Worksport .(US:WKSP) Newsfileยท2024-11-13 21:17Core 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]