Charlie V
4 weeks ago
Company Adds 24 New Dealer Locations in Early 2025, Initiates Flagship AL4 Cover Availability at Worksport.com
West Seneca, New York, February 26, 2025 — 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 two new sales milestones. The Company’s dealer network has expanded by 30% in the first two months of 2025, and, following an ongoing production ramp-up driven by strong early feedback, initial models of its AL4 Premium Tonneau Cover are now officially available for purchase at www.worksport.com.
AL4 Tonneau Cover Now Live Online
The AL4, Worksport’s newly introduced flagship tonneau cover, combines premium materials and design features to offer superior durability, streamlined installation, and user-friendly functionality (see Figure 1 below). Through the Company’s direct-to-consumer (D2C) sales platform, customers can immediately place orders, track shipments, and take advantage of Worksport’s American customer support team. Worksport expects 5 available models by the end of February 2025 and expects to add new models to the AL4 lineup every month.
While Worksport has increased sales from $1.5M in 2023 to a run rate of approximately $1MM per month in 2024, the Company believes the AL4 premium cover will be its best-selling tonneau cover, driving the sales and margins for 2025.
Steven Rossi, CEO of Worksport, commented: “We are excited to bring the AL4 cover directly to consumers through our e-commerce website, especially after the positive reception we’ve seen from distributors and our growing dealer network. This marks a significant step in Worksport’s evolution, as we continue to scale production to meet growing demand. We believe the AL4’s success will pave the way for future product launches, including our forthcoming clean-tech solutions – the SOLIS solar tonneau cover and the COR portable nano-grid system.”
Alignment with Future Growth
By offering the AL4 cover on its e-commerce store, Worksport.com, the Company continues to bolster its direct-to-consumer presence, complementing its expanding distribution network, which is expected to maintain momentum in the coming months. This move also lays the groundwork for upcoming releases, including the SOLIS solar tonneau cover and the COR mobile power system, planned for later this year. Management believes these innovations, combined with the AL4’s anticipated success, will drive revenue growth and strengthen shareholder value in the months ahead.
Charlie V
2 months ago
Worksport Ltd. ($WKSP) Begins Shipping Flagship AL4 Product Line, Plans Production Ramp Amid Positive Buyer Feedback
Early B2B Feedback Reinforces Confidence in 2025 Sales and Expansion Plan
West Seneca, New York, February 4, 2025 — 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 it has sent first shipments of its AL4 flagship tonneau cover to select customers. Initial feedback from these customers has been overwhelmingly positive, and the Company is now accelerating production ramp-up to meet anticipated demand.
AL4 Ramp-Up to Complement Existing AL3 Production
The AL4 Hardcover represents the next evolution in Worksport’s premium tonneau cover lineup, engineered for durability, security, and functionality. Designed with robust American aluminum and precision manufacturing, the AL4 Hardcover caters to the growing demand for high-quality truck bed covers in North America’s booming pickup truck market.
Worksport is preparing an active production ramp for the AL4 cover, targeting 1,200 units in the next 30 days. As the Company continues to refine its manufacturing processes, it expects to double that output shortly thereafter, while maintaining its existing AL3 production lines. This will be followed by continued production line expansion as sales grow. This strategic approach is projected to allow Worksport to meet the market interest for the AL4 and strengthen its vision for 2025 and beyond.
Positive Early Feedback from Key Distribution Partners
Major distributors have already expressed strong interest in the AL4 and shared glowing reviews of its build quality, ease of use, and feature set. This aligns with feedback from initial batches sent to B2B clients, reinforcing the Company’s belief that the AL4 will serve as a flagship product line in its expanding portfolio.
Product Outlook for 2025 and Beyond
In the weeks ahead, Worksport will continue to expand roll out of the AL4 and anticipates opening access to its e-commerce customers. Worksport’s expansion into flagship clean-tech products—including its SOLIS solar tonneau cover and COR mobile power system—remains on track for release later in 2025. Management expects the AL4’s success to dovetail seamlessly with these upcoming innovations, propelling the Company’s brand recognition and solidifying its position in the automotive accessories and clean-tech spaces.
“We are extremely excited that initial covers of our AL4 have left the door, and it is being well received by initial B2B customers,” said Steven Rossi, Chief Executive Officer of Worksport Ltd. “With production now projected to actively scale, we believe the AL4 will not only drive significant growth in 2025 and beyond but also establish Worksport as a top-tier provider of premium tonneau covers. We anticipate these developments will position us favorably ahead of our SOLIS and COR product launches later in 2025, making this a milestone year across multiple markets.”
Additionally, Worksport’s subsidiary, Terravis Energy, recently announced a breakthrough in AI-supported heat pump technology, with a full reveal expected in just eight (8) days. These cutting-edge product developments are expected to strengthen Worksport for growth in 2025 and beyond.
Charlie V
2 months ago
West Seneca, New York, January 24, 2025 — 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 that it increased its patent portfolio by approximately 25% in the last 12 months. It further announces that has joined LOT Network, a not-for-profit global consortium of leading companies committed to preserving innovation.
Global Patent Growth
Worksport is proud to announce a ~25% growth in its global patent portfolio, encompassing both issued patents and pending patent applications. This expansion reflects Worksport’s commitment to addressing real-world customer challenges by creating products that are innovative, user-friendly, and safe. These advancements are integral to Worksport’s existing product lines and will feature prominently in future offerings, including the patented SOLIS solar tonneau cover and the groundbreaking COR portable power system. The patent growth is bolstered by Worksport’s wholly owned subsidiary, Terravis Energy, which continues to develop proprietary assets in the area of Cold-Climate Heat Pumps, further strengthening the Company’s innovation pipeline.
Joining LOT Network
In addition to bolstering its patent portfolio, Worksport is excited to join LOT Network. LOT Network community is committed to protecting its members from costly and frivolous litigation initiated by patent assertion entities (PAEs, sometimes referred to as “patent trolls”). Members of LOT Network agree that if a member's patent is enforced by a PAE, other members automatically receive a license to that patent, protecting them from lawsuits by the PAE using that patent. All the usual uses of patents are preserved. With 4.8 million patents in the network and counting, its more than 4,500 members include global leaders such as Tesla, Ford, Amazon, Rivian, Hyundai, and Microsoft. By joining the Network, Worksport is protected against PAE litigation using more than 4.8 million patents – including nearly 50,000 patent assets in technology fields relevant to Worksport – thus safeguarding Worksport and its business ecosystem.
A common misconception is that PAEs target only large companies. In fact, over 50% of PAE litigation is initiated against companies with less than $25MM in annual revenue. PAE litigation has increased dramatically over the last decade, costing the US economy tens of billions of dollars and hindering innovation. Each lawsuit can cost potentially millions of dollars to defend. Worksport is pleased to join LOT Network, encouraging open innovation industry wide.
"Innovation lies at the heart of Worksport's culture, and we are deeply committed to safeguarding our diverse technical and creative community. Worksport’s IP is growing at a wonderful pace," said Nilay Choksi, General Counsel and Chief IP Counsel at Worksport. "As advocates for fair IP practices, we urge other companies to join us in making the industry safer by becoming part of LOT Network. By collaborating, we can shield the industry from misuse, foster innovation, and drive growth and success for the entire community."
subslover
2 months ago
Worksport Ltd. ($WKSP) Announces Strong Q4 2024 Results, Beating Revenue Guidance; Recording a Substantial December Gross Margin increase
Company Reports Unaudited Quarterly Revenue of $2.93 Million, Year-End Revenue Beat, Top-Line of $8.5 Million; Expects Further Expansion with New Products and Growing Margins
West Seneca, New York, Jan. 21, 2025 (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, is pleased to announce unaudited top-line revenues of approximately $2,900,000 for Q4 2024, marking a significant improvement from $839,000 in Q4 2023. This strong performance pushes Worksport’s year-end revenues to approximately $8,500,000, beating the Company’s previously announced guidance range of $6–8 million for 2024.
Margin Growth and Profitability Outlook
In December 2024 alone, the unaudited margins jumped 166% from Q3, reaching 21.1%. Gross margins in Q4 2024 reflect a significant improvement over Q3 2024, increasing by 55% overall. The Company believes this successful – and continued growth of margins to have a material impact on its outlook and performance. The growth underscored the ongoing success of Worksport’s strategic Made in America initiatives, shifting towards higher-value, branded product lines, and boosting operational efficiencies. By phasing out lower-margin private label offerings and focusing on its Worksport-branded products, the Company expects these enhanced margins to accelerate its path toward sustainable profitability. The Company forecasts further quarterly margin increases, especially towards the second half of the year.
Laying the Groundwork for 2025
Looking ahead, Worksport projects continued revenue growth in 2025, targeting over $20 million in tonneau cover sales. In addition, further growth is expected via:
Strategic Partnerships: The Company expects new alliances to broaden its market reach and reinforce brand recognition.
Upcoming Flagship Products: Worksport plans to release the SOLIS solar tonneau cover and the COR mobile power system in 2025, tapping additional clean-tech markets.
Growing Dealer Network: B2C and B2B sales channels are positioned to expand rapidly, capitalizing on rising consumer demand for innovative automotive accessories. The AL4, shipping in Jan 2025 is expected to drive growth in this front.
Management Commentary
“We are extremely proud of our Q4 2024 performance, which drove our full-year revenues to about $8.5 million—with exceptional margin growth,” said Steven Rossi, Chief Executive Officer of Worksport Ltd. “The remarkable success of our Worksport-branded B2C and B2B sales programs, along with our strategic pivot away from lower-margin private label products – betting on ourselves - underscores our vision for sustainable growth. We believe 2025 will be a defining year, supported by new product releases, continued revenue expansion, and our pursuit of cash flow positivity.”
Building on Momentum
Worksport encourages investors to stay tuned for further updates on:
Business Partnerships and Brand Exposure
Additional Revenue Growth and Margin Improvements
Flagship Product Launches (SOLIS, COR) and Market Reception
With three new products slated for release this year and additional developments in the works, Worksport expects a significant leap in revenue, progress toward profitability, and a stronger foothold in the evolving market for innovative automotive and clean-tech solutions.
Read More Worksport Press Releases: [Link to Worksport Press Releases].
Stay tuned for more information and join our mailing list to stay up to date with the latest. Join Worksport’s Newsletter
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.
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