Workhorse Group Inc
For the period ended Sep 30, 2024. Filed Nov 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.
Sep 30, 2024 · Filed Nov 19, 2024
WKHS$3.42+3.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net loss | $(80,611,346) | $(78,662,425) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization | 5,959,822 | 2,468,832 |
| Deferred revenue | 1,636,250 | (143,169) |
| Stock-based compensation | 8,206,673 | 10,321,889 |
| Change in inventory and prepaid purchases reserve | 1,084,906 | 550,090 |
| Non-cash lease expense | 580,123 | 583,348 |
| Change in fair value and gain on conversion of 2026 Notes and exchange of 2023 Warrants | (2,937,925) | — |
| Change in fair value and conversion of 2024 Notes and 2024 Warrants | 18,939,100 | — |
| Other non-cash items | 2,917,251 | 200,000 |
| Impairment of investment in Tropos | — | 10,000,000 |
| Effects of changes in operating assets and liabilities: | ||
| Accounts receivable | 785,394 | (5,295,003) |
| Inventory, net | 1,238,803 | (28,492,532) |
| Prepaid expenses and other current assets | 641,345 | (1,083,886) |
| Accounts payable, accrued liabilities and other | 2,570,035 | (5,563,625) |
| Warranty liability | (1,126,224) | (430,154) |
| Net cash used in operating activities | (40,115,793) | (95,546,635) |
| Cash flows from investing activities: | ||
| Capital expenditures | (4,027,565) | (16,527,317) |
| Net cash used in investing activities | (4,027,565) | (16,527,317) |
| Cash flows from financing activities: | ||
| Proceeds on convertible notes | 28,250,000 | — |
| Payments on convertible notes | (20,000,000) | — |
| Proceeds from issuance of common stock | 4,366,649 | 52,789,512 |
| Payments on finance lease | (903,357) | (659,582) |
| Exercise of options and restricted share award activity | (171,043) | (467,214) |
| Net cash provided by financing activities | 11,542,249 | 51,662,716 |
| Change in cash and cash equivalents | (32,601,109) | (60,411,236) |
| Cash and cash equivalents, beginning of the period | 35,845,915 | 99,276,301 |
| Cash and cash equivalents, end of the period | $3,244,806 | $38,865,065 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.