Workhorse Group Inc.
For the period ended Dec 31, 2024. Filed Mar 31, 2025.
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FY2024 · Filed Mar 31, 2025
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Consolidated Statements of Operations F-
Consolidated Statements of Operations
| For the Years Ended December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Sales, net of returns and allowances | $6,616,358 | $13,094,752 |
| Cost of sales | 28,842,087 | 38,350,545 |
| Gross loss | (22,225,729) | (25,255,793) |
| Operating expenses: | ||
| Selling, general and administrative | 42,512,129 | 55,574,740 |
| Research and development | 9,149,055 | 24,467,933 |
| Total operating expenses | 51,661,184 | 80,042,673 |
| Loss from operations | (73,886,913) | (105,298,466) |
| Interest expense, net | (22,241,781) | (8,731,247) |
| Fair value gain (loss) on warrants | (5,778,660) | — |
| Other income (loss) | — | (10,000,000) |
| Loss before income taxes | (101,907,354) | (124,029,713) |
| Benefit from income taxes | 117,061 | 110,524 |
| Net loss | $(101,790,293) | $(123,919,189) |
| Net loss per share of common stock | ||
| Basic and Diluted * | $(51.69) | $(149.45) |
| Weighted average shares used in computing net loss per share of common stock | ||
| Basic and Diluted * | 1,969,285 | 829,173 |
*Periods presented have been adjusted to reflect the 2024 Reverse stock split (1-for-20) which was effective June 17, 2024 and the 2025 Reverse stock split (1-for-12.5) which was effective March 17, 2025. Additional information regarding the reverse stock split may be found in Note 1 – Summary of Business and Significant Accounting Principles.
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