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0001096275
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2026-04-13
2026-04-13
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): April 13, 2026
WORKSPORT
LTD.
(Exact
name of registrant as specified in its charter)
| Nevada |
|
001-40681 |
|
35-2696895 |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
No.) |
2500
N America Dr
West
Seneca, New York 14224
(Address
of principal executive offices) (ZIP Code)
(888)
554-8789
Registrant’s
telephone number, including area code
Not
Applicable
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
| ☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| |
|
| ☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| |
|
| ☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| |
|
| ☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
| Title
of each class |
|
Trading
Symbols |
|
Name
of each exchange on which registered |
| Common |
|
WKSP |
|
The
Nasdaq Stock Market LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b -2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
3.02 Unregistered Sales of Equity Securities.
On
April 13, 2026, Worksport Ltd. (the “Company”) issued to its Chief Executive Officer, Steven Rossi, 88,214 shares of the
Company’s common stock, par value $0.001 per share (the “Common Stock”), at a deemed price of $0.8502 per share, representing
the closing price of the Company’s Common Stock on the Nasdaq Capital Market on April 10, 2026, for an aggregate value of $75,000.
The
shares were issued in satisfaction of previously accrued and unpaid bonus compensation owed to Mr. Rossi and were approved by the Company’s
Board of Directors.
The
issuance of the shares was effected in reliance upon the exemption from registration provided by Section 4(a)(2) of the Securities Act
of 1933, as amended.
Item
7.01 Regulation FD Disclosure.
On
April 14, 2026, the Company issued a press release announcing that its Chief Executive Officer elected to receive shares of the Company’s
common stock in lieu of cash compensation. A copy of the press release is furnished herewith as Exhibit 99.1.
The
information furnished pursuant to this Item 7.01, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section
18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed
incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as
expressly set forth by specific reference in such filing.
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits.
| Exhibit
No. |
|
Description |
| 99.1 |
|
Press Release, dated April 14, 2026 |
| 104 |
|
Cover
Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
| |
WORKSPORT
LTD. |
| |
|
| Date:
April 14, 2026 |
By: |
/s/
Steven Rossi |
| |
Name: |
Steven
Rossi |
| |
Title: |
Chief
Executive Officer
(Principal
Executive Officer) |
Exhibit
99.1
Worksport
Ltd. Announces CEO Acquires Stock, Reinforcing Confidence in Long-Term Strategy
Founder
& CEO acquires 88,214 shares at $0.8502, citing belief in operational progress, margin expansion, and path to cash-flow positivity
West
Seneca, New York, April 14, 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, overlanding, and consumer goods markets, today announced that its Founder and Chief Executive Officer, Steven Rossi, acquired
88,214 shares of the Company’s common stock at a deemed purchase price of $0.8502, the closing price of the Company’s
common stock on Friday, April 10, 2026, in satisfaction of previously accrued cash compensation, representing an aggregate value of
$75,000. The issuance of such shares was made pursuant to a stock purchase agreement, dated April 13, 2026.
This
transaction underscores management’s confidence in Worksport’s fundamental value, bolstered by a year of record revenue growth,
significant margin expansion, and a clear path toward operational cash-flow positivity in the second half of 2026.
The
CEO’s acquisition of additional shares follows a year of significant operational progress and continued investment into
Worksport’s asset base, including:
| ● | Net
Sales Growth: From ~$1.5 million (2023) to $8.5 million (2024), and $16.1 million (2025),
with a forecast of $35 to $42 million in 2026 |
| | | |
| ● | Manufacturing
& Asset Value: A U.S.-based production facility in New York, appraised at
approximately $9 million in 2024, alongside continued investment in production equipment
and infrastructure supporting scaled output |
| | | |
| ● | Strategic
Inventory Positioning: As of December 31, 2025, the Company held approximately $9.5
million in inventory to support anticipated demand and minimize supply chain volatility |
| | | |
| ● | Intellectual
Property (IP) Portfolio: A growing global footprint consisting of approximately 25
utility patents, 50 design patents and registrations, and 44 registered trademarks
and 97 pending IP applications. |
| | | |
| ● | Gross
Margin Expansion: From ~11% in Q4 2024 to approximately ~30% in Q4 2025 |
| | | |
| ● | Dealer
Network Expansion: From under 100 to over 550 locations across North America |
| | | |
| ● | Product
Commercialization: Launch of SOLIS, COR, AL4, and HD3 in 2025, with an additional next-generation
product expected in Q2 2026 |
The
Company has indicated that, at approximately $9–11 million in quarterly revenue at targeted margin levels, it expects to
reach operational cash-flow positivity, a milestone it is actively pursuing in fiscal 2026
CEO
Commentary
“The
decision to increase my personal stake in Worksport by nearly 1% of the total outstanding stock reflects my unwavering belief
in our team’s execution and the intrinsic value of our assets,” said Steven Rossi.
“Over
the past two years, we have transformed the business - scaling revenue, expanding margins, building a national dealer network, and bringing
multiple products to market. While the share price has recently experienced pressure, I believe it does not fully reflect the underlying
progress we have made or the momentum we are building. Worksport management maintains its position that the company’s market
valuation is undervalued.
He
continued: “We have invested meaningfully to establish the foundation of this company. With that foundation now largely in place,
our focus is on execution - driving revenue growth, expanding distribution, and progressing toward operational cash-flow positivity.
I remain highly confident in our strategy and the long-term opportunity ahead.”
Upcoming
Catalysts and Innovation Pipeline
Worksport
enters fiscal 2026 with multiple growth drivers in motion:
| ● | Core
Tonneau Cover Business: A now matured product lineup (including AL4 and HD3) positioned
to scale across both direct-to-consumer and B2B channels. |
| ○ | “Game
Changer” Product: The Company expects to debut a next-generation hard cover in
early Q2 2026, featuring patented capabilities designed to capture significant market share. |
| ● | Distribution
Expansion: Targeting significant dealer growth and broader national distribution partnerships |
| ○ | New
large scale distribution partnerships are expected within 2026. |
| ● | SOLIS
& COR Commercialization: Recently launched solar-integrated tonneau cover and portable
energy storage system, with initial revenue contribution expected to build through 2026 |
| ○ | Business-to-Business
marketing and sales partnerships are being developed and deployed within 2026. |
| ● | OEM
& Strategic Partnerships: Ongoing engagement with automotive manufacturers and commercial
partners |
| ○ | Following
factory ISO certification in 2025, new partnerships are being focused on with OEMs in 2026. |
| ● | Terravis
Energy (AetherLux): Innovative cold-climate heat pump with industry leading performance,
representing a longer-term clean energy opportunity |
| ○ | Commercial
certification is expected within 2026. |
Management
has emphasized that fiscal 2026 represents a transition from investment and buildout to monetization and operating leverage,
supported by improving margins and a scalable manufacturing base.
Long-Term
Focus, Near-Term Milestones
Worksport
continues to target:
| ● | $35–$42
million in revenue for fiscal 2026 |
| ● | ~35%
gross margin profile |
| ● | Operational
cash-flow positivity within the year |
The
CEO’s acquisition is aligned with these objectives and reflects a continued focus on disciplined execution, capital efficiency,
and long-term shareholder value creation.
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) 554-8789-128
W: investors.worksport.com W: www.worksport.com E: investors@worksport.com
Connect
with Worksport Chief Executive Officer, Steven Rossi
Steven
Rossi X (Twitter)
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.
