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Workhorse Group Inc. (WKHS+9.27%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details a net loss of $101.8 million for the year, compared to a net loss of $123.9 million in the previous year. The company attributes the losses to recurring operational challenges and delays in bringing vehicles to market.
Revenue for 2024 was $6.6 million, down from $13.1 million in 2023. The decrease is primarily due to lower sales of the W4 CC vehicle, partially offset by increased sales of the W56 vehicle and other service revenues.
Workhorse's cost of sales decreased to $28.8 million from $38.4 million in the prior year, reflecting reduced production volumes and cost-saving measures.
The company reported a gross loss of $22.2 million for 2024, compared to $25.3 million in 2023. The decrease in gross loss is attributed to lower sales and cost reductions.
Operating expenses decreased to $51.7 million from $80.0 million, due to reductions in selling, general, and administrative expenses, as well as research and development costs.
Workhorse's cash and cash equivalents at the end of 2024 were $4.1 million, with a working capital of $8.2 million. The company continues to face liquidity challenges, raising substantial doubt about its ability to continue as a going concern.
The company has entered into a 2024 Securities Purchase Agreement, issuing senior secured convertible notes and warrants to raise capital. However, the ability to access these funds is contingent on certain conditions being met.
Workhorse is exploring strategic opportunities, including a potential sale-leaseback of its Union City, IN manufacturing facility, to improve liquidity.
The company continues to focus on its electric vehicle offerings, including the W56 and W750 models, and is working to expand its certified dealer network to support customer needs.
Workhorse acknowledges the regulatory and market challenges affecting the electric vehicle industry, including changes in government incentives and market demand, which could impact future operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Workhorse Group Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.