Worksport Ltd Financials
Worksport Ltd (WKSP) reported $16.1M in revenue for fiscal year 2025, up 89.8% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
Rapid sales expansion is being absorbed by operating costs, while reported net income conflicts with persistent cash consumption and financing dependence.
The most important earnings-quality signal is the repeated mismatch: reported net income equals revenue across FY2023-FY2025, even as operating losses reach$18.8M and operating cash flow reaches-$17.3M in FY2025. That combination means the headline profit ratios do not describe cash-generating operations; the reported operating performance remains loss-making.
Revenue reached
Cash stood at
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. 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's reported operating margin for fiscal year 2025 is below the lowest share of revenue this page publishes, so the figure is not shown here. This dimension scores 14/100.
Worksport Ltd's revenue surged 89.8% year-over-year to $16.1M, reflecting rapid business expansion. This strong growth earns a score of 99/100.
Worksport Ltd carries a low D/E ratio of 0.04, meaning only $0.04 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 85/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 2.50, Worksport Ltd holds $2.50 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 69/100.
Worksport Ltd's reported free cash flow margin for fiscal year 2025 is below the lowest share of revenue this page publishes, so the figure is not shown here. This dimension scores 4/100.
Worksport Ltd's ROE of 70.4% shows moderate profitability relative to equity, earning a score of 33/100. This is up from 48.7% the prior year.
Worksport Ltd scores -4.21, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($9.3M) relative to total liabilities ($7.8M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Worksport Ltd passes 5 of 9 financial strength tests. 2 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 used $1.08 of operating cash (-$17.3M OCF vs $16.1M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely.
Worksport Ltd reported an operating loss of $18.8M against $593K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
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 $16.1M in net income in fiscal year 2025. This represents an increase of 89.8% from the prior year.
Cash & Balance Sheet
Worksport Ltd recorded an outflow of $18.1M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 69.7% from the prior year.
Worksport Ltd held $5.9M in cash against $950K in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
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 net profit margin was 100.0% in fiscal year 2025, showing the share of revenue converted to profit. That is unchanged from the prior year.
Worksport Ltd's ROE was 70.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 21.7 percentage points from the prior year.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
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.
Not reported for fiscal year 2025.
WKSP Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $18.3M | $16.1M+89.8% | $8.5M+454.7% | $1.5M+1213.0% | $117K-61.6% | $304K-12.2% | $346K-82.0% | $1.9M+300.1% | $482K+17.8% | $409K+13.2% | $361K-44.6% | $652K+9.9% | $593K+27.3% | $466K | $0 | $0 |
| Cost of Revenue | $12.8M | $11.6M+53.4% | $7.6M+487.9% | $1.3M+2162.9% | $57K-83.8% | $351K+17.3% | $299K-82.3% | $1.7M+338.5% | $385K+66.1% | $232K-30.6% | $334K-37.3% | $533K+22.3% | $435K+25.2% | $348K | N/A | N/A |
| Gross Profit | $5.5M | $4.5M+394.1% | $906K+276.5% | $241K+304.0% | $60K+226.8% | -$47K-199.6% | $47K-80.2% | $239K+146.9% | $97K-45.4% | $177K+553.8% | $27K-77.3% | $119K-24.4% | $158K+33.5% | $118K | N/A | N/A |
| R&D Expenses | $1.3M | $1.5M-32.8% | $2.3M+37.2% | $1.7M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $47K+860.0% | $5K+648.4% | $659 | N/A | N/A |
| SG&A Expenses | $24.2M | $21.5M+46.8% | $14.6M+5.4% | $13.9M+178.5% | $5.0M+168.4% | $1.9M+818.8% | $202K-15.5% | $239K-11.1% | $269K-82.5% | $1.5M+1112.8% | $126K-51.9% | $263K+450.8% | $48K-9.0% | $52K | N/A | $12K |
| Operating Income | -$20.5M | -$18.8M-21.6% | -$15.5M-4.9% | -$14.7M-15.4% | -$12.8M-68.9% | -$7.6M-666.7% | -$986K-83.4% | -$538K+55.6% | -$1.2M+32.0% | -$1.8M-391.6% | -$362K | N/A | -$17K+8.6% | -$19K | N/A | -$12K |
| Interest Expense | $508K | $593K-18.4% | $726K+17.8% | $616K+26.1% | $489K+65.7% | $295K-23.6% | $386K+436.7% | $72K+29.5% | $56K+317.4% | $13K-35.9% | $21K+91.5% | $11K | N/A | N/A | $0 | $0 |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $2K | $0 | $0 |
| Net Income | $14.5M | $16.1M+89.8% | $8.5M+454.7% | $1.5M+112.2% | -$12.5M-58.7% | -$7.9M-565.0% | -$1.2M-230.8% | -$359K+79.6% | -$1.8M+48.2% | -$3.4M-199.5% | -$1.1M | N/A | -$479K-1197.8% | -$37K | N/A | -$12K |
| EPS (Diluted) | — | -$3.16 | -$5.84+30.8% | -$8.44-1056.2% | -$0.73 | -$0.69 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
WKSP Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $30.7M+19.3% | $25.7M-0.8% | $26.0M-20.8% | $32.8M-9.7% | $36.3M+1808.1% | $1.9M+295.2% | $481K-13.6% | $557K-38.4% | $905K+168.9% | $337K+11.2% | $303K+6.4% | $285K+34.1% | $212K+66636.5% | $318 | $0 |
| Current Assets | $16.8M+60.2% | $10.5M+14.8% | $9.1M-50.2% | $18.3M-46.1% | $34.0M+1920.0% | $1.7M+564.1% | $254K-49.3% | $501K-29.7% | $713K+150.9% | $284K+12.5% | $253K-8.8% | $277K+35.6% | $204K | N/A | N/A |
| Cash & Equivalents | $5.9M+21.8% | $4.9M+45.1% | $3.4M-77.0% | $14.6M-48.8% | $28.6M+2478.7% | $1.1M+9137.2% | $12K-52.6% | $25K-62.2% | $67K | N/A | $14K-90.7% | $156K+789.1% | $18K+5408.5% | $318 | $0 |
| Inventory | $9.5M+83.6% | $5.2M+42.9% | $3.6M+169.7% | $1.3M+168.3% | $502K+1129.7% | $41K-63.9% | $113K-60.9% | $290K+548.6% | $45K-43.5% | $79K-38.8% | $129K+45.3% | $89K-42.7% | $155K | N/A | N/A |
| Accounts Receivable | $504K+1083.3% | $43K-90.8% | $463K+639.8% | $63K-0.1% | $63K-48.9% | $123K+4028.7% | $3K-95.2% | $62K-67.3% | $190K+133.5% | $81K-15.1% | $96K+262.1% | $26K-12.7% | $30K | N/A | N/A |
| Total Liabilities | $7.8M-5.8% | $8.3M+7.0% | $7.8M-10.1% | $8.6M+309.0% | $2.1M+22.0% | $1.7M+27.0% | $1.4M+74.6% | $781K+46.3% | $534K-60.2% | $1.3M+348.6% | $299K+2.4% | $292K+75.7% | $166K+10763.8% | $2K+76400.0% | $2 |
| Current Liabilities | $6.7M+112.0% | $3.2M-55.7% | $7.2M+191.1% | $2.5M+37.0% | $1.8M+4.6% | $1.7M+29.7% | $1.3M+69.6% | $781K+46.3% | $534K-56.9% | $1.2M+320.3% | $294K+0.8% | $292K+75.7% | $166K | N/A | N/A |
| Long-Term Debt | $950K-81.9% | $5.3M-0.7% | $5.3M | N/A | N/A | N/A | $39K | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $22.9M+31.4% | $17.4M-4.2% | $18.2M-24.6% | $24.1M-29.4% | $34.2M+20068.4% | $169K+119.2% | -$883K-294.8% | -$224K-160.2% | $372K+137.0% | -$1.0M-27119.8% | $4K+150.0% | -$7K-116.2% | $46K+3895.9% | -$1K-60500.0% | -$2 |
| Retained Earnings | -$83.9M-30.1% | -$64.5M-33.5% | -$48.3M-44.7% | -$33.4M-60.1% | -$20.8M-62.1% | -$12.9M-10.2% | -$11.7M-12.8% | -$10.4M-20.5% | -$8.6M-65.6% | -$5.2M-28.0% | -$4.1M-618.2% | -$564K-565.0% | -$85K+97.8% | -$3.9M0.0% | -$3.9M |
Not reported in any period shown, so not listed: Goodwill.
WKSP Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$22.1M | -$17.3M-70.8% | -$10.1M+15.0% | -$11.9M-49.5% | -$8.0M-89.5% | -$4.2M-505.7% | -$695K-32125.8% | -$2K+99.4% | -$379K-94.6% | -$195K+17.8% | -$237K+56.3% | -$542K-1612.8% | -$32K-167.7% | $47K | N/A | -$13K |
| Capital Expenditures | $692K | $789K+49.5% | $528K-85.7% | $3.7M-66.6% | $11.0M+902.7% | $1.1M+13738.0% | $8K-91.9% | $98K+5148.3% | $2K-61.6% | $5K+784.6% | $551-98.6% | $40K | N/A | N/A | N/A | N/A |
| Free Cash Flow | -$22.7M | -$18.1M-69.7% | -$10.7M+31.7% | -$15.6M+17.9% | -$19.0M-258.1% | -$5.3M-655.6% | -$703K-599.5% | -$101K+73.6% | -$381K-90.8% | -$200K+15.9% | -$238K+59.2% | -$582K | N/A | N/A | N/A | N/A |
| Investing Cash Flow | -$734K | -$1.1M-111.9% | -$528K+85.9% | -$3.8M+66.3% | -$11.2M-885.3% | -$1.1M-6665.9% | -$17K+86.5% | -$124K-6519.4% | -$2K+61.6% | -$5K-43.0% | -$3K+97.5% | -$138K+35.1% | -$213K-10891.1% | -$2K | N/A | N/A |
| Financing Cash Flow | $22.6M | $19.5M+60.0% | $12.2M+174.9% | $4.4M-14.5% | $5.2M-84.2% | $32.8M+1714.6% | $1.8M+1434.0% | $118K-60.6% | $299K-2.8% | $307K+37.5% | $224K-61.1% | $574K+63.1% | $352K+1100.5% | -$35K | N/A | $13K |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
WKSP Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 27.8%+17.1pp | 10.7%-5.1pp | 15.7%-35.4pp | 51.1%+66.6pp | -15.5%-29.1pp | 13.6%+1.2pp | 12.4%-7.7pp | 20.1%-23.2pp | 43.3%+35.8pp | 7.5%-10.8pp | 18.3%-8.3pp | 26.6%+1.2pp | 25.4% | N/A | N/A |
| Operating Margin | -116.8% | -182.3% | -963.4% | -10964.4% | -2489.5% | -284.9% | -27.9% | -251.5% | -435.6% | -100.3% | N/A | -2.9%+1.2pp | -4.1% | N/A | N/A |
| Net Margin | 100.0%0.0pp | 100.0%0.0pp | 100.0% | -10759.0% | -2599.9% | -343.1% | -18.6% | -366.1% | -832.7% | -314.6% | N/A | -80.8%-72.9pp | -7.9% | N/A | N/A |
| Return on Equity | 70.4%+21.7pp | 48.7%+40.3pp | 8.4%+60.4pp | -52.0%-28.9pp | -23.1%+677.7pp | -700.8% | N/A | N/A | -916.0% | N/A | N/A | N/A | -80.3% | N/A | N/A |
| Return on Assets | 52.4%+19.4pp | 33.0%+27.1pp | 5.9%+44.1pp | -38.3%-16.5pp | -21.8%+40.7pp | -62.4%+12.2pp | -74.6%+241.7pp | -316.3%+59.5pp | -375.8%-38.4pp | -337.4% | N/A | -168.4%-151.0pp | -17.4% | N/A | N/A |
| Current Ratio | 2.50-0.8x | 3.30+2.0x | 1.27-6.2x | 7.45-11.5x | 18.94+18.0x | 0.98+0.8x | 0.19-0.4x | 0.64-0.7x | 1.33+1.1x | 0.23-0.6x | 0.86-0.1x | 0.95-0.3x | 1.23 | N/A | N/A |
| Debt-to-Equity | 0.04-0.3x | 0.300.0x | 0.29-0.1x | 0.36+0.3x | 0.06-10.2x | 10.22 | N/A | N/A | 1.44 | N/A | 80.41 | N/A | 3.61 | N/A | N/A |
| FCF Margin | -112.4% | -125.7% | -1021.2% | -16330.5% | -1748.9% | -203.1% | -5.2%+73.9pp | -79.2%-30.3pp | -48.9%+16.9pp | -65.8%+23.5pp | -89.3% | N/A | N/A | N/A | N/A |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
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Where Worksport Ltd Ranks
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?
Yes, Worksport Ltd (WKSP) reported a net income of $16.1M in fiscal year 2025, with a net profit margin of 100.0%.
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 $950K 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 net profit margin?
Worksport Ltd (WKSP) had a net profit margin of 100.0% 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 70.4% 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) recorded an outflow of $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) recorded an outflow of $17.3M in operating cash flow during fiscal year 2025, representing cash used by 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 0.04 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 52.4% 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 Altman Z-Score?
Worksport Ltd (WKSP) has an Altman Z-Score of -4.21, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Worksport Ltd's Piotroski F-Score?
Worksport Ltd (WKSP) has a Piotroski F-Score of 5 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?
For every $1 of reported earnings, Worksport Ltd (WKSP) used $1.08 of operating cash (-$17.3M OCF vs $16.1M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely. 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) reported an operating loss of $18.8M against $593K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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 51 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.