Scott Buck, an analyst from H.C. Wainwright, reiterated the Buy rating on Worksport. The associated price target remains the same with $11.50.
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Scott Buck’s rating is based on the belief that Worksport’s current share underperformance is not reflective of its operational improvements and growth prospects. Despite a significant decline in share value compared to the Russell 2000 index, the company is on track for record revenue in the third quarter of 2025, with gross margins exceeding expectations. This operational momentum, coupled with the anticipated launch of new products like the SOLIS Solar Tonneau Cover and COR Portable Energy System, suggests a clear path to profitability and potential positive adjusted EBITDA by 2026.
Furthermore, the company’s products, which are made in America, are expected to be competitively priced, driving long-term demand. The introduction of new products is projected to contribute significantly to revenue, with potential upside to estimates. The commercialization of heat pump technology by 2026 could also tap into a substantial global market. These factors, along with the expectation of increasing revenue and expanding margins, underpin the Buy rating and the $11.50 price target for Worksport’s shares.