Workhorse Group Inc.
For the period ended Sep 30, 2025. Filed Nov 10, 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.
Sep 30, 2025 · Filed Nov 10, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Balance Sheets
| September 30, 2025 | December 31,2024 | |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $12,726,147 | $4,119,938 |
| Restricted cash | 25,475,596 | 525,000 |
| Accounts receivable, less allowance for credit losses of $0.2 million and $0.3 million as of September 30, 2025 and December 31, 2024, respectively | 1,151,976 | 537,536 |
| Other receivables, net | 1,460,100 | 544,436 |
| Inventory, net | 29,999,387 | 41,839,020 |
| Prepaid expenses and other current assets | 2,148,595 | 5,865,890 |
| Total current assets | 72,961,801 | 53,431,820 |
| Property, plant and equipment, net | 21,120,568 | 32,976,581 |
| Operating lease right-of-use assets, net | 22,236,613 | 3,247,548 |
| Finance lease right-of-use assets, net | — | 4,008,510 |
| Other assets | 416,310 | 176,310 |
| Total Assets | $116,735,292 | $93,840,769 |
| Liabilities | ||
| Current liabilities: | ||
| Accounts payable | $11,225,948 | $11,509,149 |
| Accrued liabilities and other current liabilities | 7,127,368 | 8,731,915 |
| Deferred revenue | 1,057,000 | 6,350,581 |
| Warranty liability | 1,209,129 | 861,409 |
| Operating lease liability - current portion | 2,707,209 | 984,407 |
| Finance lease liability - current portion | — | 528,023 |
| Warrant liability at fair value | 9,983,695 | 5,778,660 |
| Convertible notes at fair value | 27,119,114 | 10,491,792 |
| Total current liabilities | 60,429,463 | 45,235,936 |
| Convertible note at fair value - long-term | 5,148,000 | — |
| Operating lease liability - long-term | 19,087,603 | 4,295,743 |
| Financing lease liability - long-term | — | 21,165 |
| Total Liabilities | 84,665,066 | 49,552,844 |
| Commitments and contingencies | ||
| Stockholders’ Equity: | ||
| Common stock, par value $0.001 per share, 36,000,000 shares authorized, 21,277,037 shares issued and outstanding as of September 30, 2025 and 3,843,341 shares issued and outstanding as of December 31, 2024* | 21,276 | 3,843 |
| Additional paid-in capital * | 928,660,494 | 897,642,626 |
| Accumulated deficit | (896,611,544) | (853,358,544) |
| Total stockholders’ equity | 32,070,226 | 44,287,925 |
| Total Liabilities and Stockholders’ Equity | $116,735,292 | $93,840,769 |
*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 these Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q.
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