2022 Q1 Form 10-Q Financial Statement

#000142528722000071 Filed on May 10, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $14.30K $521.1K
YoY Change -97.26% 518.1%
Cost Of Revenue $3.923M $6.225M
YoY Change -36.98% 256.14%
Gross Profit -$3.909M -$5.704M
YoY Change -31.47% 242.87%
Gross Profit Margin -27336.03% -1094.74%
Selling, General & Admin $11.91M $6.886M
YoY Change 72.97% 23.72%
% of Gross Profit
Research & Development $4.012M $3.864M
YoY Change 3.84% 103.11%
% of Gross Profit
Depreciation & Amortization $320.0K $311.1K
YoY Change 2.84% 81.15%
% of Gross Profit
Operating Expenses $15.92M $10.75M
YoY Change 48.12% 43.94%
Operating Profit -$19.83M -$16.45M
YoY Change 20.53% 99.03%
Interest Expense -$700.1K $13.50M
YoY Change -105.19% 3.69%
% of Operating Profit
Other Income/Expense, Net -$1.523M -$136.6M
YoY Change -98.88% -15983.72%
Pretax Income -$22.05M -$138.1M
YoY Change -84.03% -3004.1%
Income Tax $0.00 -$17.63M
% Of Pretax Income
Net Earnings -$22.05M -$120.5M
YoY Change -81.7% -2633.42%
Net Earnings / Revenue -154227.52% -23127.24%
Basic Earnings Per Share -$0.15 -$0.98
Diluted Earnings Per Share -$0.15 -$1.04
COMMON SHARES
Basic Shares Outstanding 151.9M shares 122.6M shares
Diluted Shares Outstanding 151.9M shares 128.3M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $167.0M $399.0M
YoY Change -58.13% 2275.0%
Cash & Equivalents $167.0M $205.1M
Short-Term Investments $194.0M
Other Short-Term Assets $487.5K $36.60M
YoY Change -98.67% 662.5%
Inventory $12.68M $30.67M
Prepaid Expenses
Receivables $51.43K $1.142M
Other Receivables $0.00 $0.00
Total Short-Term Assets $188.6M $467.4M
YoY Change -59.64% 1823.95%
LONG-TERM ASSETS
Property, Plant & Equipment $10.74M $12.35M
YoY Change -13.06% 82.49%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change -100.0%
Other Assets $126.3K
YoY Change
Total Long-Term Assets $20.88M $12.35M
YoY Change 69.02% -38.09%
TOTAL ASSETS
Total Short-Term Assets $188.6M $467.4M
Total Long-Term Assets $20.88M $12.35M
Total Assets $209.5M $479.8M
YoY Change -56.33% 984.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.259M $6.373M
YoY Change -1.8% 108.16%
Accrued Expenses $9.946M $5.922M
YoY Change 67.94% 74.81%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $21.50M $17.55M
YoY Change 22.48% -55.33%
LONG-TERM LIABILITIES
Long-Term Debt $25.07M $182.2M
YoY Change -86.24% 2352.22%
Other Long-Term Liabilities $6.764M $207.0K
YoY Change 3166.87%
Total Long-Term Liabilities $31.84M $207.0K
YoY Change 15276.78% -97.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $21.50M $17.55M
Total Long-Term Liabilities $31.84M $207.0K
Total Liabilities $53.33M $204.2M
YoY Change -73.88% 336.96%
SHAREHOLDERS EQUITY
Retained Earnings -$532.4M -$229.5M
YoY Change 131.96% 31.88%
Common Stock $152.0K $123.3K
YoY Change 23.32% 77.36%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $156.2M $275.6M
YoY Change
Total Liabilities & Shareholders Equity $209.5M $479.8M
YoY Change -56.33% 984.3%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$22.05M -$120.5M
YoY Change -81.7% -2633.42%
Depreciation, Depletion And Amortization $320.0K $311.1K
YoY Change 2.84% 81.15%
Cash From Operating Activities -$30.74M -$34.90M
YoY Change -11.92% 346.18%
INVESTING ACTIVITIES
Capital Expenditures $3.596M $1.265M
YoY Change 184.31% 172.59%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$3.596M -$1.265M
YoY Change 184.31% 172.59%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$261.2K $14.22K
YoY Change -1936.82% -94.15%
NET CHANGE
Cash From Operating Activities -$30.74M -$34.90M
Cash From Investing Activities -$3.596M -$1.265M
Cash From Financing Activities -$261.2K $14.22K
Net Change In Cash -$34.60M -$36.15M
YoY Change -4.3% 349.47%
FREE CASH FLOW
Cash From Operating Activities -$30.74M -$34.90M
Capital Expenditures $3.596M $1.265M
Free Cash Flow -$34.34M -$36.17M
YoY Change -5.06% 336.46%

Facts In Submission

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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Use of Estimates</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, costs and expenses and related disclosures in the accompanying notes.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the opinion of our management, the Unaudited Condensed Consolidated Financial Statements include all adjustments that are necessary for the fair presentation of Workhorse’s financial condition, results of operations and cash flows for the interim periods presented. Such adjustments are of a normal, recurring nature. The results of operations and cash flows for the interim periods presented may not necessarily be indicative of full-year results. Reference should be made to the financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2021.</span></div>
CY2022Q1 us-gaap Inventory Raw Materials
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CY2021Q4 us-gaap Inventory Raw Materials
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CY2021Q4 us-gaap Inventory Gross
InventoryGross
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CY2022Q1 us-gaap Inventory Valuation Reserves
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CY2021Q4 us-gaap Inventory Valuation Reserves
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PrepaidInsurance
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CY2022Q1 wkhs Right To Return Asset Current
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0 USD
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CY2022Q1 us-gaap Other Assets Current
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CY2022Q1 wkhs Revenue From Contract With Customer Excluding Assessed Tax Net Of Returns And Allowances
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2334887 USD
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EmployeeRelatedLiabilitiesCurrent
4030085 USD
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CY2020Q4 us-gaap Extended Product Warranty Accrual
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CY2021Q1 us-gaap Product Warranty Accrual Payments
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CY2022Q1 us-gaap Extended Product Warranty Accrual
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CY2021Q1 us-gaap Extended Product Warranty Accrual
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CY2022Q1 us-gaap Lessee Operating Lease Renewal Term
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CY2022Q1 us-gaap Short Term Lease Cost
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175905 USD
CY2021Q1 us-gaap Short Term Lease Cost
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CY2022Q1 us-gaap Operating Lease Cost
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CY2021Q1 us-gaap Operating Lease Cost
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CY2022Q1 us-gaap Lease Cost
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CY2021Q1 us-gaap Lease Cost
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CY2022Q1 us-gaap Operating Lease Right Of Use Asset
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CY2021Q4 us-gaap Operating Lease Right Of Use Asset
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CY2022Q1 us-gaap Finance Lease Right Of Use Asset
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CY2022Q1 wkhs Lease Right Of Use Assets
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CY2022Q1 us-gaap Operating Lease Liability
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CY2022Q1 us-gaap Finance Lease Liability
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CY2021Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
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CY2022Q1 wkhs Lease Liability
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CY2022Q1 us-gaap Operating Lease Payments
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297423 USD
CY2021Q4 wkhs Lease Liability
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1554767 USD
CY2022Q1 wkhs Lease Liability Current
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CY2022Q1 wkhs Lease Liability Noncurrent
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CY2021Q4 wkhs Lease Liability Noncurrent
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CY2021Q1 us-gaap Operating Lease Payments
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CY2022Q1 us-gaap Finance Lease Interest Payment On Liability
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CY2021Q1 us-gaap Finance Lease Interest Payment On Liability
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CY2022Q1 us-gaap Finance Lease Principal Payments
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CY2021Q1 us-gaap Finance Lease Principal Payments
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CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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CY2021Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2021Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
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CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
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CY2022Q1 us-gaap Allocated Share Based Compensation Expense
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CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
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CY2022Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2022Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
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CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
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CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
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CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
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CY2022Q1 us-gaap Net Income Loss
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-22054535 USD
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-120506771 USD
CY2022Q1 us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
0 USD
CY2021Q1 us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
2000000 USD
CY2022Q1 us-gaap Dilutive Securities Effect On Basic Earnings Per Share Other
DilutiveSecuritiesEffectOnBasicEarningsPerShareOther
0 USD
CY2021Q1 us-gaap Dilutive Securities Effect On Basic Earnings Per Share Other
DilutiveSecuritiesEffectOnBasicEarningsPerShareOther
-15500000 USD
CY2022Q1 us-gaap Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
-22054535 USD
CY2021Q1 us-gaap Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
-134006771 USD
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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151939491 shares
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
122633856 shares
CY2022Q1 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
CY2021Q1 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
CY2022Q1 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
0 shares
CY2021Q1 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
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CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
151939491 shares
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
128301184 shares

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