Workhorse is a technology company focused on providing ground-based electric vehicles to the last-mile delivery sector. As an American original equipment manufacturer, we design and build high performance, battery-electric trucks. Workhorse also develops cloud-based, real-time telematics performance monitoring systems that are fully integrated with our vehicles and enable fleet operators to optimize energy and route efficiency. All Workhorse vehicles are designed to make the movement of people and goods more efficient and less harmful to the environment. For additional information visit workhorse.com.
Forward-Looking Statements
The discussions in this press release contain forward-looking statements reflecting our current expectations that involve risks and uncertainties. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. When used in this presentation, the words "anticipate," "expect," "plan, " "believe," "seek," "estimate" and similar expressions are intended to identify forward-looking statements. These are statements that relate to future periods and include, but are not limited to, statements about the features, benefits and performance of our products, our ability to introduce new product offerings and increase revenue from existing products, expected expenses including those related to selling and marketing, product development and general and administrative, our beliefs regarding the health and growth of the market for our products, anticipated increase in our customer base, expansion of our products functionalities, expected revenue levels and sources of revenue, expected impact, if any, of legal proceedings, the adequacy of liquidity and capital resources, and expected growth in business. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained in this presentation. Factors that could cause actual results to differ materially include, but are not limited to: our ability to develop and manufacture our new product portfolio, including the W4 CC, W750, W56 and WNext platforms; our ability to attract and retain customers for our existing and new products; the possible implementation of changes to the existing tariff regime by the incoming presidential administration; risks associated with obtaining orders and executing upon such orders; supply chain disruptions, including constraints on steel, semiconductors and other material inputs and resulting cost increases impacting our company, our customers, our suppliers or the industry; our ability to capitalize on opportunities to deliver products to meet customer requirements; our limited operations and need to expand and enhance elements of our production process to fulfill product orders; the ability to protect our intellectual property; market acceptance for our products; our ability to control our expenses; potential competition, including without limitation shifts in technology; volatility in and deterioration of national and international capital markets and economic conditions; global and local business conditions; acts of war (including without limitation the conflicts in Ukraine and Israel) and/or terrorism; the prices being charged by our competitors; our inability to retain key members of our management team; our inability to raise additional capital to fund our operations and business plan; our ability to regain compliance with the listing requirements of the Nasdaq Capital Market and otherwise maintain the listing of our securities thereon and the impact of any steps to regain such compliance; our inability to satisfy our customer warranty claims; the outcome of any regulatory or legal proceedings, including with Coulomb Solutions, Inc.; our ability to consummate and realize the benefits of a potential sale and leaseback transaction of our Union City facility; and our liquidity and other risks and uncertainties and other factors discussed from time to time in our filings with the Securities and Exchange Commission ("SEC"), including our annual report on Form 10-K filed with the SEC. Forward-looking statements speak only as of the date hereof. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based, except as required by law.
Media Contact:
Aaron Palash / Greg Klassen
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
Investor Relations Contact:
Tom Colton and Greg Bradbury
Gateway Group
949-574-3860
WKHS@gateway-grp.com
Workhorse Group Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
September 30, December 31,
2024 2023
-------------- ----------------
Assets
Current assets:
Cash and cash equivalents $ 3,244,806 $ 25,845,915
Restricted cash -- 10,000,000
Accounts receivable, less
allowance for credit losses of
$0.2 and $0.2 million as of
September 30, 2024 and December
31, 2023, respectively 682,673 2,326,774
Other receivables 3,002,143 2,143,435
Inventory, net 43,186,462 45,408,192
Prepaid expenses and other current
assets 7,357,838 8,101,162
------------ ------------
Total current assets 57,473,922 93,825,478
------------ ------------
Property, plant and equipment, net 34,825,810 37,876,955
Operating lease right-of-use assets,
net 3,465,637 4,174,800
Finance lease right-of-use assets,
net 5,470,933 5,621,181
Other assets 176,310 176,310
------------ ------------
Total Assets $ 101,412,612 $ 141,674,724
============ ============
Liabilities
Current liabilities:
Accounts payable $ 10,572,525 $ 12,456,272
Accrued and other current
liabilities 8,384,321 4,862,740
Deferred revenue 6,350,581 4,714,331
Warranty liability 776,423 1,902,647
Operating lease liabilities,
current 1,001,120 1,012,428
Finance lease liabilities, current 2,100,635 2,548,184
Warrant liability 7,229,919 5,605,325
Current portion of convertible
notes 13,182,467 20,180,100
Total current liabilities 49,597,991 53,282,027
Operating lease liabilities,
long-term 4,556,738 5,280,526
Total Liabilities 54,154,729 58,562,553
------------ ------------
Commitments and contingencies
Stockholders' Equity:
Common stock, par value $0.001
per share, 450,000,000 shares
authorized, 31,862,091 shares
issued and outstanding as of
September 30, 2024 and
14,299,042 shares issued and
outstanding as of December 31,
2023 (presented on a reverse
stock split-adjusted basis) 31,862 14,299
Additional paid-in capital 879,405,617 834,666,123
Accumulated deficit (832,179,596) (751,568,251)
Total stockholders' equity 47,257,883 83,112,171
------------ ------------
Total Liabilities and
Stockholders' Equity $ 101,412,612 $ 141,674,724
============ ============
Workhorse Group Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
---------------------------- ------------------------------
2024 2023 2024 2023
----------- -----------
Sales, net of
returns and
allowances $ 2,509,717 $ 3,028,545 $ 4,691,451 $ 8,688,423
Cost of sales 6,642,549 6,557,358 21,386,676 20,312,854
----------- ----------- ----------- -----------
Gross loss (4,132,832) (3,528,813) (16,695,225) (11,624,431)
----------- ----------- ----------- -----------
Operating
expenses
Selling,
general and
administrative 7,722,014 11,756,291 33,883,845 40,448,651
Research and
development 2,313,423 5,771,588 7,834,113 18,056,182
----------- ----------- ----------- -----------
Total
operating
expenses 10,035,437 17,527,879 41,717,958 58,504,833
----------- ----------- ----------- -----------
Loss from
operations (14,168,269) (21,056,692) (58,413,183) (70,129,264)
Interest income
(expense), net (8,317,813) 410,980 (15,109,136) 1,466,839
Fair value
adjustment
(loss) on
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