Workhorse group inc. (WKHS)
CashFlow / TTM
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Sep'12Jun'12Jun'11
Cash flows from operating activities:
Net income (loss)

-26,141

-37,162

-55,507

-49,499

-36,348

-36,502

-30,518

-37,444

-39,713

-41,216

-36,488

-29,339

-23,096

-19,555

-16,331

-12,802

-11,747

-9,426

-7,322

-7,376

-7,460

-6,608

-6,280

-5,537

-5,733

-6,110

-6,074

-5,701

0

0

0

0

Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation

463

388

387

389

396

348

386

433

455

549

510

460

431

381

375

373

370

371

375

372

380

388

396

405

405

319

233

148

0

0

0

0

Tooling expense

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Amortization of discount and debt issuance costs on long-term debt

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Amortization of discount on mandatorily redeemable Series B preferred stock

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Interest expense on convertible debentures

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

23

26

13

66

66

66

52

0

0

0

0

0

-

Legal, consulting and investment services

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

306

546

666

931

1,041

1,058

1,184

1,106

1,274

1,017

0

0

0

-

Amortization of discount and debt issuance costs on long-term debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

0

23

51

0

0

0

0

Change in fair value of Convertible Note and loss on conversion to common stock

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Change in fair value of warrant liability

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Change in fair value of investment in LMC

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Amortized discount and debt issuance costs on Senior Secured Notes

-

-

-

-

-

-

-

0

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Dividends for mandatorily redeemable Series B preferred stock paid in common stock

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Interest on Convertible Note paid in common stock

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Loss on sale of assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

0

-14

-14

0

0

0

0

Stock-based compensation

2,147

1,979

1,469

1,388

1,678

1,059

1,160

1,326

1,178

1,433

1,022

1,112

893

799

976

577

536

402

-591

-170

318

414

1,504

1,002

1,257

1,392

1,210

1,244

0

0

0

0

Interest expense paid in kind

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

247

247

247

225

0

0

0

-

-

-

-

-

-

-

Write down of inventory

-

-

-

-

-

-

-

-

-

-

-

-

-

78

198

272

330

313

0

0

0

-

-

-

-

-

-

-

-

-

-

-

Inventory reserve

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

0

-

-

-

-

-

-

-

Capitalization of accrued interests

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

0

0

0

-

-

-

Effects of changes in operating assets and liabilities:
Accounts and lease receivable

0

-

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Inventory

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Prepaid expenses

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accounts payable and accrued liabilities

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Inventory

0

-

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Prepaid expenses and deposits

-

-

-

-

-

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accounts payable and accrued liabilities

-

-

-

-

-

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Legal and professional services

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

Accounts and lease receivable

-

-

-

-

-

-

-

-

-

223

107

212

1,376

1,047

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

Inventory

-

-

-

-

-

-

-

-

-

2,157

3,899

7,603

5,067

2,464

0

0

0

-

-

-

-

-

0

0

-

-48

-87

-40

0

0

0

0

Prepaid expenses and deposits

-

-

-

-

-

-

-

-

-

196

1,757

68

561

-622

57

588

890

803

16

61

33

30

-22

-9

7

30

54

18

0

0

0

0

Accounts payable and accrued liabilities

-

-

-

-

-

-

-

-

-

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Warranty liability

1,608

1,056

-6,364

-6,431

-6,707

-6,916

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accounts payable and accrued liabilities

-

-

-

-

-

-

-

-

-

-

-

-

-

2,449

2,238

689

1,937

907

415

817

638

460

588

58

108

293

335

548

0

0

0

0

Accounts payable, related parties

-

-

-

-

-

-

-

-

-

-46

117

77

-161

-298

-263

-387

-210

14

607

86

-71

-83

-718

-80

95

78

55

49

0

0

0

0

Customer deposits

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Customer deposits

-

-

-

-

-

-

364

320

267

54

0

0

0

-

-

-

-

-

-

-

-

-

0

0

-

117

142

320

0

0

0

0

Net cash used by operations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-17,382

-14,643

-10,120

-8,220

-5,783

-5,393

-5,403

-4,466

-3,355

-3,123

-2,343

-2,732

-2,752

-2,285

0

0

0

0

Cash paid in acquisition of Workhorse Custom Chasis, LLC

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

2,750

0

0

0

0

0

-

Net cash used in operating activities

-38,925

-36,871

-28,565

-25,986

-22,941

-21,754

-27,705

-26,501

-30,207

-38,662

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Cash flows from investing activities:
Capital expenditures

2,469

2,005

0

0

0

-

-

-

-

143

465

508

535

528

180

120

67

65

55

58

49

23

0

0

0

0

0

28

0

0

0

0

Proceeds from lease receivable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from sale of fixed assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

0

0

0

0

0

0

0

Proceeds from lease receivable

-

-

-

-

-

-

-

-

-

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash used in investing activities

1,190

1,654

0

0

0

-

-

-

-

-143

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Cash flows from financing activities:
Proceeds from notes payable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

12,242

2,415

1,703

1,443

1,243

-100

-100

-100

0

100

100

0

0

0

-

Net cash provided by (used in) investing activities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-180

-120

-67

-65

-55

-58

-49

-23

0

-0

-0

-2,750

-2,750

-2,778

0

0

0

0

Proceeds from debentures and notes payable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

Payments on notes payable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

0

0

0

0

0

0

0

Cash overdraft

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

Proceeds from issuance of Convertible Note

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

0

0

-

0

500

1,039

0

0

0

-

Proceeds from long-term debt

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Shareholder advances, net of repayments

-

-

-

-

-

-

-

-

-

-

-

-

-

118

-291

1,222

1,639

111

3,361

2,343

-2,443

-285

-1,213

-552

3,583

1,376

393

0

0

-

0

-

Shareholder advances

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

Issuance of common stock

2,928

5,928

5,948

18,325

18,230

16,418

16,408

18,003

15,743

37,042

37,032

23,060

22,485

0

2,144

2,144

2,444

3,171

-622

-622

3,820

4,293

5,925

5,925

1,800

4,285

4,301

4,301

0

0

0

0

Exercise of warrants and options

278

35

-0

-0

2

90

106

106

486

650

5,323

9,363

13,102

14,961

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by financing activities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

20,472

18,265

15,118

15,520

5,146

3,806

3,033

4,924

4,181

4,782

4,938

5,449

5,451

5,134

0

0

0

0

Net cash provided by financing activities

51,711

58,572

39,620

51,903

25,053

19,215

21,178

21,864

20,938

42,405

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Change in cash, cash equivalents and restricted cash

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Supplemental Cash Flow Information [Abstract]
Change in cash and cash equivalents

-

-

-

-

-

-

-

-4,834

-9,487

3,599

6,790

1,758

5,023

-7,207

2,908

3,501

4,929

7,234

-692

-1,645

-2,419

435

826

1,659

2,594

-32

-51

70

0

0

0

0

Cash and cash equivalents at inception, February 20, 2007

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

Proceeds from long-term debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

0

0

0

0

0

0

0

Payments on long-term debt

-

-

-

-

-

9,891

7,848

31

80

76

69

62

-2,717

0

0

0

2,725

5

7

10

177

326

431

491

345

211

105

44

0

0

0

0

Conversion of convertible note, amount

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

0

0

0

-

-

-

Convertible Note, at fair value
Fair value option, gain (loss) related to change in fair value

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-