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WKHSWORKHORSE GROUP INC.

Is Workhorse Group struggling financially?

Yes, by its own account. Workhorse Group told the SEC on 20 May 2026, in Form DEF 14A, that there is substantial doubt about its ability to continue as a going concern.

Going concern disclosed May 2026

14/100

Critical

Sector
Industrial/Cyclical
Market cap
$35.3M
Source filing
DEF 14A 20 May 2026
Balance sheet
30 Jun 2026

Cash runway

  • 2months

    If the burn speeds up

    Empty by Aug 2026

  • 4months

    If it eases off

    Empty by Oct 2026

Both rows are the same reported burn flexed 15% either way, and neither assumes the company raises a cent.

Out of cashTwo years or more

The runway math

Cash and short-term investments

$9.6M

÷

Cash burned over the last 12 months

$36.2M

What Workhorse Group told the SEC

…the report on the financial statements of the Company for the fiscal year ended December 31, 2024 included an explanatory paragraph indicating that there was substantial doubt as to the Company’s ability to continue as a going concern. During the fiscal years ended December 31, 2024 and 2025 and the subsequent interim period through the date of the dismissal, there were (i) no disagreements with BPB on any matter of…

WORKHORSE GROUP INC., Form DEF 14A, filed 20 May 2026.

Read the filing on SEC.gov

What this means

  • Not a bankruptcy filing, and not a prediction.
  • It is the company’s own statement, agreed with its auditor, that the doubt is material enough to disclose.
  • The runway is arithmetic on two reported numbers, not a forecast. Companies carry this language for years, raise money and keep going.

What else the numbers show

  • 57.4% share-count increase The company issued stock. Each share now owns 36.5% less of the business than a year ago, before any change in the price.
  • Debt pressure is material Debt is large against the cash on hand while the business generates little to service it, which puts lenders ahead of shareholders in the queue.
  • Cash burn is narrowing It is spending 58% less cash per year than it was, so the runway above is lengthening rather than shortening.

Other Industrial/Cyclical companies that filed the doubt