Worksport, Ltd. - WKSP STOCK NEWS

Worksport (NASDAQ: WKSP) has announced its strategic initiative to manufacture aftermarket accessories for the Rivian R1T electric pickup truck. The company is nearing completion of product engineering for its existing tonneau cover lineup, which will be compatible with the Rivian R1T. This marks a significant milestone in Worksport's expansion into the electric vehicle (EV) aftermarket sector.

Worksport plans to capitalize on Rivian's rapid growth, with over 10,000 premium electric pickup trucks sold per quarter and a fleet approaching 100,000 units. The company's tonneau covers for the R1T will offer enhanced protection, aerodynamic design, and easy installation. Additionally, Worksport aims to integrate its SOLIS Solar Cover and COR Portable Energy System with the Rivian R1T platform, providing versatile applications, Level 2 charging capabilities, and energy independence for Rivian owners.

Worksport (NASDAQ: WKSP) announced strategic updates and upcoming product launches aimed at accelerating revenue growth. The company is targeting cash flow positivity in 2025 and plans to launch three new product lines: the SOLIS Solar Cover, COR Portable Energy System, and AL4 Premium Tonneau Cover. Worksport is also expanding market reach and streamlining operations.

CEO Steven Rossi stated, "Last year we had a million-dollar year, this year we're earning million-dollar revenues in a month. Our target is to achieve million-dollar (revenue) weeks, then million-dollar days." The company's subsidiary, Terravis Energy, is nearing a breakthrough in heat pump technology, targeting the $100+ billion global market.

Worksport reported record-high August sales and a 275% Q2 growth. The company is focusing on organic growth and enhancing shareholder value through its innovative clean energy solutions and expanding tonneau cover business.

Worksport (NASDAQ: WKSP) has announced its expansion into sales to Federal Government Agencies, securing initial orders with a major U.S. government entity for its Made-in-USA AL3 Tonneau Covers. This strategic move targets an estimated 2 million pickup trucks in government fleets nationwide. The company's government outreach will be led by Ambassador Ned Siegel (Ret.), a board member and former U.S. Ambassador, who will focus on pitching both current products and upcoming clean-tech solutions like the SOLIS Solar Tonneau Cover and COR Portable Energy System.

While these early sales are not expected to immediately impact overall revenue forecasts, they represent a important entry point into a potentially long-term, recurring revenue stream from government contracts. Worksport aims to leverage this initial success to expand its reach within government fleets, particularly as agencies move towards sustainability and energy efficiency.

Worksport (NASDAQ: WKSP) is progressing towards achieving ISO 9000 certification at its West Seneca, NY factory, anticipated by early-mid 2025. This certification reflects Worksport's commitment to quality manufacturing and is expected to support potential growth in key future markets, including government contracts, OEM relationships, and larger distribution networks.

ISO 9000 certification is a strategic milestone that could position Worksport among a select group of manufacturers, as less than 7% of the tonneau cover industry holds this certification. It may enhance operational efficiency, process control, and provide marketing advantages, potentially leading to business opportunities with major car brands.

For investors, this certification could support market expansion and revenue opportunities, particularly in high-demand industries like automotive, electronics, and aerospace. Worksport expects improvements in key performance indicators such as Days to Ship, Defects per Unit, Customer Satisfaction, and Production Capacity, potentially enhancing operational efficiency and profitability.

Worksport (NASDAQ: WKSP) has initiated the Alpha launch of its innovative nano-grid system, SOLIS & COR. This system combines the SOLIS solar tonneau cover and the COR portable energy system, offering up to 4,000Wh of daily clean energy. The Alpha release involves 100 systems for rigorous testing and public exposure. The COR system features a 1500Wh capacity per battery with hot-swap technology, while the SOLIS cover provides up to 650 watts of solar power. Worksport plans a Beta release with pre-orders and a full market launch, targeting the rapidly growing portable power station market. The company reported record-high revenues of $1.2 million for August 2024 and expects continued strong growth.

Worksport (NASDAQ: WKSP) reports record-high August 2024 net sales of $1,213,604.28, pushing its Annual Recurring Revenue (ARR) to $14.56 million. This surpasses the 2023 year-end revenue of $1.53 million and positions the company to exceed its 2024 revenue guidance of $6-8 million. CEO Steven Rossi highlights the company's undervaluation and strong upside potential. Worksport aims for cash flow positivity within 2025 and projects $15-20 million in tonneau cover segment revenues for FY 2025. The company is launching new product lines, including the AL4 Hard Tonneau Cover, SOLIS Solar Tonneau Cover, and COR Portable Energy System, targeting multi-billion-dollar market opportunities. Worksport expects to become a $100M+ revenue company in the near-to-midterm.

Worksport (NASDAQ: WKSP) announces successful lab test results of its COR portable energy system as a range extender for Tesla electric vehicles. The COR Hub + Battery, carrying over 1.7 kWh of power, demonstrated the ability to add approximately seven miles of range to a Tesla Model 3 as a Level 1 power source. This development addresses range anxiety, a key factor in broader EV adoption.

The modular COR system allows users to add more batteries, each providing 1.5 kWh of power. Worksport's SOLIS solar tonneau cover, designed to work with COR, can charge the 1.5kWh COR battery 2-3 times daily under optimal conditions. The company is also exploring partnerships for Level 2 EV Charging Solutions. Worksport aims to launch these energy products soon while focusing on building partnerships and securing long-term contracts with industry leaders.

Worksport (NASDAQ: WKSP) has announced the release of new tonneau cover applications for various truck models, expanding its market reach. The company's engineering team has introduced 19 new models over the past six months, compatible with trucks from General Motors, Ford, Toyota, Nissan, and Honda. This expansion aligns with Worksport's growth strategy in the $4 billion tonneau cover market, which sells over 7 million covers annually.

Worksport reported a 275% revenue growth in Q2 2024 and is preparing to launch innovative products in 2024, including the SOLIS Solar Cover and COR Portable Energy System. The company's engineering team, with over 100 years of combined industry experience, is driving this rapid product expansion and innovation in the light truck accessories market.

Worksport (NASDAQ: WKSP) has successfully launched its Dealer Sales Initiative, a key part of its long-term growth strategy. The company has expanded its sales team, engaging with over 4,500 dealers and plans to double its sales force soon. Worksport has attracted attention from three major distributors in the USA and Canada, positioning itself for accelerated growth in the $4 billion tonneau cover market.

The company's Western New York factory is poised for significant revenue growth, potentially reaching nine-figure revenue in the near-midterm. Worksport is preparing to launch three more innovative products this year, including the highly anticipated AL4 premium cover in Q4. CEO Steven Rossi emphasized the company's commitment to supporting local US-owned businesses and expects explosive growth in 2025.