Worksport ($WKSP) Reports Significant 581% YoY Revenue Growth in Q3 2024, Eyes Record 2025
Worksport (NASDAQ: WKSP) reported exceptional Q3 2024 financial results with revenue surging to $3.12 million, marking a 581% year-over-year increase from Q3 2023's $458,433. The company's B2C sales grew significantly, reaching $1.59 million and representing 51% of total revenue. Following a 275% revenue increase from Q1 to Q2 2024, Q3 showed another 63% growth from Q2.
The company expects to exceed its previous 2024 revenue guidance of $6-8M and projects 2025 revenue between $25-34.5 million. Worksport aims to achieve cash flow positivity in 2025, supported by new product launches including the AL4 tonneau cover, SOLIS solar cover, and COR portable energy system.
Worksport (NASDAQ: WKSP) ha riportato risultati finanziari eccezionali per il terzo trimestre del 2024, con un fatturato che è balzato a 3,12 milioni di dollari, segnando un aumento del 581% rispetto ai 458.433 dollari del terzo trimestre del 2023. Le vendite B2C dell'azienda sono cresciute in modo significativo, raggiungendo 1,59 milioni di dollari e rappresentando il 51% del fatturato totale. Dopo un aumento del 275% del fatturato dal primo al secondo trimestre del 2024, il terzo trimestre ha mostrato un ulteriore incremento del 63% rispetto al secondo trimestre.
L'azienda prevede di superare la sua precedente guida sul fatturato per il 2024, compresa tra 6 e 8 milioni di dollari, e un fatturato previsto per il 2025 tra 25 e 34,5 milioni di dollari. Worksport mira a raggiungere un flusso di cassa positivo nel 2025, supportato dal lancio di nuovi prodotti tra cui il copertura AL4 per camion, la copertura solare SOLIS e il sistema di energia portatile COR.
Worksport (NASDAQ: WKSP) reportó resultados financieros excepcionales para el tercer trimestre de 2024, con ingresos que aumentaron a 3.12 millones de dólares, lo que marca un incremento del 581% en comparación con los 458,433 dólares del tercer trimestre de 2023. Las ventas B2C de la compañía crecieron significativamente, alcanzando 1.59 millones de dólares y representando el 51% de los ingresos totales. Después de un aumento del 275% en los ingresos del primer al segundo trimestre de 2024, el tercer trimestre mostró un crecimiento adicional del 63% en comparación con el segundo.
Se espera que la empresa supere su anterior guía de ingresos para 2024, que está entre 6 y 8 millones de dólares, y proyecta ingresos para 2025 entre 25 y 34.5 millones de dólares. Worksport tiene como objetivo lograr un flujo de efectivo positivo en 2025, respaldado por el lanzamiento de nuevos productos, incluyendo la cubierta AL4 para camionetas, la cubierta solar SOLIS y el sistema de energía portátil COR.
Worksport (NASDAQ: WKSP)는 2024년 3분기 뛰어난 재무 결과를 보고하며, 수익이 312만 달러로 급증해 2023년 3분기의 45만 8,433달러에 비해 581% 증가했다. 회사의 B2C 판매는 크게 성장하여 159만 달러에 도달하였고 전체 수익의 51%를 차지했다. 2024년 1분기에서 2분기로의 수익이 275% 증가한 후, 3분기는 2분기 대비 63%의 또 다른 성장을 보였다.
회사는 2024년 수익 가이드인 6~8백만 달러를 초과할 것으로 예상하고 있으며, 2025년 수익은 2,500만에서 3,450만 달러 사이가 될 것으로 전망하고 있다. Worksport는 AL4 톤노 커버, SOLIS 태양광 커버 및 COR 포터블 에너지 시스템을 포함한 신제품 출시로 2025년까지 현금 흐름을 긍정적으로 만들 계획이다.
Worksport (NASDAQ: WKSP) a annoncé des résultats financiers exceptionnels pour le troisième trimestre 2024, avec un revenu qui a grimpé à 3,12 millions de dollars, marquant une augmentation de 581 % par rapport aux 458 433 dollars du troisième trimestre 2023. Les ventes B2C de l'entreprise ont fortement augmenté, atteignant 1,59 million de dollars et représentant 51 % du revenu total. Après une augmentation de 275 % du revenu du premier au deuxième trimestre 2024, le troisième trimestre a montré une autre croissance de 63 % par rapport au deuxième.
L'entreprise s'attend à dépasser son précédent objectif de revenu pour 2024, qui était de 6 à 8 millions de dollars, et prévoit un revenu pour 2025 compris entre 25 et 34,5 millions de dollars. Worksport vise à atteindre une trésorerie positive en 2025, soutenue par le lancement de nouveaux produits, y compris la couverture AL4 pour pick-up, la couverture solaire SOLIS et le système d'énergie portable COR.
Worksport (NASDAQ: WKSP) hat außergewöhnliche Finanzergebnisse für das dritte Quartal 2024 berichtet, mit einem Umsatz von 3,12 Millionen Dollar, was einem Anstieg von 581% im Vergleich zu den 458.433 Dollar des dritten Quartals 2023 entspricht. Der B2C-Verkauf des Unternehmens wuchs erheblich und erreichte 1,59 Millionen Dollar, was 51% des Gesamtumsatzes ausmacht. Nach einem Umsatzanstieg von 275% vom ersten zum zweiten Quartal 2024 zeigte das dritte Quartal ein weiteres Wachstum von 63% im Vergleich zum zweiten Quartal.
Das Unternehmen erwartet, seine vorherige Umsatzprognose für 2024 von 6 bis 8 Millionen Dollar zu übertreffen und prognostiziert für 2025 einen Umsatz zwischen 25 und 34,5 Millionen Dollar. Worksport hat das Ziel, im Jahr 2025 einen positiven Cashflow zu erreichen, unterstützt durch die Einführung neuer Produkte wie die AL4 Abdeckung für Pickups, die SOLIS Solarabdeckung und das tragbare Energiesystem COR.
- Revenue surged 581% YoY to $3.12M in Q3 2024
- B2C sales grew from $21,599 to $1.59M YoY
- Secured initial U.S. government agency sales
- Strong inventory position of $6.1M to support growth
- Projected 2025 revenue of $25-34.5M
- Expected to exceed 2024 revenue guidance of $6-8M
- Net loss increased to $4.13M in Q3 2024 from $3.95M in Q3 2023
- Operating expenses rose to $4.15M from $4.01M YoY
- Cash position decreased to $1.86M from $3.37M since December 2023
- Gross margin declined to 7.9% in Q3 2024 from 19.6% in Q3 2023
Insights
The 581% YoY revenue growth to
- B2C channel explosion from
$21,599 to$1.59 million , now51% of revenue - Strategic
$6.1 million inventory position supporting growth without major capital needs - Production capacity targeting 200 tonneau covers daily by 2025
However, mounting losses with a
The operational metrics reveal both opportunities and challenges. The planned production ramp to 200 units daily demonstrates manufacturing scalability, but current gross margins at just
- Inventory buildup suggests confidence in demand but requires efficient working capital management
- New product launches (AL4, SOLIS, COR) will test production flexibility
- Facility utilization appears suboptimal given high fixed costs
The transition to higher-margin products and increased production volumes could improve profitability, but execution risks remain substantial as the company scales operations.
Company Announces Consecutive Surge in Quarterly Revenues; Provides Positive Outlook for Fiscal Year 2025; Ongoing Expansion and New Product Lines Fuel Momentum
West Seneca, New York, Nov. 13, 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 today announced its Q3 2024 financial results. Worksport shares another consecutive quarter of revenue growth and positive outlook for financial year-end 2025.
Q3 revenue surged to
Steven Rossi, Worksport’s Founder & CEO, stated:
"Our Q3 results are just the beginning. With our robust product pipeline and aggressive market penetration strategies, we are on a trajectory for sustained growth. Our goal is to become cash flow positive in 2025, with a keen focus on EPS and EBITA. We are targeting revenue growth to
Upcoming Products & Strategic Path to Profitability:
Worksport continues to expand its production capacity and expects to meet its next production target of making over 200 tonneau covers per day within 2025. This increase in capacity should enable the Company to meet growing demand while notably increasing margins, driven by new high-demand, high-margin product lines. In Q3, the Company maintained an inventory balance of
Additional Highlights Include:
- B2C Sales Growth: Online sales increased from
$21,599 in Q3 2023 to$1.59 million in Q3 2024, now making up51% of total revenue. - Government Sales Traction: Worksport initiated sales to a U.S. government agency, positioning itself for potential future business development.
- New Product Launches: The highly anticipated AL4 tonneau cover is set to debut in Q4 this year and is expected to contribute significantly to revenue growth in 2025, while the SOLIS and COR products are in Alpha testing, with a full market launch slated for Q2/Q3 next year.
Strategic Market Position and Forward Guidance
Worksport expects to exceed its previously issued revenue guidance of
Worksport’s growth is underpinned by its diversified portfolio, intellectual property, team experience, and its newly launched online presence. With the pickup truck market continuing to lead vehicle sales and Worksport’s first-to-market solar-integrated tonneau cover SOLIS on the horizon, the Company believes it is well-positioned to capture market share in both the automotive accessory and clean energy sectors. Complemented by the COR portable energy system, Worksport’s growth potential continues to become strong in 2025 and beyond.
For 2025, Worksport projects its existing product lines to generate
Worksport Q3 Earnings Call
For detailed insights on the quarter, and management commentary, please attend the Q3 2024 Earnings Call. It will occur at 4:30pm ET on Wednesday November 13, 2024. You may attend with this link: [Worksport Q3 2024 Earnings Call]
The prepared remarks will also be available at Worksport’s Investor Relations website.
Investor Inquiries May Be Directed To:
Investor Relations, Worksport Ltd.
T: 1 (888) 554-8789 x128
W1: https://investor.worksport.com
W2: www.worksport.com
E: investors@worksport.com
Worksport Quarter 3, 2024 Report, Item 1. Financial Statements
The Company has included the Financial Statements section below from the ‘Full Worksport Q3 2024' For Quarterly Period Ended: September 30, 2024. Investors are encouraged to read the full 10-Q along with the Prepared Remarks, both linked above.
Item 1. Financial Statements
Worksport Ltd.
Condensed Consolidated Balance Sheets
| September 30, 2024 (Unaudited) | December 31, 2023 | |||||||||
| Assets | ||||||||||
| Current Assets | ||||||||||
| Cash and cash equivalents | $ | 1,857,685 | $ | 3,365,778 | ||||||
| Accounts receivable, net | 466,442 | 463,122 | ||||||||
| Other receivable | 153,967 | 165,865 | ||||||||
| Inventory (note 4) | 6,138,060 | 3,631,492 | ||||||||
| Related party loan (note 8) | 14,303 | - | ||||||||
| Prepaid expenses and deposits (note 5) | 256,600 | 1,497,249 | ||||||||
| Total Current Assets | 8,887,057 | 9,123,506 | ||||||||
| Investments (note 10) | 90,731 | 90,731 | ||||||||
| Property and Equipment, net (note 6) | 13,966,210 | 14,483,436 | ||||||||
| Right-Of-Use Asset, net (note 11) | 658,152 | 917,354 | ||||||||
| Intangible Assets, net | 1,337,008 | 1,338,889 | ||||||||
| Total Assets | $ | 24,939,158 | $ | 25,953,916 | ||||||
| Liabilities and Shareholders’ Equity | ||||||||||
| Current Liabilities | ||||||||||
| Accounts payable and accrued liabilities | $ | 2,456,000 | $ | 1,451,181 | ||||||
| Payroll taxes payable | 111,591 | 85,010 | ||||||||
| Related party loan (note 8) | - | 2,192 | ||||||||
| Current portion – Long term debt (note 12) | 190,000 | 5,300,000 | ||||||||
| Current lease liability (note 11) | 248,540 | 328,229 | ||||||||
| Total Current Liabilities | 3,006,131 | 7,166,612 | ||||||||
| Long Term – Lease Liability (note 11) | 433,214 | 608,761 | ||||||||
| Long Term Debt (note 12) | 5,136,738 | - | ||||||||
| Total Liabilities | 8,576,083 | 7,775,373 | ||||||||
| Shareholders’ Equity | ||||||||||
| Series A & B Preferred Stock, | - | - | ||||||||
| Common stock, | 3,092 | 2,032 | ||||||||
| Additional paid-in capital | 72,512,085 | 64,685,693 | ||||||||
| Share subscriptions receivable | (1,577 | ) | (1,577 | ) | ||||||
| Share subscriptions payable | 4,034,205 | 1,814,152 | ||||||||
| Accumulated deficit | (60,176,150 | ) | (48,313,177 | ) | ||||||
| Cumulative translation adjustment | (8,580 | ) | (8,580 | ) | ||||||
| Total Shareholders’ Equity | 16,363,075 | 18,178,543 | ||||||||
| Total Liabilities and Shareholders’ Equity | $ | 24,939,158 | $ | 25,953,916 | ||||||
The accompanying notes form an integral part of these condensed consolidated financial statements. Please click here to download the full 10-Q.
Worksport Ltd.
Condensed Consolidated Statements of Operations and Comprehensive Loss
For the Three and Nine Months Ended September 30, 2024 and 2023
(Unaudited)
| Three Months ended September 30, | Nine Months ended September 30, | |||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| Net Sales | $ | 3,122,359 | $ | 458,483 | $ | 5,556,535 | $ | 690,259 | ||||
| Cost of Goods Sold | 2,875,186 | 368,796 | 4,975,277 | 541,841 | ||||||||
| Gross Profit | 247,173 | 89,687 | 581,258 | 148,418 | ||||||||
| Operating Expenses | ||||||||||||
| General and administrative | 2,875,255 | 3,091,488 | 8,495,959 | 6,965,901 | ||||||||
| Sales and marketing | 661,238 | 380,847 | 1,206,807 | 1,473,910 | ||||||||
| Professional fees | 621,728 | 539,126 | 2,332,069 | 2,899,190 | ||||||||
| (Gain) loss on foreign exchange | (5,832 | ) | (2,265 | ) | 1,853 | (2,407 | ) | |||||
| Total operating expenses | 4,152,389 | 4,009,196 | 12,036,688 | 11,336,594 | ||||||||
| Loss from operations | (3,905,216 | ) | (3,919,509 | ) | (11,455,430 | ) | (11,188,176 | ) | ||||
| Other Income (Expense) | ||||||||||||
| Interest expense | (229,701 | ) | (113,838 | ) | (487,463 | ) | (466,830 | ) | ||||
| Interest income | - | 38,992 | 3,054 | 237,598 | ||||||||
| Rental income (note 17) | - | 45,057 | 76,866 | 139,892 | ||||||||
| Gain on settlement of debt | - | - | - | 7,493 | ||||||||
| Total other income (expense) | (229,701 | ) | (29,789 | ) | (407,543 | ) | (81,847 | ) | ||||
| Net Loss | $ | (4,134,917 | ) | $ | (3,949,298 | ) | $ | (11,862,973 | ) | $ | (11,270,023 | ) |
| Loss per Share (basic and diluted) | $ | (0.14 | ) | $ | (0.23 | ) | $ | (0.47 | ) | $ | (0.65 | ) |
| Weighted Average Number of Shares (basic and diluted) | 29,432,794 | 17,429,685 | 25,540,754 | 17,252,521 | ||||||||
The accompanying notes form an integral part of these condensed consolidated financial statements. Please click here to download the full 10-Q.
The link below will take you to the Worksport Investor Relations Website. You may download the full 10-Q and accompanying earnings call remarks there: Q3 2024 10 Q & Earnings Call Prepared Remarks - Download Here
Key 2024 Press-Releases:
- 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 - October 3: Commencing U.S Government Sales
- 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 - 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].
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
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 | 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 was Worksport's (WKSP) revenue growth in Q3 2024?
What is Worksport's (WKSP) revenue guidance for 2025?
How much did Worksport's (WKSP) B2C sales grow in Q3 2024?
When will Worksport (WKSP) launch its SOLIS and COR products?
