2022 Q3 Form 10-Q Financial Statement

#000142528722000088 Filed on August 09, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $1.549M $12.56K $14.30K
YoY Change -368.61% -98.96% -97.26%
Cost Of Revenue $9.516M $3.020M $3.923M
YoY Change -17.61% -79.59% -36.98%
Gross Profit -$7.967M -$3.008M -$3.909M
YoY Change -34.3% -77.87% -31.47%
Gross Profit Margin -514.38% -23946.25% -27336.03%
Selling, General & Admin $34.75M $13.03M $11.91M
YoY Change 228.49% 86.0% 72.97%
% of Gross Profit
Research & Development $6.127M $5.027M $4.012M
YoY Change 118.71% 136.69% 3.84%
% of Gross Profit
Depreciation & Amortization $668.0K $390.4K $320.0K
YoY Change 20.47% -18.31% 2.84%
% of Gross Profit
Operating Expenses $40.88M $18.06M $15.92M
YoY Change 205.51% 97.79% 48.12%
Operating Profit -$48.85M -$21.06M -$19.83M
YoY Change 91.5% -7.3% 20.53%
Interest Expense $0.00 $0.00 -$700.1K
YoY Change -100.0% -100.0% -105.19%
% of Operating Profit
Other Income/Expense, Net $13.44M -$95.42K -$1.523M
YoY Change -117.43% -99.18% -98.88%
Pretax Income -$35.41M -$21.16M -$22.05M
YoY Change -57.87% -52.87% -84.03%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$35.41M -$21.16M -$22.05M
YoY Change -56.35% -51.49% -81.7%
Net Earnings / Revenue -2286.0% -168473.5% -154227.52%
Basic Earnings Per Share -$0.22 -$0.13 -$0.15
Diluted Earnings Per Share -$0.22 -$0.13 -$0.15
COMMON SHARES
Basic Shares Outstanding 163.7M shares 159.1M shares 151.9M shares
Diluted Shares Outstanding 160.2M shares 159.1M shares 151.9M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $120.1M $140.1M $167.0M
YoY Change -47.87% -58.67% -58.13%
Cash & Equivalents $120.1M $140.1M $167.0M
Short-Term Investments
Other Short-Term Assets $613.7K $514.4K $487.5K
YoY Change 68.14% -98.72% -98.67%
Inventory $11.57M $12.56M $12.68M
Prepaid Expenses
Receivables $1.548M $784.7K $51.43K
Other Receivables $15.00M $0.00 $0.00
Total Short-Term Assets $163.2M $165.2M $188.6M
YoY Change -50.1% -61.64% -59.64%
LONG-TERM ASSETS
Property, Plant & Equipment $17.05M $13.58M $10.74M
YoY Change 23.0% -2.22% -13.06%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $10.00M
YoY Change
Other Assets $176.3K $126.3K $126.3K
YoY Change
Total Long-Term Assets $38.70M $25.38M $20.88M
YoY Change 179.23% 82.67% 69.02%
TOTAL ASSETS
Total Short-Term Assets $163.2M $165.2M $188.6M
Total Long-Term Assets $38.70M $25.38M $20.88M
Total Assets $201.9M $190.5M $209.5M
YoY Change -40.77% -57.13% -56.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.728M $3.787M $6.259M
YoY Change 28.36% -49.79% -1.8%
Accrued Expenses $44.83M $9.596M $9.946M
YoY Change 426.81% 84.69% 67.94%
Deferred Revenue $3.375M
YoY Change 138.94%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $60.37M $17.76M $21.50M
YoY Change -65.49% 0.86% 22.48%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $25.07M
YoY Change -100.0% -100.0% -86.24%
Other Long-Term Liabilities $10.24M $8.943M $6.764M
YoY Change 4846.73% 4219.29% 3166.87%
Total Long-Term Liabilities $10.24M $8.943M $31.84M
YoY Change 4846.73% 4219.29% 15276.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $60.37M $17.76M $21.50M
Total Long-Term Liabilities $10.24M $8.943M $31.84M
Total Liabilities $70.62M $26.70M $53.33M
YoY Change -64.68% -87.95% -73.88%
SHAREHOLDERS EQUITY
Retained Earnings -$589.0M -$553.6M -$532.4M
YoY Change 66.26% 102.66% 131.96%
Common Stock $160.4K $160.1K $152.0K
YoY Change 29.79% 29.69% 23.32%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $131.3M $163.8M $156.2M
YoY Change
Total Liabilities & Shareholders Equity $201.9M $190.5M $209.5M
YoY Change -40.77% -57.13% -56.33%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$35.41M -$21.16M -$22.05M
YoY Change -56.35% -51.49% -81.7%
Depreciation, Depletion And Amortization $668.0K $390.4K $320.0K
YoY Change 20.47% -18.31% 2.84%
Cash From Operating Activities -$10.52M -$24.72M -$30.74M
YoY Change -63.46% -46.69% -11.92%
INVESTING ACTIVITIES
Capital Expenditures -$4.050M -$2.063M $3.596M
YoY Change 674.96% 2.06% 184.31%
Acquisitions
YoY Change
Other Investing Activities -$5.000M
YoY Change
Cash From Investing Activities -$9.050M -$2.063M -$3.596M
YoY Change 1631.71% 2.06% 184.31%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -375.9K -204.4K -$261.2K
YoY Change -100.36% 157.33% -1936.82%
NET CHANGE
Cash From Operating Activities -10.52M -24.72M -$30.74M
Cash From Investing Activities -9.050M -2.063M -$3.596M
Cash From Financing Activities -375.9K -204.4K -$261.2K
Net Change In Cash -19.94M -26.99M -$34.60M
YoY Change -127.02% -44.32% -4.3%
FREE CASH FLOW
Cash From Operating Activities -$10.52M -$24.72M -$30.74M
Capital Expenditures -$4.050M -$2.063M $3.596M
Free Cash Flow -$6.467M -$22.66M -$34.34M
YoY Change -77.11% -48.91% -5.06%

Facts In Submission

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<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>
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