Worksport Ltd Stock Price, News & Analysis

Worksport (NASDAQ: WKSP), a U.S.-based manufacturer specializing in hybrid and clean energy solutions, has launched a new dealer webpage to streamline product access for dealers. This follows a record-breaking sales month in May, reinforcing the company's year-end revenue forecast of $6-8 million, up from ~$1.5 million in 2023.

CEO Steven Rossi highlighted the increased interest from over 20 dealers receiving products and 100 more expressing interest. Worksport aims to leverage its SOLIS solar tonneau cover and COR portable energy system, set for release this summer, to drive further growth. With a factory capable of producing 900+ covers daily and a market size of over 7 million covers annually, the company is optimistic about achieving cashflow positivity and significant revenue growth.

Worksport's Q2 earnings will be reported in August, featuring its first live earnings call. The launch of the dealer webpage is expected to support the company's revenue targets and attract more dealers across North America.

Worksport (NASDAW: WKSP) has announced a significant advancement in its Maximum Power Point Tracking (MPPT) technology, enhancing the compatibility of its SOLIS Solar Power System. The updated MPPT will allow the SOLIS system to charge not only Worksport's COR Portable Battery Generator but also most other portable power stations and power banks. This improvement broadens the market reach and utility of the SOLIS system, which will launch later this summer.

The SOLIS Cover, expected to hit the market with an Alpha release this summer, is anticipated to revolutionize the solar-integrated accessories market. The Cover may add up to 10 miles of range per day to some electric vehicles, with potential OEM integrations such as Worksport's collaboration with Hyundai. The company estimates the market for its SOLIS Cover could grow to 9-figures within 24-36 months.

The enhanced MPPT charger now supports batteries from 12V to 48V and power stations up to 60V, with an input of up to 150V of solar power. This breakthrough technology is expected to reach close to 98% efficiency. The production of the SOLIS Cover will be based at Worksport's facility in West Seneca, New York, which recently received a $2.8MM grant from the State of New York.

Worksport (NASDAQ: WKSP) announced record sales of $739,417 for May 2024, marking a 332% increase from their Q1 2024 monthly average. This surge surpasses the total Q1 2024 sales of $512,637, attributed to their Made-in-America products initiated in January 2024. The company forecasts $6-8 million in revenue for year-end 2024, indicating a 300-433% increase compared to 2023's $1.53 million. Worksport recently launched B2C sales and holds over $6 million in inventory to meet demand. Key products like the SOLIS solar tonneau cover and COR portable energy system are set for release this summer.

West Seneca, New York - June 13, 2024 - Worksport (NASDAQ: WKSP) was awarded 'Innovator of the Year' by Buffalo Business First. This recognition highlights Worksport's advancements in the automotive sector, particularly with the SOLIS Solar Truck Bed Cover and COR Portable Battery Generator System. Both products are set for Alpha launch this summer.

The SOLIS cover is a solar-integrated tonneau cover designed for major truck brands, targeting a multi-billion-dollar market segment. The COR system provides mobile clean energy and is expected to penetrate several peripheral markets.

Since starting full-scale production in January 2024 and launching direct-to-consumer sales in late Q1, Worksport has quickly gained market traction. A new partnership with a prominent Midwest distributor further enhances its market presence.

Worksport (NASDAQ: WKSP) has announced a new partnership with a major Midwest distributor, enhancing its brand visibility and market expansion in the U.S. This follows the company's projection of a 300-433% revenue increase for 2024 and a significant rise in dealer and consumer interest since launching full-scale production in January 2024 and direct-to-consumer sales in March 2024. Worksport aims to capture substantial market share with its diverse product lineup, including tonneau covers, clean energy products like the SOLIS solar cover, and the COR battery generator. The company boasts a robust intellectual property portfolio with over 160 issued and pending patents and trademarks.

Worksport has secured a new U.S. patent for its SOLIS Solar Tonneau Cover, an innovative product merging solar technology with truck bed covers. This product is compatible with major truck brands like Ford, Chevrolet, and Ram, and targets both traditional and EV vehicles. The SOLIS cover can be integrated with Worksport's COR portable energy storage system. The patent enhances Worksport's IP portfolio, now including over 160 patents, trademarks, and applications, positioning the company as a leader in automotive accessories and renewable energy. The SOLIS and COR products will launch this summer, expected to drive significant market impact.

Worksport (NASDAQ: WKSP), a leading U.S.-based manufacturer of hybrid and clean energy solutions, has issued its 2024 revenue forecast. The company anticipates revenue growth between 300% to 433%, driven by increased demand in the light truck, overlanding, and global consumer goods sectors. This optimistic projection is based on strategic initiatives, new product launches, and expanding market reach.

Worksport's growth strategy includes enhancing production capabilities, entering new markets, and leveraging strategic partnerships. The company aims to capitalize on the rising demand for sustainable energy solutions, positioning itself as a key player in the industry.

Worksport (NASDAQ: WKSP) has announced a remarkable 1,506% surge in Q1 revenue for fiscal year 2024 compared to the same period last year. This significant increase is attributed to private label sales alongside a strategic reduction in operational expenses by 4.8%. The company, specializing in hybrid and clean energy solutions for light trucks and consumer goods, anticipates further improvements in gross margins in upcoming quarters. The financial results were disclosed for the quarter ending March 31, 2024.

Worksport (NASDAQ: WKSP) has been awarded a $2.8 million grant from the State of New York for job creation and wage support, in addition to a previous low-cost power award. The grant aims to create up to 280 new jobs from 2025 to 2030, enhancing Worksport's market presence and investor appeal. Worksport plans to introduce innovative products, including a solar tonneau cover and portable energy storage system, to capitalize on New York's business environment.