Worksport Q3 Net Sales Increase 44.2% Year-Over-Year to a Record $7.2 Million Worksport (NASDAQ: WKSP) Q3 Revenue Rises 44% to Record $7.23 Million as Net Loss Narrows 28%

Quarterly losses narrowed, but the nine-month net loss widened and August financing added shares and warrants.

Rhea-AI Summary

Worksport (NASDAQ: WKSP) reported record third-quarter 2026 net sales of $7.2 million as its quarterly net loss narrowed year over year. Sales increased 44.2% from Q3 2025 and 38.2% sequentially. Net loss narrowed 27.0% to $3.6 million, or $0.26 per share, versus $4.9 million, or $0.75 per share, a year earlier. Operating expenses fell 11.7% year over year to $5.6 million.

Nine-month sales reached $15,770,758, while net loss widened to $13,393,217 from $13,123,627. September-end cash was $2,528,222, versus $5,945,894 at year-end 2025. August warrant financing issued 3,840,421 common shares and new warrants for up to 4,800,526 shares at $0.60. Estimated backlog rose to approximately $740,000 from approximately $117,000 at June-end. A proposed truck-bed accessory acquisition remains non-binding and subject to due diligence, definitive agreements and closing conditions.

17 points · 1 major

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

1 major · 10 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major pointAugust warrant financing primarily drove the sequential cash increase; $1.8 million remained available on the revolving credit facility.
• Moderate pointQ3 net sales of $7.2 million increased 44.2% year over year and 38.2% sequentially.
• Moderate pointQ3 net loss narrowed 27.0% to $3.6 million; loss per share improved to $0.26 from $0.75.
• Moderate pointQ3 gross profit increased to $2,188,707 from $1,568,784 a year earlier.
• Moderate pointQ3 operating expenses fell 11.7% year over year to $5.6 million, despite rising 2.7% sequentially.
• Moderate pointQ3 operating loss narrowed to $3,429,315 from $4,792,771 a year earlier.
• Moderate pointOperating cash use fell 89% from Q2 2026 and approximately 95% from Q1 2026.
• Moderate pointEstimated backlog reached approximately $740,000 at September-end, versus approximately $117,000 at June-end.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Proposed acquisition would add a business selling a patented, American-made truck-bed accessory.

8 minor points

• Minor pointInventory declined 20.6% from June-end while quarterly sales grew 38%.
• Minor pointNine-month sales increased 38.8% to $15,770,758 from $11,358,835.
• Minor pointNine-month gross profit rose to $4,692,589 from $3,047,117 a year earlier.
• Minor pointNine-month loss per share improved to $1.12 from $2.44 a year earlier.
• Minor pointNEXUS net sales rose approximately 150% sequentially, accounting for roughly two-thirds of quarterly net sales.
• Minor pointSOLIS sales more than quadrupled to approximately $96,000.
• Minor point. Forward-looking: it has not happened yet and may not happen.Terravis Energy is preparing an 80-unit AetherLux pilot, with certification targeted for Q4 2026.
• Minor point. Forward-looking: it has not happened yet and may not happen.AetherLux first production is expected before year-end; initial U.S. pilot installations are targeted for Q1 2027.

Negative

• Major pointAugust financing issued 3,840,421 common shares and new warrants for up to 4,800,526 shares at $0.60, diluting holders.
• Moderate pointCash declined to $2,528,222 at September 30, 2026, from $5,945,894 at December 31, 2025.
• Moderate pointShareholders' equity fell to $18,819,800 at September-end from $22,876,221 at year-end 2025.
• Moderate pointAcquisition term sheet remains non-binding, subject to due diligence, definitive agreements and closing conditions.
• Minor pointNine-month net loss widened to $13,393,217 from $13,123,627 a year earlier.

5 minor points

• Minor pointNine-month operating expenses rose to $17,684,634 from $15,730,678 a year earlier.
• Minor pointNine-month operating loss widened to $12,992,045 from $12,683,561 a year earlier.
• Minor pointCommon shares outstanding increased to 19,993,672 at September-end from 9,814,665 at year-end 2025.
• Minor pointQ3 interest expense increased to $175,243 from $138,887 a year earlier.
• Minor pointAetherLux rollout remains subject to testing and production readiness.

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Details

Market Reaction – WKSP

+29.9% Peak Tracked

-8.7% Trough Tracked

$0.29 – $0.40 Day Range

$7.01M Mkt Cap at Last Price

On Nov 10, the day this news came out, the latest delayed price for WKSP is 20.55% above the previous close. Argus tracked a peak move of +29.9% during the session. Argus tracked a trough of -8.7% from its starting point during tracking. Our momentum scanner has recorded 41 alerts for this stock so far that day. The latest delayed price is $0.35. Relative volume is exceptionally heavy at 53.5x what this stock usually trades by this time of day.

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Key Figures

Q3 net sales: $7,228,298 Sequential sales growth: 38.2% Q3 net loss: $3,599,392 +4 more

Q3 net sales

$7,228,298

Q3 2026; record, up 44.2% year over year

Sequential sales growth

38.2%

Q3 2026 versus Q2 2026

Q3 net loss

$3,599,392

Q3 2026; narrowed 27.0% year over year

Loss per share

$0.26

Q3 2026, compared with $0.75 in Q3 2025

Operating expenses

$5,618,022

Q3 2026; down 11.7% year over year

Nine-month net sales

$15,770,758

Nine months ended September 30, 2026; up 38.8% year over year

Nine-month net loss

$13,393,217

Nine months ended September 30, 2026, compared with $13,123,627 in 2025

Historical Context

1 past event · Latest: Nov 03

1 event

1. Nov 03

   Q3 results

   24h Move

   +3.3%

   Preliminary Q3 sales set a record as operating cash use fell 89% sequentially.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

form 10-q, operating cash flow, working capital, warrant inducement

4 terms

form 10-q regulatory

"Worksport's full Q3 2026 Form 10-Q is accessible here"

A Form 10-Q is a detailed report that publicly traded companies are required to file with regulators three times a year, providing an update on their financial health and business activities. It is important for investors because it offers timely insights into a company's performance, helping them make informed decisions about buying or selling stocks. Think of it as a regular check-up report that shows how well a company is doing.

operating cash flow financial

"Q3 operating cash flow reflected the $3.60 million net loss"

Operating cash flow is the amount of money a company earns from its main business activities, like selling products or services. It shows how well the company can generate cash to pay bills, invest in growth, or return money to shareholders. This figure helps investors understand if the company’s core operations are healthy and sustainable.

View in glossary

working capital financial

"approximately $2.0 1.98 million of cash released from working capital"

Working capital is the money a business has available to cover its daily expenses, like paying bills and buying supplies. It’s like the cash in your wallet that helps you handle everyday costs; having enough ensures the business can operate smoothly without running into money shortages.

View in glossary

warrant inducement financial

"primarily from the August 2026 warrant inducement"

Warrant inducement is when a company offers new warrants—options to buy shares at a set price—as a sweetener to persuade investors, lenders, or shareholders to approve a deal or provide financing. Investors should care because these extra warrants can dilute existing ownership if exercised, change the company’s future share supply and potential upside, and alter the risk/reward balance much like giving a coupon that could reduce future prices for original buyers.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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WEST SENECA, NY / ACCESS Newswire / November 10, 2026 / Worksport Ltd. Worksport Ltd. 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 reported financial results for the third quarter ended September 30, 2026,. Net sales reached a record $7.2 million, up 44.2% year over year and $38.2% from the second quarter, while net loss narrowed 27.0% to $3.6 million, or $0.26 per share, compared to $4.9 million, or $0.75 per share, in Q3 2025.

Q3 2026 was the second consecutive quarter in which Worksport's revenue rose while its net loss and operating cash use fell. Since the first quarter, each dollar of net sales has carried a smaller loss: $1.76 in Q1 2026, $0.76 in Q2 2026 and $0.49 in Q3 2026.

Q2 2026 Financial Highlights

• Record net sales of $7.2 million, up 44.2% from $5.0 million in Q3 2025 and 38.2% from $5.23 million in Q2 2026
• Net loss narrowed 27.0% to $3.6 million, or $0.26 per share, from $4.9 million, or $0.75 per share, in Q3 2025, and 9.3% from $4.0 3.97 million in Q2 2026
• Operating expenses fell 11.7% to $5.6 million, or 78% of net sales, versus 127% in Q3 2025. Sequentially, operating expenses rose 2.7% while net sales grew 38.2%.
• Operating cash use fell to approximately $0.4 37 million (derived), down 89% from $3.44 million in Q2 2026 and approximately 95% from $8.23 million in Q1 2026.
• Inventory declined 20.6% to approximately $9.6 58 million from $12.1 07 million at June 30, 2026, while quarterly sales grew 38%.
• Cash and cash equivalents of $2.53 million, up from $1.2 16 million at June 30, primarily from the August 2026 warrant inducement, which issued 3,840,421 common shares and new warrants for up to 4,800,526 shares at $0.60; $1.8 million remained available on the revolving credit facility.
• Nine-month net sales increased 38.8% to approximately $15.8 77 million; nine-month net loss was $13.4 39 million (2025: $13.12 million), reflecting first-half investment in inventory, product launches and marketing.

Worksport's full Q3 2026 Form 10-Q is accessible here:
https://www.nasdaq.com/market-activity/stocks/wksp/sec-filings

Why Q3 Matters: Revenue is Outgrowing the Cost Base

From Q2 to Q3, net sales rose approximately $2.0 million while operating expenses rose approximately $85,000. Gross profit grew approximately $539,000 and net loss improved approximately $389,000.

Inventory built in the first half of 2026 supported a record sales quarter while its balance fell approximately $2.5 48 million. Q3 operating cash flow reflected the $3.60 million net loss, approximately $1.3 26 million of non-cash charges and approximately $2.0 1.98 million of cash released from working capital, led by inventory. Management's next objective is to narrow the remaining cash-flow gap through higher gross profit and spending discipline as production moves toward a just-in-time model.

Product and Platform Update

NEXUS net sales were approximately $4.8 76 million, up approximately 150% from Q2 and roughly two-thirds of quarterly net sales. SOLIS sales more than quadrupled to approximately $96,000, and COR became available on Amazon in September. Estimated backlog was approximately $740,000 at September 30, up from approximately $117,000 at June 30.

As announced on November 4, 2026, Worksport has signed a non-binding term sheet to acquire a business selling a patented, American-made truck-bed accessory that could be sold on its own or bundled with NEXUS; the transaction remains subject to due diligence, definitive agreements and closing conditions. Worksport subsidiary, Terravis Energy is expecting certification targeted in Q4 2026, for its revolutionary AetherLux Heat Pump, tested to operate continuously in sub-zero temperatures, without incurring a defrost cycle. As announced on November 4, 2026, Worksport has signed a non-binding term sheet to acquire a business selling a patented, American-made truck-bed accessory that could be sold on its own or bundled with NEXUS; the transaction remains subject to due diligence, definitive agreements and closing conditions. Terravis Energy is preparing an 80-unit AetherLux pilot, with certification targeted for Q4 2026, first production expected before year-end and initial U.S. pilot installations targeted for Q1 2027, subject to testing and production readiness.

CEO Commentary

"Q3 was the second straight quarter in which our sales went up while our net loss and cash use came down," said Steven Rossi, Founder and Chief Executive Officer of Worksport. "Since the first quarter, we have more than doubled quarterly revenue while reducing our net loss by nearly 40% and our operating cash use by about 95%. Sustained operating cash flow breakeven is our first financial priority, because it lets us fund more of our growth internally and reduces our dependence on equity financing. We have the factory, the products and the routes to customers; our job now is to put more of each additional gross-profit dollar toward closing the remaining gap."

Third Quarter 2026 Conference Call and Webcast

Worksport's management will host its Q3 2026 earnings conference call and live webcast on November 10, 2026, at 4:30 p.m. ET, followed by live Q&A with analysts. Prepared remarks and the presentation will be available afterward at investors.worksport.com/#reports.

Register Here:
https://us06web.zoom.us/webinar/register/WN_GpWdIF_gQpW_7Lk1ATXZuQ

Investors, analysts, media and other interested parties are invited to participate. The earnings-call transcript, presentation materials and audio replay are expected to be made available on the Worksport investor-relations website following the event.

Worksport Q3 2026 Report: Balance Sheet & Income Statement

Below is a summary excerpt from the Financial Statements section of 'Worksport 10-Q, November 10, 2026' covering the period ending September 30, 2026. Investors are encouraged to review the complete Form 10-Q filing and the accompanying Prepared Remarks, both linked above, for full context and analysis.

Worksport Ltd.
Consolidated Balance Sheets
September 30, 2026 and 2025

Condensed Consolidated Balance Sheets
(Unaudited)

		September 30,				December 31,
		2026				2025
		(Unaudited)
ASSETS
Current assets
Cash and cash equivalents		$	2,528,222			$	5,945,894
Accounts receivable, net			1,152,964				503,971
Other receivable			334,794				278,027
Inventories, net (Note 3)			9,583,539				9,530,671
Prepaid expenses and other (Note 6)			462,517				530,861
Total current assets			14,062,036				16,789,424
Property and equipment, net (Note 4)			11,616,967				12,688,488
Operating lease right-of-use assets (Note 11)			189,173				272,598
Other noncurrent assets			300,046				67,033
Intangible assets, net (Note 5)			665,145				896,531
Total assets		$	26,833,367			$	30,714,074
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable		$	1,971,697			$	3,107,085
Accrued liabilities and other			1,262,674				1,400,730
Accrued compensation			276,069				420,210
Long-term debt, current portion (Note 12)			1,030,454				1,686,809
Lease liability, current portion (Note 11)			112,960				113,012
Total current liabilities			4,653,854				6,727,846
Lease liability, excluding current portion (Note 11)			76,213				159,526
Long-term debt, excluding current portion (Note 12)			3,283,500				950,481
Total liabilities			8,013,567				7,837,853
Shareholders' equity
Series A, B and Series C preferred stock, $0.001 par value, 10,000,000 shares authorized, 100 Series A, 0 Series B, and 427,612 and 427,812 Series C issued and outstanding, respectively (Note 7)			428				428
Common stock, $0.001 par value, 45,000,000 shares authorized, 19,993,672 and 9,814,665 shares issued and outstanding, respectively (Note 7)			19,993				9,814
Additional paid-in capital			114,038,936				101,357,686
Share subscriptions receivable			(1,577	)			(55,684	)
Share subscriptions payable			2,119,458				5,446,347
Accumulated deficit			(97,348,858	)			(83,873,790	)
Cumulative translation adjustment			(8,580	)			(8,580	)
Total shareholders' equity			18,819,800				22,876,221
Total liabilities and shareholders' equity		$	26,833,367			$	30,714,074

The accompanying notes form an integral part of these condensed consolidated financial statements. Please click here to download the full Form 10-Q.

Worksport Ltd.
Consolidated Statements of Operations and Comprehensive Loss
September 30, 2026 and 2025

Condensed Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)

		Three Months ended								Nine Months ended
		September 30,								September 30,
		2026				2025				2026				2025
Net sales		$	7,228,298			$	5,013,872			$	15,770,758			$	11,358,835
Cost of sales			5,039,591				3,445,088				11,078,169				8,311,718
Gross profit			2,188,707				1,568,784				4,692,589				3,047,117
Operating expenses
Research and development			212,914				301,095				632,429				975,529
General and administrative			3,581,905				3,698,756				11,369,927				10,221,979
Sales and marketing			1,817,563				2,362,195				5,680,624				4,537,299
(Gain) loss on foreign exchange			5,640				(491	)			1,654				(4,129	)
Total operating expenses			5,618,022				6,361,555				17,684,634				15,730,678
Loss from operations			(3,429,315	)			(4,792,771	)			(12,992,045	)			(12,683,561	)
Other income (expense)
Interest expense			(175,243	)			(138,887	)			(414,462	)			(462,481	)
Other			5,166				2,979				13,290				22,415
Total other income (expense)			(170,077	)			(135,908	)			(401,172	)			(440,066	)
Net loss		$	(3,599,392	)		$	(4,928,679	)		$	(13,393,217	)		$	(13,123,627	)
Loss per share (basic and diluted) (Note 13)		$	(0.26	)		$	(0.75	)		$	(1.12	)		$	(2.44	)
Weighted average number of shares (basic and diluted)			13,605,813				6,563,228				11,902,961				5,377,750

The accompanying notes form an integral part of these condensed consolidated financial statements. Please click here to download the full Form 10-Q.

Contacts

Stay tuned for more information and join our mailing list to stay up to date with the latest:

Join Worksport's Newsletter

Investor Relations, Worksport Ltd. T: 1 (888) 554-8789-128
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 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, 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

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Worksport's Q3 2026 sales and net loss?

Worksport reported $7,228,298 in net sales and a $3,599,392 net loss for the quarter ended September 30, 2026. Sales increased 44.2% year over year, while net loss narrowed 27.0%. Basic and diluted loss per share was $0.26, compared with $0.75 a year earlier.

What is Worksport's AetherLux pilot and production timeline?

Terravis Energy is preparing an 80-unit AetherLux pilot, with certification targeted for Q4 2026, first production expected before year-end and initial U.S. pilot installations targeted for Q1 2027. The rollout remains subject to testing and production readiness.