Worksport Ltd. Announces Strategic Updates and Upcoming Product Launches
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) ha annunciato aggiornamenti strategici e l'imminente lancio di nuovi prodotti mirati ad accelerare la crescita dei ricavi. L'azienda punta a una positività di flusso di cassa entro il 2025 e prevede di lanciare tre nuove linee di prodotti: il SOLIS Solar Cover, il COR Portable Energy System e il AL4 Premium Tonneau Cover. Worksport sta anche espandendo la propria portata di mercato e snellendo le operazioni.
Il CEO Steven Rossi ha dichiarato: "L'anno scorso abbiamo avuto un anno da un milione di dollari, quest'anno stiamo guadagnando entrate da un milione di dollari al mese. Il nostro obiettivo è raggiungere settimane da un milione di dollari (di ricavi), poi giorni da un milione di dollari." La sussidiaria dell'azienda, Terravis Energy, è vicina a una svolta nella tecnologia delle pompe di calore, puntando al mercato globale da oltre 100 miliardi di dollari.
Worksport ha registrato vendite record ad agosto e una crescita del 275% nel Q2. L'azienda si concentra sulla crescita organica e sull'aumento del valore per gli azionisti attraverso le proprie soluzioni innovative di energia pulita e l'espansione del business dei tettucci.
Worksport (NASDAQ: WKSP) anunció actualizaciones estratégicas y lanzamientos de productos próximos con el objetivo de acelerar el crecimiento de ingresos. La compañía tiene como meta generar flujo de caja positivo en 2025 y planea lanzar tres nuevas líneas de productos: el SOLIS Solar Cover, el COR Portable Energy System y el AL4 Premium Tonneau Cover. Worksport también está expandiendo su alcance en el mercado y optimizando sus operaciones.
El CEO Steven Rossi declaró: "El año pasado tuvimos un año de un millón de dólares, este año estamos generando ingresos de un millón de dólares al mes. Nuestro objetivo es alcanzar semanas de un millón de dólares (en ingresos), luego días de un millón de dólares." La subsidiaria de la compañía, Terravis Energy, está cerca de un avance en la tecnología de bombas de calor, apuntando al mercado global de más de 100 mil millones de dólares.
Worksport reportó ventas récord en agosto y un crecimiento del 275% en el segundo trimestre. La empresa se está centrando en el crecimiento orgánico y en aumentar el valor para los accionistas a través de sus soluciones innovadoras de energía limpia y la expansión del negocio de cubiertas de camiones.
Worksport (NASDAQ: WKSP)는 수익 성장을 가속화하기 위한 전략적 업데이트와 다가오는 제품 출시를 발표했습니다. 회사는 2025년까지 현금 흐름을 긍정적으로 만들기를 목표로 하며, 세 가지 새로운 제품 라인을 출시할 계획입니다: SOLIS 태양광 커버, COR 휴대용 에너지 시스템, 그리고 AL4 프리미엄 토노 커버입니다. Worksport는 또한 시장 범위를 확대하고 운영을 간소화하고 있습니다.
CEO 스티븐 로씨는 "작년에는 백만 달러 규모의 해를 맞이했지만, 올해는 한 달에 백만 달러의 수익을 올리고 있습니다. 우리의 목표는 백만 달러의 주( 수익)를 달성한 다음 백만 달러의 일을 만들어내는 것입니다." 회사의 자회사인 Terravis Energy는 열 펌프 기술에서 획기적인 발전을 이룰 예정이며, 1000억 달러 이상의 글로벌 시장을 겨냥하고 있습니다.
Worksport는 8월 판매 기록을 경신하였으며, 2분기 275% 성장을 기록했습니다. 회사는 유기적 성장에 주력하고 있으며, 혁신적인 청정 에너지 솔루션과 토노 커버 비즈니스를 통해 주주 가치를 향상시키고 있습니다.
Worksport (NASDAQ: WKSP) a annoncé des mises à jour stratégiques et des lancements de produits à venir visant à accélérer la croissance des revenus. L'entreprise vise à atteindre une trésorerie positive d'ici 2025 et prévoit de lancer trois nouvelles gammes de produits: le SOLIS Solar Cover, le COR Portable Energy System et le AL4 Premium Tonneau Cover. Worksport élargit également sa portée sur le marché et optimise ses opérations.
Le PDG Steven Rossi a déclaré : "L'année dernière, nous avons réalisé un chiffre d'affaires d'un million de dollars, cette année nous gagnons des revenus d'un million de dollars par mois. Notre objectif est d'atteindre des semaines de revenus d'un million de dollars, puis des journées d'un million de dollars." La filiale de l'entreprise, Terravis Energy, est sur le point de faire une percée dans la technologie des pompes à chaleur, ciblant le marché mondial de plus de 100 milliards de dollars.
Worksport a signalé des ventes record en août et une croissance de 275 % au T2. L'entreprise se concentre sur la croissance organique et l'amélioration de la valeur pour les actionnaires grâce à ses solutions innovantes d'énergie propre et à l'expansion de son activité de couvercles de camion.
Worksport (NASDAQ: WKSP) hat strategische Updates und bevorstehende Produkteinführungen angekündigt, die darauf abzielen, das Umsatzwachstum zu beschleunigen. Das Unternehmen hat das Ziel, bis 2025 positiv Cashflow zu generieren und plant, drei neue Produktlinien einzuführen: den SOLIS Solar Cover, das COR Portable Energy System und den AL4 Premium Tonneau Cover. Worksport erweitert auch seine Marktreichweite und optimiert die Abläufe.
CEO Steven Rossi erklärte: "Im vergangenen Jahr hatten wir ein Jahr mit einer Million Dollar, in diesem Jahr erwirtschaften wir monatlich Millionenumsätze. Unser Ziel ist es, Millioneneinnahmen pro Woche zu erreichen, dann Millioneneinnahmen pro Tag." Die Tochtergesellschaft des Unternehmens, Terravis Energy, steht kurz vor einem Durchbruch in der Wärmepumpentechnologie, die auf den globalen Markt von über 100 Milliarden Dollar abzielt.
Worksport meldete Rekordverkäufe im August und ein Wachstum von 275% im Q2. Das Unternehmen konzentriert sich auf organisches Wachstum und die Steigerung des Shareholder-Values durch innovative Lösungen für saubere Energie und die Expansion des Tonneau-Cover-Geschäfts.
- Targeting cash flow positivity in 2025
- Launching three new high-demand product lines
- Record-high August sales reported
- 275% Q2 revenue growth
- Expanding market reach in three multi-billion-dollar markets
- Streamlining operations to enhance margins and lower operational overhead
- Subsidiary Terravis Energy nearing breakthrough in heat pump technology
- Company not yet profitable, aiming for profitability in 2025
Company Shares Strategic Plan; Prepares for Multiple Product Releases Aimed at Revenue Growth
West Seneca, New York, Oct. 07, 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 today announced key strategic updates along with updates on upcoming product launches aiming to accelerate revenue growth.
“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. We’re building an amazing business brick-by-brick." – Steven Rossi, CEO
Strategic Initiatives
- Targeting Cash Flow Positivity in 2025: With multiplying revenues and improving margins, the Company believes there is a path toward near-term enterprise profitability.
- Launching Three New & Highly Demanded Product Lines: Upcoming product lines are aimed at strengthening revenue pathways and brand presence of Worksport going forward.
- Expanding Market Reach: The Company aims to capitalize on the growing demand for its products within the three multi-billion-dollar markets it operates in.
- Streamlining Operations: The Company plans to implement targeted cost-saving measures in Q4, aimed to enhance margins and lower operational overhead without compromising growth.
Management Commentary
Steven Rossi, CEO of Worksport, added:
"We are strategically positioned for continued growth and are committed to enhancing shareholder value. Our objective is to push for organic growth, and we reiterate our confidence in the Company's fundamentals and future prospects. With multiple high-demand products set for release and our ongoing innovations in clean energy, we are dedicated to executing our vision and look forward to sharing our progress with our shareholders.”
Upcoming Product Releases Set to Drive Growth
Worksport is excited to announce progress on three highly anticipated products slated for near-term market release:
- Worksport SOLIS Solar Cover
- First-to-Market Innovation: A Patented solar tonneau cover capable of generating up to 650W of power.
- Versatile Applications: Ideal for truck owners, worksites, outdoor enthusiasts, emergency services, and more.
- Seamless Integration: When paired with Worksport's Maximum Power Point Tracking (MPPT) system, it can charge most major portable battery systems.
2. Worksport COR Portable Energy System
- Modular Design: Features 1.7kWh storage with hot-swap capability for uninterrupted power.
- High-Demand Appliance Support: Powers devices like refrigerators and microwaves. Future versions tested to also function as an EV Range Extender.
- Perfect Pairing: Designed to work seamlessly with the SOLIS Solar Cover for a complete portable energy solution.
3. Worksport AL4 Premium Tonneau Cover
- Projected Q4 2024 Release: Set to enter the market as one of the most in-demand tonneau cover models. Worksport’s sales team is preparing a pre-order campaign for national distribution customers.
- Innovative Four-Fold Design: Offers enhanced functionality and ease of use.
Exciting Developments at Terravis Energy
Worksport is also thrilled to announce that its subsidiary, Terravis Energy, is nearing a major breakthrough in heat pump technology:
- Highly Efficient Extreme-Climate Heat Pump: An innovative technology aimed to disrupt the HVAC industry.
- Massive Market Opportunity: Positioned to enter the
$100 + billion global heat pump market, which is largely supported by government subsidies. - Upcoming Updates: The Company plans to provide detailed information on this breakthrough technology and new product soon.
Revenue Growth and Market Expansion
Management reiterates the positive financial impact anticipated from the upcoming product launches:
- Tonneau Cover Business Growth: High demand for the AL4 cover is projected to elevate revenues. News with respect to the outcome of the companies planned pre-order sales campaign is to be expected in the near future.
- Clean-Tech Product Potential: The SOLIS and COR systems are projected to propel the Company’s revenues in the mid to long term.
- Market Leadership in Clean Energy: With the launch of these innovative product lines, Worksport is poised to capture significant market share in the rapidly expanding tonneau cover and clean energy sectors.
Stay Tuned For More Updates
For more on Worksport’s innovative product lines, visit www.worksport.com. Stay tuned for investor updates on new products, expanded model coverage, and business growth.
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:
- October 3: Commencing U.S Government Sales
- September 30: Update On ISO Certification
- September 19: Alpha Launch of SOLIS & COR
- September 12: Record High August Sales
- 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 16: Worksport Reports 1,
506% Q1 Revenue Surge - May 8: Worksport Awarded
$2.8M M Grant - April 25: Worksport Signals Undervalued Status, Eyes Major 2024 Growth
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 RAM, Chevrolet, and GMC models from General Motors, as well as Ford, Jeep, Nissan, and Toyota pickup trucks. 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; (iv) corporate actions to maintain our listing on NASDAQ and (v) 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.
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