Breaking Cleantech Automotive Stock News: Worksport (NASDAQ: $WKSP) Reports
Significant 581% YoY Revenue Growth in Q3 2024, Eyes Record 2025; @WorksportLtd
Company
Announces Consecutive Surge in Quarterly Revenues; Provides Positive Outlook
for Fiscal Year 2025; Ongoing Expansion and New Product Lines Fuel Momentum
West
Seneca, New York - November 13, 2024 (Investorideas.com 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 today announced its Q3 2024 financial results. Worksport shares another
consecutive quarter of revenue growth and positive outlook for financial
year-end 2025.
Q3
revenue surged to $3.12 million—a 581% year-over-year increase compared to
$458,433 in Q3 2023. This rapid growth reflects continued scaling of both B2B
and B2C channels and the growing demand for Worksport’s innovative products.
Following a 275% revenue increase from Q1 to Q2 2024, Q3 revenue grew another
63% from Q2 2024, underscoring the strength of the Company’s strategic
investments and the success of its recent sales initiatives. Worksport believes
it will exceed previous financial guidance of $6-8M by year-end 2024, and below
issues guidance for year-end 2025.
Paid News dissemination for Worksport Ltd.
Read
this news, featuring WKSP in full at https://www.investorideas.com/news/2024/11131WKSP-Revenue-Growth-Q3.asp
Steven Rossi, Worksport’s Founder
& CEO, stated:
"Our
Q3 results are just the beginning. With our robust product pipeline and
aggressive market penetration strategies, we are on a trajectory for sustained
growth. 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. We
are excited about the significant impact our products, including the AL4
tonneau cover, SOLIS solar cover, and COR portable energy system, are expected
to have as we enter next year."
Upcoming Products & Strategic Path
to Profitability:
Worksport
continues to expand its production capacity and expects to meet its next
production target of making over 200 tonneau covers per day within 2025. This
increase in capacity should enable the Company to meet growing demand while
notably increasing margins, driven by new high-demand, high-margin product
lines. In Q3, the Company maintained an inventory balance of $6.1 million,
strategically positioned to support sustained revenue growth without the need
for major capital investments. The Company believes it can increase its ability
to produce beyond 200 covers without significant time or capital investment.
Additional Highlights Include:
B2C
Sales Growth: Online sales increased from $21,599 in Q3 2023 to $1.59 million
in Q3 2024, now making up 51% of total revenue.
Government
Sales Traction: Worksport initiated sales to a U.S. government agency,
positioning itself for potential future business development.
New
Product Launches: The highly anticipated AL4 tonneau cover is set to debut in
Q4 this year and is expected to contribute significantly to revenue growth in
2025, while the SOLIS and COR products are in Alpha testing, with a full market
launch slated for Q2/Q3 next year.
Strategic Market Position and Forward
Guidance
Worksport
expects to exceed its previously issued revenue guidance of $6-8 million by
year-end 2024.
Worksport’s
growth is underpinned by its diversified portfolio, intellectual property, team
experience, and its newly launched online presence. With the pickup truck
market continuing to lead vehicle sales and Worksport’s first-to-market
solar-integrated tonneau cover SOLIS on the horizon, the Company believes it is
well-positioned to capture market share in both the automotive accessory and
clean energy sectors. Complemented by the COR portable energy system,
Worksport’s growth potential continues to become strong in 2025 and beyond.
For
2025, Worksport projects its existing product lines to generate $20 million in
revenue, with new product launches, including its AL4 cover and COR and SOLIS
systems, contributing up to an additional $18.5 million. Depending on timing
and circumstances, these projections lead to a robust revenue outlook ranging
from $25 million to $34.5 million in 2025, a pivotal year anticipated to drive
Worksport towards cash flow positivity.
Worksport Q3 Earnings Call
For
detailed insights on the quarter, and management commentary, please attend the
Q3 2024 Earnings Call. It will occur at 4:30pm ET on Wednesday November 13,
2024. You may attend with this link: [Worksport
Q3 2024 Earnings Call]
The
prepared remarks will also be available at Worksport’s Investor Relations
website.
Investor Inquiries May Be Directed To:
Investor
Relations, Worksport Ltd.
T:
1 (888) 554-8789 x128
W1:
https://investor.worksport.com
W2:
www.worksport.com
Worksport Quarter 3, 2024 Report, Item
1. Financial Statements
The Company has included
the Financial Statements section below from the ‘Full Worksport Q3 2024' For Quarterly
Period Ended: September 30, 2024. Investors are encouraged to read the full
10-Q along with the Prepared Remarks, both linked above.
Item 1. Financial Statements
The
accompanying notes form an integral part of these condensed consolidated
financial statements. Please click here to download the
full 10-Q.
The
link below will take you to the Worksport Investor Relations Website. You may
download the full 10-Q and accompanying earnings call remarks there: Q3 2024 10
Q & Earnings Call Prepared Remarks - Download Here
Investor Inquiries May Be Directed
To:
Investor Relations, Worksport Ltd.
T: 1 (888) 554-8789 x128
W1: https://investor.worksport.com
W2: www.worksport.com
E: investors@worksport.com
Key 2024 Press-Releases:
- October 17: Nasdaq Grants Extension To Regain Compliance
- October 17: $2MM+
Projected Savings From New Strategic Initiative
- October 3: Commencing U.S
Government Sales
- September 30: Update On ISO
Certification
- September 19: Alpha Launch
of SOLIS & COR
- September 12: Record High
August Sales
- September 11: Worksport COR as an EV Range Extender for Tesla
Model 3
- August 14: Record High
Revenues; 275% Q2 Growth
- August 1: Impressive
SOLIS Solar Cover Test Results
- May 8: Worksport Awarded $2.8MM Grant
Read all Worksport press
releases: [Link to All Press Releases].
Stay Connected
- Investor Newsletter: Investors
and customers are invited to follow Worksport's progress as it builds on
this momentum and strives to redefine industry standards with each new
corporate development. Link
to Newsletter
- Contact Information
Investor Relations, Worksport Ltd. T:
1 (888) 554-8789 -128 W: investors.worksport.com E: investors@worksport.com
W: worksport.com
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, and
NP (Non-Parasitic), hydrogen-based true green energy solutions for the
sustainable, clean energy, and automotive industries. 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 RAM,
Chevrolet, and GMC models from General Motors, as well as Ford, Jeep, Nissan,
and Toyota pickup trucks. 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 NP (Non-Parasitic),
Hydrogen-based technology.
Terravis Energy's website is terravisenergy.com. For more information, please visit investors.worksport.com.
Connect with Worksport
Please follow the Company's social
media accounts on X (previously Twitter), Facebook, LinkedIn, YouTube,
and Instagram (collectively, the
"Accounts"), 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. 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.
Product social media
Investor social media
X (formerly Twitter)
LinkedIn
Link to Newsletter
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.
For additional information, please
contact:
Investor Relations, Worksport Ltd. T: 1 (888) 554-8789 -128 W: investors.worksport.com W: www.worksport.com E: investors@worksport.com
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,"
"expect," "future," "intend," "plan,"
"project," "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 condition 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 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.
Worksport Ltd. (Nasdaq: WKSP) is a featured
renewable energy/automotive stock on Investorideas.com
More info on WKSP at
Investorideas.com Visit: https://www.investorideas.com/CO/WKSP/
Disclaimer/Disclosure: Disclosure: Worksport Ltd. (Nasdaq: WKSP) is a paid featured company on
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