Worksport .(US:WKSP) Globenewswireยท2025-07-10 13:01Core Insights - Worksport Ltd. has reported a significant increase in revenue and gross margins in Q2 2025, indicating a successful turnaround strategy and positioning for sustainable profitability [1][2][3] Financial Performance - The company achieved unaudited revenue of $4.1 million in Q2 2025, an 83% increase from Q1 2025 revenue of $2.24 million [2] - Gross margins improved by 47%, rising from 17.7% in Q1 to 26.0% in Q2, with expectations to exceed 30% by year-end [3] Strategic Developments - The management's strategic pivot towards a strong Made in America brand has been validated by the recent financial results, moving away from lower-margin private label production [2] - The upcoming launch of the SOLIS Solar Tonneau Cover and COR Portable Energy System is anticipated to unlock additional revenue streams, targeting high-margin markets [5][6] Product Innovations - The SOLIS cover has successfully produced over 500W of solar power, while the COR system has demonstrated Level 1 EV charging capabilities, including compatibility with Tesla vehicles [6] - Both products are currently in beta testing and are scheduled for commercial launch in late 2025 [5] Future Outlook - The company is on track to achieve $20 million in full-year revenue, with a clear path to cash flow positivity [7] - A full Q2 2025 financial report and earnings call are scheduled for mid-August, which will provide further insights into the company's performance and future strategies [7]