Worksport Reports Revenue Growth for Q2 2023 YoY and Announces Strategic Developments in Solis Solar Cover and COR Battery Systems

Rhea-AI Summary

Worksport Ltd. (Nasdaq: WKSP; WKSPW) announced year-over-year revenue growth for the second quarter of 2023, attributed to the focus on new sales channels. The Company received a $720,000 purchase order for soft-folding tonneau covers and is now manufacturing hard-folding tonneau covers with $1,600,000 in purchase orders. Worksport is also working on the launch of SOLIS Solar Cover and COR Battery System. The Company plans to increase production capacities and add more assembly lines.

West Seneca, N.Y., Aug. 15, 2023 (GLOBE NEWSWIRE) -- Worksport Ltd. (Nasdaq: WKSP; WKSPW) announced year-over-year revenue growth for the second quarter of 2023. This growth is largely credited due to the Company’s focus on establishing new business-to-consumer and business-to-business sales channels.

Beside the focus on new sales channels, the Company began shipping soft-folding tonneau covers following the Company's recent receipt of a substantial $720,000 purchase order recently announced in July 2023.

In addition to this revenue growth, Worksport is gearing up for more. As of early August 2023, the Company commenced the manufacturing of hard-folding tonneau covers, buoyed by a tremendous $1,600,000 in purchase orders. With this momentum, Worksport is setting its sights on further horizons: the launch of the eagerly anticipated SOLIS Solar Cover and the innovative COR Battery System.

Worksport CEO Steven Rossi expressed his optimism, "We believe we are just witnessing the start of our revenue growth. But what's even more compelling is our vision for the future. While we celebrate our recent successes, we are now channeling our energies, focused on balancing, optimizing, and perfecting our first assembly processes. This optimization is expected to pave the way for dramatically increasing our production capacities, with plans to add more assembly lines."

As part of this ambitious expansion, the Company is ramping up its engineering resources dedicated to the development of the SOLIS Solar Cover and COR Battery system. These twin innovations represent Worksport’s commitment to integrating sustainable solutions within the truck accessory landscape and the broader consumer markets for mobile power.

With its start of revenue growth and forward-looking projects, Worksport stands as a testament to innovation, adaptability, and growth in the automotive accessory space.

Worksport management plans to release updates relating to the statuses of both the SOLIS Solar Tonneau Cover and the COR Battery System in the near future. For further information, please find the Company’s recent SEC filings here and visit the Company’s official website for investors here.

About Worksport Ltd.

Worksport Ltd. (Nasdaq: WKSP; WKSPW), through its subsidiaries, designs, develops, manufactures, and owns the IP 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 Ltd. 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. For more information, please visit investors.worksport.com

Connect with Worksport: 

Please follow the company’s social media accounts on Twitter, Facebook, LinkedIn, YouTube, and Instagram, as well as sign up for the company’s newsletters at investors.worksport.com. Worksport Ltd. strives to provide frequent updates of its operations to its community of investors, clients, and customers to maintain the highest level of visibility.

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For additional information, please contact:

Steven Obadiah
Investor Relations
Worksport Ltd.
T: 1 (888) 554 8789 E: investors@worksport.com W: www.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,” or the negative of these terms and similar expressions, as they relate to us or our management, identify forward‐looking statements. Forward-looking 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: supply chain delays, acceptance of our products by consumers, delays in or nonacceptance by third parties to sell our products, 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 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 the company name mentioned in the press release?

The company mentioned in the press release is Worksport Ltd.

What is the stock symbol of Worksport Ltd.?

The stock symbols of Worksport Ltd. are WKSP and WKSPW.

What was the reason for Worksport's revenue growth in the second quarter of 2023?

Worksport's revenue growth in the second quarter of 2023 was attributed to the focus on establishing new business-to-consumer and business-to-business sales channels.

What type of tonneau covers did Worksport begin shipping following a purchase order?

Worksport began shipping soft-folding tonneau covers following a substantial $720,000 purchase order.

What is Worksport currently manufacturing and what is the value of the purchase orders?

Worksport is currently manufacturing hard-folding tonneau covers with $1,600,000 in purchase orders.

What are the upcoming projects of Worksport?

The upcoming projects of Worksport are the launch of SOLIS Solar Cover and the innovative COR Battery System.

What are Worksport's plans for increasing production capacities?

Worksport plans to balance, optimize, and perfect their first assembly processes, which is expected to pave the way for dramatically increasing production capacities. They also plan to add more assembly lines.

What is Worksport's commitment in terms of sustainable solutions?

Worksport is committed to integrating sustainable solutions within the truck accessory landscape and the broader consumer markets for mobile power.

Where can I find Worksport's recent SEC filings?

You can find Worksport's recent SEC filings on their official website for investors.

Where can I find more information about Worksport?

You can find more information about Worksport on their official website for investors.