Workhorse Group Reports Third Quarter Financial Results for 2024

Workhorse Group Inc. has released its unaudited financial results for the third quarter ending September 30, 2024. The company reported a decrease in total assets from $141,674,724 at the end of 2023 to $101,412,612 by September 2024. Current assets also saw a decline from $93,825,478 to $57,473,922, primarily due to a reduction in cash and cash equivalents and accounts receivable.

The liabilities for the company decreased slightly from $58,562,553 to $54,154,729. Notably, the current portion of convertible notes decreased from $20,180,100 to $13,182,467. However, the warranty liability reduced significantly from $1,902,647 to $776,423.

Workhorse Group's sales for the three months ended September 30, 2024, were $2,509,717, a decrease from $3,028,545 in the same period in 2023. The cost of sales increased slightly to $6,642,549 from $6,557,358. The company reported a gross loss of $4,132,832, compared to $3,528,813 in the previous year.

Operating expenses decreased to $10,035,437 from $17,527,879, with significant reductions in selling, general and administrative expenses, as well as research and development costs. Despite these reductions, the loss from operations was $14,168,269, an improvement from $21,056,692 in the previous year.

The net loss for the quarter was $25,135,559, compared to $30,645,712 in the previous year, reflecting a net loss per share of $0.98 compared to $2.84.

Workhorse Group continues to face challenges in achieving profitability, with ongoing efforts to manage expenses and explore strategic options to enhance financial performance.