Cash and cash equivalentsus-gaap:CashAndCashEquivalentsAtCarryingValue
12,920,000USD · at Dec 31, 2025
4,119,938USD · at Dec 31, 2024
Net cash from operating activitiesus-gaap:NetCashProvidedByUsedInOperatingActivities
(35,553,000)USD · Jan 1, 2025 to Dec 31, 2025
(47,590,024)USD · Jan 1, 2024 to Dec 31, 2024
Not compared. A change is shown only when both filings state the prior year identically, which is our check that the two columns describe the same reporting entity. That check did not pass for this pair, so each figure stands on its own filing. How a report is made
Values as tagged in the filing's inline XBRL, resolved by accession rather than by period matching. When a value is not tagged, we show that instead of estimating it. FY2025: 0001628280-26-022417 · FY2024: 0001425287-25-000024
What the company says for the first time
Paragraphs with no counterpart in the prior filing.
95 material additions
Item 1A · Risk Factors
5 of 61 shown · Ordered by the model, quote-checked
01·Added·Item 1A › Summary of Risk Factors › Risks Related to our Business and Operations
Summary · quote-checked
Added a risk-factor disclosure stating that substantial doubt exists about the company’s ability to continue as a going concern.
A going-concern statement is a substantive liquidity and viability disclosure, so adding it changes the filing’s stated exposure and obligations rather than merely rephrasing existing text.
Why the model ranked it here
The added going-concern statement changes the filing’s assessment of liquidity and the company’s ability to remain viable.
Filing text · FY2024 10-K · filed Mar 31, 2025
No corresponding language in the FY2024 10-K.
Filing text · FY2025 10-K · filed Mar 31, 2026
[added] • Substantial doubt exists regarding our ability to continue as a going concern through the twelve months following the date of the issuance of the Consolidated Financial Statements accompanying this Annual Report on Form 10-K.
Cite this change
"• Substantial doubt exists regarding our ability to continue as a going concern through the twelve months following the date of the issuance of the Consolidated Financial Statements accompanying this Annual Report on Form 10-K."
Workhorse Group, Form 10-K for FY2025, Item 1A, accession 0001628280-26-022417, filed 31 March 2026.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
02·Added·Item 1A › Risks Related to our Financing Arrangements › The Credit Agreements we entered into in connection with the closing of the Merger are secured by substantially all of our and our subsidiaries' assets. If we are unable to meet certain conditions precedent contained in the Credit Agreements, we may not be able to borrow under the agreements, which could materially and adversely affect our business and operations. Additionally, if there is an uncured event of default, MGMH, the lender, could foreclose on our assets, and we could lose ownership of those assets.
Summary · quote-checked
Added a risk disclosure concerning financing conditions, secured assets, potential foreclosure, and resulting effects on operations and bankruptcy risk.
The new paragraph discloses financing dependencies, collateral, default consequences, and possible bankruptcy protection—substantive obligations and risks rather than wording or boilerplate.
Why the model ranked it here
The financing disclosure introduces conditions on accessing funds and exposes secured assets, operations, and the company to foreclosure or bankruptcy-related consequences.
Filing text · FY2024 10-K · filed Mar 31, 2025
No corresponding language in the FY2024 10-K.
Filing text · FY2025 10-K · filed Mar 31, 2026
[added] In connection with the closing of the Merger, we entered into the Customer Order Credit Agreement and the Cash Flow Credit Agreement, to provide for financing to fund vehicle manufacturing and working capital requirements, respectively. There are certain conditions precedent to MGMH's obligation fund loans under the Credit Agreements. For example, under the Customer Order Credit Agreement, any purchase orders for vehicles, the manufacture of which will be funded by borrowings under such agreement, must be acceptable to MGMH and there can be no material adverse change in the collectability of accounts that relate to the purchase orders for vehicles. If we are unable to meet these conditions precedent, we may not be able to draw down funds available under the agreements, which could materially and adversely affect our business and operations. Additionally, the Credit Agreements are secured by substantially all of our and our subsidiaries' assets. In the event of a default of event of default, MGMH could foreclose on our assets, which would materially and adversely affect our business, financial condition and results of operations and would require us to reduce or cease operations and possibly seek bankruptcy protection. See Note 8, Debt, in the notes to the Consolidated Financial Statements accompanying this Annual Report for more information.
Cite this change
"If we are unable to meet these conditions precedent, we may not be able to draw down funds available under the agreements, which could materially and adversely affect our business and operations."
Workhorse Group, Form 10-K for FY2025, Item 1A, accession 0001628280-26-022417, filed 31 March 2026.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
03·Added·Item 1A › Risks Related to our Financing Arrangements › The Credit Agreements contain various covenants that could place restrictions on our operating and financial flexibility and our level of indebtedness under the Credit Agreements could adversely affect our business, financial condition or results of operations.
Summary · quote-checked
Adds disclosure that the Credit Agreements impose operating and financial restrictions and covenants requiring MGMH consent for certain actions.
The new paragraph discloses contractual restrictions on the company and its subsidiaries, including consent requirements, adding a financing-related obligation and operating flexibility risk.
Why the model ranked it here
The Credit Agreements now impose operating and financial covenants requiring lender consent for important actions, materially constraining the company’s flexibility.
Filing text · FY2024 10-K · filed Mar 31, 2025
No corresponding language in the FY2024 10-K.
Filing text · FY2025 10-K · filed Mar 31, 2026
[added] The Credit Agreements impose operating and financial restrictions and covenants, which limit or prohibit our and our subsidiaries' ability, without the consent of MGMH, to, among other things:
Cite this change
"The Credit Agreements impose operating and financial restrictions and covenants, which limit or prohibit our and our subsidiaries' ability, without the consent of MGMH, to, among other things:"
Workhorse Group, Form 10-K for FY2025, Item 1A, accession 0001628280-26-022417, filed 31 March 2026.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
04·Added·Item 1A › Risks Related to our Financing Arrangements › The Credit Agreements contain various covenants that could place restrictions on our operating and financial flexibility and our level of indebtedness under the Credit Agreements could adversely affect our business, financial condition or results of operations.
Summary · quote-checked
Added disclosure that debt service could consume substantial operating cash flow, reducing funds available for operations, investments and other corporate purposes.
The new paragraph describes a financing obligation and its effects on liquidity and operational flexibility, changing the disclosed risk substance.
Why the model ranked it here
The disclosure indicates that debt service could consume substantial operating cash flow and reduce funds available for operations, investment, and other purposes.
Filing text · FY2024 10-K · filed Mar 31, 2025
No corresponding language in the FY2024 10-K.
Filing text · FY2025 10-K · filed Mar 31, 2026
[added] • requiring the dedication of a substantial portion of any cash flow from operations to the payment of principal of, and interests on, the indebtedness, thereby reducing the availability of such cash flow to fund our operations, working capital, capital expenditures, future business opportunities and other general corporate purposes;
Cite this change
"requiring the dedication of a substantial portion of any cash flow from operations to the payment of principal of, and interests on, the indebtedness, thereby reducing the availability of such cash flow to fund our operations, working capital, capital expenditures, future business opportunities and other general corporate purposes;"
Workhorse Group, Form 10-K for FY2025, Item 1A, accession 0001628280-26-022417, filed 31 March 2026.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
05·Added·Item 1A › Summary of Risk Factors › Risks Related to our Business and Operations
Summary · quote-checked
Adds a risk that insufficient additional capital could impair customer support and operational expansion.
A new paragraph discloses a capital-availability dependency and potential consequences for customers and expansion, changing the substance of the risk disclosure.
Why the model ranked it here
The new capital-availability dependency links insufficient funding to possible failures in customer support and operational expansion.
Filing text · FY2024 10-K · filed Mar 31, 2025
No corresponding language in the FY2024 10-K.
Filing text · FY2025 10-K · filed Mar 31, 2026
[added] • If we cannot generate or obtain additional capital, we may be unable to meet the needs of our current and prospective customers or to expand our operations.
Cite this change
"If we cannot generate or obtain additional capital, we may be unable to meet the needs of our current and prospective customers or to expand our operations."
Workhorse Group, Form 10-K for FY2025, Item 1A, accession 0001628280-26-022417, filed 31 March 2026.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
06·Added·Item 1A › Summary of Risk Factors › Risks Related to Owning Our Common Stock
Summary · quote-checked
Added a risk disclosure concerning a material weakness in internal control over financial reporting and potential delays or inaccuracies in reporting.
The new paragraph introduces a specific control deficiency and related reporting risk, changing the disclosed risks to common-stock ownership.
Why the model ranked it here
The identified material weakness raises a new risk that financial information may be reported inaccurately or late.
Filing text · FY2024 10-K · filed Mar 31, 2025
No corresponding language in the FY2024 10-K.
Filing text · FY2025 10-K · filed Mar 31, 2026
[added] • We have identified a material weakness in our internal control over financial reporting and we may not be able to accurately or timely report our financial condition or results of operations, which may adversely affect our business.
Cite this change
"• We have identified a material weakness in our internal control over financial reporting and we may not be able to accurately or timely report our financial condition or results of operations, which may adversely affect our business."
Workhorse Group, Form 10-K for FY2025, Item 1A, accession 0001628280-26-022417, filed 31 March 2026.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
08·Added·Item 1A › Risks Related to our Business and Operations › We may not be successful in lowering our total bill of material costs for our vehicles to a level where we can be competitive with ICE vehicles.
Summary · quote-checked
Added a risk concerning the company’s ability to reduce electric-vehicle bill of materials costs and remain competitive with ICE vehicles.
The new paragraph introduces dependencies, potential cost pressures, and consequences for pricing, margins, demand, and financial results.
Why the model ranked it here
The new cost-competitiveness risk connects bill-of-materials costs to vehicle pricing, margins, demand, and operating results.
Filing text · FY2024 10-K · filed Mar 31, 2025
No corresponding language in the FY2024 10-K.
Filing text · FY2025 10-K · filed Mar 31, 2026
[added] Historically, the initial cost of our electric vehicles has been higher than comparable ICE vehicles. Our ability to compete effectively depends on reducing the bill of materials cost of our electric vehicles, which will become even more important as state incentive programs begin to disappear over time. A substantial portion of the cost of our vehicles is attributable to the bill of materials ("BOM"), including batteries, power electronics, semiconductors and other key components. Our ability to achieve competitive pricing and acceptable margins depends on our ability to reduce BOM costs over time through engineering improvements, supplier negotiations, manufacturing efficiencies and increased production volumes. We may not achieve these cost reductions within the timeframes we expect, or at all. Component costs may increase due to supplier pricing, commodity price volatility, supply chain disruptions, tariffs or other factors outside of our control. If we are unable to sufficiently reduce BOM costs, our vehicles may not be cost competitive with those offered by larger and better-capitalized manufacturers, which could require us to lower prices, accept lower margins or result in reduced demand for our vehicles, any of which could materially adversely affect our brand, business, prospects, financial condition, and operating results.
Cite this change
"Historically, the initial cost of our electric vehicles has been higher than comparable ICE vehicles. Our ability to compete effectively depends on reducing the bill of materials cost of our electric vehicles, which will become even more important as state incentive programs begin to disappear over time. A substantial portion of the cost of our vehicles is attributable to the bill of materials ("BOM"), including batteries, power electronics, semiconductors and other key components. Our ability to achieve competitive pricing and acceptable margins depends on our ability to reduce BOM costs over time through engineering improvements, supplier negotiations, manufacturing efficiencies and increased production volumes. We may not achieve these cost reductions within the timeframes we expect, or at all. Component costs may increase due to supplier pricing, commodity price volatility, supply chain disruptions, tariffs or other factors outside of our control. If we are unable to sufficiently reduce BOM costs, our vehicles may not be cost competitive with those offered by larger and better-capitalized manufacturers, which could require us to lower prices, accept lower margins or result in reduced demand for our vehicles, any of which could materially adversely affect our brand, business, prospects, financial condition, and operating results."
Workhorse Group, Form 10-K for FY2025, Item 1A, accession 0001628280-26-022417, filed 31 March 2026.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
09·Added·Item 1A › Summary of Risk Factors › Risks Related to our Business and Operations
Summary · quote-checked
Added a risk concerning inability to rapidly scale Union City, IN production from limited low volume to high volume output.
The new paragraph discloses a facility-specific production-scaling dependency and states adverse effects on business, financial position, results, cash flows and liquidity.
Why the model ranked it here
The facility-specific scaling risk makes production capacity a dependency that could affect the business, cash flows, and liquidity.
Filing text · FY2024 10-K · filed Mar 31, 2025
No corresponding language in the FY2024 10-K.
Filing text · FY2025 10-K · filed Mar 31, 2026
[added] • If we are unable to scale our operations at our Union City, IN facility in an expedited manner from our limited low volume production to high volume production, our business, financial position, results of operations, cash flows and liquidity will be adversely affected.
Cite this change
"• If we are unable to scale our operations at our Union City, IN facility in an expedited manner from our limited low volume production to high volume production, our business, financial position, results of operations, cash flows and liquidity will be adversely affected."
Workhorse Group, Form 10-K for FY2025, Item 1A, accession 0001628280-26-022417, filed 31 March 2026.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
10·Added·Item 1A › Summary of Risk Factors › Risks Related to our Business and Operations
Summary · quote-checked
Added a risk that unpaid vehicle orders could prevent recovery of production costs when progress payments are not received.
The new paragraph discloses a previously absent payment dependency and potential loss exposure tied to vehicle purchasers’ failure to pay upon delivery.
Why the model ranked it here
The new payment dependency exposes the company to unrecovered production costs when vehicle purchasers do not pay upon delivery.
Filing text · FY2024 10-K · filed Mar 31, 2025
No corresponding language in the FY2024 10-K.
Filing text · FY2025 10-K · filed Mar 31, 2026
[added] • We do not always receive progress payments on orders of our vehicles, and if a purchaser fails to pay upon delivery, we may not be able to recoup the costs we incurred in producing such vehicles.
Cite this change
"We do not always receive progress payments on orders of our vehicles, and if a purchaser fails to pay upon delivery, we may not be able to recoup the costs we incurred in producing such vehicles."
Workhorse Group, Form 10-K for FY2025, Item 1A, accession 0001628280-26-022417, filed 31 March 2026.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
11·Added·Item 1A › Summary of Risk Factors › Risks Related to the Merger
Summary · quote-checked
Added risks concerning integration of Workhorse and Motiv, substantial Merger costs, and failure to realize anticipated Merger benefits.
The new paragraph discloses specific merger-related integration, cost, and anticipated-benefit risks that were absent from the prior filing.
Filing text · FY2024 10-K · filed Mar 31, 2025
No corresponding language in the FY2024 10-K.
Filing text · FY2025 10-K · filed Mar 31, 2026
[added] • The combined company may be unable to successfully integrate the businesses of Workhorse and Motiv in the expected time frame or at all. Additionally, we have incurred, and expect to continue to incur, substantial costs as a result of the Merger. We also may be unable to realize the anticipated benefits of the Merger.
Cite this change
"• The combined company may be unable to successfully integrate the businesses of Workhorse and Motiv in the expected time frame or at all. Additionally, we have incurred, and expect to continue to incur, substantial costs as a result of the Merger. We also may be unable to realize the anticipated benefits of the Merger."
Workhorse Group, Form 10-K for FY2025, Item 1A, accession 0001628280-26-022417, filed 31 March 2026.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
12·Added·Item 1A › Summary of Risk Factors › Risks Related to our Business and Operations
Summary · quote-checked
Adds a risk concerning the unavailability, reduction, elimination or adverse application of government subsidies and incentives.
This new paragraph discloses a government-subsidy dependency and potential adverse effects on the company’s business, prospects, financial condition and operating results.
Filing text · FY2024 10-K · filed Mar 31, 2025
No corresponding language in the FY2024 10-K.
Filing text · FY2025 10-K · filed Mar 31, 2026
[added] • The unavailability, reduction, elimination or adverse application of government subsidies and incentives could have an adverse effect on our business, prospects, financial condition and operating results.
Cite this change
"• The unavailability, reduction, elimination or adverse application of government subsidies and incentives could have an adverse effect on our business, prospects, financial condition and operating results."
Workhorse Group, Form 10-K for FY2025, Item 1A, accession 0001628280-26-022417, filed 31 March 2026.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
13·Added·Item 1A › Summary of Risk Factors › Risks Related to our Business and Operations
Summary · quote-checked
Added a risk disclosure addressing uncertain global macro-economic and political conditions and potential effects of trade tariffs or other trade barriers.
The new paragraph identifies adverse effects on operations, financial condition, and business from macro-economic and political uncertainty and trade barriers, adding substantive risk content.
Filing text · FY2024 10-K · filed Mar 31, 2025
No corresponding language in the FY2024 10-K.
Filing text · FY2025 10-K · filed Mar 31, 2026
[added] • Uncertain global macro-economic and political conditions could materially adversely affect our results of operations and financial condition and our business could be adversely affected by trade tariffs or other trade barriers.
Cite this change
"• Uncertain global macro-economic and political conditions could materially adversely affect our results of operations and financial condition and our business could be adversely affected by trade tariffs or other trade barriers."
Workhorse Group, Form 10-K for FY2025, Item 1A, accession 0001628280-26-022417, filed 31 March 2026.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
15·Added·Item 1A › Summary of Risk Factors › Risks Related to our Business and Operations
Summary · quote-checked
Added a risk that the company may be unable to reduce vehicle bill of material costs enough to compete with ICE vehicles.
The new paragraph discloses a specific cost-competitiveness risk involving vehicle production costs and competition with ICE vehicles.
Filing text · FY2024 10-K · filed Mar 31, 2025
No corresponding language in the FY2024 10-K.
Filing text · FY2025 10-K · filed Mar 31, 2026
[added] • We may not be successful in lowering our total bill of material costs for our vehicles to a level where we can be competitive with ICE vehicles.
Cite this change
"• We may not be successful in lowering our total bill of material costs for our vehicles to a level where we can be competitive with ICE vehicles."
Workhorse Group, Form 10-K for FY2025, Item 1A, accession 0001628280-26-022417, filed 31 March 2026.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
17·Added·Item 1A › Summary of Risk Factors › Risks Related to our Business and Operations
Summary · quote-checked
Added a risk disclosure stating that losing any customer could materially harm the business.
The new paragraph introduces a customer-dependency risk and describes a material potential effect on the business, changing the substance of the risk disclosure.
Filing text · FY2024 10-K · filed Mar 31, 2025
No corresponding language in the FY2024 10-K.
Filing text · FY2025 10-K · filed Mar 31, 2026
[added] • The loss of any of our customers could materially harm our business.
Cite this change
"• The loss of any of our customers could materially harm our business."
Workhorse Group, Form 10-K for FY2025, Item 1A, accession 0001628280-26-022417, filed 31 March 2026.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
18·Added·Item 1A › Summary of Risk Factors › Risks Related to our Business and Operations
Summary · quote-checked
Adds a risk concerning regulatory requirements, related costs and penalties, and potential adverse effects on business and financial condition.
The new paragraph discloses a regulatory exposure involving investigations, proceedings, claims, costs, expenses and penalties, with potential effects on liquidity and results.
Filing text · FY2024 10-K · filed Mar 31, 2025
No corresponding language in the FY2024 10-K.
Filing text · FY2025 10-K · filed Mar 31, 2026
[added] • Regulatory requirements may have a negative impact upon our business. We may incur costs, expenses and penalties related to regulatory matters, governmental investigations, legal proceedings and other claims, which could have a material adverse effect on the Company's business, financial position, results of operations, cash flows or liquidity.
Cite this change
"• Regulatory requirements may have a negative impact upon our business. We may incur costs, expenses and penalties related to regulatory matters, governmental investigations, legal proceedings and other claims, which could have a material adverse effect on the Company's business, financial position, results of operations, cash flows or liquidity."
Workhorse Group, Form 10-K for FY2025, Item 1A, accession 0001628280-26-022417, filed 31 March 2026.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
19·Added·Item 1A › Summary of Risk Factors › Risks Related to our Business and Operations
Summary · quote-checked
Added a risk that failure to reduce and control business operating costs, including material and production costs, could adversely affect results and financial condition.
The new paragraph discloses a substantive cost-control risk affecting prospects, financial condition, and operating results; it is not a wording or boilerplate change.
Filing text · FY2024 10-K · filed Mar 31, 2025
No corresponding language in the FY2024 10-K.
Filing text · FY2025 10-K · filed Mar 31, 2026
[added] • Our business, prospects, financial condition and operating results will be adversely affected if we cannot reduce and adequately control the costs and expenses associated with operating our business, including our material and production costs.
Cite this change
"• Our business, prospects, financial condition and operating results will be adversely affected if we cannot reduce and adequately control the costs and expenses associated with operating our business, including our material and production costs."
Workhorse Group, Form 10-K for FY2025, Item 1A, accession 0001628280-26-022417, filed 31 March 2026.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
20·Added·Item 1A › Summary of Risk Factors › Risks Related to our Business and Operations
Summary · quote-checked
Added a risk concerning commercial electric vehicle demand and its dependence on continued fossil-fuel-related trends.
The new paragraph discloses a business demand dependency that was not present in the prior report.
Filing text · FY2024 10-K · filed Mar 31, 2025
No corresponding language in the FY2024 10-K.
Filing text · FY2025 10-K · filed Mar 31, 2026
[added] • The demand for commercial electric vehicles depends, in part, on the continuation of current trends resulting from dependence on fossil fuels.
Cite this change
"• The demand for commercial electric vehicles depends, in part, on the continuation of current trends resulting from dependence on fossil fuels."
Workhorse Group, Form 10-K for FY2025, Item 1A, accession 0001628280-26-022417, filed 31 March 2026.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
21·Added·Item 1A › Summary of Risk Factors › Risks Related to our Business and Operations
Summary · quote-checked
Added a risk concerning dependence on commercial fleet operators’ electric-vehicle adoption and the company’s ability to meet their needs cost-effectively.
The new paragraph identifies a specific adoption dependency and cost comparison affecting future growth, changing the disclosed business risk profile.
Filing text · FY2024 10-K · filed Mar 31, 2025
No corresponding language in the FY2024 10-K.
Filing text · FY2025 10-K · filed Mar 31, 2026
[added] • Our future growth depends on the willingness of operators of commercial vehicle fleets to adopt electric vehicles and on our ability to produce, sell and service vehicles that meet their needs. This often depends upon the cost for an operator adopting electric vehicle technology as compared to the cost of traditional internal combustion technology.
Cite this change
"Our future growth depends on the willingness of operators of commercial vehicle fleets to adopt electric vehicles and on our ability to produce, sell and service vehicles that meet their needs."
Workhorse Group, Form 10-K for FY2025, Item 1A, accession 0001628280-26-022417, filed 31 March 2026.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
22·Added·Item 1A › Summary of Risk Factors › Risks Related to our Business and Operations
Summary · quote-checked
Added a risk concerning the lack of long-term supply contracts and the potential effect of substantial price increases on costs and financial outcomes.
The new paragraph discloses a supply-contract dependency and a pricing risk that could affect operating costs, liquidity, and other financial results.
Filing text · FY2024 10-K · filed Mar 31, 2025
No corresponding language in the FY2024 10-K.
Filing text · FY2025 10-K · filed Mar 31, 2026
[added] • We currently do not have and do not expect to have a significant number of long-term supply contracts with guaranteed pricing and substantial increases in these prices would increase our operating costs and could adversely affect our business, financial position, results of operations, cash flows or liquidity.
Cite this change
"• We currently do not have and do not expect to have a significant number of long-term supply contracts with guaranteed pricing and substantial increases in these prices would increase our operating costs and could adversely affect our business, financial position, results of operations, cash flows or liquidity."
Workhorse Group, Form 10-K for FY2025, Item 1A, accession 0001628280-26-022417, filed 31 March 2026.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
23·Added·Item 1A › Summary of Risk Factors › Risks Related to our Business and Operations
Summary · quote-checked
Added a risk concerning loss of key personnel and difficulty attracting personnel, with potential adverse effects on business and results of operations.
The new paragraph discloses a substantive personnel-related business risk and its potential effects, rather than changing wording or providing boilerplate.
Filing text · FY2024 10-K · filed Mar 31, 2025
No corresponding language in the FY2024 10-K.
Filing text · FY2025 10-K · filed Mar 31, 2026
[added] • The loss of key personnel or the inability to attract additional personnel may adversely affect our business and results of operations.
Cite this change
"• The loss of key personnel or the inability to attract additional personnel may adversely affect our business and results of operations."
Workhorse Group, Form 10-K for FY2025, Item 1A, accession 0001628280-26-022417, filed 31 March 2026.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
25·Added·Item 1A › Summary of Risk Factors › Risks Related to our Business and Operations
Summary · quote-checked
Added a risk describing competition from other vehicle technologies and potential technological changes that could reduce electric-vehicle demand and competitiveness.
The new paragraph discloses a substantive business risk involving competing technologies, product obsolescence, and inability to keep pace with technological change.
Filing text · FY2024 10-K · filed Mar 31, 2025
No corresponding language in the FY2024 10-K.
Filing text · FY2025 10-K · filed Mar 31, 2026
[added] • Our electric vehicles compete for market share with vehicles powered by other vehicle technologies that may prove to be more attractive than ours. Changes in the market for electric vehicles could cause our products to become obsolete or lose popularity. We may be unable to keep up with changes in electric vehicle technology and, as a result, may suffer a decline in our business and competitive position.
Cite this change
"Our electric vehicles compete for market share with vehicles powered by other vehicle technologies that may prove to be more attractive than ours."
Workhorse Group, Form 10-K for FY2025, Item 1A, accession 0001628280-26-022417, filed 31 March 2026.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
26·Added·Item 1A › Summary of Risk Factors › Risks Related to our Business and Operations
Summary · quote-checked
Added a risk concerning key suppliers’ failure to provide necessary components on acceptable schedules, prices, quality levels and volumes.
The new paragraph discloses a supplier dependency and specifies potential adverse effects on the business, changing the substance of the risk disclosure.
Filing text · FY2024 10-K · filed Mar 31, 2025
No corresponding language in the FY2024 10-K.
Filing text · FY2025 10-K · filed Mar 31, 2026
[added] • The failure of certain key suppliers to provide us with the necessary components of our products according to our schedule and at price, quality levels and volumes acceptable to us could have a severe and negative impact upon our business.
Cite this change
"The failure of certain key suppliers to provide us with the necessary components of our products according to our schedule and at price, quality levels and volumes acceptable to us could have a severe and negative impact upon our business."
Workhorse Group, Form 10-K for FY2025, Item 1A, accession 0001628280-26-022417, filed 31 March 2026.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
28·Added·Item 1A › Summary of Risk Factors › Risks Related to our Business and Operations
Summary · quote-checked
Added a risk concerning dependence on intellectual property protection and potential liability for infringing others’ intellectual property rights.
The new paragraph discloses substantive intellectual property protection and infringement-liability risks that were absent from the prior report.
Filing text · FY2024 10-K · filed Mar 31, 2025
No corresponding language in the FY2024 10-K.
Filing text · FY2025 10-K · filed Mar 31, 2026
[added] • Our success may depend on protecting our intellectual property rights and we may be exposed to liability for infringing upon the intellectual property rights of other companies.
Cite this change
"• Our success may depend on protecting our intellectual property rights and we may be exposed to liability for infringing upon the intellectual property rights of other companies."
Workhorse Group, Form 10-K for FY2025, Item 1A, accession 0001628280-26-022417, filed 31 March 2026.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
29·Added·Item 1A › Summary of Risk Factors › Risks Related to our Business and Operations
Summary · quote-checked
Added a risk disclosure concerning lithium-ion battery fires or smoke and potential resulting liability and adverse publicity.
The new paragraph identifies a specific product-safety risk and associated liability and reputational consequences, changing the substance of the disclosed risks.
Filing text · FY2024 10-K · filed Mar 31, 2025
No corresponding language in the FY2024 10-K.
Filing text · FY2025 10-K · filed Mar 31, 2026
[added] • Our electric vehicles make use of lithium-ion battery cells, which have occasionally been observed to catch fire or vent smoke and flames, which could subject us to liability and adverse publicity.
Cite this change
"Our electric vehicles make use of lithium-ion battery cells, which have occasionally been observed to catch fire or vent smoke and flames, which could subject us to liability and adverse publicity."
Workhorse Group, Form 10-K for FY2025, Item 1A, accession 0001628280-26-022417, filed 31 March 2026.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
30·Added·Item 1A › Summary of Risk Factors › Risks Related to our Business and Operations
Summary · quote-checked
Added a risk concerning increasing ESG scrutiny and changing requirements, which may impose costs or create additional risks.
The new paragraph introduces an environmental, social, and governance risk, including potential additional costs and exposure to new or additional risks.
Filing text · FY2024 10-K · filed Mar 31, 2025
No corresponding language in the FY2024 10-K.
Filing text · FY2025 10-K · filed Mar 31, 2026
[added] • Increasing scrutiny and changing requirements, attitudes or expectations with respect to our environmental, social, and governance ("ESG") practices may impose additional costs on us or expose us to new or additional risks.
Cite this change
"• Increasing scrutiny and changing requirements, attitudes or expectations with respect to our environmental, social, and governance ("ESG") practices may impose additional costs on us or expose us to new or additional risks."
Workhorse Group, Form 10-K for FY2025, Item 1A, accession 0001628280-26-022417, filed 31 March 2026.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
31·Added·Item 1A › Summary of Risk Factors › Risks Related to our Business and Operations
Summary · quote-checked
Added a risk disclosure concerning security breaches from cyber-attacks or cyber intrusions affecting systems, networks and services.
The new paragraph identifies a specific cybersecurity risk and potential impact on company systems, networks and services; an added risk disclosure is material.
Filing text · FY2024 10-K · filed Mar 31, 2025
No corresponding language in the FY2024 10-K.
Filing text · FY2025 10-K · filed Mar 31, 2026
[added] • We face risks associated with security breaches through cyber-attacks, cyber intrusions, or otherwise, which could pose a risk to our systems, networks and services.
Cite this change
"• We face risks associated with security breaches through cyber-attacks, cyber intrusions, or otherwise, which could pose a risk to our systems, networks and services."
Workhorse Group, Form 10-K for FY2025, Item 1A, accession 0001628280-26-022417, filed 31 March 2026.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
32·Added·Item 1A › Summary of Risk Factors › Risks Related to our Financing Arrangements
Summary · quote-checked
Added a risk describing collateral, borrowing availability, foreclosure, covenant restrictions and indebtedness under the Credit Agreements.
The new paragraph discloses financing dependencies, default consequences, asset-loss exposure and operating restrictions that were absent from the prior report.
Filing text · FY2024 10-K · filed Mar 31, 2025
No corresponding language in the FY2024 10-K.
Filing text · FY2025 10-K · filed Mar 31, 2026
[added] • Our Credit Agreements are secured by substantially all of our and our subsidiaries' assets. We may not be able to borrow under the agreements. Additionally, if there is an uncured event of default, the lender could foreclose on our assets, and we could lose ownership of those assets. The Credit Agreements also contain various covenants that could place restrictions on our operating and financial flexibility and our level of indebtedness under the Credit Agreements could adversely affect our business, financial condition or results of operations.
Cite this change
"Our Credit Agreements are secured by substantially all of our and our subsidiaries' assets. We may not be able to borrow under the agreements. Additionally, if there is an uncured event of default, the lender could foreclose on our assets, and we could lose ownership of those assets."
Workhorse Group, Form 10-K for FY2025, Item 1A, accession 0001628280-26-022417, filed 31 March 2026.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
33·Added·Item 1A › Summary of Risk Factors › Risks Related to Owning Our Common Stock
Summary · quote-checked
Added a risk disclosure about stock-price and trading-volume volatility, potential stockholder losses, and the absence of planned cash dividends.
The new paragraph introduces stockholder market volatility and dividend-policy risks that were not previously disclosed, changing the substance of the risk factors.
Filing text · FY2024 10-K · filed Mar 31, 2025
No corresponding language in the FY2024 10-K.
Filing text · FY2025 10-K · filed Mar 31, 2026
[added] • Our stock price and trading volume may be volatile, which could result in substantial losses for our stockholders. Additionally, we have not paid cash dividends in the past and have no immediate plans to pay cash dividends.
Cite this change
"• Our stock price and trading volume may be volatile, which could result in substantial losses for our stockholders. Additionally, we have not paid cash dividends in the past and have no immediate plans to pay cash dividends."
Workhorse Group, Form 10-K for FY2025, Item 1A, accession 0001628280-26-022417, filed 31 March 2026.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
36·Added·Item 1A › Risks Related to the Merger › The combined company may be unable to successfully integrate the businesses of Workhorse and Motiv in the expected time frame or at all.
Summary · quote-checked
Added a merger-related risk describing the complexity, cost, time, and management resources required to integrate the two businesses.
A new risk disclosure identifies integration challenges and resource demands following the merger, changing the substance of the risk factors section.
Filing text · FY2024 10-K · filed Mar 31, 2025
No corresponding language in the FY2024 10-K.
Filing text · FY2025 10-K · filed Mar 31, 2026
[added] The combination of two independent businesses is complex, costly, and time consuming, and we are devoting significant management time and resources to integrating the businesses and operations of the two companies. Challenges involved in this integration include, among others:
Cite this change
"The combination of two independent businesses is complex, costly, and time consuming, and we are devoting significant management time and resources to integrating the businesses and operations of the two companies."
Workhorse Group, Form 10-K for FY2025, Item 1A, accession 0001628280-26-022417, filed 31 March 2026.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
37·Added·Item 1A › Risks Related to the Merger › The combined company may be unable to successfully integrate the businesses of Workhorse and Motiv in the expected time frame or at all.
Summary · quote-checked
Added a risk concerning the combined company’s ability to integrate Workhorse and Motiv and achieve anticipated synergies, efficiencies, and growth opportunities.
The new disclosure identifies a merger-integration risk and potential failure to realize anticipated benefits, changing the substance of the risk factors.
Filing text · FY2024 10-K · filed Mar 31, 2025
No corresponding language in the FY2024 10-K.
Filing text · FY2025 10-K · filed Mar 31, 2026
[added] • combining the businesses of Workhorse and Motiv in a manner that permits the combined company to achieve the synergies, efficiencies, and growth opportunities anticipated to result from the Merger;
Cite this change
"combining the businesses of Workhorse and Motiv in a manner that permits the combined company to achieve the synergies, efficiencies, and growth opportunities anticipated to result from the Merger;"
Workhorse Group, Form 10-K for FY2025, Item 1A, accession 0001628280-26-022417, filed 31 March 2026.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
38·Added·Item 1A › Risks Related to the Merger › The combined company may be unable to successfully integrate the businesses of Workhorse and Motiv in the expected time frame or at all.
Summary · quote-checked
Adds retaining and integrating personnel as a consideration in integrating the Workhorse and Motiv businesses after the merger.
The new text identifies personnel retention and integration as a distinct merger-integration consideration, adding substance to the disclosed integration risks.
Filing text · FY2024 10-K · filed Mar 31, 2025
No corresponding language in the FY2024 10-K.
Filing text · FY2025 10-K · filed Mar 31, 2026
[added] • retaining and integrating personnel;
Cite this change
"• retaining and integrating personnel;"
Workhorse Group, Form 10-K for FY2025, Item 1A, accession 0001628280-26-022417, filed 31 March 2026.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
39·Added·Item 1A › Risks Related to the Merger › The combined company may be unable to successfully integrate the businesses of Workhorse and Motiv in the expected time frame or at all.
Summary · quote-checked
Added disclosure concerning maintaining and leveraging customer, supplier, and partner relationships during the merger integration.
The new text identifies customer, supplier, and other partner relationships as dependencies relevant to successfully integrating the businesses, adding substantive relationship-related content.
Filing text · FY2024 10-K · filed Mar 31, 2025
No corresponding language in the FY2024 10-K.
Filing text · FY2025 10-K · filed Mar 31, 2026
[added] • maintaining existing relationships with each company's customers, suppliers, and other partners and leveraging relationships with such third parties for the benefit of the combined company;
Cite this change
"• maintaining existing relationships with each company's customers, suppliers, and other partners and leveraging relationships with such third parties for the benefit of the combined company;"
Workhorse Group, Form 10-K for FY2025, Item 1A, accession 0001628280-26-022417, filed 31 March 2026.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
40·Added·Item 1A › Risks Related to the Merger › The combined company may be unable to successfully integrate the businesses of Workhorse and Motiv in the expected time frame or at all.
Summary · quote-checked
Added a merger-integration consideration concerning differences in business backgrounds, corporate cultures and management philosophies.
The new text identifies a substantive integration challenge rather than merely updating wording, formatting or a recurring enumeration.
Filing text · FY2024 10-K · filed Mar 31, 2025
No corresponding language in the FY2024 10-K.
Filing text · FY2025 10-K · filed Mar 31, 2026
[added] • addressing possible differences in business backgrounds, corporate cultures and management philosophies;
Cite this change
"• addressing possible differences in business backgrounds, corporate cultures and management philosophies;"
Workhorse Group, Form 10-K for FY2025, Item 1A, accession 0001628280-26-022417, filed 31 March 2026.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
41·Added·Item 1A › Risks Related to the Merger › The combined company may be unable to successfully integrate the businesses of Workhorse and Motiv in the expected time frame or at all.
Summary · quote-checked
Adds coordinating geographically dispersed organizations as a challenge to successfully integrating Workhorse and Motiv.
The added bullet identifies a specific integration challenge tied to the merger risk, introducing substantive disclosure rather than merely rephrasing existing text.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
42·Added·Item 1A › Risks Related to the Merger › The combined company may be unable to successfully integrate the businesses of Workhorse and Motiv in the expected time frame or at all.
Summary · quote-checked
Added a risk that the combined company may fail to integrate Motiv’s business and realize the Merger’s expected benefits.
The new paragraph discloses a substantive merger-integration risk and uncertainty about realizing anticipated benefits, rather than rephrasing existing content.
Filing text · FY2024 10-K · filed Mar 31, 2025
No corresponding language in the FY2024 10-K.
Filing text · FY2025 10-K · filed Mar 31, 2026
[added] There can be no assurances that we will be able to successfully integrate Motiv's business into the combined company within the anticipated time frame, or at all, and the benefits of the Merger may not be realized fully, or at all, or may take longer to realize than expected.
Cite this change
"There can be no assurances that we will be able to successfully integrate Motiv's business into the combined company within the anticipated time frame, or at all, and the benefits of the Merger may not be realized fully, or at all, or may take longer to realize than expected."
Workhorse Group, Form 10-K for FY2025, Item 1A, accession 0001628280-26-022417, filed 31 March 2026.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
43·Added·Item 1A › Risks Related to the Merger › The combined company may be unable to successfully integrate the businesses of Workhorse and Motiv in the expected time frame or at all.
Summary · quote-checked
Adds risks involving employee departures, loss of personnel, business disruption, relationship impacts, integration issues, and higher-than-expected integration costs.
The new paragraph discloses substantive merger-integration risks, including replacement costs, loss of expertise, operational disruption, relationship damage, control inconsistencies, and unexpected costs.
Filing text · FY2024 10-K · filed Mar 31, 2025
No corresponding language in the FY2024 10-K.
Filing text · FY2025 10-K · filed Mar 31, 2026
[added] If key employees terminate their employment the combined company may have to incur significant costs in identifying, hiring, training, and retaining replacements for departing employees and may lose significant expertise and talent. In addition, if we are unable to retain personnel, including key management, who are critical to the future operations of the companies, we could face disruptions in our business. It is also possible that the integration process could result in our inability to maintain relationships with customers, suppliers, strategic partners and other business relationships, the disruption of our ongoing business, inconsistencies in standards, controls, policies and procedures, unexpected integration issues, and higher than expected integration costs.
Cite this change
"If key employees terminate their employment the combined company may have to incur significant costs in identifying, hiring, training, and retaining replacements for departing employees and may lose significant expertise and talent."
Workhorse Group, Form 10-K for FY2025, Item 1A, accession 0001628280-26-022417, filed 31 March 2026.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
44·Added·Item 1A › Risks Related to the Merger › We have incurred, and expect to continue to incur, substantial costs as a result of the Merger.
Summary · quote-checked
Adds a risk disclosure about substantial Merger transaction and integration costs, including uncertainty over their timing, amount and potential offset by efficiencies.
The new paragraph discloses an obligation to incur costs and uncertainty about whether strategic benefits or efficiencies will offset them, substantively expanding merger-related cost risk.
Filing text · FY2024 10-K · filed Mar 31, 2025
No corresponding language in the FY2024 10-K.
Filing text · FY2025 10-K · filed Mar 31, 2026
[added] We have incurred a substantial amount of non-recurring costs associated with negotiating and completing the Merger, and will continue to incur integration costs in connection with the Merger. There are processes, policies, procedures, operations, technologies and systems that must be integrated in connection with the Merger and the integration of Motiv's business into the combined company. The elimination of duplicative costs, strategic benefits and additional income, as well as any realization of other efficiencies related to the integration of the businesses, may not offset transaction and integration costs in the near term or at all. While we have assumed that certain expenses would be incurred in connection with the Merger and the other transactions contemplated by the Merger Agreement, there are many factors beyond our control that could affect the total amount or the timing of such expenses.
Cite this change
"We have incurred a substantial amount of non-recurring costs associated with negotiating and completing the Merger, and will continue to incur integration costs in connection with the Merger."
Workhorse Group, Form 10-K for FY2025, Item 1A, accession 0001628280-26-022417, filed 31 March 2026.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
45·Added·Item 1A › Risks Related to the Merger › We may be unable to realize the anticipated benefits of the Merger.
Summary · quote-checked
Added a risk describing uncertainty, integration difficulties, costs, delayed benefits and possible failure to realize anticipated Merger synergies.
The new paragraph introduces substantive merger-integration, financial-impact and benefit-realization risks, including increased costs, decreased revenue and delayed or unrealized synergies.
Filing text · FY2024 10-K · filed Mar 31, 2025
No corresponding language in the FY2024 10-K.
Filing text · FY2025 10-K · filed Mar 31, 2026
[added] Our ability to realize the anticipated benefits of the Merger in the time frame anticipated, or at all, is subject to a number of assumptions, which may or may not prove to be accurate, and other factors, many of which are beyond our control. Difficulties in successfully integrating the two businesses and managing the expanded operations of the combined company could result in increased costs, decreased revenue and the diversion of management's time, any of which could have a material adverse effect on the business, results of operation and financial condition of the combined company. Even if the two businesses are integrated successfully, the combined company may not fully realize the anticipated benefits of the Merger, including the anticipated cost savings, synergies and other efficiencies, that are currently expected. Moreover, some of the anticipated benefits are not expected to occur for a period of time following the consummation of the Merger and may involve unanticipated costs in order to be fully realized. If the combined company is not able to achieve these objectives and realize the anticipated benefits expected from the Merger within the anticipated time frame or at all, its business, results of operations and financial condition could be adversely affected, and the market price of our ordinary shares could be negatively impacted.
Cite this change
"Difficulties in successfully integrating the two businesses and managing the expanded operations of the combined company could result in increased costs, decreased revenue and the diversion of management's time, any of which could have a material adverse effect on the business, results of operation and financial condition of the combined company."
Workhorse Group, Form 10-K for FY2025, Item 1A, accession 0001628280-26-022417, filed 31 March 2026.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
46·Added·Item 1A › Risks Related to the Merger › We may be unable to realize the anticipated benefits of the Merger.
Summary · quote-checked
Added a risk that failure to realize anticipated Merger benefits could harm business results, financial condition, and ordinary-share market price.
The new paragraph discloses a substantive merger-related execution risk and potential adverse effects, not merely a wording or formatting change.
Filing text · FY2024 10-K · filed Mar 31, 2025
No corresponding language in the FY2024 10-K.
Filing text · FY2025 10-K · filed Mar 31, 2026
Our ability to realize the anticipated benefits of the Merger in the time frame anticipated, or at all, is subject to a number of assumptions, which may or may not prove to be accurate, and other factors, many of which are beyond our control. Difficulties in successfully integrating the two businesses and managing the expanded operations of the combined company could result in increased costs, decreased revenue and the diversion of management's time, any of which could have a material adverse effect on the business, results of operation and financial condition of the combined company. Even if the two businesses are integrated successfully, the combined company may not fully realize the anticipated benefits of the Merger, including the anticipated cost savings, synergies and other efficiencies, that are currently expected. Moreover, some of the anticipated benefits are not expected to occur for a period of time following the consummation of the Merger and may involve unanticipated costs in order [added] to be fully realized. If the combined company is not able to achieve these objectives and realize the anticipated benefits expected from the Merger within the anticipated time frame or at all, its business, results of operations and financial condition could be adversely affected, and the market price of our ordinary shares could be negatively impacted.
Cite this change
"to be fully realized. If the combined company is not able to achieve these objectives and realize the anticipated benefits expected from the Merger within the anticipated time frame or at all, its business, results of operations and financial condition could be adversely affected, and the market price of our ordinary shares could be negatively impacted."
Workhorse Group, Form 10-K for FY2025, Item 1A, accession 0001628280-26-022417, filed 31 March 2026.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
47·Added·Item 1A › Risks Related to the Merger › Lawsuits may be filed against us and the members of our Board of Directors arising out of the Merger, which may negatively affect our business and operations.
Summary · quote-checked
Added a risk disclosure that merger-related stockholder litigation may be filed, with uncertain outcomes and adverse effects on operations and financial condition.
The new paragraph identifies a potential legal proceeding, litigation uncertainty, and specific business impacts, constituting a substantive added risk.
Filing text · FY2024 10-K · filed Mar 31, 2025
No corresponding language in the FY2024 10-K.
Filing text · FY2025 10-K · filed Mar 31, 2026
[added] Putative stockholder complaints, including stockholder class action complaints, and other complaints may be filed against us, our Board of Directors and others in connection with the Merger. The outcome of litigation is uncertain, and we may not be successful in defending against any such future claims. Lawsuits that may be filed against us, our Board of Directors or others could divert the attention of our management and employees from our day-to-day business, and otherwise adversely affect our business, results of operations, and financial condition.
Cite this change
"Putative stockholder complaints, including stockholder class action complaints, and other complaints may be filed against us, our Board of Directors and others in connection with the Merger."
Workhorse Group, Form 10-K for FY2025, Item 1A, accession 0001628280-26-022417, filed 31 March 2026.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
48·Added·Item 1A › Risks Related to our Financing Arrangements › The Credit Agreements contain various covenants that could place restrictions on our operating and financial flexibility and our level of indebtedness under the Credit Agreements could adversely affect our business, financial condition or results of operations.
Summary · quote-checked
Adds a covenant restricting the company from incurring additional indebtedness.
The new item states a substantive financing restriction, changing the disclosed obligations and limits under the Credit Agreements.
Filing text · FY2024 10-K · filed Mar 31, 2025
No corresponding language in the FY2024 10-K.
Filing text · FY2025 10-K · filed Mar 31, 2026
[added] • incur additional indebtedness;
Cite this change
"• incur additional indebtedness;"
Workhorse Group, Form 10-K for FY2025, Item 1A, accession 0001628280-26-022417, filed 31 March 2026.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
49·Added·Item 1A › Risks Related to our Financing Arrangements › The Credit Agreements contain various covenants that could place restrictions on our operating and financial flexibility and our level of indebtedness under the Credit Agreements could adversely affect our business, financial condition or results of operations.
Summary · quote-checked
Added a covenant restricting investments, including acquisitions, under the Credit Agreements.
The new bullet discloses a specific financing-related operating restriction, changing the stated obligations and flexibility under the Credit Agreements.
Filing text · FY2024 10-K · filed Mar 31, 2025
No corresponding language in the FY2024 10-K.
Filing text · FY2025 10-K · filed Mar 31, 2026
[added] • make investments, including acquisitions;
Cite this change
"• make investments, including acquisitions;"
Workhorse Group, Form 10-K for FY2025, Item 1A, accession 0001628280-26-022417, filed 31 March 2026.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
50·Added·Item 1A › Risks Related to our Financing Arrangements › The Credit Agreements contain various covenants that could place restrictions on our operating and financial flexibility and our level of indebtedness under the Credit Agreements could adversely affect our business, financial condition or results of operations.
Summary · quote-checked
Adds a covenant restricting the company’s ability to create liens.
The new text discloses a financing covenant that limits operating and financial flexibility, representing a substantive obligation rather than wording or boilerplate.
Filing text · FY2024 10-K · filed Mar 31, 2025
No corresponding language in the FY2024 10-K.
Filing text · FY2025 10-K · filed Mar 31, 2026
[added] • create liens;
Cite this change
"• create liens;"
Workhorse Group, Form 10-K for FY2025, Item 1A, accession 0001628280-26-022417, filed 31 March 2026.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
51·Added·Item 1A › Risks Related to our Financing Arrangements › The Credit Agreements contain various covenants that could place restrictions on our operating and financial flexibility and our level of indebtedness under the Credit Agreements could adversely affect our business, financial condition or results of operations.
Summary · quote-checked
Added a covenant restricting dividends, distributions, and other restricted payments under the Credit Agreements.
The new text discloses a specific financing restriction, changing the stated obligations and operating flexibility under the Credit Agreements.
Filing text · FY2024 10-K · filed Mar 31, 2025
No corresponding language in the FY2024 10-K.
Filing text · FY2025 10-K · filed Mar 31, 2026
[added] • make dividends, distributions or other restricted payments;
Cite this change
"• make dividends, distributions or other restricted payments;"
Workhorse Group, Form 10-K for FY2025, Item 1A, accession 0001628280-26-022417, filed 31 March 2026.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
52·Added·Item 1A › Risks Related to our Financing Arrangements › The Credit Agreements contain various covenants that could place restrictions on our operating and financial flexibility and our level of indebtedness under the Credit Agreements could adversely affect our business, financial condition or results of operations.
Summary · quote-checked
Adds a covenant item concerning affiliate transactions under the Credit Agreements.
The new text identifies affiliate transactions within the covenants, indicating an added operating restriction or obligation rather than a purely presentational change.
Filing text · FY2024 10-K · filed Mar 31, 2025
No corresponding language in the FY2024 10-K.
Filing text · FY2025 10-K · filed Mar 31, 2026
[added] • effect affiliate transactions;
Cite this change
"• effect affiliate transactions;"
Workhorse Group, Form 10-K for FY2025, Item 1A, accession 0001628280-26-022417, filed 31 March 2026.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
53·Added·Item 1A › Risks Related to our Financing Arrangements › The Credit Agreements contain various covenants that could place restrictions on our operating and financial flexibility and our level of indebtedness under the Credit Agreements could adversely affect our business, financial condition or results of operations.
Summary · quote-checked
Added a covenant restricting mergers, divisions, consolidations, and sales of substantially all assets.
The new text discloses a specific financing restriction affecting corporate transactions and asset sales, changing the stated obligations and operating flexibility.
Filing text · FY2024 10-K · filed Mar 31, 2025
No corresponding language in the FY2024 10-K.
Filing text · FY2025 10-K · filed Mar 31, 2026
[added] • enter into mergers, divisions, consolidations or sales of substantially all of our or our subsidiaries' assets; or
Cite this change
"• enter into mergers, divisions, consolidations or sales of substantially all of our or our subsidiaries' assets; or"
Workhorse Group, Form 10-K for FY2025, Item 1A, accession 0001628280-26-022417, filed 31 March 2026.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
54·Added·Item 1A › Risks Related to our Financing Arrangements › The Credit Agreements contain various covenants that could place restrictions on our operating and financial flexibility and our level of indebtedness under the Credit Agreements could adversely affect our business, financial condition or results of operations.
Summary · quote-checked
Added a covenant-related restriction concerning changes to business activities.
The new text identifies a restriction on changing business activities, indicating an additional operating constraint rather than a purely editorial or recurring-list change.
Filing text · FY2024 10-K · filed Mar 31, 2025
No corresponding language in the FY2024 10-K.
Filing text · FY2025 10-K · filed Mar 31, 2026
[added] • change business activities.
Cite this change
"• change business activities."
Workhorse Group, Form 10-K for FY2025, Item 1A, accession 0001628280-26-022417, filed 31 March 2026.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
55·Added·Item 1A › Risks Related to our Financing Arrangements › The Credit Agreements contain various covenants that could place restrictions on our operating and financial flexibility and our level of indebtedness under the Credit Agreements could adversely affect our business, financial condition or results of operations.
Summary · quote-checked
Adds a disclosure that restrictive covenants and repayment obligations under the Credit Agreements could adversely affect the company.
The new sentence identifies financing restrictions and repayment obligations as potential adverse consequences, adding a substantive financing-related risk disclosure.
Filing text · FY2024 10-K · filed Mar 31, 2025
No corresponding language in the FY2024 10-K.
Filing text · FY2025 10-K · filed Mar 31, 2026
[added] Such restrictive covenants and our repayment obligations under the Credit Agreements could have adverse consequences to us, including:
Cite this change
"Such restrictive covenants and our repayment obligations under the Credit Agreements could have adverse consequences to us, including:"
Workhorse Group, Form 10-K for FY2025, Item 1A, accession 0001628280-26-022417, filed 31 March 2026.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
56·Added·Item 1A › Risks Related to our Financing Arrangements › The Credit Agreements contain various covenants that could place restrictions on our operating and financial flexibility and our level of indebtedness under the Credit Agreements could adversely affect our business, financial condition or results of operations.
Summary · quote-checked
Added a covenant restriction limiting the company’s ability to use cash.
The new bullet states a substantive operating and financial flexibility restriction, adding an obligation-related risk rather than merely rephrasing or rolling forward existing text.
Filing text · FY2024 10-K · filed Mar 31, 2025
No corresponding language in the FY2024 10-K.
Filing text · FY2025 10-K · filed Mar 31, 2026
[added] • limiting our ability to use cash;
Cite this change
"• limiting our ability to use cash;"
Workhorse Group, Form 10-K for FY2025, Item 1A, accession 0001628280-26-022417, filed 31 March 2026.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
57·Added·Item 1A › Risks Related to our Financing Arrangements › The Credit Agreements contain various covenants that could place restrictions on our operating and financial flexibility and our level of indebtedness under the Credit Agreements could adversely affect our business, financial condition or results of operations.
Summary · quote-checked
Added a covenant-related risk concerning reduced operating and planning flexibility.
The new text identifies a restriction arising from financing covenants, adding a substantive risk regarding the company’s ability to operate and respond to changes.
Filing text · FY2024 10-K · filed Mar 31, 2025
No corresponding language in the FY2024 10-K.
Filing text · FY2025 10-K · filed Mar 31, 2026
[added] • limiting our flexibility in operating our business and planning for, or reacting to, changes in our business and our industry;
Cite this change
"• limiting our flexibility in operating our business and planning for, or reacting to, changes in our business and our industry;"
Workhorse Group, Form 10-K for FY2025, Item 1A, accession 0001628280-26-022417, filed 31 March 2026.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
58·Added·Item 1A › Risks Related to our Financing Arrangements › The Credit Agreements contain various covenants that could place restrictions on our operating and financial flexibility and our level of indebtedness under the Credit Agreements could adversely affect our business, financial condition or results of operations.
Summary · quote-checked
Added disclosure that covenants may limit the company’s ability to obtain additional financing.
The new text identifies a financing restriction and associated covenant-related risk, changing the disclosed obligations and financial flexibility exposure.
Filing text · FY2024 10-K · filed Mar 31, 2025
No corresponding language in the FY2024 10-K.
Filing text · FY2025 10-K · filed Mar 31, 2026
[added] • limiting our ability to obtain additional financing;
Cite this change
"• limiting our ability to obtain additional financing;"
Workhorse Group, Form 10-K for FY2025, Item 1A, accession 0001628280-26-022417, filed 31 March 2026.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
59·Added·Item 1A › Risks Related to our Financing Arrangements › The Credit Agreements contain various covenants that could place restrictions on our operating and financial flexibility and our level of indebtedness under the Credit Agreements could adversely affect our business, financial condition or results of operations.
Summary · quote-checked
Added a risk that financing-related restrictions could limit the company’s ability to adjust to changing market conditions.
The added text describes a substantive operating-flexibility constraint, not merely a formatting, date, or recurring-list change.
Filing text · FY2024 10-K · filed Mar 31, 2025
No corresponding language in the FY2024 10-K.
Filing text · FY2025 10-K · filed Mar 31, 2026
[added] • limiting our ability to adjust to changing market conditions; and
Cite this change
"• limiting our ability to adjust to changing market conditions; and"
Workhorse Group, Form 10-K for FY2025, Item 1A, accession 0001628280-26-022417, filed 31 March 2026.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
60·Added·Item 1A › Risks Related to our Financing Arrangements › The Credit Agreements contain various covenants that could place restrictions on our operating and financial flexibility and our level of indebtedness under the Credit Agreements could adversely affect our business, financial condition or results of operations.
Summary · quote-checked
Added a risk that leverage under the Credit Agreements could place the company at a competitive disadvantage.
The new paragraph discloses a substantive business risk tied to indebtedness and leverage, rather than merely rephrasing existing disclosure.
Filing text · FY2024 10-K · filed Mar 31, 2025
No corresponding language in the FY2024 10-K.
Filing text · FY2025 10-K · filed Mar 31, 2026
[added] • placing us at a competitive disadvantage relative to our competitors who are less highly leveraged.
Cite this change
"• placing us at a competitive disadvantage relative to our competitors who are less highly leveraged."
Workhorse Group, Form 10-K for FY2025, Item 1A, accession 0001628280-26-022417, filed 31 March 2026.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
61·Added·Item 1A › Risks Related to Owning Our Common Stock › We are a "controlled company" under the Nasdaq listing standards and, as a result, we qualify for, and may in the future rely on, exemptions from certain governance requirements.
Summary · quote-checked
Added disclosure that majority voting control makes the company a controlled company, allowing governance exemptions that may reduce stockholder protections and stock attractiveness.
The new paragraph adds a governance dependency and related investor-protection and stock-price risks, including possible future reliance on Nasdaq exemptions.
Filing text · FY2024 10-K · filed Mar 31, 2025
No corresponding language in the FY2024 10-K.
Filing text · FY2025 10-K · filed Mar 31, 2026
[added] So long as more than 50% of the voting power for the election of directors of Workhorse is held by an individual, a group or another company, we will qualify as a "controlled company" under the Nasdaq listing standards. MGMH controls a majority of the voting power of our outstanding capital stock. As a result, we are a "controlled company" and are not subject to the requirements that would otherwise require us to have: (i) a majority of independent directors; (ii) a nominating committee comprised solely of independent directors; (iii) compensation of our executive officers determined by a majority of the independent directors or a compensation committee comprised solely of independent directors; and (iv) director nominees selected, or recommended for the Board's selection, either by a majority of the independent directors or a nominating committee comprised solely of independent directors. We do not currently rely on these exemptions. However, we could elect to rely on them in the future and if we do, our stockholders will not have the same protections afforded to stockholders of companies that are subject to all of the Nasdaq corporate governance rules and requirements. Our status as a controlled company could make our Common Stock less attractive to some investors or otherwise harm our stock price.
Cite this change
"However, we could elect to rely on them in the future and if we do, our stockholders will not have the same protections afforded to stockholders of companies that are subject to all of the Nasdaq corporate governance rules and requirements."
Workhorse Group, Form 10-K for FY2025, Item 1A, accession 0001628280-26-022417, filed 31 March 2026.
3 of 34 shown · Ordered by the model, quote-checked
01·Added·Item 7 › Liquidity and Capital Resources; Going Concern
Summary · quote-checked
Added a going-concern disclosure stating that cash is insufficient for the business plan and will be depleted, raising substantial doubt about continued operations.
The new paragraph introduces a liquidity insufficiency, future cash depletion, and substantial doubt about the company’s ability to continue as a going concern.
Why the model ranked it here
This is the clearest new warning about insufficient liquidity and substantial doubt regarding the company’s ability to continue operating.
Filing text · FY2024 10-K · filed Mar 31, 2025
No corresponding language in the FY2024 10-K.
Filing text · FY2025 10-K · filed Mar 31, 2026
We may also rely on other debt financing or other sources of capital funding such as through the sale of assets to obtain sufficient financial resources to fund our operating activities. If we are unable to maintain sufficient financial resources, our business, financial condition and results of operations, as well as our ability to continue to develop, produce and market our vehicle programs and satisfy our obligations as they become due, we will be materially and adversely affected. This could affect future vehicle program production and sales. Failure to receive additional proceeds will have a material, adverse impact on our business operations. There can be no assurance that we will be able to obtain the additional proceeds needed to achieve our goals on acceptable terms or at all. Additionally, any additional equity or equity-linked financings would likely have a dilutive [added] effect on the holdings of our existing stockholders. Our current level of cash and cash equivalents is not sufficient to execute our business plan. For the foreseeable future, we will incur operating expenses, capital expenditures and working capital funding that will deplete our cash on hand. These conditions raise substantial doubt regarding our ability to continue as a going concern for a period of at least one year from the date of issuance of these Consolidated Financial Statements included in this Annual Report on Form 10-K.
Cite this change
"Our current level of cash and cash equivalents is not sufficient to execute our business plan. For the foreseeable future, we will incur operating expenses, capital expenditures and working capital funding that will deplete our cash on hand. These conditions raise substantial doubt regarding our ability to continue as a going concern for a period of at least one year from the date of issuance of these Consolidated Financial Statements included in this Annual Report on Form 10-K."
Workhorse Group, Form 10-K for FY2025, Item 7, accession 0001628280-26-022417, filed 31 March 2026.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
02·Added·Item 7 › Liquidity and Capital Resources
Summary · quote-checked
New disclosure describes secured credit obligations, subsidiary guarantees, collateral, payment subordination, borrowings, and remaining credit availability.
The paragraph introduces obligations, security interests, guarantees, subordination, and current borrowing and availability information, materially changing the disclosed liquidity and financing profile.
Why the model ranked it here
This change shows the company’s secured financing structure and current borrowing position, including that its working-capital facility is fully drawn.
Filing text · FY2024 10-K · filed Mar 31, 2025
No corresponding language in the FY2024 10-K.
Filing text · FY2025 10-K · filed Mar 31, 2026
[added] Workhorse's obligations under the Credit Agreements are senior secured obligations of Workhorse, ranking senior to all other indebtedness and, subject to certain limitations, are unconditionally guaranteed by each of Workhorse's subsidiaries, pursuant to the terms of the Credit Agreements and secured by substantially all of the assets of Workhorse and its subsidiaries pursuant to a certain Security Agreement (the "Security Agreement"). Payments under the Cash Flow Credit Agreement are effectively subordinated to payments under the Customer Order Credit Agreement pursuant to the waterfall in the Security Agreement. As of December 31, 2025, the Company had no outstanding borrowings and remaining availability of $40.0 under the Customer Order Credit Agreement, and the Company had $10.0 in outstanding borrowings and no remaining availability under the Cash Flow Credit Agreement.
Cite this change
"As of December 31, 2025, the Company had no outstanding borrowings and remaining availability of $40.0 under the Customer Order Credit Agreement, and the Company had $10.0 in outstanding borrowings and no remaining availability under the Cash Flow Credit Agreement."
Workhorse Group, Form 10-K for FY2025, Item 7, accession 0001628280-26-022417, filed 31 March 2026.
The new paragraph discloses financing obligations and related terms, including maturity, additional funding dependency, covenants, and default remedies; these are substantive liquidity and obligation disclosures.
Why the model ranked it here
Clients should read this to understand the new interest, maturity, covenant, default, and lender-remedy terms governing the company’s debt.
Filing text · FY2024 10-K · filed Mar 31, 2025
No corresponding language in the FY2024 10-K.
Filing text · FY2025 10-K · filed Mar 31, 2026
[added] Workhorse's outstanding obligations under each Credit Agreement bear interest at a reference rate equal to the term Secured Overnight Financing Rate for a three-month tenor ("SOFR") plus an applicable margin of 5.00%. If SOFR is unavailable pursuant to the terms of the Credit Agreements, the reference rate will be the prime rate of interest per annum last quoted by The Wall Street Journal, and the applicable margin will be 2.50% per annum. Workhorse's obligations under the Credit Agreements mature on December 15, 2028. MGMH's obligation to advance additional funds under the Cash Flow Credit Agreement will terminate and thereafter be at the discretion of MGMH upon the consummation of a PIPE (as defined in the Credit Agreements) to the extent such PIPE occurs prior to the maturity date of the Cash Flow Credit Agreement. Both Credit Agreements contain customary representations and warranties, affirmative and negative covenants, and events of default, and provide for customary acceleration and remedy rights for MGMH upon the occurrence of an event of default by Workhorse.
Cite this change
"Workhorse's outstanding obligations under each Credit Agreement bear interest at a reference rate equal to the term Secured Overnight Financing Rate for a three-month tenor ("SOFR") plus an applicable margin of 5.00%."
Workhorse Group, Form 10-K for FY2025, Item 7, accession 0001628280-26-022417, filed 31 March 2026.
Paragraphs of the prior filing that this filing dropped. Only last year's text can show these.
37 material removals
Item 1A · Risk Factors
2 of 12 shown · Ordered by the model, quote-checked
01·Removed·Item 1A › Risks Related to our Financing Arrangements › Servicing our debt requires a significant amount of cash, and we may not have sufficient cash flow from our business to pay our obligations under the 2024 Notes.
Summary · quote-checked
Removed disclosure of outstanding 2024 Notes, refinancing dependence, potential cash shortfalls, and possible default consequences.
The removed paragraph described debt-servicing obligations, refinancing dependence, liquidity alternatives, and default risk, so its deletion changes disclosed financing risks.
Why the model ranked it here
This removes disclosure about debt-servicing capacity, refinancing dependence, potential cash shortfalls, and default consequences that directly bears on liquidity risk.
Filing text · FY2024 10-K · filed Mar 31, 2025
[removed] As of December 31, 2024, $10.5 million fair value aggregate principal amount remained outstanding under the 2024 Notes, with an outstanding aggregate principal of $7.6 million. Our ability to make payments of principal or to pay interest on or to refinance the 2024 Notes depends on our future performance, which is subject to economic, financial, competitive and other factors, some of which are beyond our control. Our business may not generate cash flow from operations in the future sufficient to satisfy our obligations under the 2024 Notes. If we are unable to generate such cash flow, we may be required to adopt one or more alternatives, such as reducing or delaying investments or capital expenditures, selling assets, refinancing or obtaining additional equity capital on terms that may be onerous or highly dilutive. Our ability to refinance the 2024 Notes will depend on the capital markets and our financial condition at such time. We may not be able to engage in any of these activities or engage in these activities on desirable terms, which could result in a default on the 2024 Notes.
Filing text · FY2025 10-K · filed Mar 31, 2026
No corresponding language in the FY2025 10-K.
Cite this change
"Our business may not generate cash flow from operations in the future sufficient to satisfy our obligations under the 2024 Notes."
Workhorse Group, Form 10-K for FY2024, Item 1A, accession 0001425287-25-000024, filed 31 March 2025.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
02·Removed·Item 1A › Risks Related to our Financing Arrangements › We did not immediately receive the net proceeds from the Tenth Additional 2024 Note and may never receive certain of such proceeds. Any proceeds received pursuant to the 2024 Notes will be received only upon satisfaction of certain terms and conditions set forth in the Lockbox Letter.
Summary · quote-checked
Removed disclosure that proceeds from the Tenth Additional 2024 Note were restricted in a lockbox and might never be received.
The removed paragraph disclosed a financing dependency, release conditions, and uncertainty regarding receipt of additional proceeds, changing the stated financing risk.
Why the model ranked it here
This removes disclosure that financing proceeds were restricted and might not be received, changing the reader’s understanding of available funding.
Filing text · FY2024 10-K · filed Mar 31, 2025
[removed] The 2024 Note issued on February 12, 2025 in the aggregate principal amount of $35.0 million (the "Tenth Additional 2024 Note") is governed by the Lockbox Letter. Pursuant to the Lockbox Letter, the net proceeds of $30.6 million after 12.5% original issue discount and related fees and expenses, were deposited into a lockbox account under the control of the collateral agent under the 2024 Securities Purchase Agreement. Funds may be released from the lockbox from time to time (i) in an amount corresponding to the principal amount converted, if the investor converts any portion of the Notes issued hereunder; (ii) in the amount of $2.6 million each calendar month, if we satisfy the conditions of a Market Release Event (as defined in the Lockbox Letter), including minimum Common Stock price and trading volume conditions; or (iii) otherwise, with the consent of the Investor. There is no guarantee that we will receive additional proceeds from the issuance of the 2024 Notes.
Filing text · FY2025 10-K · filed Mar 31, 2026
No corresponding language in the FY2025 10-K.
Cite this change
"The 2024 Note issued on February 12, 2025 in the aggregate principal amount of $35.0 million (the "Tenth Additional 2024 Note") is governed by the Lockbox Letter. Pursuant to the Lockbox Letter, the net proceeds of $30.6 million after 12.5% original issue discount and related fees and expenses, were deposited into a lockbox account under the control of the collateral agent under the 2024 Securities Purchase Agreement. Funds may be released from the lockbox from time to time (i) in an amount corresponding to the principal amount converted, if the investor converts any portion of the Notes issued hereunder; (ii) in the amount of $2.6 million each calendar month, if we satisfy the conditions of a Market Release Event (as defined in the Lockbox Letter), including minimum Common Stock price and trading volume conditions; or (iii) otherwise, with the consent of the Investor. There is no guarantee that we will receive additional proceeds from the issuance of the 2024 Notes."
Workhorse Group, Form 10-K for FY2024, Item 1A, accession 0001425287-25-000024, filed 31 March 2025.
3 of 25 shown · Ordered by the model, quote-checked
01·Removed·Item 7 › Liquidity and Capital Resources; Going Concern
Summary · quote-checked
Removed disclosure that limited financing could force operational adjustments and a voluntary bankruptcy filing, with uncertain stakeholder recoveries and securities trading values.
The removed paragraph disclosed financing constraints and a potential bankruptcy proceeding, materially changing the company’s stated liquidity and going-concern risks.
Why the model ranked it here
The removed disclosure described extremely limited financing access and the possibility of operational changes or a voluntary bankruptcy filing, directly affecting the company’s stated liquidity and going-concern risk.
Filing text · FY2024 10-K · filed Mar 31, 2025
[removed] Our ability to obtain additional proceeds from financings is extremely limited under current conditions and if we are unable to identify other sources of funding, we may need to further adjust our operations and seek protection by filing a voluntary petition for relief under the Bankruptcy Code. If this were to occur, the value available to our various stakeholders, including our creditors and stockholders, is uncertain and trading prices for our securities may bear little or no relationship to the actual recovery, if any, by holders of our securities in bankruptcy proceedings, if any.
Filing text · FY2025 10-K · filed Mar 31, 2026
No corresponding language in the FY2025 10-K.
Cite this change
"Our ability to obtain additional proceeds from financings is extremely limited under current conditions and if we are unable to identify other sources of funding, we may need to further adjust our operations and seek protection by filing a voluntary petition for relief under the Bankruptcy Code. If this were to occur, the value available to our various stakeholders, including our creditors and stockholders, is uncertain and trading prices for our securities may bear little or no relationship to the actual recovery, if any, by holders of our securities in bankruptcy proceedings, if any."
Workhorse Group, Form 10-K for FY2024, Item 7, accession 0001425287-25-000024, filed 31 March 2025.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
02·Removed·Item 7 › Liquidity and Capital Resources
Summary · quote-checked
Removed disclosure of a securities financing arrangement involving convertible notes and warrants used to fund operations.
The removed paragraph disclosed a financing arrangement, potential capital raise, debt, conversion into common stock, and warrants—substantive liquidity and obligation information.
Why the model ranked it here
The removed disclosure described a securities financing arrangement involving convertible debt and warrants intended to fund operations, materially changing the stated capital and liquidity resources.
Filing text · FY2024 10-K · filed Mar 31, 2025
[removed] As part of management's plan to raise capital to fund operations, we entered into a financing arrangement that makes liquidity available in both the short term and over time. On March 15, 2024, we entered into a securities purchase agreement (the "2024 Securities Purchase Agreement") with an institutional investor (the "Investor") under which we agreed to issue and sell, in one or more registered public offerings by the Company directly to the Investor in multiple tranches over a period beginning on March 15, 2024, (i) senior secured convertible notes for up to an aggregate principal amount of $139.0 million (the "2024 Notes") that are convertible into shares of the Company's Common Stock, and (ii) warrants (the " 2024 Warrants") to purchase shares of Common Stock.
Filing text · FY2025 10-K · filed Mar 31, 2026
No corresponding language in the FY2025 10-K.
Cite this change
"As part of management's plan to raise capital to fund operations, we entered into a financing arrangement that makes liquidity available in both the short term and over time. On March 15, 2024, we entered into a securities purchase agreement (the "2024 Securities Purchase Agreement") with an institutional investor (the "Investor") under which we agreed to issue and sell, in one or more registered public offerings by the Company directly to the Investor in multiple tranches over a period beginning on March 15, 2024, (i) senior secured convertible notes for up to an aggregate principal amount of $139.0 million (the "2024 Notes") that are convertible into shares of the Company's Common Stock, and (ii) warrants (the " 2024 Warrants") to purchase shares of Common Stock."
Workhorse Group, Form 10-K for FY2024, Item 7, accession 0001425287-25-000024, filed 31 March 2025.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
03·Removed·Item 7 › Liquidity and Capital Resources
Summary · quote-checked
Removed disclosure that public-float limits restrict issuance of 2024 Notes and other securities, substantially limiting liquidity from public sales.
The removed paragraph described a financing constraint, securities issuance limitation, and liquidity dependency; its removal changes disclosure of a material liquidity risk.
Why the model ranked it here
The removed disclosure explained that public-float limits substantially constrained the company’s ability to raise liquidity through public securities offerings.
Filing text · FY2024 10-K · filed Mar 31, 2025
[removed] Although the 2024 Securities Purchase Agreement contemplates the issuance of up to $61.5 million in aggregate principal amount of additional 2024 Notes and corresponding 2024 Warrants, we can issue such 2024 Notes only to the extent we can offer and sell them pursuant to a Registration Statement on Form S-3. Because the "public float" of our Common Stock is currently less than $75 million, the SEC's "baby shelf" rules will limit the amount of securities we can offer and sell on Form S-3, including the 2024 Notes, Common Stock and all other securities, to one-third of our public float in any twelve month period. Accordingly, our ability to obtain liquidity though public sales of securities, including pursuant to our ATM program and the 2024 Securities Purchase Agreement, is substantially limited.
Filing text · FY2025 10-K · filed Mar 31, 2026
No corresponding language in the FY2025 10-K.
Cite this change
"Although the 2024 Securities Purchase Agreement contemplates the issuance of up to $61.5 million in aggregate principal amount of additional 2024 Notes and corresponding 2024 Warrants, we can issue such 2024 Notes only to the extent we can offer and sell them pursuant to a Registration Statement on Form S-3. Because the "public float" of our Common Stock is currently less than $75 million, the SEC's "baby shelf" rules will limit the amount of securities we can offer and sell on Form S-3, including the 2024 Notes, Common Stock and all other securities, to one-third of our public float in any twelve month period. Accordingly, our ability to obtain liquidity though public sales of securities, including pursuant to our ATM program and the 2024 Securities Purchase Agreement, is substantially limited."
Workhorse Group, Form 10-K for FY2024, Item 7, accession 0001425287-25-000024, filed 31 March 2025.
Paragraphs that changed between the two filings, shown as a word diff.
52 material changes
Item 1A · Risk Factors
2 of 19 shown · Ordered by the model, quote-checked
01·Changed·Item 1A › Risks Related to our Business and Operations › Substantial doubt exists regarding our ability to continue as a going concern through the twelve months following the date of the issuance of the Consolidated Financial Statements accompanying this Annual Report on Form 10-K.
Summary · quote-checked
Going-concern disclosure changes the financing dependency from specific 2024 Notes lockbox proceeds to obtaining new financing arrangements.
The financing sources and stated limitation changed substantively, altering the disclosed liquidity dependency; the loss figures and periods are annual roll-forwards.
Why the model ranked it here
The going-concern disclosure now depends on obtaining new financing arrangements rather than relying on a specifically identified financing source, changing the company’s stated liquidity dependency.
Filing text · FY2024 10-K · filed Mar 31, 2025
We have incurred net losses of [removed] $101.8 million and [removed] $123.9 million for the fiscal years ended December 31, [removed] 2024 and December 31, [removed] 2023, respectively. As a result of our recurring losses from operations, accumulated deficit, projected working capital needs and delays in bringing our vehicles to market, and, accordingly, slower market demand than previously expected, substantial doubt exists as to our ability to continue as a going concern over the twelve months from the date of the issuance of the audited financial statements accompanying this Form 10-K. Our ability to continue as a going concern depends on our ability to receive additional proceeds from our financing [removed] relationships, including the release of funds from the lockbox account in which proceeds of our most recent issuance of 2024 Notes under our 2024 Securities Purchase Agreement are held. In addition, our ability to enter into new financing arrangements [removed] is significantly limited by the terms of our existing financing arrangements, [removed] including our 2024 Securities Purchase Agreement, as well as other factors, such as the so-called "baby shelf" rules under Form S-3. To the extent we are unable to satisfy these capital needs, we will need to significantly modify or terminate our operations and our planned business activities. The failure to obtain sufficient financing could adversely affect our ability to achieve our business objectives and continue as a going concern.
Filing text · FY2025 10-K · filed Mar 31, 2026
We have incurred net losses of [added] $64.1 million and [added] $51.6 million for the fiscal years ended December 31, [added] 2025 and December 31, [added] 2024, respectively. As a result of our recurring losses from operations, accumulated deficit, projected working capital needs and delays in bringing our vehicles to market, and, accordingly, slower market demand than previously expected, substantial doubt exists as to our ability to continue as a going concern over the twelve months from the date of the issuance of the audited financial statements accompanying this Form 10-K. Our ability to continue as a going concern depends on our ability to receive additional proceeds from our financing [added] relationships or obtain new financing arrangements. In addition, our ability to enter into new financing arrangements [added] can be limited by the terms of our existing financing arrangements, as well as other factors, such as the so-called "baby shelf" rules under Form S-3. To the extent we are unable to satisfy these capital needs, we will need to significantly modify or terminate our operations and our planned business activities. The failure to obtain sufficient financing could adversely affect our ability to achieve our business objectives and continue as a going concern.
Cite this change
"Our ability to continue as a going concern depends on our ability to receive additional proceeds from our financing relationships or obtain new financing arrangements."
Workhorse Group, Form 10-K for FY2025, Item 1A, accession 0001628280-26-022417, filed 31 March 2026.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
02·Changed·Item 1A › Risks Related to Owning Our Common Stock › A material weakness exists in our internal control over financial reporting. If we are unable to remediate the material weakness, or if we identify additional material weaknesses in the future or otherwise fail to maintain an effective system of internal controls, we may not be able to accurately or timely report our financial condition or results of operations, which may adversely affect our business.
Summary · quote-checked
The disclosure changes from multiple potentially unresolved control weaknesses to one definitively unresolved material weakness, with the reporting date rolled forward.
The shift from “may still be” to “is still” changes certainty, while the singular weakness changes the stated scope of the internal-control deficiency.
Why the model ranked it here
The filing now states that the material weakness remains unresolved, making the internal-control deficiency definitive rather than potentially unresolved.
Filing text · FY2024 10-K · filed Mar 31, 2025
While management has taken steps to remediate [removed] these control weaknesses, the material [removed] weaknesses may still be unresolved. Consequently, our internal control over financial reporting was not effective as of December 31, [removed] 2024.
Filing text · FY2025 10-K · filed Mar 31, 2026
While management has taken steps to remediate [added] the control weakness, the material [added] weakness is still unresolved. Consequently, our internal control over financial reporting was not effective as of December 31, [added] 2025.
Cite this change
"While management has taken steps to remediate the control weakness, the material weakness is still unresolved. Consequently, our internal control over financial reporting was not effective as of December 31, 2025."
Workhorse Group, Form 10-K for FY2025, Item 1A, accession 0001628280-26-022417, filed 31 March 2026.
3 of 33 shown · Ordered by the model, quote-checked
01·Merged·Item 7 › Liquidity and Capital Resources; Going Concern
Summary · quote-checked
The current paragraph removes statements about insufficient cash, future cash depletion, and substantial doubt regarding going-concern continuity.
The removed text substantively changes disclosed liquidity and going-concern conditions, not merely paragraph structure or wording.
Why the model ranked it here
Removing an explicit substantial-doubt going-concern statement materially changes the disclosed assessment of the company’s ability to continue operating.
Filing text · FY2024 10-K · filed Mar 31, 2025
We may also rely on other debt financing or other sources of capital funding such as through the sale of assets to obtain sufficient financial resources to fund our operating activities. If we are unable to maintain sufficient financial resources, our[removed] business, financial condition and results of operations, as well as our ability to continue to develop, produce and market our vehicle programs and satisfy our obligations as they become due, we will be materially and adversely affected. This could affect future vehicle program production and sales. Failure to receive additional proceeds will have a material, adverse impact on our business operations. There can be no assurance that we will be able to obtain the additional proceeds needed to achieve our goals on acceptable terms or at all. Additionally, any additional equity or equity-linked financings would likely have a dilutive[removed] effect on the holdings of our existing stockholders. Our current level of cash and cash equivalents are not sufficient to execute our business plan. For the foreseeable future, we will incur operating expenses, capital expenditures and working capital funding that will deplete our cash on hand. These conditions raise substantial doubt regarding our ability to continue as a going concern for a period of at least one year from the date of issuance of these Consolidated Financial Statements included in this Annual Report on Form 10-K.
Filing text · FY2025 10-K · filed Mar 31, 2026
We may also rely on other debt financing or other sources of capital funding such as through the sale of assets to obtain sufficient financial resources to fund our operating activities. If we are unable to maintain sufficient financial resources, our[added] business, financial condition and results of operations, as well as our ability to continue to develop, produce and market our vehicle programs and satisfy our obligations as they become due, we will be materially and adversely affected. This could affect future vehicle program production and sales. Failure to receive additional proceeds will have a material, adverse impact on our business operations. There can be no assurance that we will be able to obtain the additional proceeds needed to achieve our goals on acceptable terms or at all. Additionally, any additional equity or equity-linked financings would likely have a dilutive effect on the holdings of our existing stockholders. Our current level of cash and cash equivalents is not sufficient to execute our business plan. For the foreseeable future, we will incur operating expenses, capital expenditures and working capital funding that will deplete our cash on hand. These conditions raise substantial doubt regarding our ability to continue as a going concern for a period of at least one year from the date of issuance of these Consolidated Financial Statements included in this Annual Report on Form 10-K.
Cite this change
"Additionally, any additional equity or equity-linked financings would likely have a dilutive"
Workhorse Group, Form 10-K for FY2025, Item 7, accession 0001628280-26-022417, filed 31 March 2026.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
02·Changed·Item 7 › Liquidity and Capital Resources; Going Concern
Summary · quote-checked
The expected financing sources changed from proceeds of a specific note, subject to lockbox conditions, to Credit Agreements and potential equity or equity-linked financing.
The paragraph changes the identified financing dependency and removes the disclosed uncertainty regarding access to approximately $27.4 million of note proceeds, altering the stated liquidity and going-concern exposure.
Why the model ranked it here
The primary funding source shifts from uncertain locked-up note proceeds to credit agreements and possible equity-linked financing, changing the company’s disclosed liquidity dependency.
Filing text · FY2024 10-K · filed Mar 31, 2025
Our revenues from operations are unlikely to be sufficient to meet our liquidity requirements for the twelve months following the date of the issuance of our Consolidated Financial Statements, and, accordingly, our ability to continue as a going concern depends on our ability to obtain and receive proceeds from [removed] third-party financing. We currently expect that our primary source of [removed] third-party financing will be the [removed] proceeds of the Tenth Additional 2024 Note, which we issued under our 2024 Securities Purchase Agreement. As discussed more fully above, as of March 21, 2025, approximately $27.4 million of such proceeds remain in a lockbox account and will be available to us only upon satisfaction or waiver of the conditions described above. Accordingly, there can be no assurance that any or all of such proceeds will be available to us on a timely basis or ever.
Filing text · FY2025 10-K · filed Mar 31, 2026
Our revenues from operations are unlikely to be sufficient to meet our liquidity requirements for the twelve months following the date of the issuance of our Consolidated Financial Statements, and, accordingly, our ability to continue as a going concern depends on our ability to obtain and receive proceeds from [added] external financing. We currently expect that our primary source of financing will be the [added] Credit Agreements and a potential equity or equity-linked financing.
Cite this change
"We currently expect that our primary source of financing will be the Credit Agreements and a potential equity or equity-linked financing."
Workhorse Group, Form 10-K for FY2025, Item 7, accession 0001628280-26-022417, filed 31 March 2026.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
03·Changed·Item 7 › Results of Operations
Summary · quote-checked
Interest expense declined, while the explanation shifted to Senior Secured Promissory Note advances and forgiveness in the Merger transaction.
Beyond annual roll-forward and changed figures, the paragraph adds a financing dependency, loan advances, a 20% interest rate, substantial outstanding amounts, and lender forgiveness.
Why the model ranked it here
The disclosure introduces substantial senior-note borrowing and its lender forgiveness in the merger, materially changing the financing and obligation picture.
Filing text · FY2024 10-K · filed Mar 31, 2025
For the year ended December 31, [removed] 2024, Interest expense, net was [removed] $22.2 million, compared to [removed] $8.7 million for the year ended December 31, [removed] 2023. The increase was primarily [removed] driven by an $11.9 million loss on the fair value of the 2024 Notes, and an increase of $2.0 million of interest expense compared to $1.5 million of interest income in the prior year. due to higher cash balances in the previous periods.
Filing text · FY2025 10-K · filed Mar 31, 2026
For the year ended December 31, [added] 2025, Interest expense, net was [added] $17.4 million, compared to [added] $10.3 million for the year ended December 31, [added] 2024. The higher interest in 2025 was primarily [added] due to higher aggregated principal and compounded interest outstanding under the Senior Secured Promissory Note ("A&R Senior Note"). Pre-Merger, we received loan advances under the A&R Senior Note totaling $22.0 million in 2025 and $45.0 million in 2024, at an interest rate of 20% interest per annum. The total aggregate outstanding principal and accrued compounded interest related to the A&R Senior Note of $107.7 million was fully forgiven by the lender, MGMH, as part of the Merger transaction.
Cite this change
"The higher interest in 2025 was primarily due to higher aggregated principal and compounded interest outstanding under the Senior Secured Promissory Note ("A&R Senior Note"). Pre-Merger, we received loan advances under the A&R Senior Note totaling $22.0 million in 2025 and $45.0 million in 2024, at an interest rate of 20% interest per annum. The total aggregate outstanding principal and accrued compounded interest related to the A&R Senior Note of $107.7 million was fully forgiven by the lender, MGMH, as part of the Merger transaction."
Workhorse Group, Form 10-K for FY2025, Item 7, accession 0001628280-26-022417, filed 31 March 2026.
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