Charlie V
4 days ago
Worksport ($WKSP) Expands Dealer Network, Exciting Growth Continues
West Seneca, New York, July 11, 2024 — Worksport® Ltd. (NASDAQ: WKSP), 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 the launch of its new dealer webpage. The launch of this new dealer portal follows Worksport’s record-breaking sales month in May, which reinforced the Company’s year-end revenue guidance of $6-8 million, a substantial increase from the ~$1.5 million achieved in 2023.
Increased Sales
The new dealer webpage is designed to streamline the process for dealers to access and purchase Worksport products. Dealers can now find our products through distribution partners or directly from the company. Visit www.worksportdealer.com for more information. Early sales traction and dealer interest are already evident, underscoring the increasing demand for Worksport’s offerings.
“In the last week alone, over 20 dealers have received Worksport products, and more than 100 have communicated interest,” said Steven Rossi, CEO of Worksport. “This new dealer webpage is a strong step in supporting our dealer network and driving our sales growth. With a market size of over 7 million covers per year and a factory capable of producing 900+ covers daily, we believe the tonneau cover business is well-positioned to achieve cashflow positivity and nine-figure revenues in the near-term.
Rossi added, “To add to the excitement, the Worksport SOLIS solar tonneau cover and COR portable energy system, scheduled for initial release later this summer, are expected to unlock the next segment of growth for the company. We are very excited as the solar cover is first-to-market, and the COR system incorporates many unique features in the rapidly growing portable power industry.”
Businesses interested in becoming dealers in Worksport’s exclusive, highly innovative products are encouraged to visit the dealer page to find valuable information and connect with Worksport’s’ sales team.
Strategic Growth and Market Potential
Worksport specializes in manufacturing tonneau covers for all major vehicle makes and models, targeting a market with over 20,000 dealers across North America. The company aims to actively recruit dealers into the Worksport ecosystem through distribution and direct trade. The launch of a new dealer webpage is anticipated to drive sales, supporting the company’s year-end revenue targets and future growth.
Earnings Call and Upcoming Product Launches
Worksport’s Q2 earnings will be reported in August, accompanied by the company’s first live earnings call. More information to come. Additionally, investors are reminded of the upcoming soft launches of the SOLIS solar cover and the COR portable energy system later this summer, with more updates to follow in the coming weeks.
Key Press-Releases released in 2024:
June 20, 2024: Worksport Announces Record Breaking May Sales
June 13, 2024: Worksport Awarded ‘Innovator of the Year’
May 16, 2024: Worksport Reports 1,506% Q1 Revenue Surge
May 8, 2024: Worksport Awarded $2.8MM Grant
April 25, 2024: Worksport Signals Undervalued Status, Eyes Major 2024 Growth
March 18, 2024: $2.8MM Direct Offering Priced At-The-Market.
March 6, 2024: Worksport to Launch Innovative SOLIS & COR Products This Summer
February 7, 2024: Infineon and Worksport Announce Collaboration
MIchaeljohn
3 weeks ago
WORKSPORT LTD.
2500 N America Dr
West Seneca, NY 14224
T: (888) 554-8789
www.worksport.com
NOTICE OF ACTION BY WRITTEN CONSENT OF STOCKHOLDERS
AND INFORMATION STATEMENT
To the Holders of Common Stock of Worksport Ltd.,
The enclosed Information Statement is being furnished to the holders of record of the shares of the common
stock, with a par value of $0.0001 per share (the “Common Stock”), of Worksport Ltd., a Nevada corporation (the
“Company”), as of the close of business on the record date, June 7, 2024 (the “Record Date”). We are writing to advise
you that a stockholder representing approximately 60% of the voting power of the outstanding capital stock of
Worksport Ltd., as of the close of business on the Record Date, approved by written consent, a proposal to authorize,
for purposes of complying with Nasdaq Listing Rule 5635(d), the issuance of shares of our Common Stock underlying
warrants issued by us pursuant to an inducement letter, dated May 29, 2024, between us and a certain investor named
on the signature page thereto, in an amount equal to or more than 20% of our Common Stock outstanding immediately
prior to the issuance of such warrants (the “Share Issuance”).
Our board of directors unanimously approved and recommended that our stockholders approve the Share
Issuance. Steven Rossi, our Chief Executive Officer, President, and Chairman of our board of directors, holds 100
shares of Series A Preferred Stock, representing 100% of our outstanding Series A Preferred Stock. According to the
Certificate of Designation of the Series A Preferred Stock, the Series A Preferred Stock votes together with the
Common Stock on all matters, except as prohibited by law, and is entitled to 51% of the voting of the Common Stock,
regardless of how many shares of Series A Preferred Stock is outstanding. Mr. Rossi, as the Majority Stockholder,
approved the Share Issuance on June 7, 2024, by written consent in lieu of a stockholders’ meeting.
Please note that the number of votes already received from the Majority Stockholder is sufficient to
satisfy the stockholder vote requirement for this action under Nevada law and our articles of incorporation, as
amended, and consequently no additional votes will be needed to approve the actions.
No action is required by you. The accompanying Information Statement is solely for information purposes
only and does not require or request you to do anything. You are encouraged to carefully read the accompanying
Information Statement, including exhibits, for further information regarding the Share Issuance. This Information
Statement is first being mailed to you on or about June 18, 2024.
This is not a notice of a special meeting of stockholders, and no stockholder meeting will be held to
consider any matter described herein. We are not asking you for a consent or proxy, and you are requested not
to send us one.
June 17, 2024 By Order of the Board of Directors,
/s/ Steven Rossi
Steven Rossi
Chief Executive Officer and Chairman
Charlie V
4 weeks ago
Worksport ($WKSP) Announces Record-breaking May Sales, Growth Surge Continues
West Seneca, New York, June 20, 2024 — Worksport® Ltd. (NASDAQ: WKSP), a U.S.-based manufacturer and innovator of hybrid and clean energy solutions for the light truck, overlanding, and global consumer goods sectors, is proud to announce its best sales month yet, achieving $739,417 in single-month sales for May 2024 (unaudited).
May 2024 sales were 332% higher than the monthly average of Q1 2024, underscoring the Company's rapidly growing sales trajectory. This significant increase in sales surpasses cumulative Q1 2024 sales of $512,637. Worksport attributes this impressive growth to its Made-in-America products, which began scaled production in January 2024.
Impressive Sales Growth and Strategic Advances
Worksport views this milestone as the beginning of its sales growth and is excited for the anticipated launch of three new products this year, presenting massive additional opportunities. Management maintains its position that the company's stock remains undervalued. The Company recently announced a $6 million to 8 million year-end 2024 revenue guidance, reflecting a 300-433% increase from year-end 2023 sales of approximately $1.53 million. This trend already surpasses previously issued guidance based on month-over-month sales "run rate."
The Company believes May's record-breaking sales demonstrate the market's strong demand for Worksport's innovative products. In late March 2024, the Company launched B2C sales, which quickly gained traction and contributed to the substantial increase in sales. With over $6 million in strategically produced inventory, Worksport believes it is well-positioned to meet the rising demand and ensure swift turnover.
"Our record sales month is a testament to our team's relentless dedication and the market's recognition of our product value," said Steven Rossi, CEO of Worksport.
"Products like the SOLIS solar-integrated tonneau cover, and the COR portable energy system are anticipated to revolutionize the market. We are incredibly excited for their planned Alpha release this summer, which will further accelerate our growth trajectory. 2024 is only the beginning; With a large product pipeline and patent portfolio, there is so much to be excited about," continued Rossi.
2024 and Beyond: A Promising Future
Recently receiving the 'Innovator of the Year' award in Western New York underscores the Company's commitment to innovation and excellence. As the Company continues to expand its product lineup, it believes it is poised to capture substantial market share and drive significant shareholder value.
Worksport's product pipeline includes the Company's highly anticipated SOLIS solar tonneau cover, the COR portable battery generator, and the innovative extreme climate heat pump. With an estimated tonneau cover market of 7.77 million units annually, Worksport targets significant revenue growth. Worksport's Made-in-America AL3 and upcoming AL4 tonneau covers are anticipated to enhance the Company's market position further. Worksport believes its robust IP portfolio, featuring over 160 issued and pending patents and trademarks, demonstrates its competitive edge and innovation leadership.
The trajectory for 2024 is just the beginning. With plans to further enhance its product offerings and market reach, Worksport believes it is well-positioned for sustained growth into 2025 and beyond.
2024 Key Highlights
B2C Sales Launch: Initiated in late March 2024, showing strong market traction.
Inventory Management: Over $6 million in strategically produced inventory for swift turnover.
Revenue Forecast: Management projects significant growth with a 300-433% increase for 2024.
Product Innovations: Upcoming alpha release of the SOLIS and COR systems anticipated this summer.
Charlie V
1 month ago
Worksport Announces New Partnership With Large Distributor In The Midwest
West Seneca, New York, June 05, 2024 — Worksport Ltd. (NASDAQ: WKSP), a key 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 new sales partnership with a prominent Midwest distributor, renowned for its 50-year legacy in the automotive industry. Additionally, the Company is pleased to highlight its early execution and the growing opportunities within Worksport's product lineup.
Having recently projected a robust 300-433% year-over-year revenue increase for 2024, Worksport is rapidly expanding its brand across the United States. The Company kicked off full-scale production in January 2024, launched direct-to-consumer sales in late March 2024, and has quickly received significant interest from dealers and consumers.
Worksport's strategic expansion into the Midwest underscores its aggressive growth plans and an expanding presence in the automotive industry. "This partnership goes beyond simply broadening our distribution network; it's about enhancing the Worksport brand's visibility among American consumers and strengthening our position in the market," stated Steven Rossi, CEO of Worksport.
Worksport believes it is poised to seize substantial market opportunities presented by their cutting-edge product lines. An overview of Worksport's product opportunities:
Tonneau Covers: With an estimated market size of 7.77MM covers annually, Worksport aims to aggressively capture the market with its strategically positioned covers. Worksport targets growth of its cover segment to a 9-figure revenue operation within 3 years.
Worksport Soft Covers: Currently sold under both the Worksport brand and private label, these entry-level products are expected to drive consistent revenue and increase market share.
Made-in-America AL3 Hard Covers: Worksport holds $6 million in strategically prepared inventory, poised for rapid turnover. Direct-to-consumer sales of the Worksport AL3 cover are showing very promising early signs.
Highly Anticipated AL4 Covers: These unique covers are expected to drive significant additional demand. More information will be available soon, with an anticipated launch to Worksport's dealer and distribution network in early Q4 2024.
Clean Energy Products: Worksport is scheduled to launch multiple products in the clean-tech space, expecting to enter and vitally alter multi-billion-dollar markets;
First-to-Market Solar Cover: Targeting a summer launch, this product is anticipated to revolutionize the market with its integrated solar technology. The "SOLIS" tonneau cover is highly anticipated for the best-selling vehicles in the United States, like the Ford F-150, RAM 1500, and Chevy Silverado.
Modular Portable Battery Generator: Complementing the Company's solar cover, this system, branded as "COR", will offer versatile energy solutions that resonate with eco-conscious consumers. This system will have many peripheral benefits, and Worksport anticipates growing the COR product line, offering multiple product applications.
Worksport's Extreme Climate Heat – Pump: Having displayed very promising early-testing results, Worksport's innovative heat-pump is rapidly progressing in development. It targets a market expected to exceed USD $142 Billion by 2024.
Robust Intellectual Property and Strong Assets
Worksport is underpinned by a robust intellectual property portfolio, which not only protects its innovation and branding but also strengthens its competitive position in the market. "With over 160 issued and pending patents and trademarks, our robust IP portfolio is pivotal as we introduce groundbreaking products and continue to capture and create significant market segments," Rossi added.
Bright Road Ahead
Worksport management encourages you to keep a close watch as we prepare to reveal significant developments and industry-first products. Be part of our journey as we forge a legacy in innovation. Stay tuned for more news and updates.
Charlie V
2 months ago
https://investors.worksport.com/worksport-wksp-sets-guidance-for-300-433-revenue-growth-in-2024/
West Seneca, New York, May 23, 2024 — Worksport Ltd. (NASDAQ: WKSP), a key U.S.-based manufacturer and innovator of hybrid and clean energy solutions for the light truck, overlanding, and global consumer goods sectors, today laid out its 2024 revenue forecast, highlighting significant growth trajectories and forward-looking operational strategies.
Strategic Advances and Future Outlook
The Company forecasts revenue growth from $1.5 million in year-end 2023 to between $6 million and $8 million for 2024. This represents an anticipated revenue growth of approximately 300% to 433%, underscoring Worksport’s strong growth and recent operational successes. This projected growth is derived solely from Worksport’s Automotive Accessory Business, with further revenue potential on the horizon following the launch of a Solar Integrated Tonneau Cover and Mobile Battery Generator System.
The Company emphasizes the potential of its three products [in development] to further bolster 2024 revenue and beyond. This summer, Worksport plans to launch an alpha release of its first-to-market solar tonneau cover and innovative portable energy system, followed by the anticipated market launch of another highly anticipated tonneau cover in Q4. The demand for these new products is expected to exceed that of all existing products, prompting future updates to our financial guidance.
“This interim revenue guidance represents just the initial phase of Worksport’s promising future. As we continue to expand our product offerings and enhance operational efficiencies, our outlook remains decidedly bullish. Full-scale U.S. production launched just this January, and expansion is ongoing across all product lines. I am confident that 2024 is only the beginning of Worksport’s growth trajectory”- Steven Rossi, CEO, Worksport Ltd.
Long-term Growth
Supported by its recent $2.8MM grant from the State of New York, Worksport’s facility at full operational capacity is capable of producing over 150,000 covers annually. This capability is expected to be fully utilized within the next three years, enhancing the Company’s output and market reach. Producing and selling covers at full capacity translates into 9-figure plus revenue potential from just Worksport’s Buffalo factory.
Worksport R&D teams are diligently working on the next generation of innovative offerings. The expansion of innovative and complimentary products is expected to open Worksport to multiple billion-dollar market channels, globally.
Market Channels
Worksport’s B2C sales, launched in late Q1, have shown promising early results. On the B2B front, the company has signed on multiple large distributors, setting the foundation for robust growth ahead.
Worksport management maintains its belief that the Worksport’s stock remains undervalued. This assertion highlights the substantial growth potential that has yet to be fully recognized by the market. In the coming months, the Company plans to provide more details on its B2B customer engagements and success stories, affirming its trajectory towards scaling operations.
Commitment to Transparency and Stakeholder Engagement
Starting July 2024, Worksport will host live earnings calls to foster greater transparency and direct engagement with our investors, emphasizing our commitment to operational excellence and stakeholder communication.
Key Press-Releases released in 2024:
May 16, 2024: Worksport Reports 1,506% Q1 Revenue Surge
May 8, 2024: Worksport Announces $2.8MM Grant
April 25, 2024: Worksport Signals Undervalued Status, Eyes Major 2024 Growth
March 18, 2024: $2.8MM Direct Offering Priced At-The-Market.
March 6, 2024: Worksport to Launch Innovative SOLIS & COR Products This Summer
February 7, 2024: Infineon and Worksport Announce Collaboration
January 24, 2024: Worksport Unveils AL3- Made in the USA Tonneau Cover
January 18, 2024: Worksport: SOLIS Cover will be Available for FORD, RAM & GM
Charlie V
2 months ago
https://investors.worksport.com/worksport-reports-1506-surge-in-q1-revenue-announces-forward-guidance/
West Seneca, New York, May 16, 2024 — Worksport Ltd. (NASDAQ: WKSP), a key US-based manufacturer and innovator of hybrid and clean energy solutions for the light truck, overlanding, and global consumer goods sectors, today reported the financial results for the first quarter of its fiscal year (Q1 FY 2024) ended March 31, 2024.
Worksport reports a 1,506% revenue increase in Q1 2024 vs. Q1 2023, while cutting 4.8% in operational expenses over the same periods. Gross margins were largely based on private label sales and are expected to improve considerably in future quarters.
Worksport will provide forward-looking guidance on May 23, 2024. Worksport’s sales in April 2024 have shown positive results, underscoring the Company’s accelerating growth trajectory. Management is eager to share their revenue outlook through year-end 2024, which they believe will be a considerable jump from CY 2023.
Recently signaling Worksport’s stock as undervalued, the Company expects robust growth and development as its US production continues to ramp up rapidly and as the launch of its highly anticipated clean energy solutions approach quickly. The Company is expanding and working on many grants, including a $2.8MM grant from the State of New York announced last week. Worksport is preparing itself to actively tap into the multi-billion-dollar clean-energy and automotive accessory markets.
Key Highlights for Q1 2024:
Explosive Growth:
Worksport Ltd. reported a staggering 1,506% increase in North American sales for Q1 2024 from Q1 2023, with revenues soaring from $31,925 in Q1 2023 to $512,637 in Q1 2024. US revenue alone experienced a remarkable 1,766% increase in Q1 2024 compared to Q1 2023.
Worksport CEO, Steven Rossi said, “We are proud to see such encouraging early growth and demand from our efforts. In under three years while facing a difficult landscape of COVID lockdowns, hyper-inflation, and supply-chain disruptions, we have launched our new factory, developed groundbreaking products, and have set the foundation for rapid growth. This early success is only with our inaugural product and is a tremendous signal of the potential size of our business to come. We’ve formed an amazing team with an innovative line of products to build a very healthy business in the years ahead. Next week we will give forward-looking guidance. 2024 is Worksport’s year.”
Matured Supply Chain:
In Q1 2024, Worksport has strategically invested $2.9MM in producing and acquiring inventory pertaining specifically to higher margin products; Holding $6.5MM in inventory, Worksport anticipates swift inventory turnover. This investment is expected to let the Company promptly capitalize on growing demand.
B2B Expansion:
In Q1 2024, Worksport focused on ramping up production and enhancing its product line. Full-scale US production began in January 2024, and significant progress has been made since then. Worksport is preparing to sell its products through leading distributors across the United States, setting up an extensive system during Q1. These efforts are expected to drive substantial growth in the second half of 2024.
B2C Sales Campaign:
With a fully integrated production process, Worksport officially launched its e-commerce sales at the tail-end of Q1, on March 18, 2024. The B2C campaign is expected to ramp up quickly, contributing significantly to future growth. The Company will provide an update on e-commerce sales projections on May 23, 2024.
Clean Energy Product Pipeline:
With upcoming launches for our first-to-market SOLIS Solar Tonneau Cover and highly anticipated COR Modular Portable Energy System, Worksport is positioning itself at the forefront of eco-friendly automotive accessories. The Company is also aligning with global shifts towards sustainable energy solutions and continues progress on its extreme-climate heat pump. Each new product represents a multi-billion-dollar market for Worksport.
North American Expansion:
To increase its presence in the US and Canada, Worksport has engaged in several strategic collaborations with several leading distributors and mass merchandisers, including an agreement with Dix Performance North to expand its distribution network across Canada. This aligns with the Company’s goals to enhance product accessibility and visibility. The Company will continue efforts on this front.
Key Press-Releases released in 2024:
May 8, 2024: Worksport Announces $2.8MM Grant
April 25, 2024: Worksport Signals Undervalued Status, Eyes Major 2024 Growth
March 18, 2024: $2.8MM Direct Offering Priced At-The-Market.
March 6, 2024: Worksport To Launch Innovative SOLIS & COR This Summer
February 7, 2024: Infineon and Worksport announce collaboration
January 24, 2024: Worksport Unveils AL3- Made in the USA Tonneau Cover
January 18, 2024: Worksport: SOLIS will be available for FORD, RAM & GM
Read all press releases: Link to press releases
Worksport will provide forward-looking guidance for year-end on May 23, 2024, through a press release before market opens. The Company anticipates a landmark year ahead.
Charlie V
2 months ago
Worksport Announces Monumental Partnership to Tap $3 Billion Market
Chosen as Chief of Chaos’ next big project, Worksport is partnering with the team behind the viral marketing of famous brands like Manscaped, Dollar Shave Club, Paramount+,Uber, and Instacart to plot explosive growth for Worksport’s innovative product lines.
West Seneca, New York, May 2, 2024 — Worksport Ltd. (NASDAQ: WKSP), a U.S.-based manufacturer dedicated to developing innovative hybrid and clean energy solutions in lighttruck, overlanding, and global consumer goods markets, today announced a strategic partnership with Chief of Chaos, the masterminds behind the explosive growth of global leaderslike Instacart, Manscaped, Paramount+, and Uber. This company believes this collaboration is set to propel Worksport into the spotlight, harnessing groundbreaking strategies that have revolutionized visibility and sales for the biggest names in tech and consumer services.
About the Partnership: Worksport’s partnership with Chief of Chaos comes at the right moment The Company expects its revenues to grow substantially in 2024, and that production at its state-of-the-art facility is well-equipped to meet the rapidly increasing demand. Chief of Chaos brings to the table a legendary ability to craft viral brands, having catapulted companies like Uber and Instacart into everyday consumer staples. Their strategic insight is now directed at cultivating the story behind Worksport’s current and upcoming products, aiming to replicate this success by enhancing the Company’s market presence and driving significant sales through innovative, targeted marketing campaigns.
Worksport’s nano-grid, consisting of the SOLIS Solar Cover & COR Portable Energy System, are highly anticipated by the market, and have ongoing OEM interest from global automakers like Hyundai. The system is anticipated to tap into a market potential of over $3 billion annually.
Charlie V
4 months ago
West Seneca, New York , March 18, 2024 (GLOBE NEWSWIRE) -- Worksport Ltd. (Nasdaq: WKSP; WKSPW) (“Worksport” or the “Company”) is pleased to announce today that it has entered into a securities purchase agreement with a single institutional investor to purchase 3,850,132 shares of common stock (or pre-funded warrants to purchase shares of common stock in lieu thereof) in a registered direct offering. In a concurrent private placement, the Company also agreed to issue and sell to the investor warrants to purchase up to 7,700,264 shares of common stock. The combined effective offering price for each share of common stock (or pre-funded warrant in lieu thereof) and accompanying warrant is $0.74 , priced at-the-market under Nasdaq rules. The warrants will become exercisable six months from issuance, expire five and a half years from the issuance date, and have an exercise price of $0.74 per share.
The gross proceeds to the Company from the registered direct offering and concurrent private placement are estimated to be approximately $2.8 million before deducting the placement agent’s fees and other estimated offering expenses payable by the Company. The offering is expected to close on or about March 21, 2024 , subject to the satisfaction of customary closing conditions. The Company intends to use the net proceeds from the offering for working capital and general corporate purposes.
The shares of common stock (or pre-funded warrants in lieu thereof) are being offered by the Company pursuant to an effective shelf registration statement on Form S-3 (File No. 333-267696) that was filed with the SEC on September 30, 2022 , and subsequently declared effective on October 13, 2022 . The offering of shares of common stock (or pre-funded warrants in lieu thereof) will be made only by means of a prospectus supplement that forms part of the registration statement. The warrants to be issued in the concurrent private placement and the shares issuable upon exercise of such warrants were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Act”), and Regulation D promulgated thereunder and have not been registered under the Act or applicable state securities laws. A prospectus supplement relating to the shares of common stock and pre-funded warrants will be filed by Worksport with the SEC . When available, copies of the prospectus supplement relating to the registered direct offering, together with the accompanying prospectus, can be obtained at the SEC’s website at www.sec.gov.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
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