Worksport .(US:WKSP) Globenewswireยท2025-06-23 12:35Core Insights - Worksport Ltd. achieved record revenue of $1.28 million in May 2025, marking the second consecutive month of record-breaking sales, with gross margins improving by 25% from Q1 2025 levels [1][2][7] - The company anticipates continued growth momentum, projecting approximately $20 million in revenue by year-end 2025, significantly higher than the $8.5 million in 2024 [4][5] Revenue and Profitability - Worksport's revenues for April and May 2025 have already surpassed total revenue for Q1 2025, indicating strong sales momentum [2] - The company reported revenue of $1.5 million in 2023 and $8.5 million in 2024, with a target of reaching around $20 million by the end of 2025, aiming for cash flow positivity and sustained profitability [4] Gross Margin and Operational Efficiency - Gross margins improved to approximately 23% in May 2025, driven by a focus on higher-value branded products and operational efficiencies, with expectations to reach 30% by year-end [7] - The manufacturing facility in New York utilizes over 90% domestic content, contributing to the improved gross margins [7] Distribution Network and Growth Outlook - Worksport's dealer network expanded from 94 in Q4 2024 to over 550, including two major national distributors added in spring 2025, which is expected to enhance sales further [7] - The company anticipates June 2025 to be another strong month as new distributors ramp up orders [3][7] Product Launch and Market Potential - The upcoming launch of the SOLIS solar tonneau cover and COR portable nano-grid power system in fall 2025 is expected to tap into multi-billion-dollar clean energy and portable power markets [5] - Management believes these high-margin, IP-protected products will drive significant growth in the coming years [5]