing.)

Year-Over-Year Comparison

This filing is the 2023 annual report (10-K), which provides a comprehensive year-end overview compared to interim filings.

Key Financial Figures

• $0.001 — ange on which registered Common Stock, $0.001 par value per share WKHS The NASDAQ Cap
• $1.00 m — r our common stock had fallen below the $1.00 minimum bid price for continued listing f

Filing Documents

• wkhs-20231231.htm (10-K) — 1346KB
• directorrestrictedstockuni.htm (EX-10.45) — 36KB
• employeerestrictedstockuni.htm (EX-10.46) — 48KB
• wkhs-20231231x10kxex211.htm (EX-21.1) — 4KB
• wkhs-20231231x10kxex231.htm (EX-23.1) — 3KB
• wkhs-20231231x10kxex311.htm (EX-31.1) — 8KB
• wkhs-20231231x10kxex312.htm (EX-31.2) — 8KB
• wkhs-20231231x10kxex321.htm (EX-32.1) — 4KB
• wkhs-20231231x10kxex322.htm (EX-32.2) — 4KB
• clawbackpolicynovember2023.htm (EX-97.1) — 27KB
• 0001425287-24-000068.txt (&nbsp;) — 8521KB
• wkhs-20231231.xsd (EX-101.SCH) — 62KB
• wkhs-20231231_cal.xml (EX-101.CAL) — 96KB
• wkhs-20231231_def.xml (EX-101.DEF) — 315KB
• wkhs-20231231_lab.xml (EX-101.LAB) — 744KB
• wkhs-20231231_pre.xml (EX-101.PRE) — 567KB
• wkhs-20231231_htm.xml (XML) — 1144KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 7 Item 1B. Unresolved Staff Comments 19

Cybersecurity

Item 1C. Cybersecurity 19 Item 2.

Properties

Properties 20 Item 3.

Legal Proceedings

Legal Proceedings 20 Item 4. Mine Safety Disclosures 20 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 21 Item 6. Reserved 21 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 34 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data F- 1 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 35 Item 9A.

Controls and Procedures

Controls and Procedures 35 Item 9B. Other Information 36 Item 9C. Information Regarding Foreign Jurisdictions that Prevent Inspection 36 PART III Item 10. Directors, Executive Officers and Corporate Governance 37 Item 11.

Executive Compensation

Executive Compensation 37 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 37 Item 13. Certain Relationships and Related Transactions, and Director Independence 37 Item 14. Principal Accounting Fees and Services 37 PART IV Item 15. Exhibits 38 Item 16. Form 10-K Summary 40

Forward-Looking Statements

Forward-Looking Statements The discussions in this Annual Report on Form 10-K (this "Report") contain forward-looking statements reflecting our current expectations that involve risks and uncertainties. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. When used in this Report, the words "anticipate," "expect," "plan," "believe," "seek," "estimate" and similar expressions are intended to identify forward-looking statements. These are statements that relate to future periods and include, but are not limited to, statements about the features, benefits and performance of our products, our ability to introduce new product offerings and increase revenue from existing products, expected expenses including those related to selling and marketing, product development and general and administrative, our beliefs regarding the health and growth of the market for our products, anticipated increase in our customer base, expansion of our products functionalities, expected revenue levels and sources of revenue, expected impact, if any, of legal proceedings, the adequacy of our liquidity and capital resources, the likelihood of us obtaining additional financing in the immediate future and the expected terms of such financing, and expected growth in business. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained in this Report. Factors that could cause actual results to differ materially include, but are not limited to: our ability to develop and manufacture our new product portfolio, including the W4 CC, W750, W56 and WNext programs; our ability to attract and retain customers for our existing and new products; risks associated with obtaining orders and executing upon such orders; the unavailability, reduction, elimination

BUSINESS

ITEM 1. BUSINESS Recent Developments Going Concern; Possible Financing As discussed more fully under Risk Factors and Liquidity and Capital Resources; Going Concern , below, our ability to continue as a going concern is contingent upon successful execution of management's intended plan over the next twelve months to improve the Company's liquidity and working capital requirements. A vital component of such plan is the consummation of a financing in the immediate future to address these requirements in the short term. Accordingly, the Company is in the process of negotiating with potential financing sources for a financing transaction that would make liquidity available both in the short term and over time (a "Possible Financing"). The Company intends to consummate a Possible Financing in the near future. Although the terms of a Possible Financing remain under negotiation, the Company currently expects that any such financing would have a cost of capital materially higher than the cost of capital of its existing financing arrangements and a substantial potentially dilutive equity component, whether through a conversion feature, significant warrant coverage or both. A Possible Financing may also contain terms that limit the Company's ability to sell common stock under its ATM Agreement and ELOC Agreement and to incur new debt. There is no assurance that any Possible Financing will be available on any terms. If we are not able to complete a Possible Financing or find another source of liquidity in the immediate future, we may be unable to continue our operations or may need to substantially reduce them. Additional Cost Reduction Measures Another vital component of management's intended plan over the next twelve months to improve our liquidity and working capital requirements is reducing our operating costs to, among other things, reduce demands on the liquidity that is available to us. Accordingly, in the first quarter of 2024 we took the measures descr

View Full Filing

View this 10-K filing on SEC EDGAR