Workhorse FY2024 revenue $6.6M, net loss $101.8M; executes 1-for-12.5 reverse split

Workhorse Group Inc.

2025-Q1 EPS reported -$4.68 revenue$640,922

Sales $6.6M, down 50% YoY from $13.1M; net loss $101.8M vs $123.9M prior year.
Completed 1-for-12.5 reverse stock split on March 17, 2025 to regain Nasdaq minimum bid compliance.
Issued $35M convertible note to institutional investor; only $3M of net proceeds released as of March 31.
W4 CC and W56 models approved by Transport Canada; secured order for 13 W56 extended wheelbase step vans.
Working capital $8.2M at Dec 31, 2024, including $4.6M cash; cost reduction actions continuing.

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