Worksport Ltd. ($WKSP) Announces Strong Q4 2024 Results, Beating Revenue Guidance; Recording a Substantial December Gross Margin increase
Worksport reported strong Q4 2024 unaudited results with revenue of $2.93 million, up from $839,000 in Q4 2023. Full-year revenue reached $8.5 million, exceeding previous guidance of $6-8 million. December 2024 margins increased significantly to 21.1%, representing a 166% jump from Q3, while Q4 margins showed a 55% improvement over Q3 2024.
The company's strategic shift towards higher-value, branded products and Made in America initiatives contributed to margin growth. Looking ahead to 2025, Worksport targets over $20 million in tonneau cover sales and plans to launch new products including the SOLIS solar tonneau cover and COR mobile power system. The company is focusing on expanding its dealer network and developing strategic partnerships to enhance market reach.
Worksport ha riportato risultati non verificati forti per il quarto trimestre del 2024, con un fatturato di $2,93 milioni, in aumento rispetto a $839.000 nel quarto trimestre del 2023. Il fatturato annuale ha raggiunto $8,5 milioni, superando la guida precedente di $6-8 milioni. I margini di dicembre 2024 sono aumentati significativamente a 21,1%, rappresentando un incremento del 166% rispetto al terzo trimestre, mentre i margini del quarto trimestre hanno mostrato un miglioramento del 55% rispetto al terzo trimestre del 2024.
Il cambiamento strategico dell'azienda verso prodotti di marca di maggior valore e iniziative Made in America ha contribuito alla crescita dei margini. Guardando al 2025, Worksport mira a oltre $20 milioni in vendite di coperture tonneau e prevede di lanciare nuovi prodotti, tra cui la copertura tonneau solare SOLIS e il sistema di energia mobile COR. L'azienda si sta concentrando sull'espansione della propria rete di rivenditori e sullo sviluppo di partnership strategiche per migliorare la propria penetrazione nel mercato.
Worksport informó resultados no auditados sólidos para el cuarto trimestre de 2024, con ingresos de $2.93 millones, un aumento desde $839,000 en el cuarto trimestre de 2023. Los ingresos anuales alcanzaron $8.5 millones, superando la guía previa de $6-8 millones. Los márgenes de diciembre de 2024 aumentaron significativamente al 21.1%, representando un salto del 166% desde el tercer trimestre, mientras que los márgenes del cuarto trimestre mostraron una mejora del 55% en comparación con el tercer trimestre de 2024.
El cambio estratégico de la compañía hacia productos de marca de mayor valor e iniciativas Made in America contribuyó al crecimiento de los márgenes. Mirando hacia 2025, Worksport tiene como objetivo más de $20 millones en ventas de cubiertas tonneau y planea lanzar nuevos productos, incluyendo la cubierta tonneau solar SOLIS y el sistema de energía móvil COR. La compañía se está enfocando en expandir su red de distribuidores y desarrollar asociaciones estratégicas para mejorar su alcance en el mercado.
웍스포츠는 2024년 4분기 비감사 결과로 $2.93백만의 매출을 기록했다고 보고했으며, 이는 2023년 4분기의 $839,000에서 증가한 수치입니다. 연간 매출은 $8.5백만에 도달하여 이전 가이던스인 $6-8백만을 초과했습니다. 2024년 12월 마진은 21.1%로 크게 증가했으며, 이는 3분기 대비 166%의 점프를 나타내며, 4분기 마진은 2024년 3분기 대비 55% 개선되었습니다.
회사의 브랜드 가치가 높은 제품 및 메이드 인 아메리카 이니셔티브로의 전략적 전환이 마진 성장에 기여했습니다. 2025년을 바라보며, 웍스포츠는 톤노 커버 판매에서 $20백만 이상을 목표로 하고 있으며, SOLIS 솔라 톤노 커버 및 COR 모바일 전원 시스템을 포함한 새로운 제품을 출시할 계획입니다. 회사는 딜러 네트워크 확장과 시장 범위를 향상시키기 위한 전략적 파트너십 개발에 집중하고 있습니다.
Worksport a rapporté des résultats non audités solides pour le quatrième trimestre 2024, avec des revenus de $2,93 millions, en hausse par rapport à $839 000 au quatrième trimestre 2023. Les revenus annuels ont atteint $8,5 millions, dépassant les prévisions précédentes de $6-8 millions. Les marges de décembre 2024 ont considérablement augmenté à 21,1%, représentant un saut de 166% par rapport au troisième trimestre, tandis que les marges du quatrième trimestre ont montré une amélioration de 55% par rapport au troisième trimestre 2024.
Le changement stratégique de l'entreprise vers des produits de marque de plus grande valeur et les initiatives Made in America ont contribué à la croissance des marges. En regardant vers 2025, Worksport vise plus de $20 millions en ventes de couvertures tonneau et prévoit de lancer de nouveaux produits, y compris la couverture tonneau solaire SOLIS et le système d'énergie mobile COR. L'entreprise se concentre sur l'expansion de son réseau de distributeurs et le développement de partenariats stratégiques pour améliorer sa portée sur le marché.
Worksport meldete starke, nicht geprüfte Ergebnisse für das 4. Quartal 2024 mit einem Umsatz von $2,93 Millionen, was einen Anstieg von $839.000 im 4. Quartal 2023 bedeutet. Der gesamte Jahresumsatz erreichte $8,5 Millionen, was die vorherige Schätzung von $6-8 Millionen übertraf. Die Margen im Dezember 2024 stiegen signifikant auf 21,1%, was einen Anstieg von 166% gegenüber dem 3. Quartal darstellt, während die Margen des 4. Quartals eine Verbesserung von 55% gegenüber dem 3. Quartal 2024 zeigten.
Der strategische Wechsel des Unternehmens hin zu höherwertigen, markenbehafteten Produkten und Made-in-America-Initiativen trug zum Margenwachstum bei. Mit Blick auf 2025 plant Worksport, über $20 Millionen an Umsatz mit Tonneau-Deckeln zu erzielen, und beabsichtigt, neue Produkte wie die SOLIS-Solar-Tonneau-Abdeckung und das COR-Mobile-Power-System auf den Markt zu bringen. Das Unternehmen konzentriert sich darauf, sein Händlernetzwerk auszubauen und strategische Partnerschaften zu entwickeln, um die Marktpräsenz zu verbessern.
- Q4 2024 revenue increased to $2.93M from $839K in Q4 2023
- Full-year revenue of $8.5M exceeded guidance of $6-8M
- December 2024 margins jumped 166% to 21.1%
- Q4 2024 margins improved 55% compared to Q3
- Projected 2025 tonneau cover sales target of over $20M
- None.
Insights
The Q4 2024 results showcase remarkable financial performance with
The shift from private label to branded products is proving successful, with margin expansion accelerating profitability potential. The
The strategic pivot towards higher-margin branded products and Made in America initiatives positions Worksport favorably in the growing automotive accessories market. The upcoming SOLIS solar tonneau cover and COR mobile power system launches tap into two high-growth sectors: sustainable automotive accessories and clean energy solutions.
The expansion of B2B and B2C channels through a growing dealer network creates multiple revenue streams, reducing dependency on single distribution channels. The AL4 product launch in January 2025 could serve as a significant catalyst for near-term growth, while the planned flagship products demonstrate strong market positioning in the clean-tech segment.
The
The Made in America strategy not only improves margins but also provides better quality control and reduces supply chain vulnerabilities. The projected margin increases for 2025 suggest continued operational improvements and economies of scale, critical for achieving sustainable profitability in manufacturing operations.
Company Reports Unaudited Quarterly Revenue of
West Seneca, New York, Jan. 21, 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, is pleased to announce unaudited top-line revenues of approximately
Margin Growth and Profitability Outlook
In December 2024 alone, the unaudited margins jumped
Laying the Groundwork for 2025
Looking ahead, Worksport projects continued revenue growth in 2025, targeting over
- Strategic Partnerships: The Company expects new alliances to broaden its market reach and reinforce brand recognition.
- Upcoming Flagship Products: Worksport plans to release the SOLIS solar tonneau cover and the COR mobile power system in 2025, tapping additional clean-tech markets.
- Growing Dealer Network: B2C and B2B sales channels are positioned to expand rapidly, capitalizing on rising consumer demand for innovative automotive accessories. The AL4, shipping in Jan 2025 is expected to drive growth in this front.
Management Commentary
“We are extremely proud of our Q4 2024 performance, which drove our full-year revenues to about
Building on Momentum
Worksport encourages investors to stay tuned for further updates on:
- Business Partnerships and Brand Exposure
- Additional Revenue Growth and Margin Improvements
- Flagship Product Launches (SOLIS, COR) and Market Reception
With three new products slated for release this year and additional developments in the works, Worksport expects a significant leap in revenue, progress toward profitability, and a stronger foothold in the evolving market for innovative automotive and clean-tech solutions.
Read More Worksport Press Releases: [Link to Worksport Press Releases].
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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, 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.
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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 Securities and Exchange Commission (“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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