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 ($WKSP), a U.S.-based manufacturer of hybrid and clean energy solutions for light trucks, has published responses to investor questions from its Q2 earnings call and Investor Q&A Portal. The company reported record-high revenues in Q2 2024, with a 274% growth from Q1 2024. Key highlights include:
- Production of SOLIS and COR Alpha units is underway, with release expected in September.
- The AL3 model is gaining traction, with a target of exceeding $1 million in Monthly Recurring Revenue by year-end.
- The premium AL4 line is scheduled for release in Q4 2024.
- Worksport aims to achieve operational cash flow positivity by 2025.
- The company's market cap was $19.67MM as of August 21, 2024, with a book value of $19.15MM.
Worksport is on track to meet or exceed its 2024 revenue guidance of $6-8 million and projects $15-20 million in revenue for FY 2025 from the tonneau cover segment alone.
Worksport ($WKSP) has begun production of its COR Alpha portable energy system, with an Alpha launch expected in September. The company reports positive test results, highlighting the system's superior performance in extreme conditions compared to competitors. Key features include smart capabilities, advanced MPPT technology, and hot swap functionality in the Pro version.
The COR system integrates with Worksport's SOLIS solar tonneau cover, creating a clean-tech nano grid for various applications. Worksport is targeting the rapidly growing portable power station market, positioning itself against a leading Chinese competitor. The company recently announced record-high revenues for Q2 2024 and expects continued growth.
Worksport (NASDAQ: WKSP) reported impressive Q2 2024 financial results, with revenue reaching a record $1.92 million, representing an 860% increase from Q2 2023 and a 275% growth from Q1 2024. The company attributes this surge to its new Buffalo factory and marketing initiatives. Gross profit margins improved to 15.4%, a 111% increase from Q1. Worksport anticipates continued growth, projecting $6-8 million in revenue by year-end 2024 for its tonneau cover business alone. The company is also launching new clean-tech products, SOLIS and COR, in September. CEO Steven Rossi reaffirmed his belief that the stock is undervalued, expressing confidence in Worksport's potential to become a 9-figure, middle market company in the short to mid-term.
Worksport (NASDAQ: WKSP) has announced the establishment of a Q&A portal for enhanced investor engagement ahead of its Q2 2024 earnings call on August 13, 2024, at 4:30 PM ET. The call will cover Q2 financial results, sales trajectory, operational success, future plans, and product launches, including the COR & SOLIS systems. CEO Steven Rossi emphasized Q2 as a dynamic quarter marking the beginning of continued sales growth. He also stated that Worksport is undervalued and has much to share with investors. The company reported a 1,506% Q1 revenue surge and was recently awarded a $2.8 million grant. Worksport is focusing on achieving cash flow positivity, enhancing product margins, and expanding market presence with innovative products.
Worksport (NASDAQ: WKSP) has announced impressive test results for its SOLIS solar tonneau cover, which is entering the final live-testing phase. The company is preparing for an Alpha launch this summer, targeting multiple high-growth billion-dollar markets. Key points include:
1. SOLIS can generate up to 680W of power, depending on conditions and truck bed size.
2. The system can charge up to 45 iPhone 14's per hour.
3. Worksport is inviting media and tech journalists for exclusive early access.
4. The SOLIS and COR systems work together as a clean-tech nano grid.
5. A mobile app will provide real-time insights into power usage and generation.
6. The company plans to track solar power generation from all SOLIS covers, potentially accumulating valuable data and qualifying for carbon credits.
Worksport (NASDAQ: WKSP) has announced the launch of a new live sales platform in partnership with Firework. The first live session is set for August 6th at 12 PM ET, accessible via Worksport Live. This innovative feature integrates into Worksport's website, offering an interactive shopping experience. The platform is expected to boost engagement, increase average order value, and drive conversions.
Key highlights of the first event include:
- Product showcase by CEO Steven Rossi
- Extreme demonstrations of product durability
- Exclusive offers for live event shoppers
Worksport aims to increase sales, improve margins, and achieve cash flow positivity. The company has forecasted a revenue range of $6-8 million for the end of the year, up from $1.5 million in 2023. Worksport will also host its first live earnings call in August to discuss Q2 2024 results.
Worksport ($WKSP), a U.S.-based manufacturer of hybrid and clean energy solutions for light trucks and consumer goods, has announced its Q2 2024 earnings call for August 13, 2024, at 4:30 PM ET. The call will be conducted online and will provide a detailed discussion of the company's performance and future outlook. Worksport specializes in innovative solutions for the light truck, overlanding, and global consumer goods sectors. This earnings call presents an opportunity for investors and analysts to gain insights into the company's financial results and strategic direction.
Worksport (NASDAQ: WKSP), a U.S.-based manufacturer specializing in hybrid and clean energy solutions, has launched a new dealer webpage to streamline product access for dealers. This follows a record-breaking sales month in May, reinforcing the company's year-end revenue forecast of $6-8 million, up from ~$1.5 million in 2023.
CEO Steven Rossi highlighted the increased interest from over 20 dealers receiving products and 100 more expressing interest. Worksport aims to leverage its SOLIS solar tonneau cover and COR portable energy system, set for release this summer, to drive further growth. With a factory capable of producing 900+ covers daily and a market size of over 7 million covers annually, the company is optimistic about achieving cashflow positivity and significant revenue growth.
Worksport's Q2 earnings will be reported in August, featuring its first live earnings call. The launch of the dealer webpage is expected to support the company's revenue targets and attract more dealers across North America.
Worksport (NASDAW: WKSP) has announced a significant advancement in its Maximum Power Point Tracking (MPPT) technology, enhancing the compatibility of its SOLIS Solar Power System. The updated MPPT will allow the SOLIS system to charge not only Worksport's COR Portable Battery Generator but also most other portable power stations and power banks. This improvement broadens the market reach and utility of the SOLIS system, which will launch later this summer.
The SOLIS Cover, expected to hit the market with an Alpha release this summer, is anticipated to revolutionize the solar-integrated accessories market. The Cover may add up to 10 miles of range per day to some electric vehicles, with potential OEM integrations such as Worksport's collaboration with Hyundai. The company estimates the market for its SOLIS Cover could grow to 9-figures within 24-36 months.
The enhanced MPPT charger now supports batteries from 12V to 48V and power stations up to 60V, with an input of up to 150V of solar power. This breakthrough technology is expected to reach close to 98% efficiency. The production of the SOLIS Cover will be based at Worksport's facility in West Seneca, New York, which recently received a $2.8MM grant from the State of New York.
Worksport (NASDAQ: WKSP) announced record sales of $739,417 for May 2024, marking a 332% increase from their Q1 2024 monthly average. This surge surpasses the total Q1 2024 sales of $512,637, attributed to their Made-in-America products initiated in January 2024. The company forecasts $6-8 million in revenue for year-end 2024, indicating a 300-433% increase compared to 2023's $1.53 million. Worksport recently launched B2C sales and holds over $6 million in inventory to meet demand. Key products like the SOLIS solar tonneau cover and COR portable energy system are set for release this summer.
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