Workhorse Group Reports Fourth Quarter and Full Year 2022 Results



Workhorse Group Inc. Consolidated Balance Sheet
	December 31,
		2022			2021
Assets
Current assets:
Cash and cash equivalents	$	99,276,301		$	201,647,394
Accounts receivable, less allowance for credit losses of $0 at December 31, 2022 and 2021		2,079,343			149,776
Other receivable		15,000,000			—
Inventory, net		8,850,142			10,067,367
Prepaid expenses and other current assets		14,152,481			4,357,829
Total current assets		139,358,267			216,222,366
Property, plant and equipment, net		21,501,095			7,897,807
Investment in Tropos		10,000,000			—
Lease right-of-use assets		11,706,803			1,538,852
Other assets		176,310			2,479,865
Total Assets	$	182,742,475		$	228,138,890
Liabilities
Current liabilities:
Accounts payable	$	11,891,279		$	7,849,607
Accrued liabilities and other		44,551,497			14,752,827
Deferred revenue, current		3,375,000			—
Warranty liability		2,207,674			4,583,916
Current portion of lease liability		1,285,032			363,714
Total current liabilities		63,310,482			27,550,064
Deferred revenue, long-term		2,005,000			—
Lease liability, long-term		8,840,062			1,191,053
Convertible notes, at fair value		—			24,705,000
Total Liabilities		74,155,544			53,446,117
Commitments and contingencies
Stockholders’ Equity:
Series A preferred stock, par value of $0.001 per share, 75,000,000 shares authorized, zero shares issued and outstanding at December 31, 2022 and 2021		—			—
Common stock, par value of $0.001 per share, 250,000,000 shares authorized, 165,605,355 and 151,915,455 shares issued and outstanding at December 31, 2022 and 2021, respectively		165,605			151,916
Additional paid-in capital		736,070,388			686,318,201
Accumulated deficit		(627,649,062	)		(510,374,844	)
Accumulated other comprehensive loss		—			(1,402,500	)
Total stockholders' equity		108,586,931			174,692,773
Total Liabilities and Stockholders' Equity	$	182,742,475		$	228,138,890

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