Worksport Ltd Financials
This page shows Worksport Ltd (WKSP) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 24 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Worksport’s current model is revenue expansion funded externally, with improving product economics still overwhelmed by selling costs and inventory build.
From FY2024 to FY2025, gross margin expansion from10.7% to27.8% shows materially better unit economics at the gross-profit line. That improvement still left operating cash burn at-$17.3M against revenue of$16.1M , which means scale is arriving before overhead absorption.
The balance sheet is lightly levered: long-term debt fell to
Working capital is shifting toward inventory: stock on hand reached
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Worksport Ltd's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Worksport Ltd has an operating margin of -116.8%, meaning the company retains $-117 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -182.3% the prior year.
Worksport Ltd's revenue surged 89.8% year-over-year to $16.1M, reflecting rapid business expansion. This strong growth earns a score of 100/100.
Worksport Ltd carries a low D/E ratio of 0.12, meaning only $0.12 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
Worksport Ltd's current ratio of 2.50 indicates adequate short-term liquidity, earning a score of 47/100. The company can meet its near-term obligations, though with limited headroom.
While Worksport Ltd generated -$17.3M in operating cash flow, capex of $789K consumed most of it, leaving -$18.1M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Worksport Ltd generates a -84.6% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -21.3% the prior year.
Worksport Ltd passes 4 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Worksport Ltd generates $0.89 in operating cash flow (-$17.3M OCF vs -$19.4M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Worksport Ltd earns $-31.7 in operating income for every $1 of interest expense (-$18.8M vs $593K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Worksport Ltd generated $16.1M in revenue in fiscal year 2025. This represents an increase of 89.8% from the prior year.
Worksport Ltd's EBITDA was -$17.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 23.8% from the prior year.
Worksport Ltd reported -$19.4M in net income in fiscal year 2025. This represents a decrease of 421.0% from the prior year.
Worksport Ltd earned $-3.16 per diluted share (EPS) in fiscal year 2025. This represents an increase of 45.9% from the prior year.
Cash & Balance Sheet
Worksport Ltd generated -$18.1M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 69.7% from the prior year.
Worksport Ltd held $5.9M in cash against $2.7M in long-term debt as of fiscal year 2025.
Worksport Ltd had 10M shares outstanding in fiscal year 2025. This represents an increase of 144.4% from the prior year.
Margins & Returns
Worksport Ltd's gross margin was 27.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 17.1 percentage points from the prior year.
Worksport Ltd's operating margin was -116.8% in fiscal year 2025, reflecting core business profitability. This is up 65.4 percentage points from the prior year.
Worksport Ltd's net profit margin was -120.2% in fiscal year 2025, showing the share of revenue converted to profit. This is down 76.4 percentage points from the prior year.
Worksport Ltd's ROE was -84.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 63.3 percentage points from the prior year.
Capital Allocation
Worksport Ltd invested $1.5M in research and development in fiscal year 2025. This represents a decrease of 32.8% from the prior year.
Worksport Ltd invested $789K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 49.5% from the prior year.
WKSP Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.3M-30.2% | $4.7M-5.4% | $5.0M+22.1% | $4.1M+83.3% | $2.2M-23.5% | $2.9M-6.2% | $3.1M+62.5% | $1.9M |
| Cost of Revenue | $2.5M-25.8% | $3.3M-3.8% | $3.4M+14.0% | $3.0M+63.9% | $1.8M-29.2% | $2.6M-9.5% | $2.9M+76.9% | $1.6M |
| Gross Profit | $854K-40.2% | $1.4M-9.0% | $1.6M+45.0% | $1.1M+173.1% | $396K+22.1% | $324K+31.2% | $247K-16.7% | $297K |
| R&D Expenses | $205K-63.6% | $563K+87.1% | $301K-1.2% | $305K-17.5% | $370K-20.8% | $467K+17.7% | $396K-62.1% | $1.0M |
| SG&A Expenses | $6.2M-13.1% | $7.1M+20.5% | $5.9M+38.4% | $4.3M+1.1% | $4.2M+16.8% | $3.6M-3.9% | $3.7M-5.7% | $4.0M |
| Operating Income | -$5.7M+6.5% | -$6.1M-28.2% | -$4.8M-32.5% | -$3.6M+15.0% | -$4.3M-6.1% | -$4.0M-2.7% | -$3.9M+0.1% | -$3.9M |
| Interest Expense | $92K-29.1% | $130K-6.2% | $139K+8.4% | $128K-34.4% | $195K-18.1% | $239K+3.9% | $230K+71.2% | $134K |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$5.8M+6.4% | -$6.2M-26.4% | -$4.9M-32.0% | -$3.7M+16.3% | -$4.5M-154.7% | $8.1M+297.1% | -$4.1M-3.0% | -$4.0M |
| EPS (Diluted) | $-0.54 | N/A | $-0.75-5.6% | $-0.71+32.4% | $-1.05 | N/A | $-1.40+9.7% | $-1.55 |
WKSP Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $27.9M-9.2% | $30.7M+13.6% | $27.0M+14.7% | $23.6M-11.6% | $26.7M+3.6% | $25.7M+3.2% | $24.9M-8.3% | $27.2M |
| Current Assets | $13.5M-19.8% | $16.8M+35.6% | $12.4M+45.8% | $8.5M-25.9% | $11.5M+9.3% | $10.5M+17.9% | $8.9M-17.3% | $10.7M |
| Cash & Equivalents | $567K-90.5% | $5.9M+58.1% | $3.8M+170.0% | $1.4M-72.6% | $5.1M+4.0% | $4.9M+162.9% | $1.9M-45.8% | $3.4M |
| Inventory | $11.6M+22.0% | $9.5M+39.4% | $6.8M+16.2% | $5.9M+2.7% | $5.7M+10.3% | $5.2M-15.4% | $6.1M-3.9% | $6.4M |
| Accounts Receivable | $480K-4.7% | $504K-2.2% | $515K+74.0% | $296K+335.6% | $68K+59.6% | $43K-90.9% | $466K-25.2% | $623K |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $7.9M+0.8% | $7.8M+7.8% | $7.3M+16.1% | $6.3M-4.2% | $6.5M-21.5% | $8.3M-3.0% | $8.6M+6.7% | $8.0M |
| Current Liabilities | $6.9M+2.4% | $6.7M+10.9% | $6.1M+62.5% | $3.7M+6.1% | $3.5M+10.9% | $3.2M+5.6% | $3.0M+33.4% | $2.3M |
| Long-Term Debt | $3.4M+28.5% | $2.7M-7.2% | $2.9M+16.3% | $2.5M-21.1% | $3.1M-40.3% | $5.3M | N/A | N/A |
| Total Equity | $20.0M-12.7% | $22.9M+15.7% | $19.8M+14.2% | $17.3M-14.0% | $20.1M+15.6% | $17.4M+6.4% | $16.4M-14.5% | $19.1M |
| Retained Earnings | -$89.7M-7.0% | -$83.9M-8.1% | -$77.6M-6.8% | -$72.7M-5.4% | -$68.9M-6.9% | -$64.5M-7.1% | -$60.2M-7.4% | -$56.0M |
WKSP Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$8.2M-34.5% | -$6.1M-43.9% | -$4.3M-37.5% | -$3.1M+19.4% | -$3.8M-76.2% | -$2.2M-41.7% | -$1.5M+57.6% | -$3.6M |
| Capital Expenditures | $104K-33.3% | $155K-57.3% | $364K+432.6% | $68K-66.1% | $201K+633.2% | $27K-83.3% | $165K+34.3% | $123K |
| Free Cash Flow | -$8.3M-32.8% | -$6.3M-35.9% | -$4.6M-46.0% | -$3.2M+21.7% | -$4.0M-83.1% | -$2.2M-29.6% | -$1.7M+54.6% | -$3.7M |
| Investing Cash Flow | -$104K-98.4% | -$52K+89.2% | -$484K-289.3% | -$124K+72.8% | -$458K-1568.2% | -$27K+83.3% | -$165K-34.3% | -$123K |
| Financing Cash Flow | $3.0M-64.6% | $8.4M+17.6% | $7.1M+1619.9% | -$468K-110.4% | $4.5M-14.1% | $5.2M+3790.6% | $134K-96.3% | $3.6M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
WKSP Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 25.8%-4.3pp | 30.1%-1.2pp | 31.3%+4.9pp | 26.4%+8.7pp | 17.7%+6.6pp | 11.1%+3.2pp | 7.9%-7.5pp | 15.4% |
| Operating Margin | -173.4%-43.8pp | -129.6%-34.0pp | -95.6%-7.5pp | -88.1%+101.9pp | -190.0%-53.0pp | -137.0%-11.9pp | -125.1%+78.5pp | -203.5% |
| Net Margin | -175.9%-44.6pp | -131.3%-33.0pp | -98.3%-7.3pp | -91.0%+108.2pp | -199.1%-477.4pp | 278.3%+410.7pp | -132.4%+76.4pp | -208.9% |
| Return on Equity | -29.2%-2.0pp | -27.2%-2.3pp | -24.9%-3.4pp | -21.6%+0.6pp | -22.2%-69.0pp | 46.8%+72.1pp | -25.3%-4.3pp | -21.0% |
| Return on Assets | -20.9%-0.6pp | -20.3%-2.1pp | -18.2%-2.4pp | -15.8%+0.9pp | -16.7%-48.4pp | 31.7%+48.2pp | -16.6%-1.8pp | -14.8% |
| Current Ratio | 1.95-0.5 | 2.50+0.5 | 2.04-0.2 | 2.27-1.0 | 3.26-0.0 | 3.30+0.3 | 2.96-1.8 | 4.77 |
| Debt-to-Equity | 0.17+0.1 | 0.12-0.0 | 0.150.0 | 0.14-0.0 | 0.16-0.1 | 0.30-0.2 | 0.52+0.1 | 0.42 |
| FCF Margin | -251.7%-119.3pp | -132.4%-40.3pp | -92.1%-15.1pp | -77.1%+103.4pp | -180.4%-105.0pp | -75.4%-20.8pp | -54.5%+140.6pp | -195.1% |
Similar Companies
Frequently Asked Questions
What is Worksport Ltd's annual revenue?
Worksport Ltd (WKSP) reported $16.1M in total revenue for fiscal year 2025. This represents a 89.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Worksport Ltd's revenue growing?
Worksport Ltd (WKSP) revenue grew by 89.8% year-over-year, from $8.5M to $16.1M in fiscal year 2025.
Is Worksport Ltd profitable?
No, Worksport Ltd (WKSP) reported a net income of -$19.4M in fiscal year 2025, with a net profit margin of -120.2%.
What is Worksport Ltd's EBITDA?
Worksport Ltd (WKSP) had EBITDA of -$17.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Worksport Ltd have?
As of fiscal year 2025, Worksport Ltd (WKSP) had $5.9M in cash and equivalents against $2.7M in long-term debt.
What is Worksport Ltd's gross margin?
Worksport Ltd (WKSP) had a gross margin of 27.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Worksport Ltd's operating margin?
Worksport Ltd (WKSP) had an operating margin of -116.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Worksport Ltd's net profit margin?
Worksport Ltd (WKSP) had a net profit margin of -120.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Worksport Ltd's return on equity (ROE)?
Worksport Ltd (WKSP) has a return on equity of -84.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Worksport Ltd's free cash flow?
Worksport Ltd (WKSP) generated -$18.1M in free cash flow during fiscal year 2025. This represents a -69.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Worksport Ltd's operating cash flow?
Worksport Ltd (WKSP) generated -$17.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Worksport Ltd's total assets?
Worksport Ltd (WKSP) had $30.7M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Worksport Ltd's capital expenditures?
Worksport Ltd (WKSP) invested $789K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Worksport Ltd spend on research and development?
Worksport Ltd (WKSP) invested $1.5M in research and development during fiscal year 2025.
What is Worksport Ltd's current ratio?
Worksport Ltd (WKSP) had a current ratio of 2.50 as of fiscal year 2025, which is generally considered healthy.
What is Worksport Ltd's debt-to-equity ratio?
Worksport Ltd (WKSP) had a debt-to-equity ratio of 0.12 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Worksport Ltd's return on assets (ROA)?
Worksport Ltd (WKSP) had a return on assets of -63.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Worksport Ltd's cash runway?
Based on fiscal year 2025 data, Worksport Ltd (WKSP) had $5.9M in cash against an annual operating cash burn of $17.3M. This gives an estimated cash runway of approximately 4 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Worksport Ltd's Piotroski F-Score?
Worksport Ltd (WKSP) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Worksport Ltd's earnings high quality?
Worksport Ltd (WKSP) has an earnings quality ratio of 0.89x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Worksport Ltd cover its interest payments?
Worksport Ltd (WKSP) has an interest coverage ratio of -31.7x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Worksport Ltd?
Worksport Ltd (WKSP) scores 41 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.