Worksport Ltd. Announces Strong Q4 2024 Results and Revenue Guidance Beat

Worksport Ltd. (NASDAQ:WKSP) recently released its quarterly report, showcasing impressive financial results for the fourth quarter of 2024. The company reported unaudited top-line revenues of approximately $2.9 million for Q4 2024, signaling significant growth compared to $839,000 in the same period of the previous year. This robust performance has contributed to Worksport’s year-end revenues, exceeding expectations by reaching approximately $8.5 million, surpassing the previously indicated guidance range of $6–8 million for the year 2024.

The company highlighted a remarkable margin growth in December 2024, with unaudited margins escalating by 166% from the third quarter, reaching 21.1%. Overall, gross margins in Q4 2024 exhibited a notable increase of 55% compared to the preceding quarter, showcasing Worksport’s commitment to enhancing operational efficiencies and product value. Worksport’s strategic shift towards higher-value branded product lines has been instrumental in boosting margins and improving profitability.

Looking towards future prospects, Worksport projects continued revenue growth for 2025, aiming to achieve over $20 million in tonneau cover sales. The company plans to expand its market reach through strategic partnerships, introduce new flagship products – including the SOLIS solar tonneau cover and the COR mobile power system, and enhance its dealer network to cater to growing consumer demand for innovative automotive accessories.

Steven Rossi, the Chief Executive Officer of Worksport Ltd., expressed pride in the Q4 2024 performance, emphasizing the success of Worksport’s branded sales programs and the shift away from lower-margin private label products as strategic maneuvers for sustained growth. Rossi anticipates 2025 to be a significant year for Worksport, marked by upcoming product releases, revenue expansion, and a focus on achieving sustainable profitability.

As Worksport gears up for an eventful year ahead with the release of three new products and further market developments, investors are encouraged to stay informed about the company’s progress through updates on business partnerships, revenue growth, margin improvements, and product launches. Worksport aims to solidify its presence in the automotive and clean-tech sectors through innovative solutions and strategic initiatives.

For additional information and updates from Worksport, investors can visit the company’s website and engage with its social media platforms for the latest news and developments.

This press release may contain forward-looking statements that reflect Worksport’s current outlook and expectations regarding future events and business performance. Investors are advised to exercise caution and refer to the Company’s official filings with the Securities and Exchange Commission for a comprehensive understanding of the associated risks and uncertainties. Worksport remains committed to providing timely updates and maintaining transparency for all stakeholders.

Contact:
Investor Relations, Worksport Ltd.
Phone: 1 (888) 554-8789 -128
Email: investors@worksport.com
Website: www.worksport.com

Please note: This information is presented as per the original 8-K filing released by Worksport Ltd. on January 21, 2025.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Worksport’s 8K filing here.

Worksport Company Profile

Worksport Ltd., through its subsidiary, designs and distributes truck tonneau covers in Canada and the United States. The company offers soft tonneau covers, such as vinyl wrapped tri- and quad-fold tonneau covers; and hard tonneau covers, including tri- and quad-fold aluminum covers. It also offers energy products, such as Worksport SOLIS, a tonneau cover with integrated solar panels; and Worksport COR energy storage system, a modular, portable power station.