“Worksport’s Road to a $13B Target Market” Underscores the Company’s Growth Strategy, Clean-Tech Innovations, and Expanding Operations West Seneca, New York, Dec. 18, 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 pleased to announce the launch of its new investor relations (“IR”) website. This enhanced platform provides ...

"Worksport's Road to a $13B Target Market" Underscores the Company's Growth Strategy, Clean-Tech Innovations, and Expanding Operations West Seneca, New York, Dec. 18, 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 pleased to announce the launch of its new investor relations ("IR") website. This enhanced platform provides s ...

Worksport Ltd. ($WKSP) Shares Enhanced Strategic Vision & Opportunity on New and Improved Investor Relations Website"Worksport's Road to a $13B Target Market" Underscores the Company's Growth Strategy, Clean-Tech Innovations, and Expanding OperationsDecember 18, 2024 8:15 AM EST | Source: Worksport Ltd.West Seneca, New York--(Newsfile Corp. - December 18, 2024) - Worksport Ltd. (NASDAQ: WKSP) ("Worksport" or the "Company"), a U.S.-based manufacturer and innovator of hybrid and clean energy sol ...

Reports 117% Dealer Network Growth, Secures Initial Pre-Orders from Leading Distributors, and Advances BTC/XRP Integration West Seneca, New York, Dec. 13, 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, today provided a corporate update for December 2024. From accelerated sales, pre-orders, and expanding dealer networks, to es ...

Company to Showcase at Premier Investor Event Among Industry Leaders Like Walmart, Yum! Brands, and SharkNinja West Seneca, New York, Nov. 27, 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 pleased to announce that it has been invited to present at the upcoming ICR Conference 2025, one of the largest investment conference ...

Core Insights - Worksport Ltd. aims for a 100% increase in monthly online sales, targeting $1 million in the near term, up from approximately $500,000 reported less than 60 days ago [2] - The company has expanded its manufacturing workforce by 30% to enhance production capacity and improve margins [1][2] - A second production shift is being added to support the launch of the higher margin AL4 tonneau cover scheduled for December [2][3] Sales and Financial Performance - Q3 2024 revenue surged to $3.12 million, representing a 581% year-over-year increase compared to $458,433 in Q3 2023 [5] - The company is on track to achieve cash flow positivity by 2025, with increasing margins expected [3][4] Product Development and Launches - The rollout of AL3 and AL4 tonneau covers is anticipated to significantly contribute to cash flow positivity in 2025 [4] - Upcoming launches include the SOLIS solar cover and COR portable energy system, expected by Q2/Q3 2025, which will further enhance revenue growth [4] Management Perspective - CEO Steven Rossi emphasized the importance of expanding plant staff and initiating a second production shift as pivotal steps toward improving margins and achieving EBITDA positivity [3]

Core Viewpoint - Worksport Ltd. is addressing unusual trading activity and potential illegal short selling while highlighting strong growth prospects and upcoming product releases. The CEO has shown confidence by purchasing shares at a significant premium to the market price [2][3][4]. Company Actions - Worksport has engaged Digital BD, Inc. to monitor and investigate short selling activities, aiming to safeguard shareholder value and address unusual trading patterns [3][5]. - Digital BD will analyze daily short volume data and ensure compliance with fair market practices as mandated by Regulation SHO [5][6]. Financial Performance - In Q3 2024, Worksport reported revenue of $3.12 million, marking a 581% increase year-over-year from $458,433 in Q3 2023 [9]. - The company projects revenues in 2025 that will exceed its entire market capitalization as of the previous day [4]. CEO Commentary - CEO Steven Rossi emphasized that recent stock trading does not reflect the company's health, citing record sales and upcoming innovative products [4][8]. - Rossi's personal share purchase at a 44% premium underscores his confidence in the company's future [3][4]. Monitoring and Compliance - Digital BD will provide insights into market maker activities and ensure adherence to fair market-making requirements, scrutinizing trading patterns for compliance [6][7]. - The collaboration aims to identify sources of short sale activities and protect the interests of shareholders [7][8].

Core Insights - Worksport Ltd. reported a significant revenue growth of 581% year-over-year in Q3 2024, reaching $3.12 million compared to $458,433 in Q3 2023, driven by strong demand for its products and effective sales strategies [4][3][5] - The company anticipates exceeding its previous revenue guidance of $6-8 million by year-end 2024 and projects a revenue target of $25-$34.5 million for 2025 [10][12] Financial Performance - Q3 2024 revenue of $3.12 million represents a 63% increase from Q2 2024, following a 275% increase from Q1 to Q2 2024, indicating robust growth across both B2B and B2C channels [4][5] - The net loss for Q3 2024 was $4.13 million, with a loss per share of $0.14, compared to a net loss of $3.95 million in Q3 2023 [16] Product Development and Market Strategy - Worksport is expanding its production capacity, aiming to produce over 200 tonneau covers per day by 2025, which is expected to enhance margins and meet growing demand [6][11] - The company is set to launch the AL4 tonneau cover in Q4 2024, with additional products like the SOLIS solar cover and COR portable energy system in alpha testing, targeting market launches in Q2/Q3 2025 [8][12] Sales Channels and Growth Drivers - Online sales surged from $21,599 in Q3 2023 to $1.59 million in Q3 2024, now constituting 51% of total revenue, highlighting the effectiveness of the company's digital sales strategy [7] - Worksport has initiated sales to a U.S. government agency, which may open up further business development opportunities [7] Future Outlook - The company projects that existing product lines will generate $20 million in revenue for 2025, with new product launches contributing an additional $18.5 million, positioning Worksport for a pivotal year ahead [12][11] - The CEO emphasized the goal of achieving cash flow positivity in 2025, focusing on earnings per share (EPS) and earnings before interest, taxes, and amortization (EBITA) [5]

Core Viewpoint - Worksport Ltd. is enhancing its SOLIS solar tonneau cover to operate at 60V, which is expected to reduce consumer costs by up to $400 and increase compatibility with various battery generator systems, thereby expanding its market potential [1][2][3]. Cost Savings and Product Appeal - The upgrade to 60V output is anticipated to save consumers up to $400, making the SOLIS solar cover more affordable for a larger segment of the global pickup truck market [2]. - Enhanced compatibility with a broader range of existing portable energy systems is expected to expand market potential [2]. - The performance of the cover will remain unchanged while simplifying the complexity of the Maximum Power Point Tracking (MPPT) system [2]. - The 60V configuration will streamline the SOLIS cover and the COR portable energy storage systems, improving installation and user experience [2][4]. Product Development and Market Position - The SOLIS cover is currently in the Alpha release phase, with real-world feedback being collected on early production units [3][6]. - The SOLIS Solar Cover and COR Portable Energy Systems are positioned in a rapidly growing portable power market exceeding $4 billion, which is expected to drive future growth for the company [3]. - A redesigned wireway management system is set to be finalized by the end of November to further enhance efficiency and aesthetics [5]. Strategic Vision and Future Plans - The company aims to capture substantial market share in the booming portable energy market with this development [5]. - The Alpha release will be followed by preorders and a larger scale Beta release, with plans for influencer campaigns and live demonstrations to showcase the products [6][13]. - CEO Steven Rossi emphasized that the upgrade will enhance compatibility and reduce customer costs, aligning with the company's commitment to delivering exceptional value and driving growth [7].

Core Insights - Worksport Ltd. is implementing strategic cost-saving measures to enhance operational efficiency and drive long-term growth [1] - The company is focusing on clean energy initiatives and plans to manufacture aftermarket accessories for the Rivian R1T electric pickup truck [2] - Worksport is launching new products including the SOLIS and COR, along with the highly anticipated AL4 Premium Tonneau Cover [2] Company Overview - Worksport Ltd. designs, develops, manufactures, and owns intellectual property related to tonneau covers, solar integrations, portable energy storage systems, and heat-pump technology [4] - The company aims to transform the pickup truck industry through innovative technologies that enhance functionality and sustainability [4] Product Innovations - The SOLIS solar Tonneau cover can provide approximately 8-10 miles (13-16 kilometers) of range per day when integrated with an electric truck, which is about 30% of the average daily commute in North America [3] - For gas trucks like the F150, the SOLIS can turn the vehicle into a roaming power station, creating opportunities for job sites and campsites [3]