Workhorse Group Inc.
For the period ended Dec 31, 2024. Filed Mar 31, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Mar 31, 2025
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 F-
Consolidated Statements of Cash Flows
| For the Years Ended December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net loss | $(101,790,293) | $(123,919,189) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization | 7,908,468 | 4,063,175 |
| Deferred revenue | 1,636,250 | (180,000) |
| Stock-based compensation | 10,060,997 | 13,422,135 |
| Change in inventory and prepaid purchases reserve | 5,368,071 | 8,798,690 |
| Non-cash lease expense | 353,182 | 1,506,310 |
| Change in fair value and gain on conversion of 2026 Notes and Warrants | (2,937,925) | 8,285,425 |
| Non-cash fair value loss of 2024 Notes | 2,941,792 | — |
| Non-cash fair value loss of 2024 Warrants | 5,778,660 | — |
| Non-cash payment of 2023 and 2024 Notes | 13,362,351 | — |
| Original Issuance Discount - non-cash fees on 2024 Notes | 4,873,214 | — |
| Other non-cash items | (485,298) | (1,934,310) |
| Impairment of investment in Tropos | — | 10,000,000 |
| Effects of changes in operating assets and liabilities: | ||
| Accounts receivable | 2,303,879 | (349,512) |
| Inventory, net | (1,332,074) | (39,294,091) |
| Prepaid expenses and other current assets | 709,721 | (890,626) |
| Accounts payable and accrued liabilities | 4,700,219 | (2,227,029) |
| Warranty liability | (1,041,238) | (305,027) |
| Net cash used in operating activities | (47,590,024) | (123,024,049) |
| Cash flows from investing activities: | ||
| Capital expenditures | (4,064,293) | (18,687,451) |
| Net cash used in investing activities | (4,064,293) | (18,687,451) |
| Cash flows from financing activities: | ||
| Proceeds on convertible notes | 34,112,500 | 17,500,000 |
| Payments on convertible notes | (20,000,000) | — |
| Proceeds from issuance of common stock | 7,344,487 | 62,155,939 |
| Payments on finance lease | (825,060) | (879,444) |
| Exercise of options and restricted share award activity | (178,587) | (495,381) |
| Net cash provided by financing activities | 20,453,340 | 78,281,114 |
| Change in cash and cash equivalents | (31,200,977) | (63,430,386) |
| Cash and cash equivalents, beginning of the period | 35,845,915 | 99,276,301 |
| Cash and cash equivalents, end of the period | $4,644,938 | $35,845,915 |
| Supplemental disclosure of non-cash investing and financing activities: | ||
| Exercise of warrants | $2,847,500 | $— |
| Non-cash 2023 securities litigation settlement | $— | $35,000,000 |
| Capital expenditures in Accounts Payable | $2,600,771 | $2,161,595 |
| Trucks transferred from inventory to fixed assets | $1,058,725 | $879,296 |
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