. ● Worksport Announces Successful Level 1 Tesla Charging with COR Battery Generator COR System Provides Seven Miles of Charge Power to Tesla Model 3 in Lab Test Data; Acts as an EV Range Extender with Unlimited Charge Power with Modular Batteries. September 11, 2024 8:00 AM EDT | Source: Worksport Ltd. West Seneca, New York--(Newsfile Corp. - September 11, 2024) - Worksport Ltd. (NASDAQ: WKSP) ("Worksport" or the "Company"), a U.S.-based manufacturer and innovator of hybrid and clean energy solutions for t ...

Engineering Team's Expertise Fuels Innovation & Growth in Multi-Billion-Dollar Market West Seneca, New York, Sept. 04, 2024 (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 thrilled to announce the release of new tonneau cover applications. These covers are available for various models including but not limited to those from Gen ...

● . ● Worksport ($WKSP) Begins COR Alpha Production, Eyeing New Growth Opportunities SOLIS & COR Alpha Launch on Track for September as Testing Yields Positive Results August 20, 2024 8:00 AM EDT | Source: Worksport Ltd. West Seneca, New York--(Newsfile Corp. - August 20, 2024) - 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 thrilled to announce ...

● . . Worksport ($WKSP) Announces Record High Revenues; 275% Q2 Growth Q2 Earnings Call Available: Management Discusses Revenue Growth and Future Outlook August 14, 2024 7:47 AM EDT | Source: Worksport Ltd. West Seneca, New York--(Newsfile Corp. - August 14, 2024) - 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, at market close yesterday reported th ...

Financial Data and Key Metrics Changes - Worksport achieved net sales of $1.92 million for Q2 2024, representing a 275% increase from Q1 2024 and surpassing the entire revenue of $1.5 million for fiscal 2023 [8][9] - Gross profit margins for Q2 2024 were reported at 15.4%, an improvement of 111% compared to Q1 2024 [9][10] - The company anticipates a monthly recurring revenue of approximately $1 million by the end of Q2 2024, with expectations for continued growth throughout the year [9][11] Business Line Data and Key Metrics Changes - The Tonneau cover business is leading sales, positioned within a $3.5 billion truck bed market, with significant early traction noted [5][8] - Worksport plans to launch three new products in the second half of 2024, including the SOLIS Solar Tonneau cover and the COR modular portable energy system [5][6] Market Data and Key Metrics Changes - The portable energy market is valued at approximately $3.9 billion globally, with Worksport's COR system expected to penetrate markets beyond just the pickup truck segment [6][12] - The company is targeting the North American market, which has over seven million Tonneau covers sold annually, indicating substantial growth potential [22] Company Strategy and Development Direction - Worksport is focusing on expanding its automotive and clean-tech divisions, aiming to become a nine-figure middle market company in the short to mid-term [20][21] - The company is pursuing ISO certification for its factory, which is expected to enhance business-to-business relationships and future OEM partnerships [25][46] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about achieving cash flow positivity by 2025, with a revenue forecast of $15 to $20 million for the Tonneau cover business in 2025 [11][52] - The company is strategically positioned to leverage changes in tariffs and market dynamics, particularly in the clean-tech sector [26][57] Other Important Information - Worksport received a grant valued at approximately $2.8 million from the state of New York, based on projected employee growth, redeemable starting in 2025 [17] - The company has filed a Reg A offering to raise capital, which is expected to attract new investors and expand its retail shareholder base [23][60] Q&A Session Summary Question: Can you cover your manufacturing capability in New York? - The manufacturing line can produce 1,000 Tonneau covers per day, with most components sourced from North America [14][15] Question: How much did production inefficiency cost you in the quarter? - Production inefficiencies are being addressed, and management anticipates margins to improve significantly as production scales [29][31] Question: What is the potential revenue for the Clean-tech business in 2025? - The Clean-tech market is estimated to be a ten-figure market, with hopes to capture a portion of it as the COR product launches [34] Question: Will the COR system be available for retail purchase online before Christmas? - The company is targeting hard Christmas sales, with plans for pre-sales before the holiday season [41] Question: What revenue number is needed to break even? - Management estimates that revenues between $15 million to $20 million will lead to cash flow positivity, but this is a moving target [52][53] Question: Will Worksport benefit from the IRA? - The COR product is expected to qualify for carbon credits, providing potential financial benefits [56]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________ FORM 8-K WORKSPORT LTD. (Exact name of registrant as specified in its charter) (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) Nevada 001-40681 35-2696895 2500 N America Dr West Seneca, New York, United States 14224 (Address of principal executive offices) (ZIP Code) Registrant's telephone number, including area code: (888) 554-8789 CURRENT REPORT Purs ...

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements.) Worksport Ltd. reported a significant increase in net sales to $512,637, but net loss widened to $3.71 million, with total assets growing to $27.29 million primarily due to inventory increases, highlighting going concern uncertainty [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Balance Sheet Summary (as of March 31, 2024 vs. December 31, 2023) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $3,536,980 | $3,365,778 | | Inventory | $6,539,846 | $3,631,492 | | Total Current Assets | $10,744,959 | $9,123,506 | | Total Assets | $27,290,843 | $25,953,916 | | **Liabilities & Equity** | | | | Accounts payable and accrued liabilities | $2,261,869 | $1,451,181 | | Loan payable | $5,300,000 | $5,300,000 | | Total Current Liabilities | $7,843,558 | $7,166,612 | | Total Liabilities | $8,390,124 | $7,775,373 | | Total Shareholders' Equity | $18,900,719 | $18,178,543 | - Inventory significantly increased to **$6.54 million** from **$3.63 million**, mainly due to stockpiling of hard tonneau covers in preparation for 2024 sales campaigns[8](index=8&type=chunk)[31](index=31&type=chunk) [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Statement of Operations Summary (For the three months ended March 31) | Account | 2024 | 2023 | | :--- | :--- | :--- | | Net Sales | $512,637 | $31,925 | | Gross Profit | $37,456 | $12,168 | | Total operating expenses | $3,676,922 | $3,542,116 | | Loss from operations | ($3,639,466) | ($3,529,948) | | Net Loss | ($3,714,657) | ($3,523,270) | | Loss per Share (basic and diluted) | ($0.18) | ($0.21) | [Condensed Consolidated Statements of Cash Flow](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flow) Cash Flow Summary (For the three months ended March 31, 2024) | Activity | Cash Flow | | :--- | :--- | | Net cash used in operating activities | ($2,794,604) | | Net cash used in investing activities | ($212,969) | | Net cash received from financing activities | $3,178,775 | | **Change in cash** | **$171,202** | - Financing activities provided a net cash inflow of **$3.18 million**, primarily from the issuance of common stock, which offset cash used in operating and investing activities[11](index=11&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) - The company's ability to continue as a going concern is in substantial doubt due to a history of net losses, an accumulated deficit of **$52,027,834**, and reliance on external financing[21](index=21&type=chunk)[22](index=22&type=chunk)[29](index=29&type=chunk) - In March 2024, the company completed a registered direct offering, issuing **2,372,240** shares of common stock and **1,477,892** pre-funded warrants for total net proceeds of **$2,629,083**[26](index=26&type=chunk) - The company has a **$5.3 million** secured loan which was due in May 2024, with the maturity date extended to August 10, 2024, on May 14, 2024[50](index=50&type=chunk)[51](index=51&type=chunk)[73](index=73&type=chunk) - Subsequent to the quarter end, the company received a grant from the New York State Excelsior Jobs Program worth up to **$2.8 million**, contingent on creating up to **280** new jobs from 2025 to 2030[73](index=73&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=18&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes 1,506% revenue growth to private label sales, but net loss increased due to higher G&A expenses, with liquidity dependent on equity offerings and strategic partnerships [Business Developments](index=19&type=section&id=Business%20Developments) - The company received the necessary solar panels to begin initial production of its SOLIS Solar Tonneau Cover[85](index=85&type=chunk) - A new distribution arrangement was made with Dix Performance North to make the company's tonneau covers widely available throughout Canada[85](index=85&type=chunk) - Worksport announced collaborations with Infineon Technologies for its portable power stations and NeuronicWorks for the manufacturing of its COR battery system[85](index=85&type=chunk) [Results of Operations](index=21&type=section&id=Results%20of%20Operations) Revenue Comparison (Q1 2024 vs Q1 2023) | Metric | Q1 2024 | Q1 2023 | % Change | | :--- | :--- | :--- | :--- | | Total Revenue | $512,637 | $31,925 | +1,506% | | US Revenue | $492,630 | $26,403 | +1,766% | | Private Label Sales | $466,751 | $0 | N/A | - The significant revenue increase was primarily driven by increased sales of soft tonneau covers to a private label partner, which accounted for **91%** of total revenue in Q1 2024[99](index=99&type=chunk)[100](index=100&type=chunk) - Cost of sales as a percentage of sales increased to **93%** in Q1 2024 from **62%** in Q1 2023, mainly due to lower margins on private label sales and high overhead per unit for new domestic manufacturing[102](index=102&type=chunk) - Operating expenses increased by **$134,806**, driven by a **$544,706** rise in general and administrative costs for R&D and production expansion, partially offset by a **$477,574** decrease in sales and marketing expenses[104](index=104&type=chunk)[105](index=105&type=chunk) - Net loss increased by **5%** to **$3,714,657** for Q1 2024, compared to **$3,523,270** in Q1 2023, attributed to increased operating expenses for expansion[107](index=107&type=chunk) [Liquidity and Capital Resources](index=23&type=section&id=Liquidity%20and%20Capital%20Resources) - The company's ability to continue as a going concern is dependent on generating cash from operations and obtaining equity/debt financing, as it has not been profitable since inception[108](index=108&type=chunk) - As of March 31, 2024, the company had working capital of **$2.9 million** and an accumulated deficit of **$52.0 million**[108](index=108&type=chunk)[117](index=117&type=chunk) - In March 2024, the company raised net proceeds of **$2,629,083** through a registered direct offering of common stock and pre-funded warrants[112](index=112&type=chunk) - On May 14, 2024, the company extended the maturity date of its **$5.3 million** loan from May 10, 2024, to August 10, 2024, alleviating immediate cash flow pressure[113](index=113&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=25&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company has indicated that this item is not applicable - Not Applicable[127](index=127&type=chunk) [Controls and Procedures](index=25&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were not effective as of March 31, 2024, with no material changes to internal controls during the quarter - Management concluded that as of the end of the quarter, the company's disclosure controls and procedures were not effective[128](index=128&type=chunk) - There were no changes in internal control over financial reporting during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[131](index=131&type=chunk) [PART II. OTHER INFORMATION](index=26&type=section&id=PART%20II%20OTHER%20INFORMATION) [Legal Proceedings](index=26&type=section&id=Item%201.%20Legal%20Proceedings) The company reports that it is not currently a party to any material pending or threatened legal proceedings - The company is not presently a party to any material pending or threatened legal proceedings[132](index=132&type=chunk) [Risk Factors](index=26&type=section&id=Item%201A.%20Risk%20Factors) This section directs investors to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023 - The report refers to the risk factors discussed in the Annual Report on Form 10-K for the year ended December 31, 2023[133](index=133&type=chunk) [Other Information](index=26&type=section&id=Item%205.%20Other%20Information) This section discloses a Forbearance Agreement with Northeast Bank, extension of a $5.3 million loan maturity, a potential $2.8 million grant, and exercise of pre-funded warrants - On February 4, 2024, the company entered into a Forbearance Agreement with its lender, Northeast Bank, related to its secured loan for its West Seneca, NY facility[136](index=136&type=chunk) - On May 14, 2024, the company extended the maturity date for its **$5.3 million** loan agreement to August 10, 2024[138](index=138&type=chunk) - On May 8, 2024, the company announced it received a major grant from the New York State Excelsior Jobs Program worth up to **$2.8 million**, contingent on job creation targets[137](index=137&type=chunk) [Exhibits](index=28&type=section&id=Item%206.%20Exhibits) This section lists all the exhibits filed with the quarterly report, including a Forbearance Agreement, an Omnibus Amendment of Loan Documents, and officer certifications - Key exhibits filed include the Forbearance Agreement with Northeast Bank (Exhibit 10.1) and the Omnibus Amendment of Loan Documents (Exhibit 10.2)[139](index=139&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 For the Fiscal Year Ended: December 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No. 001-40681 Worksport Ltd. (Exact Name of Small Business Issuer as specified in its charter) | Nevada | 35-2696895 | | --- | --- | | (State or other jurisdiction of | (I.R.S. Employer | | incorporation or organization) | Identification No.) | | 2500 N America Dr, West Seneca, NY | 1422 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For Quarterly Period Ended: September 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No. 001-40681 Worksport Ltd. (Exact Name of Small Business Issuer as specified in its charter) Nevada 35-2696895 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) ...

☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For Quarterly Period Ended: June 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No. 001-40681 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Worksport Ltd. (Exact Name of Small Business Issuer as specified in its charter) (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 25 ...