Workhorse Group Inc.
For the period ended Mar 31, 2026. Filed May 14, 2026.
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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, 2026 · Filed May 14, 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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Condensed Consolidated Balance Sheets
| (in thousands, except share amounts) | (Unaudited)March 31, 2026 | December 31,2025 |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $600 | $12,240 |
| Restricted cash | 680 | 680 |
| Accounts receivable, less allowance for credit losses of $295 and $435 as of March 31, 2026 and December 31, 2025, respectively | 3,422 | 3,889 |
| Inventory, net | 37,272 | 39,065 |
| Prepaid expenses and other current assets | 5,059 | 3,948 |
| Total current assets | 47,033 | 59,822 |
| Property, plant and equipment, net | 20,689 | 22,470 |
| Goodwill | 3,482 | 3,130 |
| Intangible assets, net | 10,041 | 10,182 |
| Operating lease right-of-use assets, net | 21,075 | 21,872 |
| Other assets | 416 | 416 |
| Total Assets | $102,736 | $117,892 |
| Liabilities | ||
| Current liabilities: | ||
| Accounts payable | $13,461 | $13,301 |
| Accrued liabilities and other current liabilities | 11,993 | 11,063 |
| Deferred revenue | 1,291 | 1,615 |
| Warranty liability - current portion | 3,830 | 3,183 |
| Operating lease liability - current portion | 1,387 | 3,616 |
| Stock rights liability | 1,339 | 6,074 |
| Customer order credit agreement - related party | 5,000 | — |
| Total current liabilities | 38,301 | 38,852 |
| Operating lease liability - long-term | 20,839 | 18,777 |
| Cash flow credit agreement - related party | 10,000 | 10,000 |
| Convertible notes at fair value - related party | 5,679 | 5,429 |
| Warranty liability - long-term | 1,724 | 1,792 |
| Total Liabilities | 76,543 | 74,850 |
| Commitments and contingencies | ||
| Stockholders’ Equity: | ||
| Series A preferred stock, par value of $0.001 per share, 75,000,000 shares authorized, 0 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively | — | — |
| Common stock, par value $0.001 per share, 36,000,000 shares authorized, 10,449,859 and 9,699,858 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively | 11 | 10 |
| Additional paid-in capital | 365,087 | 362,055 |
| Accumulated deficit | (338,905) | (319,023) |
| Total stockholders’ equity | 26,193 | 43,042 |
| Total Liabilities and Stockholders’ Equity | $102,736 | $117,892 |
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