Skip to content

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.

04RemovedItem 7 › Liquidity and Capital Resources; Going Concern

Summary · quote-checked

Removed disclosure that existing financing arrangements restrict the company’s ability to obtain additional financing.

The removed text describes a financing-related restriction and dependency, which is substantive rather than a formatting or year-roll-forward change.

Why the model ranked it here

The removed disclosure identified restrictions in existing financing arrangements that limited the company’s ability to obtain additional financing.

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

[removed] In addition, the terms of our existing financing arrangements impose substantial restrictions on our ability to obtain additional financing.

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

No corresponding language in the FY2025 10-K.

Cite this change

"In addition, the terms of our existing financing arrangements impose substantial restrictions on our ability to obtain additional"

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.

05RemovedItem 7 › Liquidity and Capital Resources

Summary · quote-checked

Removed disclosure that expected lockbox funds might not be received or drawable under the Tenth Additional 2024 Note.

The deleted paragraph disclosed a specific funding dependency and possible inability to access remaining liquidity, changing the stated liquidity disclosure.

Why the model ranked it here

The removed disclosure identified a dependency on receiving and accessing additional lockbox funds, including the possibility that some liquidity would remain unavailable.

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

In addition, during the first two months of 2025, we issued and sold to the Investor 2024 Notes in the aggregate principal amount of $38.5 million and 2024 Warrants to purchase up to 55.0 million shares of Common Stock, (4.4 million shares adjusted for the 2025 Reverse Stock Split). As described in our Current Report on Form 8-K filed with the SEC on February 12, 2025, we issued a 2024 Note in the aggregate principal amount of $35.0 million (the "Tenth Additional 2024 Note") governed by a lockbox letter entered into between the Company and the Investor (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, of the Tenth Additional 2024 Note were deposited into a lockbox account under the control of the collateral agent under the 2024 Securities Purchase Agreement. Funds may only be released from the lockbox account from time to time (i) in an amount corresponding to the principal amount converted, if the Investor converts any portion of the Tenth Additional 2024 Note; (ii) in the amount of $2.6 million each calendar month, if the Company satisfies the conditions of a Market Release Event (as defined in the Lockbox Letter), including a minimum Common Stock price and trading volume conditions; or (iii) otherwise, with the consent of the Investor. On March 7, 2024, the Investor notified us that it consented to the release of $3.0 million from the lockbox account, which released funds we received on March 11, 2025. [removed] Although we expect that we will receive additional funds held in the lockbox account during the term of the Tenth Additional 2024 Note, it is possible that the foregoing events will not occur with respect to some or all of the principal amount of the Tenth Additional 2024 Note and that, accordingly, we will not be able to draw any or all of the remaining funds in the lockbox account.

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

No corresponding language in the FY2025 10-K.

Cite this change

"Although we expect that we will receive additional funds held in the lockbox account during the term of the Tenth Additional 2024 Note, it is possible that the foregoing events will not occur with respect to some or all of the principal amount of the Tenth Additional 2024 Note and that, accordingly, we will not be able to draw any or all of the remaining funds in the lockbox account."

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.

06RemovedItem 7 › Liquidity and Capital Resources

Summary · quote-checked

The current filing removed disclosure that the Company issued $39.0 million of 2024 Notes and 15.6 million 2024 Warrants during 2024.

The removed paragraph disclosed newly issued debt and warrants, representing financing obligations and equity-related instruments; its removal changes the stated capital structure and obligations.

Why the model ranked it here

The removed disclosure documented the issuance of additional debt and warrants, which materially affected the company’s financing obligations and potential equity dilution.

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

[removed] Pursuant to the 2024 Securities Purchase Agreement, during the year ended December 31, 2024, the Company issued and sold to the Investor (i) 2024 Notes in the original principal amount of $39.0 million and (ii) issued 15.6 million 2024 Warrants, (1.3 million shares adjusted for the 2025 Reverse).

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

No corresponding language in the FY2025 10-K.

Cite this change

"Pursuant to the 2024 Securities Purchase Agreement, during the year ended December 31, 2024, the Company issued and sold to the Investor (i) 2024 Notes in the original principal amount of $39.0 million and (ii) issued 15.6 million 2024 Warrants, (1.3 million shares adjusted for the 2025 Reverse)."

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.

07RemovedItem 7 › Liquidity and Capital Resources

Summary · quote-checked

The current filing removes disclosure of the 2024 Notes’ outstanding amounts and the absence of shares issued under the 2024 Warrants.

Removing this paragraph changes disclosure about outstanding debt and potential equity issuance, which concerns financing obligations and dilution-related dependencies.

Why the model ranked it here

The removed disclosure showed the remaining debt under the financing arrangement and the absence of warrant-related share issuance, clarifying outstanding obligations and potential dilution.

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

[removed] As of December 31, 2024, the 2024 Notes had an outstanding fair value aggregate principal amount of $10.5 million, with an outstanding aggregate principal amount of $7.6 million. No shares had been issued pursuant to the 2024 Warrants as of December 31, 2024.

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

No corresponding language in the FY2025 10-K.

Cite this change

"As of December 31, 2024, the 2024 Notes had an outstanding fair value aggregate principal amount of $10.5 million, with an outstanding aggregate principal amount of $7.6 million. No shares had been issued pursuant to the 2024 Warrants as of December 31, 2024."

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.

08RemovedItem 7 › Liquidity and Capital Resources

Summary · quote-checked

The MD&A no longer discloses the Company’s $50.0 million equity line of credit and related registration rights agreement.

Removing this paragraph eliminates disclosure of an available equity financing facility, its 24-month term, and associated registration arrangement, changing the stated liquidity and capital resources information.

Why the model ranked it here

The removed disclosure described an available equity financing facility and related registration rights, changing the stated sources of capital and liquidity.

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

[removed] On December 12, 2023, the Company entered into an equity line of credit purchase agreement (the "ELOC Purchase Agreement") with Lincoln Park Capital Fund, LLC (the "Purchaser") which provides that, upon the terms and subject to the conditions and limitations set forth therein, the Company may sell to the Purchaser up to $50.0 million of shares of Common Stock over the 24-month term of the ELOC Purchase Agreement. Concurrently with entering into the ELOC Purchase Agreement, the Company also entered into a registration rights agreement (the "ELOC Registration Rights Agreement") with the Purchaser, whereby the issuance of the shares pursuant to the ELOC Purchase Agreement were registered pursuant to the Company's effective shelf registration statement on Form S-3, and the related base prospectus included in the registration statement, as supplemented by a prospectus supplement filed on December 27, 2023.

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

No corresponding language in the FY2025 10-K.

Cite this change

"On December 12, 2023, the Company entered into an equity line of credit purchase agreement (the "ELOC Purchase Agreement") with Lincoln Park Capital Fund, LLC (the "Purchaser") which provides that, upon the terms and subject to the conditions and limitations set forth therein, the Company may sell to the Purchaser up to $50.0 million of shares of Common Stock over the 24-month term of the ELOC Purchase Agreement. Concurrently with entering into the ELOC Purchase Agreement, the Company also entered into a registration rights agreement (the "ELOC Registration Rights Agreement") with the Purchaser, whereby the issuance of the shares pursuant to the ELOC Purchase Agreement were registered pursuant to the Company's effective shelf registration statement on Form S-3, and the related base prospectus included in the registration statement, as supplemented by a prospectus supplement filed on December 27, 2023."

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.

09RemovedItem 7 › Liquidity and Capital Resources

Summary · quote-checked

The current filing removes disclosure that the Company fully satisfied the $20.0 million 2026 Notes using restricted cash, cash, and Common Stock.

The removed paragraph disclosed repayment of convertible notes and use of restricted cash, warrants, and Common Stock, changing disclosed obligations and liquidity resources.

Why the model ranked it here

The removed disclosure described the repayment of convertible notes using restricted cash, cash, and common stock, materially changing the reported obligations and use of liquidity resources.

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

[removed] Prior to entering the 2024 Securities Purchase Agreement described above, the Company satisfied in full the $20.0 million principal amount of green senior convertible notes (the "2026 Notes") due October 1, 2026, by utilizing $10.0 million of restricted cash and redeeming the related warrants through a combination of cash payment and the exchange of Common Stock.

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

No corresponding language in the FY2025 10-K.

Cite this change

"Prior to entering the 2024 Securities Purchase Agreement described above, the Company satisfied in full the $20.0 million principal amount of green senior convertible notes (the "2026 Notes") due October 1, 2026, by utilizing $10.0 million of restricted cash and redeeming the related warrants through a combination of cash payment and the exchange 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.

10RemovedItem 7 › Liquidity and Capital Resources

Summary · quote-checked

Removed disclosure of the impaired Tropos investment and the Company’s continuing obligation to perform assembly services.

The removed paragraph disclosed a specific counterparty investment, a $10.0 million impairment, and an ongoing service obligation, changing disclosed financial exposure and commitments.

Why the model ranked it here

The removed disclosure combined an impaired investment with an ongoing obligation to provide assembly services, revealing both financial exposure and a continuing counterparty commitment.

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

[removed] We have a minority ownership investment in Tropos Technologies, Inc. ("Tropos") which was obtained during the third quarter of 2022 in exchange for a cash payment of $5.0 million and a $5.0 million contribution of non-cash consideration representing a deposit from Tropos for future assembly services under an Assembly Services Agreement. During the third quarter of 2023, we determined that our investment in Tropos was impaired based on the economic conditions and uncertainties that have significantly affected Tropos' performance and financial position. The impairment charge recognized for our investment was $10.0 million, which represents the difference between the original cost of the investment and its fair value as of the impairment assessment date. Despite the impairment, the Company remains obligated to continue to perform assembly services for Tropos.

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

No corresponding language in the FY2025 10-K.

Cite this change

"We have a minority ownership investment in Tropos Technologies, Inc. ("Tropos") which was obtained during the third quarter of 2022 in exchange for a cash payment of $5.0 million and a $5.0 million contribution of non-cash consideration representing a deposit from Tropos for future assembly services under an Assembly Services Agreement. During the third quarter of 2023, we determined that our investment in Tropos was impaired based on the economic conditions and uncertainties that have significantly affected Tropos' performance and financial position. The impairment charge recognized for our investment was $10.0 million, which represents the difference between the original cost of the investment and its fair value as of the impairment assessment date. Despite the impairment, the Company remains obligated to continue to perform assembly services for Tropos."

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.

11RemovedItem 7 › Overview and 2024 Highlights

Summary · quote-checked

Removed a statement referring to bringing product innovations to market.

The removed text concerns product innovation activity rather than dates, formatting, or standard language; its incomplete context limits further determination of the precise disclosure change.

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

We continue to seek opportunities to grow the business organically, and by expanding relationships with existing and new customers. We believe we are well positioned to take advantage of long-term opportunities and continue our efforts to bring [removed] product innovations to market.

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

No corresponding language in the FY2025 10-K.

Cite this change

"product innovations to market."

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.

12RemovedItem 7 › Liquidity and Capital Resources

Summary · quote-checked

Removed disclosure of 2024 Notes, warrants, lockbox restrictions, release conditions, and funds released to the Company.

The removed paragraph disclosed financing instruments, controlled proceeds, release conditions, and an actual fund release, changing the MD&A’s disclosure of obligations and liquidity arrangements.

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

[removed] In addition, during the first two months of 2025, we issued and sold to the Investor 2024 Notes in the aggregate principal amount of $38.5 million and 2024 Warrants to purchase up to 55.0 million shares of Common Stock, (4.4 million shares adjusted for the 2025 Reverse Stock Split). As described in our Current Report on Form 8-K filed with the SEC on February 12, 2025, we issued a 2024 Note in the aggregate principal amount of $35.0 million (the "Tenth Additional 2024 Note") governed by a lockbox letter entered into between the Company and the Investor (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, of the Tenth Additional 2024 Note were deposited into a lockbox account under the control of the collateral agent under the 2024 Securities Purchase Agreement. Funds may only be released from the lockbox account from time to time (i) in an amount corresponding to the principal amount converted, if the Investor converts any portion of the Tenth Additional 2024 Note; (ii) in the amount of $2.6 million each calendar month, if the Company satisfies the conditions of a Market Release Event (as defined in the Lockbox Letter), including a minimum Common Stock price and trading volume conditions; or (iii) otherwise, with the consent of the Investor. On March 7, 2024, the Investor notified us that it consented to the release of $3.0 million from the lockbox account, which released funds we received on March 11, 2025. Although we expect that we will receive additional funds held in the lockbox account during the term of the Tenth Additional 2024 Note, it is possible that the foregoing events will not occur with respect to some or all of the principal amount of the Tenth Additional 2024 Note and that, accordingly, we will not be able to draw any or all of the remaining funds in the lockbox account.

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

No corresponding language in the FY2025 10-K.

Cite this change

"Pursuant to the Lockbox Letter, the net proceeds of $30.6 million after 12.5% original issue discount and related fees and expenses, of the Tenth Additional 2024 Note were deposited into a lockbox account under the control of the collateral agent under the 2024 Securities Purchase Agreement."

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.

13RemovedItem 7 › Liquidity and Capital Resources

Summary · quote-checked

The filing removed disclosure describing the Company’s ability to direct purchases of Common Stock under a committed purchase arrangement.

The removed paragraph disclosed a financing mechanism, purchase capacity, pricing terms, and the Purchaser’s committed obligation, changing the stated liquidity and capital resources disclosure.

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

[removed] The Company may direct the Purchaser, at its sole discretion, and subject to certain conditions, to purchase up to 1.0 million shares of Common Stock on any business day (a "Regular Purchase"). The amount of a Regular Purchase may be increased under certain circumstances to 1.25 million shares if the closing price is not below $0.40 and up to 1.5 million if the closing price is not below $0.50 provided the Purchaser's committed obligation under any single Regular Purchase shall not exceed $2.0 million. The purchase price for Regular Purchases (the "Purchase Price") shall be equal to 97.5% of the lower of the lowest sale price of Common Stock on the Purchase Date for such Regular Purchase and the arithmetic average of the three lowest closing sale prices for the Common Stock during the ten consecutive business days ending on the business day immediately prior to the Purchase Date, with a floor of $0.10. In the event the Company issues the full amount allowed under a Regular Purchase on any given business day, we may also direct the Purchaser to purchase additional amounts as accelerated purchases. The purchase price for the accelerated and additional accelerated purchases shall be equal to the lesser of 97.0% of such day's the VWAP of the Common Stock on the principal market and the closing sale price of the Common Stock on such day.

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

No corresponding language in the FY2025 10-K.

Cite this change

"The Company may direct the Purchaser, at its sole discretion, and subject to certain conditions, to purchase up to 1.0 million shares of Common Stock on any business day (a "Regular Purchase")."

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.

14RemovedItem 7 › Liquidity and Capital Resources

Summary · quote-checked

The MD&A no longer discloses the ELOC commitment fee, including its share-based amount, valuation, and accounting treatment as interest expense.

Removal eliminates disclosure of a financing-related fee, share issuance, and associated expense recognition, changing the stated obligations and transaction details.

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

[removed] In connection with the ELOC Purchase Agreement and ELOC Registration Rights Agreement, the Company paid a non-cash commitment fee to the Purchaser in the amount of 3.8 million shares of Common Stock of the Company (valued at $1.5 million). The Company reflected the commitment fee as an expense in Interest expense, net in the Consolidated Statements of Operations based on the fair value on the issuance date.

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

No corresponding language in the FY2025 10-K.

Cite this change

"In connection with the ELOC Purchase Agreement and ELOC Registration Rights Agreement, the Company paid a non-cash commitment fee to the Purchaser in the amount of 3.8 million shares of Common Stock of the Company (valued at $1.5 million)."

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.

15RemovedItem 7 › Liquidity and Capital Resources

Summary · quote-checked

Removed disclosure of a Nasdaq limitation on shares the Company could issue or sell to the ELOC purchaser without stockholder approval.

The removed paragraph disclosed a specific issuance restriction and stockholder-approval requirement, changing the stated financing obligation and capacity.

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

[removed] Under applicable rules of the Nasdaq Capital Market, the Company cannot issue or sell more than 19.99% of the shares of Common Stock outstanding immediately prior to the execution of the ELOC Purchase Agreement to the Purchaser under the ELOC Purchase Agreement without stockholder approval.

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

No corresponding language in the FY2025 10-K.

Cite this change

"Under applicable rules of the Nasdaq Capital Market, the Company cannot issue or sell more than 19.99% of the shares of Common Stock outstanding immediately prior to the execution of the ELOC Purchase Agreement to the Purchaser under the ELOC Purchase Agreement without stockholder approval."

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.

16RemovedItem 7 › Liquidity and Capital Resources

Summary · quote-checked

Removed disclosure that the Company sold shares under the ELOC Purchase Agreement and received $3.1 million in proceeds.

The paragraph disclosed equity issuance activity and proceeds, describing a financing transaction and liquidity source; its removal changes the disclosed capital-raising information.

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

[removed] During the year ended December 31, 2024, excluding the additional commitment shares issued to the Purchaser disclosed above, the Company did not sell any shares of Common Stock pursuant to the ELOC Purchase Agreement. The Company sold 48,000 shares of Common Stock (adjusted for the 2024 Reverse Stock Split and 2025 Reverse Stock Split) pursuant to the ELOC Purchase Agreement and received proceeds of $3.1 million.

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

No corresponding language in the FY2025 10-K.

Cite this change

"The Company sold 48,000 shares of Common Stock (adjusted for the 2024 Reverse Stock Split and 2025 Reverse Stock Split) pursuant to the ELOC Purchase Agreement and received proceeds of $3.1 million."

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.

17RemovedItem 7 › Liquidity and Capital Resources

Summary · quote-checked

The disclosure of the purchased put right’s derivative classification and insignificant value was removed.

Removing this paragraph eliminates disclosure of an equity-linked contract, its accounting treatment as a derivative asset, and its stated value, changing the disclosed obligation or instrument.

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

[removed] The Company evaluated the contract that includes the right to require the Purchaser to purchase shares of Common Stock in the future ("purchased put right") considering the guidance in ASC 815-40, Derivatives and Hedging - Contracts on an Entity's Own Equity, ("ASC 815-40") and concluded that it is an equity-linked contract that does not qualify for equity classification, as the number of shares is not fixed and therefore requires fair value accounting as a derivative asset. The Company has analyzed the terms of the freestanding purchased put right and has concluded that it has insignificant value as of December 31, 2024.

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

No corresponding language in the FY2025 10-K.

Cite this change

"The Company evaluated the contract that includes the right to require the Purchaser to purchase shares of Common Stock in the future ("purchased put right") considering the guidance in ASC 815-40, Derivatives and Hedging - Contracts on an Entity's Own Equity, ("ASC 815-40") and concluded that it is an equity-linked contract that does not qualify for equity classification, as the number of shares is not fixed and therefore requires fair value accounting as a derivative asset. The Company has analyzed the terms of the freestanding purchased put right and has concluded that it has insignificant value as of December 31, 2024."

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.

18RemovedItem 7 › Results of Operations

Summary · quote-checked

Removed disclosure of an Investor conversion, related fair value loss, and future credit-risk adjustments.

The removed paragraph disclosed a financing conversion, a recorded loss, and ongoing fair value accounting effects, all substantive obligations or events under the rubric.

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

[removed] During the year ended December 31, 2024, the Investor converted $31.2 million of principal into Common Stock and we recorded a $2.9 million fair value net loss in Interest expense, net in the Consolidated Statements of Operations. Future fair value adjustments attributable to changes in credit risk will be recorded in Other comprehensive loss.

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

No corresponding language in the FY2025 10-K.

Cite this change

"During the year ended December 31, 2024, the Investor converted $31.2 million of principal into Common Stock and we recorded a $2.9 million fair value net loss in Interest expense, net in the Consolidated Statements of Operations."

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.

19RemovedItem 7 › Results of Operations

Summary · quote-checked

The current filing removed disclosure of the 2024 Warrants’ estimated fair value and related fair value net loss.

The removed paragraph disclosed a specific financial instrument and associated loss, changing the stated accounting obligation and exposure.

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

[removed] As of December 31, 2024 the estimated fair value of the 2024 Warrants totaled $5.8 million. During the year ended December 31, 2024, we recorded $5.8 million fair value net loss in the Consolidated Statements of Operations related to the 2024 Warrants.

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

No corresponding language in the FY2025 10-K.

Cite this change

"As of December 31, 2024 the estimated fair value of the 2024 Warrants totaled $5.8 million. During the year ended December 31, 2024, we recorded $5.8 million fair value net loss in the Consolidated Statements of Operations related to the 2024 Warrants."

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.

20RemovedItem 7 › Liquidity and Capital Resources; Going Concern

Summary · quote-checked

The current filing removes disclosure of an executed sale-leaseback arrangement for the Union City, IN production facility.

The removed paragraph states a specific financing transaction involving company property, indicating a changed obligation or capital resource disclosure rather than mere wording or formatting.

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

[removed] • Execution of a sale-leaseback arrangement for our Union City, IN production facility.

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

No corresponding language in the FY2025 10-K.

Cite this change

"Execution of a sale-leaseback arrangement for our Union City, IN production facility."

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.

21RemovedItem 7 › Liquidity and Capital Resources; Going Concern

Summary · quote-checked

The standalone paragraph “financing.” was removed from the Liquidity and Capital Resources; Going Concern discussion.

The text is too fragmentary to determine whether it represented a financing dependency, obligation, or merely a structural fragment; its substantive significance is not determinable from the text.

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

In addition, the terms of our existing financing arrangements impose substantial restrictions on our ability to obtain additional [removed] financing.

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

No corresponding language in the FY2025 10-K.

Cite this change

"financing."

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.

22RemovedItem 7 › Liquidity and Capital Resources; Going Concern

Summary · quote-checked

The current filing removes disclosure about the company’s bank money market fund investment and its cash investment, liquidity, and concentration-risk practices.

The removed paragraph describes an investment, liquidity and capital-preservation policy, and efforts to minimize concentration risk; its disappearance changes disclosed liquidity and investment dependencies.

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

[removed] For the year ended December 31, 2024, we maintained an investment in a bank money market fund. Cash in excess of immediate requirements is invested with regard to liquidity and capital preservation. Wherever possible, we seek to minimize the potential effects of concentration and degrees of risk.

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

No corresponding language in the FY2025 10-K.

Cite this change

"For the year ended December 31, 2024, we maintained an investment in a bank money market fund. Cash in excess of immediate requirements is invested with regard to liquidity and capital preservation. Wherever possible, we seek to minimize the potential effects of concentration and degrees of risk."

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.

23RemovedItem 7 › Critical Accounting Estimates

Summary · quote-checked

Removed disclosure that the company accounts for its warrants as liabilities under ASC 480.

The deleted paragraph disclosed an accounting treatment for a warrant-related liability, removing information about an instrument and associated obligation.

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

[removed] Nature of Estimates Required: We accounted for our warrants in accordance with the guidance contained in ASC 480, Distinguishing Liabilities from Equity, ("ASC 480"), under which the warrant is required to be accounted for as a liability.

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

No corresponding language in the FY2025 10-K.

Cite this change

"Nature of Estimates Required: We accounted for our warrants in accordance with the guidance contained in ASC 480, Distinguishing Liabilities from Equity, ("ASC 480"), under which the warrant is required to be accounted for as a liability."

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.

24RemovedItem 7 › Critical Accounting Estimates

Summary · quote-checked

The filing removed disclosure that the warrant was classified as a liability and remeasured at fair value through settlement or expiration.

The removed paragraph describes a specific financial instrument and its accounting treatment, so its disappearance changes disclosed obligations and exposure rather than merely presentation.

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

[removed] Accordingly, the Company classified the warrant as a liability at fair value upon issuance and will adjust the instrument to fair value at each reporting period until settled or the contract expires. The change in fair value of the warrant will be recognized as Fair value gain (loss) on warrants in our Consolidated Statement of Operations.

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

No corresponding language in the FY2025 10-K.

Cite this change

"Accordingly, the Company classified the warrant as a liability at fair value upon issuance and will adjust the instrument to fair value at each reporting period until settled or the contract expires."

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.

25RemovedItem 7 › Critical Accounting Estimates

Summary · quote-checked

Removed disclosure describing warrant volatility assumptions and their effect on fair value.

The removed paragraph disclosed a valuation input and sensitivity affecting warrant fair value, changing the substance of the critical accounting estimates disclosure.

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

[removed] • Volatility: The volatility used in the Black-Scholes option pricing model was estimated based on historical prices for our Common Stock with a look-back period equal to the time difference between the issuance date and maturity date for the warrant. A significant increase in the volatility of the market price of our Common Stock, in isolation, would result in a significantly higher fair value; and a significant decrease in volatility would result in a significantly lower fair value.

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

No corresponding language in the FY2025 10-K.

Cite this change

"• Volatility: The volatility used in the Black-Scholes option pricing model was estimated based on historical prices for our Common Stock with a look-back period equal to the time difference between the issuance date and maturity date for the warrant. A significant increase in the volatility of the market price of our Common Stock, in isolation, would result in a significantly higher fair value; and a significant decrease in volatility would result in a significantly lower fair value."

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 fewer in Item 7

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.

Show all 33 in Item 7 (30 more, in filing order)

Get this when WKHS files next

One email a week with what changed in the filings we cover, in the company's own words. The next report on this company will be in it. You confirm by email first; nothing is sent until you do.

We store your email address. Nothing else. Privacy.