Worksport Ltd. Sees Over 200% Growth in B2B Sales; Initiates Pre-Order Campaign for New AL4 Tonneau Cover
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) riporta una crescita di oltre il 200% nelle vendite di conti dealer B2B negli ultimi quattro mesi negli Stati Uniti e in Canada. L'azienda ha spedito centinaia di unità di display al dettaglio ai dealer, raggiungendo un tasso di conversione del 31% per ordini immediati. L'azienda sta anche lanciando una campagna di pre-ordine per il suo nuovo AL4 Premium Tonneau Cover, attirando l'interesse di importanti distributori. Tra i risultati notevoli si evidenziano le forti performance nella regione del Sud-Ovest e il primo ordine B2B da Porto Rico. Con oltre 17.000 potenziali dealer negli Stati Uniti, Worksport punta ad espandere la propria presenza sul mercato mantenendo strategie di prezzo aggressive.
Worksport (NASDAQ: WKSP) informa sobre un crecimiento de más del 200% en las ventas de cuentas de distribuidores B2B en los últimos cuatro meses en EE. UU. y Canadá. La empresa ha enviado cientos de unidades de exhibición al por menor a los distribuidores, logrando una tasa de conversión del 31% para pedidos inmediatos. La empresa también está lanzando una campaña de prepedido para su nuevo AL4 Premium Tonneau Cover, atrayendo el interés de importantes distribuidores. Entre los logros notables se incluyen un sólido desempeño en la región del Suroeste y el primer pedido B2B de Puerto Rico. Con más de 17,000 distribuidores potenciales en los EE. UU., Worksport busca expandir su presencia en el mercado mientras mantiene estrategias de precios agresivas.
Worksport (NASDAQ: WKSP)는 미국과 캐나다에서 지난 4개월 동안 B2B 딜러 계정 판매가 200% 이상 증가했다고 보고했습니다. 이 회사는 딜러에게 수백 대의 소매 전시 유닛을 배송했으며 즉시 주문에 대한 전환율은 31%에 달합니다. 또한 이 회사는 새로운 AL4 프리미엄 토노 커버에 대한 사전 주문 캠페인을 시작하고 있으며, 주요 유통업체의 관심을 끌고 있습니다. 주목할 만한 성과로는 남서부 지역에서의 강력한 실적과 푸에르토리코에서의 첫 번째 B2B 주문이 있습니다. 미국에 17,000명 이상의 잠재 딜러가 있는 Worksport는 공격적인 가격 전략을 유지하면서 시장 존재감을 확대하는 것을 목표로 하고 있습니다.
Worksport (NASDAQ: WKSP) annonce une croissance de plus de 200 % des ventes de comptes de distributeurs B2B au cours des quatre derniers mois aux États-Unis et au Canada. L'entreprise a expédié des centaines d'unités d'affichage au détail aux distributeurs, atteignant un taux de conversion de 31 % pour les commandes immédiates. L'entreprise lance également une campagne de précommande pour son nouveau AL4 Premium Tonneau Cover, suscitant l'intérêt de grands distributeurs. Parmi les réalisations notables figurent de fortes performances dans la région du Sud-Ouest et la première commande B2B de Porto Rico. Avec plus de 17 000 distributeurs potentiels aux États-Unis, Worksport vise à accroître sa présence sur le marché tout en maintenant des stratégies de prix agressives.
Worksport (NASDAQ: WKSP) berichtet über ein Wachstum von über 200 % bei den B2B-Händlerkontenverkäufen in den letzten vier Monaten in den USA und Kanada. Das Unternehmen hat Hunderte von Einzelhandels-Displays an Händler versendet und eine Konversionsrate von 31 % für Sofortbestellungen erreicht. Das Unternehmen startet auch eine Vorbestellungskampagne für seine neue AL4 Premium Tonneau Cover, die das Interesse großer Vertriebsunternehmen weckt. Zu den bemerkenswerten Leistungen gehören eine starke Leistung in der Südwestregion und die erste B2B-Bestellung aus Puerto Rico. Mit über 17.000 potenziellen Händlern in den USA strebt Worksport an, seine Marktpräsenz auszubauen und gleichzeitig aggressive Preisstrategien beizubehalten.
- 200% growth in B2B dealer account sales in last 4 months
- 31% conversion rate on retail display units
- Geographic expansion with first B2B order from Puerto Rico
- Strong distributor interest in new AL4 Premium Tonneau Cover
- Still requires Nasdaq compliance extension
- B2B sales represent smaller revenue share compared to private label and consumer direct business
Insights
The 200% growth in B2B dealer sales and
The diversification across B2B, private label and direct-to-consumer channels, along with geographical expansion into Puerto Rico, reduces revenue concentration risk. However, investors should note that while growth metrics are impressive, absolute revenue figures aren't disclosed, making it difficult to assess the actual revenue impact of this expansion.
The business development metrics reveal strong operational momentum, but several financial considerations warrant attention. The recent
The pre-order campaign for AL4 and distributor interest could accelerate revenue growth, but working capital management will be important as the company scales its dealer network. With a market cap of
Company Initiates Business with Hundreds of Dealers Across USA; New Model: AL4 Attracts Industry-Leading Distributors
West Seneca, New York, Oct. 29, 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 thrilled to announce a significant milestone in its business-to-business (B2B) sales growth, and the newly initiated pre-order campaign for its highly anticipated AL4 Premium Tonneau Cover.
Explosive B2B Sales Growth
In the last four months, Worksport has impressively achieved over
Strategic Dealer Expansion with High Conversion Rates
- Retail Display Units Shipped: Worksport has shipped hundreds of displays to key dealer accounts across the United States. These retail display units will continue to convert into dealer sales perpetually, representing a considerable long-term dealer level growth objective.
- Conversion Ratio: These display units have generated an outstanding
31% conversion rate, meaning nearly one-third of dealers who received retail display units have placed orders nearly immediately, preceding receiving and assembling these Worksport Retail Display Units. Worksport’s sales team is working towards100% sales conversion as a result of each retail display unit installed in dealer showrooms in the USA and Canada. - Vast Market Potential: With over 17,000 dealers in the U.S., strong dealer interest signals a substantial opportunity for continued sales growth. Worksports growing sales team is continuing to establish direct connection with each dealer across the USA and Canada.
Regional Success and Market Penetration
- Strong Performance in the Southwest: The Company has experienced particularly robust sales in the Southwest region, driven by Worksport’s fast shipping times and high market demand for tonneau covers.
- First Order from Puerto Rico: Worksport is excited to announce its first-ever B2B order from a customer in Puerto Rico, consisting of initial crates of both hard and soft covers. This marks a significant expansion into new territories.
AL4 Premium Tonneau Cover Pre-Order Campaign
Following the recently announced production schedule of the AL4 Premium Tonneau Cover, Worksport is beginning to book pre-orders from key dealer and distributor accounts in the USA and Canada. Pre-ordering will end at the end of November at which time Worksport sales team expects significant early demand and orders.
Key AL4 sales highlights include:
- Interest from Industry-Leading Distributors. Several top-tier national US based distributors are in discussions to pre-order the AL4, reflecting strong market confidence in the product.
- Scaling Dealer Network. The Company will continue to expand its dealer network while attracting new distributors to enhance scale and market reach.
Management Commentary
"The remarkable trend we have seen in our B2B segment is a testament to the market's appetite for high-quality, competitively priced tonneau covers," said Steven Rossi, CEO of Worksport Ltd. "Our strategic deployment of display stands has not only expanded our dealer network but has also yielded an exceptional conversion rate of
Key 2024 Press-Releases:
- 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 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 8: Worksport Awarded
$2.8M M Grant
Read all Worksport press releases: [Link to All Press Releases].
About Worksport Ltd.
Worksport Ltd. (NASDAQ: WKSP), through its subsidiaries, designs, develops, manufactures, and owns the intellectual property on a variety of tonneau covers, solar integrations, portable energy storage systems, and heat-pump technology. The Company is committed to transforming the pickup truck industry through innovative technologies that enhance functionality and sustainability. For more information, please visit www.worksport.com | investors.worksport.com | https://terravisenergy.com
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
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 is Worksport's (WKSP) B2B sales growth rate in 2024?
What is the conversion rate for Worksport's (WKSP) retail display units?
When does the pre-order campaign for Worksport's (WKSP) AL4 Premium Tonneau Cover end?
How many potential dealers does Worksport (WKSP) have in the US market?
