Workhorse Group Inc. (NASDAQ:WKHS) Q2 2023 Results Conference Call August 8, 2023 10:00 AM ET Company Participants Stan March - VP, Corporate Development and Communications Rick Dauch - CEO Bob Ginnan - CFO Conference Call Participants Colin Rusch - Oppenheimer Chris Souther - B. Riley Securities Jeff Osborne - TD Cowen Greg Lewis - BTIG Mike Shlisky - D.A. Davidson Craig Irwin - ROTH MKM Operator Ladies and gentlemen, greetings, and welcome to the Workhorse Group's Second Quarter 2023 Investor Call. As a r ...

Workhorse Group Inc. (NASDAQ:WKHS) Q1 2023 Earnings Conference Call May 15, 2023 10:00 AM ET Company Participants Rick Dauch - Chief Executive Officer Bob Ginnan - Chief Financial Officer Stan March - Vice President of Corporate Development and Communications Conference Call Participants Colin Rusch - Oppenheimer Jeff Osborne - TD Cowen Chris Souther - B. Riley Greg Lewis - BTIG Mike Shlisky - D.A. Davidson Craig Irwin - ROTH MKM Operator Ladies and gentlemen, greetings, and welcome to the Workhorse Group's ...

법 WORKHORSE™ © Copyright 2023 Workhorse. Confidential & Proprietary | 1 Q1 2023 Earnings Call May 15, 2023 Today's Presenters Rick Dauch CEO • 28 years automotive industry experience • 16 years serving in CEO roles • Multiple public/private board memberships Bob Ginnan CFO • 23 plus years of senior finance and leadership experience • Refined capital structures for firms in multiple industries • Executed multiple accounting and information technology ("IT") system installations Stan March Vice President, Cor ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Commission file number: 001-37673 WORKHORSE GROUP INC. (Exact name of registrant as specified in its charter) FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ | | | Nevada 26-1394771 Indicate b ...

Financial Data and Key Metrics Changes - Sales net of returns and allowances for Q4 2022 were $3.5 million compared to a negative $2 million in Q4 2021, primarily due to increased W4 CC sales [36] - Cost of sales decreased to $21.2 million from $99.9 million in the same period last year, influenced by noncash charges related to the discontinued C1000 program [37] - Net loss for Q4 2022 was $38.6 million compared to $156.1 million in the same period last year [40] - For the full year 2022, sales net of returns and allowances were $5 million compared to a negative $0.9 million in 2021 [41] - Full year net loss was $117.3 million compared to a net loss of $401.3 million last year [47] Business Line Data and Key Metrics Changes - In Q4, the company delivered 23 W4 CC vehicles and resolved shipping issues, with over 100 base W4 CC vehicles ready for production in Q1 [10][23] - The W750 pilot builds are underway, with regular production expected to start in Q2 2023 [10][24] - The C1000 program was discontinued due to engineering challenges, reallocating resources to other products [21][22] Market Data and Key Metrics Changes - The company is experiencing strong customer interest in the W4 CC and W750 vehicles, with expectations to ramp up production in 2023 [24][74] - The company plans to unveil the W56 at the NTEA Work Truck Show, with production starting in Q3 2023 [11][25] Company Strategy and Development Direction - The company aims to transition from a technology start-up to a commercial EV OEM, focusing on building a strong team and effective systems [7][59] - The strategic focus includes ramping up production of multiple Class 4 to Class 6 commercial vehicles and advancing drone development [59][60] - The company is also working on securing federal and state grants for its Aero business and expects to start drone production later in 2023 [18][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's progress and the potential for significant revenue growth in 2023, with expectations of $75 million to $125 million in revenue [51][52] - The company has resolved legacy legal and regulatory issues, allowing a sharper focus on strategic priorities [20][61] - Management highlighted the importance of infrastructure and economic models for the EV transition, emphasizing the need for government support [94] Other Important Information - The company has transformed its manufacturing facilities into a world-class operation, ready for production [33][60] - Capital expenditures for 2023 are expected to be between $15 million and $25 million, primarily for facility upgrades [49][101] Q&A Session Summary Question: Production cadence and cost reduction efforts - Management indicated that production is currently at about two W4 CC vehicles per day, targeting 40 to 50 by Q2, with cost efficiencies expected to improve as production ramps up [65][69] Question: Customer engagement and sales pipeline - The company has hired a new sales leader and built a strong sales team, with positive feedback from customers who have visited the facilities [72][74] Question: Guidance and production ramp-up - Visibility into the low end of the revenue range is primarily based on the W4 CC platform, with contributions expected from the W56 and W750 as they ramp up [84] Question: Royalties from the Lordstown deal - Management believes royalties still apply regardless of the agreement's status, contingent on Lordstown shipping trucks [111]

PART I [Item 1. Business](index=5&type=section&id=Item%201.%20Business) Workhorse Group Inc. is an American technology company focused on pioneering the transition to zero-emission commercial vehicles, specializing in all-electric delivery trucks and drone systems for the last-mile delivery market - Workhorse Group Inc. is an American technology company focused on designing and manufacturing all-electric delivery trucks and drone systems for the commercial transportation sector, specifically the last-mile delivery market[16](index=16&type=chunk)[141](index=141&type=chunk)[249](index=249&type=chunk) - The company is executing a revised strategic product roadmap, focusing on developing two new truck chassis platforms: the **W56** (Class 5 and 6, expected production 2023) and the **WNext** (second-generation, low-floor, expected production 2025)[17](index=17&type=chunk)[144](index=144&type=chunk) - In 2022, Workhorse introduced Class 4 step vans (**W4 CC** and **W750**) through a strategic supply agreement with GreenPower Motor Company Inc., with the W4 CC available in 2022 and the W750 expected in 2023[18](index=18&type=chunk)[145](index=145&type=chunk)[159](index=159&type=chunk) - The **C1000** electric delivery truck program was discontinued in December 2022, with resources reallocated to the new Class 4-6 vehicle platforms[19](index=19&type=chunk)[149](index=149&type=chunk) - Workhorse develops small Unmanned Aerial Systems (UAS), including **HorseFly™** for package delivery and **HALO** for humanitarian/logistical operations, with FAA Type Certification process initiated for HorseFly[23](index=23&type=chunk)[25](index=25&type=chunk)[146](index=146&type=chunk) [Overview](index=5&type=section&id=Overview) This section provides a general overview of the company's business and strategic direction [Commercial Vehicles](index=5&type=section&id=Commercial%20Vehicles) This section details the company's offerings in the commercial electric vehicle market [Stables & Stalls](index=7&type=section&id=Stables%20%26%20Stalls) This section describes the company's vehicle management and charging solutions [Aero](index=7&type=section&id=Aero) This section covers the company's drone systems and aerial delivery solutions [Locations and Facilities](index=7&type=section&id=Locations%20and%20Facilities) This section outlines the company's operational sites and infrastructure [Marketing](index=9&type=section&id=Marketing) This section discusses the company's strategies for promoting its products and services [Strategic Relationships](index=9&type=section&id=Strategic%20Relationships) This section highlights key partnerships and collaborations [Technology, Research and Development](index=9&type=section&id=Technology%2C%20Research%20and%20Development) This section details the company's innovation efforts and R&D investments [Competition](index=9&type=section&id=Competition) This section analyzes the competitive landscape for the company's products [Supply Chain](index=10&type=section&id=Supply%20Chain) This section addresses the company's supply chain management and dependencies [Regulatory](index=10&type=section&id=Regulatory) This section covers the regulatory environment affecting the company's operations [Available Information](index=11&type=section&id=Available%20Information) This section specifies where public information about the company can be accessed [Intellectual Property](index=12&type=section&id=Intellectual%20Property) This section describes the company's intellectual property assets and protection strategies [Environmental, Social, and Governance ("ESG")](index=12&type=section&id=Environmental%2C%20Social%2C%20and%20Governance%20%28%22ESG%22%29) This section outlines the company's commitments and initiatives related to ESG factors [Human Capital](index=12&type=section&id=Human%20Capital) This section discusses the company's workforce, talent management, and human resources [Item 1A. Risk Factors](index=14&type=section&id=Item%201A.%20Risk%20Factors) Significant risks include financing needs, global economic uncertainty, and new truck platform development challenges - The company expects to require additional financing in 2023 and beyond to fund operations and business plans, with no assurance of availability on acceptable terms, potentially leading to dilution for stockholders[67](index=67&type=chunk)[188](index=188&type=chunk) - Uncertain global macro-economic and political conditions, including inflation, interest rate hikes, and geopolitical conflicts (e.g., Ukraine invasion), could adversely affect operations, customer spending, and financing availability[68](index=68&type=chunk)[69](index=69&type=chunk)[70](index=70&type=chunk)[167](index=167&type=chunk) - Significant risks exist in executing the business plan, including potential delays or failures in developing and ramping up production of new truck chassis platforms (**W56** and **WNext**) and meeting regulatory requirements[71](index=71&type=chunk)[72](index=72&type=chunk) - The company has an accumulated deficit of **$627.6 million** as of December 31, 2022, and has not achieved profitability or positive cash flow from operations, with continued losses expected in 2023[73](index=73&type=chunk)[74](index=74&type=chunk)[186](index=186&type=chunk) - Supply chain disruptions, particularly for battery packs and microchips, and volatility in commodity prices (e.g., lithium, cobalt, steel) pose risks of increased costs and production delays[105](index=105&type=chunk)[106](index=106&type=chunk)[166](index=166&type=chunk) - The company is subject to product liability claims, recalls (such as the **C1000** recall in 2021), and regulatory investigations (e.g., SEC and DOJ inquiries), which could result in substantial costs, penalties, and reputational damage[107](index=107&type=chunk)[354](index=354&type=chunk)[358](index=358&type=chunk) [Item 1B. Unresolved Staff Comments](index=24&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) There are no unresolved staff comments from the SEC - The company has no unresolved staff comments[122](index=122&type=chunk) [Item 2. Properties](index=24&type=section&id=Item%202.%20Properties) Workhorse Group Inc. operates its corporate headquarters and R&D facilities in the Greater Cincinnati area, Ohio, with manufacturing in Union City, Indiana - The company's corporate headquarters and R&D facilities are in Greater Cincinnati, Ohio[123](index=123&type=chunk) - The primary manufacturing facility for electric delivery trucks is located in Union City, Indiana[123](index=123&type=chunk) - Additional facilities include an engineering and technical design center in Wixom, Michigan, and a drone systems production facility in Mason, Ohio[123](index=123&type=chunk) [Item 3. Legal Proceedings](index=24&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in various legal proceedings, including a class action litigation and regulatory inquiries, with a settlement reached for the securities class action - The company is a defendant in a securities class action and related shareholder derivative litigation, alleging violations of federal securities laws[360](index=360&type=chunk)[363](index=363&type=chunk) - A binding term sheet was signed on October 24, 2022, to resolve the securities class action and derivative litigation, with a settlement involving **$15 million** in cash (insurance-funded) and **$20 million** in Workhorse common stock, pending court approval[162](index=162&type=chunk)[361](index=361&type=chunk)[369](index=369&type=chunk) - The company completed a recall of **C1000** vehicles in 2022 due to non-compliance with FMVSS and repurchased all affected vehicles, incurring no further recall obligations[354](index=354&type=chunk)[356](index=356&type=chunk) - The SEC concluded its investigation into the company's statements regarding the USPS contract and certain customer sales, not intending to recommend enforcement action as of December 20, 2022; a related DOJ investigation is ongoing[358](index=358&type=chunk) [Item 4. Mine Safety Disclosures](index=24&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Mine Safety Disclosures are not applicable to Workhorse Group Inc[126](index=126&type=chunk) PART II [Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=25&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Workhorse Group Inc.'s common stock is traded on the NASDAQ Capital Market under "WKHS," with 171,167,673 shares outstanding as of January 31, 2023, and no cash dividends paid - Workhorse Group Inc. common stock trades on the NASDAQ Capital Market under the symbol "**WKHS**"[129](index=129&type=chunk) - As of January 31, 2023, there were **171,167,673** shares of common stock outstanding[7](index=7&type=chunk) - The company has never paid cash dividends and plans to reinvest all future earnings into business expansion, not anticipating cash dividends in the foreseeable future[118](index=118&type=chunk)[131](index=131&type=chunk) - During the quarter ended December 31, 2022, the company issued **244,035** shares of common stock to Mitsubishi for services rendered in the Stables & Stalls program[136](index=136&type=chunk) - No shares of common stock were repurchased by the company during the quarter ended December 31, 2022[137](index=137&type=chunk) [Item 6. Reserved](index=27&type=section&id=Item%206.%20Reserved) This item is reserved and contains no information - Item 6 is reserved[138](index=138&type=chunk) [Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management's Discussion and Analysis highlights Workhorse's strategic shift to new truck platforms and drone systems, with a significant reduction in net loss and improved gross loss in 2022 - The company's primary focus is on providing sustainable and cost-effective all-electric delivery trucks and drone systems for the commercial transportation sector[141](index=141&type=chunk)[249](index=249&type=chunk) - Workhorse is executing a revised strategic product roadmap, developing **W56** and **WNext** truck chassis platforms, and began producing and selling the **W4 CC** in 2022, with **W750** deliveries expected in 2023[144](index=144&type=chunk)[145](index=145&type=chunk) - The **C1000** vehicle platform was discontinued in Q4 2022, leading to a **$19.5 million** impairment reserve for excess or obsolete inventories[149](index=149&type=chunk)[150](index=150&type=chunk) - The company entered into a binding settlement term sheet for securities litigation, involving a **$15 million** cash payment (insurance-funded) and **$20 million** in common stock, resulting in a **$35 million** legal reserve and **$20 million** legal expense in 2022[162](index=162&type=chunk) Consolidated Statements of Operations Summary (2022 vs. 2021) | Metric | 2022 (USD) | 2021 (USD) | Change (USD) | Change (%) | | :----------------------------------- | :----------- | :----------- | :----------- | :--------- | | Sales, net | 5,023,072 | (851,922) | 5,874,994 | N/A | | Cost of sales | 37,672,308 | 132,492,110 | (94,819,802) | -71.6% | | Gross loss | (32,649,236) | (133,344,032) | 100,694,796 | -75.5% | | Total operating expenses | 96,433,628 | 51,770,822 | 44,662,806 | 86.3% | | Loss from operations | (129,082,864) | (185,114,854) | 56,031,990 | -30.3% | | Net (loss) income | (117,274,218) | (401,344,813) | 284,070,595 | -70.8% | - The company had **$99.3 million** in cash and cash equivalents and positive working capital of **$74.9 million** as of December 31, 2022, but incurred a net loss of **$117.3 million** and used **$93.8 million** in operating activities for the year[186](index=186&type=chunk)[250](index=250&type=chunk) [Overview](index=28&type=section&id=Overview) This section provides a high-level summary of the company's financial performance and strategic direction [Management Opportunities, Challenges and Risks and 2023 Outlook](index=28&type=section&id=Management%20Opportunities%2C%20Challenges%20and%20Risks%20and%202023%20Outlook) This section discusses the key opportunities, challenges, and risks facing management, along with the company's outlook for 2023 [Recent Trends and Market Conditions](index=32&type=section&id=Recent%20Trends%20and%20Market%20Conditions) This section analyzes current market trends and conditions impacting the company's business [Results of Operations](index=33&type=section&id=Results%20of%20Operations) This section provides a detailed analysis of the company's financial results for the reporting period [Liquidity and Capital Resources](index=35&type=section&id=Liquidity%20and%20Capital%20Resources) This section examines the company's cash position, funding sources, and capital management strategies [Critical Accounting Estimates](index=37&type=section&id=Critical%20Accounting%20Estimates) This section outlines the significant accounting judgments and estimates used in financial reporting [Recent Accounting Pronouncements](index=39&type=section&id=Recent%20Accounting%20Pronouncements) This section details the impact of newly issued accounting standards on the company's financial statements [Item 7A. Quantitative and Qualitative Disclosures About Market Risk](index=39&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's investment strategy focuses on principal preservation and income maximization, with no material exposure to interest rate or foreign currency risk - The company's investment strategy focuses on preserving principal and maximizing income from investments, primarily in money market funds and short-term debt securities with maturities less than one year[216](index=216&type=chunk) - Workhorse believes it has no material exposure to interest rate risk or market risk due to the short-term nature and low interest rate yields of its investments[216](index=216&type=chunk) - The company has no significant exposure to foreign currency rate fluctuations as it transacts business primarily in the United States[217](index=217&type=chunk) [Item 8. Financial Statements and Supplementary Data](index=40&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the audited consolidated financial statements for Workhorse Group Inc. for the years ended December 31, 2022, 2021, and 2020, with an unqualified opinion from Grant Thornton LLP - Grant Thornton LLP issued an unqualified opinion on the consolidated financial statements for Workhorse Group Inc. for the three years ended December 31, 2022[221](index=221&type=chunk) Consolidated Balance Sheet Highlights (as of December 31) | Metric | 2022 (USD) | 2021 (USD) | | :-------------------------------- | :----------- | :----------- | | Cash and cash equivalents | 99,276,301 | 201,647,394 | | Total current assets | 139,358,267 | 216,222,366 | | Total Assets | 182,742,475 | 228,138,890 | | Total current liabilities | 63,310,482 | 27,550,064 | | Total Liabilities | 74,155,544 | 53,446,117 | | Total stockholders' equity | 108,586,931 | 174,692,773 | | Accumulated deficit | (627,649,062) | (510,374,844) | Consolidated Statements of Cash Flows Summary (Years Ended December 31) | Activity | 2022 (USD) | 2021 (USD) | 2020 (USD) | | :-------------------------------- | :----------- | :----------- | :----------- | | Net cash used in operating activities | (93,818,664) | (132,577,103) | (70,278,949) | | Net cash (used in) provided by investing activities | (20,019,519) | 99,812,549 | (5,728,130) | | Net cash provided by (used in) financing activities | 11,467,090 | (6,817,119) | 292,367,730 | | Cash, cash equivalents and restricted cash, end of year | 99,276,301 | 201,647,394 | 241,229,067 | - The company's inventory, net, decreased from **$10.1 million** in 2021 to **$8.9 million** in 2022, primarily due to the discontinuation of the **C1000** program and associated inventory reserve decreases[287](index=287&type=chunk) - Workhorse recognized a **$10.0 million** investment in Tropos as of December 31, 2022, stemming from a **$5.0 million** cash payment and a **$5.0 million** non-cash contribution for future assembly services[155](index=155&type=chunk)[291](index=291&type=chunk)[292](index=292&type=chunk) - The remaining **$27.5 million** in convertible notes were exchanged for **7.8 million** shares of common stock in April 2022, resulting in no convertible notes outstanding[160](index=160&type=chunk)[312](index=312&type=chunk)[313](index=313&type=chunk) [Report of Independent Registered Public Accounting Firm](index=41&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) This section contains the independent auditor's opinion on the consolidated financial statements [Consolidated Financial Statements](index=43&type=section&id=Consolidated%20Financial%20Statements) This section presents the company's balance sheets, statements of operations, comprehensive income, stockholders' equity, and cash flows [Notes to Consolidated Financial Statements](index=49&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This section provides detailed explanations and disclosures supporting the consolidated financial statements [Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=71&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) There have been no changes in or disagreements with accountants on accounting and financial disclosure matters for Workhorse Group Inc - There are no changes in or disagreements with accountants on accounting and financial disclosure[374](index=374&type=chunk) [Item 9A. Controls and Procedures](index=71&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and internal control over financial reporting were effective as of December 31, 2022 - As of December 31, 2022, the company's disclosure controls and procedures were deemed effective at a reasonable assurance level[376](index=376&type=chunk) - Management concluded that internal control over financial reporting was effective as of December 31, 2022, based on the COSO 2013 framework[378](index=378&type=chunk) - No material changes in internal control over financial reporting occurred during the quarter ended December 31, 2022[380](index=380&type=chunk) [Item 9B. Other Information](index=72&type=section&id=Item%209B.%20Other%20Information) This item contains no other information - There is no other information to report under Item 9B[381](index=381&type=chunk) [Item 9C. Information Regarding Foreign Jurisdictions that Prevent Inspection](index=72&type=section&id=Item%209C.%20Information%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspection) This item is not applicable to the company - Information regarding foreign jurisdictions that prevent inspection is not applicable[382](index=382&type=chunk) PART III [Item 10. Directors, Executive Officers and Corporate Governance](index=73&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information on directors, executive officers, and corporate governance will be incorporated by reference from the 2023 Proxy Statement - Information on Directors, Executive Officers, and Corporate Governance will be incorporated by reference from the 2023 Proxy Statement[385](index=385&type=chunk) [Item 11. Executive Compensation](index=73&type=section&id=Item%2011.%20Executive%20Compensation) Information on executive compensation will be incorporated by reference from the 2023 Proxy Statement - Information on Executive Compensation will be incorporated by reference from the 2023 Proxy Statement[386](index=386&type=chunk) [Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=73&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information on security ownership of certain beneficial owners and management will be incorporated by reference from the 2023 Proxy Statement - Information on Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters will be incorporated by reference from the 2023 Proxy Statement[387](index=387&type=chunk) [Item 13. Certain Relationships and Related Transactions, and Director Independence](index=73&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information on certain relationships, related transactions, and director independence will be incorporated by reference from the 2023 Proxy Statement - Information on Certain Relationships and Related Transactions, and Director Independence will be incorporated by reference from the 2023 Proxy Statement[388](index=388&type=chunk) [Item 14. Principal Accounting Fees and Services](index=73&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) Information on principal accounting fees and services will be incorporated by reference from the 2023 Proxy Statement - Information on Principal Accounting Fees and Services will be incorporated by reference from the 2023 Proxy Statement[389](index=389&type=chunk) PART IV [Item 15. Exhibits and Financial Statement Schedules](index=74&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists all exhibits and financial statement schedules filed as part of the Form 10-K report, with schedules omitted as information is included elsewhere - This section provides a comprehensive list of exhibits filed with the Form 10-K, including corporate governance documents, agreements, and certifications[393](index=393&type=chunk) - All financial statement schedules have been omitted because the required information is either not applicable, not present in sufficient amounts, or already included in the consolidated financial statements or accompanying notes[393](index=393&type=chunk) [Item 16. Form 10-K Summary](index=76&type=section&id=Item%2016.%20Form%2010-K%20Summary) This item indicates that no Form 10-K summary is provided - No Form 10-K Summary is provided[397](index=397&type=chunk) [Signatures](index=77&type=section&id=Signatures) The Form 10-K report was duly signed on March 1, 2023, by Richard Dauch, CEO, President, and Director, along with other principal officers and directors - The report was signed on March 1, 2023, by Richard Dauch, Chief Executive Officer, President and Director, as the Principal Executive Officer[402](index=402&type=chunk)[403](index=403&type=chunk) - Other signatories include the Chief Financial Officer, Chief Accounting Officer, and various directors[403](index=403&type=chunk)

Workhorse Group Inc. (NASDAQ:WKHS) Q3 2022 Earnings Conference Call November 8, 2022 10:00 AM ET Company Participants Stan March – Vice President-Corporate Development and Communications Rick Dauch – Chief Executive Officer Bob Ginnan – Chief Financial Officer Conference Call Participants Jeff Osborne – Cowen & Company Chris Souther – B. Riley Greg Lewis – BTIG Mike Shlisky – D.A. Davidson Jeff Osborne – Cowen and Company Operator Ladies and gentlemen, greetings, and welcome to Workhorse Group's Third Quart ...

WORKHORSE™ Q3 2022 Earnings Call November 8, 2022 Today's Presenters 2 Rick Dauch CEO • 27 years automotive industry experience • 15 years serving in CEO roles • Multiple Public/Private Board memberships Bob Ginnan CFO • 22 plus years of senior finance and leadership experience • Refined capital structures for firms in multiple industries • Executed multiple accounting and information technology ("IT") system installations Stan March Vice President, Corporate Development • 26 years executive experience acro ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission file number: 001-37673 WORKHORSE GROUP INC. (Exact name of registrant as specified in its charter) Nevada 26-1394771 (State or ot ...

Workhorse Group, Inc. (NASDAQ:WKHS) Q2 2022 Earnings Conference Call August 9, 2022 10:00 AM ET Company Participants Stan March - VP, Corporate Development & Communications Richard Dauch - President, CEO & Director Robert Ginnan - CFO Conference Call Participants Jeffrey Osborne - Cowen and Company Gregory Lewis - BTIG Colin Rusch - Oppenheimer Michael Shlisky - D.A. Davidson & Co. Christopher Souther - B. Riley Securities Operator Ladies and gentlemen, greetings, and welcome to Workhorse Group's Second Qua ...