Worksport Ltd ( (WKSP) ) has released its Q1 earnings. Here is a breakdown of the information Worksport Ltd presented to its investors.
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Worksport Ltd. is a U.S.-based company specializing in the design, development, and manufacturing of hybrid and clean energy solutions, particularly for the light truck and overlanding sectors. It is known for its innovative tonneau covers and solar integrations.
In its Q1 2025 earnings report, Worksport Ltd. announced a significant revenue growth of 337% year-over-year, reaching $2.24 million. The company also reported a gross margin expansion to 18%, up from 7% in the previous year, indicating a positive trajectory towards profitability.
Key financial highlights include a healthy working capital of $7.94 million, with $5.1 million in cash availability. The company anticipates further growth driven by its high-margin AL4 tonneau cover and expects to achieve cash flow positive operations by the end of 2025. Additionally, Worksport is targeting $2-3 million in revenue from its new green energy product lines, COR and SOLIS.
Looking ahead, Worksport is optimistic about its 2025 outlook, with projected full-year revenue between $20 million and $25 million. The company aims to continue expanding its core business and improve gross margins to 25-30% by year-end. Worksport’s strategic focus includes increasing U.S. market share and introducing new products to sustain double-digit revenue growth into 2026.