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Worksport
(NASDAQ:WKSP)
Worksport (WKSP) vs. S&P 500 (SPY)
Worksport Business Overview & Revenue Model
Worksport Financial Statement Overview
| Breakdown | |||||
| TTM | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 |
|---|---|---|---|---|---|
| Income Statement | Total Revenue | ||||
| 6.40M | 1.53M | 116.50K | 303.75K | 346.14K | 1.93M | Gross Profit |
| 290.21K | 240.51K | 59.53K | -46.95K | 47.15K | 238.55K | EBIT |
| -15.00M | -14.74M | -12.78M | -7.56M | -982.44K | -621.30K | EBITDA |
| -13.78M | -13.20M | -11.56M | -7.39M | -774.41K | -275.63K | Net Income Common Stockholders |
| -15.52M | -14.93M | -12.22M | -8.19M | -1.57M | -486.57K |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||||
| 25.32K | 3.37M | 14.21M | 28.57M | 1.11M | 11.99K | Total Assets |
| 557.37K | 25.95M | 32.76M | 36.29M | 1.90M | 481.31K | Total Debt |
| 296.80K | 6.24M | 6.62M | 857.06K | 712.79K | 357.70K | Net Debt |
| 271.47K | 3.60M | -7.59M | -27.71M | -395.02K | 345.71K | Total Liabilities |
| 780.93K | 7.78M | 8.65M | 2.11M | 1.73M | 1.36M | Stockholders Equity |
| -223.56K | 18.18M | 24.12M | 34.18M | 169.47K | -882.56K |
| Cash Flow | Free Cash Flow | ||||
| -12.44M | -15.62M | -19.13M | -5.18M | -734.27K | -111.61K | Operating Cash Flow |
| -11.70M | -11.93M | -7.98M | -4.05M | -726.30K | -13.25K | Investing Cash Flow |
| -744.65K | -3.76M | -11.15M | -1.13M | -16.73K | -114.01K | Financing Cash Flow |
| 11.33M | 4.43M | 5.18M | 32.64M | 1.84M | 117.84K |
Worksport Technical Analysis
Worksport Risk Analysis
Worksport Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $3.87B | 20.61 | 15.44% | ― | 4.11% | 50.07% | |
73 Outperform | $4.21B | 28.37 | 20.25% | ― | 4.87% | -29.43% | |
70 Outperform | $5.16B | 10.72 | 10.81% | 3.20% | -0.70% | -7.27% | |
70 Outperform | $973.86M | 15.02 | 10.30% | ― | -0.88% | 67.38% | |
59 Neutral | $12.41B | 10.34 | 1.32% | 3.61% | 1.65% | -18.04% | |
51 Neutral | $18.91M | ― | -94.70% | ― | 776.97% | 22.70% |
Worksport Earnings Call Summary
Worksport Corporate Events
On January 29, 2025, Worksport Ltd. announced its strategic move to purchase Bitcoin (BTC) and Ripple (XRP) as part of a treasury strategy aimed at hedging inflation and embracing cryptocurrency adoption. This initiative aligns with the company’s plans for revenue growth and cash flow positivity in 2025, as well as its efforts to integrate cryptocurrency payment options for enhanced operational efficiency, reflecting a proactive approach to the evolving financial landscape.
On January 28, 2025, Worksport Ltd. announced its decision to select Coinbase as its official cryptocurrency custodian following a strategic evaluation of multiple custodians. This partnership aligns with Worksport’s Cryptocurrency Treasury Strategy, allowing the company to hold a portion of its surplus cash reserves in Bitcoin and XRP, aiming to diversify its financial positioning and enhance shareholder value. This move is part of Worksport’s broader growth initiatives, including new product launches and a push towards cash flow positivity, while positioning itself within the evolving digital asset landscape.
On January 22, 2025, Worksport’s subsidiary, Terravis Energy, announced groundbreaking advancements in heat pump technology, addressing major challenges in the market including climate adaptability, affordability, and efficiency. The new heat pump, enhanced with AI-driven personalization, is expected to revolutionize home heating and cooling, and a global reveal is set for February 11, 2025. This innovation, which promises to redefine industry performance in extreme climates, positions Worksport as a key player in the rapidly growing heat pump market, potentially increasing adoption due to overcoming traditional limitations.
Worksport Ltd. announced strong financial results for Q4 2024, with unaudited revenues of approximately $2.93 million, marking a significant improvement from Q4 2023. This performance brought the company’s year-end revenues to $8.5 million, exceeding its guidance. The company also reported a notable increase in gross margins in December 2024, which are expected to support its path toward sustainable profitability. Looking forward, Worksport plans to capitalize on its success by expanding its market reach through strategic partnerships and launching flagship products like the SOLIS solar tonneau cover and COR mobile power system in 2025. These efforts aim to reinforce its market position and drive further revenue growth.
Worksport Ltd. announced the upcoming launch of its new HD3 premium tri-fold tonneau cover, expected in Spring 2025, which aims to diversify its product offerings and drive revenue growth. The company is also progressing with its COR and SOLIS clean-tech innovations and anticipates strong growth in 2025, further strengthening its position in the tonneau cover and sustainable automotive solutions industries.
Worksport Ltd. reflected on a pivotal 2024, marked by significant growth and milestones such as U.S. manufacturing expansion and a 275% revenue increase. Looking ahead to 2025, the company plans product launches and strategic expansions to enhance market positioning, with projections of substantial revenue growth and initiatives like investing in crypto assets.
Worksport Ltd. announced the launch of a new investor relations website, featuring insights into its strategic growth plans and clean-tech innovations, such as the SOLIS solar tonneau cover and COR mobile power system. The company projects significant market expansion, driven by a proactive approach involving cryptocurrency, a 581% sales growth in Q3, and upcoming product launches. Worksport’s integrated strategy aims to transform it into a leading clean-tech brand with a focus on sustainable technologies, targeting multi-billion-dollar markets.
Worksport Ltd. has announced significant growth and strategic advancements, including a 117% increase in its dealer network and securing initial pre-orders for its AL4 tonneau cover from leading distributors. The company is integrating Bitcoin and Ripple into its treasury strategy, reflecting a proactive approach to diversify assets and strengthen its market position. This move has attracted attention from crypto custodians and aligns with Worksport’s broader strategy to enhance value through innovation, expand its clean-tech product portfolio, and increase brand visibility through national exposure.
Worksport Ltd. recently showcased its innovative clean-tech products, including the SOLIS solar tonneau cover and COR portable energy system, on the popular TV show FOX & Friends Weekend. This appearance highlighted Worksport’s commitment to domestic manufacturing and sustainable solutions, garnering positive feedback and setting the stage for future media opportunities. As the company aligns with the global shift toward sustainable mobility, it aims to expand its brand presence and drive revenue growth, particularly in the EV and outdoor adventure sectors.
Worksport Ltd. is set to make a significant appearance on FOX & Friends, showcasing their innovative products to over a million viewers. This national exposure will feature their AL4 Premium Cover, Solis Solar Cover, and COR Portable Energy System, aiming to captivate the multi-billion dollar market. The event represents a strategic milestone for Worksport, enhancing brand presence and potentially boosting consumer awareness and investor confidence.
Worksport Ltd. reported an impressive 581% year-over-year revenue growth in Q3 2024, reflecting strong demand for its innovative products across B2B and B2C markets. With strategic investments and expansion plans, including new product launches like the AL4 tonneau cover and the SOLIS solar cover, the company aims to achieve cash flow positivity by 2025. Worksport projects revenue between $25 million and $34.5 million for 2025, positioning itself strongly in the automotive accessory and clean energy sectors.
Worksport Ltd., a leader in hybrid and clean energy solutions, is set to host its Q3 2024 earnings call on November 13, inviting investors and analysts to explore its recent growth and financial strategies. The call promises insights into the company’s performance, strategic initiatives, and future product launches, highlighting its commitment to achieving cash flow positivity. CEO Steven Rossi emphasizes Worksport’s undervalued status and ongoing sales momentum, marking an exciting opportunity for stakeholders to engage with the company’s promising growth outlook.