Worksport Ltd - WKSP STOCK NEWS

Worksport (NASDAQ: WKSP) reported significant growth in Q1 2025, with March B2B sales increasing nearly 70% from February, driven by strong demand for their US-made AL4 premium tonneau cover. The company's dealer network expanded 64% to 151 active dealers, up from 92 at the end of 2024, with 59 new dealers added in Q1.

The AL4 cover, manufactured with over 90% domestic content including American aluminum, has gained traction among brick-and-mortar dealers nationwide. The company plans to launch its SOLIS solar-integrated tonneau cover and COR modular portable energy system later in 2025, aiming to expand into sustainable power solutions.

Management projects to achieve cash-flow positivity through B2B growth, direct-to-consumer sales, and cost control measures. With an addressable market of 17,000 dealers nationwide, Worksport expects continued growth through strategic partnerships with distributors and purchasing groups.

Worksport (NASDAQ: WKSP) reported exceptional financial results for fiscal year 2024, with net sales reaching $8.48 million, marking a 455% increase from $1.53 million in 2023. The company's Q4 2024 performance was particularly strong, with net sales of $2.93 million, up 250% year-over-year.

Key financial metrics include increased cash and equivalents of $4.88 million, plus an additional $6.7 million raised through warrant inducement in March 2025. The company's inventory stands at $5.19 million, with working capital improved to $7.3 million.

Looking ahead to 2025, Worksport projects net sales between $20-34.5 million, with anticipated gross margins of 25-30% by late 2025. The company aims for breakeven and potential cash-flow positivity by year-end 2025. New product launches include the AL4 tonneau cover in Q4 and SOLIS and COR products scheduled for Q2/Q3 launch.

Worksport (NASDAQ: WKSP) reported exceptional financial results for fiscal year 2024, with net sales reaching $8.48 million, marking a 455% increase from $1.53 million in 2023. The company's Q4 2024 performance was particularly strong, with net sales of $2.93 million, up 250% year-over-year.

Key financial metrics include strengthened cash position of $4.88 million, strategic inventory increase to $5.19 million, and improved working capital of $7.3 million. The company's B2C online sales grew significantly, reaching $1.59 million in Q3 2024, representing 51% of total revenue.

Looking ahead to 2025, Worksport projects net sales between $20-34.5 million and expects gross margins of 25-30% by late 2025. The company aims to achieve breakeven and potential cash-flow positivity by year-end 2025, supported by upcoming product launches including the AL4 tonneau cover, SOLIS solar-integrated tonneau, and COR mobile battery system.

Worksport (NASDAQ: WKSP), a U.S.-based manufacturer of hybrid and clean energy solutions for light trucks, overlanding, and consumer goods markets, will release its Q4 and full-year 2024 financial results on Thursday, March 27, 2025, before market open.

The company will host a live webcast at 8:30 AM ET on the same day, where management will discuss financial performance and provide outlook for 2025. Management has indicated that the current market valuation may not reflect Worksport's underlying strengths and emphasized their focus on achieving cash-flow positivity and driving significant growth in the coming year.

Worksport (NASDAQ: WKSP) outlines its growth trajectory and business fundamentals for 2025. The company's revenue increased from $1.5M in 2023 to $8.5M in 2024, reaching $1M monthly by year-end. With $6M cash on hand and minimal debt (0.32 debt-to-asset ratio), Worksport's U.S. facility can handle $100M-$300M annual revenue.

Key developments include:

• 30% dealer network expansion in early 2025
• Upcoming launch of SOLIS Solar Tonneau Cover targeting $4B market
• Introduction of COR portable energy system with Q2 2025 certification target
• AetherLux ZeroFrost™ heat pump technology breakthrough

The company, holding 170+ patents/trademarks, targets $1M weekly revenue within 24 months and expects cash flow positivity in 2025. Management projects 2025 revenues to exceed current market valuation.

Worksport (NASDAQ: WKSP) has announced a 1-for-10 reverse stock split effective March 18, 2025, as part of its strategy to regain compliance with Nasdaq's $1.00 minimum bid price requirement. The company's common stock will continue trading under the symbol 'WKSP' with a new CUSIP number 98139Q308.

The reverse split will reduce outstanding shares from approximately 47.9 million to 4.8 million, with fractional shares being rounded up. The split was approved by the Board on February 25, 2025, and doesn't require shareholder approval under Nevada law.

CEO Steven Rossi emphasized that Worksport remains fundamentally unchanged, targeting cash flow positivity in 2025. The company is preparing to launch its clean-energy lifestyle products, COR and SOLIS, later this year.

Worksport (NASDAQ: WKSP) has announced significant progress for its subsidiary Terravis Energy's AetherLux™ heat pump system with ZeroFrost™ technology. The innovation has garnered strong interest from top global manufacturers following its recent unveiling.

The company has revealed impressive test results from a 121-minute in-house evaluation:

• Continuous operation at -56.9°F (-49.4°C) without defrost cycles
• Minimum heat output of 85.9°F (29.9°C)
• Average sustained output of 96.5°F (35.8°C)
• Operating pressures up to 616.9 psi
• Airflow velocities of 5.74 m/s

Terravis Energy plans to complete certification for non-Pro units within 2025 while exploring expedited commercialization of Pro units featuring ZeroFrost technology. The company is currently in discussions with potential partners, vendors, and distributors for both Pro and non-Pro versions of the AetherLux heat pump products.

Worksport (NASDAQ: WKSP) has announced two significant sales milestones in early 2025. The company's dealer network has expanded by 30%, adding 24 new dealer locations. Additionally, their new flagship AL4 Premium Tonneau Cover is now available for purchase on worksport.com.

The company has shown substantial growth, increasing sales from $1.5M in 2023 to a run rate of approximately $1MM per month in 2024. Management expects the AL4 to become their best-selling tonneau cover, driving sales and margins for 2025. The company plans to have 5 AL4 models available by February 2025 end, with new models being added monthly.

Worksport is also preparing to launch additional products later in 2025, including the SOLIS solar tonneau cover and the COR portable nano-grid system, as part of their clean-tech solutions portfolio.

KULR Technology Group (NYSE: KULR) and Worksport (NASDAQ: WKSP) have announced a strategic partnership focused on battery technology advancement and domestic manufacturing. The collaboration encompasses three main areas: joint development of Worksport's COR Battery Pack System, AI-integrated battery management system software, and thermal runaway protection integration.

The partnership leverages KULR's K1-DS platform for performance evaluation and safety testing, with the first generation of Worksport SOLIS and COR scheduled for release in H2 2025. After expanding U.S. production in 2024, Worksport's revenue increased by over 450% from 2023 to 2024, achieving a monthly run rate exceeding $1 million. The company projects potential nine-figure revenues within 2-3 years.

The collaboration aims to capitalize on the growing portable energy system market, projected to reach $21.95-24.8 billion by 2032 with a CAGR of 16-24%. The partnership focuses on domestic manufacturing to meet increasing U.S.-based production demand.