Workhorse Group Inc
For the period ended Mar 31, 2025. Filed May 15, 2025.
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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.
Mar 31, 2025 · Filed May 15, 2025
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 EndedMarch 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Sales, net of returns and allowances | $640,922 | $1,339,295 |
| Cost of sales | 5,164,763 | 7,442,778 |
| Gross loss | (4,523,841) | (6,103,483) |
| Operating expenses | ||
| Selling, general and administrative | 6,783,911 | 14,095,278 |
| Research and development | 1,529,019 | 3,527,911 |
| Total operating expenses | 8,312,930 | 17,623,189 |
| Loss from operations | (12,836,771) | (23,726,672) |
| Interest income (expense), net | (5,252,228) | (1,164,593) |
| Change in fair value adjustment on convertible notes | (3,272,095) | (467,874) |
| Change in fair value adjustment on warrants | 716,960 | (3,796,648) |
| Loss before provision for income taxes | (20,644,134) | (29,155,787) |
| Provision for income taxes | — | — |
| Net loss | $(20,644,134) | $(29,155,787) |
| Net loss per share of common stock | ||
| Basic and Diluted* | $(4.68) | $(24.09) |
| Weighted average shares used in computing net loss per share of common stock | ||
| Basic and Diluted* | 4,409,194 | 1,210,429 |
*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 splits may be found in Note 1 – Summary of Business and Significant Accounting Principles to this Condensed Consolidated Financial Statement in this Quarterly Report on Form 10-Q
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