Welcome to our dedicated page for Worksport, Ltd. news (Ticker: WKSP), a resource for investors and traders seeking the latest updates and insights on Worksport, Ltd. stock.
Worksport Ltd, under its subsidiaries, is a leading designer, developer, and manufacturer of tonneau covers, solar integrations, and hydrogen-based green energy solutions. The company's innovative products cater to the automotive and clean energy industries, with a focus on sustainability and eco-friendly solutions. Worksport has reported significant revenue growth, operational successes, and strategic collaborations, positioning itself as a key player in the market.
Worksport's product lineup includes soft vinyl and hard aluminum tonneau covers, as well as upcoming first-to-market solar tonneau covers and portable energy systems. The company's recent financial results for Q1 FY 2024 showcased impressive revenue increases, operational efficiencies, and gross margin improvements. Worksport's strategic investments in production, inventory, and expansion highlight its commitment to growth and innovation.
With a robust intellectual property portfolio, Worksport is well-positioned to lead the market with cutting-edge technologies and groundbreaking products. The company's partnerships, distribution networks, and growth forecasts underscore its trajectory towards transformative success in the automotive and clean energy sectors.
Worksport Ltd (OTC: WKSP) announced its financial results for the year ending December 31, 2020, reporting total revenues of $346,144, a significant decline from $1,926,405 in 2019. The net loss increased to $1,187,620, compared to a loss of $359,034 the previous year. Despite these challenges, the company ended the year with $1.1 million in cash and no long-term debt. Worksport launched the TerraVis™ product line and secured a Tier-One OEM supply agreement with Hercules Electric Mobility, reflecting its potential in the emerging EV market.
Worksport Ltd (OTC: WKSP) announced that CEO Steven Rossi will present at the Benzinga Cleantech Small Cap Conference on April 22, 2021, at 10:10 am. Following his presentation, Rossi will participate in the panel discussion Emerging Innovations and the Companies Behind Them at 1:00 pm, focusing on sustainable economic value. Investors can register for the virtual conference and access the panel discussion via a provided link. Worksport develops modular tonneau covers and solar-powered systems for light-duty trucks, including the upcoming TerraVis tonneau system.
Worksport Ltd (OTC:WKSP) has successfully raised US$3 million through a Private Investment in Public Equity (PIPE), building on a previous $4 million from an oversubscribed Reg-A public offering. The funds will enhance R&D in Canada, increase inventory, and strengthen marketing efforts, particularly for its TerraVis™ solar tonneau cover system and TerraVis COR™ mobile energy storage system. CEO Steven Rossi expressed gratitude for ongoing investor interest and outlined plans for new product showcases and business growth throughout 2021.
Worksport Ltd (OTC: WKSP) announced the expansion of its Private Label business segment with a new agreement featuring a major brand as of March 8, 2021. This marks the company’s second significant partnership in the U.S., enhancing its market presence. CEO Steven Rossi emphasized the high value of the partnership, which includes custom tonneau cover designs that won't compete with existing products. Future agreements regarding the TerraVis Solar Tonneau Cover and COR Battery Systems are under discussion. This brand operates within a $60 billion annual revenue market, presenting long-term growth opportunities for Worksport.
Worksport Ltd. (OTC: WKSP) announced that CEO Steven Rossi will present at the Inaugural Emerging Growth Virtual Conference, hosted by M Vest LLC and Maxim Group LLC, on March 18. The conference, running from March 17-18, will feature discussions on Electric Vehicles & Sustainable Energy, among other sectors. Rossi expressed excitement about showcasing Worksport's innovations in the EV and sustainable energy markets. The company aims to address the growing demand for modular energy solutions, including the TerraVis™ tonneau cover and TerraVis COR™ energy storage system.
Worksport Ltd (OTC: WKSP) announced it has secured over US$2.3 million from the exercise of outstanding warrants following a successful Regulation-A public offering. This indicates strong investor support, with nearly 20% of warrants exercised quickly. The funds will enhance the company's manufacturing initiatives in North America and China and support the development of its TerraVis™ solar tonneau cover and TerraVis COR™ energy storage system. CEO Steven Rossi emphasized the growth potential and upcoming updates on key projects.
Worksport Ltd (OTC: WKSP) announced it raised over US$2,300,000 from investors exercising their warrants following an oversubscribed Regulation-A public offering. Nearly 20% of outstanding warrants were exercised, demonstrating strong investor interest. This capital will be directed towards manufacturing investments in North America and China, and the development of the TerraVis™ solar tonneau cover and TerraVis COR™ mobile energy storage system. CEO Steven Rossi expressed gratitude to investors and highlighted ongoing discussions for strategic growth.
Worksport Ltd (OTC: WKSP) is advancing its strategic manufacturing initiatives by negotiating with Tier-1 and Tier-2 OEM partners in Canada for expanding operations into 20,000 - 50,000 sq. ft. state-of-the-art facilities.
CEO Steven Rossi highlighted the importance of scalability and quality infrastructure to support production. The investments aim to enhance customer satisfaction and control capital expenses. The company will utilize Just-in-Time manufacturing methods, emphasizing high-quality assurance as they prepare for growth in automotive, freight, and marine industries.
Worksport Ltd (OTC: WKSP) has shipped over 1,900 tonneau covers to a new U.S.-based Private Label customer and is in talks with two additional customers. This expansion highlights Worksport's growing Private Label Business, which previously contributed to near profitability. The company is designing exclusive products for these partners, ensuring they complement existing branded lines. Worksport is also witnessing interest for its upcoming TerraVis Solar Tonneau Cover and COR Battery Systems from globally recognized brands, reinforcing its market position.
Worksport Ltd (OTC: WKSP) has secured exclusive trademark rights for its brand in China for the next ten years, enabling expansion in a lucrative market. This protection supports Worksport's strategy to enhance its international presence and bolster its solar technology solutions, including the TerraVis™ solar system. The Company is positioned to tap into the growing demand for renewable energy products in the Chinese economy. With a portfolio of over 30 patents and trademarks, Worksport aims to establish itself as a global brand in the light-truck and EV markets.
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