Workhorse Group, Inc.
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $-64.1M | $-51.6M | $-123.9M | $-117.3M | $-401.3M | $69.8M | $-37.2M | $-36.5M |
| Depreciation & Amortization | $1.2M | $816.0K | $4.1M | $1.9M | $1.9M | $809.6K | $388.4K | $348.3K |
| Depreciation | $1.2M | $800.0K | $4.1M | $1.9M | $1.9M | $800.0K | $400.0K | — |
| Amortization | — | — | — | — | — | — | — | — |
| Stock-Based Compensation | $678.0K | $555.0K | $13.4M | $11.5M | $4.9M | $4.0M | $2.0M | $1.1M |
| Net Cash from Operating Activities | $-35.6M | $-38.2M | $-123.0M | $-93.8M | $-132.6M | $-70.3M | $-36.9M | $-21.8M |
| Investing Activities | ||||||||
| Capital Expenditures | $603.0K | $4.8M | $18.7M | $17.5M | $5.3M | $5.7M | $2.0M | $23.2K |
| Business Acquisitions | $-10.4M | $0 | — | — | — | — | — | — |
| Net Cash from Investing Activities | $9.8M | $-4.8M | $-18.7M | $-20.0M | $99.8M | $-5.7M | $1.7M | $-18.4K |
| Financing Activities | ||||||||
| Dividends Paid | — | — | — | — | — | — | — | — |
| Stock Repurchases | — | — | — | — | — | — | — | — |
| Net Cash from Financing Activities | $32.0M | $45.3M | $78.3M | $11.5M | $-6.8M | $292.4M | $58.6M | $19.2M |
| Net Change in Cash | $6.3M | $2.4M | $-63.4M | $-102.4M | $-39.6M | $216.4M | $23.4M | $-2.6M |
| Free Cash Flow | $-36.2M | $-42.9M | $-141.7M | $-111.3M | $-137.9M | $-76.0M | $-38.9M | $-21.8M |