Worksport, Ltd. - WKSP STOCK NEWS

Worksport (NASDAQ: WKSP) reported significant growth in Q3 2024, with revenue surging 581% year-over-year to $3.12 million compared to $458,433 in Q3 2023. B2C sales increased dramatically from $21,599 to $1.59 million, representing 51% of total revenue. The company expects to exceed its 2024 revenue guidance of $6-8 million and projects 2025 revenue between $25-34.5 million. Worksport aims to achieve cash flow positivity in 2025, targeting production of 200 tonneau covers per day. New product launches include the AL4 tonneau cover in Q4 2024, with SOLIS solar cover and COR portable energy system planned for Q2/Q3 2025.

Worksport (NASDAQ: WKSP), a U.S.-based manufacturer of hybrid and clean energy solutions, has announced its Q3 2024 earnings conference call set for November 13, 2024, at 4:30 PM ET. The call will be conducted online and will provide a detailed discussion on the company's performance, recent growth trends, and future outlook. Investors and analysts are invited to join the call to gain insights into Worksport's financial updates and growth prospects.

Worksport (NASDAQ: WKSP) announces an upgrade to its SOLIS solar tonneau cover technology, shifting to 60V output. This enhancement is expected to reduce consumer costs by up to $400 USD and increase compatibility with various battery generator systems. The upgrade comes during the Alpha release phase and includes key benefits such as broader market appeal, simplified integration, and maintained performance levels. A redesigned wireway management system is planned for completion by November's end. The company is preparing for influencer campaigns and live demonstrations to showcase the SOLIS Covers with COR & other battery systems, targeting the 60 million pickup trucks in the U.S. market.

Worksport (NASDAQ: WKSP) reports over 200% growth in B2B dealer account sales over the last four months across USA and Canada. The company has shipped hundreds of retail display units to dealers, achieving a 31% conversion rate for immediate orders. The company is also launching a pre-order campaign for its new AL4 Premium Tonneau Cover, attracting interest from major distributors. Notable achievements include strong performance in the Southwest region and first B2B order from Puerto Rico. With over 17,000 potential dealers in the U.S., Worksport aims to expand its market presence while maintaining aggressive pricing strategies.

Worksport (NASDAQ: WKSP) CEO Steven Rossi discusses the company's recent developments in an exclusive Cleantech Podcast interview. The company is implementing strategic cost-saving measures and expanding into new markets, including manufacturing aftermarket accessories for the Rivian R1T electric pickup truck. Rossi highlights their SOLIS solar Tonneau cover, which can provide 8-10 miles of daily driving range for electric trucks, representing 30% of average North American commutes. The company is also launching the COR product and AL4 Premium Tonneau Cover. Founded in 2011, Worksport specializes in innovative Tonneau covers that can transform trucks into mobile power stations for jobsite and campsite applications.

Worksport announces the production of its AL4 Premium Tonneau Cover, targeting a December 15th, 2024 market release. The company has begun manufacturing production-ready samples and is finalizing custom production lines at its 156,000 square foot New York factory. The AL4 cover, with a MAP of $1,099, will initially be available for major truck brands including Chevrolet, GMC, Ford, and Ram. Building on recent success achieving $1 million in monthly sales with its AL3 line, Worksport aims to increase sales to $1 million per week. The factory has capacity to produce over $150 million worth of products annually. The AL4 features a flip-up design, ceramic finish, and quick-access latches, targeting the highest-volume category in the $4 billion tonneau cover market.

Investorideas.com released a sector snapshot on cleantech and automotive stocks, featuring Worksport (NASDAQ: WKSP). The electric vehicle (EV) market is projected to grow at a CAGR of 13.2% from 2024 to 2032, reaching approximately 101,177.60 thousand units by 2032. The EV Aftermarket Market is expected to grow at a CAGR of 20.7% between 2023 and 2032.

Worksport reported August 2024 net sales of $1,213,604.28, with an Annual Recurring Revenue rate of $14.56 million. The company announced cost-saving measures expected to result in $1.5 million in expense savings in 2025. Worksport is also expanding into the electric vehicle aftermarket sector, with plans to manufacture accessories for the Rivian R1T electric pickup truck.

Other industry news includes Ford's 45% increase in EV sales year-to-date, Tesla's Q3 production of approximately 470,000 vehicles, and GM's agreement to open access to Tesla Superchargers for its customers.

Worksport (NASDAQ: WKSP) has received a 180-day extension from Nasdaq to regain compliance with the $1 minimum bid price requirement. The new deadline is set for April 14, 2025. CEO Steven Rossi expressed confidence in the company's strategic direction, citing record-high revenues and approaching cash flow positivity.

Rossi highlighted the upcoming release of three innovative product lines, which he believes positions Worksport for significant growth opportunities. The CEO stated that the company is undervalued and expects to unlock substantial value for shareholders during this critical period.

Worksport (NASDAQ: WKSP) has announced strategic cost-saving measures aimed at enhancing operational efficiency and driving long-term growth. The company projects $2M+ in savings, including $1.5 million in expense savings for 2025 and an additional $0.5 to $1 million in related savings. These initiatives are expected to improve margins and cash preservation without impacting revenues or growth.

Worksport is targeting significant revenue growth in 2025, aiming for cash flow positivity by expanding its tonneau cover business and launching clean tech products. The company anticipates no material delays for three new product launches: the AL4 Premium Tonneau Cover, COR Portable Energy System, and SOLIS Solar Cover. Immediate benefits are expected in Q4 2024, with further positive financial impact in Q1 2025.