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Worksport (WKSP)
NASDAQ:WKSP
Earnings Data
Report Date
Mar 27, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
-1.28Last Year’s EPS
-2Same Quarter Last Year
Strong Buy
Based on 3 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Nov 13, 2024
|% Change Since: -10.35%
|Next Earnings Date:Mar 27, 2025
Earnings Call Sentiment|Neutral
The earnings call highlighted significant revenue growth and strategic product launches, indicating a strong upward trajectory for Worksport. However, increased operating losses and dependency on external factors for new product success present challenges. The company's focus on margin improvement and strategic partnerships is positive, but the financial losses and high cost of sales are notable concerns.Company Guidance
During Worksport's fiscal year 2024 and Q4 2024 earnings call, CEO Steven Rossi and CFO Mike Johnston highlighted significant achievements and provided guidance for 2025. In 2024, Worksport reported a remarkable revenue growth of 455%, reaching $8.4 million, driven by the expansion of American-made hard folding tonneau cover products and a surge in online sales, which constituted 58% of total revenue, compared to 7% in 2023. The company achieved its highest quarterly revenue in Q4, with net sales of approximately $2.93 million, marking a nearly 250% year-over-year increase. Worksport also made strides in improving profitability, with gross margins in December 2024 reaching over 20%. For 2025, the company forecasts revenues between $20 million and $34.5 million, with anticipated gross margins reaching 25% to 30% by year-end. This growth is expected to be fueled by new product introductions, including the AL4 tonneau cover, SOLIS solar cover, and COR mobile power system, as well as strategic expansions into government and fleet sectors. The company aims to achieve cash flow positivity by late 2025 or early 2026, with a commitment to maintaining operational efficiency while investing in growth and innovation.Significant Revenue Growth
Fiscal year 2024 net sales were $8.4 million, up 455% from $1.53 million in 2023. Q4 2024 net sales reached $2.93 million, showing a nearly 250% year-over-year increase from Q4 2023.
Gross Margin Improvement
Gross margins in December 2024 exceeded 20%, showing substantial improvement from earlier in the year. The gross margin for Q4 improved by 30% compared to Q3.
Expansion in Online Sales
Online sales surged to 58% of total revenue in 2024, up from 7% in 2023, driven by effective digital marketing and fulfillment capabilities.
Launch of New Products
Commencement of production for the premium AL4 tonneau cover and development of the HD3 cover, targeting commercial and fleet customers.
Strategic Partnerships and Innovations
Partnership with KULR Technology Group to enhance the COR battery system. Development of the Terravis Energy AetherLux heat pump, capable of operating in extremely low temperatures.
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WKSP Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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WKSP Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Mar 27, 2025 | $3.67 | $3.35 | -8.72% |
| Nov 13, 2024 | $8.70 | $7.33 | -15.75% |
| Aug 13, 2024 | $6.75 | $6.64 | -1.63% |
| Feb 06, 2024 | $12.40 | $12.20 | -1.61% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Worksport (WKSP) report earnings?
Worksport (WKSP) is schdueled to report earning on Mar 27, 2025, TBA Not Confirmed.
What is Worksport (WKSP) earnings time?
Worksport (WKSP) earnings time is at Mar 27, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is WKSP EPS forecast?
WKSP EPS forecast for the fiscal quarter 2024 (Q4) is -1.28.
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