Latest news with #AL4
Associated Press
6 days ago
- Automotive
- Associated Press
Worksport Surpasses Monthly Sales Record in April on Strong AL4 Performance
AL4 Drives 40% of Sales Within Weeks of Launch; Application Rollout Nearing Completion with Significant Growth Expected to Continue West Seneca, New York--(Newsfile Corp. - June 2, 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, is excited to announce record-high April sales totaling about $1.22 million, with its premium AL4 tonneau cover accounting for approximately 40% of total product sales-a milestone achievement for a product that launched just weeks earlier. As of the end of April 2025, 80% of the AL4 product line-20 out of 25 planned models-has been successfully rolled out. With only five additional models remaining to complete a full application lineup, Worksport anticipates the line's growth trajectory to continue accelerating through Q2 and beyond. Dealer adoption of the AL4 has also shown encouraging momentum, following a classic snowball pattern where initial sample orders often lead to expanded, repeatable purchases from new dealer accounts. 'The AL4's performance just weeks after availability exceeded our internal expectations of uptake, and validates the significant market demand for American-made, premium tonneau covers,' said Steven Rossi, Chief Executive Officer of Worksport Ltd. 'Its success is already being felt in both our dealer and direct-to-consumer channels. We believe this is only the beginning, with more SKUs on the way and a strong dealer reorder cycle emerging.' Management notes that the AL4's rapid uptake is a key contributor to the Company's strengthening revenue base, driven by its blend of durability, user-centric features, and competitive pricing. Manufactured in Worksport's state-of-the-art U.S. facility using over 90% domestic content, the AL4 continues to differentiate itself from foreign-sourced alternatives that often lack the quality and margin profile desired by Worksport's growing network of dealers. Looking ahead, the Company expects Q2 revenue to notably surpass Q1 results, driven by the AL4 ramp-up, expanding B2B dealer relationships, and continued strength in e-commerce. Management also anticipates stronger revenue acceleration in Q3 and Q4, as Worksport prepares to introduce its upcoming clean-tech innovations-the SOLIS solar-integrated tonneau cover and the COR portable power system-later in 2025. Worksport believes the combination of a robust tonneau cover business and emerging clean-tech product pipeline positions the Company for substantial growth, expanding margins, and enhanced shareholder value in the quarters ahead. For further information: Investor Relations, Worksport Ltd. T: 1 (888) 554-8789 -128 W: W: E: [email protected] 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 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 Social Media Disclaimer 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. 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 situation 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 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
Yahoo
6 days ago
- Automotive
- Yahoo
Worksport Surpasses Monthly Sales Record in April on Strong AL4 Performance
AL4 Drives 40% of Sales Within Weeks of Launch; Application Rollout Nearing Completion with Significant Growth Expected to Continue West Seneca, New York, June 02, 2025 (GLOBE NEWSWIRE) -- 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, is excited to announce record-high April sales totaling about $1.22 million, with its premium AL4 tonneau cover accounting for approximately 40% of total product sales—a milestone achievement for a product that launched just weeks earlier. As of the end of April 2025, 80% of the AL4 product line—20 out of 25 planned models—has been successfully rolled out. With only five additional models remaining to complete a full application lineup, Worksport anticipates the line's growth trajectory to continue accelerating through Q2 and beyond. Dealer adoption of the AL4 has also shown encouraging momentum, following a classic snowball pattern where initial sample orders often lead to expanded, repeatable purchases from new dealer accounts. 'The AL4's performance just weeks after availability exceeded our internal expectations of uptake, and validates the significant market demand for American-made, premium tonneau covers,' said Steven Rossi, Chief Executive Officer of Worksport Ltd. 'Its success is already being felt in both our dealer and direct-to-consumer channels. We believe this is only the beginning, with more SKUs on the way and a strong dealer reorder cycle emerging.' Management notes that the AL4's rapid uptake is a key contributor to the Company's strengthening revenue base, driven by its blend of durability, user-centric features, and competitive pricing. Manufactured in Worksport's state-of-the-art U.S. facility using over 90% domestic content, the AL4 continues to differentiate itself from foreign-sourced alternatives that often lack the quality and margin profile desired by Worksport's growing network of dealers. Looking ahead, the Company expects Q2 revenue to notably surpass Q1 results, driven by the AL4 ramp-up, expanding B2B dealer relationships, and continued strength in e-commerce. Management also anticipates stronger revenue acceleration in Q3 and Q4, as Worksport prepares to introduce its upcoming clean-tech innovations—the SOLIS solar-integrated tonneau cover and the COR portable power system—later in 2025. Worksport believes the combination of a robust tonneau cover business and emerging clean-tech product pipeline positions the Company for substantial growth, expanding margins, and enhanced shareholder value in the quarters ahead. For further information: Investor Relations, Worksport Ltd. T: 1 (888) 554-8789 -128 W: W: E: investors@ 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 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 Social Media Disclaimer 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. 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 situation 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 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 in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
22-04-2025
- Automotive
- Associated Press
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: 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 For more information, please visit 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 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: W: 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 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
Yahoo
22-04-2025
- Automotive
- Yahoo
EXCLUSIVE: Worksport's March B2B Sales Soar Nearly 70%
On Tuesday, Worksport Ltd (NASDAQ:WKSP) announced first‑quarter gains in its business‑to‑business (B2B) vertical, supported by accelerating demand for the AL4 premium tonneau cover. The March 2025 B2B sales grew nearly 70% from February. Worksport's U.S. network now totals 151 active dealers, a 64 % increase from 92 at year‑end 2024. Worksport added 35 new dealer accounts in March, following 24 additions in January and February. KULR & Worksport Team Up to Boost US Battery Tech and Domestic Manufacturing By sourcing locally and manufacturing in the U.S., Worksport believes it mitigates tariff risks on its tonneau cover products, supports American jobs, and delivers superior product consistency. CEO Steven Rossi said the AL4's success proves that manufacturing in the U.S. using American aluminum and American workers can out‑compete foreign products. 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. Dealers will likely contribute to notable revenue growth in 2025. Worksport will seek to expand strategically further by partnering with distributors and purchasing groups that value American-made quality and prioritize dealer success. These partnerships would bring many new dealers to the Worksport network. SOLIS solar-integrated tonneau cover and COR modular portable energy system remain on track for launch later this year, positioning Worksport to capture additional revenue streams in sustainable power solutions, the company said. Steven Rossi said 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. Worksport's fourth-quarter 2024 revenues rose 246% to $2.9 million, pushing year-end revenue to $8.5 million, exceeding guidance of $6 million-$8 million. The company had previously forecasted further quarterly margin increases, especially towards the second half of 2025. Price Action: WKSP stock closed lower by 4.85% at $2.55 on Monday. Read Next:Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? WORKSPORT (WKSP): Free Stock Analysis Report This article EXCLUSIVE: Worksport's March B2B Sales Soar Nearly 70% originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Sign in to access your portfolio
Associated Press
27-03-2025
- Automotive
- Associated Press
Worksport Ltd. Reports Fiscal Year 2024 Results, Achieves 455% Year-Over-Year Revenue Growth
Company Outlines Strong Momentum in Margins, Revenue, and Business Growth Entering 2025 West Seneca, New York, March 27, 2025 (GLOBE NEWSWIRE) -- 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 financial results and significant operational achievements for fiscal year 2024. Marking a transformational year with record revenue growth, expanded product lines, and provided an optimistic outlook for fiscal year 2025. Highlights from Fiscal Year 2024: Record-Breaking Revenue Growth: Worksport reported net sales of $8.48 million, a remarkable increase of 455% from $1.53 million in 2023, driven by robust direct-to-consumer online sales, expanding business-to-business deals, and successful U.S. manufacturing ramp-up. Margin Expansion and Profitability Path: Strategic shifts toward higher-margin, Worksport-branded products significantly enhanced profitability metrics, particularly evident in the end of Q4 2024 with gross margins rising nearly 3x that of Q3. Worksport expects fiscal 2025 gross margins to align more closely with those achieved in December 2024, supporting a continued growth trajectory. Quarterly Milestone: Q4 2024 net sales were $2.93 million, an approximately 250% year-over-year increase from $839,000 in Q4 2023. The strong holiday season demand across e-commerce and distribution networks pushed results above the Company's previous FY 2024 revenue guidance of $6–$8 million. Financial Position Strengthened: Year-end cash and equivalents increased to $4.88 million, with an additional $6.7 million raised through a warrant inducement transaction in March 2025. Inventory strategically increased to $5.19 million to meet anticipated 2025 demand, while strengthen resiliency against macroeconomic supply chain uncertainties. Working capital improved to $7.3 million, offering greater flexibility for growth. Steven Rossi, Founder & CEO of Worksport, stated: 'Our 2024 results show a remarkable transformation. We expanded U.S. manufacturing, accelerated top-line growth, and repositioned our product lineup for higher margins. As we enter 2025, we have multiple catalysts—from advanced tonneau covers like the AL4 and HD3 to our highly anticipated SOLIS and COR energy solutions. Our focus is to scale production efficiently, drive robust revenue expansion, and chart a clear path to profitability for the benefit of our shareholders.' 2025 Outlook & Guidance Projected Revenue: Worksport expects FY 2025 net sales in the range of $20 million to $34.5 million, driven by growing demand for its premium hard-folding covers, the upcoming SOLIS solar-integrated tonneau, and COR mobile battery system. Margin Expansion: With production scaling, a shift away from lower-margin private-label lines, and the launch of higher-value products, the Company anticipates gross margins reaching 25%-30% by late 2025. Path to Profitability: Management is focused on operational efficiency and cost discipline to target breakeven and potential cash-flow positivity by year-end 2025, contingent on achieving the upper range of its revenue and margin targets. Additional Highlights Include: B2C Sales Growth: Online sales skyrocketed from $21,599 in Q3 2023 to $1.59 million in Q3 2024, now making up 51% of total revenue. Government Sales Traction: Worksport initiated sales to a U.S. government agency, positioning itself for future business development. New Product Launches: The highly anticipated AL4 tonneau cover is set to debut in Q4 this year and is expected to become a revenue-driving force in 2025, while the SOLIS and COR products are in Alpha testing, with a full market launch slated for Q2/Q3 next year. Worksport FY & Q4 Conference Call For detailed insights on the quarter, and management commentary, please attend our scheduled conference call. It will occur at 8:am ET on Thursday March 27, 2025. You may attend with this link: [ Worksport FY & Q4 2024 Conference Call] Investors are highly encouraged to review the prepared remarks and conference call deck will be available at Worksport's Investor Relations website. Below is a summary excerpt from the Financial Statements section of 'Worksport 10-K 2024' covering the fiscal year ended December 31, 2024. Investors are encouraged to review the complete 10-K filing and the accompanying Prepared Remarks, both linked above, for full context and analysis. Worksport Ltd. Consolidated Balance Sheets December 31, 2024 and 2023 2024 2023 ASSETS Current assets Cash and cash equivalents $ 4,883,099 $ 3,365,778 Accounts receivable, net 42,589 463,122 Other receivable 169,728 165,865 Inventories, net (Note 3) 5,190,054 3,631,492 Prepaid expenses and deposits (Note 6) 192,192 1,497,249 Total Current assets 10,477,662 9,123,506 Investment (Note 11) 66,308 90,731 Property and equipment, net (Note 4) 13,644,226 14,483,436 Operating lease right-of-use assets (Note 12) 595,415 917,354 Intangible assets, net (Note 5) 953,049 1,338,889 Total assets $ 25,736,660 $ 25,953,916 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable $ 1,526,630 $ 1,260,285 Accrued liabilities and other 800,283 190,896 Accrued compensation 377,112 85,010 Related party loan — 2,192 Long-term debt, current portion (Note 13) 222,992 5,300,000 Lease liability, current portion (Note 12) 246,535 328,229 Total current liabilities 3,173,552 7,166,612 Lease liability, excluding current portion (Note 12) 368,472 608,761 Long-term debt, excluding current portion (Note 13) 4,781,005 — Total liabilities 8,323,029 7,775,373 Shareholders' equity Series A & B Preferred Stock, $0.001 par value, 10,010 shares authorized, 100 Series A and 0 Series B issued and outstanding, respectively (Note 7) — — Common stock, $0.001 par value, 29,900,000 shares authorized, 4,016,205 and 2,032,050 shares issued and outstanding, respectively (Note 7) 4,016 2,032 Additional paid-in capital 79,781,674 64,685,693 Share subscriptions receivable (1,577) (1,577) Share subscriptions payable 2,115,064 1,814,152 Accumulated deficit (64,476,966) (48,313,177) Cumulative translation adjustment (8,580) (8,580) Total shareholders' equity 17,413,631 18,178,543 Total liabilities and shareholders' equity $ 25,736,660 $ 25,953,916 The accompanying notes form an integral part of these condensed consolidated financial statements. Please click here to download the full 10-K. Worksport Ltd. Consolidated Statements of Operations and Comprehensive Loss December 31, 2024 and 2023 2024 2023 Net sales $ 8,484,379 $ 1,529,632 Cost of sales 7,578,729 1,289,118 Gross profit 905,650 240,514 Operating expenses Research and development 2,289,940 1,669,318 General and administrative 8,678,994 7,974,362 Sales and marketing 2,386,504 1,483,054 Professional fees 3,030,931 3,853,134 Gain on foreign exchange (14,885) (2,693) Total operating expenses 16,371,484 14,977,175 Loss from operations (15,465,834) (14,736,661) Other income (expense) Interest expense (726,095) (616,214) Interest income 37,492 239,353 Rental income (Note 17) 76,413 184,564 Other (85,765) — Total other income (expense) (697,955) (192,297) Net loss (16,163,789) (14,928,958) Loss per share (basic and diluted) $ (5.84) $ (8.44) Weighted average number of shares (basic and diluted) 2,768,732 1,768,991 The accompanying notes form an integral part of these condensed consolidated financial statements. Please click here to download the full 10-K. The link below will take you to the Worksport Investor Relations Website. You may download the accompanying earnings call prepared remark and deck there, investors are highly encouraged to review this material: Stay Connected 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 For more information, please visit 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 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: 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,' 'expect,' 'future,' 'intend,' 'plan,' 'project,' '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 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 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.
