Worksport Ltd. Reports Fiscal Year 2024 Results, Achieves 455% Year-Over-Year Revenue Growth
Worksport (NASDAQ: WKSP) reported exceptional financial results for fiscal year 2024, with net sales reaching $8.48 million, marking a 455% increase from $1.53 million in 2023. The company's Q4 2024 performance was particularly strong, with net sales of $2.93 million, up 250% year-over-year.
Key financial metrics include strengthened cash position of $4.88 million, strategic inventory increase to $5.19 million, and improved working capital of $7.3 million. The company's B2C online sales grew significantly, reaching $1.59 million in Q3 2024, representing 51% of total revenue.
Looking ahead to 2025, Worksport projects net sales between $20-34.5 million and expects gross margins of 25-30% by late 2025. The company aims to achieve breakeven and potential cash-flow positivity by year-end 2025, supported by upcoming product launches including the AL4 tonneau cover, SOLIS solar-integrated tonneau, and COR mobile battery system.
Worksport (NASDAQ: WKSP) ha riportato risultati finanziari eccezionali per l'anno fiscale 2024, con vendite nette che hanno raggiunto $8,48 milioni, segnando un aumento del 455% rispetto ai $1,53 milioni del 2023. La performance del quarto trimestre 2024 dell'azienda è stata particolarmente forte, con vendite nette di $2,93 milioni, in aumento del 250% rispetto all'anno precedente.
I principali indicatori finanziari includono una posizione di cassa rafforzata di $4,88 milioni, un aumento strategico dell'inventario a $5,19 milioni e un miglioramento del capitale circolante a $7,3 milioni. Le vendite online B2C dell'azienda sono cresciute significativamente, raggiungendo $1,59 milioni nel terzo trimestre 2024, rappresentando il 51% del fatturato totale.
Guardando al 2025, Worksport prevede vendite nette tra $20-34,5 milioni e si aspetta margini lordi del 25-30% entro la fine del 2025. L'azienda mira a raggiungere il pareggio e una potenziale positività di flusso di cassa entro la fine del 2025, supportata da imminenti lanci di prodotti, tra cui il copertura per cassoni AL4, il tonneau solare integrato SOLIS e il sistema di batteria mobile COR.
Worksport (NASDAQ: WKSP) reportó resultados financieros excepcionales para el año fiscal 2024, con ventas netas que alcanzaron $8.48 millones, marcando un aumento del 455% desde $1.53 millones en 2023. El desempeño de la compañía en el cuarto trimestre de 2024 fue particularmente fuerte, con ventas netas de $2.93 millones, un aumento del 250% interanual.
Los principales indicadores financieros incluyen una posición de efectivo fortalecida de $4.88 millones, un aumento estratégico en el inventario a $5.19 millones y un capital de trabajo mejorado de $7.3 millones. Las ventas en línea B2C de la compañía crecieron significativamente, alcanzando $1.59 millones en el tercer trimestre de 2024, representando el 51% de los ingresos totales.
De cara a 2025, Worksport proyecta ventas netas entre $20-34.5 millones y espera márgenes brutos del 25-30% para finales de 2025. La empresa tiene como objetivo alcanzar el equilibrio y una posible positividad en el flujo de caja para finales de 2025, respaldada por próximos lanzamientos de productos, incluyendo la cubierta para cama AL4, el tonneau solar integrado SOLIS y el sistema de batería móvil COR.
Worksport (NASDAQ: WKSP)는 2024 회계연도에 대한 뛰어난 재무 결과를 보고했으며, 순매출이 $8.48 백만에 달해 2023년의 $1.53 백만에서 455% 증가했습니다. 2024년 4분기 회사의 실적은 특히 강력했으며, 순매출은 $2.93 백만으로 전년 대비 250% 증가했습니다.
주요 재무 지표로는 $4.88 백만의 강화된 현금 위치, $5.19 백만으로의 전략적 재고 증가, $7.3 백만의 개선된 운영 자본이 포함됩니다. 회사의 B2C 온라인 판매는 크게 증가하여 2024년 3분기에 $1.59 백만에 도달했으며, 이는 총 수익의 51%를 차지합니다.
2025년을 바라보며, Worksport는 순매출이 $20-34.5 백만에 이를 것으로 예상하며, 2025년 말까지 25-30%의 총 마진을 기대하고 있습니다. 회사는 AL4 톤노 커버, SOLIS 태양광 통합 톤노, COR 모바일 배터리 시스템 등 예정된 제품 출시를 통해 2025년 말까지 손익 분기점에 도달하고 긍정적인 현금 흐름을 달성하는 것을 목표로 하고 있습니다.
Worksport (NASDAQ: WKSP) a annoncé des résultats financiers exceptionnels pour l'exercice 2024, avec des ventes nettes atteignant $8,48 millions, marquant une augmentation de 455% par rapport à $1,53 millions en 2023. La performance de l'entreprise au quatrième trimestre 2024 a été particulièrement forte, avec des ventes nettes de $2,93 millions, en hausse de 250% d'une année sur l'autre.
Les principaux indicateurs financiers incluent une position de trésorerie renforcée de $4,88 millions, une augmentation stratégique des stocks à $5,19 millions et un fonds de roulement amélioré de $7,3 millions. Les ventes en ligne B2C de l'entreprise ont considérablement augmenté, atteignant $1,59 millions au troisième trimestre 2024, représentant 51% des revenus totaux.
En regardant vers 2025, Worksport prévoit des ventes nettes entre $20-34,5 millions et s'attend à des marges brutes de 25-30% d'ici fin 2025. L'entreprise vise à atteindre le seuil de rentabilité et une éventuelle positivité de flux de trésorerie d'ici la fin de l'année 2025, soutenue par les lancements de produits à venir, y compris le couvercle de benne AL4, le tonneau solaire intégré SOLIS et le système de batterie mobile COR.
Worksport (NASDAQ: WKSP) hat außergewöhnliche finanzielle Ergebnisse für das Geschäftsjahr 2024 gemeldet, mit Nettoumsätzen von $8,48 Millionen, was einem Anstieg von 455% im Vergleich zu $1,53 Millionen im Jahr 2023 entspricht. Die Leistung des Unternehmens im vierten Quartal 2024 war besonders stark, mit Nettoumsätzen von $2,93 Millionen, was einem Anstieg von 250% im Jahresvergleich entspricht.
Wichtige Finanzkennzahlen umfassen eine gestärkte Liquiditätsposition von $4,88 Millionen, einen strategischen Anstieg des Inventars auf $5,19 Millionen und ein verbessertes Betriebskapital von $7,3 Millionen. Die B2C-Onlineverkäufe des Unternehmens sind erheblich gewachsen und erreichten im dritten Quartal 2024 $1,59 Millionen, was 51% des gesamten Umsatzes ausmacht.
Für 2025 prognostiziert Worksport Nettoumsätze zwischen $20-34,5 Millionen und erwartet bis Ende 2025 Bruttomargen von 25-30%. Das Unternehmen strebt an, bis Ende 2025 den Break-even zu erreichen und eine positive Cashflow-Situation zu erzielen, unterstützt durch bevorstehende Produkteinführungen, darunter die AL4-Tonneauabdeckung, das SOLIS solarintegrierte Tonneau und das COR mobile Batteriesystem.
- 455% year-over-year revenue growth to $8.48 million
- Strong Q4 performance with 250% YoY growth to $2.93 million
- Significant B2C sales growth from $21,599 to $1.59 million
- Robust cash position of $4.88 million plus $6.7 million from warrant inducement
- Projected revenue growth to $20-34.5 million for FY2025
- Expected gross margin improvement to 25-30% by late 2025
- Strategic inventory increase to $5.19 million ties up working capital
- Profitability and cash-flow positivity dependent on achieving upper range targets
- Current margins require significant improvement to reach 25-30% target
Insights
Worksport's FY2024 results represent a breakthrough performance with 455% year-over-year revenue growth to
The company's financial foundation has strengthened considerably, with cash and equivalents rising to
Most promising is Worksport's margin trajectory. The nearly 3x increase in gross margins from Q3 to Q4 demonstrates that their strategic pivot to higher-margin branded products is working. This shift from lower-margin private-label business toward premium offerings like the AL4 tonneau cover and SOLIS solar integration system appears to be fundamentally transforming their profitability profile.
Their 2025 revenue guidance of
The strategic inventory buildup to
Company Outlines Strong Momentum in Margins, Revenue, and Business Growth Entering 2025
West Seneca, New York, March 27, 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 announced financial results and significant operational achievements for fiscal year 2024. Marking a transformational year with record revenue growth, expanded product lines, and provided an optimistic outlook for fiscal year 2025.
Highlights from Fiscal Year 2024:
- Record-Breaking Revenue Growth: Worksport reported net sales of
$8.48 million , a remarkable increase of455% from$1.53 million in 2023, driven by robust direct-to-consumer online sales, expanding business-to-business deals, and successful U.S. manufacturing ramp-up. - Margin Expansion and Profitability Path: Strategic shifts toward higher-margin, Worksport-branded products significantly enhanced profitability metrics, particularly evident in the end of Q4 2024 with gross margins rising nearly 3x that of Q3. Worksport expects fiscal 2025 gross margins to align more closely with those achieved in December 2024, supporting a continued growth trajectory.
- Quarterly Milestone: Q4 2024 net sales were
$2.93 million , an approximately250% year-over-year increase from$839,000 in Q4 2023. The strong holiday season demand across e-commerce and distribution networks pushed results above the Company’s previous FY 2024 revenue guidance of$6 –$8 million .
Financial Position Strengthened:
- Year-end cash and equivalents increased to
$4.88 million , with an additional$6.7 million raised through a warrant inducement transaction in March 2025. - Inventory strategically increased to
$5.19 million to meet anticipated 2025 demand, while strengthen resiliency against macroeconomic supply chain uncertainties. Working capital improved to$7.3 million , offering greater flexibility for growth.
Steven Rossi, Founder & CEO of Worksport, stated: “Our 2024 results show a remarkable transformation. We expanded U.S. manufacturing, accelerated top-line growth, and repositioned our product lineup for higher margins. As we enter 2025, we have multiple catalysts—from advanced tonneau covers like the AL4 and HD3 to our highly anticipated SOLIS and COR energy solutions. Our focus is to scale production efficiently, drive robust revenue expansion, and chart a clear path to profitability for the benefit of our shareholders.”
2025 Outlook & Guidance
- Projected Revenue: Worksport expects FY 2025 net sales in the range of
$20 million to$34.5 million , driven by growing demand for its premium hard-folding covers, the upcoming SOLIS solar-integrated tonneau, and COR mobile battery system. - Margin Expansion: With production scaling, a shift away from lower-margin private-label lines, and the launch of higher-value products, the Company anticipates gross margins reaching
25% -30% by late 2025. - Path to Profitability: Management is focused on operational efficiency and cost discipline to target breakeven and potential cash-flow positivity by year-end 2025, contingent on achieving the upper range of its revenue and margin targets.
Additional Highlights Include:
- B2C Sales Growth: Online sales skyrocketed from
$21,599 in Q3 2023 to$1.59 million in Q3 2024, now making up51% of total revenue. - Government Sales Traction: Worksport initiated sales to a U.S. government agency, positioning itself for future business development.
- New Product Launches: The highly anticipated AL4 tonneau cover is set to debut in Q4 this year and is expected to become a revenue-driving force in 2025, while the SOLIS and COR products are in Alpha testing, with a full market launch slated for Q2/Q3 next year.
Worksport FY & Q4 Conference Call
For detailed insights on the quarter, and management commentary, please attend our scheduled conference call. It will occur at 8:am ET on Thursday March 27, 2025. You may attend with this link: [Worksport FY & Q4 2024 Conference Call]
Investors are highly encouraged to review the prepared remarks and conference call deck will be available at Worksport’s Investor Relations website.
Worksport Full-Year 2024 Report: Balance Sheet & Income Statement
Below is a summary excerpt from the Financial Statements section of ‘Worksport 10-K 2024' covering the fiscal year ended December 31, 2024. Investors are encouraged to review the complete 10-K filing and the accompanying Prepared Remarks, both linked above, for full context and analysis.
Worksport Ltd.
Consolidated Balance Sheets
December 31, 2024 and 2023
| 2024 | 2023 | |||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 4,883,099 | $ | 3,365,778 | ||||
| Accounts receivable, net | 42,589 | 463,122 | ||||||
| Other receivable | 169,728 | 165,865 | ||||||
| Inventories, net (Note 3) | 5,190,054 | 3,631,492 | ||||||
| Prepaid expenses and deposits (Note 6) | 192,192 | 1,497,249 | ||||||
| Total Current assets | 10,477,662 | 9,123,506 | ||||||
| Investment (Note 11) | 66,308 | 90,731 | ||||||
| Property and equipment, net (Note 4) | 13,644,226 | 14,483,436 | ||||||
| Operating lease right-of-use assets (Note 12) | 595,415 | 917,354 | ||||||
| Intangible assets, net (Note 5) | 953,049 | 1,338,889 | ||||||
| Total assets | $ | 25,736,660 | $ | 25,953,916 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 1,526,630 | $ | 1,260,285 | ||||
| Accrued liabilities and other | 800,283 | 190,896 | ||||||
| Accrued compensation | 377,112 | 85,010 | ||||||
| Related party loan | — | 2,192 | ||||||
| Long-term debt, current portion (Note 13) | 222,992 | 5,300,000 | ||||||
| Lease liability, current portion (Note 12) | 246,535 | 328,229 | ||||||
| Total current liabilities | 3,173,552 | 7,166,612 | ||||||
| Lease liability, excluding current portion (Note 12) | 368,472 | 608,761 | ||||||
| Long-term debt, excluding current portion (Note 13) | 4,781,005 | — | ||||||
| Total liabilities | 8,323,029 | 7,775,373 | ||||||
| Shareholders’ equity | ||||||||
| Series A & B Preferred Stock, | — | — | ||||||
| Common stock, | 4,016 | 2,032 | ||||||
| Additional paid-in capital | 79,781,674 | 64,685,693 | ||||||
| Share subscriptions receivable | (1,577 | ) | (1,577 | ) | ||||
| Share subscriptions payable | 2,115,064 | 1,814,152 | ||||||
| Accumulated deficit | (64,476,966 | ) | (48,313,177 | ) | ||||
| Cumulative translation adjustment | (8,580 | ) | (8,580 | ) | ||||
| Total shareholders’ equity | 17,413,631 | 18,178,543 | ||||||
| Total liabilities and shareholders’ equity | $ | 25,736,660 | $ | 25,953,916 | ||||
The accompanying notes form an integral part of these condensed consolidated financial statements. Please click here to download the full 10-K.
Worksport Ltd.
Consolidated Statements of Operations and Comprehensive Loss
December 31, 2024 and 2023
| 2024 | 2023 | |||||||
| Net sales | $ | 8,484,379 | $ | 1,529,632 | ||||
| Cost of sales | 7,578,729 | 1,289,118 | ||||||
| Gross profit | 905,650 | 240,514 | ||||||
| Operating expenses | ||||||||
| Research and development | 2,289,940 | 1,669,318 | ||||||
| General and administrative | 8,678,994 | 7,974,362 | ||||||
| Sales and marketing | 2,386,504 | 1,483,054 | ||||||
| Professional fees | 3,030,931 | 3,853,134 | ||||||
| Gain on foreign exchange | (14,885 | ) | (2,693 | ) | ||||
| Total operating expenses | 16,371,484 | 14,977,175 | ||||||
| Loss from operations | (15,465,834 | ) | (14,736,661 | ) | ||||
| Other income (expense) | ||||||||
| Interest expense | (726,095 | ) | (616,214 | ) | ||||
| Interest income | 37,492 | 239,353 | ||||||
| Rental income (Note 17) | 76,413 | 184,564 | ||||||
| Other | (85,765 | ) | — | |||||
| Total other income (expense) | (697,955 | ) | (192,297 | ) | ||||
| Net loss | (16,163,789 | ) | (14,928,958 | ) | ||||
| Loss per share (basic and diluted) | $ | (5.84 | ) | $ | (8.44 | ) | ||
| Weighted average number of shares (basic and diluted) | 2,768,732 | 1,768,991 | ||||||
The accompanying notes form an integral part of these condensed consolidated financial statements. Please click here to download the full 10-K.
The link below will take you to the Worksport Investor Relations Website. You may download the accompanying earnings call prepared remark and deck there, investors are highly encouraged to review this material:
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, 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.
| 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) revenue growth in fiscal year 2024?
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