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Worksport ($WKSP) B2B Sales Surge as Active Dealer Network Expands 42% in One Quarter
Globenewswireยท 2025-09-30 12:00
Core Insights - Worksport Ltd. is experiencing significant growth in its B2B segment, with a monthly geometric revenue growth rate of 25% and record dealer adoption [1][2][4] - The company has reported a 42% increase in regular volume orders from its dealer partners, rising from 187 to 266 in just one quarter [2] - Gross margins have improved significantly, increasing from 11% in Q4 2024 to a record 31% in July 2025, indicating effective strategic shifts towards higher-margin products [3] B2B Expansion - As of September 2025, Worksport has 600+ national dealer partners, with 266 providing regular orders, marking a substantial increase in dealer engagement [2] - The company achieved its highest B2B sales in history in August 2025, reflecting strong market demand [2] Margin Improvement - Worksport's gross margins have shown consistent improvement, climbing to 18% in Q1 2025, 26% in Q2, and reaching 31% in July 2025 [3] - This margin expansion is attributed to the company's strategic focus on higher-margin branded products [3] Product Pipeline - The upcoming HD3 Tonneau Cover is expected to enhance Worksport's presence in commercial and dealer markets, with further innovative models in development [4] - A new tonneau cover model is in late-stage development, with a market launch anticipated in Spring 2026 [4] Clean-Tech Initiatives - Worksport is on track to launch its SOLIS Solar Tonneau Cover and COR Portable Energy System in late Q4 2025, targeting the clean energy and EV support markets [5] - These products aim to create a portable nano-grid system for various applications, including campsites and emergency services [5] Growth Outlook - The company is entering a strong growth phase, driven by expanding dealer networks, compounding B2B sales, and the upcoming launch of clean-tech products [6] - CEO Steven Rossi emphasizes that this momentum positions Worksport as a promising emerging growth story on NASDAQ [6]