Worksport Believes Market Valuation Does Not Fully Reflect Business Fundamentals; Targets Cash Flow Positivity and Meaningful Growth in 2025
Worksport (NASDAQ: WKSP) outlines its growth trajectory and business fundamentals for 2025. The company's revenue increased from $1.5M in 2023 to $8.5M in 2024, reaching $1M monthly by year-end. With $6M cash on hand and minimal debt (0.32 debt-to-asset ratio), Worksport's U.S. facility can handle $100M-$300M annual revenue.
Key developments include:
- 30% dealer network expansion in early 2025
- Upcoming launch of SOLIS Solar Tonneau Cover targeting $4B market
- Introduction of COR portable energy system with Q2 2025 certification target
- AetherLux ZeroFrost™ heat pump technology breakthrough
The company, holding 170+ patents/trademarks, targets $1M weekly revenue within 24 months and expects cash flow positivity in 2025. Management projects 2025 revenues to exceed current market valuation.
Worksport (NASDAQ: WKSP) delinea la sua traiettoria di crescita e i fondamenti aziendali per il 2025. I ricavi dell'azienda sono aumentati da 1,5 milioni di dollari nel 2023 a 8,5 milioni di dollari nel 2024, raggiungendo 1 milione di dollari al mese entro la fine dell'anno. Con 6 milioni di dollari in contante e debiti minimi (rapporto debito-attivo di 0,32), l'impianto di Worksport negli Stati Uniti può gestire ricavi annuali compresi tra 100 e 300 milioni di dollari.
Sviluppi chiave includono:
- Espansione della rete di concessionari del 30% all'inizio del 2025
- Prossimo lancio del SOLIS Solar Tonneau Cover mirato a un mercato da 4 miliardi di dollari
- Introduzione del COR portable energy system con obiettivo di certificazione nel secondo trimestre del 2025
- Scoperta della tecnologia della pompa di calore AetherLux ZeroFrost™
L'azienda, che detiene oltre 170 brevetti/marchi registrati, punta a raggiungere 1 milione di dollari di ricavi settimanali entro 24 mesi e si aspetta un flusso di cassa positivo nel 2025. La direzione prevede che i ricavi del 2025 supereranno l'attuale valutazione di mercato.
Worksport (NASDAQ: WKSP) describe su trayectoria de crecimiento y fundamentos empresariales para 2025. Los ingresos de la empresa aumentaron de 1,5 millones de dólares en 2023 a 8,5 millones de dólares en 2024, alcanzando 1 millón de dólares mensuales para fin de año. Con 6 millones de dólares en efectivo y una deuda mínima (ratio de deuda a activos de 0,32), la instalación de Worksport en EE. UU. puede manejar ingresos anuales de entre 100 y 300 millones de dólares.
Los desarrollos clave incluyen:
- Expansión del 30% de la red de concesionarios a principios de 2025
- Lanzamiento próximo de la SOLIS Solar Tonneau Cover con un mercado objetivo de 4 mil millones de dólares
- Introducción del COR portable energy system con objetivo de certificación para el segundo trimestre de 2025
- Avance en la tecnología de bomba de calor AetherLux ZeroFrost™
La empresa, que posee más de 170 patentes/marcas registradas, tiene como objetivo alcanzar 1 millón de dólares en ingresos semanales en 24 meses y espera un flujo de caja positivo en 2025. La dirección proyecta que los ingresos de 2025 superarán la valoración de mercado actual.
Worksport (NASDAQ: WKSP)는 2025년 성장 궤적과 사업의 기본 요소를 설명합니다. 회사의 수익은 2023년 150만 달러에서 2024년 850만 달러로 증가했으며, 연말까지 월 100만 달러에 도달할 것으로 예상됩니다. 600만 달러의 현금을 보유하고 있으며 최소한의 부채(자산 대비 부채 비율 0.32)를 가진 Worksport의 미국 시설은 연간 1억에서 3억 달러의 수익을 처리할 수 있습니다.
주요 발전 사항은 다음과 같습니다:
- 2025년 초에 30%의 딜러 네트워크 확장
- 40억 달러 시장을 목표로 하는 SOLIS Solar Tonneau Cover의 출시 예정
- 2025년 2분기 인증 목표의 COR portable energy system 도입
- AetherLux ZeroFrost™ 열 펌프 기술의 혁신
170개 이상의 특허/상표를 보유한 이 회사는 24개월 이내에 주간 수익 100만 달러를 목표로 하고 있으며, 2025년에는 현금 흐름이 긍정적일 것으로 기대하고 있습니다. 경영진은 2025년 수익이 현재 시장 가치를 초과할 것으로 예상하고 있습니다.
Worksport (NASDAQ: WKSP) présente sa trajectoire de croissance et ses fondamentaux commerciaux pour 2025. Les revenus de l'entreprise ont augmenté de 1,5 million de dollars en 2023 à 8,5 millions de dollars en 2024, atteignant 1 million de dollars par mois d'ici la fin de l'année. Avec 6 millions de dollars en liquidités et une dette minimale (ratio de dette sur actif de 0,32), l'installation de Worksport aux États-Unis peut gérer des revenus annuels compris entre 100 et 300 millions de dollars.
Les développements clés incluent:
- Expansion du réseau de concessionnaires de 30 % début 2025
- Lancement prochain du SOLIS Solar Tonneau Cover visant un marché de 4 milliards de dollars
- Introduction du COR portable energy system avec un objectif de certification au deuxième trimestre 2025
- Avancée de la technologie de pompe à chaleur AetherLux ZeroFrost™
L'entreprise, détenant plus de 170 brevets/marques, vise 1 million de dollars de revenus hebdomadaires dans les 24 mois et s'attend à un flux de trésorerie positif en 2025. La direction prévoit que les revenus de 2025 dépasseront l'évaluation actuelle du marché.
Worksport (NASDAQ: WKSP) skizziert seine Wachstumskurve und die Geschäftszahlen für 2025. Der Umsatz des Unternehmens stieg von 1,5 Millionen Dollar im Jahr 2023 auf 8,5 Millionen Dollar im Jahr 2024 und erreichte bis Ende des Jahres 1 Million Dollar monatlich. Mit 6 Millionen Dollar in bar und minimalen Schulden (Schulden-zu-Vermögen-Verhältnis von 0,32) kann das Werk von Worksport in den USA einen jährlichen Umsatz von 100 bis 300 Millionen Dollar bewältigen.
Wichtige Entwicklungen umfassen:
- 30%ige Erweiterung des Händlernetzwerks Anfang 2025
- Geplante Einführung des SOLIS Solar Tonneau Cover, das auf einen Markt von 4 Milliarden Dollar abzielt
- Einführung des COR portable energy system mit Zertifizierungsziel im 2. Quartal 2025
- Durchbruch der AetherLux ZeroFrost™ Wärmepumpentechnologie
Das Unternehmen, das über 170 Patente/Marken verfügt, strebt innerhalb von 24 Monaten wöchentliche Einnahmen von 1 Million Dollar an und erwartet im Jahr 2025 einen positiven Cashflow. Das Management prognostiziert, dass die Einnahmen von 2025 die aktuelle Marktbewertung übersteigen werden.
- Revenue grew significantly from $1.5M (2023) to $8.5M (2024)
- Strong cash position of $6M with low debt-to-asset ratio of 0.32
- Manufacturing facility capable of $100M-$300M annual revenue
- 30% expansion in dealer network in early 2025
- 170+ registered/pending patents and trademarks
- Improving gross margins with projected cash flow positivity in 2025
- Current market valuation below total factory assets value
- Not yet cash flow positive
- Revenue still relatively small compared to facility capacity
Insights
Worksport's financials show remarkable revenue acceleration from
The company maintains a solid financial position with
Worksport's claim that their assets exceed their
The upcoming product launches of SOLIS and COR represent meaningful catalysts, targeting the substantial
Worksport's intellectual property portfolio of 170+ patents forms a substantial competitive moat in the specialized truck accessory and clean energy space. Their two key innovations deserve particular attention:
The SOLIS Solar Tonneau Cover represents a clever integration of renewable energy generation with functional truck equipment. By transforming an otherwise passive truck bed cover into an energy-producing asset, Worksport has created a distinct value proposition that differentiates them in the crowded tonneau market. This product addresses the growing demand for mobile power solutions without sacrificing utility.
The complementary COR portable energy system demonstrates strategic product ecosystem development. By designing COR to work seamlessly with SOLIS while maintaining standalone functionality, Worksport has created multiple customer entry points and potential revenue streams. The Q2 certification timeline suggests development is well-advanced.
Perhaps most intriguing is the AetherLux heat pump technology with its ZeroFrost™ capability. Eliminating defrost cycles addresses a fundamental inefficiency in heat pump operations, particularly in cold climates. This breakthrough could significantly impact HVAC energy consumption in commercial and residential applications, explaining the reported interest from major corporations. The potential applications extend far beyond Worksport's core markets, representing a valuable licensing opportunity.
These innovations position Worksport at the intersection of renewable energy generation, storage, and efficient energy utilization - three rapidly evolving sectors with substantial growth potential.
West Seneca, New York, March 18, 2025 (GLOBE NEWSWIRE) -- Worksport Ltd. (NASDAQ: WKSP) (“Worksport” or the “Company”), a U.S. based manufacturer and innovator of hybrid and clean energy solutions for the light truck, overlanding, and global consumer goods sectors, today shares proactive business commentary and outlines key catalyst events projected for 2025.
Corporate Valuation and Growth Outlook
- Stock Valuation: Worksport Ltd. holds more than 170 registered and pending patents and trademarks, maintains
$6 million cash on hand (as of March 3, 2025), and carries minimal debt (Debt-to-Asset Ratio of 0.32 as of December 31, 2024). The Company’s advanced U.S. manufacturing facility is designed to accommodate annual revenue streams of$100 million to$300 million , and total factory assets exceed current market capitalization. Management expects to approach cash flow positivity this year and believes the market has yet to fully recognize Worksport’s fundamental value. Worksport projects that 2025 revenues will be higher than the Company’s present valuation. - Accelerating Revenue: The Company’s revenues rose from
$1.5 million in 2023 to$8.5 million in 2024, surpassing$1 million per month by the close of 2024. Worksport is focused on further acceleration, targeting$1 million per week within the next 12 to 24 months. Early indicators include a30% expansion in Worksport’s dealer network in the first two months of 2025. - Margin Improvements and Investor Visibility: In tandem with rapid revenue growth, Worksport continues to see improvements in gross margins. Management anticipates further margin gains in the latter half of 2025, when the Company is targeting cash flow positivity. Investors can expect forthcoming announcements regarding significant new contracts, strategic partnerships, and developments in e-commerce. The Company’s full fourth quarter results and Annual Report on Form 10-K will be released on March 27, 2025 (Q4 2024 Earnings Call, sign up [here]).
COR & SOLIS Releases
- SOLIS Solar Tonneau Cover Launch: Worksport remains on schedule to introduce its “SOLIS” Solar Tonneau Cover in 2025. Designed for both electric and traditional pickup trucks—the highest-selling vehicle segment—the SOLIS targets a tonneau cover market currently valued at
$4 billion and projected to continue its healthy growth. SOLIS is in its final commercialization stages and currently in production at Worksport’s NY Factory. - COR Portable Energy System: The Company will also launch “COR”, a modular, portable energy system engineered for standalone use or seamless integration with SOLIS. COR delivers comprehensive off-grid power solutions suitable for diverse applications and lifestyles, capitalizing on a rapidly expanding portable energy market. Set to be produced in partnership with a reputable manufacturer, COR is slated for certification in Q2 2025.
- Strong Revenue Impact: Management expects SOLIS and COR to contribute substantially to Worksport’s revenue as early as the third and fourth quarters of 2025. These new offerings, in combination with the Company’s existing tonneau cover business, are projected to support continued revenue gains and profitability into 2026 and beyond.
AetherLux– Heat Pump Breakthrough
- Worksport’s subsidiary, Terravis Energy, has unveiled AetherLux, a revolutionary HVAC technology. The AetherLux system is the world’s first heat pump that eliminates defrost cycles, even in extreme temperatures—solving the industry’s biggest limitation and significantly improving efficiency. Following its global debut, AetherLux’s ZeroFrost™ technology has attracted strong interest from leading global corporations, recognizing its disruptive potential. Active discussions are underway with major industry players to explore its future applications. Worksport views this innovation as a valuable intellectual property asset and is committed to leveraging it to drive long-term shareholder value.
Closing Statement To Shareholders:
Worksport’s leadership believes the Company is uniquely positioned for continued significant growth, driven by the upcoming market launch of the SOLIS and COR product lines, ongoing expansion of its dealer network, and a commitment to operational excellence. Supported by a broad patent portfolio, accelerating revenue, improving margins, and a strong financial footing, Worksport’s management is confident that the current market valuation does not fully reflect the Company’s intrinsic value. Worksport remains focused on delivering meaningful long-term returns and looks forward to reporting further progress and milestones over the course of a transformative 2025.
Learn more about Worksport, here: https://investors.worksport.com.
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About Worksport
Worksport Ltd. (Nasdaq: WKSP), through its subsidiaries, designs, develops, manufactures, and owns the intellectual property on a variety of tonneau covers, solar integrations, portable power systems, and clean heating & cooling solutions. Worksport has an active partnership with Hyundai for the SOLIS Solar cover. Additionally, Worksport’s hard-folding cover, designed and manufactured in-house, is compatible with all major truck models and is gaining traction with newer truck makers including the electric vehicle (EV) sector. Worksport seeks to capitalize on the growing shift of consumer mindsets towards clean energy integrations with its proprietary solar solutions, mobile energy storage systems (ESS), and Cold-Climate Heat Pump (CCHP) technology. Terravis Energy’s website is terravisenergy.com.
For more information, please visit investors.worksport.com.
Connect with Worksport
Please follow the Company’s social media accounts on X (previously Twitter), Facebook, LinkedIn, YouTube, and Instagram (collectively, the “Accounts”), the links of which are links to external third-party websites, as well as sign up for the Company’s newsletters at investors.worksport.com. The Company does not endorse, ensure the accuracy of, or accept any responsibility for any content on these third-party websites other than content published by the Company.
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Investors and others should note that the Company announces material financial information to our investors using our investor relations website, press releases, Securities and Exchange Commission (“SEC”) filings, and public conference calls and webcasts. The Company also uses social media to announce Company news and other information. The Company encourages investors, the media, and others to review the information the Company publishes on social media.
The Company does not selectively disclose material non-public information on social media. If there is any significant financial information, the Company will release it broadly to the public through a press release or SEC filing prior to publishing it on social media.
For additional information, please contact:
Investor Relations, Worksport Ltd. T: 1 (888) 554-8789 -128 W: investors.worksport.com W: www.worksport.com E: investors@worksport.com
Forward-Looking Statements
The information contained herein may contain “forward‐looking statements.” Forward‐looking statements reflect the current view about future events. When used in this press release, the words “anticipate,” “believe,” “estimate,” “scheduled,” “expect,” “future,” “intend,” “plan,” “project,” “envisioned,” “should," or the negative of these terms and similar expressions, as they relate to us or our management, identify forward‐looking statements. These statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (i) supply chain delays; (ii) acceptance of our products by consumers; (iii) delays in or nonacceptance by third parties to sell our products; and (iv) competition from other producers of similar products. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the SEC, including, without limitation, our latest Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at www.sec.gov. As a result of these matters, changes in facts, assumptions not being realized or other circumstances, the Company’s actual results may differ materially from the expected results discussed in the forward-looking statements contained in this press release. The forward-looking statements made in this press release are made only as of the date of this press release, and the Company undertakes no obligation to update them to reflect subsequent events or circumstances.
WKSP Investor Relations
Worksport Ltd.
Phone: 888-554-8789 x 128
Email: investors@worksport.com
Website: investors.worksport.com
