Worksport Posts Q2 2025 Results: Gross Profit Increases 173%, Revenue Jumps 83%, Margin Expands 870 bps, Operating Loss Improves 15% [QoQ].
Worksport (NASDAQ: WKSP) reported strong Q2 2025 results with record-breaking performance. The company achieved net sales of $4.10 million, marking a 114% year-over-year and 83% sequential increase. Gross margin expanded to 26.4%, resulting in a 173% increase in gross profit to $1.08 million.
Key operational metrics show operating loss improved 15% QoQ to $(3.62) million, while operating cash use improved 19% to $(3.10) million. The company maintains $6.1 million in total liquidity and reaffirmed its 2025 revenue target of ≥$20 million. Production is ramping up, with July output averaging 115-130 units/day and targeting ~200 units/day by late Q3.
Worksport expects to achieve operating cash-flow breakeven by Q4 2025 or early Q1 2026, with gross margins projected to reach ~30% by year-end. The company plans to launch HD3, SOLIS, and COR products in the coming quarters.
Worksport (NASDAQ: WKSP) ha riportato solidi risultati nel Q2 2025 con performance record. L'azienda ha registrato ricavi netti di $4.10 million, segnando un aumento del 114% su base annua e dell'83% rispetto al trimestre precedente. Il margine lordo è salito al 26,4%, portando a un incremento del 173% del profitto lordo a $1.08 million.
Le principali metriche operative mostrano che la perdita operativa è migliorata del 15% QoQ, a $(3.62) million, mentre l'utilizzo di cassa operativo è migliorato del 19% a $(3.10) million. L'azienda mantiene $6.1 million di liquidità totale e ha riconfermato l'obiettivo di ricavi 2025 di ≥$20 million. La produzione è in aumento: la media di luglio è stata di 115–130 unità/giorno e l'obiettivo è di circa 200 unità/giorno entro la fine del Q3.
Worksport prevede di raggiungere il pareggio del flusso di cassa operativo entro il Q4 2025 o all'inizio del Q1 2026, con margini lordi stimati intorno al ~30% entro fine anno. L'azienda pianifica il lancio dei prodotti HD3, SOLIS e COR nei prossimi trimestri.
Worksport (NASDAQ: WKSP) informó sólidos resultados en el 2T 2025 con un desempeño récord. La compañía consiguió ventas netas de $4.10 million, lo que representa un aumento del 114% interanual y del 83% secuencial. El margen bruto se amplió hasta el 26,4%, resultando en un incremento del 173% del beneficio bruto hasta $1.08 million.
Las métricas operativas clave muestran que la pérdida operativa mejoró un 15% QoQ, hasta $(3.62) million, mientras que el uso de efectivo operativo mejoró un 19% hasta $(3.10) million. La compañía mantiene $6.1 million en liquidez total y reafirmó su objetivo de ingresos 2025 de ≥$20 million. La producción está aumentando: el promedio de julio fue de 115–130 unidades/día y se apunta a ~200 unidades/día para finales del 3T.
Worksport espera alcanzar el punto de equilibrio del flujo de caja operativo en el 4T 2025 o a principios del 1T 2026, con márgenes brutos proyectados en ~30% para fin de año. La compañía planea lanzar los productos HD3, SOLIS y COR en los próximos trimestres.
Worksport (NASDAQ: WKSP)는 2025년 2분기에 기록적인 성과를 발표했습니다. 회사는 순매출 $4.10 million을 올렸으며 전년 동기 대비 114%, 전분기 대비 83% 증가했습니다. 총마진은 26.4%로 확대되어 총이익은 173% 증가한 $1.08 million을 기록했습니다.
주요 운영 지표에서는 영업손실이 전분기 대비 15% 개선되어 $(3.62) million을 기록했고, 영업현금 사용도 19% 개선되어 $(3.10) million이었습니다. 회사는 $6.1 million의 총 유동성을 보유하고 있으며 2025년 매출 목표 ≥$20 million을 재확인했습니다. 생산이 확대되고 있어 7월 일평균 생산량은 115–130대였고, 3분기 말까지 약 200대/일을 목표로 하고 있습니다.
Worksport는 2025년 4분기 또는 2026년 1분기 초에 영업현금흐름 기준 손익분기점을 달성할 것으로 기대하며, 연말까지 총마진을 약 30% 수준으로 끌어올릴 전망입니다. 회사는 향후 분기 동안 HD3, SOLIS, COR 제품을 출시할 계획입니다.
Worksport (NASDAQ: WKSP) a publié des résultats solides pour le T2 2025 avec des performances record. La société a réalisé un chiffre d'affaires net de $4.10 million, soit une hausse de 114% en glissement annuel et de 83% séquentiellement. La marge brute s'est élargie à 26,4%, entraînant une augmentation de 173% du bénéfice brut à $1.08 million.
Les indicateurs opérationnels clés montrent que la perte d'exploitation s'est améliorée de 15% en QoQ pour atteindre $(3.62) million, tandis que l'utilisation de trésorerie opérationnelle s'est améliorée de 19% à $(3.10) million. La société dispose de $6.1 million de liquidités totales et a réaffirmé son objectif de chiffre d'affaires 2025 de ≥$20 million. La production est en hausse : la production moyenne en juillet était de 115–130 unités/jour et l'objectif est d'environ 200 unités/jour d'ici la fin du T3.
Worksport prévoit d'atteindre l'équilibre du flux de trésorerie opérationnel d'ici le T4 2025 ou début T1 2026, avec des marges brutes projetées à ~30% d'ici la fin de l'année. La société prévoit de lancer les produits HD3, SOLIS et COR dans les prochains trimestres.
Worksport (NASDAQ: WKSP) meldete starke Ergebnisse für Q2 2025 mit rekordverdächtiger Performance. Das Unternehmen erzielte Nettoerlöse von $4.10 million, was einem Anstieg von 114% im Jahresvergleich und 83% gegenüber dem Vorquartal entspricht. Die Bruttomarge weitete sich auf 26,4% aus, wodurch der Bruttogewinn um 173% auf $1.08 million zunahm.
Wichtige operative Kennzahlen zeigen, dass der operative Verlust sich um 15% QoQ verbesserte und $(3.62) million betrug, während der operative Cash-Verbrauch sich um 19% auf $(3.10) million verringerte. Das Unternehmen verfügt über $6.1 million an Gesamtliquidität und bestätigte sein Umsatzziel für 2025 von ≥$20 million. Die Produktion wird hochgefahren: Die durchschnittliche Juli-Produktion lag bei 115–130 Einheiten/Tag, mit dem Ziel von ~200 Einheiten/Tag gegen Ende des Q3.
Worksport erwartet, bis Q4 2025 oder Anfang Q1 2026 den operativen Cashflow-Break-even zu erreichen, mit prognostizierten Bruttomargen von ~30% bis Jahresende. Das Unternehmen plant, in den kommenden Quartalen die Produkte HD3, SOLIS und COR auf den Markt zu bringen.
- Record quarterly revenue of $4.10M, up 114% YoY and 83% QoQ
- Gross margin expanded 870 basis points to 26.4%
- Gross profit increased 173% to $1.08M
- Operating loss improved 15% QoQ
- Operating cash use improved 19%
- Added 450+ new dealer accounts with potential $21.5M annual revenue
- Production capacity increasing from 130 to targeted 200 units/day
- Strong liquidity position with $6.1M available
- Operating loss remains significant at $(3.62M)
- Net loss of $(3.73M) despite improvements
- 5-10% inflationary cost impact from tariffs
- Cash and equivalents decreased from $4.88M to $1.39M since December 2024
- Currently pursuing additional funding through Reg A offering
Insights
Worksport's Q2 shows strong growth trajectory with expanding margins, though still operating at a loss with path to profitability by late 2025/early 2026.
Worksport's Q2 results demonstrate impressive sequential growth with revenue jumping
The company's operational metrics are trending in the right direction, with operating loss improving
The three consecutive monthly sales records in Q2 (April:
Their liquidity position of
The path to profitability is becoming clearer, with management targeting operating cash-flow breakeven by Q4 2025 or early Q1 2026 and gross margins approaching
While significant progress is evident, Worksport still posted a substantial net loss of
Company Reaffirms ≥
West Seneca, New York, Aug. 13, 2025 (GLOBE NEWSWIRE) -- Worksport Ltd. (NASDAQ: WKSP) (“Worksport” or the “Company”), a U.S. based manufacturer and innovator of hybrid and clean energy solutions for the light truck, overlanding, and global consumer goods sectors, today announced record financial and operational results for the quarter ended June 30, 2025 (“Q2 2025”) and reaffirmed full-year 2025 revenue guidance of at least
Q2 2025 Highlights
Worksport delivered its highest quarterly revenue in Company history, with net sales of
The Company achieved three consecutive monthly sales records in Q2 — April
Additional Operational Highlights:
- Production: Q3 2025 output is expected to be notably stronger than Q2. July output averaged 115-130 units/day, peaking at 160 units/day and by late Q3 targeting ~200 units/day.
- Innovation Pipeline: HD3 heavy-duty tonneau cover on track for Q3 launch; SOLIS (solar tonneau) and COR (portable power) on track for Q4 launch; AetherLux cold-climate heat pump advancing to commercial testing.
- Tariff Management: Estimated 5
-10% inflationary cost impact offset by operational efficiencies; the Company is evaluating additional strategies to further mitigate effects across upcoming clean-tech products.
Management Commentary
Steven Rossi, Founder & CEO of Worksport, said:
“Q2 shows our model working at scale - demand is outpacing supply, margins are expanding, and our U.S. facility continues to ramp efficiently. With three straight monthly sales records and gross margin now at
Michael Johnston, CFO, added:
“We delivered strong sequential leverage, including gross profit up
Outlook & Guidance
- 2025 Revenue: Reaffirmed at ≥
$20 million . - Margins: Expect continued expansion toward ~
30% + gross margin by year-end. - Cash Flow: Targeting operating cash-flow breakeven by Q4 2025 / Q1 2026.
- 2026 Profitability Drivers: Initial
$2 -3M revenue expected from first batches of COR & SOLIS; AetherLux expected to contribute meaningfully in 2026.
Capital & Liquidity:
- Reg A Offering: Company expects to close the current Regulation A offering by end of August 2025; if fully subscribed (
$10M ), management believes Worksport is fully funded through 2025 and into 2026. - Warrants: Outstanding warrants (
$4.50 -$6.70 exercise ranges) may provide 2026 growth capital. While currently not in the money, the Company believes current share price is undervalued and may be better reflected as the year goes on. Per the current business plan, Worksport intends to limit notable equity dilution while pursuing disciplined growth.
Worksport Q2 2025 Conference Call
For detailed insights on the quarter, and management commentary, please attend our scheduled conference call. It will occur at 1PM ET on Wednesday August 13, 2025. You may attend with this registration link: [Conference Call Registration]
Accompanying prepared remarks and deck will be available at 1pm ET: [here]
Worksport Q2 2025 Report: Balance Sheet & Income Statement
Below is a summary excerpt from the Financial Statements section of Worksport 10-Q [June 30, 2025] covering the quarter ending June 30, 2025. Investors are encouraged to review the complete 10-Q filing and the accompanying prepared remarks, both linked above, for full context and analysis.
Worksport Ltd.
Condensed Consolidated Balance Sheets
(Unaudited)
| June 30, 2025 (Unaudited) | December 31, 2024 | |||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 1,393,140 | $ | 4,883,099 | ||||
| Accounts receivable, net | 295,961 | 42,589 | ||||||
| Other receivable | 228,086 | 169,728 | ||||||
| Inventory (Note 3) | 5,881,513 | 5,190,054 | ||||||
| Prepaid expenses and deposits (Note 6) | 692,292 | 192,192 | ||||||
| Total current assets | 8,490,992 | 10,477,662 | ||||||
| Investments (Note 11) | 122,681 | 66,308 | ||||||
| Property and equipment, net (Note 4) | 13,218,121 | 13,644,226 | ||||||
| Operating lease right-of-use assets (Note 12) | 731,633 | 595,415 | ||||||
| Intangible assets, net (Note 5) | 1,016,710 | 953,049 | ||||||
| Total assets | $ | 23,580,137 | $ | 25,736,660 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 1,973,131 | $ | 1,526,630 | ||||
| Accrued liabilities and other | 682,781 | 800,283 | ||||||
| Accrued compensation | 517,475 | 377,112 | ||||||
| Long-term debt, current portion (Note 13) | 235,865 | 222,992 | ||||||
| Lease liability, current portion (Note 12) | 323,698 | 246,535 | ||||||
| Total current liabilities | 3,732,950 | 3,173,552 | ||||||
| Lease liability, excluding current portion (Note 12) | 437,266 | 368,472 | ||||||
| Long-term debt, excluding current portion (Note 13) | 2,093,363 | 4,781,005 | ||||||
| Total liabilities | 6,263,579 | 8,323,029 | ||||||
| Shareholders’ Equity | ||||||||
| Series A, B & C Preferred stock, | 49 | - | ||||||
| Common stock, | 5,518 | 4,016 | ||||||
| Additional paid-in capital | 87,970,432 | 79,781,674 | ||||||
| Share subscriptions receivable | (1,577 | ) | (1,577 | ) | ||||
| Share subscriptions payable | 2,022,630 | 2,115,064 | ||||||
| Accumulated deficit | (72,671,914 | ) | (64,476,966 | ) | ||||
| Cumulative translation adjustment | (8,580 | ) | (8,580 | ) | ||||
| Total shareholders’ equity | 17,316,558 | 17,413,631 | ||||||
| Total liabilities and shareholders’ equity | $ | 23,580,137 | $ | 25,736,660 | ||||
The accompanying notes form an integral part of these condensed consolidated financial statements. Please click here to download the full 10-Q.
Worksport Ltd.
Condensed Consolidated Statements of Operations and Comprehensive Loss
For the Three and Six Months Ended June 30, 2025 and 2024
(Unaudited)
| Three Months ended June 30, | Six Months ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net sales | $ | 4,104,958 | $ | 1,921,539 | $ | 6,344,963 | $ | 2,434,176 | ||||||||
| Cost of sales | 3,022,846 | 1,624,910 | 4,866,630 | 2,100,091 | ||||||||||||
| Gross profit | 1,082,112 | 296,629 | 1,478,333 | 334,085 | ||||||||||||
| Operating Expenses | ||||||||||||||||
| Research and development | 304,833 | 1,045,864 | 674,434 | 1,415,465 | ||||||||||||
| General and administrative | 2,454,055 | 1,900,522 | 5,442,835 | 4,205,239 | ||||||||||||
| Sales and marketing | 1,305,355 | 478,792 | 2,175,104 | 545,569 | ||||||||||||
| Professional fees | 637,493 | 766,563 | 1,063,534 | 1,710,341 | ||||||||||||
| (Gain) loss on foreign exchange | (1,993 | ) | 15,636 | (3,638 | ) | 7,685 | ||||||||||
| Total operating expenses | 4,699,743 | 4,207,377 | 9,352,269 | 7,884,299 | ||||||||||||
| Loss from operations | (3,617,631 | ) | (3,910,748 | ) | (7,873,936 | ) | (7,550,214 | ) | ||||||||
| Other income (expense) | ||||||||||||||||
| Interest expense | (128,156 | ) | (134,164 | ) | (323,594 | ) | (257,762 | ) | ||||||||
| Interest income | 11,303 | - | 19,437 | 3,054 | ||||||||||||
| Rental income | - | 31,513 | - | 76,866 | ||||||||||||
| Other | - | - | (16,855 | ) | - | |||||||||||
| Total other income (expense) | (116,853 | ) | (102,651 | ) | (321,012 | ) | (177,842 | ) | ||||||||
| Net loss | $ | (3,734,484 | ) | $ | (4,013,399 | ) | $ | (8,194,948 | ) | $ | (7,728,056 | ) | ||||
| Loss per share (basic and diluted) | $ | (0.71 | ) | $ | (1.55 | ) | $ | (1.71 | ) | $ | (3.28 | ) | ||||
| Weighted average number of shares (basic and diluted) | 5,285,705 | 2,595,863 | 4,778,426 | 2,357,335 | ||||||||||||
The accompanying notes form an integral part of these condensed consolidated financial statements. Please click here to download the full 10-Q.
For further information:
Investor Relations, Worksport Ltd. T: 1 (888) 554-8789 -128
W: investors.worksport.com W: www.worksport.com E: investors@worksport.com
Join: Worksport’s Newsletter
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 has an active partnership with Hyundai for the SOLIS Solar cover. Additionally, 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 (collectively, the “Accounts”), 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.
FAQ
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