Hello Everyone,
We want to keep the ball rolling this week with our next profile.
This is a company that we have not featured on our newsletter in several years.
Today the company dropped some explosive news that shows the company is heading in the right direction.
Pull up WKSP right away and make sure you have the #1 on your radar in the premarket and at the open.
WKSP is rewriting the rules and setting new standards in two rapidly growing industries. With its innovative approach to automotive accessories and clean energy solutions, the company is planting a flag in these niche sectors.
WKSP was founded in 2011, starting as a producer of tonneau covers for pickup trucks in the United States and Canada.
Worksport has been developing not only innovative tonneau covers but also a hybrid energy system branded as SOLIS and COR-which unite as a comprehensive system for portable solar power generation capable of forming personal microgrids for pickup trucks. Developing this technology is a large step in the Company’s strategy to increase its market share through innovation in the automotive and clean tech sectors.
And 2025 could be the breakout year. With projected revenue of $25M to $34.5M according to the company and multiple new product launches on the horizon, WKSP is gearing up for unprecedented growth potential.
As a matter of fact, take a look at the press release the company just dropped.
Worksport Ltd. ($WKSP) Announces Strong Q4 2024 Results, Beating Revenue Guidance; Recording a Substantial December Gross Margin increase
Company Reports Unaudited Quarterly Revenue of $2.93 Million, Year-End Revenue Beat, Top-Line of $8.5 Million; Expects Further Expansion with New Products and Growing Margins
West Seneca, New York, Jan. 21, 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, is pleased to announce unaudited top-line revenues of approximately $2,900,000 for Q4 2024, marking a significant improvement from $839,000 in Q4 2023. This strong performance pushes Worksport’s year-end revenues to approximately $8,500,000, beating the Company’s previously announced guidance range of $6–8 million for 2024.
Margin Growth and Profitability Outlook
In December 2024 alone, the unaudited margins jumped 166% from Q3, reaching 21.1%. Gross margins in Q4 2024 reflect a significant improvement over Q3 2024, increasing by 55% overall. The Company believes this successful – and continued growth of margins to have a material impact on its outlook and performance. The growth underscored the ongoing success of Worksport’s strategic Made in America initiatives, shifting towards higher-value, branded product lines, and boosting operational efficiencies. By phasing out lower-margin private label offerings and focusing on its Worksport-branded products, the Company expects these enhanced margins to accelerate its path toward sustainable profitability. The Company forecasts further quarterly margin increases, especially towards the second half of the year.
Laying the Groundwork for 2025
Looking ahead, Worksport projects continued revenue growth in 2025, targeting over $20 million in tonneau cover sales. In addition, further growth is expected via:
- Strategic Partnerships: The Company expects new alliances to broaden its market reach and reinforce brand recognition.
- Upcoming Flagship Products: Worksport plans to release the SOLIS solar tonneau cover and the COR mobile power system in 2025, tapping additional clean-tech markets.
- Growing Dealer Network: B2C and B2B sales channels are positioned to expand rapidly, capitalizing on rising consumer demand for innovative automotive accessories. The AL4, shipping in Jan 2025 is expected to drive growth in this front.
Management Commentary
“We are extremely proud of our Q4 2024 performance, which drove our full-year revenues to about $8.5 million—with exceptional margin growth,” said Steven Rossi, Chief Executive Officer of Worksport Ltd. “The remarkable success of our Worksport-branded B2C and B2B sales programs, along with our strategic pivot away from lower-margin private label products – betting on ourselves - underscores our vision for sustainable growth. We believe 2025 will be a defining year, supported by new product releases, continued revenue expansion, and our pursuit of cash flow positivity.”
Building on Momentum
Worksport encourages investors to stay tuned for further updates on:
- Business Partnerships and Brand Exposure
- Additional Revenue Growth and Margin Improvements
- Flagship Product Launches (SOLIS, COR) and Market Reception
With three new products slated for release this year and additional developments in the works, Worksport expects a significant leap in revenue, progress toward profitability, and a stronger foothold in the evolving market for innovative automotive and clean-tech solutions.
Please Read the Full Profile Here: https://www.insiderfinancial.com/profile/wksp
Sincerely,
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