Worksport Ltd (Nasdaq-CM: WKSP) (the “Company”) reported financial
results for the 2021 third quarter period ended September 30, 2021.
Investors are encouraged to read the Company’s quarterly report on
Form 10-Q filed with the Securities and Exchange Commission (the
“SEC”), which can also be found at www.worksport.com.
Third Quarter Highlights:
- Ended the third quarter with
approximately $29.0 million in cash and cash equivalents, it’s
largest cash position ever.
- Secured a 55,000 square foot
manufacturing facility essential for the Company’s plans to bring
its manufacturing operations back from overseas.
- Began developing Terravis Energy,
Inc., its wholly owned subsidiary that will lead the Company’s
alternative energy operations.
- Appointed Bill Caragol and
Ambassador Ned L. Siegel as independent directors who have
immediately become invaluable additions to the Company.
- Appointed Michael Timmons and
Sengkee Ahn to the Company’s advisory board.
- Launched the Company’s Global
Pre-Order Portal, which the Company’s believes will play an
important role in generating further sales, sidelined by the global
supply challenges.
Worksport has secured and moved into a new
manufacturing facility in Canada. The Company has added to its
Board two extremely experienced, independent directors.
Additionally, the Company has expanded its Advisory Board with
experts from both financial and automotive industries. Following
the strides made in green energy storage with the development of
the Company’s Terravis COR energy storage system, Worksport
launched its wholly owned subsidiary, Terravis Energy Inc. –
establishing a new home for in-development, revolutionary
technologies like NPEV, a hydrogen-based EV charging solution.
Steven Rossi, Chief Executive Officer of
Worksport said, “Worksport continues to build what we believe will
become an industry staple brand, where our technologies and
efficiencies will create unique solutions to the challenges of
energy storage and transportation. In August, we completed a public
offering and listed our shares on Nasdaq. We will continue to forge
new paths in the pursuit of our vision of providing innovative
products within the tonneau cover market and beyond.”
Worksport has officially started taking
pre-orders for its much-anticipated Terravis System, a one of a
kind solar tonneau cover and mobile energy storage system.
Consumers can pre-order the entire system or the Terravis COR – a
highly advanced energy storage system that functions as a
stand-alone product of the Terravis System. Both the Terravis COR
and the Terravis SOLIS, which specifically refers to the solar
tonneau cover, are in pre-production and approaching final stages
of their certification processes. As the two enter final stages of
pre-production, Worksport is well-positioned to begin delivering on
pre-orders and orders as soon as Q2 2022. The complete Terravis
System creates a mobile power generation and storage system that
produces 100% green energy to be used as backup power where there
otherwise is not any, whether recreationally, professionally, or
for emergencies.
Worksport has also started the development of
its eCommerce site, which is expected to launch January 2022.
Worksport believes that by taking control of its sales channels,
the Company can achieve new heights in revenue generation and
product availability. With this facilitation of D2C sales,
Worksport has stockpiled inventory throughout 2021 to ease its
transition to an entity having multiple, diversified revenue
channels.
“It was expected that 2021 would be a building
year for us with our capital raise. We have been very careful not
to deploy funds for unwise investments, and we are on track and
excited to utilize that capital to develop better tonneau covers
and produce new lines of products such as the Terravis System.
Coming out of the pandemic, companies have struggled with supply
chain issues, and Worksport was not immune to these difficulties.
We have taken that challenge and turned it to opportunity with the
start of onshore production though the build-out of our
state-of-the-art, automated manufacturing facility. Our facility in
Mississauga, Ontario – what we believe is an achievement in itself
– is a first of its kind in our market, and it will be used to
develop products that will take us further, and for longer. We
continue to believe that investments such as those in onshore
manufacturing will lead us to increased revenue in 2022,” said
Steven Rossi.
2021 Third Quarter Financial
Results
For the three-month period ended September 30,
2021, total revenues were $93,408, compared to $116,491 for the
three-month period ended September 30, 2020. Year-to-date, total
revenues were $287,297 compared to $223,620 for the same period,
2020.
Total cost of sales for the 2021 third quarter
decreased by 13% from $94,134 in the prior period to $81,810.
Net loss for the 2021 third quarter was $2.04
million compared to a net loss of $370,613 in the prior year
period. The increased net loss was primarily due to increases in
sales and marketing as well as professional fees associated with
expanding the Company’s business operations.
General and administrative expenses were
$517,735 in the third quarter compared to $50,836 for the prior
year period. The increase in G&A was largely due to increased
R&D and salaries as the Company seeks to expand its
operations.
Please see our entire 10-Q report for the nine
months ended September 30, 2021 filed with the Securities and
Exchange Commission.
To stay up-to-date on all the latest Worksport
news, investors, supporters, and shareholders are encouraged to
follow the company’s social media accounts on Twitter, Facebook,
LinkedIn, and Instagram, as well as sign up for the company’s
newsletters at
www.worksport.com and www.goterravis.com.
About Worksport Ltd.
Worksport Ltd. (Nasdaq: WKSP), through its
subsidiaries, designs, develops, manufactures, and owns the IP on a
variety of tonneau covers, solar integrations, and NP
(Non-Parasitic), Hydrogen-based true green energy solutions for the
renewable, clean energy, and automotive industries. Worksport Ltd.
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. For more information,
please visit www.worksport.com, www.investworksport.com and
www.goterravis.com.
Connect with Worksport:
Please follow the company’s social media
accounts on Twitter, Facebook, LinkedIn, and Instagram, as well as
sign up for the company’s newsletters at www.worksport.com or
www.investworksport.com. Worksport Ltd. strives to provide frequent
updates of its operations to its community of investors, clients,
and customers to maintain the highest level of visibility.
LinkedIn
Facebook
Twitter
Instagram
For additional information, please
contact:Steven ObadiahBusiness
Development ManagerWorksport Ltd.T: 1-(888)
506-2013E: investors@worksport.comW:
www.investworksport.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," or the negative of these terms and
similar expressions, as they relate to us or our management,
identify forward‐looking statements. Such statements include, but
are not limited to, statements contained in this press release
relating to the view of management of the Company concerning its
business strategy, an up listing to a national exchange, future
operating results and liquidity and capital resources outlook.
Forward‐looking statements are based on the Company's current
expectations and assumptions regarding its business, 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.
The Company's actual results may differ materially from those
contemplated by the forward‐looking statements. They are neither
statements of historical fact nor guarantees of assurance of future
performance. We caution you therefore against relying on any of
these forward‐looking statements. Factors or events that could
cause the Company's actual results to differ may emerge from time
to time, and it is not possible for the Company to predict all of
them. The Company cannot guarantee future results, levels of
activity, performance, or achievements. Except as required by
applicable law, including the securities laws of the United States,
the Company does not intend to update any of the forward‐looking
statements to conform these statements to actual results. No Stock
Exchange or Regulation Services Provider accepts responsibility for
the adequacy or accuracy of this release.
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