Workhorse Group Inc
For the period ended Jun 30, 2024. Filed Aug 19, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 19, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Operations
Condensed Consolidated Statements of Operations
| Three Months EndedJune 30, | Six Months Ended June 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Sales, net of returns and allowances | $842,440 | $3,966,463 | $2,181,735 | $5,659,878 |
| Cost of sales | 7,301,348 | 8,427,377 | 14,744,126 | 13,755,496 |
| Gross loss | (6,458,908) | (4,460,914) | (12,562,391) | (8,095,618) |
| Operating expenses | ||||
| Selling, general and administrative | 12,066,553 | 14,002,517 | 26,161,831 | 28,692,360 |
| Research and development | 1,992,779 | 5,059,745 | 5,520,690 | 12,284,594 |
| Total operating expenses | 14,059,332 | 19,062,262 | 31,682,521 | 40,976,954 |
| Loss from operations | (20,518,240) | (23,523,176) | (44,244,912) | (49,072,572) |
| Interest income (expense), net | (5,158,859) | 505,500 | (6,791,326) | 1,055,859 |
| Fair value adjustment (loss) on warrants | (642,900) | — | (4,439,548) | — |
| Loss before benefit for income taxes | (26,319,999) | (23,017,676) | (55,475,786) | (48,016,713) |
| Benefit for income taxes | — | — | — | — |
| Net loss | $(26,319,999) | $(23,017,676) | $(55,475,786) | $(48,016,713) |
| Net loss per share of common stock | ||||
| Basic and Diluted* | $(1.40) | $(2.40) | $(3.26) | $(5.40) |
| Weighted average shares used in computing net loss per share of common stock | ||||
| Basic and Diluted* | 18,855,034 | 9,283,015 | 16,992,697 | 8,822,674 |
*Prior periods presented have been adjusted to reflect the 1-for-20 reverse stock split which was effective on June 17, 2024. Additional information regarding the reverse stock split may be found in Note 1 Summary of Business and Significant Accounting Principles.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.