Workhorse Group Inc.
For the period ended Dec 31, 2025. Filed Mar 31, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Mar 31, 2026
WKHS$3.32+7.4%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows F-
Consolidated Statements of Cash Flows
| For the Years Ended December 31, | ||
|---|---|---|
| (in thousands) | 2025 | 2024 |
| Cash flows from operating activities: | ||
| Net loss | $(64,086) | $(51,588) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization | 1,235 | 816 |
| Amortization of debt issuance cost | — | 14 |
| Excess and obsolete inventory | 2,265 | 1,609 |
| Impairment loss on discontinued product line investment | — | 6,246 |
| Loss on disposal of assets | 232 | — |
| Warranty provision | 2,144 | 1,639 |
| Stock-based compensation | 678 | 555 |
| Allowance for credit losses | 21 | — |
| Non-cash lease expense | 793 | 579 |
| Non-cash interest expense for convertible debt | 17 | — |
| Non-cash mark-to-market change of share rights | (1,038) | — |
| Effects of changes in operating assets and liabilities: | ||
| Accounts receivable | 53 | 1,516 |
| Inventory, net | 4,849 | (5,037) |
| Prepaid expenses and other current assets | 1,178 | (644) |
| Accounts payable | 2,047 | (1,013) |
| Accrued liabilities and other long-term liabilities | 14,691 | 7,829 |
| Operating lease liability | (632) | (675) |
| Net cash used in operating activities | (35,553) | (38,154) |
| Cash flows from investing activities: | ||
| Capital expenditures | (603) | (4,761) |
| Merger transaction | 10,430 | — |
| Net cash provided by (used in) investing activities | 9,827 | (4,761) |
| Cash flows from financing activities: | ||
| Proceeds from short-term senior secured promissory notes - related party | 22,000 | 45,000 |
| Proceeds from cash flow credit agreement | 10,000 | — |
| Payments for capital lease obligation | — | (2) |
| Proceeds from exercise of stock options | 17 | 38 |
| Proceeds from preferred stock issuance | — | 250 |
| Net cash provided by financing activities | 32,017 | 45,286 |
| Change in cash and cash equivalents | 6,291 | 2,371 |
| Cash and cash equivalents, beginning of the year | 6,629 | 4,258 |
| Cash and cash equivalents, end of the year | $12,920 | $6,629 |
| Supplemental disclosure of cash flow information: | ||
| Cash paid for interest | $— | $— |
| Cash paid for taxes | $1 | $1 |
| Non-cash investing and financing activities: | ||
| ROU assets obtained for lease liabilities | $— | $653 |
| Conversion of convertible debt and accrued interest to preferred stock | $— | $65,562 |
| Net assets acquired, net of cash | $29,084 | $— |
| Debt forgiven in Merger | $107,736 | $— |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.