GoldDog83
3 días hace
News Drop..
Worksport Increases Production Capacity to Meet Growing Sales Demand
Worksport Increases Production Capacity to Meet Growing Sales Demand
Company Aims for 100% Growth in Monthly Online Sales in the Near-Term; AL4 Tonneau Cover Launch Set for December
West Seneca, New York, Nov. 22, 2024 (GLOBE 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 is pleased to announce an expansion of its manufacturing workforce to meet accelerating sales demand. Since the start of Q4, the Company has increased its plant worker count by 30%, positioning itself to enhance production capacity and improve margins.
Scaling Production to Meet Growing Demand
-- Increased Workforce: The expansion of the production team is a strategic
move to accommodate the significant growth in Worksport's
business-to-consumer (B2C) and business-to-business (B2B) sales
-- Sales Growth: The Company is now targeting $1 million in monthly online
sales in the near-term, aiming for a 100% increase in top line revenue
from the approximately $500,000 per month reported less than 60 days ago.
-- Second Shift Preparation: To support the scheduled end-of-the-year launch
of the higher margin AL4 tonneau cover, Worksport is adding a new evening
production shift. This expansion will boost production capacity, enabling
the Company to meet escalating demand and drive increased revenues and
profitability. Investors can expect an update on the AL4 pre-order
campaign for the business-to-business (B2B) segment before the end of the
year.
Management Commentary
""The Company continues to grow with new dealers, increased sales, and enhanced efficiencies each day," said Steven Rossi, CEO of Worksport Ltd. "Expanding our plant staff and initiating a second production shift are pivotal steps toward improving margins and achieving EBITDA positivity. Last Friday, the Company's market capitalization closed below our revenue projections for 2025--a year in which we believe we will be cash flow positive with increasing margins. We reiterate our strong belief that Worksport continues to be undervalued."
Upcoming Product Launches Driving Growth
-- AL3 and AL4 Tonneau Covers: The continued rollout of these products is
expected to significantly contribute to Worksport's path toward cash flow
positivity in 2025.
-- SOLIS and COR Clean-Tech Systems: The Company also plans to launch its
highly anticipated SOLIS solar cover and COR portable energy system by
Q2/Q3 2025, further enhancing revenue growth and profitability prospects.
Worksport Q3 Earnings Call
Q3 revenue surged to $3.12 million--a 581% year-over-year increase compared to $458,433 in Q3 2023.
Worksport held its Q3 2024 earnings call on Wednesday November 13, 2024. The prepared remarks and presented earnings call deck are 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
E: investors@worksport.com
Key 2024 Press-Releases:
-- November 21: CEO Insider Purchase; Worksport Investigates Short Selling
-- October 29: 200% Growth in B2B Sales; Pre-Order Campaign Initiated For
AL4
-- 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 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 all major truck models and is gaining traction with newer truck makers including the EV sector. 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
Instagram X (formerly Twitter)
-------------------- ---------------------
Facebook LinkedIn
YouTube 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.
GoldDog83
4 días hace
On Thursday, Worksport Ltd (NASDAQ:WKSP) announced that it has retained Digital BD, Inc to monitor and investigate potentially illegal short-selling activity of its stock.
Rossi said the recent stock trading activity must reflect the business’ health or significant growth pathways.
He said that the company sets new volume sales records almost daily while facing suspicious and volatile stock activity that it proposes to investigate thoroughly.
The company reported a 581% growth in the third quarter and expects the 2025 revenue to exceed its market capitalization as of Wednesday. The sales are growing exponentially monthly, and three highly innovative products are set for near-term release, Rossi added.
Concurrently, CEO Steven Rossi has purchased 33,333 restricted Worksport shares at a 44% premium to the market price at $0.75 per share on November 19th.
Worksport has engaged Digital BD, a provider of Regulation SHO compliance monitoring, short sale trading analytics, and market integrity surveillance to safeguard shareholder value and address unusual trading patterns.
Digital BD will monitor daily short volume data from all U.S. exchanges, encompassing EXEMPT and NON-EXEMPT short sales, and will report its findings to the company.
Digital BD will scrutinize market makers trading Worksport shares daily for adherence to fair market-making requirements.
The Securities and Exchange Commission specifies that bona-fide market-making does not include activities related to speculative selling strategies for investment purposes that are disproportionate to usual market-making patterns.
Rossi expressed commitment to continuing its growth trajectory and protecting the interests of our shareholders. With the assistance of Digital BD, the company proposed to closely monitor trading activities to ensure compliance with all legal requirements.
CEO Rossi said Worksport as significantly undervalued and expects to unlock its true value. He also looks to discover, eliminate, and do everything possible to prevent future illegal short selling or open market manipulation of Worksport’s stock.
Worksport’s third-quarter revenue reached $3.12 million, up by 581% year-over-year.
Price Action: WKSP stock traded higher by 5.42% to $0.53 premarket at the last check on Thursday.
Charlie V
2 semanas hace
https://investors.worksport.com/worksport-wksp-reports-significant-581-yoy-revenue-growth-in-q3-2024-eyes-record-2025/
West Seneca, New York, November 13, 2024 — 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.
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.”
Charlie V
4 semanas hace
West Seneca, New York , Oct. 29, 2024 (GLOBE 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 is thrilled to announce a significant milestone in its business-to-business (B2B) sales growth, and the newly initiated pre-order campaign for its highly anticipated AL4 Premium Tonneau Cover.
Explosive B2B Sales Growth
In the last four months, Worksport has impressively achieved over 200% growth in Dealer Account sales of its Worksport -branded products, with key dealers in most major areas across the USA and Canada . This exponential growth is attributed to the surging interest in high-quality, aggressively priced tonneau covers that meet the demands of today's market. While the Company's private label and consumer direct businesses continue to drive the largest share of revenue for Worksport , the impressive surge in dealer sales represents an exciting opportunity for future growth.
Strategic Dealer Expansion with High Conversion Rates
Retail Display Units Shipped: Worksport has shipped hundreds of displays to key dealer accounts across the United States . These retail display units will continue to convert into dealer sales perpetually, representing a considerable long-term dealer level growth objective.
Conversion Ratio: These display units have generated an outstanding 31% conversion rate, meaning nearly one-third of dealers who received retail display units have placed orders nearly immediately, preceding receiving and assembling these Worksport Retail Display Units. Worksport’s sales team is working towards 100% sales conversion as a result of each retail display unit installed in dealer showrooms in the USA and Canada .
Vast Market Potential: With over 17,000 dealers in the U.S. , strong dealer interest signals a substantial opportunity for continued sales growth. Worksports growing sales team is continuing to establish direct connection with each dealer across the USA and Canada .
Regional Success and Market Penetration
Strong Performance in the Southwest: The Company has experienced particularly robust sales in the Southwest region, driven by Worksport’s fast shipping times and high market demand for tonneau covers.
First Order from Puerto Rico : Worksport is excited to announce its first-ever B2B order from a customer in Puerto Rico , consisting of initial crates of both hard and soft covers. This marks a significant expansion into new territories.
AL4 Premium Tonneau Cover Pre-Order Campaign
Following the recently announced production schedule of the AL4 Premium Tonneau Cover, Worksport is beginning to book pre-orders from key dealer and distributor accounts in the USA and Canada . Pre-ordering will end at the end of November at which time Worksport sales team expects significant early demand and orders.
Key AL4 sales highlights include:
Interest from Industry-Leading Distributors. Several top-tier national US based distributors are in discussions to pre-order the AL4, reflecting strong market confidence in the product.
Scaling Dealer Network. The Company will continue to expand its dealer network while attracting new distributors to enhance scale and market reach.
Management Commentary
"The remarkable trend we have seen in our B2B segment is a testament to the market's appetite for high-quality, competitively priced tonneau covers," said Steven Rossi , CEO of Worksport Ltd. "Our strategic deployment of display stands has not only expanded our dealer network but has also yielded an exceptional conversion rate of 31%. The newly initiated pre-order campaign for the AL4 Premium Cover has already garnered interest from industry-leading distributors, signaling a bright future for Worksport . We are committed to leveraging this momentum in 2025 and beyond.
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