Worksport Ltd SEC Filings

Worksport Ltd. disclosed that on June 5, 2026 it issued 79,618 shares of common stock to its Chief Executive Officer, Steven Rossi, at $0.6280 per share, for an aggregate value of $50,000.10, in lieu of previously accrued cash bonus compensation. The transaction, completed under a Stock Purchase Agreement and approved by the Board, relied on a private-offering exemption under Section 4(a)(2) of the Securities Act. A June 9, 2026 press release highlighted that this is Rossi’s second such election and noted revenue growth from approximately $1.5 million in 2023 to $8.5 million in 2024 and $16.1 million in 2025, alongside initiatives aimed at achieving operational cash-flow positivity.

Worksport Ltd. has announced that its clean-energy subsidiary, Terravis Energy, has been granted U.S. Patent No. 12,624,872 B2 for its AetherLux heat-pump system incorporating ZeroFrost technology. The patent covers system and component architecture designed to maintain continuous heating while reducing or eliminating traditional defrost cycles.

The company positions AetherLux and ZeroFrost as targeting one of the main barriers to cold-climate heat-pump adoption: frost buildup and related performance loss. Worksport notes that global heat-pump markets are expected to grow substantially and that this patented platform is separate from its current core revenue drivers, but could support future commercialization, partnerships, and licensing opportunities. Certification for the technology is expected in the second half of 2026.

WORKSPORT LTD. ownership disclosure: Armistice Capital, LLC and Steven Boyd report beneficial ownership of 611,096 shares of Common stock, representing 4.99% of the class. The filing states Armistice Capital acts as investment manager to the Master Fund and Mr. Boyd may be deemed to beneficially own the shares. The Master Fund disclaims beneficial ownership under its Investment Management Agreement. The filing is a joint Schedule 13G/A amendment dated May 15, 2026.

Worksport Ltd. reported strong Q1 2026 growth, with net sales rising 47.9% year-over-year to $3.31 million as it moved from launch readiness into broader commercialization. Gross profit increased 115.5% to $853,946, and gross margin improved to 26% from 18% a year earlier.

U.S. net sales represented about 99% of revenue, and hard tonneau covers generated roughly 99% of net sales, split between about $1.8 million B2C (1,700 covers) and $1.5 million B2B (2,300 covers. Inventory reached $11.6 million, with working capital of about $6.6 million and net property and equipment of $13.3 million, reflecting investment in product launches and its West Seneca manufacturing facility.

Management targets achieving operational cash-flow within 2026 and expects 2026 growth to be driven mainly by tonneau covers, expanded B2B/B2C channels, the new NEXUS cover, and early contributions from SOLIS and COR. Subsidiary Terravis Energy is advancing the AetherLux ZeroFrost heat pump, but the Company is not projecting AetherLux revenue in 2026.

Worksport Ltd. reported net sales of $3.31M for the quarter ended March 31, 2026, up from $2.24M a year earlier as tonneau cover sales grew in the U.S. Gross profit more than doubled to $0.85M, lifting gross margin to 26%.

Higher general and administrative plus sales and marketing spending drove a larger net loss of $5.83M versus $4.46M. Cash fell to $0.57M, with operating cash outflow of $8.23M, partially offset by equity raises and credit facility draws. Management and auditors highlight substantial doubt about the company’s ability to continue as a going concern, despite access to a revolving credit line and ongoing capital-raising activities.

Worksport Ltd. filed a current report announcing plans to discuss its first quarter 2026 results and engage more directly with shareholders. The company will host a Q1 2026 earnings conference call on May 13, 2026, at 4:30 p.m. Eastern Time, followed immediately by its first investor townhall webcast featuring management commentary, business updates, and live Q&A. Worksport describes this as the start of a recurring townhall series aimed at maintaining an open line of communication with investors and other interested parties.

Worksport Ltd Chief Financial Officer Jennifer Anne Kartychak reported her initial beneficial ownership of company securities. She indirectly holds 19,768 shares of common stock through Arend Advisory Group LLC, an entity she owns. She also holds a non-qualified option for 100,000 common shares at an exercise price of $2.21 per share, expiring on January 5, 2036. According to the grant terms, 75,000 underlying shares vest in three equal annual installments, while 25,000 vest upon specified Board and cash flow breakeven milestones, in each case contingent on her continued employment.

Worksport Ltd. reported a planned finance leadership transition. Michael Johnston resigned as Chief Financial Officer, Principal Financial Officer and Principal Accounting Officer effective 5:00 p.m. Eastern on April 30, 2026, and the board stated his departure was not due to any disagreement over operations, policies or financial reporting.

Effective May 1, 2026, the board appointed Jennifer Kartychak as Chief Financial Officer, also serving as Principal Financial Officer and Principal Accounting Officer. She previously served as Vice President of Finance and has extensive public accounting, SEC reporting and corporate finance experience, including prior roles at Ernst & Young and Moog Inc.

Her Executive Employment Agreement, effective January 1, 2026, provides a $220,000 annual base salary, an annual cash bonus targeted at $75,000 based on corporate milestones and individual KPIs, and a non-qualified stock option for up to 100,000 shares of common stock at fair market value on the grant date, subject to time- and performance-based vesting. In connection with the CFO transition, the board also approved a stock grant of 13,000 shares to Arend Advisory Group LLC, an entity wholly owned by Ms. Kartychak.

Worksport Ltd. has signed Tri-State Enterprises as a new regional distribution partner for its tonneau cover lineup, including the recently launched Nexus cover. The company has already received two initial purchase orders covering a broad range of SKUs, with another order expected shortly.

Worksport projects the Tri-State account could reach seven-figure annual revenue in the near term and potentially become a recurring multi-million-dollar contributor to net sales. Tri-State serves thousands of wholesale customers across Arkansas, Missouri, Oklahoma, and Texas, operating about one million square feet of warehouse space and offering same-day delivery in select areas.

The partnership supports Worksport’s 2026 strategy to expand its U.S. dealer and distributor network and increase distributor-led sales. Management views the relationship as an important commercial win that can help scale Nexus adoption and convert recent product launches into repeatable revenue.