Worksport Believes Market Valuation Does Not Fully Reflect Business Fundamentals; Targets Cash Flow Positivity and Meaningful Growth in 2025

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Worksport Ltd
Worksport Ltd

West Seneca, New York, March 18, 2025 (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, today shares proactive business commentary and outlines key catalyst events projected for 2025.

Corporate Valuation and Growth Outlook

  • Stock Valuation: Worksport Ltd. holds more than 170 registered and pending patents and trademarks, maintains $6 million cash on hand (as of March 3, 2025), and carries minimal debt (Debt-to-Asset Ratio of 0.32 as of December 31, 2024). The Company’s advanced U.S. manufacturing facility is designed to accommodate annual revenue streams of $100 million to $300 million, and total factory assets exceed current market capitalization. Management expects to approach cash flow positivity this year and believes the market has yet to fully recognize Worksport’s fundamental value. Worksport projects that 2025 revenues will be higher than the Company’s present valuation.

  • Accelerating Revenue: The Company’s revenues rose from $1.5 million in 2023 to $8.5 million in 2024, surpassing $1 million per month by the close of 2024. Worksport is focused on further acceleration, targeting $1 million per week within the next 12 to 24 months. Early indicators include a 30% expansion in Worksport’s dealer network in the first two months of 2025.

  • Margin Improvements and Investor Visibility: In tandem with rapid revenue growth, Worksport continues to see improvements in gross margins. Management anticipates further margin gains in the latter half of 2025, when the Company is targeting cash flow positivity. Investors can expect forthcoming announcements regarding significant new contracts, strategic partnerships, and developments in e-commerce. The Company’s full fourth quarter results and Annual Report on Form 10-K will be released on March 27, 2025 (Q4 2024 Earnings Call, sign up [here]).

COR & SOLIS Releases

  • SOLIS Solar Tonneau Cover Launch: Worksport remains on schedule to introduce its “SOLIS” Solar Tonneau Cover in 2025. Designed for both electric and traditional pickup trucks—the highest-selling vehicle segment—the SOLIS targets a tonneau cover market currently valued at $4 billion and projected to continue its healthy growth. SOLIS is in its final commercialization stages and currently in production at Worksport’s NY Factory.

  • COR Portable Energy System: The Company will also launch “COR”, a modular, portable energy system engineered for standalone use or seamless integration with SOLIS. COR delivers comprehensive off-grid power solutions suitable for diverse applications and lifestyles, capitalizing on a rapidly expanding portable energy market. Set to be produced in partnership with a reputable manufacturer, COR is slated for certification in Q2 2025.

  • Strong Revenue Impact: Management expects SOLIS and COR to contribute substantially to Worksport’s revenue as early as the third and fourth quarters of 2025. These new offerings, in combination with the Company’s existing tonneau cover business, are projected to support continued revenue gains and profitability into 2026 and beyond.