Workhorse Group Inc. Files Q1 2024 10-Q

TL;DR

WKHS Q1 2024 10-Q filed. Check financials.

AI Summary

Workhorse Group Inc. filed its Q1 2024 10-Q report on May 20, 2024, for the period ending March 31, 2024. The company, formerly known as AMP Holding Inc. and Title Starts Online, Inc., is incorporated in Nevada and headquartered in Loveland, Ohio. The filing covers financial information and business operations for the first quarter of 2024.

Why It Matters

This filing provides investors with a quarterly update on Workhorse Group's financial health and operational performance, crucial for understanding the company's trajectory in the electric vehicle sector.

Risk Assessment

Risk Level: medium — As a company in the automotive manufacturing sector, Workhorse Group faces inherent risks related to production, supply chain, competition, and regulatory changes.

Key Players & Entities

• Workhorse Group Inc. (company) — Filer of the 10-Q
• 20240331 (date) — End of the reporting period
• 20240520 (date) — Filing date
• AMP Holding Inc. (company) — Former company name
• Title Starts Online, Inc. (company) — Former company name
• NV (location) — State of incorporation
• OH (location) — State of business address
• 45140 (postal_code) — ZIP code of business address

FAQ

Key Financial Figures

• $0.001 — ange on which registered Common Stock, $0.001 par value per share WKHS The NASDAQ Cap
• $10.0 million — 2026 Notes") due October 1, 2026, using $10.0 million of restricted cash, and redeemed the wa

Filing Documents

• wkhs-20240331.htm (10-Q) — 701KB
• wkhsexecutiveofficersalary.htm (EX-10.1) — 19KB
• wkhsexecutiveofficersalarya.htm (EX-10.2) — 19KB
• wkhsexecutiveofficersalaryb.htm (EX-10.3) — 19KB
• wkhs-20240331xexx311.htm (EX-31.1) — 8KB
• wkhs-20240331xexx312.htm (EX-31.2) — 8KB
• wkhs-20240331xexx321.htm (EX-32.1) — 4KB
• wkhs-20240331xexx322.htm (EX-32.2) — 4KB
• image_0c.jpg (GRAPHIC) — 13KB
• 0001425287-24-000101.txt ( ) — 5495KB
• wkhs-20240331.xsd (EX-101.SCH) — 45KB
• wkhs-20240331_cal.xml (EX-101.CAL) — 50KB
• wkhs-20240331_def.xml (EX-101.DEF) — 245KB
• wkhs-20240331_lab.xml (EX-101.LAB) — 527KB
• wkhs-20240331_pre.xml (EX-101.PRE) — 451KB
• wkhs-20240331_htm.xml (XML) — 602KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Operations 2 Condensed Consolidated Statements of Stockholders' Equity 3 Condensed Consolidated Statements of Cash Flows 4 Notes to Condensed Consolidated Financial Statements 5 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 21 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 28 Item 4.

Controls and Procedures

Controls and Procedures 28 PART II OTHER INFORMATION 30 Item 1.

Legal Proceedings

Legal Proceedings 30 Item 1A.

Risk Factors

Risk Factors 30 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30 Item 3. Defaults Upon Senior Securities 30 Item 4. Mine Safety Disclosures 30 Item 5. Other Information 30 Item 6. Exhibits 31

Forward-Looking Statements

Forward-Looking Statements The discussions in this Quarterly Report on Form 10-Q (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 W4CC, 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, eliminat

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS Workhorse Group Inc. Condensed Consolidated Balance Sheets (Unaudited) March 31, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 6,728,430 $ 25,845,915 Restricted cash — 10,000,000 Accounts receivable, less allowance for credit losses of $ 0.2 million and $ 0.2 million as of March 31, 2024 and December 31, 2023, respectively 1,767,887 4,470,209 Inventory, net 49,852,378 45,408,192 Prepaid expenses and other current assets 7,293,787 8,101,162 Total current assets 65,642,482 93,825,478 Property, plant and equipment, net 38,537,214 37,876,955 Lease right-of-use assets 9,513,950 9,795,981 Other assets 176,310 176,310 Total Assets $ 113,869,956 $ 141,674,724 Liabilities Current liabilities: Accounts payable $ 14,229,542 $ 12,456,272 Accrued and other current liabilities 6,652,042 4,862,740 Deferred revenue, current 4,689,581 4,714,331 Warranty liability 599,227 1,902,647 Current portion of lease liabilities 3,416,636 3,560,612 Warrant liability 3,937,540 5,605,325 Current portion of convertible notes 7,874,051 20,180,100 Total current liabilities 41,398,619 53,282,027 Lease liabilities, long-term 5,047,565 5,280,526 Total Liabilities 46,446,184 58,562,553 Commitments and contingencies Stockholders' Equity: Series A preferred stock, par value $ 0.001 per share, 75,000,000 shares authorized, zero shares issued and outstanding as of March 31, 2024 and December 31, 2023 — — Common stock, par value $ 0.001 per share, 450,000,000 shares authorized, 330,791,980 shares issued and outstanding as of March 31, 2024 and 285,980,843 shares issued and outstanding as of December 31, 2023 330,792 285,981 Additional paid-in capital 847,817,018 834,394,441 Accumulated deficit ( 780,724,038 ) ( 751,568,251 ) Total stockholders' equity 67,423,772 83,112,171 Total Liabilities and Stockholders' Equity $ 113,869,956 $ 141,674,724 See accompanying notes to the Condensed Consolidated Financi

View Full Filing

View this 10-Q filing on SEC EDGAR