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Worksport
(NASDAQ:WKSP)
Worksport (WKSP) vs. S&P 500 (SPY)
Worksport Business Overview & Revenue Model
Worksport Financial Statement Overview
| Breakdown | |||||
| TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
| Income Statement | Total Revenue | ||||
| 6.40M | 5.17M | 1.53M | 116.50K | 303.75K | 346.14K | Gross Profit |
| 290.21K | 5.17M | 240.51K | 59.53K | -46.95K | 47.15K | EBIT |
| -15.00M | -6.62M | -14.74M | -12.78M | -7.56M | -982.44K | EBITDA |
| -13.78M | -7.82M | -13.20M | -11.56M | -7.39M | -774.41K | Net Income Common Stockholders |
| -15.52M | 0.00 | -14.93M | -12.22M | -8.19M | -1.57M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||||
| 588.00 | 0.00 | 3.37M | 14.21M | 28.57M | 1.11M | Total Assets |
| 588.00 | 0.00 | 25.95M | 32.76M | 36.29M | 1.90M | Total Debt |
| 0.00 | 5.26M | 6.24M | 6.62M | 857.06K | 712.79K | Net Debt |
| -588.00 | 5.26M | 3.60M | -7.59M | -27.71M | -395.02K | Total Liabilities |
| 9.46K | 0.00 | 7.78M | 8.65M | 2.11M | 1.73M | Stockholders Equity |
| -8.87K | 0.00 | 18.18M | 24.12M | 34.18M | 169.47K |
| Cash Flow | Free Cash Flow | ||||
| -12.44M | -10.67M | -15.62M | -19.13M | -5.18M | -734.27K | Operating Cash Flow |
| -11.70M | -10.14M | -11.93M | -7.98M | -4.05M | -726.30K | Investing Cash Flow |
| -744.65K | -528.24K | -3.76M | -11.15M | -1.13M | -16.73K | Financing Cash Flow |
| 11.33M | 12.18M | 4.43M | 5.18M | 32.64M | 1.84M |
Worksport Technical Analysis
Worksport Risk Analysis
Worksport Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $3.62B | 19.27 | 15.44% | ― | 4.11% | 50.07% | |
73 Outperform | $4.39B | 26.02 | 20.25% | ― | 4.87% | -29.43% | |
68 Neutral | $787.48M | 11.36 | 10.30% | ― | -0.88% | 67.38% | |
66 Neutral | $13.38B | 9.85 | 8.62% | 5.69% | 1.58% | -15.57% | |
64 Neutral | $4.44B | 9.24 | 10.81% | 3.72% | -0.70% | -7.27% | |
59 Neutral | $11.76B | 10.11 | -0.70% | 3.92% | 1.27% | -16.30% | |
40 Underperform | $15.06M | ― | -90.82% | ― | 454.67% | 30.11% |
Worksport Earnings Call Summary
Worksport Corporate Events
Worksport Ltd. reported a transformative fiscal year 2024 with a 455% increase in revenue, reaching $8.48 million, driven by strong online sales and expanded business-to-business deals. The company enhanced its profitability through strategic shifts to higher-margin products and strengthened its financial position with increased cash reserves and inventory to meet anticipated demand. Looking ahead to 2025, Worksport projects significant revenue growth and margin expansion, supported by new product launches and a focus on operational efficiency, aiming for potential profitability by year-end.
On March 24, 2025, Worksport Ltd. announced it will release its financial results for the fourth quarter and full year of 2024 on March 27, 2025. The company will host a live webcast to discuss its recent financial performance and outlook for 2025, emphasizing its focus on achieving cash-flow positivity and significant growth. This announcement underscores Worksport’s strategic initiatives and its commitment to enhancing its market valuation, which it believes does not currently reflect its underlying strengths.
On March 18, 2025, Worksport Ltd. announced that its current market valuation does not fully reflect its business fundamentals and outlined its targets for cash flow positivity and significant growth in 2025. The company reported an increase in revenues from $1.5 million in 2023 to $8.5 million in 2024 and aims to achieve $1 million per week in revenue within the next 12 to 24 months. Worksport plans to launch its SOLIS Solar Tonneau Cover and COR Portable Energy System in 2025, expecting these products to substantially contribute to revenue by the third and fourth quarters of the year. Additionally, its subsidiary, Terravis Energy, introduced AetherLux, a groundbreaking HVAC technology, which has garnered interest from major corporations. These initiatives are expected to drive long-term growth and shareholder value.
On March 14, 2025, Worksport Ltd. announced a 1-for-10 reverse stock split as part of its strategy to comply with Nasdaq’s $1.00 minimum bid price requirement. The reverse stock split, effective March 18, 2025, aims to increase the company’s stock price and reduce the number of outstanding shares from approximately 47.9 million to 4.8 million. CEO Steven Rossi expressed confidence in the company’s growth, highlighting upcoming product launches and a focus on achieving cash flow positivity in 2025.
On February 26, 2025, Worksport Ltd. announced a 30% growth in its dealer network and the debut of its AL4 Premium Tonneau Cover on its e-commerce platform. This expansion is part of a strategic move to enhance its direct-to-consumer presence and is expected to drive revenue growth and strengthen shareholder value. The AL4 cover, praised for its durability and user-friendly features, is anticipated to become the company’s best-selling product, paving the way for future launches such as the SOLIS solar tonneau cover and the COR portable nano-grid system.
On February 11, 2025, Worksport’s subsidiary, Terravis Energy, announced the launch of its AetherLux™ heat pump, featuring groundbreaking ZeroFrost™ technology. This innovation eliminates defrost cycles, offers high efficiency, and operates effectively in extreme temperatures from -57°F to 131°F. The AetherLux is expected to redefine standards in the global heat pump market, projected to grow significantly by 2030. The new product line includes models designed to operate efficiently across a wide range of climates and aims to increase the adoption of heat pump technology, reduce climate impacts, and lower energy costs for consumers.
On February 4, 2025, Worksport Ltd. announced the commencement of shipments for its flagship AL4 tonneau cover after receiving positive feedback from initial business-to-business customers. The company plans to ramp up production to meet the growing demand in the North American pickup truck market, aiming to produce 1,200 units in the next 30 days and double that shortly after. This strategic move is expected to enhance Worksport’s market position and support its growth plans for 2025, aligning with the anticipated launch of other innovative products like the SOLIS solar tonneau cover and COR mobile power system later in the year.
On January 29, 2025, Worksport Ltd. announced its strategic move to purchase Bitcoin (BTC) and Ripple (XRP) as part of a treasury strategy aimed at hedging inflation and embracing cryptocurrency adoption. This initiative aligns with the company’s plans for revenue growth and cash flow positivity in 2025, as well as its efforts to integrate cryptocurrency payment options for enhanced operational efficiency, reflecting a proactive approach to the evolving financial landscape.
On January 28, 2025, Worksport Ltd. announced its decision to select Coinbase as its official cryptocurrency custodian following a strategic evaluation of multiple custodians. This partnership aligns with Worksport’s Cryptocurrency Treasury Strategy, allowing the company to hold a portion of its surplus cash reserves in Bitcoin and XRP, aiming to diversify its financial positioning and enhance shareholder value. This move is part of Worksport’s broader growth initiatives, including new product launches and a push towards cash flow positivity, while positioning itself within the evolving digital asset landscape.
On January 22, 2025, Worksport’s subsidiary, Terravis Energy, announced groundbreaking advancements in heat pump technology, addressing major challenges in the market including climate adaptability, affordability, and efficiency. The new heat pump, enhanced with AI-driven personalization, is expected to revolutionize home heating and cooling, and a global reveal is set for February 11, 2025. This innovation, which promises to redefine industry performance in extreme climates, positions Worksport as a key player in the rapidly growing heat pump market, potentially increasing adoption due to overcoming traditional limitations.
Worksport Ltd. announced strong financial results for Q4 2024, with unaudited revenues of approximately $2.93 million, marking a significant improvement from Q4 2023. This performance brought the company’s year-end revenues to $8.5 million, exceeding its guidance. The company also reported a notable increase in gross margins in December 2024, which are expected to support its path toward sustainable profitability. Looking forward, Worksport plans to capitalize on its success by expanding its market reach through strategic partnerships and launching flagship products like the SOLIS solar tonneau cover and COR mobile power system in 2025. These efforts aim to reinforce its market position and drive further revenue growth.