Workhorse Group Inc. Files Q2 2025 10-Q

TL;DR

Workhorse Group filed its Q2 2025 10-Q. Financials updated.

AI Summary

Workhorse Group Inc. filed its 10-Q for the period ending June 30, 2025. The filing details financial information for the second quarter of 2025, including data related to common stock and additional paid-in capital. The company's fiscal year ends on December 31st, and its principal executive offices are located in Loveland, Ohio.

Why It Matters

This filing provides investors with an update on Workhorse Group's financial performance and position as of the second quarter of 2025, crucial for understanding the company's ongoing operations and financial health.

Risk Assessment

Risk Level: medium — As a 10-Q filing, it contains detailed financial information which can reveal significant risks or opportunities for investors.

Key Numbers

• 20250630 — Reporting Period End Date (Indicates the end date for the financial data presented in the 10-Q.)
• 1231 — Fiscal Year End (Specifies the end of the company's fiscal year.)

Key Players & Entities

• Workhorse Group Inc. (company) — Filer of the 10-Q
• 20250630 (date) — End of reporting period
• 100 COMMERCE DRIVE (location) — Business and mailing address
• LOVELAND (location) — City of business and mailing address
• OH (location) — State of business and mailing address
• 45140 (location) — ZIP code of business and mailing address
• AMP Holding Inc. (company) — Former company name
• Title Starts Online, Inc. (company) — Former company name

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-20250630.htm (10-Q) — 1027KB
• wkhs-20250630xexx311.htm (EX-31.1) — 8KB
• wkhs-20250630xexx312.htm (EX-31.2) — 8KB
• wkhs-20250630xexx321.htm (EX-32.1) — 4KB
• wkhs-20250630xexx322.htm (EX-32.2) — 4KB
• 0001425287-25-000064.txt ( ) — 7322KB
• wkhs-20250630.xsd (EX-101.SCH) — 61KB
• wkhs-20250630_cal.xml (EX-101.CAL) — 56KB
• wkhs-20250630_def.xml (EX-101.DEF) — 301KB
• wkhs-20250630_lab.xml (EX-101.LAB) — 676KB
• wkhs-20250630_pre.xml (EX-101.PRE) — 537KB
• wkhs-20250630_htm.xml (XML) — 1026KB

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 29 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 38 Item 4.

Controls and Procedures

Controls and Procedures 38 PART II OTHER INFORMATION 40 Item 1.

Legal Proceedings

Legal Proceedings 40 Item 1A.

Risk Factors

Risk Factors 40 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 41 Item 3. Defaults Upon Senior Securities 42 Item 4. Mine Safety Disclosures 42 Item 5. Other Information 42 Item 6. Exhibits 43

Forward-Looking Statements

Forward-Looking Statements The discussions in this Quarterly Report on Form 10-Q ("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, including our ability to receive sufficient funding from our existing financing arrangements or from future financings 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: the outcome of continuing discussions between the parties with respect to the Recent Transactions (as defined below), including the possibility that the parties may terminate certain of the Recent Transactions or that the terms of certain of the Recent Transaction

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS Workhorse Group Inc. Condensed Consolidated Balance Sheets (Unaudited) June 30, 2025 December 31, 2024 Assets Current assets: Cash and cash equivalents $ 2,190,820 $ 4,119,938 Restricted cash 22,528,341 525,000 Accounts receivable, less allowance for credit losses of $ 0.3 million and $ 0.2 million as of June 30, 2025 and December 31, 2024, respectively 2,372,701 537,536 Other receivables, net 136,474 544,436 Inventory, net 32,757,831 41,839,020 Prepaid expenses and other current assets 3,702,346 5,865,890 Total current assets 63,688,513 53,431,820 Property, plant and equipment, net 29,145,327 32,976,581 Operating lease right-of-use assets, net 6,003,964 3,247,548 Finance lease right-of-use assets, net — 4,008,510 Other assets 416,308 176,311 Total Assets $ 99,254,112 $ 93,840,770 Liabilities Current liabilities: Accounts payable $ 10,823,073 $ 11,509,150 Accrued liabilities and other current liabilities 11,200,767 8,731,915 Deferred revenue 6,048,581 6,350,581 Warranty liability 1,151,614 861,409 Operating lease liability - current portion 1,593,131 984,407 Finance lease liability - current portion — 528,023 Warrant liability at fair value 3,145,592 5,778,660 Convertible notes at fair value 39,520,020 10,491,792 Total current liabilities 73,482,778 45,235,937 Operating lease liability-long-term 3,424,595 4,295,743 Financing lease liability-long-term — 21,165 Total Liabilities 76,907,373 49,552,845 Commitments and contingencies Stockholders' Equity: Common stock, par value $ 0.001 per share, 36,000,000 shares authorized, 10,585,800 shares issued and outstanding as of June 30, 2025 and 3,843,336 shares issued and outstanding as of December 31, 2024 (presented on a reverse stock split-adjusted basis)* 10,586 3,843 Additional paid-in capital * 911,119,795 897,642,626 Accumulated deficit ( 888,783,642 ) ( 853,358,544 ) Total stockholders' equity 22,346,739 44,287,925 Total Liabilities and Stoc

View Full Filing

View this 10-Q filing on SEC EDGAR