GoldDog83
7 hours ago
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
1 week ago
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
3 weeks ago
Worksport Ltd. Unveils Upgraded SOLIS Technology, Enhancing Solar Tonneau Covers for Broader Market Reach
Nasdaq: wksp
Innovative Upgrade Reduces Consumer Costs by Up to $400 and Increases Compatibility Across Multiple Battery Generator Brands and Types
West Seneca, New York, October 31, 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 is excited to announce a development for its advanced solar technology system. The Worksport SOLIS solar tonneau cover will be improved to operate at 60V, a meaningful upgrade that is believed to bring substantial cost savings to consumers, expand the addressable market size, and simplify integration with a wider range of other battery generator systems existing in the marketplace.
Charlie V
3 weeks ago
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.
Charlie V
3 weeks ago
On Tuesday, Worksport Ltd (NASDAQ:WKSP) announced a milestone in its business-to-business (B2B) sales growth and the newly initiated pre-order campaign for its highly anticipated AL4 Premium Tonneau Cover.
In the last four months, Worksport has 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.
The company says the growth is attributed to the surging interest in high-quality, aggressively priced tonneau covers that meet the demands of today’s market.Â
Also Read: EXCLUSIVE: Worksport Targets $2M in Savings With Strategic Cuts, Set to Launch New Clean-Tech Products in 2025
Worksport has shipped hundreds of displays to crucial dealer accounts across the United States. These retail display units will perpetually convert into dealer sales, representing a considerable long-term dealer-level growth objective, the company said in the press release.
These display units have generated a 31% conversion rate. Worksport’s sales team is working towards 100% sales conversion due to each retail display unit installed in dealer showrooms in the USA and Canada.
CEO Steven Rossi: “Our strategic deployment of display stands has not only expanded our dealer network but has also yielded an exceptional conversion rate of 31%.”
With over 17,000 dealers in the U.S., strong dealer interest signals a substantial opportunity for continued sales growth.
Worksport announced its first-ever B2B order from a customer in Puerto Rico, consisting of initial crates of hard and soft covers. This marks a significant expansion into new territories.
Following the recently announced production schedule of the AL4Premium Tonneau Cover, Worksport is beginning to book pre-orders from key dealer and distributor accounts in the USA and Canada.
Pre-ordering will end in November when the Worksport sales team expects significant early demand and orders.
The company said several top-tier national U.S.-based distributors are discussing pre-ordering the AL4, reflecting strong market confidence in the product.
Worksport will continue to expand its dealer network while attracting new distributors to enhance scale and market reach.
Price Action: WKSP stock closed higher by 8.05% at $0.7931 at Monday.
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