Worksport ($WKSP) Expands Dealer Network, Exciting Growth Continues
Worksport (NASDAQ: WKSP), a U.S.-based manufacturer specializing in hybrid and clean energy solutions, has launched a new dealer webpage to streamline product access for dealers. This follows a record-breaking sales month in May, reinforcing the company's year-end revenue forecast of $6-8 million, up from ~$1.5 million in 2023.
CEO Steven Rossi highlighted the increased interest from over 20 dealers receiving products and 100 more expressing interest. Worksport aims to leverage its SOLIS solar tonneau cover and COR portable energy system, set for release this summer, to drive further growth. With a factory capable of producing 900+ covers daily and a market size of over 7 million covers annually, the company is optimistic about achieving cashflow positivity and significant revenue growth.
Worksport's Q2 earnings will be reported in August, featuring its first live earnings call. The launch of the dealer webpage is expected to support the company's revenue targets and attract more dealers across North America.
- Record-breaking sales in May, reinforcing year-end revenue guidance of $6-8 million.
- New dealer webpage launched to streamline product access and boost dealer interest.
- Factory capable of producing 900+ covers daily, targeting a market of over 7 million covers annually.
- Expected initial release of SOLIS solar tonneau cover and COR portable energy system this summer to drive growth.
- 2023 revenue was only ~$1.5 million, indicating previous financial struggles.
Insights
The recent launch of Worksport's new dealer webpage is a noteworthy move, particularly in light of its record-breaking sales in May and the reinforced revenue guidance for the year. The company projects year-end revenues between
From a financial perspective, the introduction of the dealer webpage could lower sales cycle time and increase accessibility for dealers, fostering quicker inventory turnover. By easing the purchasing process directly or through distribution partners, Worksport could efficiently scale its sales operations.
Another point of interest is the factory's capability to produce 900+ covers daily, aligning with the market size of over 7 million covers per year. This production capacity indicates that the company is well-prepared to meet demand surges, potentially leading to higher sales volumes.
Short-term, investors might see gradual revenue increases as more dealers adopt the platform. Long-term, this move could bolster the company's market position, driving cash flow positivity and approaching nine-figure revenues. However, it's important to monitor if the projected growth and dealer interest translate into tangible sales increments.
Worksport's focus on expanding its dealer network through the new webpage underlines a strategic pivot towards enhancing market penetration. The mention of early traction, with over 20 dealers already receiving products and 100 expressing interest, showcases an effective start. This is a strong indicator of market demand for their products.
Strategically, the solar tonneau cover's first-to-market advantage and the COR portable energy system due for release later this summer could further differentiate Worksport in a competitive market. These innovative products cater to the expanding clean energy solutions market, which could attract a broader dealer base and end consumers.
The timing of these launches and their reception will be vital. If these products perform as expected and capture market interest, Worksport may secure a solid foothold in the burgeoning solar and portable energy sectors. This could drive sustained growth and expand their dealer network further.
Potential drawbacks could include the challenge of effectively managing and growing the dealer network, ensuring consistent product quality and meeting the diverse needs of a larger customer base. Adherence to these factors will be important for long-term success.
From a technology standpoint, the upcoming release of the SOLIS solar tonneau cover and COR portable energy system marks significant progress. The SOLIS being the first-to-market offers Worksport a competitive edge in the hybrid and clean energy solutions space.
The COR system, with its unique features, addresses the growing demand for portable power solutions. This aligns with current market trends where consumers seek efficient, reliable and sustainable energy products. If these products deliver on their promises, they could significantly enhance Worksport's reputation for innovation and quality.
Investors should keep an eye on the initial feedback and performance of these new products. Successful launches could mean substantial market share gains and reinforce Worksport's positioning as an innovator in the clean energy sector.
However, the company needs to ensure robust after-sales support and rapid integration of dealer feedback to sustain technological advancement and customer satisfaction. This holistic approach will be critical in maintaining momentum and achieving long-term success.
West Seneca, New York--(Newsfile Corp. - July 11, 2024) - Worksport® Ltd. (NASDAQ: WKSP), a U.S.-based manufacturer and innovator of hybrid and clean energy solutions for the light truck, overlanding, and global consumer goods sectors, is excited to announce the launch of its new dealer webpage. The launch of this new dealer portal follows Worksport's record-breaking sales month in May, which reinforced the Company's year-end revenue guidance of
Increased Sales
The new dealer webpage is designed to streamline the process for dealers to access and purchase Worksport products. Dealers can now find our products through distribution partners or directly from the company. Visit www.worksportdealer.com for more information. Early sales traction and dealer interest are already evident, underscoring the increasing demand for Worksport's offerings.
"In the last week alone, over 20 dealers have received Worksport products, and more than 100 have communicated interest," said Steven Rossi, CEO of Worksport. "This new dealer webpage is a strong step in supporting our dealer network and driving our sales growth. With a market size of over 7 million covers per year and a factory capable of producing 900+ covers daily, we believe the tonneau cover business is well-positioned to achieve cashflow positivity and nine-figure revenues in the near-term."
Rossi added, "To add to the excitement, the Worksport SOLIS solar tonneau cover and COR portable energy system, scheduled for initial release later this summer, are expected to unlock the next segment of growth for the company. We are very excited as the solar cover is first-to-market, and the COR system incorporates many unique features in the rapidly growing portable power industry."
Businesses interested in becoming dealers in Worksport's exclusive, highly innovative products are encouraged to visit the dealer page to find valuable information and connect with Worksport's' sales team.
Strategic Growth and Market Potential
Worksport specializes in manufacturing tonneau covers for all major vehicle makes and models, targeting a market with over 20,000 dealers across North America. The company aims to actively recruit dealers into the Worksport ecosystem through distribution and direct trade. The launch of a new dealer webpage is anticipated to drive sales, supporting the company's year-end revenue targets and future growth.
Earnings Call and Upcoming Product Launches
Worksport's Q2 earnings will be reported in August, accompanied by the company's first live earnings call. More information to come. Additionally, investors are reminded of the upcoming soft launches of the SOLIS solar cover and the COR portable energy system later this summer, with more updates to follow in the coming weeks.
Key Press-Releases released in 2024:
- June 20, 2024: Worksport Announces Record Breaking May Sales
- June 13, 2024: Worksport Awarded 'Innovator of the Year'
- May 16, 2024: Worksport Reports 1,
506% Q1 Revenue Surge - May 8, 2024: Worksport Awarded
$2.8M M Grant - April 25, 2024: Worksport Signals Undervalued Status, Eyes Major 2024 Growth
- March 18, 2024:
$2.8M M Direct Offering Priced At-The-Market. - March 6, 2024: Worksport to Launch Innovative SOLIS & COR Products This Summer
- February 7, 2024: Infineon and Worksport Announce Collaboration
Read all Worksport press releases: [Link to All Press Releases].
Stay Connected
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.
- Investor Newsletter
Subscribe to our Investor Newsletter for automatic email notifications of future Worksport press releases: 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, 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 RAM, Chevrolet, and GMC models from General Motors, as well as Ford, Jeep, Nissan, and Toyota pickup trucks. 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
Instagram
Facebook
YouTube
Investor social media
X (formerly Twitter)
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:
Steven Obadiah, 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/216154
FAQ
What recent steps has Worksport (WKSP) taken to grow its dealer network?
What is Worksport's year-end revenue guidance for 2024?
What products are expected to drive Worksport's near-term growth?
When will Worksport (WKSP) report its Q2 earnings?
How many dealers have shown interest in Worksport products recently?
