Worksport (WKSP) Sees 51% B2C and 60% B2B Sales Growth in November, Boosting Margins, and Accelerating Brand Expansion
Worksport (WKSP) reports significant sales growth in November 2024, with B2C sales increasing 51% and B2B sales rising 60% compared to September. The company has strategically discontinued private label sales to focus exclusively on higher-margin Worksport branded products. Daily sales during the holiday period surged to over three times the Q3 record.
The company is approaching its target of $1M in monthly B2C sales and has seen notable gross margin improvements in November compared to Q3 2024. Worksport is preparing for the launch of three new products in 2025: the premium AL4 tonneau cover and the clean-tech power generation systems SOLIS and COR.
Worksport (WKSP) riporta una significativa crescita delle vendite a novembre 2024, con un aumento del 51% nelle vendite B2C e del 60% nelle vendite B2B rispetto a settembre. L'azienda ha strategicamente interrotto le vendite a marchio privato per concentrarsi esclusivamente sui prodotti a marca Worksport, che offrono margini più elevati. Le vendite giornaliere durante il periodo festivo sono schizzate a oltre tre volte il record del terzo trimestre.
L’azienda si avvicina all’obiettivo di $1M in vendite mensili B2C e ha registrato significativi miglioramenti del margine lordo a novembre rispetto al terzo trimestre del 2024. Worksport si sta preparando per il lancio di tre nuovi prodotti nel 2025: la copertura AL4 premium e i sistemi di generazione di energia clean-tech SOLIS e COR.
Worksport (WKSP) informa de un crecimiento significativo en las ventas en noviembre de 2024, con un incremento del 51% en las ventas B2C y un aumento del 60% en las ventas B2B en comparación con septiembre. La empresa ha interrumpido estratégicamente las ventas de marcas privadas para centrarse exclusivamente en los productos con marca Worksport, que tienen márgenes más altos. Las ventas diarias durante el período de vacaciones se dispararon a más de tres veces el récord del tercer trimestre.
La compañía está cerca de alcanzar su objetivo de $1M en ventas mensuales B2C y ha visto mejoras notables en el margen bruto en noviembre en comparación con el tercer trimestre de 2024. Worksport se está preparando para el lanzamiento de tres nuevos productos en 2025: la cubierta AL4 premium y los sistemas de generación de energía limpia SOLIS y COR.
Worksport (WKSP)는 2024년 11월에 판매가 크게 증가했으며, B2C 판매는 51% 증가하고 B2B 판매는 9월에 비해 60% 상승했다고 보고했습니다. 이 회사는 브랜드 프라이빗 라벨 판매를 전략적으로 중단하고, 오로지 마진이 높은 Worksport 브랜드 제품에 집중하고 있습니다. 휴일 기간 동안 일일 판매는 3분기 기록의 3배 이상으로 급증했습니다.
회사는 월간 B2C 판매 목표인 $1M에 가까워지고 있으며, 2024년 3분기 대비 11월에 총 매출 총 이익이 눈에 띄게 개선되었습니다. Worksport는 2025년 프리미엄 AL4 토노 커버와 청정 기술 전력 생성 시스템인 SOLIS 및 COR의 세 가지 신제품 출시를 준비하고 있습니다.
Worksport (WKSP) annonce une croissance significative des ventes en novembre 2024, avec une augmentation de 51 % des ventes B2C et une hausse de 60 % des ventes B2B par rapport à septembre. L’entreprise a stratégiquement interrompu la vente de marques privées pour se concentrer exclusivement sur les produits de marque Worksport à marge plus élevée. Les ventes quotidiennes durant la période des fêtes ont bondi à plus de trois fois le record du troisième trimestre.
L’entreprise se rapproche de son objectif de 1 million de dollars de ventes B2C mensuelles et a constaté des améliorations notables de la marge brute en novembre par rapport au troisième trimestre 2024. Worksport se prépare au lancement de trois nouveaux produits en 2025 : la couverture AL4 haut de gamme et les systèmes de génération d'énergie propre SOLIS et COR.
Worksport (WKSP) berichtet von einem signifikanten Verkaufswachstum im November 2024, mit einem Anstieg der B2C-Verkäufe um 51% und einem Anstieg der B2B-Verkäufe um 60% im Vergleich zum September. Das Unternehmen hat strategisch den Verkauf von Eigenmarken eingestellt, um sich ausschließlich auf Produkte der Marke Worksport mit höheren Gewinnmargen zu konzentrieren. Die täglichen Verkäufe während der Feiertagsperiode sind auf über das Dreifache des Rekords im dritten Quartal gestiegen.
Das Unternehmen nähert sich dem Ziel von 1 Million USD an monatlichen B2C-Verkäufen und hat im November im Vergleich zum dritten Quartal 2024 bemerkenswerte Verbesserungen der Bruttomarge gesehen. Worksport bereitet sich auf die Einführung von drei neuen Produkten im Jahr 2025 vor: die Premium AL4 Tonneau Abdeckung und die Clean-Tech-Stromerzeugungssysteme SOLIS und COR.
- 51% growth in B2C sales and 60% growth in B2B sales in November vs September 2024
- Holiday period sales reached 3x the Q3 daily sales record
- Improved gross margins in November compared to Q3 2024
- Nearly achieved $1M monthly B2C sales target
- Strategic shift to higher-margin branded products
- Discontinuation of private label programs may temporarily impact total revenue
- Still working to regain Nasdaq compliance (mentioned in key press releases)
Insights
Year-End Momentum and 3 Upcoming Products Position Worksport for a Strong 2025
West Seneca, New York--(Newsfile Corp. - December 6, 2024) - 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 continued significant sales growth in its business-to-consumer (B2C) and business-to-business (B2B) segments for October and November 2024. The Company also saw improved gross margins, a key objective in its strategic shift of selling exclusively the higher margin Worksport branded products, discontinuing all current lower margin private label programs.
Steven Rossi, Chief Executive Officer of Worksport, stated, "During this holiday period, demand surged to over three times the all-time daily sales record we set in Q3. This remarkable growth has exceeded our expectations and sets an encouraging pace for achieving even higher future sales targets."
Sales Growth Highlights
- B2C Sales Momentum:
October 2024: B2C sales grew
16% compared to September.November 2024: B2C sales rose an impressive
51% from September, reflecting growing consumer adoption of Worksport's high-quality, American-made products. Earlier this month, Worksport announced an ambitious target to grow its average monthly B2C sales in Q3 by100% to$1M per month. In very short time, Worksport has nearly achieved this objective.
- B2B (Non-Private Label) Surge:
October 2024: Non-private label B2B sales increased
38% compared to September.November 2024: Non-private label B2B sales saw a
60% jump from September, demonstrating strong demand from dealers and distributors for Worksport-branded tonneau covers.
The upcoming launch of the premium AL4 product, anticipated to surpass the demand for the AL3, positions Worksport for substantial growth. Leveraging the sustained momentum of its tonneau cover sales, Worksport is also preparing for the full market launch of its groundbreaking clean-tech power generation system, SOLIS and COR, in 2025. These innovative products are expected to solidify Worksport's position as a leader in the clean energy and automotive accessory markets.
Strategic Pivot to Enhance Margins and Brand Recognition
In line with its long-term growth strategy, Worksport has strategically discontinued its private label sales, focusing only on Worksport branded B2C and B2B channels to capture higher margins and strengthen brand identity. This shift is already yielding results, with November 2024 gross margins improving notably compared to Q3 2024 levels. The strategic reduction of revenue from the lower margin private label sales has already been vastly replaced by strong growth in Worksport's higher margin branded sales. Growth in the B2C and B2B segments are projected to be the driving force behind Worksport's 2025 path to cash flow positivity.
Rossi added, "We're betting on ourselves and our amazing brand, products, and state of the art U.S factory. By strategically reducing private label production, we are creating a stronger foundation for Worksport's brand while driving profitability. The improvements in gross margins are just the beginning. We are positioning ourselves for sustained growth across both B2C and B2B markets for the foreseeable future. There is healthy demand for what we're making; the best of our products is yet to come with Solis, COR, and AL4."
Outlook: Sustained Growth and Momentum
Worksport anticipates continued improvements in gross margin as the Company's branded products gain further traction in the market and further economies of scale are met in the factory. The surge in branded sales during October and November 2024 reflects the success of Worksport's aggressive sales initiatives and its commitment to delivering innovative, high-quality products to customers and business partners.
The Company remains confident in its ability to expand market share and enhance shareholder value as it executes its strategic vision.
Key 2024 Press-Releases
- December 5: Worksport Adopts Changes in 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 | LinkedIn |
| YouTube | 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 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.
Worksport acknowledges the inherent risks of investing in cryptocurrency, including market volatility and regulatory uncertainties, and is committed to managing these risks through oversight and diversification strategies. The decision to pursue this investment has been reviewed and approved by the Board of Directors of Worksport and complies with the Company's corporate governance policies.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/232723
FAQ
What was Worksport's (WKSP) B2C sales growth in November 2024?
What new products is Worksport (WKSP) launching in 2025?
How much did Worksport's (WKSP) B2B sales increase in November 2024?
What is Worksport's (WKSP) monthly B2C sales target?
