Workhorse Group, Inc., formerly AMP Holding Inc., is a development-stage company. The Company designs, develops, manufactures and sells medium-duty trucks with powertrain components under the Workhorse chassis brand. The Company's products include trucks comprising powertrain and chassis. Its powertrain products include E-GEN and E-100. Its chassis products include W88, W22, W42 and W62. E-GEN is an electric drive, transmission-free system, which has a gasoline/propane or compressed natural gas (CNG) engine that functions as an auxiliary generator. E-100, an all-electric, medium-duty truck, is an electric power-train. It focuses on offering W88 chassis with gross vehicle weight (GVW) ratings of 10,000 to 26,000 pounds. The W22 chassis is designed to meet the needs of the recreational vehicle market for weight ratings till over 26,000 GVW. The W42 chassis is designed for the 12,000 to 14,500 GVW vehicle market. The W62 chassis is designed for the 19,500 to 23,500 GVW vehicle market.

Workhorse was founded in 2007 and is headquartered in Loveland, US

Workhorse has offices in Loveland and Union City

Loveland, US (HQ)

100 Commerce Dr

Union City, US

940 In 32

Workhorse's revenue was reported to be $1.8 m in Q1, 2017

USD

## Revenue (Q1, 2017) | 1.8 m |

## Gross profit (Q1, 2017) | (2.5 m) |

## Gross profit margin (Q1, 2017), % | (143%) |

## Net income (Q1, 2017) | (7.9 m) |

## Market capitalization (21-Jul-2017) | 94.6 m |

## Cash (31-Mar-2017) | 10.2 m |

Workhorse's current market capitalization is $94.6 m.

USD | FY, 2013^{} | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|---|

## Revenue | 177.5 k | 177.5 k | 140 k | 6.4 m |

## Revenue growth, % | (21%) | 4483% | ||

## Cost of goods sold | 13.6 m | |||

## Gross profit | (7.2 m) | |||

## Gross profit Margin, % | (112%) | |||

## R&D expense | 6.1 m | |||

## General and administrative expense | 6.2 m | |||

## Operating expense total | 6.4 m | 8.6 m | 12.3 m | |

## Interest expense | 399 k | 965.9 k | 44 k | |

## Net Income | (9.4 m) | (19.6 m) |

USD | Q2, 2014^{} | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Revenue | 177.5 k | 68 k | 72 k | 236 k | 1.2 m | 1.9 m | 1.8 m | ||

## Cost of goods sold | 464.4 k | 2.3 m | 4.2 m | 4.3 m | |||||

## Gross profit | (228.4 k) | (1.1 m) | (2.3 m) | (2.5 m) | |||||

## Gross profit Margin, % | (97%) | (86%) | (119%) | (143%) | |||||

## R&D expense | 899.7 k | 895.7 k | 847.1 k | 872.2 k | 1.7 m | 2.9 m | 258.2 k | 1 m | 3.2 m |

## General and administrative expense | 1.2 m | 797.2 k | 1.1 m | 968.8 k | 1.8 m | 1.2 m | 1.6 m | 2 m | 2.1 m |

## Operating expense total | 2.1 m | 1.7 m | 1.9 m | 1.8 m | 3.5 m | 4.1 m | 1.9 m | 3 m | 5.4 m |

## Interest expense | 64.8 k | 95 k | 144 k | 108.2 k | 329.7 k | 39.7 k | 567 | 2.8 k | 35.7 k |

## Net Income | (2.1 m) | (4.4 m) | (7.3 m) | (12.6 m) | (7.9 m) |

USD | FY, 2013^{} | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|---|

## Cash | 7 k | 442.3 k | 7.7 m | 469.6 k |

## Accounts Receivable | 628.7 k | |||

## Inventories | 392.8 k | 392.8 k | 78.9 k | 2.5 m |

## PP&E | 4.4 m | 4 m | 3.7 m | 6 m |

## Total Assets | 4.9 m | 5 m | 14.6 m | 10.2 m |

## Accounts Payable | 1.5 m | 1.6 m | 1.6 m | 3.9 m |

## Total Debt | 2.6 m | 3.8 m | 2.2 m | |

## Additional Paid-in Capital | 20.3 m | 27.1 m | 33.6 m | 60.3 m |

## Retained Earnings | (43.5 m) | (63.1 m) | ||

## Debt to Assets Ratio | 0.5 x | 0.8 x | 0.2 x |

USD | Q2, 2014^{} | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Cash | 1.8 m | 833.8 k | 287.1 k | 160.9 k | 140.9 k | 5.2 m | 3.7 m | 3 m | 10.2 m |

## Accounts Receivable | 20 k | 476.1 k | 536.6 k | 978 k | |||||

## Inventories | 392.8 k | 392.8 k | 331 k | 272.6 k | 199 k | 1.9 m | 3.6 m | 5.1 m | |

## PP&E | 4.2 m | 4.1 m | 4 m | 3.9 m | 3.8 m | 3.7 m | 3.6 m | 3.6 m | 5.9 m |

## Total Assets | 6.5 m | 5.4 m | 4.7 m | 4.4 m | 5.2 m | 9.9 m | 10.3 m | 10.9 m | 24 m |

## Accounts Payable | 1.4 m | 1.4 m | 1.5 m | 1.8 m | 1.8 m | 2.4 m | 1.5 m | 3.2 m | 2.6 m |

## Additional Paid-in Capital | 26.8 m | 27 m | 29.7 m | 30.1 m | 31.8 m | 47.1 m | 51.6 m | 55.6 m | 90.2 m |

## Retained Earnings | (36.1 m) | (38 m) | (47.9 m) | (50.8 m) | (56.1 m) | (71 m) |

USD | FY, 2013^{} | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|---|

## Net Income | (9.4 m) | (19.6 m) | ||

## Depreciation and Amortization | 319.6 k | 388 k | 371.2 k | 381.8 k |

## Accounts Receivable | (1 m) | |||

## Inventories | 48.3 k | (2.5 m) | ||

## Accounts Payable | 293.2 k | 460.8 k | 907.3 k | 2.4 m |

## Capital Expenditures | (63) | (23.1 k) | (65.2 k) | (528.1 k) |

## Cash From Investing Activities | (2.8 m) | (23.1 k) | (65.2 k) | (528.1 k) |

## Long-term Borrowings | (5 k) | (2.7 m) | ||

## Cash From Financing Activities | 5.4 m | 4.9 m | 15.5 m | 12.4 m |

USD | Q2, 2014^{} | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Net Income | (2.1 m) | (4.4 m) | (7.3 m) | (12.6 m) | (7.9 m) | ||||

## Depreciation and Amortization | 101.5 k | 91.6 k | 93.8 k | 187.8 k | 281.8 k | 93.5 k | 190 k | 286.3 k | 143.1 k |

## Accounts Receivable | (20 k) | (476.1 k) | (536.6 k) | (349.3 k) | |||||

## Inventories | (1.9 m) | (3.6 m) | (2.6 m) | ||||||

## Accounts Payable | 156.6 k | 594.9 k | (121.9 k) | 214.1 k | 406.3 k | 908.7 k | (3.3 k) | 1.7 m | (1.3 m) |

## Capital Expenditures | (26.2 k) | (35.5 k) | (32.5 k) | (28.9 k) | (90.7 k) | (148.1 k) | (35.9 k) | ||

## Cash From Investing Activities | (26.2 k) | (35.5 k) | (32.5 k) | (28.9 k) | (90.7 k) | (148.1 k) | 74.8 k | ||

## Long-term Borrowings | (2.3 k) | (4.2 k) | (5 k) | (2.7 m) | (2.7 m) | (4.8 k) | |||

## Cash From Financing Activities | 437.7 k | (9.1 k) | 1.4 m | 2.6 m | 3.9 m | 963 k | 5.3 m | 8.9 m | 22.7 m |