Workhorse Group Inc.
For the period ended Sep 30, 2025. Filed Nov 10, 2025.
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, 2025 · Filed Nov 10, 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
Condensed Consolidated Statements of Cash Flows
| Nine Months Ended September 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash flows from operating activities: | ||
| Net loss | $(43,253,000) | $(80,611,345) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization | 5,586,275 | 5,959,822 |
| Stock-based compensation | 1,568,812 | 8,206,673 |
| Change in inventory and prepaid purchases reserve | 7,363,255 | 1,084,906 |
| Non-cash lease expense | 984,919 | 580,123 |
| Gain on sale of assets | (13,805,791) | — |
| Other income | (4,795,250) | — |
| Change in fair value and gain on conversion of 2026 Notes and 2023 Warrants | — | (2,937,925) |
| Non-cash change in fair value of convertible notes | 7,781,029 | 505,788 |
| Non-cash change in fair value of warrants | 4,205,035 | 6,655,120 |
| Non-cash payment of convertible notes | (381,212) | 11,778,192 |
| Original issuance discount - non-cash fees on convertible notes | 4,812,499 | 2,917,250 |
| Other non-cash items | 910,863 | — |
| Effects of changes in operating assets and liabilities: | ||
| Accounts receivable | (1,937,021) | 785,394 |
| Inventory, net | 7,325,678 | 1,238,803 |
| Prepaid expenses and other current assets | 867,995 | 641,345 |
| Other assets | (240,000) | — |
| Accounts payable and accrued liabilities | (1,857,937) | 2,570,035 |
| Deferred revenue | (498,331) | 1,636,250 |
| Warranty liability | 347,720 | (1,126,224) |
| Net cash used in operating activities | (25,014,462) | (40,115,793) |
| Cash flows from investing activities: | ||
| Proceeds from sale of assets | 19,469,855 | — |
| Capital expenditures | — | (4,027,565) |
| Net cash provided by (used in) investing activities | 19,469,855 | (4,027,565) |
| Cash flows from financing activities: | ||
| Proceeds from convertible notes | 33,687,500 | 28,250,000 |
| Proceeds from Motive Convertible Note | 5,000,000 | — |
| Payments on convertible notes | — | (20,000,000) |
| Proceeds from issuance of common stock | 406,963 | 4,366,649 |
| Payments on finance lease | — | (903,357) |
| Exercise of options and restricted share award activity | 6,949 | (171,043) |
| Net cash provided by financing activities | 39,101,412 | 11,542,249 |
| Change in cash and cash equivalents and restricted cash | 33,556,805 | (32,601,109) |
| Cash and cash equivalents and restricted cash, beginning of the period | 4,644,938 | 35,845,915 |
| Cash and cash equivalents and restricted cash, end of the period | $38,201,743 | $3,244,806 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.