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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): November 22, 2024
WORKSPORT
LTD.
(Exact name of registrant as specified in
its charter)
| Nevada |
|
001-40681 |
|
35-2696895 |
(State
or other jurisdiction
of incorporation) |
|
(Commission
File Number) |
|
(IRS
Employer
Identification No.) |
2500
N America Dr
West
Seneca, New York 14224
(Address of principal executive offices) (ZIP Code)
(888)
554-8789
Registrant’s
telephone number, including area code
Not
Applicable
(Former name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
| ☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| |
|
| ☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| |
|
| ☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| |
|
| ☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
| Title
of each class |
|
Trading
Symbols |
|
Name
of each exchange on which registered |
| Common |
|
WKSP |
|
The
Nasdaq Stock Market LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b -2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
8.01 Other Events.
On November 22, 2024, Worksport Ltd. (the “Company”) issued
a press release: “Worksport Increases Production Capacity to Meet Growing Sales Demand.” A copy of the press release
is attached hereto as Exhibit 99.1.
The
information under Item 8.01 of this Current Report on Form 8-K and the exhibit attached hereto shall not be deemed “filed”
for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section,
or incorporated by reference into any of the Company’s filings under the Securities Act of 1933, as amended, except as shall be
expressly set forth by specific reference in any such filing.
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
| |
WORKSPORT
LTD. |
| |
|
| Date:
November 22, 2024 |
By: |
/s/
Steven Rossi |
| |
Name: |
Steven
Rossi |
| |
Title: |
Chief
Executive Officer
|
| |
|
(Principal Executive Officer) |
Exhibit
99.1
Worksport
Increases Production Capacity to Meet Growing Sales Demand
Company
Aims for 100% Growth in Monthly Online Sales in the Near-Term; AL4 Tonneau Cover Launch Set for December
West
Seneca, New York, November 22, 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 an expansion of its manufacturing workforce to meet accelerating sales demand. Since the start of Q4,
the Company has increased its plant worker count by 30%, positioning itself to enhance production capacity and improve
margins.
Scaling
Production to Meet Growing Demand
| ● | Increased
Workforce: The expansion of the production team is a strategic move to accommodate the
significant growth in Worksport’s business-to-consumer (B2C) and business-to-business
(B2B) sales |
| | | |
| ● | Sales
Growth: The Company is now targeting $1 million in monthly online sales in the
near-term, aiming for a 100% increase in top line revenue from the approximately $500,000
per month reported less than 60 days ago. |
| | | |
| ● | Second Shift
Preparation: To support the scheduled end-of-the-year launch of the higher margin AL4 tonneau cover, Worksport is adding a new evening
production shift. This expansion will boost production capacity, enabling the Company to meet escalating demand and drive increased
revenues and profitability. Investors can expect an update on the AL4 pre-order campaign for the business-to-business (B2B)
segment before the end of the year. |
Management
Commentary
““The
Company continues to grow with new dealers, increased sales, and enhanced efficiencies each day,” said Steven Rossi,
CEO of Worksport Ltd. “Expanding our plant staff and initiating a second production shift are pivotal steps toward improving
margins and achieving EBITDA positivity. Last Friday, the Company’s market capitalization closed below our revenue projections
for 2025—a year in which we believe we will be cash flow positive with increasing margins. We reiterate our strong belief
that Worksport continues to be undervalued.”
Upcoming
Product Launches Driving Growth
| ● | AL3
and AL4 Tonneau Covers: The continued rollout of these products is expected to significantly
contribute to Worksport’s path toward cash flow positivity in 2025. |
| | | |
| ● | SOLIS
and COR Clean-Tech Systems: The Company also plans to launch its highly anticipated
SOLIS solar cover and COR portable energy system by Q2/Q3 2025, further enhancing revenue
growth and profitability prospects. |
Worksport
Q3 Earnings Call
Q3
revenue surged to $3.12 million—a 581% year-over-year increase compared to $458,433 in Q3 2023.
Worksport
held its Q3 2024 earnings call on Wednesday November 13, 2024. The prepared remarks and presented earnings call deck are 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
Key
2024 Press-Releases:
| ● | 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: $2MM+ 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 $2.8MM 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 |
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 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 |
| Instagram |
|
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.
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