Worksport Ltd. ($WKSP) Shares CEO Commentary and Provides Outlook for Year Ahead
Worksport (NASDAQ: WKSP) reflects on a transformative 2024 and provides outlook for 2025. The company projects exceeding its 2024 revenue guidance of $8 million, up from $1.5 million in 2023. Key 2024 achievements include full-scale production at its U.S. factory, a $2.8M Manufacturing Grant from New York State, and 30% increase in factory staffing.
The company experienced significant growth with 275% revenue increase from Q1 to Q2 2024, followed by a 63% surge in Q3. B2B branded business saw over 200% growth in H2 2024. Looking ahead to 2025, Worksport plans to launch its AL4 tonneau cover in Q1 and SOLIS/COR products in Q2/Q3, targeting increased gross margins, ISO certification, and cash flow positivity.
Worksport (NASDAQ: WKSP) riflette su un 2024 trasformativo e fornisce previsioni per il 2025. L'azienda prevede di superare la sua guidance di fatturato per il 2024 di 8 milioni di dollari, rispetto ai 1,5 milioni di dollari del 2023. I principali risultati ottenuti nel 2024 includono la produzione su scala completa nella sua fabbrica negli Stati Uniti, un contributo alla produzione di 2,8 milioni di dollari dallo Stato di New York e un aumento del 30% nel personale della fabbrica.
L'azienda ha vissuto una crescita significativa con un aumento del fatturato del 275% dal Q1 al Q2 2024, seguito da un incremento del 63% nel Q3. Il business B2B a marchio ha visto oltre il 200% di crescita nel secondo semestre del 2024. Guardando avanti al 2025, Worksport prevede di lanciare il suo copri cassone AL4 nel Q1 e i prodotti SOLIS/COR nel Q2/Q3, puntando ad aumentare i margini di profitto lordi, la certificazione ISO e a raggiungere flusso di cassa positivo.
Worksport (NASDAQ: WKSP) reflexiona sobre un 2024 transformador y proporciona su perspectiva para 2025. La empresa proyecta superar su estimación de ingresos para 2024 de 8 millones de dólares, en comparación con los 1,5 millones de dólares en 2023. Los logros clave de 2024 incluyen la producción a gran escala en su fábrica de EE. UU., una subvención de manufactura de 2,8 millones de dólares del Estado de Nueva York y un aumento del 30% en el personal de la fábrica.
La empresa experimentó un crecimiento significativo con un aumento del 275% en los ingresos del Q1 al Q2 de 2024, seguido de un aumento del 63% en el Q3. El negocio B2B de marca vio más del 200% de crecimiento en el segundo semestre de 2024. Mirando hacia 2025, Worksport planea lanzar su tapa AL4 en el Q1 y los productos SOLIS/COR en el Q2/Q3, apuntando a aumentar los márgenes brutos, la certificación ISO y una posición de flujo de caja positiva.
웍스포츠 (NASDAQ: WKSP)는 2024년 변혁적 변화에 대해 고민하며 2025년 전망을 제시합니다. 이 회사는 2024년 매출 전망 800만 달러를 초과할 것으로 예상하고 있으며, 이는 2023년 150만 달러에서 증가한 것입니다. 2024년 주요 성과로는 미국 공장에서의 전면 생산, 뉴욕주로부터의 280만 달러 제조 보조금, 그리고 공장 직원 수의 30% 증가가 있습니다.
회사는 2024년 1분기에서 2분기까지 매출이 275% 증가하는 등 상당한 성장을 경험했으며, 3분기에는 63% 증가했습니다. B2B 브랜드 사업은 2024년 하반기에 200% 이상의 성장률을 기록했습니다. 2025년을 바라보며, 웍스포츠는 1분기에 AL4 롱베드 커버를 출시하고 2분기 및 3분기에 SOLIS/COR 제품을 출시할 계획이며, 이는 총 이익률, ISO 인증 및 긍정적인 현금 흐름 목표를 포함합니다.
Worksport (NASDAQ: WKSP) réfléchit à une année 2024 transformative et fournit des perspectives pour 2025. L'entreprise prévoit de dépasser sa prévision de revenus pour 2024 de 8 millions de dollars, contre 1,5 million de dollars en 2023. Les réalisations clés de 2024 incluent la production à grande échelle dans son usine américaine, une subvention de fabrication de 2,8 millions de dollars de l'État de New York et une augmentation de 30 % du personnel de l'usine.
L'entreprise a connu une croissance significative avec un augmentation de 275 % des revenus du T1 au T2 2024, suivie d'une hausse de 63 % au T3. L'activité B2B de marque a enregistré une croissance de plus de 200 % au second semestre 2024. En regardant vers 2025, Worksport prévoit de lancer son couvercle AL4 au T1 et les produits SOLIS/COR au T2/T3, visant à augmenter les marges brutes, à obtenir la certification ISO et à atteindre un flux de trésorerie positif.
Worksport (NASDAQ: WKSP) reflektiert über ein transformatives Jahr 2024 und gibt einen Ausblick auf 2025. Das Unternehmen prognostiziert, dass es seine Umsatzprognose für 2024 von 8 Millionen Dollar übertreffen wird, gegenüber 1,5 Millionen Dollar im Jahr 2023. Zu den wichtigsten Erfolgen im Jahr 2024 gehören die vollumfängliche Produktion in seiner US-Fabrik, ein 2,8 Millionen Dollar Fertigungszuschuss vom Bundesstaat New York und ein Anstieg des Fabrikpersonals um 30 %.
Das Unternehmen erlebte ein signifikantes Wachstum mit einem Umsatzanstieg von 275 % vom Q1 zum Q2 2024, gefolgt von einem Anstieg von 63 % im Q3. Das B2B-Marken-Geschäft verzeichnete im 2. Halbjahr 2024 ein Wachstum von über 200 %. Für 2025 plant Worksport die Einführung seines AL4 Tonnau Covers im Q1 sowie der SOLIS/COR Produkte im Q2/Q3, mit dem Ziel, die Bruttomargen zu erhöhen, ISO-Zertifizierungen zu erreichen und positives Cashflow zu erzielen.
- Projected to exceed $8M revenue guidance for 2024 (up from $1.5M in 2023)
- 275% revenue growth Q1 to Q2 2024, followed by 63% growth in Q3
- 200% growth in B2B branded business in H2 2024
- Secured $2.8M Manufacturing Grant from New York State
- 30% increase in factory staffing in Q4 2024
- Successfully initiated alpha release of SOLIS solar tonneau cover and COR mobile power system
- Currently not cash flow positive
- Facing Nasdaq compliance issues requiring extension
Insights
The financial trajectory presented is compelling, with revenue projected to exceed
The
The establishment of a U.S.-based manufacturing facility marks a significant operational milestone. The
The upcoming AL4 premium tonneau cover launch in Q1 2025, followed by SOLIS and COR in Q2/Q3, represents a well-planned product rollout strategy. The vertical integration ambitions through strategic acquisitions could optimize the supply chain and improve margins. The combination of domestic manufacturing and innovative clean-tech products positions Worksport favorably in the automotive accessories market.
Company Reflects on Record Growth, 2025 Milestones, and Encourages Investors to Stay Tuned for Upcoming Developments
West Seneca, New York, Dec. 30, 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, would like to extend warm holiday greetings and sincere appreciation to all shareholders, partners, and customers. As the year draws to a close, Worksport proudly reflects on a pivotal 2024 filled with meaningful milestones, rapid sales growth, and a promising outlook for the future.
CEO Statement:
“2024 was a pivotal year for Worksport,” said Steven Rossi, CEO of Worksport Ltd. “Just a few short years ago, in 2021, we announced our intention to produce American-made goods and develop the SOLIS and COR clean-tech systems. Today, we have an IP portfolio of over 160 assets, rapidly growing revenue, a clear path to achieving cash flow positivity next year, and three impending product launches that we believe will drive even stronger performance.
Rossi continued: “With these exciting new flagship product launches and more in 2025, we will target increased gross margins, ISO certification, cash flow positivity, revenue growth, and additional partnerships; while beginning to explore strategic acquisitions for top line growth and vertical integration. As we execute each initiative, our vision for 2026 and beyond will begin to take shape. There is much to accomplish in the year ahead, and we intend to keep investors informed of every key milestone, stay tuned! As your CEO, I remain fully committed to advancing Worksport, and I deeply appreciate your support throughout 2024. Wishing everyone a very happy New Years.”
Outlook for 2025 and Beyond:
Worksport projects exceeding its 2024 revenue guidance of
New Investor Relations Website: Join our newsletter and view our corporate vision at: https://investors.worksport.com
Key 2024 Achievements:
- U.S. Manufacturing Expansion:
In January 2024, Worksport initiated full-scale production at its state-of-the-art U.S. factory, underscoring its commitment to quality, domestic manufacturing, and operational efficiencies. In March 2024 we were awarded a $2.8M Manufacturing Grant from the State of New York. In Q4 2024, we increased factory staffing by
- E-Commerce Launch and Revenue Growth:
In March 2024, the Company launched marketing efforts for its e-commerce platform, www.worksport.com, expanding its direct-to-consumer reach. Following a
- B2B Branded Business Expansion:
In the second half of 2024, Worksport’s B2B branded business experienced over
- Clean-Tech Advancements: SOLIS and COR Alpha Release:
Worksport successfully initiated the alpha release of its SOLIS solar tonneau cover and COR mobile power system. Early tests have already demonstrated the product’s capability, including charging a Tesla Model 3, and further improvements are expected as the Company refines applications heading into commercial launch.
Key 2024 Press-Releases
- December 9: Worksport Shares Fox & Friends Live Appearance
- December 6: Worksport Shares
51% B2C and60% B2B Sales Growth in November - December 5: Worksport Adopts Changes To Corporate Treasury
- November 22: Worksport Announces
30% Increase in Production Capacity - 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 - 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 - May 8: Worksport Awarded
$2.8M M Grant
Read all Worksport press releases: [Link to All Press Releases].
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, 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,” “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.
FAQ
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