Breaking Cleantech
Automotive Stock News: Worksport (NASDAQ: $WKSP) Announces Accelerated Path to
Profitability with $2M+ in Projected Savings, Strengthens Financial Stability
Ahead Of Upcoming Product Launches; @WorksportLtd
Company Expects
Improved Margins and Cash Preservation; Upcoming Launches Includes High-Demand
AL4 Cover and Innovative Clean-Tech Solutions
West
Seneca, New York - October 17, 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 the implementation of strategic cost-saving measures
designed to enhance operational efficiency and drive long-term growth. The
Company forecasts these actions will result in $1.5 million in expense savings
in 2025, along with an additional $0.5 to $1 million in related savings,
without negatively impacting revenues or growth.
Key Highlights:
Strategic Cost Savings: Initiatives begin immediately and target a
reduction of recurring expenses. These initiatives are expected to improve
margins and enhance cash preservation.
- Growth Focus: The
Company aims for significant revenue growth in 2025, targeting cash flow
positivity by expanding its tonneau cover business line and launching
clean tech products. The newly enacted cost saving initiatives are
expected to expedite the Company's progression to this goal.
- Product Launches on Schedule: No
material delays are expected for three new products, including the highly
anticipated AL4 Premium Tonneau Cover, the COR
Portable Energy System, and the SOLIS Solar Cover.
- Upcoming Catalysts: Immediate
benefits are expected in Q4 2024, with further positive financial impact
anticipated in Q1 2025.
Paid News dissemination for Worksport Ltd.
Read this news, featuring WKSP in
full at https://www.investorideas.com/news/2024/10171WKSP-Accelerated-Path-to-Profitability.asp
CEO Commentary:
"We are taking proactive steps
to optimize our operations and position Worksport for sustainable growth," said Steven Rossi, CEO of Worksport. "These
strategic measures are expected to improve our margins and strengthen
our financial position without compromising our commitment to innovation and
product excellence. We remain focused on executing our growth
strategy and delivering value to our shareholders."
Growth Initiatives and Revenue
Targets
Worksport is aggressively pursuing growth in its tonneau cover business line,
projecting:
- Cash Flow Positivity in 2025: Capitalizing
on high-demand products and expanding market share.
- Significant Revenue Growth: Targeting
a multiple increase over year-end 2024 revenues.
Product Launches and Upcoming
Catalysts
- AL4 Premium Tonneau Cover:
- Expected Release: Late
Q4 2024.
- Features: Innovative
four-fold design offering enhanced functionality and margins.
- Market Potential: Four-fold
covers are seen as the most in-demand models in the market, and this
cover is expected to propel Worksport toward nine-figure revenue in the
short to midterm.
- Worksport COR
Portable Energy System, and 3. SOLIS Solar Cover:
- Current Phase: Recently
entered alpha release.
- Next Steps: Ongoing
real-world testing, design optimization, and media engagement leading to
a pre-order campaign and larger beta release.
- Manufacturing Partnerships: The
Company is proud to announce it is in advanced discussions with a
globally recognized manufacturer to produce these units.
Continued Commitment to Innovation
Worksport remains highly engaged in
research and development, with a focus on:
- Terravis Energy's Extreme Climate Heat Pump: The Company is looking forward to sharing exciting
advancements of this subsidiary soon.
- Ongoing R&D Efforts: The
Company recently provided an update on 19 new models it has added to its
product catalogue in just the last 6 months, and it looks forward to
sharing additional updates as they occur.
CEO Steven Rossi added:
"Our upcoming product launches
represent significant milestones for Worksport. We are confident that the AL4
Premium Tonneau Cover and our clean energy solutions like the COR Portable
Energy System and SOLIS Solar Cover will drive substantial growth. These
innovations reflect our dedication to meeting market demands and exceeding
customer expectations."
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.
Key 2024 Press-Releases:
- October 7: October Strategic Update
- 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
- April 25: Worksport Signals Undervalued Status, Eyes Major
2024 Growth
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
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
"forwardâ€looking
statements." Forwardâ€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 forwardâ€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
Investorideas.com
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