Worksport Ltd. Reports Additional $50,000 CEO Insider Stock Acquisition, Reinforcing Confidence in Long-Term Value Creation
Worksport (NASDAQ:WKSP) reported that Founder and CEO Steven Rossi elected to receive 79,618 shares of common stock instead of $50,000 in cash compensation, at $0.6280 per share, matching the June 5, 2026 Nasdaq closing price.
Sentiment and the balance of points
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Rhea-AI Summary
Worksport (NASDAQ:WKSP) reported that Founder and CEO Steven Rossi elected to receive 79,618 shares of common stock instead of $50,000 in cash compensation, at $0.6280 per share, matching the June 5, 2026 Nasdaq closing price.
According to Worksport, Rossi previously took 88,214 shares in April 2026 in lieu of $75,000. The company reports revenue growth from about $1.5 million in 2023 to $8.5 million in 2024 and $16.1 million in 2025, alongside efforts to improve margins and move toward operational cash-flow positivity.
Positive
- CEO receives $50,000 compensation as 79,618 shares at $0.6280
- Second CEO stock election, totaling 167,832 shares for $125,000 compensation
- Revenue growth from about $1.5M (2023) to $16.1M (2025)
- Reported expansion of gross margins alongside revenue growth
- Commercial rollout of Nexus Tonneau Cover started April 2026
- Ongoing commercialization of SOLIS and COR clean-energy solutions
Negative
- New share issuance to CEO adds incremental equity dilution
- Company has not yet reached operational cash-flow positivity
Details
News Market Reaction – WKSP
On Jun 9, the day this news came out, WKSP closed 9.19% below the previous close.
Data tracked by StockTitan Argus for the Jun 9 session.
Key Figures
- CEO compensation swap
- $50,000
- Cash compensation taken as shares in June 2026
- Shares issued to CEO
- 79,618 shares
- Common stock received instead of cash at $0.6280
- Purchase price per share
- $0.6280
- Closing price on June 5, 2026 for CEO share issuance
- Prior CEO share grant
- 88,214 shares
- April 2026 equity in lieu of $75,000 cash
- Prior cash foregone
- $75,000
- April 2026 accrued compensation taken as stock
- 2023 revenue
- $1.5 million
- Annual revenue 2023 cited as growth baseline
- 2024 revenue
- $8.5 million
- Annual revenue 2024 showing scaling sales
- 2025 revenue
- $16.1 million
- Annual revenue 2025 reflecting continued growth
Previous Acquisition Reports
-
CEO took 88,214 shares instead of $75,000 cash, stressing growth and targets.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
stock purchase agreement financial
tonneau cover technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
Founder & CEO continues to acquire equity, reflecting his confidence in the Company's progress toward achieving operational cash-flow positivity and his belief that the Company's current market valuation, trading significantly below book-value. does not fully reflect its underlying business, or growth potential.
WEST SENECA, NY / ACCESS Newswire / June 9, 2026 / Worksport Ltd. (NASDAQ:WKSP) ("Worksport" or the "Company"), a U.S.-based innovator and manufacturer of hybrid and clean energy solutions primarily for the light truck, overlanding, and global consumer goods markets, today announced that its Founder and Chief Executive Officer, Steven Rossi, has elected to receive 79,618 shares of the Company's common stock in lieu of receiving
The shares were issued to Rossi pursuant to a Stock Purchase Agreement dated June 5, 2026, between Mr. Rossi and the Company at a purchase price of
This marks the second time Mr. Rossi has elected to receive Company shares in satisfaction of accrued, earned compensation. As previously announced, in April 2026, Mr. Rossi elected to receive 88,214 shares of common stock in lieu of
Mr. Rossi's continued decision to acquire equity in lieu of cash compensation reflects his confidence in the Company's long-term strategy and his belief that the Company's current market valuation does not fully reflect its asset base, growth trajectory, expanding sales channels, intellectual property portfolio, and progress toward achieving operational cash-flow positivity.
Over the past several years, Worksport has grown annual revenue from approximately
Worksport continues to pursue its stated objective of achieving operational cash-flow positivity through growing sales, expanding distribution, improving manufacturing efficiencies, and advancing its recently launched clean-energy solutions SOLIS and COR.
Management also believes that the continued commercial rollout of the Company's Nexus Tonneau Cover, launched in April 2026, together with the Company's broader commercialization initiatives, will support its long-term growth objectives.
CEO Commentary
"I continue to believe that Worksport is trading materially below the value of the business we have built," said Steven Rossi, Founder and Chief Executive Officer.
"Over the last several years, we have transformed Worksport through substantial investments in manufacturing, inventory, product development, distribution, intellectual property, and brand equity. During that time, our revenue has continued to grow, our margins have continued to improve, and we have made significant progress toward achieving operational cash-flow positivity.
"While market conditions and sentiment can fluctuate, my conviction in the Company remains unwavering. My decision to receive shares instead of cash compensation reflects my strong belief that the market has not yet fully recognized the strength of our assets, the progress we have made, or the opportunities that lie ahead. I have tremendous confidence in our team and remain highly optimistic about our ability to execute our strategy and create long-term shareholder value."
Management remains focused on disciplined execution, operational efficiency, revenue growth, and strengthening the Company's position across both its core and emerging business segments.
Stay tuned for more information and join our mailing list to stay up to date with the latest: Join Worksport's Newsletter
Contacts
Investor Relations, Worksport Ltd. T: 1 (888) 554-8789 ext. 128
W: investors.worksport.com W: www.worksport.com E: investors@worksport.com
Connect with Worksport Chief Executive Officer, Steven Rossi
Steven Rossi LinkedIn
About Worksport
Worksport Ltd. (Nasdaq: WKSP), through its subsidiaries, designs, develops, manufactures, and owns the intellectual property on a variety of tonneau covers, solar integrations, portable power systems, and clean heating & cooling solutions. Worksport's hard-folding cover, designed and manufactured in-house, is compatible with all major truck models and is gaining traction with newer truck makers including the electric vehicle (EV) sector. Worksport seeks to capitalize on the growing shift of consumer mindsets towards clean energy integrations with its proprietary solar solutions, mobile energy storage systems (ESS), and Cold-Climate Heat Pump (CCHP) technology. Terravis Energy's website is terravisenergy.com.
Connect with Worksport
Please follow the Company's social media accounts on X (previously Twitter), Facebook, LinkedIn, YouTube, and Instagram, the links of which are links to external third-party websites, as well as sign up for the Company's newsletters at investors.worksport.com.
Social Media Disclaimer
The Company does not endorse, ensure the accuracy of, or accept any responsibility for any content on these third-party websites other than content published by the Company. Investors and others should note that the Company announces material financial information to our investors using our investor relations website, press releases, Securities and Exchange Commission ("SEC") filings, and public conference calls and webcasts. The Company also uses social media to announce Company news and other information. The Company encourages investors, the media, and others to review the information the Company publishes on social media. The Company does not selectively disclose material non-public information on social media. If there is any significant financial information, the Company will release it broadly to the public through a press release or SEC filing prior to publishing it on social media.
Forward-Looking Statements
The information contained herein may contain "forward‐looking statements." Forward‐looking statements reflect the current view about future events. When used in this press release, the words "anticipate," "believe," "estimate," "scheduled," "expect," "future," "intend," "plan," "project," "envisioned," "should," or the negative of these terms and similar expressions, as they relate to us or our management, identify forward‐looking statements. These statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial situation may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (i) supply chain delays; (ii) acceptance of our products by consumers; (iii) delays in or nonacceptance by third parties to sell our products; and (iv) competition from other producers of similar products. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the SEC, including, without limitation, our latest Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC's web site at www.sec.gov. As a result of these matters, changes in facts, assumptions not being realized or other circumstances, the Company's actual results may differ materially from the expected results discussed in the forward-looking statements contained in this press release. The forward-looking statements made in this press release are made only as of the date of this press release, and the Company undertakes no obligation to update them to reflect subsequent events or circumstances.
SOURCE: Worksport Ltd.
View the original press release on ACCESS Newswire
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