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Globe and Mail
6 days ago
- Business
- Globe and Mail
Worksport Posts Q2 2025 Results: Gross Profit Increases 173%, Revenue Jumps 83%, Margin Expands 870 bps, Operating Loss Improves 15% [QoQ].
Company Reaffirms ≥$20 Million 2025 Revenue Target and Highlights Clear Path to Near-Term Operational Cash Flow Positivity West Seneca, New York, Aug. 13, 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 record financial and operational results for the quarter ended June 30, 2025 ('Q2 2025') and reaffirmed full-year 2025 revenue guidance of at least $20 million. Q2 2025 Highlights Worksport delivered its highest quarterly revenue in Company history, with net sales of $4.10 million, up 114% year-over-year and 83% sequentially. Gross margin expanded 8.7 percentage points from Q1 to 26.4%, driving a 173% increase in gross profit to $1.08 million. Operating loss improved 15% QoQ to $(3.62) million, while net loss narrowed ~16% to $(3.73) million. Operating cash use improved 19% to $(3.10) million, and total liquidity stood at ~$6.1 million. Inventory remained stable at $5.88 million, with ~90% in raw materials to support production ramp-up. The Company achieved three consecutive monthly sales records in Q2 — April $1.22M, May $1.28M, and June $1.60M — equating to a $19.2M annualized run rate (non-GAAP). Year-to-date, Worksport has added 450+ new dealer accounts, with its network at full activation capable of generating ~$21.5M in annual repeatable revenue (excluding B2C and new dealer accounts). Additional Operational Highlights: Production: Q3 2025 output is expected to be notably stronger than Q2. July output averaged 115-130 units/day, peaking at 160 units/day and by late Q3 targeting ~200 units/day. Innovation Pipeline: HD3 heavy-duty tonneau cover on track for Q3 launch; SOLIS (solar tonneau) and COR (portable power) on track for Q4 launch; AetherLux cold-climate heat pump advancing to commercial testing. Tariff Management: Estimated 5-10% inflationary cost impact offset by operational efficiencies; the Company is evaluating additional strategies to further mitigate effects across upcoming clean-tech products. Management Commentary Steven Rossi, Founder & CEO of Worksport, said: 'Q2 shows our model working at scale - demand is outpacing supply, margins are expanding, and our U.S. facility continues to ramp efficiently. With three straight monthly sales records and gross margin now at 26.4%, we're executing toward operational cash-flow positivity while preparing to launch HD3, SOLIS, and COR. We believe our American-made tonneau business alone can carry Worksport to profitability in 2026, with clean-tech adding meaningful upside.' Michael Johnston, CFO, added: 'We delivered strong sequential leverage, including gross profit up 173% with operating loss improved 15%, and we tightened operating cash use by 19%. Liquidity remains stable with approximately $6.1 million available, and our inventory profile supports growth without significant near-term working capital. We reaffirm our target of at least $20 million in revenue this year and expect gross margin to approach 30% by year-end, with operating cash-flow breakeven targeted for late Q4 2025 or early Q1 2026.' Outlook & Guidance 2025 Revenue: Reaffirmed at ≥$20 million. Margins: Expect continued expansion toward ~30%+ gross margin by year-end. Cash Flow: Targeting operating cash-flow breakeven by Q4 2025 / Q1 2026. 2026 Profitability Drivers: Initial $2-3M revenue expected from first batches of COR & SOLIS; AetherLux expected to contribute meaningfully in 2026. Capital & Liquidity: Reg A Offering: Company expects to close the current Regulation A offering by end of August 2025; if fully subscribed ($10M), management believes Worksport is fully funded through 2025 and into 2026. Warrants: Outstanding warrants ($4.50-$6.70 exercise ranges) may provide 2026 growth capital. While currently not in the money, the Company believes current share price is undervalued and may be better reflected as the year goes on. Per the current business plan, Worksport intends to limit notable equity dilution while pursuing disciplined growth. Worksport Q2 2025 Conference Call For detailed insights on the quarter, and management commentary, please attend our scheduled conference call. It will occur at 1PM ET on Wednesday August 13, 2025. You may attend with this registration link: [ Conference Call Registration ] Accompanying prepared remarks and deck will be available at 1pm ET: [ here ] Below is a summary excerpt from the Financial Statements section of Worksport 10-Q [June 30, 2025] covering the quarter ending June 30, 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 Ltd. (Unaudited) June 30, 2025 (Unaudited) December 31, 2024 ASSETS Current assets Cash and cash equivalents $ 1,393,140 $ 4,883,099 Accounts receivable, net 295,961 42,589 Other receivable 228,086 169,728 Inventory (Note 3) 5,881,513 5,190,054 Prepaid expenses and deposits (Note 6) 692,292 192,192 Total current assets 8,490,992 10,477,662 Investments (Note 11) 122,681 66,308 Property and equipment, net (Note 4) 13,218,121 13,644,226 Operating lease right-of-use assets (Note 12) 731,633 595,415 Intangible assets, net (Note 5) 1,016,710 953,049 Total assets $ 23,580,137 $ 25,736,660 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable $ 1,973,131 $ 1,526,630 Accrued liabilities and other 682,781 800,283 Accrued compensation 517,475 377,112 Long-term debt, current portion (Note 13) 235,865 222,992 Lease liability, current portion (Note 12) 323,698 246,535 Total current liabilities 3,732,950 3,173,552 Lease liability, excluding current portion (Note 12) 437,266 368,472 Long-term debt, excluding current portion (Note 13) 2,093,363 4,781,005 Total liabilities 6,263,579 8,323,029 Shareholders' Equity Series A, B & C Preferred stock, $0.001 par value, 10,000,000 shares authorized, 100 Series A, 0 Series B, and 49,335 Series C issued and outstanding, respectively (Note 7) 49 - Common stock, $0.001 par value, 45,000,000 shares authorized, 5,519,130 and 4,016,205 shares issued and outstanding, respectively (Note 7) 5,518 4,016 Additional paid-in capital 87,970,432 79,781,674 Share subscriptions receivable (1,577) (1,577) Share subscriptions payable 2,022,630 2,115,064 Accumulated deficit (72,671,914) (64,476,966) Cumulative translation adjustment (8,580) (8,580) Total shareholders' equity 17,316,558 17,413,631 Total liabilities and shareholders' equity $ 23,580,137 $ 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. Three Months ended June 30, Six Months ended June 30, 2025 2024 2025 2024 Net sales $ 4,104,958 $ 1,921,539 $ 6,344,963 $ 2,434,176 Cost of sales 3,022,846 1,624,910 4,866,630 2,100,091 Gross profit 1,082,112 296,629 1,478,333 334,085 Operating Expenses Research and development 304,833 1,045,864 674,434 1,415,465 General and administrative 2,454,055 1,900,522 5,442,835 4,205,239 Sales and marketing 1,305,355 478,792 2,175,104 545,569 Professional fees 637,493 766,563 1,063,534 1,710,341 (Gain) loss on foreign exchange (1,993) 15,636 (3,638) 7,685 Total operating expenses 4,699,743 4,207,377 9,352,269 7,884,299 Loss from operations (3,617,631) (3,910,748) (7,873,936) (7,550,214) Other income (expense) Interest expense (128,156) (134,164) (323,594) (257,762) Interest income 11,303 - 19,437 3,054 Rental income - 31,513 - 76,866 Other - - (16,855) - Total other income (expense) (116,853) (102,651) (321,012) (177,842) Net loss $ (3,734,484) $ (4,013,399) $ (8,194,948) $ (7,728,056) Loss per share (basic and diluted) $ (0.71) $ (1.55) $ (1.71) $ (3.28) Weighted average number of shares (basic and diluted) 5,285,705 2,595,863 4,778,426 2,357,335 The accompanying notes form an integral part of these condensed consolidated financial statements. Please click here to download the full 10-Q. 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.
Yahoo
05-08-2025
- Business
- Yahoo
Worksport Sets New 4-Week Production Record; Strong Growth Continues 2,499 Units Produced in 4 weeks of July, Doubling March 2025 Output
West Seneca, New York, Aug. 05, 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 report its strongest 4-week production stretch to date. From early July through the final week of the month, the Company produced 2,499 tonneau covers—more than double the 1,234 units produced in March 2025 and reflecting over 100% sequential growth in just four months. Operational Scaling Drives Record Performance This latest production milestone continues a clear trend of sequential growth for Worksport, following its 50% production increase reported in May and a more than 100% gross margin improvement over the past five months. Importantly, the July output gains were also achieved without a proportional increase in headcount—demonstrating significant operational efficiency at the Company's ISO 9001:2015-certified facility in West Seneca, New York. Management notes that this growth in output is critical as demand continues to outpace supply, driven by the exceptional market reception of the Company's flagship Made in USA AL4 premium tonneau cover. 'To double production in four months, while simultaneously improving gross margins significantly, is a powerful validation of our factory team, processes, and strategy,' said Steven Rossi, Chief Executive Officer of Worksport Ltd. 'Dealer demand continues to scale, and we're manufacturing more than ever before. We believe this progress puts Worksport on track to surpass $20 million in revenue this year and achieve cash flow positivity in the near term.' Looking Ahead: Clean-Tech Product Launches and Expanded Verticals Later this year, Worksport is expected to launch its first clean-tech product vertical: the SOLIS solar-integrated tonneau cover and the COR portable power system. Together, these products form a portable nano-grid and target a combined $13 billion market in clean energy and portable power—representing new revenue streams beyond the Company's core tonneau cover business. Both SOLIS and COR have passed third-party lab and beta testing, with production lines in development. The Company expects first shipments in Fall 2025, with projected revenue of $2-3 million from the initial launch, followed by 8-figure revenue contributions anticipated in 2026 and beyond. Notably, a top 15 U.S. construction company is currently piloting the SOLIS and COR units for integration into their national fleet. Webcast Registration for Presentation on Q2 Performance Worksport reminds investors, analysts, and media to register in advance for the Worksport's Q2 2025 live webcast, where management will provide insights into the Company's Q2 2025 financial performance and outlook for 2025. Worksport is focused on achieving cash flow positivity, followed by profitability, in the next few quarters. With increasing margins and record revenues, the Company is excited to share details on its progress and highlight multiple growth verticals ahead. Register Here: [Conference Call Registration] Earnings Call Details: Date: August 13, 2025 Time: 1:00 P.M. ET Format: Live webcast with management discussion and Q&A 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
Globe and Mail
31-07-2025
- Automotive
- Globe and Mail
WKSP Invites You to Join Its Second Quarter 2025 Earnings Conference Call
Worksport Ltd. Announces August 13, 2025, as Q2 2025 Earnings Report Date West Seneca, New York, July 31, 2025 (GLOBE NEWSWIRE) -- Worksport Ltd. (NASDAQ: WKSP) ('Worksport' or the 'Company'), a U.S.-based innovator and manufacturer of hybrid and clean energy solutions primarily for the light truck, overlanding, and global consumer goods markets, will report its financial results for Q2 2025 on August 13, 2025, pre-market. Steven Rossi, Chairman and CEO of the Company, will lead the call and take questions about the results. Webcast Registration Investors, analysts, and media are invited to register in advance for the live webcast, where Worksport's management will provide insights into the Company's recent financial performance and outlook for 2025. Worksport is focused on achieving cash flow positively and then profitability in the next few quarters. With increasing margins and record revenues, the Company is excited to share details on their progress and highlight multiple growth verticals ahead. Earnings Call Details: Date: August 13, 2025 Time: 1:00 P.M. ET Format: Live webcast with management discussion and Q&A Chief Executive Officer, Steven Rossi, commented: 'Worksport is undergoing a transformative year. We're seeing record growth in both margins and revenue, with our tonneau cover business truly taking off. As we near cash flow positivity from our existing business, our highly anticipated clean-tech division is on the verge of a major launch. There's a lot to be excited about, and I look forward to sharing our story.' The earnings call transcript, deck, and audio reply from the conference call will be available on the Worksport website after the call. Stay tuned for more information and join our mailing list to stay up to date with the latest: Join Worksport's Newsletter Contacts Investor Relations, Worksport Ltd. T: 1 (888) 554-8789 -128 W: W: E: investors@ Connect with Worksport Chief Executive Officer, Steven Rossi Steven Rossi X (Twitter) Steven Rossi LinkedIn 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.
Yahoo
10-07-2025
- Business
- Yahoo
Worksport Reports Q2 2025 Top-Line Revenue, Signals Profitability on Horizon with Expanding Margins and Product Momentum
Company Achieves Breakout Quarter as Turnaround Strategy Gains Traction; Clean-Tech Product Launches Poised to Accelerate Growth West Seneca, New York--(Newsfile Corp. - July 10, 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 unaudited Q2 2025 topline results, delivering a breakout quarter that is expected to position the Company for sustainable profitability and long-term growth. The Company delivered unaudited revenue of $4.1 million in Q2 2025, marking an 83% increase over Q1 2025 revenue of $2.24 results mark a major validation of the Company's strategic pivot away from lower-margin private label production, underscoring management's strategic focus on a strong Made in America brand with a robust supply chain substantially within the USA. In parallel, gross margins increased 47%, rising from 17.7% in Q1 to 26.0% in Q2. June 2025 recorded the Company's highest monthly gross margin to date, with Worksport on track to exceed 30% gross margins by year-end, setting the stage for strong operating leverage. Momentum Building Toward Strong EBITA "This quarter's topline and margin performance validates the steps we've taken over the last year," said Steven Rossi, CEO of Worksport. "We're executing on all cylinders - sales are scaling, margins are improving, and we're laying the groundwork for sustainable profitability. The real catalyst lies just ahead with the launch of our innovative SOLIS and COR nano-grid system." Flagship Product Launches to Unlock Additional Revenue Streams Worksport's upcoming SOLIS Solar Tonneau Cover and COR Portable Energy System—both in Beta testing in North America—are scheduled for commercial launch in late 2025. Together, these proprietary technologies will form a modular clean-energy nano-grid, targeting high margin multi-billion-dollar markets, ranging from portable power to overlanding, grid-resilient utility, and EV range top-up. As previously reported, Worksport's patented SOLIS cover successfully produced more than 500W of solar power, while the COR system demonstrated Level 1 EV charging capabilities, including for Tesla vehicles. Market response to early testing has been strong, with additional updates expected in the Company's Q3 2025 earnings call. Full Q2 Report and Earnings Call Coming Mid-August "As we turn the corner on our strategy for strong EBITA and profitability, we are seeing impressive alignment of the Company's fundamentals in a way that unlocks shareholder value," added Rossi. "With strong revenue growth, expanding margins, and disruptive new products launching in 2025, Worksport is emerging as one of the most exciting stories on the small-cap growth radar. The best is yet to come and just around the corner." The full Q2 2025 financial statements and earnings call are scheduled for mid-August. The Company also recently announced record production output and further traction in B2C and B2B sales, reinforcing its revenue trajectory. Management has previously projected $20M in full-year revenue, with a clear anticipated path to cash flow positivity. More information will be made available in the near future regarding the Company's COR Portable Energy System & SOLIS Solar Tonneau Cover commercial launches, including final release specifications, pricing, and go to market strategy, among other topics. 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 circumstances. To view the source version of this press release, please visit Error 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
Yahoo
07-07-2025
- Automotive
- Yahoo
Worksport Delivers Record Production With 100%+ Margin Growth as Revenue Tracks Toward $20M Milestone Ahead of Clean-Tech Product Launch
West Seneca, New York--(Newsfile Corp. - July 7, 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, announced today a transformational leap in performance-achieving a 50% increase in monthly production volume since March 2025, while delivering more than a 100% improvement in gross margins over the past five months. These milestones are underscored by readily increasing demand. Record Production Surge Sets the Stage for Strong Growth In May 2025, Worksport produced more units than it did during the entire third quarter of 2024, setting a new monthly production record. This was achieved without adding proportional headcount, signaling a notable increase in operational efficiency. With demand accelerating every month and orders consistently outpacing supply, the Company is evaluating an expanded production schedule. Worksport's operational agility is supported by a $2.8 million job creation grant, previously awarded in momentum has surged, with the Company's distribution footprint growing nearly six-fold-from 94 dealers in Q4 2024 to over 550 today. Many small sample orders have scaled into full recurring partnerships, fueling an aggressive growth flywheel. Margin Expansion Powers Path To Profitability "Our ability to double gross margins while boosting production by 50% is a testament to our team's relentless focus on efficiency," said Steven Rossi, CEO of Worksport. "This performance brings us significantly closer to cash flow positivity and long-term value creation." Gross margin has soared from 11% in Q4 2024 to over 23% in May 2025, with projections to surpass 30% by year-end. This margin expansion is driven by increasing factory utilization, rising direct to consumer sales, strategic focus on premium branded products, and the operational leverage of Worksport's ISO 9001:2015-certified facility in West Seneca, NY. The Company maintains modest margin on dealer sales, committing to its support of brick-and-mortar resellers, the backbone of the US economy. A Fundamentally Transformed Business Following revenues of $1.5 million in 2023 and $8.5 million in 2024, Worksport is now on track to eclipse $20 million in revenue in 2025. Recently posting multiple consecutive months of record-breaking production, growing market demand, and strong dealer adoption, the Company has rapidly evolved into a high-growth, margin-rich platform. Worksport's expects it can grow its tonneau cover business to excess of $100,000,000 annually within the short term. It sees the potential for its upcoming portable nano-grid system, the SOLIS and COR to vastly exceed that. Worksport's hard covers are Made in America, with predominantly American domestic materials, largely reducing the impact of the Trump administration's current tariff policies-especially those expected under President Trump's recently passed "Big Beautiful Bill" targeting imported goods. The Company's U.S.-based supply chain strategy provides insulation from rising foreign material costs, aligning with national efforts to bolster domestic manufacturing. Rossi added, "We are manufacturing more, putting out higher quality product utilizing framework of our recent ISO certification, growing margins, expanding our dealer footprint, and preparing for a clean-tech product launch that could redefine our future. In our view, 2025 is not just a strong year-it's a pivotal turning point, which will lead to transformative years ahead." Clean-Tech Revolution Incoming: SOLIS & COR Launching Fall 2025 All signs indicate a major inflection point for the Company as it prepares to launch its SOLIS solar-integrated tonneau cover and COR portable nano-grid power system this Fall. Designed to serve a combined $13 billion market, these products represent the Company's entry into clean-tech and portable power-with high-margin, high-growth, and recurring revenue potential. In a powerful validation example, a top 15 U.S. construction company has selected the SOLIS & COR duo for a paid pilot project, substantiating both market interest and product innovation. 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 circumstances. To view the source version of this press release, please visit Error 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
