Financial Performance - For the three months ended September 30, 2025, net sales increased by 61% to $5.0 million compared to $3.1 million in the same period in 2024[99]. - Net sales for the nine months ended September 30, 2025, were $11,358,835, a 104% increase compared to $5,556,535 for the same period in 2024[127]. - Net loss for the nine months ended September 30, 2025, was $13,123,627, an 11% increase from a net loss of $11,862,973 for the same period in 2024[135]. Cost and Expenses - Cost of sales increased by 67%, from $4,975,277 for the nine months ended September 30, 2024, to $8,311,718 for the same period in 2025, with a decrease in cost of sales as a percentage of sales from 90% to 73%[131]. - Operating expenses rose by $3,693,990, from $12,036,688 in 2024 to $15,730,678 in 2025, driven by increased sales and marketing expenses[133]. - Research and development expenses decreased by $836,382, from $1,811,911 in 2024 to $975,529 in 2025, due to the release of the AL4 product line[133]. - Sales and marketing expenses increased by $3,330,492, from $1,206,807 in 2024 to $4,537,299 in 2025, primarily for marketing campaigns supporting investor relations and the AL4 product line[133]. Cash Flow and Financial Position - As of September 30, 2025, the company had cash and cash equivalents of $3,761,690, down from $4,883,099 as of December 31, 2024[136]. - Cash decreased from $4,883,099 at December 31, 2024, to $3,761,690 at September 30, 2025, a decrease of $1,121,409 or 23% due to debt repayments[142]. - Net cash used in operating activities for the nine months ended September 30, 2025, was $11,190,182, compared to $7,959,212 in 2024, driven by the shift to hard tonneau cover production[143]. - Net cash used in investing activities for the nine months ended September 30, 2025, was $1,067,257, primarily for a deposit on new manufacturing equipment[147]. - Net cash provided by financing activities for the nine months ended September 30, 2025, was $11,136,030, an increase from $6,951,879 in 2024, mainly from net proceeds from offerings[148]. - The company has raised net proceeds of $13,358,414 from public and private offerings during the nine months ended September 30, 2025[138]. - The company has an accumulated deficit of $77,617,726 as of September 30, 2025, compared to $64,476,966 as of December 31, 2024[136]. Production and Operations - The company expanded its distribution network to six national distributors, including two new partnerships in the last quarter[99]. - The U.S. production facilities achieved the highest monthly production volume in the company's history[99]. - The company doubled its R&D footprint with a new lease for a larger facility in Ozark, Missouri, to support upcoming product lines[119]. - Worksport announced a 42% increase in national dealer partnerships over the preceding quarter[119]. - The transition to domestic manufacturing is expected to offset higher international shipping costs and improve supply chain resilience[109]. Market and Environmental Considerations - The Worksport SOLIS and COR products are positioned to capitalize on the rising popularity of electric vehicles, targeting consumers interested in clean energy solutions[98]. - The company is actively researching ways to mitigate the environmental impacts of battery recycling and precious metal demand[104]. - The company is closely monitoring the regulatory environment for electric vehicles, which may impact future sales and operations[100]. Balance Sheet Items - Accounts receivable increased by $472,485 at September 30, 2025, attributed to the development of the business-to-business sales channel[144]. - Inventory increased by $1,645,437 at September 30, 2025, as a result of the maturation of the production process[144]. - Prepaid expenses and deposits increased by $865,634 at September 30, 2025, primarily for future strategic marketing and raw materials deposits[145]. - Accounts payable and accrued liabilities increased by $1,477,537 at September 30, 2025, due to an increase in raw materials order volume[146]. Other Financial Information - The company reported net other expenses of $440,066 for the nine months ended September 30, 2025, compared to $407,543 for the same period in 2024[134]. - The company did not have any material off-balance sheet arrangements that could materially affect its financial condition[149]. - As a "smaller reporting company," the company is not required to provide certain market risk disclosures[150].

Core Insights - Worksport Ltd. anticipates significant revenue growth in 2026, driven by projected sales of $27 million to $35 million from tonneau covers, alongside contributions from new product launches like the SOLIS solar-integrated tonneau cover and COR battery system [1][6]. Financial Performance - For Q3 2025, Worksport reported net sales of $5.0 million, marking a 61% increase year-over-year and a 22% increase sequentially, with a gross margin of 31.3% [1][6]. - Year-to-date (YTD) sales reached $11.4 million, more than double the sales from the same period last year, with a gross margin improvement from 7.9% in Q3 2024 to 31.3% in Q3 2025 [6][10]. Operational Efficiency - The company has achieved a gross margin increase of over 2300 basis points in nine months, with operating leverage becoming apparent as revenue grew nearly 60% year-over-year while core expenses increased only about 20% [2][6]. - Management aims for a gross margin of approximately 35% or higher by the end of 2025, supported by operational efficiencies and a higher-value product mix [6][10]. Product Launches and Market Expansion - The HD3 Heavy-Duty Tonneau is in production, with initial B2B sales expected in November 2025, expanding Worksport's offerings into the commercial and fleet markets [7]. - Orders for the SOLIS and COR products will open on November 28, 2025, with significant near-term revenue opportunities projected from these launches [7][10]. Future Outlook - The company projects a base case of $27 million to $35 million in U.S. tonneau sales for 2026, with additional revenue expected from the SOLIS and COR products, indicating a clear path to profitability [6][10]. - Worksport's balance sheet has strengthened, with total debt reduced and revolving capacity preserved for operational flexibility [6][10].

Core Insights - Worksport Ltd. is set to launch its SOLIS truck-mounted folding solar array on November 28, 2025, aimed at enhancing clean energy solutions for various applications [2][4][9] - The SOLIS system can generate up to 490 watts of solar power, transforming truck beds into mobile clean energy power plants [3][5] - The SOLIS product line will cater to a range of popular truck models, with initial pricing starting at $1,999 [6][9] Product Overview - SOLIS integrates high-efficiency solar panels to charge portable energy systems, specifically designed to work with the Worksport COR portable power system [3][6] - The SOLIS system, when paired with the COR, can provide 2000W of AC power, suitable for various tools and appliances [6] - The initial production run will include several hundred units across multiple truck bed configurations, targeting light-duty and mid-size segments [4][5] Market Potential - The SOLIS and COR combination is expected to open multiple growth avenues for Worksport, including camping, commercial fleets, and emergency power applications [8] - The company aims to establish a high-margin, recurring revenue model around solar-integrated truck accessories and portable power systems [8] - Worksport is actively exploring partnerships with OEMs, particularly in the electric vehicle sector, to enhance its market reach [11]

Core Insights - Worksport Ltd. is set to report its Q3 2025 financial results on November 13, 2025, with a focus on recent progress and future outlook [1][2] - The company is at an inflection point, aiming for cash flow positivity and profitability in the upcoming quarters, supported by increasing margins and record revenues [2] Financial Performance - The earnings call will provide insights into Worksport's recent financial performance and outlook for 2026 [2] - Management is excited to discuss the progress made in Q3 and the launch of two flagship clean energy products later this month [2] Product and Market Focus - Worksport designs and manufactures a variety of products, including tonneau covers, solar integrations, and portable power systems, with a partnership with Hyundai for the SOLIS Solar cover [4] - The company is capitalizing on the shift towards clean energy, focusing on proprietary solar solutions and mobile energy storage systems [4]

Core Insights - Worksport Ltd. is launching the COR modular portable energy system priced at $949, designed for various applications including work, adventure, and emergency readiness [1][10] - The COR system features a scalable architecture allowing users to add batteries as needed, providing a compact and portable power solution [2][10] Product Overview - The COR system consists of the COR HUB, a high-output inverter, and COR Batteries, each with a nominal capacity of 960 Wh, allowing for configurations from single to multiple batteries [2][3] - The system is designed to integrate with the SOLIS solar tonneau cover for efficient off-grid charging [1][8] Pricing and Configurations - The COR Starter Kit includes one HUB and one Battery for $949, with options for additional batteries priced at $1,598 for two and $1,949 for three [6][10] - Users can purchase batteries independently, enhancing the modularity and scalability of the energy solution [3] Technical Specifications - Each COR Battery provides approximately 1 kWh of energy, with AC output capabilities of four 120 V outlets and a continuous power of 1,800 W [7] - The system supports various charging options, including solar, with a built-in MPPT for efficient energy management [7][8] Use Cases - The COR system is versatile, suitable for applications such as campsite power, job site energy, and emergency home backup, with specific runtimes provided for different configurations [5][8] - When paired with the SOLIS solar cover, batteries can recharge in about 2-3 hours under optimal conditions, promoting a sustainable energy cycle [8] Future Vision - Worksport aims to position the COR system as a rapid-deploy power solution for emergency response, collaborating with agencies like the Red Cross and FEMA for mass-deployment in disaster scenarios [9][10] - The company envisions expanding the COR ecosystem with future product integrations to enhance market opportunities [3][10]

Core Insights - Worksport Ltd. is set to showcase its innovative clean-tech solutions, including the SOLIS Solar Tonneau Cover and COR Portable Energy System, at the 2025 SEMA Show in Las Vegas, highlighting its leadership in sustainable automotive solutions [1][2][6] Product Highlights - The SOLIS Solar Tonneau Cover captures and converts solar energy, while the COR system stores and delivers power on demand, creating a modular mobile nano-grid platform [5] - Both products are scheduled to initiate sales on November 28, 2025, and have completed successful third-party validation [5] Strategic Engagements - During the SEMA Show, the company plans to engage with national distributors, OEMs like Toyota, General Motors, and Ford, aiming to expand its market presence in North America and globally [3][4] - The company expects these engagements to accelerate market penetration for its expanding product lineup, which includes the new HD3 Heavy-Duty Tonneau Cover and other models [4] Market Context - The SOLIS and COR products are positioned to bridge two multi-billion-dollar markets: truck accessories and portable clean power, responding to the rising global demand for sustainable vehicle accessories and decentralized energy systems [6][7]

Core Insights - Worksport Ltd. has placed an initial purchase order exceeding $1 million for its COR portable battery systems, marking a significant milestone in its commercialization efforts [1][4] - The order includes 900 COR units and 600 additional batteries, set to precede the launch of SOLIS and COR on November 28, 2025 [2][4] - The company is positioned for rapid expansion in the clean energy sector, with projected initial revenue opportunities of $2.45 million from the upcoming product launches [4][6] Product and Market Development - The COR system has been developed in collaboration with a leading global battery manufacturer, ensuring adherence to high-quality standards [3] - SOLIS and COR are designed to create a modular, mobile energy grid, previously selected for a pilot program by a major U.S. construction company [4][5] - The company aims to explore U.S.-based production opportunities as domestic battery technology evolves [3] Financial Performance and Projections - Worksport has reported consecutive record financial quarters, including a 31% gross margin achievement in July [6] - The company anticipates robust revenue acceleration through 2026, driven by an expanding intellectual property portfolio and growing OEM partnerships [7]

Core Insights - Worksport Ltd. officially launches its SOLIS Solar Tonneau Cover and COR Portable Energy Storage System on November 28, 2025, marking a significant step into clean energy solutions [1][2] Product Launch and Pricing Details - The COR Starter Kit (Inverter + Battery) will be priced at $949, with the option to purchase additional batteries, while the SOLIS Solar Tonneau System will start at $1,999 [2] - The COR system can operate independently or in conjunction with the SOLIS solar array to create a portable, modular nano-grid for renewable energy [2] Revenue Potential and Strategic Impact - The initial rollout aims to deliver 1,000 COR units and 900 additional 1kWh battery packs, alongside a limited number of SOLIS solar tonneau covers, representing an initial revenue opportunity of approximately $2.45 million [4] - The company plans to scale production rapidly throughout 2026, targeting significant additional revenue [4] Market Expansion and Competitive Edge - The launch of SOLIS and COR broadens Worksport's customer demographics and market footprint, introducing a unique solar-powered ecosystem with no direct competition in the vehicle accessory market [6] - The tonneau cover business has shown explosive growth, increasing from $1.5 million in 2023 to an expected $24 million run rate by the end of 2025, with projections to exceed $100 million within two years [7] Product Validation and Performance - The COR portable power system has been validated through multiple performance tests, demonstrating its capability to power heavy industrial equipment in extreme conditions [8] - When paired with the SOLIS solar cover, the system forms a self-sustaining, portable nano-grid that can recharge faster than it discharges [8] Leadership Commentary - The CEO of Worksport emphasizes that the launch marks a new chapter for the company, integrating renewable power into the lifestyles of truck owners and clean-tech enthusiasts [9][10] Forward Outlook - The commercialization of SOLIS and COR is expected to accelerate Worksport's path to profitability and establish its position as a rising leader in the U.S. clean-tech sector [11] - Future plans include expanding the COR system into home and commercial applications, as well as adaptations for various industries [11]

Core Viewpoint - Worksport Ltd. has officially launched its new HD3 Heavy-Duty tonneau cover, aimed at commercial and fleet applications, expanding its product lineup and market reach [2][4][7]. Product Overview - The HD3 is designed for maximum durability, featuring upgraded materials, reinforced seals, and heavy-duty latching systems, representing a significant evolution from the previous AL3 platform [3][7]. - Six models of the HD3 are currently in production, with configurations for popular truck models such as Ford F-150, Chevrolet Silverado/GMC Sierra, and Ram 1500 [6]. Sales and Market Strategy - Initial sales of the HD3 are expected to begin mid-November, strategically timed for year-end sales activity [4]. - Worksport's wholesale and B2B partners are anticipated to play a crucial role in penetrating the commercial and fleet markets, leveraging the HD3's durability as a key selling point [5]. Future Growth Prospects - The company plans to continue expanding its product offerings, with expectations of rolling out 25 or more models by December 2025 [6]. - Upcoming products include the SOLIS solar-integrated tonneau cover and COR portable power system, with further growth and sales updates expected soon [7].

Core Insights - Worksport Ltd. reported record quarterly revenue and gross profit for Q3 2025, achieving $5.015 million in revenue, a 62% year-over-year increase [2][9] - The company has demonstrated strong operational leverage with gross margins surpassing 31%, reflecting significant improvements from previous quarters [1][10] Financial Performance - Revenue of $5.015 million, up from $4.10 million in Q2 2025 (+22% QoQ) and $3.10 million in Q3 2024 (+62% YoY) [9] - Gross margin increased to 31% from 26.4% in Q2 2025 and 7.9% in Q3 2024, representing an increase of over 2,300 basis points year-over-year [9][10] - Gross profit reached $1.60 million, up from $1.08 million in Q2 2025 and $0.247 million in Q3 2024 [9] Production and Operational Efficiency - Production of 8,600 units in Q3 2025, accelerating from 6,000 in Q2 2025 and 4,300 in Q1 2025, indicating a 100% production increase in just two quarters [9] - The company expects to absorb incremental costs and R&D burdens associated with upcoming product lines while maintaining margin strength [7][10] Strategic Outlook - Upcoming product launches, including SOLIS, COR, and innovations from Terravis Energy, are anticipated to further enhance growth and profitability [6][11] - The company’s U.S. manufacturing base is positioned to reduce supply chain risks and is capable of generating over $100 million in annual revenue without further investment [10] Market Positioning - Worksport is well-positioned to benefit from the growing demand for renewable energy and off-grid power solutions, leveraging its dual presence in automotive accessories and portable energy systems [11]