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Yahoo
12 hours ago
- Business
- Yahoo
Worksport Nano-Grid System Selected for Pilot by Top US Construction Group
Top 25 U.S. Construction and Energy Contractor To Purchase Worksport's SOLIS Solar Tonneau Cover and COR Portable Energy System for Initial Pilot West Seneca, New York, June 25, 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 pleased to announce a commercial-use pilot project with a leading US construction firm that has a fleet comprising over 1,000 trucks. Under this initial engagement, the construction firm has agreed to purchase units of the Worksport's SOLIS solar tonneau cover and COR portable energy system to use and evaluate for broader application to their large truck fleet. This marks the Company's first major collaborative project with a large construction industry stakeholder. Steven Rossi, CEO of Worksport, commented: 'We believe our COR and SOLIS systems will be an excellent fit for large commercial work fleets. We are excited to have a reputed; well-known construction Company purchase test units of our COR & SOLIS system to test within their network. We believe this collaboration underscores Worksport's underlying excitement for the upcoming product line, set for public release in Fall 2025. We believe this relationship can be meaningful with significant revenue upside opportunities in the future.' Initial Commercial Project Overview Pilot (Phase I): Customer will receive two purchased sets of the Worksport SOLIS and COR systems. This pilot aims to validate the performance, reliability, and practical benefits of Worksport's clean-tech solutions in real-world construction environments. Strategic Feedback Loop: Working with the customer's innovation department, Worksport expects to receive detailed feedback and performance data in real-commercial settings. The construction company may also create and share marketing and media content for Worksport's use. Future Phases: Upon successful completion of Phase I, Worksport anticipates moving to a larger scale order to implement Worksport's nano-grid power system for broader use. Strategic Outlook and Broader Implications This collaboration not only creates a structured roadmap toward large-scale fleet adoption but also delivers an invaluable real-world industrial use case for Worksport's COR & SOLIS nano-grid system. Importantly, the customer—recognized as a top-tier builder and engineering firm—serves a wide array of institutional and government clients, including the U.S. Army Corps of Engineers, Department of Homeland Security, U.S. Coast Guard, and General Services Administration (GSA). Their proven track record of delivering complex federal projects opens the door to meaningful exposure with additional future commercial clients. As this pilot progresses, Worksport expects to gain critical performance insights, foster a deeper partnership, and potentially unlock additional opportunities across both private and public sectors. The Company looks forward to updating shareholders as this relationship evolves and new commercial pathways emerge. 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 lors de la récupération des données Connectez-vous pour accéder à votre portefeuille Erreur lors de la récupération des données Erreur lors de la récupération des données Erreur lors de la récupération des données Erreur lors de la récupération des données
Yahoo
15-05-2025
- Automotive
- Yahoo
Worksport Ltd. Reports Q1 2025 Results: 337% Revenue Growth and 157% Margin Expansion Year-over-Year
Company Forecasts Detailed Revenue Guidance with Cash Flow Positive Objectives West Seneca, New York, May 15, 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 its financial results for the fiscal quarter ending March 31, 2025. Building off positive traction in gross margins and a notable growth forecast for year-end 2025 revenues, the Company is targeting cash flow positive operations towards year-end. Highlights from the Company's Q1 2025 Performance: Revenue Growth: Worksport reported net sales of $2.24 million in Q1 2025, representing a 337% increase from $512,000 in Q1 2024. The Company noted that Q1 typically reflects seasonally lower demand, and that its high-margin AL4 cover was released in late Q1 2025. The Al4 it is expected to drive stronger growth in Q2 2025 and beyond. Margin Expansion and Profitability Path: Gross margin for the quarter was approximately 18% - up from 7% in Q1 2024 and 11% in Q4 2024. The Company expects continued margin expansion in upcoming quarters. Working Capital: At the end of Q1 2025, Worksport reported a healthy working capital balance of $7.94MM, of which $5.1MM was cash availability. 2025 Outlook & Path Forward Worksport remains highly optimistic about its trajectory in 2025, with full-year revenue guidance of $20 million to $25 million, reflecting a projected 2.5x to 3x increase over 2024 results. Core Business Expansion: Growth will be led by the Company's tonneau cover segment, particularly the AL4, which began shipping in late Q1 2025. The Company further anticipates strong sequential growth in Q2 2025, followed by a more pronounced ramp-up in Q3 2025 and Q4 2025 this year. Margin Improvement: Q1 2025 gross margins improved to about 18%, up from 7% in the prior-year period. The Company is targeting 25-30% gross margins by year-end 2025. COR & SOLIS Contribution: The Company is targeting $2-3 million in revenue this year from its upcoming green energy product lines. While current forecasts are based on available supply chain visibility, the Company remains optimistic that geopolitical and sourcing clarity may allow it to raise this guidance later in the year. Cash Flow & Profitability: Achieving the upper end of this revenue range is expected to bring the Company to cash flow breakeven by year-end, supported by a stronger margin profile and operational leverage. 2026 Preliminary Outlook: While formal 2026 guidance will be shared in future quarters, internal models target sustained double-digit revenue growth and first full-year profitability. Key drivers include expanded COR & SOLIS availability, new product introductions, and increasing U.S. market share in tonneau covers. Worksport Q1 Conference Call For detailed insights on the quarter, and management commentary, please attend the scheduled conference call. It will occur at 4:30 P.M. E.T. on Thursday May 15, 2025. You may attend with this link: [Worksport Q1 2025 Conference Call] Investors are highly encouraged to review the prepared remarks and conference call deck will be available at Worksport's Investor Relations website. Worksport Quarter 1 2025 Report: Balance Sheet & Income Statement Below is a summary excerpt from the Financial Statements section of 'Worksport 10-Q, May 15 2025' covering the fiscal quarter ending March 31, 2025. Investors are encouraged to review the complete 10-Q filing and the accompanying Prepared Remarks, both linked above, for full context and analysis. Worksport Consolidated Balance Sheets(Unaudited) March 31, 2025 December 31, 2024 (Unaudited) ASSETS Current assets Cash and cash equivalents $ 5,080,372 $ 4,883,099 Accounts receivable, net 67,951 42,589 Other receivable 196,743 169,728 Inventory (Note 3) 5,725,592 5,190,054 Prepaid expenses and deposits (Note 6) 384,263 192,192 Total current assets 11,454,921 10,477,662 Investments (Note 11) 66,308 66,308 Property and equipment, net (Note 4) 13,497,178 13,644,226 Operating lease right-of-use assets (Note 12) 531,122 595,415 Intangible assets, net (Note 5) 1,113,473 953,049 Total assets $ 26,663,002 $ 25,736,660 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable $ 1,763,556 $ 1,526,630 Accrued liabilities and other 852,103 800,283 Accrued compensation 431,479 377,112 Long-term debt, current portion (Note 13) 227,056 222,992 Lease liability, current portion (Note 12) 244,477 246,535 Total current liabilities 3,518,671 3,173,552 Lease liability, excluding current portion (Note 12) 310,337 368,472 Long-term debt, excluding current portion (Note 13) 2,708,497 4,781,005 Total liabilities 6,537,505 8,323,029 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, 4,795,521 and 4,016,205 shares issued and outstanding, respectively (Note 7) 4,795 4,016 Additional paid-in capital 84,126,734 79,781,674 Share subscriptions receivable (1,577 ) (1,577 ) Share subscriptions payable 4,941,555 2,115,064 Accumulated deficit (68,937,430 ) (64,476,966 ) Cumulative translation adjustment (8,580 ) (8,580 ) Total shareholders' equity 20,125,497 17,413,631 Total liabilities and shareholders' equity $ 26,663,002 $ 25,736,660 The accompanying notes form an integral part of these condensed consolidated financial statements. Please click here to download the full 10-Q. Worksport Consolidated Statements of Operations and Comprehensive LossFor the Three Months Ended March 31, 2025 and 2024(Unaudited) Three Months ended March 31, 2025 2024 Net sales $ 2,240,005 $ 512,637 Cost of sales 1,843,784 475,181 Gross profit 396,221 37,456 Operating expenses Research and development 369,601 381,000 General and administrative 2,988,781 2,293,318 Sales and marketing 869,749 66,777 Professional fees 426,041 943,778 Gain on foreign exchange (1,645 ) (7,951 ) Total operating expenses 4,652,527 3,676,922 Loss from operations (4,256,306 ) (3,639,466 ) Other income (expense) Interest expense (195,438 ) (123,598 ) Interest income 8,134 3,054 Rental income - 45,353 Other (16,854 ) - Total other income (expense) (204,158 ) (75,191 ) Net loss $ (4,460,464 ) $ (3,714,657 ) Loss per share (basic and diluted) $ (1.05 ) $ (1.75 ) Weighted average number of shares (basic and diluted) 4,262,474 2,118,807 The accompanying notes form an integral part of these condensed consolidated financial statements. Please click here to download the full 10-Q. 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: Q1 2025- Earnings Call Prepared Remarks - Download Here For further information:Investor Relations, Worksport Ltd. T: 1 (888) 554-8789 -128 W: W: E: investors@ About WorksportWorksport 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 DisclaimerThe 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
