Core Insights - Worksport Ltd. has achieved over 200% growth in Dealer Account sales of its products in the last four months, indicating strong market demand for high-quality tonneau covers [2] - The company has initiated a pre-order campaign for its AL4 Premium Tonneau Cover, which has attracted interest from industry-leading distributors [5][6] Group 1: Sales Growth and Market Demand - The impressive growth in dealer sales is attributed to the increasing interest in competitively priced tonneau covers that meet current market demands [2] - Worksport has shipped hundreds of retail display units to key dealer accounts, achieving a 31% conversion rate, meaning nearly one-third of dealers placed orders shortly after receiving the displays [3] Group 2: Strategic Expansion and Market Penetration - The company has experienced strong sales performance in the Southwest region, driven by fast shipping times and high demand for tonneau covers [4] - Worksport has received its first B2B order from Puerto Rico, marking a significant expansion into new territories [4] Group 3: Future Outlook and Product Launch - The pre-order campaign for the AL4 Premium Tonneau Cover is expected to end at the end of November, with significant early demand anticipated [5] - The company plans to continue expanding its dealer network and attracting new distributors to enhance market reach [6]

Core Insights - The electric vehicle (EV) market is experiencing significant growth, with nearly 31,061.20 thousand units sold in 2023 and projected to reach approximately 101,177.60 thousand units by 2032, reflecting a compound annual growth rate (CAGR) of 13.2% from 2024 to 2032 [1] - Worksport Ltd. (NASDAQ: WKSP) reported a substantial increase in net sales for August 2024, reaching $1,213,604.28, which boosts its Annual Recurring Revenue (ARR) to $14.56 million, surpassing the previous year's revenue of $1.53 million [1][2] - The company is implementing strategic cost-saving measures expected to yield $1.5 million in savings in 2025, alongside an additional $0.5 to $1 million, while maintaining revenue growth [1][2] Company Developments - Worksport is focused on launching new products, including the AL4 Premium Tonneau Cover and clean energy solutions like the COR Portable Energy System and SOLIS Solar Cover, which are anticipated to drive significant growth [2] - The company is entering the EV aftermarket by developing accessories for the Rivian R1T electric pickup truck, with initial product engineering nearing completion [2][3] - Worksport's COR portable energy system has shown promising lab test results, capable of extending the range of Tesla vehicles by approximately seven miles [3][4] Market Trends - The EV aftermarket market was valued at USD 66.1 billion in 2022 and is expected to grow at a CAGR of 20.7% from 2023 to 2032, driven by the increasing popularity of EVs [1] - Rivian Automotive is selling over 10,000 premium electric pickup trucks per quarter, with its fleet approaching 100,000 units, presenting a significant opportunity for Worksport [3] - Ford's electric vehicle sales have increased by 45% this year, with notable sales of the electric F-150 Lightning and E-Transit, indicating a robust market for electric vehicles [3][5] Strategic Alliances - General Motors is expanding access to Tesla's Supercharger Network, allowing GM customers to utilize over 231,800 public charging stations in North America, which supports the growth of the EV market [5] - Worksport's vision for clean energy solutions extends beyond EVs, aiming to address the growing demand for off-grid power solutions, particularly with its innovative Solar Truckbed [6]

Core Insights - Worksport Ltd. is focused on strategic updates and product launches to drive revenue growth and enhance shareholder value [1][4] - The company aims to achieve cash flow positivity by 2025 through increasing revenues and improving margins [2] Strategic Initiatives - Targeting cash flow positivity in 2025 with a path towards near-term enterprise profitability [2] - Launching three new product lines to strengthen revenue pathways and brand presence [3] - Expanding market reach to capitalize on growing demand in three multi-billion-dollar markets [3] - Streamlining operations with targeted cost-saving measures in Q4 to enhance margins [3] Upcoming Product Releases - Worksport SOLIS Solar Cover: A patented solar tonneau cover generating up to 650W of power, suitable for various applications [5][6] - Worksport COR Portable Energy System: A modular design with 1.7kWh storage, supporting high-demand appliances and future EV range extension [7] - Worksport AL4 Premium Tonneau Cover: Set for Q4 2024 release, featuring an innovative four-fold design and a pre-order campaign for national distribution [8] Market Opportunities - Terravis Energy's breakthrough in heat pump technology aims to disrupt the HVAC industry, targeting the $100+ billion global heat pump market [8][9] - Anticipated positive financial impact from upcoming product launches, particularly the high demand for the AL4 cover [10] - Clean-tech products like SOLIS and COR systems are projected to significantly boost revenues in the mid to long term [10] Management Commentary - CEO Steven Rossi emphasizes the company's strategic positioning for growth and commitment to enhancing shareholder value [4] - The company is focused on organic growth and confident in its fundamentals and future prospects [4]

Core Insights - Worksport Ltd. is progressing towards achieving ISO 9000 certification at its West Seneca, NY factory, expected by early to mid-2025, which reflects its commitment to quality manufacturing and could enhance growth opportunities in key markets [2][4][6] Group 1: Certification Impact - ISO 9000 certification is a strategic milestone that positions Worksport among a select group of manufacturers, as less than 7% of the tonneau cover industry holds this certification, enhancing operational efficiency and providing competitive advantages [3][4] - The certification is anticipated to support potential growth in sectors requiring ISO-certified suppliers, including automotive, electronics, and aerospace, where Worksport's products have significant market potential [4][5] Group 2: Operational Improvements - Achieving ISO 9000 certification is expected to improve Worksport's ability to monitor and manage core metrics, leading to enhancements in key performance indicators such as Days to Ship, Defects per Unit, Customer Satisfaction, and Production Capacity [5] - The company has already implemented ISO standard practices, enhancing workplace organization, workmanship standards, and material control, ensuring high-quality standards for all products [8] Group 3: Future Outlook - Worksport's CEO expressed confidence in achieving ISO 9000 certification by February 2025, highlighting the importance of maintaining processes through regular third-party audits [6] - The company is actively pursuing market expansion and innovation, with plans for new product launches and expanded vehicle model coverage, indicating a positive growth trajectory [9]

New Nano-Grid System 'SOLIS' and 'COR' Stores 4,000Wh or more of Clean Energy Daily, Offering Modular, Portable Power Solutions for Vehicles, Jobsites, First Responders, Military, and Outdoor Enthusiasts. West Seneca, New York, Sept. 19, 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 excited to announce a major update on ...

. ● 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]