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Reports › WKHS › 10-K FY2025

SEC filings, compared

What changed in Workhorse Group's 10-K for the fiscal year ended December 31, 2025

Compared with the 10-K for the fiscal year ended December 31, 2024. Items 1A and 7 analysed; every summary checked against the quoted filing text.

Registrant
Workhorse Group Inc. · WKHS
This filing
0001628280-26-022417 ↗ · filed Mar 31, 2026
Compared with
0001425287-25-000024 ↗ · filed Mar 31, 2025
Processed
Sep 14, 2026 UTC · parser-v4 · classify-v4 · select-v1

Research tool. Describes what filings say. Not investment advice. Verify independently. Read the cited paragraph before relying on it.

How a report is made

184 material changes among 241 changed paragraphs

18 shown by default across the three sections below; each section's "Show all" reaches the rest, in filing order.

Numbers from XBRL

Each figure is the one the filing itself tagged, taken from the filing that reported it. Not written by a model.

ConceptFY2025FY2024
Revenueus-gaap:RevenueFromContractWithCustomerExcludingAssessedTax21,211,000USD · Jan 1, 2025 to Dec 31, 20256,616,358USD · Jan 1, 2024 to Dec 31, 2024
Net income or lossus-gaap:NetIncomeLoss(64,086,000)USD · Jan 1, 2025 to Dec 31, 2025(101,790,293)USD · Jan 1, 2024 to Dec 31, 2024
Cash and cash equivalentsus-gaap:CashAndCashEquivalentsAtCarryingValue12,920,000USD · at Dec 31, 20254,119,938USD · 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

01AddedItem 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.

Filing: https://www.sec.gov/Archives/edgar/data/1425287/000162828026022417/wkhs-20251231.htm

Comparison: https://yearover.com/reports/wkhs/0001628280-26-022417?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

02AddedItem 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.

Filing: https://www.sec.gov/Archives/edgar/data/1425287/000162828026022417/wkhs-20251231.htm

Comparison: https://yearover.com/reports/wkhs/0001628280-26-022417?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

03AddedItem 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.

Filing: https://www.sec.gov/Archives/edgar/data/1425287/000162828026022417/wkhs-20251231.htm

Comparison: https://yearover.com/reports/wkhs/0001628280-26-022417?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

04AddedItem 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.

Filing: https://www.sec.gov/Archives/edgar/data/1425287/000162828026022417/wkhs-20251231.htm

Comparison: https://yearover.com/reports/wkhs/0001628280-26-022417?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

05AddedItem 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.

Filing: https://www.sec.gov/Archives/edgar/data/1425287/000162828026022417/wkhs-20251231.htm

Comparison: https://yearover.com/reports/wkhs/0001628280-26-022417?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

Show all 61 in Item 1A (56 more, in filing order)

Item 7 · MD&A

3 of 34 shown · Ordered by the model, quote-checked

01AddedItem 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.

Filing: https://www.sec.gov/Archives/edgar/data/1425287/000162828026022417/wkhs-20251231.htm

Comparison: https://yearover.com/reports/wkhs/0001628280-26-022417?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

02AddedItem 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.

Filing: https://www.sec.gov/Archives/edgar/data/1425287/000162828026022417/wkhs-20251231.htm

Comparison: https://yearover.com/reports/wkhs/0001628280-26-022417?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

03AddedItem 7 › Liquidity and Capital Resources

Summary · quote-checked

Added disclosure describes Workhorse’s credit agreement interest rates, maturity, funding discretion, covenants, defaults, and MGMH remedies.

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.

Filing: https://www.sec.gov/Archives/edgar/data/1425287/000162828026022417/wkhs-20251231.htm

Comparison: https://yearover.com/reports/wkhs/0001628280-26-022417?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

Show all 34 in Item 7 (31 more, in filing order)

What the company no longer says

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

01RemovedItem 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.

Filing: https://www.sec.gov/Archives/edgar/data/1425287/000142528725000024/wkhs-20241231.htm

Comparison: https://yearover.com/reports/wkhs/0001628280-26-022417?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

02RemovedItem 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.

Filing: https://www.sec.gov/Archives/edgar/data/1425287/000142528725000024/wkhs-20241231.htm

Comparison: https://yearover.com/reports/wkhs/0001628280-26-022417?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

Show all 12 in Item 1A (10 more, in filing order)

Item 7 · MD&A

3 of 25 shown · Ordered by the model, quote-checked

01RemovedItem 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.

Filing: https://www.sec.gov/Archives/edgar/data/1425287/000142528725000024/wkhs-20241231.htm

Comparison: https://yearover.com/reports/wkhs/0001628280-26-022417?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

02RemovedItem 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.

Filing: https://www.sec.gov/Archives/edgar/data/1425287/000142528725000024/wkhs-20241231.htm

Comparison: https://yearover.com/reports/wkhs/0001628280-26-022417?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

03RemovedItem 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.

Filing: https://www.sec.gov/Archives/edgar/data/1425287/000142528725000024/wkhs-20241231.htm

Comparison: https://yearover.com/reports/wkhs/0001628280-26-022417?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

Show all 25 in Item 7 (22 more, in filing order)

What the company says differently

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

01ChangedItem 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.

Filing: https://www.sec.gov/Archives/edgar/data/1425287/000162828026022417/wkhs-20251231.htm

Comparison: https://yearover.com/reports/wkhs/0001628280-26-022417?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

02ChangedItem 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.

Filing: https://www.sec.gov/Archives/edgar/data/1425287/000162828026022417/wkhs-20251231.htm

Comparison: https://yearover.com/reports/wkhs/0001628280-26-022417?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

Show all 19 in Item 1A (17 more, in filing order)

Item 7 · MD&A

3 of 33 shown · Ordered by the model, quote-checked

01MergedItem 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.

Filing: https://www.sec.gov/Archives/edgar/data/1425287/000162828026022417/wkhs-20251231.htm

Comparison: https://yearover.com/reports/wkhs/0001628280-26-022417?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

02ChangedItem 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.

Filing: https://www.sec.gov/Archives/edgar/data/1425287/000162828026022417/wkhs-20251231.htm

Comparison: https://yearover.com/reports/wkhs/0001628280-26-022417?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

03ChangedItem 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.

Filing: https://www.sec.gov/Archives/edgar/data/1425287/000162828026022417/wkhs-20251231.htm

Comparison: https://yearover.com/reports/wkhs/0001628280-26-022417?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

04ChangedItem 7 › Overview and 2025 Highlights

Summary · quote-checked

The overview shifts from vehicle-roadmap execution and fleet-electrification insights to manufacturing arrangements, product coverage, and an expected 2026 transition to internal production.

The disclosure changes stated manufacturing dependencies and future production plans, including leaving contract manufacturers and moving all vehicle production into the Workhorse facility during 2026.

Why the model ranked it here

Management now states it expects to leave contract manufacturers and bring vehicle production into its facility, changing a core manufacturing dependency and execution plan.

Filing text · FY2024 10-K · filed Mar 31, 2025

[removed] In 2024, we continued to focus on product quality, manufacturing capacity, operational planning, engineering and design to enable increased deliveries and deployments of our products and future revenue growth. We have executed our strategic product roadmap for our electric vehicle offerings, including the production of the W4 CC, W56 and the development of the W56 208-inch wheelbase vehicle program in both strip chassis and step van variants. We continued to electrify the fleet of vehicles being used in our [removed] Stables by Workhorse initiative, which operates FedEx Ground delivery routes in the greater Cincinnati, OH area. The electrification of the fleet provides us with firsthand data on the benefits and challenges of independent fleet operators experience while executing last-mile delivery operations. The initiative also provides valuable insights into how our customers can plan for and manage the transition to EV operations, including how to develop adequate charging infrastructure, training and maintenance services. We intend to continue to generate demand and brand awareness by improving our vehicles' performance and functionality, and by developing new vehicle programs, including new W56 variants. We expect to continue to benefit from ongoing electrification of the commercial vehicle market and in particular the "last mile delivery" sector.

Filing text · FY2025 10-K · filed Mar 31, 2026

[added] We currently manufacture Class 5/6 commercial delivery vehicles in our production facility in Union City, IN. For our other vehicles, we currently use asset-light contract manufacturers and co-development partnerships that result in flexible, scalable product development and production. To date, the Company has developed a product portfolio that addresses the entire Class 4-6 medium duty trucking market. We are committed to making continued progress in our [added] product development by enhancing our products and developing the next evolution of our offerings. We also offer several options to upfit our customers' vehicles and fleets to increase the range of electrification options. We expect to transition away from contract manufacturers and shift production of all vehicles into the Workhorse production facility during 2026.

Cite this change

"We expect to transition away from contract manufacturers and shift production of all vehicles into the Workhorse production facility during 2026."

Workhorse Group, Form 10-K for FY2025, Item 7, accession 0001628280-26-022417, filed 31 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1425287/000162828026022417/wkhs-20251231.htm

Comparison: https://yearover.com/reports/wkhs/0001628280-26-022417?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

05ChangedItem 7 › Recent Trends and Market Conditions

Summary · quote-checked

The discussion shifts from lower 2024 sales to ongoing adoption constraints and adds regulatory, infrastructure, incentive, and 2026 outlook disclosures.

The paragraph adds adverse demand events, named incentive programs, regulatory uncertainty, a tax-rebate removal, and management’s expectation that delays will slow adoption in 2026.

Why the model ranked it here

Management now links demand weakness to delayed approvals and charging infrastructure and expects regulatory conditions to slow commercial adoption, turning prior constraints into an ongoing outlook.

Filing text · FY2024 10-K · filed Mar 31, 2025

[removed] Our sales in 2024 were lower than the prior year due to the continued slower-than-anticipated industry wide [removed] adoption rates for electric commercial vehicles, the lack of government subsidies and incentives available to our dealers [removed] and lagging electric grid infrastructure improvements and the resulting effect on roll-outs of electric [removed] vehicle charging infrastructure, nationwide.

Filing text · FY2025 10-K · filed Mar 31, 2026

[added] We continue to experience slower-than-anticipated industry wide [added] electric truck adoption rates and lack of government subsidies and incentives available to our dealers [added] as well as slower than expected roll-out of additional power to electric grids and the resulting effect on roll-outs of electric [added] truck charging infrastructure, nationwide.[added] Delayed governmental approvals in certain states and slower than expected proliferation of charging stations across the country have also adversely impacted demand. We expect these delays and the current and developing regulatory landscape in the United States to continue to slow adoption in 2026. The dynamic regulatory landscape is a significant consideration for our operations and strategic planning and remains uncertain. Proposed changes to California's Hybrid and Zero-Emission Truck and Bus Voucher Incentive Program ("HVIP") could negatively impact demand, if implemented. The removal of the Federal 45W tax-rebate for commercial vehicles may also impact a small percentage of customers. Weighing against these real and potential additional headwinds are the introduction of new incentive programs in some states as well as increased incentives in New York's, New York Truck Voucher Incentive Program ("NYTVIP") and Washington State's Zero-Emission Incentive Program ("WAZIP").

Cite this change

"Delayed governmental approvals in certain states and slower than expected proliferation of charging stations across the country have also adversely impacted demand. We expect these delays and the current and developing regulatory landscape in the United States to continue to slow adoption in 2026."

Workhorse Group, Form 10-K for FY2025, Item 7, accession 0001628280-26-022417, filed 31 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1425287/000162828026022417/wkhs-20251231.htm

Comparison: https://yearover.com/reports/wkhs/0001628280-26-022417?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

06ChangedItem 7 › Results of Operations

Summary · quote-checked

Sales changed from a $6.5 million decrease to a $14.2 million increase, with new vehicle-delivery, pricing, chassis, body and merger-related drivers.

The direction of sales changed and the stated drivers were replaced, including quantified delivery, pricing and merger-related factors; this is substantively different under the MD&A rule.

Why the model ranked it here

Sales moved from decline to growth, with vehicle deliveries, pricing, product configuration and post-merger deliveries replacing the prior revenue drivers.

Filing text · FY2024 10-K · filed Mar 31, 2025

Sales, net of returns and allowances [removed] decreased $6.5 million for the year ended December 31, [removed] 2024, compared to the year ended December 31, [removed] 2023. The decrease in sales was primarily due to lower W4 CC vehicle sales compared with the prior year, which was partially offset by an increase in [removed] W56 vehicle sales, other service revenue generated from operating our Stables by Workhorse route, and Drones as a Service revenue prior to the [removed] Aero Divestiture.

Filing text · FY2025 10-K · filed Mar 31, 2026

Sales, net of returns and allowances [added] increased $14.2 million, or 201.1%, for the year ended December 31, [added] 2025, compared to the year ended December 31, [added] 2024, primarily driven by delivering 63 more vehicles in 2025 compared to 2024. In addition, the average selling price per vehicle increased 25% in 2025 as compared with 2024, primarily due to an increase in [added] sales of vehicles with a Motiv-owned chassis and/or Motiv procured body, which increases the averages sales price per vehicle. Sales in 2025 also benefited from the delivery of three Workhorse vehicles in the fourth quarter subsequent to the [added] Merger date, resulting in a $0.6 million, or 8.4%, sales increase.

Cite this change

"Sales, net of returns and allowances increased $14.2 million, or 201.1%, for the year ended December 31, 2025, compared to the year ended December 31, 2024, primarily driven by delivering 63 more vehicles in 2025 compared to 2024. In addition, the average selling price per vehicle increased 25% in 2025 as compared with 2024, primarily due to an increase in sales of vehicles with a Motiv-owned chassis and/or Motiv procured body, which increases the averages sales price per vehicle. Sales in 2025 also benefited from the delivery of three Workhorse vehicles in the fourth quarter subsequent to the Merger date, resulting in a $0.6 million, or 8.4%, sales increase."

Workhorse Group, Form 10-K for FY2025, Item 7, accession 0001628280-26-022417, filed 31 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1425287/000162828026022417/wkhs-20251231.htm

Comparison: https://yearover.com/reports/wkhs/0001628280-26-022417?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

07ChangedItem 7 › Results of Operations

Summary · quote-checked

Cost of sales changed from a decrease driven by lower sales and cost savings to an increase driven by deliveries, inventory reserves, warranty costs, and post-Merger vehicle sales.

The direction of the result changed, and the disclosed drivers were substantially replaced, including new inventory reserves, product-line changes from the Merger, and post-Merger vehicle sales.

Why the model ranked it here

Cost of sales moved from decline to increase and now includes obsolete inventory reserves, changed product plans, warranty effects and post-merger vehicle costs, materially changing the profitability narrative.

Filing text · FY2024 10-K · filed Mar 31, 2025

Cost of sales [removed] decreased $9.5 million for the year ended December 31, [removed] 2024, compared to the year ended December 31, [removed] 2023, primarily due to [removed] lower W4 CC vehicle sales, partially offset by higher W56 vehicle sales and additional service revenue generated from operating our Stables by Workhorse route, and Drones as a Service before the Aero Divestiture. The decrease was further driven by cost-saving initiatives, including reduced employee costs of $3.0 million, improved inventory management resulting in a savings of $4.4 million, lower consulting expense of $1.5 million and lower [removed] freight expenses of $1.4 million, partially offset by higher depreciation and amortization expense of $3.1 million.

Filing text · FY2025 10-K · filed Mar 31, 2026

Cost of sales [added] increased $17.6 million, or 133.3%, for the year ended December 31, [added] 2025, compared to the year ended December 31, [added] 2024, primarily due to [added] the increase in vehicles delivered during the current year. We also recorded $2.3 million in obsolete inventory reserves in 2025 compared with $1.6 million in 2024, with the increase primarily due to planned changes in the product lineup as a result of the Merger. As a percentage of sales, cost of sales improved in 2025 as compared to 2024 due to improved leverage of fixed manufacturing overhead costs and lower [added] warranty costs per vehicle. Cost of sales in 2025 increased compared with 2024 by $1.4 million, or 8.0%, due to the cost of sales for Workhorse vehicles sold subsequent to the Merger date.

Cite this change

"Cost of sales increased $17.6 million, or 133.3%, for the year ended December 31, 2025, compared to the year ended December 31, 2024, primarily due to the increase in vehicles delivered during the current year. We also recorded $2.3 million in obsolete inventory reserves in 2025 compared with $1.6 million in 2024, with the increase primarily due to planned changes in the product lineup as a result of the Merger. As a percentage of sales, cost of sales improved in 2025 as compared to 2024 due to improved leverage of fixed manufacturing overhead costs and lower warranty costs per vehicle. Cost of sales in 2025 increased compared with 2024 by $1.4 million, or 8.0%, due to the cost of sales for Workhorse vehicles sold subsequent to the Merger date."

Workhorse Group, Form 10-K for FY2025, Item 7, accession 0001628280-26-022417, filed 31 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1425287/000162828026022417/wkhs-20251231.htm

Comparison: https://yearover.com/reports/wkhs/0001628280-26-022417?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

08ChangedItem 7 › Recent Trends and Market Conditions

Summary · quote-checked

Commodity-cost disclosure was revised to address electric truck materials, tariff-driven imported-cost increases, supply-chain monitoring, and war-related energy and supply disruptions.

The disclosure changes expected tariff effects to realized cost increases and adds supply-chain, pricing, energy, and war-related impacts, substantively changing the stated cost risks.

Why the model ranked it here

Tariff and trade-policy risks are now described as having raised imported-part and raw-material costs, while supply-chain and geopolitical disruptions add realized cost exposure.

Filing text · FY2024 10-K · filed Mar 31, 2025

[removed] Prices for commodities remain volatile, and we expect [removed] to experience price increases for [removed] base metals and raw materials that are used in batteries for electric vehicles (e.g., lithium, cobalt, and nickel) as well as steel, aluminum and other material inputs. Global demand and differences in output across sectors have generated divergence in price movements across different commodities. Tariffs imposed by the new Presidential Administration and any retaliatory tariffs or other countermeasures by other countries may also drive increased commodity prices in 2025. We expect the net impact on us overall will be higher material costs.

Filing text · FY2025 10-K · filed Mar 31, 2026

[added] Commodity prices remain volatile, and we expect [added] continued cost increases for [added] key materials used in electric truck production, including lithium, cobalt, nickel, steel, and aluminum. Global shifts in supply and demand have caused uneven price trends across commodities, but overall we anticipate higher material costs. In addition, tariff measures and trade policy under the presidential administration have raised the cost of imported automotive parts and raw materials. The current U.S. trade policy, including tariffs, is dynamic, and we are actively monitoring developments and evaluating potential impacts on our supply chain, production costs, and pricing strategies, in addition to the impacts that the war in Iran is having on commodity prices as a result of rising energy costs and supply and supply chain disruptions.

Cite this change

"In addition, tariff measures and trade policy under the presidential administration have raised the cost of imported automotive parts and raw materials."

Workhorse Group, Form 10-K for FY2025, Item 7, accession 0001628280-26-022417, filed 31 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1425287/000162828026022417/wkhs-20251231.htm

Comparison: https://yearover.com/reports/wkhs/0001628280-26-022417?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

09ChangedItem 7 › Results of Operations

Summary · quote-checked

SG&A expenses shifted from a decrease driven by lower operating costs to an increase driven by Merger-related and Workhorse expenses.

The reported direction reverses, the drivers are replaced, and the current paragraph adds Merger-related expenses and additional Workhorse expenses, materially changing the results narrative.

Why the model ranked it here

SG&A shifted from a reduction to a substantial increase driven by merger-related and acquired-business costs, materially changing the operating-expense narrative.

Filing text · FY2024 10-K · filed Mar 31, 2025

SG&A expenses [removed] decreased $13.1 million for the year ended December 31, [removed] 2024, compared to the year ended December 31, [removed] 2023. The decrease in SG&A expenses was driven by [removed] a $8.2 million decrease in employee compensation and related expenses primarily due to lower headcount, a decrease of $2.0 million in consulting expenses, a decrease in legal and professional expenses of $1.7 million, a decrease of $1.2 million [removed] in marketing expenses, a decrease in travel and entertainment of $0.8 and lower corporate insurance of $0.6 million, partially offset by a $1.1 million increases in IT related expenses and, depreciation and amortization expense.

Filing text · FY2025 10-K · filed Mar 31, 2026

SG&A expenses [added] increased $8.7 million, or 54.1%, for the year ended December 31, [added] 2025, compared to the year ended December 31, [added] 2024. The increase in SG&A expenses was driven by [added] $6.5 million in Merger-related expenses, primarily legal and investment banker fees. SG&A expenses in 2025 also increased by $1.2 million [added] due to the additional SG&A expenses of Workhorse from the Merger date through the end of the year.

Cite this change

"SG&A expenses increased $8.7 million, or 54.1%, for the year ended December 31, 2025, compared to the year ended December 31, 2024. The increase in SG&A expenses was driven by $6.5 million in Merger-related expenses, primarily legal and investment banker fees. SG&A expenses in 2025 also increased by $1.2 million due to the additional SG&A expenses of Workhorse from the Merger date through the end of the year."

Workhorse Group, Form 10-K for FY2025, Item 7, accession 0001628280-26-022417, filed 31 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1425287/000162828026022417/wkhs-20251231.htm

Comparison: https://yearover.com/reports/wkhs/0001628280-26-022417?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

10ChangedItem 7 › Overview and 2025 Highlights

Summary · quote-checked

The overview shifts from a broad zero-emission and last-mile delivery mission to medium-duty trucking, fleet programs, customer support, and repeat-customer deliveries.

The paragraph substantively changes the company’s stated market focus, activities, customer strategy, and reported delivery profile, rather than merely updating wording or periods.

Why the model ranked it here

The company’s stated focus shifts to medium-duty trucking, fleet deployment and repeat customers, changing the described market strategy and customer base.

Filing text · FY2024 10-K · filed Mar 31, 2025

[removed] We are an American technology company with a vision to pioneer the transition to zero-emission commercial vehicles. Our primary focus is to provide sustainable and cost-effective solutions to the commercial transportation sector. We design and manufacture all-electric vehicles, including the technology that optimizes the way these vehicles operate. We are focused on our core competency of bringing our electric delivery vehicle platforms to serve the "last mile delivery" market.

Filing text · FY2025 10-K · filed Mar 31, 2026

[added] Primarily focused on meeting the needs of the medium duty trucking market, which we believe to be an approximately $23 billion market, we develop, manufacture and deploy electric vehicles for businesses and assist fleets through electrification pilot programs, multi-depot deployments and EV orders. We differentiate ourself in the market with an emphasis on customer support, training and services, resulting in more than half of our vehicle deliveries in 2025 being made to repeat customers.

Cite this change

"Primarily focused on meeting the needs of the medium duty trucking market, which we believe to be an approximately $23 billion market, we develop, manufacture and deploy electric vehicles for businesses and assist fleets through electrification pilot programs, multi-depot deployments and EV orders. We differentiate ourself in the market with an emphasis on customer support, training and services, resulting in more than half of our vehicle deliveries in 2025 being made to repeat customers."

Workhorse Group, Form 10-K for FY2025, Item 7, accession 0001628280-26-022417, filed 31 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1425287/000162828026022417/wkhs-20251231.htm

Comparison: https://yearover.com/reports/wkhs/0001628280-26-022417?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

11ChangedItem 7 › Results of Operations

Summary · quote-checked

The fair-value line item changed from a loss on warrants to a change in fair value of stock rights.

The text names a different equity-linked instrument and no longer states that the adjustment was a loss, indicating a substantive change in the reported item.

Filing text · FY2024 10-K · filed Mar 31, 2025

[removed] Fair value adjustment (loss) on warrants

Filing text · FY2025 10-K · filed Mar 31, 2026

[added] Change in fair value of stock rights

Cite this change

"Change in fair value of stock rights"

Workhorse Group, Form 10-K for FY2025, Item 7, accession 0001628280-26-022417, filed 31 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1425287/000162828026022417/wkhs-20251231.htm

Comparison: https://yearover.com/reports/wkhs/0001628280-26-022417?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

12ChangedItem 7 › Critical Accounting Estimates

Summary · quote-checked

The disclosure shifts from warrant fair-value assumptions to potential changes in warranty liability accruals and related accounting references.

The paragraph changes the subject from warrants and fair-value measurement to warranty reserves and liability exposure, introducing a different accounting obligation and risk.

Filing text · FY2024 10-K · filed Mar 31, 2025

[removed] A change in assumptions used to estimate the fair value of the warrant could materially affect our financial condition and results of operations. Refer to Note [removed] 7, Debt ,and Note 10, Fair Value Measurements, to the Consolidated Financial Statements regarding our [removed] warrants.

Filing text · FY2025 10-K · filed Mar 31, 2026

[added] Although we believe the estimates and judgments discussed herein are reasonable, actual results could differ and we may be exposed to increases or decreases in our warranty liability accrual that could materially affect our financial condition and results of operations. Refer to Note [added] 1, Summary of Business and Significant Accounting Principles, to the Consolidated Financial Statements [added] for information regarding our [added] warranty reserves.

Cite this change

"Although we believe the estimates and judgments discussed herein are reasonable, actual results could differ and we may be exposed to increases or decreases in our warranty liability accrual that could materially affect our financial condition and results of operations. Refer to Note 1, Summary of Business and Significant Accounting Principles, to the Consolidated Financial Statements for information regarding our warranty reserves."

Workhorse Group, Form 10-K for FY2025, Item 7, accession 0001628280-26-022417, filed 31 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1425287/000162828026022417/wkhs-20251231.htm

Comparison: https://yearover.com/reports/wkhs/0001628280-26-022417?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

13ChangedItem 7 › Results of Operations

Summary · quote-checked

Other loss shifted from a $10.0 million Tropos investment impairment in 2023 to a $0.3 million increase primarily from asset disposals in 2025.

The stated direction and driver changed: prior loss reflected a Tropos investment impairment, while current loss primarily reflects disposal of assets, making the MD&A explanation substantively different.

Filing text · FY2024 10-K · filed Mar 31, 2025

Other loss for the year ended December 31, [removed] 2024 was zero compared to [removed] $10.0 million for the year ended December 31, [removed] 2023 related to the impairment of our investment in Tropos.

Filing text · FY2025 10-K · filed Mar 31, 2026

Other loss [added] increased $0.3 million for the year ended December 31, [added] 2025, compared to the year ended December 31, [added] 2024, which primarily relates to a $0.2 million loss from the disposal of assets during the current year.

Cite this change

"Other loss increased $0.3 million for the year ended December 31, 2025, compared to the year ended December 31, 2024, which primarily relates to a $0.2 million loss from the disposal of assets during the current year."

Workhorse Group, Form 10-K for FY2025, Item 7, accession 0001628280-26-022417, filed 31 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1425287/000162828026022417/wkhs-20251231.htm

Comparison: https://yearover.com/reports/wkhs/0001628280-26-022417?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

14ChangedItem 7 › Results of Operations

Summary · quote-checked

R&D expenses changed from a decrease driven by lower headcount and development costs to an increase primarily due to Workhorse merger-related costs.

The reported direction reverses, the magnitude changes, and the stated driver shifts from several expense reductions to additional costs associated with Workhorse after the Merger date.

Filing text · FY2024 10-K · filed Mar 31, 2025

R&D expenses [removed] decreased $15.3 million for the year ended December 31, [removed] 2024, compared to the year ended December 31, [removed] 2023. The decrease was primarily driven by a $6.9 million decrease in employee compensation and related expenses due to [removed] lower headcount, a $4.1 million decrease in prototype expenses related to development expenses for new products which launched in 2023, a $3.4 million decrease in consulting expenses related to the W56-178 wheel base model, offset by the development of the [removed] W56-208 wheel base model, and a reduction in other expenses of $0.9 million.

Filing text · FY2025 10-K · filed Mar 31, 2026

R&D expenses [added] increased $0.3 million, or 2.1%, for the year ended December 31, [added] 2025, compared to the year ended December 31, [added] 2024. The increase in R&D expenses was primarily due to [added] $0.2 million of additional R&D costs of Workhorse from the Merger date through the end of the [added] year.

Cite this change

"R&D expenses increased $0.3 million, or 2.1%, for the year ended December 31, 2025, compared to the year ended December 31, 2024. The increase in R&D expenses was primarily due to $0.2 million of additional R&D costs of Workhorse from the Merger date through the end of the year."

Workhorse Group, Form 10-K for FY2025, Item 7, accession 0001628280-26-022417, filed 31 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1425287/000162828026022417/wkhs-20251231.htm

Comparison: https://yearover.com/reports/wkhs/0001628280-26-022417?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

15ChangedItem 7 › Liquidity and Capital Resources; Going Concern

Summary · quote-checked

Investing cash flow changed from net cash used to net cash provided, with new acquisition proceeds and revised capital-expenditure drivers disclosed.

The cash-flow direction changed and the explanation added merger proceeds and a specific nonrecurring cab-program expenditure, substantively changing liquidity and investing-activity disclosure.

Filing text · FY2024 10-K · filed Mar 31, 2025

During the years ended December 31, [removed] 2024 and 2023, net cash [removed] used in investing activities, was [removed] $4.1 million and [removed] $18.7 million, respectively, representing [removed] a decrease of $14.6 million. The [removed] decrease was primarily driven by [removed] a decline in spending in [removed] tooling and equipment related to our [removed] vehicle programs at our Union City, IN manufacturing facility.

Filing text · FY2025 10-K · filed Mar 31, 2026

During the years ended December 31, [added] 2025 and 2024, net cash [added] provided by (used in) investing activities, was [added] $9.8 million and [added] $(4.8) million, respectively, representing [added] an increase of $14.6 million. The [added] increase was primarily driven by [added] the Merger and acquisition of $10.4 million of cash, as well as $4.2 million lower capital expenditures in 2025 as compared with 2024. The reduction in capital expenditures was primarily driven by spending in [added] 2024 for the prototype cab, tooling, and equipment related to our [added] Argo Class 6 Cab program that did not recur in 2025.

Cite this change

"During the years ended December 31, 2025 and 2024, net cash provided by (used in) investing activities, was $9.8 million and $(4.8) million, respectively, representing an increase of $14.6 million."

Workhorse Group, Form 10-K for FY2025, Item 7, accession 0001628280-26-022417, filed 31 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1425287/000162828026022417/wkhs-20251231.htm

Comparison: https://yearover.com/reports/wkhs/0001628280-26-022417?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

16ChangedItem 7 › Liquidity and Capital Resources; Going Concern

Summary · quote-checked

The financing-proceeds disclosure no longer identifies the 2024 Securities Purchase Agreement or ATM Agreement.

Removing named financing arrangements changes the stated sources of financing proceeds and may affect the disclosed funding dependency; this is more than a wording revision.

Filing text · FY2024 10-K · filed Mar 31, 2025

• Receiving proceeds from our current financing [removed] arrangements, including through our 2024 Securities Purchase Agreement (as defined below) and our ATM Agreement.

Filing text · FY2025 10-K · filed Mar 31, 2026

• Receiving proceeds from our current financing [added] arrangements.

Cite this change

"Receiving proceeds from our current financing arrangements."

Workhorse Group, Form 10-K for FY2025, Item 7, accession 0001628280-26-022417, filed 31 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1425287/000162828026022417/wkhs-20251231.htm

Comparison: https://yearover.com/reports/wkhs/0001628280-26-022417?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

17ChangedItem 7 › Overview and 2025 Highlights

Summary · quote-checked

Added disclosure that the company operates FedEx Ground delivery routes in the greater Cincinnati, OH area under the Stables by Workhorse initiative.

The added operational detail identifies a specific customer-related activity and geographic scope, substantively expanding what the initiative involves beyond a fiscal-year update.

Filing text · FY2024 10-K · filed Mar 31, 2025

[removed] Throughout 2024, we continued to electrify the fleet of vehicles being used in our Stables by Workhorse initiative. The electrification of the fleet provides us with firsthand data on the benefits and challenges of independent fleet operators experience while executing last-mile delivery operations. The initiative also provides valuable insights into how our customers can plan for and manage the transition to EV operations, including how to develop adequate charging infrastructure, training and maintenance services. We expect to continue to benefit from ongoing insights gained from the electrification of the commercial vehicle market and in particular last mile delivery sector.

Filing text · FY2025 10-K · filed Mar 31, 2026

[added] We operate a series of FedEx Ground delivery routes in the greater Cincinnati, OH area under an initiative known as Stables by Workhorse. Throughout 2025, we continued to electrify the fleet of vehicles being used in our Stables by Workhorse initiative. The electrification of the fleet provides us with firsthand data on the benefits and challenges of independent fleet operators experience while executing last-mile delivery operations. The initiative also provides valuable insights into how our customers can plan for and manage the transition to EV operations, including how to develop adequate charging infrastructure, training and maintenance services. We expect to continue to benefit from ongoing insights gained from the electrification of the commercial vehicle market and in particular last mile delivery sector.

Cite this change

"We operate a series of FedEx Ground delivery routes in the greater Cincinnati, OH area under an initiative known as Stables by Workhorse."

Workhorse Group, Form 10-K for FY2025, Item 7, accession 0001628280-26-022417, filed 31 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1425287/000162828026022417/wkhs-20251231.htm

Comparison: https://yearover.com/reports/wkhs/0001628280-26-022417?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

18ChangedItem 7 › Liquidity and Capital Resources; Going Concern

Summary · quote-checked

Removed disclosure of potential 2024 Notes issuance and identified financing channels, leaving a broader statement about liquidity limits from public securities sales.

The paragraph no longer discloses the 2024 Securities Purchase Agreement, additional 2024 Notes, or the ATM program, changing stated financing dependencies and available liquidity mechanisms.

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 of additional 2024 Notes, 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 [removed] $75 million, the SEC's "baby shelf" rules will limit the amount of securities we can offer and sell on Form S-3, including [removed] 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 [removed] 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

Because the public float of our Common Stock is currently less than [added] $75.0 million, the SEC's "baby shelf" rules will limit the amount of securities we can offer and sell on Form S-3, including 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 [added] securities is substantially limited.

Cite this change

"Because the public float of our Common Stock is currently less than $75.0 million, the SEC's "baby shelf" rules will limit the amount of securities we can offer and sell on Form S-3, including Common Stock and all other securities, to one-third of our public float in any twelve month period."

Workhorse Group, Form 10-K for FY2025, Item 7, accession 0001628280-26-022417, filed 31 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1425287/000162828026022417/wkhs-20251231.htm

Comparison: https://yearover.com/reports/wkhs/0001628280-26-022417?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

19ChangedItem 7 › Results of Operations

Summary · quote-checked

The disclosure rolls forward the periods, removes the prior-year tax refund statement, and adds minimum state filing fees despite taxable losses.

The paragraph changes the stated tax obligation and removes a refund disclosure, so it conveys substantively different income-tax information beyond a period roll-forward.

Filing text · FY2024 10-K · filed Mar 31, 2025

For the years ended December 31, [removed] 2024 and 2023, the Company incurred taxable losses and therefore no provision for income tax has been [removed] recorded. During the years ended December 31, 2024 and 2023, the Company received $0.1 million as a refund from a prior year tax provision.

Filing text · FY2025 10-K · filed Mar 31, 2026

For the years ended December 31, [added] 2025 and 2024, the Company incurred taxable losses and therefore no provision for income tax has been [added] recorded, other than the minimum filing fees in certain states.

Cite this change

"For the years ended December 31, 2025 and 2024, the Company incurred taxable losses and therefore no provision for income tax has been recorded, other than the minimum filing fees in certain states."

Workhorse Group, Form 10-K for FY2025, Item 7, accession 0001628280-26-022417, filed 31 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1425287/000162828026022417/wkhs-20251231.htm

Comparison: https://yearover.com/reports/wkhs/0001628280-26-022417?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

20ChangedItem 7 › Recent Trends and Market Conditions

Summary · quote-checked

The discussion shifts from a general EV outlook to commercial fleet adoption dependencies and adds potential adverse effects from regulatory developments.

The paragraph adds critical adoption dependencies, narrows the market focus to commercial fleets, and changes regulatory developments from uncertainty to potentially adverse effects.

Filing text · FY2024 10-K · filed Mar 31, 2025

[removed] The EV adoption landscape in 2025 presents a mixed outlook. State-level incentives continue to provide support for EV ownership, including our W56 platform's approval for California's HVIP through CARB, which offers buyers an $85,000 base voucher per W56 vehicle purchased. However, the changed Presidential Administration has created regulatory uncertainty that may impact market growth. Furthermore, California's recent withdrawal of its waiver request to the EPA has suspended implementation of the Advanced Clean Fleets Regulation ("ACF Regulation"). This withdrawal significantly alters the regulatory framework we previously anticipated. Under the Clean Air Act, California requires EPA approval to establish its own emissions standards for new motor vehicles. With this approval process now paused, the timeline and enforcement mechanisms for emissions regulations remain uncertain. These regulatory developments, together with the new Presidential Administration's general shift away from policies that promote the reduction of carbon emissions and the use of electric vehicles, constitute material considerations for our operations and strategic planning, potentially affecting adoption rates in ways that are difficult to predict at this time.[removed] This evolving regulatory landscape represents a material consideration for our operations and strategic planning, and introduces uncertainty that may impact projected adoption rates.

Filing text · FY2025 10-K · filed Mar 31, 2026

[added] Continued adoption of EVs by operators of commercial vehicle fleets is critical to our success, and such adoption is dependent on several factors, including regulatory mandates, the continuation of subsidies and incentives, electric grid infrastructure improvements, and total cost of ownership as compared to vehicles with internal combustion engines. Although state-level incentives generally continue to provide support for EV ownership, including, without limitation, the state-level incentive programs in California, New Jersey, New York and Washington, the current U.S. presidential administration has created regulatory uncertainty and issued statements in support of the gas and oil industries that may impact growth of the commercial EV market. Additionally, California has withdrawn its waiver request to the EPA, resulting in a suspension of the implementation of the Advanced Clean Fleets Regulation, creating uncertainty regarding the timing and enforcement mechanisms for emissions regulations in California. These regulatory developments may adversely affect EV adoption rates in ways that are difficult to predict at this time.

Cite this change

"Continued adoption of EVs by operators of commercial vehicle fleets is critical to our success, and such adoption is dependent on several factors, including regulatory mandates, the continuation of subsidies and incentives, electric grid infrastructure improvements, and total cost of ownership as compared to vehicles with internal combustion engines."

Workhorse Group, Form 10-K for FY2025, Item 7, accession 0001628280-26-022417, filed 31 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1425287/000162828026022417/wkhs-20251231.htm

Comparison: https://yearover.com/reports/wkhs/0001628280-26-022417?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

21ChangedItem 7 › Overview and 2025 Highlights

Summary · quote-checked

Added FMVSS compliance as an eligibility statement and removed disclosure of W56-208 HVIP approval and company-wide program eligibility.

The paragraph changes the stated basis for incentive eligibility and removes a specific vehicle approval and resulting eligibility claim, altering disclosed program coverage.

Filing text · FY2024 10-K · filed Mar 31, 2025

During [removed] 2024, our vehicles continued to be eligible for several state and federal voucher and tax credit incentive programs supporting the sale of our EV products. All of our MY 2023/2024 Class 4 - 6 vehicles received approval under each state's voucher incentive program with voucher amounts ranging from $60,000 - $125,000 for eligible vehicles.[removed] We also received approval for the W56 - 208 step van to participate in the HVIP program in late 2024 and, as such, all Workhorse vehicles are now eligible for the program.

Filing text · FY2025 10-K · filed Mar 31, 2026

During [added] 2025, our vehicles continued to [added] meet full Federal Motor Vehicle Safety Standards (FMVSS) to be eligible for several state and federal voucher and tax credit incentive programs supporting the sale of our EV products. All of our MY 2023/2024 Class 4 - 6 vehicles received approval under each state's voucher incentive program with voucher amounts ranging from $60,000 - $125,000 for eligible vehicles.

Cite this change

"During 2025, our vehicles continued to meet full Federal Motor Vehicle Safety Standards (FMVSS) to be eligible for several state and federal voucher and tax credit incentive programs supporting the sale of our EV products."

Workhorse Group, Form 10-K for FY2025, Item 7, accession 0001628280-26-022417, filed 31 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1425287/000162828026022417/wkhs-20251231.htm

Comparison: https://yearover.com/reports/wkhs/0001628280-26-022417?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

22ChangedItem 7 › Liquidity and Capital Resources; Going Concern

Summary · quote-checked

The financing cash-flow decrease and its stated causes changed, including a shift from equity and ELOC proceeds to debt proceeds from named agreements.

The paragraph changes the drivers and named financing sources, not merely the reporting period or figures, altering what explains financing cash flows and related dependencies.

Filing text · FY2024 10-K · filed Mar 31, 2025

During the year ended December 31, [removed] 2024, net cash provided by financing activities was [removed] $20.5 million, compared to [removed] $78.3 million in [removed] 2023, representing a decrease of [removed] $57.8 million. This [removed] decrease was primarily due to lower proceeds from [removed] the issuance of Common Stock under our ATM Program in 2024 of $4.2 million and $3.1 million under the ELOC program compared with $62.2 million in 2023, which was partially offset by issuances of 2024 Notes under our 2024 Securities Purchase Agreement, net of repayment of our 2026 Notes in 2024.

Filing text · FY2025 10-K · filed Mar 31, 2026

During the year ended December 31, [added] 2025, net cash provided by financing activities was [added] $32.0 million, compared to [added] $45.3 million in [added] 2024, a decrease of [added] $13.3 million. This was primarily due to lower [added] cash proceeds from [added] debt received in 2025, when we received proceeds of $22.0 million from the A&R Senior Note and $10.0 million from the Cash Flow Credit Agreement, compared with 2024 when we received proceeds of $45.0 million from the A&R Senior Note.

Cite this change

"This was primarily due to lower cash proceeds from debt received in 2025, when we received proceeds of $22.0 million from the A&R Senior Note and $10.0 million from the Cash Flow Credit Agreement, compared with 2024 when we received proceeds of $45.0 million from the A&R Senior Note."

Workhorse Group, Form 10-K for FY2025, Item 7, accession 0001628280-26-022417, filed 31 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1425287/000162828026022417/wkhs-20251231.htm

Comparison: https://yearover.com/reports/wkhs/0001628280-26-022417?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

23ChangedItem 7 › Results of Operations

Summary · quote-checked

The results table adds an impairment line, replaces warrant fair-value activity with stock-rights activity, and reports new-year comparative figures.

The newly named discontinued-product investment impairment and stock-rights fair-value line indicate changed transactions or exposures, beyond a routine period and figure roll-forward.

Filing text · FY2024 10-K · filed Mar 31, 2025
|For the Years Ended December 31,2024 | [removed] 2023Sales, net of returns and allowances | $ | [removed] 6,616,358 | $ | [removed] 13,094,752Cost of sales | [removed] 28,842,087 | 38,350,545Gross loss | [removed] (22,225,729) | (25,255,793)Operating expensesSelling, general and administrative | [removed] 42,512,129 | 55,574,740Research and development | [removed] 9,149,055 | 24,467,933Total operating expenses | [removed] 51,661,184 | 80,042,673Loss from operations | [removed] (73,886,913) | (105,298,466)Interest expense, net | [removed] (22,241,781) | (8,731,247)[removed] Fair value gain (loss) on warrants | (5,778,660) | -Other (loss) income | [removed] - | (10,000,000)Loss before [removed] for income taxes | [removed] (101,907,354) | (124,029,713)[removed] Benefit for income tax | [removed] 117,061 | 110,524Net loss | $ | [removed] (101,790,293) | $ | [removed] (123,919,189)
Filing text · FY2025 10-K · filed Mar 31, 2026
|For the Years Ended December 31,[added] | Change[added] ($ in thousands) | 2025 | 2024 | [added] $ | %Sales, net of returns and allowances | $ | [added] 21,211 | $ | [added] 7,044 | 14,167 | 201.1 | %Cost of sales | [added] 30,766 | 13,190 | 17,576 | 133.3 | %Gross loss | [added] (9,555) | (6,146) | (3,409) | 55.5 | %Operating expensesSelling, general and administrative | [added] 24,722 | 16,047 | 8,675 | 54.1 | %Research and development | [added] 13,163 | 12,891 | 272 | 2.1 | %[added] Impairment loss on discontinued product line investment | - | 6,246 | (6,246) | (100.0) | %Total operating expenses | [added] 37,885 | 35,184 | 2,701 | 7.7 | %Loss from operations | [added] (47,440) | (41,330) | (6,110) | 14.8 | %Interest expense, net | [added] (17,421) | (10,260) | (7,161) | 69.8 | %[added] Change in fair value of stock rights | 1,038 | -[added] | 1,038 | 100.0 | %Other (loss) income | [added] (259) | 3 | (262) | (7916.6) | %Loss before income taxes | [added] (64,082) | (51,587) | (12,495) | 24.2 | %[added] Provision for income tax | [added] (4) | (1) | (3) | 425.0 | %Net loss | $ | [added] (64,086) | $ | [added] (51,588) | (12,498) | 24.2 | %
Cite this change

"Impairment loss on discontinued product line investment | - | 6,246 | (6,246) | (100.0) | %"

Workhorse Group, Form 10-K for FY2025, Item 7, accession 0001628280-26-022417, filed 31 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1425287/000162828026022417/wkhs-20251231.htm

Comparison: https://yearover.com/reports/wkhs/0001628280-26-022417?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

24ChangedItem 7 › Liquidity and Capital Resources; Going Concern

Summary · quote-checked

The company narrowed expense reductions to redundant expenses and changed the capital-expenditure limitation from non-contracted to non-strategic spending.

The change replaces contractual-status language with strategic-priority language and narrows expenses targeted for reduction, altering the stated liquidity and capital-allocation approach.

Filing text · FY2024 10-K · filed Mar 31, 2025

• Reducing expenses and limiting [removed] non-contracted capital expenditures.

Filing text · FY2025 10-K · filed Mar 31, 2026

• Reducing [added] redundant expenses and limiting [added] non-strategic capital expenditures.

Cite this change

"• Reducing redundant expenses and limiting non-strategic capital expenditures."

Workhorse Group, Form 10-K for FY2025, Item 7, accession 0001628280-26-022417, filed 31 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1425287/000162828026022417/wkhs-20251231.htm

Comparison: https://yearover.com/reports/wkhs/0001628280-26-022417?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

25ChangedItem 7 › Liquidity and Capital Resources; Going Concern

Summary · quote-checked

The operating cash-flow discussion rolls forward to 2025 and changes the reported drivers, including working capital, higher losses, and a nonrecurring impairment loss.

The explanation of cash used in operations substantively changes, adding different drivers and a nonrecurring impairment item; this is more than a period or figure roll-forward.

Filing text · FY2024 10-K · filed Mar 31, 2025

During the years ended December 31, [removed] 2024 and 2023, net cash used in operating activities was [removed] $47.6 million and [removed] $123.0 million, respectively, representing [removed] a decrease of $75.4 million. The decrease in net cash used in operations was primarily [removed] attributable to a lower net loss incurred in 2024 compared with the prior year, adjusted for non-cash items included in net loss such as depreciation and amortization expense, stock based compensation, changes in fair value on our convertible notes and related warrants and impairment of our investment in Tropos, and the benefit of cost savings measures taken during 2024. Furthermore, lower working capital requirements in 2024, including a significant reduction in cash outlays for the purchase of direct and indirect materials as a result of a lower sales environment, provided a significant benefit compared with the prior year.

Filing text · FY2025 10-K · filed Mar 31, 2026

During the years ended December 31, [added] 2025 and 2024, net cash used in operating activities was [added] $35.6 million and [added] $38.2 million, respectively, representing [added] an improvement of $2.6 million. The decrease in net cash used in operations was primarily [added] due to higher cash provided by changes in working capital in 2025 as compared with 2024, including inventory, accounts payable, accrued liabilities and other long-term liabilities, and prepaid and other current assets. This improvement was partly offset by higher net losses in 2025 compared with 2024. Additionally, we experienced a $6.2 million impairment loss on discontinued product line investment in 2024 that did not recur in 2025.

Cite this change

"The decrease in net cash used in operations was primarily due to higher cash provided by changes in working capital in 2025 as compared with 2024, including inventory, accounts payable, accrued liabilities and other long-term liabilities, and prepaid and other current assets."

Workhorse Group, Form 10-K for FY2025, Item 7, accession 0001628280-26-022417, filed 31 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1425287/000162828026022417/wkhs-20251231.htm

Comparison: https://yearover.com/reports/wkhs/0001628280-26-022417?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

26ChangedItem 7 › Liquidity and Capital Resources; Going Concern

Summary · quote-checked

The cash-flow table was updated, including a change in investing activities from net cash used to net cash provided by (used in).

The investing cash-flow direction changed from entirely used to provided by in the current period, a substantive change beyond a routine year or figure roll-forward.

Filing text · FY2024 10-K · filed Mar 31, 2025
|For the Years Ended December 31,[removed] 2024 | 2023Net cash used in operating activities | [removed] $ | (47,590,024) | $ | (123,024,049)Net cash [removed] used in investing activities | [removed] (4,064,293) | (18,687,451)Net cash provided by financing activities | [removed] 20,453,340 | 78,281,114
Filing text · FY2025 10-K · filed Mar 31, 2026
|For the Years Ended December 31,[added] (in thousands) | 2025 | 2024Net cash used in operating activities | [added] (35,553) | (38,154)Net cash [added] provided by (used in) investing activities | [added] 9,827 | (4,761)Net cash provided by financing activities | [added] 32,017 | 45,286
Cite this change

"Net cash provided by (used in) investing activities | 9,827 | (4,761)"

Workhorse Group, Form 10-K for FY2025, Item 7, accession 0001628280-26-022417, filed 31 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1425287/000162828026022417/wkhs-20251231.htm

Comparison: https://yearover.com/reports/wkhs/0001628280-26-022417?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

27ChangedItem 7 › Liquidity and Capital Resources; Going Concern

Summary · quote-checked

The company added the impact of the Merger as a primary factor affecting investing cash flows and their variability.

This adds a newly identified event as a stated driver of investing cash flows, substantively changing the MD&A explanation rather than merely updating wording.

Filing text · FY2024 10-K · filed Mar 31, 2025

Cash flows used in investing activities and their variability across each period related primarily to capital expenditures to upgrade and maintain our research and production [removed] facilities.

Filing text · FY2025 10-K · filed Mar 31, 2026

Cash flows used in investing activities and their variability across each period related primarily to capital expenditures to upgrade and maintain our research and production [added] facilities and the impact of the Merger.

Cite this change

"Cash flows used in investing activities and their variability across each period related primarily to capital expenditures to upgrade and maintain our research and production facilities and the impact of the Merger."

Workhorse Group, Form 10-K for FY2025, Item 7, accession 0001628280-26-022417, filed 31 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1425287/000162828026022417/wkhs-20251231.htm

Comparison: https://yearover.com/reports/wkhs/0001628280-26-022417?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

28ChangedItem 7 › Overview and 2025 Highlights

Summary · quote-checked

The disclosure changes from customer eligibility for a vehicle credit to stating that the IRS no longer offers the credit.

The current paragraph removes the stated customer credit benefit and adds a specific termination date for the credit, changing the disclosed incentive and its availability.

Filing text · FY2024 10-K · filed Mar 31, 2025

[removed] We also received IRS approval as a qualified manufacturer for the Commercial Clean Vehicle Credit as defined in 30D(d)(3) of the Internal Revenue Code. [removed] With this approval, Workhorse customers are eligible to receive up to a $40,000 credit for deliveries of all Workhorse vehicles in 2024 and beyond.

Filing text · FY2025 10-K · filed Mar 31, 2026

[added] In 2024, Workhorse received Internal Revenue Service ("IRS") approval as a qualified manufacturer for the Commercial Clean Vehicle Credit as defined in 30D(d)(3) of the Internal Revenue Code. [added] As of September 30, 2025, the IRS is no longer offering the Commercial Clean Vehicle Credit.

Cite this change

"As of September 30, 2025, the IRS is no longer offering the Commercial Clean Vehicle Credit."

Workhorse Group, Form 10-K for FY2025, Item 7, accession 0001628280-26-022417, filed 31 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1425287/000162828026022417/wkhs-20251231.htm

Comparison: https://yearover.com/reports/wkhs/0001628280-26-022417?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

29ChangedItem 7 › Recent Trends and Market Conditions

Summary · quote-checked

The disclosure adds the war in Iran and other Middle East tensions, and changes the inflation and financing impact from current to moderated and conditional future effects.

The paragraph names additional geopolitical events and changes management’s stated assessment from a near-term impact and likely financing-cost increase to moderated inflation and conditional future impacts.

Filing text · FY2024 10-K · filed Mar 31, 2025

Inflation continues to impact our operations, resulting from both supply and demand imbalances as economies continue to face constraints as well as the impact on the availability and cost of energy and other commodities as a result of the ongoing [removed] conflicts in Ukraine and the Middle East. [removed] We are seeing a near-term impact on our business due to inflationary pressure. In an effort to dampen inflationary pressures, certain central banks raised interest rates, which has, and will likely continue to raise the cost of our financing.

Filing text · FY2025 10-K · filed Mar 31, 2026

Inflation continues to impact our operations, resulting from both supply and demand imbalances as economies continue to face constraints as well as the impact on the availability and cost of energy and other commodities as a result of the ongoing [added] war in Ukraine, the war in Iran, and other tensions in the Middle East. [added] While inflation had moderated in 2025, to the extent inflation or interest rates rise, we would experience an impact on our business, resulting in higher input costs and increasing the cost of any financing the Company may undertake in the future.

Cite this change

"While inflation had moderated in 2025, to the extent inflation or interest rates rise, we would experience an impact on our business, resulting in higher input costs and increasing the cost of any financing the Company may undertake in the future."

Workhorse Group, Form 10-K for FY2025, Item 7, accession 0001628280-26-022417, filed 31 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1425287/000162828026022417/wkhs-20251231.htm

Comparison: https://yearover.com/reports/wkhs/0001628280-26-022417?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

30ChangedItem 7 › Critical Accounting Estimates

Summary · quote-checked

The disclosure changes where convertible-note fair value changes are reported and removes the statement that credit-risk changes were recorded in other comprehensive loss.

This changes the described accounting treatment, not merely the presentation or wording, because the prior allocation of credit-risk changes to other comprehensive loss is no longer disclosed.

Filing text · FY2024 10-K · filed Mar 31, 2025

Nature of Estimates Required: As permitted under ASC 825, Financial Instruments, ("ASC 825"), we elected the fair value option to account for our convertible notes. We record changes in fair value of the convertible notes in [removed] Interest expense, net in the Consolidated Statements of Operations, and changes in fair value of [removed] the convertible notes [removed] attributable to credit risk in Other comprehensive loss. The primary reason for electing the fair value option is for simplification and cost-benefit considerations of accounting for the convertible notes (the hybrid financial instrument) at fair value in its entirety versus bifurcation of the embedded derivatives.

Filing text · FY2025 10-K · filed Mar 31, 2026

Nature of Estimates Required: As permitted under ASC 825, Financial Instruments, ("ASC 825"), we elected the fair value option to account for our convertible notes. We record changes in fair value of the convertible notes in [added] Change in fair value of convertible notes [added] in the Consolidated Statements of Operations. The primary reason for electing the fair value option is for simplification and cost-benefit considerations of accounting for the convertible notes (the hybrid financial instrument) at fair value in its entirety versus bifurcation of the embedded derivatives.

Cite this change

"We record changes in fair value of the convertible notes in Change in fair value of convertible notes in the Consolidated Statements of Operations."

Workhorse Group, Form 10-K for FY2025, Item 7, accession 0001628280-26-022417, filed 31 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1425287/000162828026022417/wkhs-20251231.htm

Comparison: https://yearover.com/reports/wkhs/0001628280-26-022417?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

31ChangedItem 7 › Liquidity and Capital Resources; Going Concern

Summary · quote-checked

The disclosure changes the horizon for binding purchase orders and identifies customer order volumes and other factors as drivers of potential changes.

The paragraph substantively changes how purchase-order commitments are defined and explains that timing and magnitude could change materially based on customer demand and other factors.

Filing text · FY2024 10-K · filed Mar 31, 2025

From time to time in the ordinary course of business, we enter into agreements with vendors for the purchase of components and raw materials to be used in the manufacture of our products. However, due to contractual terms, variability in the precise growth curves of our development and production ramps, and opportunities to renegotiate pricing, we generally do not [removed] have binding and enforceable purchase orders under such contracts beyond the [removed] short term, and the timing and magnitude of purchase orders beyond such period [removed] is difficult to accurately project.

Filing text · FY2025 10-K · filed Mar 31, 2026

From time to time in the ordinary course of business, we enter into agreements with vendors for the purchase of components and raw materials to be used in the manufacture of our products. However, due to contractual terms, variability in the precise growth curves of our development and production ramps, and opportunities to renegotiate pricing, we generally do not [added] enter into binding and enforceable purchase orders under such contracts beyond the [added] needs of our current production schedule and expected supplier lead times. The timing and magnitude of purchase orders beyond such period [added] could change materially based on customer order volumes and other factors.

Cite this change

"we generally do not enter into binding and enforceable purchase orders under such contracts beyond the needs of our current production schedule and expected supplier lead times. The timing and magnitude of purchase orders beyond such period could change materially based on customer order volumes and other factors."

Workhorse Group, Form 10-K for FY2025, Item 7, accession 0001628280-26-022417, filed 31 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1425287/000162828026022417/wkhs-20251231.htm

Comparison: https://yearover.com/reports/wkhs/0001628280-26-022417?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

32ChangedItem 7 › Liquidity and Capital Resources; Going Concern

Summary · quote-checked

Updated annual figures report different sales, losses, operating cash use, liquidity balances, working capital, and accumulated deficit.

Although the periods roll forward, the changed figures materially alter the disclosed liquidity and financial-condition picture, including cash, working capital, operating cash use, and accumulated deficit.

Filing text · FY2024 10-K · filed Mar 31, 2025

We had sales, net of returns and allowances of [removed] $6.6 million and incurred a net loss of [removed] $101.9 million and used [removed] $47.6 million of cash in operating activities during the year ended December 31, [removed] 2024. As of December 31, [removed] 2024, the Company had [removed] $4.6 million of cash and cash equivalents, net accounts receivable of [removed] $0.5 million, other receivables of $0.5 million, inventory, net of reserves of [removed] $41.8 million and accounts payable of [removed] $11.5 million. As of December 31, [removed] 2024, the Company had working capital of [removed] $8.2 million and an accumulated deficit of [removed] $853.4 million.

Filing text · FY2025 10-K · filed Mar 31, 2026

We had sales, net of returns and allowances of [added] $21.2 million and incurred a net loss of [added] $64.1 million and used [added] $35.6 million of cash in operating activities during the year ended December 31, [added] 2025. As of December 31, [added] 2025, the Company had [added] $12.9 million of cash and cash equivalents, net accounts receivable of [added] $3.9 million, inventory, net of reserves of [added] $39.1 million and accounts payable of [added] $11.6 million. As of December 31, [added] 2025, the Company had working capital of [added] $21.0 million and an accumulated deficit of [added] $319.0 million.

Cite this change

"As of December 31, 2025, the Company had $12.9 million of cash and cash equivalents, net accounts receivable of $3.9 million, inventory, net of reserves of $39.1 million and accounts payable of $11.6 million."

Workhorse Group, Form 10-K for FY2025, Item 7, accession 0001628280-26-022417, filed 31 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1425287/000162828026022417/wkhs-20251231.htm

Comparison: https://yearover.com/reports/wkhs/0001628280-26-022417?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

33SplitItem 7 › Overview and 2025 Highlights

Summary · quote-checked

The disclosure removes the W56’s FMVSS and California HVIP certification statement and adds descriptive language about vehicle types, frame configuration, safety and efficiency.

Removing a specific vehicle certification and compliance event changes the disclosed substance; this is more than paragraph restructuring or wording.

Filing text · FY2024 10-K · filed Mar 31, 2025

[removed] On October 15, 2024 our 208-inch extended wheelbase version of the W56 step van was certified to meet full Federal Motor Vehicle Safety Standards (FMVSS) and received California's HVIP certification. We believe these certifications not only validate the vehicle's safety and environmental compliance but also underscore our capability of providing reliable solutions for the electric commercial vehicle market.

Filing text · FY2025 10-K · filed Mar 31, 2026

The W56 versatile platform is based on long-standing Company know-how in the Class 5/6 truck chassis market, a robust medium-duty chassis, designed for last-mile delivery and high payload work-truck applications. Initially the W56 is delivered in either a stripped chassis or complete step van configuration. The W56 platform provides a robust foundation for custom body [added] builds, from delivery vans and utility vehicles to specialized vehicles. With its strong, configurable frame, the W56 is designed for safety and efficiency, and tailored to meet customer demands. We believe these certifications not only validate the vehicle's safety and environmental compliance but also underscore our capability of providing reliable solutions for the electric commercial vehicle market.

Cite this change

"builds, from delivery vans and utility vehicles to specialized vehicles. With its strong, configurable frame, the W56 is designed for safety and efficiency, and tailored to meet customer demands."

Workhorse Group, Form 10-K for FY2025, Item 7, accession 0001628280-26-022417, filed 31 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1425287/000162828026022417/wkhs-20251231.htm

Comparison: https://yearover.com/reports/wkhs/0001628280-26-022417?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

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