05:50 PM EDT, 08/19/2024 (MT Newswires) -- Workhorse Group ( WKHS ) said that "substantial doubt" exists regarding its ability to continue as a going concern within one year after the issuance of financial statements late Monday.

The uncertainty is "a result of our recurring losses from operations, accumulated deficit, projected capital needs, and delays in bringing our vehicles to market and lower than expected market demand," the company said in a regulatory filing.

The company said its ability to "continue as a going concern" is contingent upon the successful execution of management's plan over the next 12 months to improve liquidity and working capital by growing revenue, reducing expenses, and raising capital to fund operations.

Shares of the company fell 2% in after-hours activity.

Price: 1.1993, Change: -0.02, Percent Change: -1.70