Worksport Secures Second National Distributor & Projects $21.5M in Repeatable B2B Revenue
Rhea-AI Summary
Positive
- Secured second national distributor, expanding dealer network to 550+ locations from 94 at start of year
- Projects $21.5M in annual repeatable B2B revenue at full activation
- Strong DTC performance with ~$1M in monthly e-commerce revenue
- 157% year-over-year increase in gross margin in Q1 2025
- 2025 revenue guidance of $20-$25M represents 2.5-3x growth YoY
- New clean energy products SOLIS and COR launching Fall 2025
Negative
- Only 187 out of 550 dealer partners currently active in sales
- Profitability and positive cash flow not yet achieved
News Market Reaction – WKSP
On the day this news was published, WKSP declined 6.86%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Dealer Network Expands now to over 550 U.S. Locations; Recurring Revenue Expected to Further Accelerate in 2025.
West Seneca, New York, June 10, 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 a significant milestone: the addition of a second national automotive distributor. This strategic agreement expands the Company’s partnered dealer network to over 550 locations across the United States—representing a nearly 6x increase since the beginning of 2025.
This momentum marks Worksport’s second national distribution agreement in under two months, following its April 2025 partnership with Patriot Auto Group, which brought over 200 dealers under the Worksport dealer network. The newest agreement adds access to approximately 250 additional dealer accounts, further accelerating the Company’s penetration into high-value retail markets through strategically aligned partners.
Repeatable Revenue at Scale Projected to Exceed
With more than 450 new accounts added year-to-date, up from 94 at the start of the year, Worksport’s U.S. dealer network is expanding rapidly. As of today, the Company actively sells to 187 of its 550 dealer partners, with new accounts joining weekly.
At full activation, Worksport estimates these channels can support over
Management reaffirms full-year 2025 revenue guidance of
“Our strategic focus on supporting U.S. brick-and-mortar retailers with Made-in-America products continues to prove itself,” said Steven Rossi, Chief Executive Officer of Worksport. “This milestone validates the strength of our distribution model and the surging demand for competitively priced, high-quality truck accessories. With more than 17,000 potential dealer locations across the country, we’ve only begun to tap into our total addressable market. Following a
Momentum Accelerates Across All Sales Channels
In parallel with its expanding wholesale network, Worksport is maintaining strong performance in its direct-to-consumer (DTC) segment, generating approximately
These developments come ahead of the anticipated Fall 2025 commercial launch of SOLIS, Worksport’s patented solar-integrated tonneau cover, and COR, its portable energy storage system. Together, these products are positioned to unlock new, higher-margin revenue streams in multi-billion-dollar clean-tech and off-grid power markets—well beyond the Company’s core automotive footprint.
Strategic Outlook: Positioned for Multi-Vector Growth
With two national distributors onboard, scalable B2B infrastructure in place, and high-impact clean energy products nearing launch, Worksport is now executing across multiple growth vectors. The Company remains focused on capturing greater market share, enhancing operational efficiencies, and advancing toward sustainable profitability and positive cash flow in fiscal 2025 and beyond. Worksport’s sales team is actively working to establish additional meaningful, strategic B2B reseller accounts within the US and Canadian markets.
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
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.
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