Worksport Increases Production Capacity to Meet Growing Sales Demand

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]