Worksport Increases Production Capacity to Meet Growing Sales Demand
Worksport (NASDAQ: WKSP) announces a 30% increase in manufacturing workforce to meet growing sales demand. The company aims to double its monthly online sales to $1 million from the current $500,000 reported less than 60 days ago. To support the end-of-year launch of the AL4 tonneau cover, Worksport is adding an evening production shift. The company reported Q3 revenue of $3.12 million, representing a 581% year-over-year increase. Looking ahead, Worksport plans to launch its SOLIS solar cover and COR portable energy system by Q2/Q3 2025, targeting cash flow positivity in 2025.
Worksport (NASDAQ: WKSP) annuncia un aumento del 30% nella forza lavoro di produzione per far fronte alla crescente domanda di vendite. L'azienda punta a raddoppiare le vendite mensili online a 1 milione di dollari rispetto ai 500.000 dollari attuali, segnalati meno di 60 giorni fa. Per supportare il lancio a fine anno del coprivetri AL4, Worksport sta aggiungendo un turno di produzione serale. L'azienda ha riportato entrate del terzo trimestre di 3,12 milioni di dollari, che rappresentano un aumento del 581% rispetto all'anno precedente. Guardando al futuro, Worksport prevede di lanciare il suo coprivetri solare SOLIS e il sistema di energia portatile COR entro il secondo/terzo trimestre del 2025, puntando a una positività di flusso di cassa nel 2025.
Worksport (NASDAQ: WKSP) anuncia un incremento del 30% en la fuerza laboral de manufactura para satisfacer la creciente demanda de ventas. La compañía tiene como objetivo duplicar sus ventas mensuales en línea a 1 millón de dólares desde los 500,000 dólares actuales reportados hace menos de 60 días. Para apoyar el lanzamiento a fin de año de la cubierta de cama AL4, Worksport está añadiendo un turno de producción nocturno. La empresa reportó ingresos del tercer trimestre de 3.12 millones de dólares, lo que representa un aumento del 581% en comparación con el año anterior. Mirando hacia adelante, Worksport planea lanzar su cubierta solar SOLIS y el sistema de energía portátil COR para el segundo/tercer trimestre de 2025, apuntando a una positividad en el flujo de caja en 2025.
Worksport (NASDAQ: WKSP)는 제조 인력 30% 증가를 발표했습니다 성장하는 판매 수요를 충족하기 위해. 이 회사는 현재 500,000달러에서 월간 온라인 매출을 100만 달러로 두 배로 늘리는 것을 목표로 하고 있습니다. AL4 톤노 커버의 연말 출시를 지원하기 위해 Worksport는 야간 생산 교대를 추가하고 있습니다. 이 회사는 3분기 매출 312만 달러를 보고했으며, 이는 전년 대비 581% 증가한 수치입니다. 앞으로 Worksport는 2025년 2분기/3분기까지 SOLIS 태양광 커버와 COR 휴대용 에너지 시스템을 출시할 계획이며, 2025년에는 현금 흐름 긍정성을 목표로 하고 있습니다.
Worksport (NASDAQ: WKSP) annonce une augmentation de 30% de sa main-d'œuvre de fabrication pour répondre à la demande de ventes croissantes. L'entreprise vise à doubler ses ventes en ligne mensuelles à 1 million de dollars par rapport aux 500 000 dollars actuels rapportés il y a moins de 60 jours. Pour soutenir le lancement de la couverture AL4 en fin d'année, Worksport ajoute un shift de production en soirée. La société a annoncé un chiffre d'affaires du troisième trimestre de 3,12 millions de dollars, représentant une augmentation de 581% par rapport à l'année précédente. En perspective, Worksport prévoit de lancer sa couverture solaire SOLIS et son système d'énergie portable COR d'ici le 2ème/3ème trimestre 2025, visant une positivité de flux de trésorerie en 2025.
Worksport (NASDAQ: WKSP) kündigt eine 30%ige Erhöhung der Produktionsbelegschaft an, um der wachsenden Nachfrage nach Verkäufen gerecht zu werden. Das Unternehmen plant, den monatlichen Online-Umsatz auf 1 Million Dollar zu verdoppeln, von den aktuell weniger als 500.000 Dollar, die vor weniger als 60 Tagen gemeldet wurden. Um den Jahresendstart der AL4-Abdeckhaube zu unterstützen, fügt Worksport eine Nachtschicht in der Produktion hinzu. Das Unternehmen berichtete von Umsätzen im 3. Quartal von 3,12 Millionen Dollar, was einem Anstieg von 581% im Jahresvergleich entspricht. Ausblickend plant Worksport die Einführung seines SOLIS-Solarabdeckungen und des COR-Tragbaren Energiesystems bis zum 2./3. Quartal 2025 mit dem Ziel, im Jahr 2025 positiv zu sein in der Cash-Flow-Situation.
- Q3 revenue increased 581% YoY to $3.12 million
- 30% expansion in manufacturing workforce to increase production capacity
- Monthly online sales expected to double to $1 million from $500,000
- Adding second production shift to boost capacity and margins
- Currently not EBITDA positive
- Market capitalization trading below 2025 revenue projections
Insights
The significant operational expansion and financial metrics warrant attention. Revenue growth of
However, investors should note that achieving EBITDA positivity by 2025 remains speculative. The company's current market cap of
The production capacity expansion through workforce growth and second shift implementation is a calculated response to increasing demand. Key operational developments include:
- Strategic timing of the second shift with the AL4 tonneau cover launch
- Focus on higher-margin products to improve profitability
- Vertical integration of manufacturing processes
Company Aims for
West Seneca, New York, Nov. 22, 2024 (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 is pleased to announce an expansion of its manufacturing workforce to meet accelerating sales demand. Since the start of Q4, the Company has increased its plant worker count by
Scaling Production to Meet Growing Demand
- Increased Workforce: The expansion of the production team is a strategic move to accommodate the significant growth in Worksport's business-to-consumer (B2C) and business-to-business (B2B) sales
- Sales Growth: The Company is now targeting
$1 million in monthly online sales in the near-term, aiming for a100% increase in top line revenue from the approximately$500,000 per month reported less than 60 days ago. - Second Shift Preparation: To support the scheduled end-of-the-year launch of the higher margin AL4 tonneau cover, Worksport is adding a new evening production shift. This expansion will boost production capacity, enabling the Company to meet escalating demand and drive increased revenues and profitability. Investors can expect an update on the AL4 pre-order campaign for the business-to-business (B2B) segment before the end of the year.
Management Commentary
“"The Company continues to grow with new dealers, increased sales, and enhanced efficiencies each day," said Steven Rossi, CEO of Worksport Ltd. "Expanding our plant staff and initiating a second production shift are pivotal steps toward improving margins and achieving EBITDA positivity. Last Friday, the Company's market capitalization closed below our revenue projections for 2025—a year in which we believe we will be cash flow positive with increasing margins. We reiterate our strong belief that Worksport continues to be undervalued.”
Upcoming Product Launches Driving Growth
- AL3 and AL4 Tonneau Covers: The continued rollout of these products is expected to significantly contribute to Worksport's path toward cash flow positivity in 2025.
- SOLIS and COR Clean-Tech Systems: The Company also plans to launch its highly anticipated SOLIS solar cover and COR portable energy system by Q2/Q3 2025, further enhancing revenue growth and profitability prospects.
Worksport Q3 Earnings Call
Q3 revenue surged to
Worksport held its Q3 2024 earnings call on Wednesday November 13, 2024. The prepared remarks and presented earnings call deck are available at Worksport’s Investor Relations website.
Investor Inquiries May Be Directed To:
Investor Relations, Worksport Ltd.
T: 1 (888) 554-8789 x128
W1: https://investor.worksport.com
W2: www.worksport.com
E: investors@worksport.com
Key 2024 Press-Releases:
- November 21: CEO Insider Purchase; Worksport Investigates Short Selling
- October 29:
200% Growth in B2B Sales; Pre-Order Campaign Initiated For AL4 - October 17: Nasdaq Grants Extension To Regain Compliance
- October 17:
$2M M+ Projected Savings From New Strategic Initiative - October 3: Commencing U.S Government Sales
- September 30: Update On ISO Certification
- September 19: Alpha Launch of SOLIS & COR
- September 11: Worksport COR as an EV Range Extender for Tesla Model 3
- August 14: Record High Revenues;
275% Q2 Growth - August 1: Impressive SOLIS Solar Cover Test Results
- May 8: Worksport Awarded
$2.8M M Grant
Read all Worksport press releases: [Link to All Press Releases].
Stay Connected
- Investor Newsletter: Investors and customers are invited to follow Worksport’s progress as it builds on this momentum and strives to redefine industry standards with each new corporate development. Link to Newsletter
- Contact Information
Investor Relations, Worksport Ltd. T: 1 (888) 554-8789 -128 W: investors.worksport.com E: investors@worksport.com W: worksport.com
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, and NP (Non-Parasitic), hydrogen-based true green energy solutions for the sustainable, clean energy, and automotive industries. 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 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 NP (Non-Parasitic), Hydrogen-based 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.
| Product social media | Investor social media |
| X (formerly Twitter) | |
| Facebook YouTube | LinkedIn Link to Newsletter |
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,” “expect,” “future,” “intend,” “plan,” “project,” “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 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.
FAQ
What was Worksport's (WKSP) Q3 2024 revenue growth?
When will Worksport (WKSP) launch the AL4 tonneau cover?
What is Worksport's (WKSP) target for monthly online sales?
When will Worksport (WKSP) launch SOLIS and COR systems?
