Workhorse Group Inc. Files Q3 2024 10-Q

TL;DR

WKHS Q3 10-Q filed. Financials and ops update.

AI Summary

Workhorse Group Inc. filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and position. Specific financial figures and operational updates are provided within the report, which is a standard quarterly disclosure for public companies.

Why It Matters

This filing provides investors with an update on Workhorse Group's financial health and operational progress for the third quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: medium — As a 10-Q filing, it contains standard financial disclosures for a public company, but the specific financial health and operational details within could indicate varying levels of risk.

Key Numbers

• 20240930 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
• 20241119 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Workhorse Group Inc. (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241119 (date) — Filing date
• 0001425287 (company) — Central Index Key for Workhorse Group Inc.
• NV (location) — State of incorporation
• 100 COMMERCE DRIVE (address) — Business and mailing address
• LOVELAND (location) — City of business and mailing address
• OH (location) — State of business and mailing address
• 45140 (postal_code) — ZIP code of business and mailing address
• 513-360-4704 (phone_number) — 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-20240930.htm (10-Q) — 1019KB
• wkhs-20240930xexx311.htm (EX-31.1) — 8KB
• wkhs-20240930xexx312.htm (EX-31.2) — 8KB
• wkhs-20240930xexx321.htm (EX-32.1) — 4KB
• wkhs-20240930xexx322.htm (EX-32.2) — 4KB
• 0001425287-24-000131.txt ( ) — 7132KB
• wkhs-20240930.xsd (EX-101.SCH) — 55KB
• wkhs-20240930_cal.xml (EX-101.CAL) — 54KB
• wkhs-20240930_def.xml (EX-101.DEF) — 308KB
• wkhs-20240930_lab.xml (EX-101.LAB) — 619KB
• wkhs-20240930_pre.xml (EX-101.PRE) — 512KB
• wkhs-20240930_htm.xml (XML) — 994KB

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 27 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 35 Item 4.

Controls and Procedures

Controls and Procedures 35 PART II OTHER INFORMATION 37 Item 1.

Legal Proceedings

Legal Proceedings 37 Item 1A.

Risk Factors

Risk Factors 37 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38 Item 3. Defaults Upon Senior Securities 38 Item 4. Mine Safety Disclosures 38 Item 5. Other Information 38 Item 6. Exhibits 40

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 W4 CC, W750, W56 and other programs; our ability to attract and retain customers for our existing and new products; the possible implementation of changes to the existing tariff regime by the incoming Presidential Administrat

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS Workhorse Group Inc. Condensed Consolidated Balance Sheets (Unaudited) September 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 3,244,806 $ 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 September 30, 2024 and December 31, 2023, respectively 682,673 2,326,774 Other receivables 3,002,143 2,143,435 Inventory, net 43,186,462 45,408,192 Prepaid expenses and other current assets 7,357,838 8,101,162 Total current assets 57,473,922 93,825,478 Property, plant and equipment, net 34,825,810 37,876,955 Operating lease right-of-use assets, net 3,465,637 4,174,800 Finance lease right-of-use assets, net 5,470,933 5,621,181 Other assets 176,310 176,310 Total Assets $ 101,412,612 $ 141,674,724 Liabilities Current liabilities: Accounts payable $ 10,572,525 $ 12,456,272 Accrued and other current liabilities 8,384,321 4,862,740 Deferred revenue 6,350,581 4,714,331 Warranty liability 776,423 1,902,647 Operating lease liabilities, current 1,001,120 1,012,428 Finance lease liabilities, current 2,100,635 2,548,184 Warrant liability 7,229,919 5,605,325 Current portion of convertible notes 13,182,467 20,180,100 Total current liabilities 49,597,991 53,282,027 Operating lease liabilities, long-term 4,556,738 5,280,526 Total Liabilities 54,154,729 58,562,553 Commitments and contingencies Stockholders' Equity: Common stock, par value $ 0.001 per share, 450,000,000 shares authorized, 31,862,091 shares issued and outstanding as of September 30, 2024 and 14,299,042 shares issued and outstanding as of December 31, 2023 (presented on a reverse stock split-adjusted basis) 31,862 14,299 Additional paid-in capital 879,405,617 834,666,123 Accumulated deficit ( 832,179,596 ) ( 751,568,251 ) Total stockholders' equity 47,257,883 83,112,171 Total Liabilities and Stockholders' Equity $ 101,412,612 $ 141,67

View Full Filing

View this 10-Q filing on SEC EDGAR