Workhorse Group Inc. Files Q2 2024 10-Q

TL;DR

Workhorse Group Inc. filed its Q2 2024 10-Q, check financials.

AI Summary

Workhorse Group Inc. filed its 10-Q for the period ending June 30, 2024. The company reported financial results for the second quarter of 2024, detailing its operational and financial standing. Key financial figures and operational updates are provided in this filing.

Why It Matters

This filing provides investors and stakeholders with the latest financial performance and operational status of Workhorse Group Inc., crucial for understanding the company's current health and future prospects.

Risk Assessment

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

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial information is reported.)
• 20240819 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)

Key Players & Entities

• Workhorse Group Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240819 (date) — Filing date of the 10-Q
• LOVELAND, OH (location) — Company's business and mailing address
• 513-360-4704 (phone_number) — Company's business phone number

FAQ

Key Financial Figures

• $0.001 — ange on which registered Common Stock, $0.001 par value per share WKHS The NASDAQ Cap

Filing Documents

• wkhs-20240630.htm (10-Q) — 918KB
• wkhs-20240630xexx311.htm (EX-31.1) — 8KB
• wkhs-20240630xexx312.htm (EX-31.2) — 8KB
• wkhs-20240630xexx321.htm (EX-32.1) — 4KB
• wkhs-20240630xexx322.htm (EX-32.2) — 4KB
• 0001425287-24-000111.txt ( ) — 6530KB
• wkhs-20240630.xsd (EX-101.SCH) — 54KB
• wkhs-20240630_cal.xml (EX-101.CAL) — 52KB
• wkhs-20240630_def.xml (EX-101.DEF) — 275KB
• wkhs-20240630_lab.xml (EX-101.LAB) — 604KB
• wkhs-20240630_pre.xml (EX-101.PRE) — 500KB
• wkhs-20240630_htm.xml (XML) — 838KB

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 5 Notes to Condensed Consolidated Financial Statements 6 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 23 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 31 Item 4.

Controls and Procedures

Controls and Procedures 31 PART II OTHER INFORMATION 33 Item 1.

Legal Proceedings

Legal Proceedings 33 Item 1A.

Risk Factors

Risk Factors 33 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 33 Item 3. Defaults Upon Senior Securities 33 Item 4. Mine Safety Disclosures 33 Item 5. Other Information 33 Item 6. Exhibits 34

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 other 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) June 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 5,308,611 $ 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 June 30, 2024 and December 31, 2023, respectively 760,504 4,470,209 Inventory, net 46,503,385 45,408,192 Prepaid expenses and other current assets 6,902,370 8,101,162 Total current assets 59,474,870 93,825,478 Property, plant and equipment, net 36,497,886 37,876,955 Lease right-of-use assets 9,227,564 9,795,981 Other assets 176,310 176,310 Total Assets $ 105,376,630 $ 141,674,724 Liabilities Current liabilities: Accounts payable $ 10,501,569 $ 12,456,272 Accrued and other current liabilities 6,335,271 4,862,740 Deferred revenue, current 6,954,581 4,714,331 Warranty liability 642,326 1,902,647 Current portion of lease liabilities 3,028,889 3,560,612 Warrant liability 4,580,442 5,605,325 Current portion of convertible notes 9,649,030 20,180,100 Total current liabilities 41,692,108 53,282,027 Lease liabilities, long-term 5,047,565 5,280,526 Total Liabilities 46,739,673 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 June 30, 2024 and December 31, 2023 — — Common stock, par value $ 0.001 per share, 450,000,000 shares authorized, 20,738,091 shares issued and outstanding as of June 30, 2024 and 14,299,042 shares issued and outstanding as of December 31, 2023 (presented on a reverse stock split-adjusted basis) 20,738 14,299 Additional paid-in capital 865,660,256 834,666,123 Accumulated deficit ( 807,044,037 ) ( 751,568,251 ) Total stockholders' equity 58,636,957 83,112,171 Total Liabilities and Stockholders' Equity $ 105,376,630 $ 141,674,724 See accompanying

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View this 10-Q filing on SEC EDGAR