Workhorse Group Inc. filed an 8-K/A on March 24, 2026, providing consents from CBIZ CPAs P.C. and Marcum LLP for incorporation of Motiv Power Systems, Inc.'s audited financial statements into various registration statements, along with Exhibit 99.1 containing restated consolidated financial statements for years ended December 31, 2023 and 2024. The 2024 restatement corrects weighted average shares for EPS due to preferred stock conversions and a 10-for-1 reverse stock split, with no impact on net loss; statements note substantial doubt about going concern.
Key takeaways
Consents issued by CBIZ CPAs P.C. (dated August 29, 2025, re-dated February 25, 2026) and Marcum LLP (dated October 17, 2024) for Motiv Power Systems, Inc. financials in Workhorse's S-3/A, S-3, and S-8 filings.
2024 financial statements restated solely for loss per share calculation error from omitted preferred stock conversions and 10-for-1 reverse stock split on June 14, 2024.
Motiv Power Systems, Inc. 2024 revenue $7,043,926 (down from $16,884,755 in 2023); net loss $51,588,050 (vs. $46,840,694 in 2023); restated diluted EPS $(9.4) (775,045 shares in 2023).
As of December 31, 2024, Motiv cash $6,629,092, total assets $37,408,133, stockholders' deficit $(40,819,705); auditor notes going concern doubt from working capital deficiency and losses.