Worksport Ltd Stock Price, News & Analysis

Worksport (NASDAQ: WKSP) has initiated its cryptocurrency treasury strategy with a six-figure purchase of Bitcoin (BTC) and Ripple (XRP). This move follows the company's December 2024 announcement to invest excess cash reserves in cryptocurrencies. The strategy aims to hedge against inflation and capitalize on the growing cryptocurrency market.

The company plans to integrate cryptocurrency payment options on Worksport.com to reduce transaction fees and expand payment methods. Worksport reports strong business growth with improving revenues and margins, and projects the release of three new products and approaching cash flow positivity in 2025. The company maintains a long-term view on its crypto holdings and plans to increase its position as excess cash grows.

Worksport (NASDAQ: WKSP) has selected Coinbase as its official cryptocurrency custodian, following the company's December 2024 announcement of its Cryptocurrency Treasury Strategy. The partnership enables Worksport to hold portions of its surplus cash reserves in Bitcoin (BTC) and XRP, leveraging Coinbase's regulatory compliance, security measures, and insurance-backed custody solutions.

This strategic move aligns with Worksport's growth initiatives, including expected multi-fold revenue increase, push toward cash flow positivity, and the planned launch of three new product lines in 2025. The company aims to diversify its financial positioning and strengthen its balance sheet through measured cryptocurrency investments. Coinbase, as the largest U.S. cryptocurrency exchange, will provide institutional-grade custody services to support Worksport's entry into the cryptocurrency space.

Worksport (NASDAQ: WKSP) announced a significant expansion of its patent portfolio, growing approximately 25% in the last 12 months. The company has also joined the LOT Network, a global consortium protecting companies from patent assertion entities (PAEs).

The expanded patent portfolio covers innovations for existing product lines, including the patented SOLIS solar tonneau cover and COR portable power system. Additional proprietary assets are being developed through subsidiary Terravis Energy in Cold-Climate Heat Pumps.

By joining LOT Network, Worksport gains protection against PAE litigation through access to over 4.8 million patents, including nearly 50,000 patent assets in relevant technology fields. The network includes major companies like Tesla, Ford, Amazon, Rivian, Hyundai, and Microsoft, offering mutual protection against patent trolls through automatic licensing agreements.

Worksport's subsidiary Terravis Energy has announced a groundbreaking heat pump technology breakthrough, with the global reveal scheduled for February 11, 2025. The new solution addresses two major market challenges by delivering exceptional performance in extreme weather conditions while maintaining affordability and efficiency.

The system features AI-powered adaptability that personalizes comfort settings for individual users. The innovation comes amid a growing heat pump market, with a projected Total Addressable Market of USD 290 billion in North America and USD 910 billion globally from 2022 to 2031, showing a 9.4% CAGR.

The technology aims to overcome traditional heat pump limitations in extreme temperatures, supported by significant government incentives including up to $8,000 in U.S. rebates and $10,000 in Canadian installations subsidies.

Worksport reported strong Q4 2024 unaudited results with revenue of $2.93 million, up from $839,000 in Q4 2023. Full-year revenue reached $8.5 million, exceeding previous guidance of $6-8 million. December 2024 margins increased significantly to 21.1%, representing a 166% jump from Q3, while Q4 margins showed a 55% improvement over Q3 2024.

The company's strategic shift towards higher-value, branded products and Made in America initiatives contributed to margin growth. Looking ahead to 2025, Worksport targets over $20 million in tonneau cover sales and plans to launch new products including the SOLIS solar tonneau cover and COR mobile power system. The company is focusing on expanding its dealer network and developing strategic partnerships to enhance market reach.

Worksport (NASDAQ: WKSP) has announced the expansion of its product line with a new premium tri-fold tonneau cover, the HD3, scheduled for production in Spring 2025. This follows the imminent launch of their AL4 model, which begins shipping in January 2025.

The HD3 will feature enhanced design elements including a six-point latching system, premium security, and hydrophobic Diamond Shield ceramic infused finish, with a minimum advertised price of $799. The product joins Worksport's existing lineup alongside the entry-level AL3 ($699) and premium four-fold AL4 ($999).

The company is also progressing with its COR mobile power system and SOLIS solar tonneau cover, currently in alpha-release. These clean-tech innovations are positioned to enter multi-billion-dollar markets. Additionally, Worksport's subsidiary Terravis Energy is developing engineering breakthroughs, with more details expected in coming weeks.

Worksport (NASDAQ: WKSP) reflects on a transformative 2024 and provides outlook for 2025. The company projects exceeding its 2024 revenue guidance of $8 million, up from $1.5 million in 2023. Key 2024 achievements include full-scale production at its U.S. factory, a $2.8M Manufacturing Grant from New York State, and 30% increase in factory staffing.

The company experienced significant growth with 275% revenue increase from Q1 to Q2 2024, followed by a 63% surge in Q3. B2B branded business saw over 200% growth in H2 2024. Looking ahead to 2025, Worksport plans to launch its AL4 tonneau cover in Q1 and SOLIS/COR products in Q2/Q3, targeting increased gross margins, ISO certification, and cash flow positivity.

Worksport (NASDAQ: WKSP) has launched a new investor relations website featuring their strategic vision targeting a $13B market. The company reported significant growth with 581% year-over-year sales increase in Q3 and plans to launch three new products in 2025, including the AL4 tonneau cover, SOLIS solar tonneau cover, and COR mobile power system.

The company has secured pre-orders for its AL4 tonneau cover from two major distributors and expects its tonneau cover business to reach 9-figures in revenue within the next few years. Recent achievements include 51% B2C and 60% B2B sales growth in November, a 30% increase in production capacity, and projected savings of over $2MM from new strategic initiatives.

Worksport (NASDAQ: WKSP) reported significant growth milestones in December 2024, including a 117% expansion in dealer network since September and securing pre-orders for its upcoming AL4 tonneau cover from major U.S. distributors. The company announced plans to allocate up to $5 million in Bitcoin and XRP, capped at 10% of excess cash, as part of its treasury management strategy. Recent performance shows a 51% increase in B2C sales and 60% rise in B2B sales. The company is preparing to launch its AL4 tonneau cover, followed by SOLIS solar tonneau cover and COR mobile power system in 2025. Following a December 8 appearance on FOX & Friends, Worksport has gained increased national visibility for its American-made products.