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Worksport

Worksport Ltd through its subsidiaries, designs, develops, manufactures, and owns the IP on a variety of tonneau covers, solar integrations, and NP (Non-Parasitic), Hydrogen-based true green energy solutions for the sustainable, clean energy, and automotive industries. The company's product includes soft vinyl tonneau covers and hard aluminum tonneau covers.

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GM está apuntando a liderar en vehículos eléctricos tipo pickup

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Shares of several companies in the auto and auto-related space are trading lower amid overall market weakness following the Fed's rate decision to cut rates by 25 basis points

Worksport shares are trading higher after the company provided business updates including growth in its dealer network, pre-orders from its leading distributors, and advances in BTC/XRP integration.

Reports 117% Dealer Network Growth, Secures Initial Pre-Orders from Leading Distributors, and Advances BTC/XRP Integration
West Seneca, New York, Dec. 13, 2024 (GLOBE NEWSWIRE) -- Worksport Ltd.&nbsp;(NASDAQ:<a href="https://www.benzinga.com/stock/WKSP#NASDAQ">WKSP</a>) ("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 provided a corporate update for December 2024. From accelerated sales, pre-orders, and expanding dealer networks, to establishing a proactive strategy in treasury management by incorporating Bitcoin ("BTC") and Ripple ("XRP"), Worksport is excited to share the latest updates.
Driving Growth Through Strategic Initiatives
Worksport's recent success reflects a series of strategic initiatives that have generated meaningful traction and interest. The Company's move to proactively diversify its corporate treasury—allocating up to <a href="https://www.globenewswire.com/Tracker?data=ncGsAZ-zpmJAcO0qwpxq05IOpYQCrQkUKvV0o9rU8lX_1mZZ7T7yeLNSsAxtbRpVhJZVUf9k2z_YKbI0fSzvVi-93cws_nvVpQkwtFN8ntfi_b7gPXqPcNEngW8XL00zwmr_4MD-nBdHhwvwMlQMggRBs9nlIjnX2tOuSYNW_K6kvzYoTyWrxk-llqex6koIpQahNwNVwK0Rekoz46xnH4_Z3q6tDTAF6Ubm3_aXL_ZfRFkU0lidtjMMjmVDYY7ukWXlTWCBLm2FwNLphCJOt8qoTIKheJsXwe9nBHJ1_1IpDsViDC6LZgpP3WkZ1plWuP8nwacHHJEOWvjuqRczFHom-aptiGz86k5jHC_Lmvwa2gRf3pThSmrJclNkKZcHHZa_RUAdQwPpez-g7KC0_A==">$5 million</a> in Bitcoin and Ripple, capped at 10% of excess cash—reinforces Worksport's belief in the long-term potential of digital assets as inflation-resistant stores of value. This approach, coupled with the Company's expanding product portfolio and dealer network, has strengthened its foothold in a rapidly evolving market.
"This past week marks an inflection point for Worksport's growth trajectory," said Steven Rossi, Chief Executive Officer of Worksport Ltd. "Our proactive decision to integrate Bitcoin and Ripple into our treasury strategy, coupled with noteworthy sales increases, 117% growth in our dealer network, and encouraging pre-orders volumes of our upcoming AL4 from two leading U.S distributors, reflects our commitment to innovation and long-term value creation. The attention we've received from leading crypto custodians further validates our approach, and we're eager to leverage their expertise to maximize returns on these digital assets by considering unique strategies like crypto staking."
Crypto Integration and Industry Recognition
Following the Company's announcement to adopt BTC and XRP in its corporate treasury, notable players in the cryptocurrency sector took notice. Two leading crypto custodians have approached Worksport with their services, and the Company is now evaluating these proposals to ensure secure, compliant custody of its digital asset holdings. As Worksport prepares to engage in initial BTC and XRP purchases, it is also exploring staking opportunities that could potentially enhance treasury returns. Worksport is actively working towards enabling crypto payments for purchases on its e-commerce platform, <a href="https://www.globenewswire.com/Tracker?data=_37Q6AD6PCFitnmqshgUmj5sy0NjTfpUCPFPA-n12cXrxcvKvH8oEgEj4CMOFanC_FRwEcO58yeyHlP-F-w8Po56N08651WgLTyF74PlIvw=">www.worksport.com</a>.

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

News

Worksport Reports 117% Dealer Network Growth, Secures Initial Pre-Orders, Advances $5M BTC/XRP Integration For Treasury Strategy, Evaluates Crypto Custody Services, Explores Staking Opportunities, And Prepares For E-Commerce Crypto Payments

<h3>Gainers</h3>
<ul>
<li>Algorhythm Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIME#NASDAQ">RIME</a>) shares increased by 30.1% to $0.12 during Monday's pre-market session. The market value of their outstanding shares is at $1.7 million. </li>
<li>Tandy Leather Factory (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLF#NASDAQ">TLF</a>) shares increased by 23.19% to $4.94. The market value of their outstanding shares is at $41.6 million. </li>
<li>MEDIROM Healthcare Techs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRM#NASDAQ">MRM</a>) shares increased by 18.36% to $3.61. The company's market cap stands at $17.8 million. </li>
<li>Worksport (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WKSP#NASDAQ">WKSP</a>) stock moved upwards by 16.73% to $0.9. The company's market cap stands at $29.6 million. </li>
<li>RealReal (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/REAL#NASDAQ">REAL</a>) shares moved upwards by 14.9% to $7.4. The market value of their outstanding shares is at $802.8 million. </li>
<li>17 Education &amp; Technology (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/YQ#NASDAQ">YQ</a>) shares moved upwards by 12.35% to $2.0. The market value of their outstanding shares is at $15.5 million. </li>
</ul>
<h3>Losers</h3>
<ul>
<li>SharpLink Gaming (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBET#NASDAQ">SBET</a>) stock declined by 17.1% to $0.78 during Monday's pre-market session. The company's market cap stands at $2.7 million. </li>
<li>ZHONGCHAO (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZCMD#NASDAQ">ZCMD</a>) stock declined by 10.84% to $1.48. The market value of their outstanding shares is at $8.3 million. </li>
<li>Gogoro (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GGR#NASDAQ">GGR</a>) shares fell 10.68% to $0.6. The market value of their outstanding shares is at $196.0 million. </li>
<li>Color Star Tech (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADD#NASDAQ">ADD</a>) shares decreased by 7.04% to $3.17. The market value of their outstanding shares is at $1.9 million. </li>
<li>Interactive Strength (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TRNR#NASDAQ">TRNR</a>) stock fell 6.93% to $2.69. The market value of their outstanding shares is at $2.4 million. </li>
<li>Kirkland's (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KIRK#NASDAQ">KIRK</a>) shares decreased by 6.26% to $1.85. The market value of their outstanding shares is at $24.2 million. As per the news, the Q3 earnings report came out yesterday. 
See Also: <a href="http://www.benzinga.com/money/best-consumer-cyclical-stocks/" title="www.benzinga.com/money/best-consumer-cyclical-stocks/">www.benzinga.com/money/best-consumer-cyclical-stocks/</a></li>
</ul>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

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12 Consumer Discretionary Stocks Moving In Monday's Pre-Market Session

On Friday, Worksport Ltd (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WKSP#NASDAQ">WKSP</a>) announced sales growth in its business-to-consumer (B2C) and business-to-business (B2B) segments for October and November 2024.
The company said it saw improved gross margins, a key objective in its strategic shift to selling the higher-margin Worksport branded products exclusively and discontinuing all current lower-margin private label programs.
CEO Steven Rossi said that during this holiday period, demand surged to over three times the company&#8217;s all-time daily sales record set in the third quarter.
Also Read: <a target="_blank" href="https://www.benzinga.com/24/12/42349678/adobe-exudes-potential-to-go-from-laggard-to-leader-backed-by-healthy-subscription-improving-growth-metrices" rel="noreferrer noopener">Adobe Poised To Lead With Strong Subscriptions, Analyst Says</a>
In October 2024, B2C sales grew 16% compared to September. In November 2024, B2C sales rose 51% from September, reflecting growing consumer adoption of Worksport&#8217;s products.
In November, Worksport <a href="https://www.benzinga.com//node/42136912">announced an ambitious</a> target to increase its average monthly B2C sales by 100% to $1 million per month in the third quarter.
In October 2024, non-private-label B2B sales increased by 38% compared to September. In November 2024, non-private label B2B sales jumped 60% from September, demonstrating strong demand from dealers and distributors for Worksport-branded tonneau covers.
The upcoming launch of the premium AL4 product has the potential to surpass the demand for the AL3, the company said.
Worksport is also preparing for the entire market launch of its clean-tech power generation system, SOLIS, and COR, in 2025.
In line with its long-term growth strategy, Worksport has discontinued its private label sales, focusing only on Worksport branded B2C and B2B channels to capture higher margins and strengthen its brand identity.
This shift is already yielding results, with November 2024 gross margins improving notably compared to third-quarter 2024 levels, the company said.
It added that the revenue reduction from lower-margin private label sales has already been vastly replaced by strong growth in Worksport&#8217;s higher-margin branded sales.
Growth in the B2C and B2B segments will likely drive Worksport&#8217;s 2025 path to cash flow positivity, Worksport said.
The company anticipates improvements in gross margin as the company&#8217;s branded products gain traction and the factory achieves further economies of scale.
Price Action: WKSP stock closed higher by 6.40% at $0.6629 on Thursday.
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Market-Moving Exclusives

Exclusives

EXCLUSIVE: Worksport Shifts To Higher Margin Products, Sees Strong Demand In Holiday Season

EXCLUSIVE: Worksport Tells Benzinga Co. Sees 51% B2C And 60% B2B Sales Growth In November, Says Bosting Margins, And Accelerating Brand Expansion

Worksport shares are trading higher after the company announced it will adopt Cryptocurrency, Bitcoin, and XRP for its corporate treasury.

Treasuries

Worksport Announced It Will Adopt Cryptocurrency, Bitcoin And XRP For Corporate Treasury

Worksport Expands Workforce By 30% To Scale Production, Targets $1M Monthly Online Sales With 100% Growth, And Prepares For December Launch Of Higher-Margin AL4 Tonneau Cover With Second Shift Implementation

<h3>Gainers</h3>
<ul>
<li>Wag Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PET#NASDAQ">PET</a>) stock rose 23.8% to $0.26 during Thursday's pre-market session. The market value of their outstanding shares is at $12.9 million. </li>
<li>Interactive Strength (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TRNR#NASDAQ">TRNR</a>) stock increased by 15.04% to $4.13. The company's market cap stands at $2.5 million. </li>
<li>Worksport (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WKSP#NASDAQ">WKSP</a>) shares increased by 12.76% to $0.56. The company's market cap stands at $18.5 million. </li>
<li>Dream Finders Homes (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFH#NYSE">DFH</a>) stock moved upwards by 11.07% to $31.0. The market value of their outstanding shares is at $2.9 billion. </li>
<li>Universal Technical (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UTI#NYSE">UTI</a>) stock moved upwards by 10.15% to $21.91. The market value of their outstanding shares is at $1.1 billion. As per the news, the Q4 earnings report came out yesterday. </li>
<li>Genius Gr (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/GNS#AMEX">GNS</a>) stock moved upwards by 9.43% to $1.04. The company's market cap stands at $22.5 million. </li>
</ul>
<h3>Losers</h3>
<ul>
<li>Cato (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CATO#NYSE">CATO</a>) shares decreased by 13.8% to $5.24 during Thursday's pre-market session. The company's market cap stands at $107.7 million. As per the news, the Q3 earnings report came out today. </li>
<li>Yunji (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/YJ#NASDAQ">YJ</a>) shares decreased by 13.07% to $1.73. The company's market cap stands at $34.0 million. The company's, Q3 earnings came out today. </li>
<li>Digital Brands Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DBGI#NASDAQ">DBGI</a>) shares decreased by 12.52% to $0.12. The company's market cap stands at $4.5 million. </li>
<li>PDD Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PDD#NASDAQ">PDD</a>) stock fell 10.32% to $104.47. The market value of their outstanding shares is at $145.0 billion. As per the press release, Q3 earnings came out today. </li>
<li>Container Store Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TCS#NYSE">TCS</a>) shares decreased by 9.75% to $3.89. The company's market cap stands at $13.4 million. </li>
<li>Autozi Internet Tech (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AZI#NASDAQ">AZI</a>) stock decreased by 6.01% to $1.88. The market value of their outstanding shares is at $197.3 million. 
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</ul>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

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12 Consumer Discretionary Stocks Moving In Thursday's Pre-Market Session

Worksport shares are trading higher after the company announced it retained Digital BD, Inc. to monitor and investigate potentially illegal short-selling activity of its stock.

Editor&#8217;s Note: The story has been updated to mention the quantity of restricted stock purchased by the CEO
On Thursday, Worksport Ltd (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WKSP#NASDAQ">WKSP</a>) announced that it has retained Digital BD, Inc to monitor and investigate potentially illegal short-selling activity of its stock.
Rossi said the recent stock trading activity must reflect the business&#8217; health or significant growth pathways.
He said that the company sets new volume sales records almost daily while facing suspicious and volatile stock activity that it proposes to investigate thoroughly.
The company reported a 581% growth<a target="_blank" href="https://www.globenewswire.com/news-release/2024/11/13/2980701/0/en/Worksport-WKSP-Reports-Significant-581-YoY-Revenue-Growth-in-Q3-2024-Eyes-Record-2025.html" rel="noreferrer noopener">&nbsp;</a>in the third quarter and expects the 2025 revenue to exceed its market capitalization as of Wednesday. The sales are growing exponentially monthly, and three highly innovative products are set for near-term release, Rossi added.
Concurrently, CEO Steven Rossi has purchased 33,333 restricted Worksport shares at a 44% premium to the market price at $0.75 per share on November 19th.
Worksport has engaged&nbsp;Digital BD, a provider of&nbsp;Regulation SHO compliance monitoring, short sale trading analytics, and market integrity surveillance to safeguard shareholder value and address unusual trading patterns.
Digital BD will monitor daily short volume data from all U.S. exchanges, encompassing EXEMPT and&nbsp;NON-EXEMPT short sales, and will report its findings to the company.
Digital BD will scrutinize market makers trading&nbsp;Worksport shares daily for adherence to fair market-making requirements.
The Securities and Exchange Commission specifies that bona-fide market-making does not include activities related to speculative selling strategies for investment purposes that are disproportionate to usual market-making patterns.
Rossi expressed commitment to continuing its growth trajectory and protecting the interests of our shareholders.&nbsp;With the assistance of Digital BD, the company proposed to closely monitor trading activities to ensure compliance with all legal requirements.
CEO Rossi said Worksport as significantly undervalued and expects to unlock its true value. He also looks to discover, eliminate, and do everything possible to prevent future illegal short selling or open market manipulation of Worksport&#8217;s stock.
Worksport&#8217;s <a target="_blank" href="https://www.benzinga.com/news/earnings/24/11/41953667/exclusive-worksports-q3-revenue-soars-581-as-new-product-lines-boost-growth-raises-2025-outlook" rel="noreferrer noopener">third-quarter revenue</a> reached $3.12 million, up by 581% year-over-year.
Price Action: WKSP stock traded higher by 5.42% to $0.53 premarket at the last check on Thursday.
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Legal

EXCLUSIVE: Worksport Ropes In Digital BD to Probe Short Selling, CEO Buys Stock At Premium (UPDATED)

EXCLUSIVE: Worksport Tells Benzinga It Has Retained Digital BD To Monitor And Investigate Potentially Illegal Short Selling Activity Of Its Shares; Says Digital DB Will Monitor Daily Short Volume Data From All US Exchanges And Report Its Findings To Co.

Short&nbsp;squeezes have been making and breaking investors for a century.&nbsp;One of the greatest short squeezes in history started on a SubReddit, where hundreds of thousands of retail investors drove the price of GameStop (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gme#NYSE">GME</a>) shares up to an all-time high. While this will always&nbsp;a risky&nbsp;bet, GameStop remains a symbol of a company that went from representing retail struggles to executing a turnaround that defied expectations and conventions. Guided by an unorthodox CEO, just like the EV king Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) made history&nbsp;with&nbsp;its flamboyant CEO, Game Stop is an example of a remarkable shift that was led&nbsp;also by the company&rsquo;s largest shareholder. By transitioning from the pandemic-era turmoil to creating a robust financial footing, GameStop defied the logic of not only retail but of general business as it showed that one can survive by not growing.&nbsp;
But there are also lesser-known companies when it comes to the shorted universe, especially when it comes to the Tesla-made EV sector promising to revolutionize the future of the world.
Among such, there&rsquo;s an EV charging company EVgo Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/evgo#NASDAQ">EVGO</a>) with extremely volatile shares that just reported a record breaking third quarter. Over the last year, EVgo counted 78&nbsp;moves greater than 5% till mid-October.&nbsp;EVgo was awareded by the market for signing a memorandum of understanding with its longtime technology partner, Delta Electronics&nbsp;Inc&nbsp;to co-develop next-generation charging architecture to offer&nbsp;a superior experience for its&nbsp;customers&nbsp;and&nbsp;advance long-term charging solutions, improving convenience and reliability. With its latest quarterly results, things are looking even more bullish as EVgo is doing a good job at&nbsp;containing losses, reporting revenue growth of 92% YoY as revenue amounted to $68 million, topping forecasts by 2.4%.&nbsp;Moreover, EVgo posted a record network throughput of 78 GWh which represents a 111% YoY increase as it added more than 270 new operational charging stalls.&nbsp;In addition, its customer base expanded with&nbsp;147,000 new accounts, with the total now exceeding 1.2 million. While it did post a net loss of $33.3 million,&nbsp;strategic investments and cost management did result in an improved adjusted EBITDA.
Then there&rsquo;s also&nbsp;Worksport Ltd (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/wksp#NASDAQ">WKSP</a>), a manufacturer and innovator of &ldquo;made-in-USA&rdquo; tonneau covers, as well as hybrid and clean energy solutions for the light truck and&nbsp;consumer goods sectors, with very high short interest upon its latest earnings report. Worksport continues to write a remarkable early growth story filled with groundbreaking innovation. Worksport is eyeing a record 2025 as it just reported significant YoY revenue growth for the third quarter. During the third quarter, Worksport posted that revenue surged 581% YoY to $3.12 million, with B2C sales making 51% of total revenue as they grew from last year&rsquo;s&nbsp;$21,599 to now adding as much as $1.59 million to the overall sales table.&nbsp;
Back in August, Worksport reported just as&nbsp;impressive second quarter results for the period ended on June 30th, with revenue rising 860% YoY and 275% sequentially as it reached a new record of $1.92 million, and this was before several key launches. In September, Worksport launched the Alpha release of its clean energy off-grid power duo, the SOLIS solar-powered tonneau cover and COR portable battery system. The full launch is expected next year, while the AL4 tonneau cover will be released in the fourth quarter,&nbsp;bringing in substantial revenue in 2025. In 2025, Worksport is aiming to make&nbsp;200 tonneau covers per day as well as to achieve cash flow positivity. Moreover, Worksport opened another growth pathway by getting a U.S. government agency among&nbsp;its buyers.&nbsp;
Capitalizing on the rapid growth of another prominent EV startup, Rivian Automotive (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rivn#NASDAQ">RIVN</a>), Worksport revealed that its existing lineup of premium tonneau covers is nearly finished compatibility engineering with the Rivian R1T, as it plans to also integrate its SOLIS solar cover and COR portable battery system in the future. Moreover, also in September, Worksport reported successful lab test results of its COR portable energy system as a range extender for Tesla EVs, including Model 3 and the Cybertruck, which opens further growth opportunities.&nbsp;
While Worksport and EVgo do not play at a level&nbsp;Tesla does, at least for now,&nbsp;they are still prominent EV players, and such shorted companies tell interesting growth tales that sometimes go down in history for their potential to&nbsp;revolutionize industries.&nbsp;&nbsp;
DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.

Small Cap

EVGO

Short Squeezes With Big Promises

Worksport (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WKSP#NASDAQ">WKSP</a>) sees FY2025 sales of $25.000 million-34.500 million vs $28.80 million estimate.

Guidance

Worksport Sees FY2025 Sales $25.000M-$34.500M vs $28.80M Est

Worksport shares are trading higher after the company reported better-than-expected Q3 sales results.

Worksport (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WKSP#NASDAQ">WKSP</a>) reported quarterly losses of $(0.14) per share which missed the analyst consensus estimate of $(0.13) by 7.69 percent. The company reported quarterly sales of $3.122 million which beat the analyst consensus estimate of $2.400 million by 30.10 percent. This is a 581.02 percent increase over sales of $458.483 thousand the same period last year.

Earnings

Earnings Beats

Earnings Misses

Worksport Q3 2024 GAAP EPS $(0.14) Misses $(0.13) Estimate, Sales $3.122M Beat $2.400M Estimate

On Wednesday, Worksport Ltd (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WKSP#NASDAQ">WKSP</a>) reported third-quarter 2024 financial results, showcasing revenue growth and strong guidance for 2025.
Worksport&#8217;s third-quarter revenue grew 581% year-on-year to $3.12 million, topping the analyst consensus estimate of $2.40 million. The revenue grew 63% quarter-over-quarter.
The rapid growth reflects the successful scaling of both B2B and B2C channels and the growing demand for Worksport&#8217;s innovative products.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/10/41595888/exclusive-worksport-accelerates-b2b-growth-as-dealers-snap-up-new-al4-pre-orders" rel="noreferrer noopener">EXCLUSIVE: Worksport Accelerates B2B Growth as Dealers Snap Up New AL4 Pre-Orders</a>
The gross profit increased 176% year over year to $0.24 million. It reported an operating loss of $3.91 million, which was flat year over year as operating costs rose 3.6% year over year.
The net loss was $4.13 million, down from a $3.95 million loss year ago. EPS loss of 14 cents missed the analyst consensus of 13 cents loss.
Worksport&#8217;s direct-to-consumer sales soared from $21,599 in the third quarter of 2023 to $1.59 million in the third quarter of 2024, accounting for 51% of total revenue.
The company held $1.86 million in cash and equivalents as of September 30.
Worksport began selling to a U.S. government agency, paving the way for further expansion in this segment.
Worksport said the upcoming AL4 tonneau cover will be released in the fourth quarter and is expected to drive substantial revenue in 2025. Meanwhile, the SOLIS and COR products are in Alpha testing, with a full launch anticipated next year.
Worksport is on track to boost production capacity, targeting over 200 tonneau covers per day by 2025. This scale-up aims to meet rising demand while enhancing margins, driven by the launch of new, high-demand product lines.
In the third quarter, the company maintained an inventory of $6.1 million, positioning itself for steady revenue growth without significant capital outlay. Worksport expects to exceed its 200-cover daily target without substantial time or financial investment.
Steven Rossi, Worksport&#8217;s Founder &amp; CEO, said, &#8220;Our goal is to become cash flow positive in 2025, with a keen focus on EPS and EBITA. We are targeting revenue growth to $25-$34.5 million in 2025.&#8221;
Guidance: Worksport expects to exceed <a target="_blank" href="https://www.benzinga.com/news/24/09/40830453/exclusive-worksports-sales-surge-to-1-21m-in-august-ceo-predicts-strong-2024-growth" rel="noreferrer noopener">previously issued revenue guidance</a> of $6 million—$8 million by year-end 2024, compared to the analyst consensus estimate of $7 million.
For 2025, Worksport projects its existing product lines will generate $20 million in revenue, with new product launches, including its COR and SOLIS systems, contributing up to an additional $18.5 million.
Depending on timing circumstances, these projections lead to a robust revenue outlook of $25 million—$34.5 million for 2025 (analyst consensus estimate of $28.8 million).
Price Action: WKSP stock closed higher by 5.10% to $0.87 on Wednesday.
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EXCLUSIVE: Worksport's Q3 Revenue Soars 581% As New Product Lines Boost Growth, Raises 2025 Outlook

Worksport Says It Expects To Exceed Its Previously Issued Revenue Guidance Of $6M-$8M By Year-End 2024

Worksport Says 'For 2025, Worksport Projects Its Existing Product Lines To Generate $20M In Revenue, With New Product Launches, Including Its AL4 Cover And COR And SOLIS Systems, Contributing Up To An Additional $18.5M Depending On Timing And Circumstances, These Projections Lead To A Robust Revenue Outlook Ranging From $25M-$34.5M In 2025, A Pivotal Year Anticipated To Drive Worksport Towards Cash Flow Positivity.'

Worksport Ltd ( ($WKSP) ) has released its Q3 earnings. Here is a breakdown of the information Worksport Ltd presented to its investors. Worksport ...

Worksport Ltd. Reports Q3 2024 Financial Results

Worksport (WKSP) announce an expansion of its manufacturing workforce to meet accelerating sales demand. Since the start of Q4, the Company has inc...

Worksport increases production capacity to meet growing sales demand

Worksport (WKSP) announced a significant advancement in its corporate treasury strategy by taking initial steps to adopt the cryptocurrencies BT an...

Worksport Bitcoin to adopt cryptocurrency, bitcoin for corporate treasury

Worksport to adopt cryptocurrency, bitcoin and XRP for corporate treasury

Worksport sees 51% B2C and 60% B2B sales growth in November, shares up

Worksport ( ($WKSP) ) has provided an update. Worksport Ltd. is set to make a significant appearance on FOX & Friends, showcasing their innovative ...

Worksport Showcases Innovative Products on FOX & Friends

Worksport ( ($WKSP) ) just unveiled an update. Worksport Ltd. recently showcased its innovative clean-tech products, including the SOLIS solar tonn...

Worksport Showcases Clean-Tech Innovations on FOX & Friends

Worksport ( ($WKSP) ) just unveiled an announcement. Worksport Ltd. has announced significant growth and strategic advancements, including a 117% i...

Worksport Expands Dealer Network and Embraces Crypto

Worksport (WKSP) provided a corporate update for December 2024. The company said, "From accelerated sales, pre-orders, and expanding dealer network...

Worksport provides corporate update for December

Worksport (WKSP) announced the launch of its new investor relations website. This enhanced platform provides shareholders, analysts, and prospectiv...

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