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Worksport
(NASDAQ:WKSP)
Worksport (WKSP) vs. SPDR S&P 500 ETF (SPY)
Worksport Business Overview & Revenue Model
Worksport Earnings Call Summary
Worksport Financial Statement Overview
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 12.40M | 8.48M | 1.53M | 116.50K | 303.75K | 346.14K |
| Gross Profit | 2.05M | 905.65K | 240.51K | 59.53K | -46.95K | 47.15K |
| EBITDA | -13.81M | -13.68M | -13.20M | -11.56M | -7.54M | -774.41K |
| Net Income | -16.63M | -16.16M | -14.93M | -12.53M | -7.90M | -1.19M |
Balance Sheet | ||||||
| Total Assets | 23.58M | 25.74M | 25.95M | 32.76M | 36.29M | 1.90M |
| Cash, Cash Equivalents and Short-Term Investments | 1.39M | 4.88M | 4.86M | 15.32M | 28.57M | 1.12M |
| Total Debt | 3.09M | 5.62M | 6.24M | 6.62M | 857.06K | 712.79K |
| Total Liabilities | 6.26M | 8.32M | 7.78M | 8.65M | 2.11M | 1.73M |
| Stockholders Equity | 17.32M | 17.41M | 18.18M | 24.12M | 34.18M | 169.47K |
Cash Flow | ||||||
| Free Cash Flow | -11.37M | -10.67M | -15.62M | -19.13M | -5.18M | -734.27K |
| Operating Cash Flow | -10.65M | -10.14M | -11.93M | -7.98M | -4.05M | -726.30K |
| Investing Cash Flow | -775.25K | -528.24K | -3.76M | -11.15M | -1.13M | -16.73K |
| Financing Cash Flow | 9.39M | 12.18M | 4.43M | 5.18M | 32.64M | 1.81M |
Worksport Technical Analysis
Worksport Risk Analysis
Worksport Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
56 Neutral | $21.13M | -0.67 | -95.07% | ― | 123.37% | 44.08% | |
48 Neutral | $58.40M | ― | -31.07% | ― | -23.26% | -259.03% | |
47 Neutral | $50.90M | -21.39 | -12.14% | ― | -13.01% | 21.49% | |
46 Neutral | $3.54M | ― | ― | ― | ― | ― | |
44 Neutral | $8.25M | -0.07 | ― | ― | -12.38% | 60.99% | |
41 Neutral | $5.15M | -0.06 | -121.52% | ― | -100.00% | 11.41% |
Worksport Corporate Events
On December 11, 2025, Worksport Ltd., a Nevada corporation, held its 2025 Annual Meeting of Shareholders. During the meeting, shareholders elected five nominees to the Board of Directors, ratified Lumsden & McCormick, LLP as the independent registered public accounting firm for 2025, approved non-plan stock option grants, and amended the 2022 Equity Incentive Plan to change the evergreen formula to a quarterly increase and raise the evergreen percentage to 18%. Additionally, the meeting was adjourned to allow further solicitation of proxies if needed.
Worksport has issued Inducement Warrants under an exemption from the registration requirements of the Securities Act of 1933. These warrants and the shares associated with them are not registered and cannot be sold in the United States without proper registration or exemption, indicating a strategic financial maneuver to potentially enhance its capital structure.
On December 1, 2025, Worksport Ltd. announced the launch of its COR Mobile Battery Generator and SOLIS Pickup Truck Bed Mounted Solar Array, marking a significant milestone in the company’s history. This launch introduces a next-generation Nano-Grid power system for pickup trucks, combining portable battery and solar technology to provide renewable, portable power for various applications. The launch is expected to open new revenue streams and market opportunities, with projected revenues of $2-3 million for 2025 and potential for substantial growth in 2026. The products are now available for purchase online, and the company has made significant investments to ensure supply chain readiness, including a $1 million purchase order for COR units.
On November 25, 2025, Worksport Ltd. announced that its HD3 heavy-duty tonneau cover is now available for sale to its B2B dealer network following its production launch in October. The HD3 is designed for durability and professional-grade use, and it is expected to enhance Worksport’s market presence in the B2B channel while complementing its existing AL3 and AL4 platforms. Additionally, Worksport is preparing for the initial orders of its clean-tech products, the COR portable nano-grid system and the SOLIS solar-integrated tonneau cover, set to open on November 28. These products are anticipated to create a new revenue stream, contributing to the company’s growth strategy and expanding its product pipeline into marketable offerings.
On November 18, 2025, Worksport Ltd. announced a significant expansion of its U.S. operations with the opening of a new facility in Missouri dedicated to assembling SOLIS solar-integrated tonneau covers. This strategic move is aimed at enhancing operational capacity, engineering oversight, and commercial readiness, marking a crucial step in Worksport’s growth strategy. The Missouri location offers logistical advantages and access to a skilled workforce, which will help optimize shipping routes and reduce costs. The expansion more than triples the company’s previous Missouri R&D footprint and is expected to support the growing demand for Worksport’s products. This development allows for direct integration between engineering and assembly, improving product quality and accelerating commercialization timelines with minimal capital expenditure.
On November 13, 2025, Worksport Ltd. reported a significant 61% increase in revenue for Q3 2025, achieving a gross margin of 31.3%. The company is targeting profitability in 2026 with a revenue goal exceeding $45 million, driven by sales of tonneau covers and the anticipated launch of the SOLIS solar-integrated tonneau cover and COR battery system. This growth reflects Worksport’s strategic investments in scalable manufacturing and operational efficiencies, positioning the company for sustained double-digit growth and cash flow positivity.
On November 10, 2025, Worksport Ltd. announced the final pricing and initial model lineup for its SOLIS solar tonneau cover, set to launch on November 28, 2025. The SOLIS cover, a solar truck-mounted folding array, is designed to work with the Worksport COR portable power system, providing up to 490 watts of solar generation. This launch marks a significant step for Worksport, adding a new revenue stream in clean energy and expanding its product offerings to include a mobile clean energy power plant for trucks. The SOLIS cover will be available for various popular truck models, with prices ranging from $1,999 to $2,499 based on truck bed length. This development positions Worksport to capitalize on the growing demand for clean energy solutions in the automotive industry.
On November 4, 2025, Worksport Ltd. announced the final specifications and pricing for its COR modular portable energy system, which is designed for work, adventure, and emergency readiness. The system, starting at $949, allows users to add batteries as needed, creating a scalable power platform. It integrates with Worksport’s SOLIS solar cover for rapid off-grid charging, offering a clean energy solution that is particularly useful for emergency response and recovery. The COR system is set to debut on November 28, 2025, and aims to provide reliable power for various applications, including job sites and disaster response, positioning Worksport as a key player in the portable energy market.
On November 3, 2025, Worksport Ltd. announced its participation in the 2025 SEMA Show in Las Vegas, where it will showcase its SOLIS Solar Tonneau Cover and COR Portable Energy System. These products, which integrate solar energy capture and mobile power technology, are set to redefine sustainable power solutions for automotive applications. The company aims to expand its market presence by engaging with national distributors, OEMs, and potential global partners during the event. The SOLIS and COR products will be available for sale starting November 28, 2025, and are expected to strengthen Worksport’s position in the clean-tech and automotive markets by bridging the gap between truck accessories and portable clean power solutions.
On October 30, 2025, Worksport Ltd. announced the official launch date for its SOLIS Solar Tonneau Cover and COR Portable Energy Storage System, which will be available for order starting November 28, 2025. This launch represents a significant step in Worksport’s expansion into clean energy solutions, with the products forming a portable, modular nano-grid capable of delivering renewable energy. The initial rollout is expected to generate approximately $2.45 million in revenue, with plans to scale production significantly in 2026. This move is anticipated to transform Worksport’s clean-tech division into a high-margin, growth-driving business segment, broadening its market reach and competitive edge in the vehicle accessory market.
On October 23, 2025, Worksport Ltd. announced that its new HD3 Heavy-Duty tonneau cover has entered production, marking a significant expansion of its hard-cover offerings for commercial and fleet applications. The HD3, designed for maximum durability, is expected to enhance Worksport’s market reach, with initial sales set to begin in mid-November. This product launch is anticipated to strengthen Worksport’s presence in commercial markets, leveraging its wholesale and B2B partnerships to accelerate adoption. The company plans to expand its HD3 lineup to over 25 models by December 2025, further solidifying its position in the industry.
On October 16, 2025, Worksport Ltd. announced record revenue growth and margin expansion for Q3 2025, with revenue reaching $5.015 million, marking a 62% increase year-over-year. The company achieved a gross margin of 31%, up from 7.9% in Q3 2024, and produced 8,600 units, doubling production since Q1 2025. These results highlight Worksport’s operational leverage and manufacturing efficiency ahead of launching new clean-energy products, SOLIS, COR, and Aetherlux by Terravis, which are expected to further strengthen its market position.
On October 15, 2025, Worksport Ltd. announced the successful closure of a $10 million Regulation A funding, which eliminates near-term capital uncertainty and positions the company for accelerated product launches and operational growth in its clean-energy and automotive divisions. The funding will be used to commercialize Worksport’s flagship COR™ portable power system and SOLIS™ solar tonneau cover, expected to launch in Q4 2025, marking a transition to a revenue-generating company. This milestone supports Worksport’s path to profitability, with recent achievements including record monthly sales and improved gross margins, driven by increased B2B adoption and U.S. manufacturing efficiencies.
On October 6, 2025, Worksport Ltd., through its subsidiary Terravis Energy, announced a collaboration with the U.S. Department of Energy’s NREL to analyze its AetherLux™ Pro heat pump with ZeroFrost™ technology in Alaska. This project aims to evaluate the technology’s efficiency in extreme cold conditions and its potential to reduce household heating costs, addressing the reliance on fossil fuels in North America. The initiative is seen as a significant step towards Worksport’s goal of penetrating the multi-billion-dollar heat pump market, with the potential to redefine cold-climate heating and enhance the company’s market valuation.
On September 30, 2025, Worksport Ltd. announced a significant expansion in its business-to-business (B2B) operations, reporting a 42% increase in its active dealer network within one quarter and a 25% monthly geometric growth in B2B revenue since the beginning of 2025. The company also highlighted its strategic focus on higher-margin branded products, resulting in record gross margin growth from 11% in Q4 2024 to 31% in July 2025. Worksport is preparing to launch new products, including the HD3 Tonneau Cover and clean-tech solutions like the SOLIS Solar Tonneau Cover and COR Portable Energy System, aiming to strengthen its position in the clean energy and EV support markets.
On September 23, 2025, Worksport Ltd. announced a corporate update highlighting record revenue growth and expanding margins in Q3 2025, with gross margins exceeding 30%. The company is set to launch its SOLIS Solar Tonneau Cover and COR Portable Energy System in late Q4 2025, aiming to tap into new multi-billion-dollar markets. Worksport is also exploring strategic distribution expansions in the U.S. to support its growing B2C business, while its subsidiary Terravis Energy advances its AetherLux ZeroFrost Heat Pump program with potential global partnerships and licensing opportunities.