Worksport Grows Dealer Network 64% in Q1 2025; March B2B Sales Increase 70% on U.S.-Made AL4 Demand
Three Consecutive Months of Dealer Growth and Strong AL4 Sales Momentum Highlight Accelerating Market Adoption of Worksport's US Made Products
West Seneca, New York--(Newsfile Corp. - April 22, 2025) - Worksport Ltd. (NASDAQ: WKSP) ('Worksport' or the 'Company'), a U.S. based manufacturer and innovator of hybrid and clean energy solutions for the light truck, overlanding, and global consumer goods sectors, today announced strong first-quarter gains in its business-to-business (B2B) vertical, supported by accelerating demand for the AL4 premium tonneau cover. Proudly built in USA from more than 90 % domestic content-including high-grade American aluminum-the AL4 cover appears to be resonating with brick-and-mortar dealers nationwide that appreciate high-quality U.S.-made products.
Dealer Network and Recent Sales Highlights
Chief Executive Officer Steven Rossi stated: 'It's exciting to see both revenue growth and margin growth this quarter. The AL4's success proves that manufacturing in the US-using American aluminum and American workers-can out-compete foreign products.'
Supporting America's Small Businesses
Worksport's dealer partners are independent truck accessory retailers and installers- 'Main Street' businesses that form the backbone of the U.S. economy. With over 17,000 addressable dealers nationwide, Worksport expects to see continued growth. It is expected that dealers will contribute to notable revenue growth in 2025.
Worksport will look to strategically expand further by partnering with distributors and purchasing groups who value American-made quality and prioritize dealer success. These partnerships would bring many new dealers to the Worksport network. The Company expects to provide additional updates in the near term. The Company's products are engineered to deliver healthy margins for dealers while offering exceptional performance and value to end users-making Worksport a win-win solution for both sides of the market.
Outlook and Strategic Initiatives for 2025
In the upcoming spring months, Worksport expects to provide investors with updates on several key initiatives. The Company highlights:
Steven Rossi further comments: 'Adding 59 new dealer accounts in three months underscores how strongly American dealers (brick-and-mortar stores) value a high-margin, U.S.-made alternative to low-quality imported covers. As we broaden our dealer base and prepare for the SOLIS and COR launches, we believe Worksport is uniquely positioned to deliver sustained growth and long-term value for shareholders.'
Learn more, here: https://investors.worksport.com.
Stay tuned for more information and join our mailing list to stay up to date with the latest. Join Worksport's Newsletter
About Worksport
Worksport Ltd. (Nasdaq: WKSP), through its subsidiaries, designs, develops, manufactures, and owns the intellectual property on a variety of tonneau covers, solar integrations, portable power systems, and clean heating & cooling solutions. Worksport has an active partnership with Hyundai for the SOLIS Solar cover. Additionally, Worksport's hard-folding cover, designed and manufactured in-house, is compatible with all major truck models and is gaining traction with newer truck makers including the electric vehicle (EV) sector. Worksport seeks to capitalize on the growing shift of consumer mindsets towards clean energy integrations with its proprietary solar solutions, mobile energy storage systems (ESS), and Cold-Climate Heat Pump (CCHP) technology. Terravis Energy's website is terravisenergy.com.
For more information, please visit investors.worksport.com.
Connect with Worksport
Please follow the Company's social media accounts on X (previously Twitter), Facebook, LinkedIn, YouTube, and Instagram (collectively, the 'Accounts'), the links of which are links to external third-party websites, as well as sign up for the Company's newsletters at investors.worksport.com. The Company does not endorse, ensure the accuracy of, or accept any responsibility for any content on these third-party websites other than content published by the Company.
Investors and others should note that the Company announces material financial information to our investors using our investor relations website, press releases, Securities and Exchange Commission ('SEC') filings, and public conference calls and webcasts. The Company also uses social media to announce Company news and other information. The Company encourages investors, the media, and others to review the information the Company publishes on social media.
The Company does not selectively disclose material non-public information on social media. If there is any significant financial information, the Company will release it broadly to the public through a press release or SEC filing prior to publishing it on social media.
For additional information, please contact:
Investor Relations, Worksport Ltd. T: 1 (888) 554-8789 -128 W: investors.worksport.com W: www.worksport.com E: [email protected]
Forward-Looking Statements
The information contained herein may contain 'forward‐looking statements.' Forward‐looking statements reflect the current view about future events. When used in this press release, the words 'anticipate,' 'believe,' 'estimate,' 'scheduled,' 'expect,' 'future,' 'intend,' 'plan,' 'project,' 'envisioned,' 'should,' or the negative of these terms and similar expressions, as they relate to us or our management, identify forward‐looking statements. These statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (i) supply chain delays; (ii) acceptance of our products by consumers; (iii) delays in or nonacceptance by third parties to sell our products; and (iv) competition from other producers of similar products. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the SEC, including, without limitation, our latest Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC's web site at www.sec.gov. As a result of these matters, changes in facts, assumptions not being realized or other circumstances, the Company's actual results may differ materially from the expected results discussed in the forward-looking statements contained in this press release. The forward-looking statements made in this press release are made only as of the date of this press release, and the Company undertakes no obligation to update them to reflect subsequent events or circumstances.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/249283
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