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
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Stockholders’ Equity
Condensed Consolidated Statements of Stockholders’ Equity
| Common Stock · AdditionalPaid-inCapital* · AccumulatedDeficit · TotalStockholders’Equity | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Numberof Shares* · Amount* | |||||||||||
| Balance as of December 31, 2023 | 1,143,923 | $1,144 | $834,679,278 | $(751,568,251) | $83,112,171 | ||||||
| Common stock issued under ATM | 39,236 | 39 | 1,242,610 | — | 1,242,649 | ||||||
| Common stock issued under 2023 Warrant Exchange | 34,000 | 34 | 2,847,466 | — | 2,847,500 | ||||||
| Issuance of common stock under ELOC Purchase Agreement | 48,000 | 48 | 3,123,952 | 3,124,000 | |||||||
| Common stock issued under 2024 Securities Purchase Agreement | 53,118 | 53 | 3,268,394 | — | 3,268,447 | ||||||
| Stock options and vesting of restricted shares** | 4,891 | 5 | (163,521) | — | (163,516) | ||||||
| Stock-based compensation | — | — | 3,148,308 | — | 3,148,308 | ||||||
| Net loss | — | — | — | (29,155,787) | (29,155,787) | ||||||
| Balance as of March 31, 2024 | 1,323,168 | 1,323 | 848,146,487 | (780,724,038) | 67,423,772 | ||||||
| Common stock issued under 2024 Securities Purchase Agreement | 332,611 | 333 | 14,641,405 | — | 14,641,738 | ||||||
| Stock options and vesting of restricted shares** | 3,268 | 3 | (4,769) | — | (4,766) | ||||||
| Stock-based compensation | — | — | 2,896,212 | — | 2,896,212 | ||||||
| Net loss | — | — | — | (26,319,999) | (26,319,999) | ||||||
| Balance as of June 30, 2024 | 1,659,047 | 1,659 | 865,679,335 | (807,044,037) | 58,636,957 | ||||||
| Common stock issued under 2024 Securities Purchase Agreement | 881,520 | 882 | 11,780,034 | — | 11,780,916 | ||||||
| Stock options and vesting of restricted shares** | 8,400 | 8 | (2,769) | — | (2,761) | ||||||
| Stock-based compensation | — | — | 1,978,330 | — | 1,978,330 | ||||||
| Net loss | — | — | — | (25,135,559) | (25,135,559) | ||||||
| Balance as of September 30, 2024 | $2,548,967 | $2,549 | $879,434,930 | $(832,179,596) | $47,257,883 | ||||||
*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.
**Net of tax payments related to shares withheld for option exercises and vested stock.
Condensed Consolidated Statements of Stockholders’ Equity
| Common Stock · AdditionalPaid-inCapital* · AccumulatedDeficit · TotalStockholders’Equity | |||||||
|---|---|---|---|---|---|---|---|
| Numberof Shares* · Amount* | |||||||
| Balance as of December 31, 2024 | 3,843,341 | $3,843 | $897,642,626 | $(853,358,544) | $44,287,925 | ||
| Common stock issued under ATM | 45,755 | 46 | — | — | 46 | ||
| Common stock issued under Convertible Note | 1,862,003 | 1,862 | 6,971,603 | — | 6,973,465 | ||
| Stock options and vesting of restricted shares** | 6,492 | 6 | 23,387 | — | 23,393 | ||
| Stock-based compensation** | — | — | 751,401 | — | 751,401 | ||
| Net loss | — | — | — | (20,644,134) | (20,644,134) | ||
| Balance as of March 31, 2025 | 5,757,591 | 5,757 | 905,389,017 | (874,002,678) | 31,392,096 | ||
| Common stock issued under Convertible Note | 4,828,131 | 4,828 | 5,358,428 | — | 5,363,256 | ||
| Stock options and vesting of restricted shares** | 78 | 1 | (16,321) | — | (16,320) | ||
| Stock-based compensation** | — | — | 388,671 | — | 388,671 | ||
| Net loss | — | — | — | (14,780,964) | (14,780,964) | ||
| Balance as of June 30, 2025 | 10,585,800 | 10,586 | 911,119,795 | (888,783,642) | 22,346,739 | ||
| Common stock issued under Convertible Note | 10,691,137 | 10,690 | 17,112,084 | — | 17,122,774 | ||
| Stock options and vesting of restricted shares** | 100 | — | (125) | — | (125) | ||
| Stock-based compensation** | — | — | 428,740 | — | 428,740 | ||
| Net loss | — | — | — | (7,827,902) | (7,827,902) | ||
| Balance as of September 30, 2025 | 21,277,037 | $21,276 | $928,660,494 | $(896,611,544) | $32,070,226 | ||
- 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.
**Net of tax payments related to shares withheld for option exercises and vested stock.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.