secwatch.observer — SEC 8-K summary
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Issuer:     Workhorse Group Inc. (WKHS)
CIK:        0001425287
Form:       8-K
Filed at:   2024-03-12T23:59:59+00:00
Accession:  0001425287-24-000070
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Workhorse reports Q4 net loss $45.3M, cuts 20% of workforce, seeks financing
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- Q4 2023 sales $4.4M (up 29% YoY), net loss $45.3M vs $38.7M loss a year ago.
- Full-year 2023 net loss $123.9M on sales $13.1M; cash $25.8M at Dec 31.
- Reducing ~20% of non-direct-labor workforce; executives deferring 20% of cash comp for 3 months.
- Transitioning Aero to Drones-as-a-Service; halting drone production and design.
- Negotiating financing for liquidity; Union City sale/leaseback expected to close May 2024.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1425287/000142528724000070/0001425287-24-000070-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1425287/000142528724000070/wkhs-20240312.htm
  HTML page:      https://secwatch.observer/filing/0001425287-24-000070

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