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) has made significant strides in expanding its customer base, securing three new private label customers in the automotive sector. Following its announcement on March 16, 2021, the Company is witnessing overwhelming product demand, leading to a queue of additional customer orders. Worksport aims to realize profitability once again, as seen in 2019, and plans its first shipment from the latest signed Private Label brand. CEO Steven Rossi emphasizes the importance of strengthening manufacturing capabilities to meet increasing demand.
Worksport Ltd (OTC: WKSP) announced its participation at the Benzinga Global Small Cap Conference on May 13-14, 2021, inviting shareholders to explore investment opportunities. The company also signed a lease for a new manufacturing facility in Mississauga, Ontario, aimed at enhancing production capabilities and opening new opportunities. This facility is expected to support Worksport’s growth and product development, particularly in modular tonneau covers and solar-powered systems for light-duty trucks. Shareholders are encouraged to register for updates via company newsletters and social media.
Worksport Ltd. (OTC: WKSP) has signed a lease for a new manufacturing facility in Mississauga, Ontario. The agreement fosters a partnership with a Tier-one OEM automotive manufacturer, enhancing Worksport's production capabilities.
The facility will be move-in ready within months, allowing Worksport to utilize less than half the space initially, optimizing cost savings as they grow. Equipped with stamping presses and modern tools for product development, this site will facilitate the assembly of the upcoming TerraVis™ and support further innovations aimed at the EV and Sustainable Energy markets.
Worksport Ltd (OTC: WKSP) announced it is nearing completion of negotiations for a new manufacturing facility in Canada. This strategic investment aims to enhance production capacity for its TerraVis tonneau cover systems and TerraVis COR battery systems. The new facility is expected to improve scalability, operational efficiency, and reduce unnecessary expenditures. The CEO emphasizes that increased production capacity will positively impact profitability without harming the company's finances. Additional details regarding the lease finalization and partnerships in the North American automotive sector are forthcoming.
Worksport Ltd. (OTC: WKSP) plans to list its shares on the NASDAQ Capital Markets Exchange and has authorized a reverse stock split of common shares between 1-for-10 and 1-for-30, contingent on the successful listing. CEO Steven Rossi stated that the reverse split is crucial for elevating the company's profile and broadening its investor base. Worksport boasts a strong balance sheet with nearly $10 million in cash and plans to release its innovative Terravis COR™ mobile battery system soon, while continuing to enhance manufacturing capabilities.
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.
FAQ
What is the current stock price of Worksport, Ltd. (WKSP)?
What is the market cap of Worksport, Ltd. (WKSP)?
What products does Worksport offer?
What were Worksport's key highlights in Q1 2024?
What is Worksport's approach to sustainability?
How does Worksport plan to expand its market reach?
What sets Worksport apart from its competitors?
