This innovation underscores Worksport's commitment to sustainability and energy independence.
Guided by a philosophy known as "The Worksport Way," the company places a strong emphasis on customer-centric innovation.
Every product in its lineup is meticulously engineered to combine utility with versatility, ensuring that truck owners can maximize their vehicle's potential for work, recreation, or emergency scenarios.
With a portfolio boasting over 100 patents and trademarks, Worksport's dedication to quality and craftsmanship is evident in every detail.
As a publicly traded company on NASDAQ under the ticker WKSP, Worksport leverages its public status to fuel growth, enhance shareholder value, and expand its market presence.
The company's ambitious vision centers on sustainability, innovation, and delivering industry-leading products that not only meet but exceed customer expectations.
By staying at the forefront of technological advancements and fostering a culture of excellence, Worksport continues to shape the future of automotive accessories and clean energy solutions.
Find More Key Details/Sources: Company Website.
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Mentioned earlier, WKSP has several potential catalysts that could give it a near term boost. Take a look:
No. 1 WKSP Potential Catalyst - Revenue Numbers Come Back Strong With Worksport Projecting Further Growth In 2025.
Worksport Ltd. ($WKSP) Announces Strong Q4 2024 Results, Beating Revenue Guidance; Recording a Substantial December Gross Margin increase
Company Reports Unaudited Quarterly Revenue of $2.93Mn, Year-End Revenue Beat, Top-Line of $8.5Mn; Expects Further Expansion with New Products and Growing Margins
West Seneca, New York, Jan. 21, 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, is pleased to announce unaudited top-line revenues of approximately $2.9 for Q4 2024, marking a significant improvement from $839k in Q4 2023. This strong performance pushes Worksport's year-end revenues to approximately $8.5Mn, beating the Company's previously announced guidance range of $6–8Mn for 2024.
Margin Growth and Pro-fit-ability Outlook
In December 2024 alone, the unaudited margins jumped 166% from Q3, reaching 21.1%. Gross margins in Q4 2024 reflect a significant improvement over Q3 2024, increasing by 55% overall. The Company believes this successful – and continued growth of margins to have a material impact on its outlook and performance. The growth underscored the ongoing success of Worksport's strategic Made in America initiatives, shifting towards higher-value, branded product lines, and boosting operational efficiencies. By phasing out lower-margin private label offerings and focusing on its Worksport-branded products, the Company expects these enhanced margins to accelerate its path toward sustainable pro-fit-ability. The Company forecasts further quarterly margin increases, especially towards the second half of the year.
Laying the Groundwork for 2025
Looking ahead, Worksport projects continued revenue growth in 2025, targeting over $20Mn in tonneau cover sales. In addition, further growth is expected via:
- Strategic Partnerships: The Company expects new alliances to broaden its market reach and reinforce brand recognition.
- Upcoming Flagship Products: Worksport plans to release the SOLIS solar tonneau cover and the COR mobile power system in 2025, tapping additional clean-tech markets.
- Growing Dealer Network: B2C and B2B sales channels are positioned to expand rapidly, capitalizing on rising consumer demand for innovative automotive accessories. The AL4, shipping in Jan 2025 is expected to drive growth in this front.
Management Commentary
"We are extremely proud of our Q4 2024 performance, which drove our full-year revenues to about $8.5Mn—with exceptional margin growth," said Steven Rossi, Chief Executive Officer of Worksport Ltd. "The remarkable success of our Worksport-branded B2C and B2B sales programs, along with our strategic pivot away from lower-margin private label products – betting on ourselves - underscores our vision for sustainable growth. We believe 2025 will be a defining year, supported by new product releases, continued revenue expansion, and our pursuit of cash flow positivity."
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Read the full article here.
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No. 2 WKSP Potential Catalyst - Heating & Cooling Industry Players Could Take Serious Notice Of Company's Subsidiary's Groundbreaking Solution.
Worksport Subsidiary Terravis Energy Announces Two Major Heat Pump Breakthroughs, Begins 20-Day Countdown
Solving Two Key Market Challenges; Successful R&D Has Achieved a Solution Expected to Revolutionize Home Heating & Cooling, While Being Affordable and Highly Efficient.
West Seneca, New York--(Newsfile Corp. - January 22, 2025) - 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, proudly announces that its subsidiary, Terravis Energy [LLC] ("TVE"), a [Delaware] [limited liability company], has developed a groundbreaking heat pump solution that it believes fulfills the future of home heating and cooling. This latest R&D breakthrough is projected to solve two key issues in the heat pump market.
The proprietary solution combats changing climates, power affordability, and current technology limitations. Based on early closed-loop feedback, the Company expects major industry actors to take serious notice of this technology upon reveal. Through a breakthrough solution, the Terravis Energy heat pump technology is expected to redefine performance in all climate conditions, while being highly efficient. The technology has been further enhanced with AI-powered adaptability, designed to tailor the system to each individual user's comfort level, creating an environment that feels uniquely responsive and attuned to their needs.
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Read the full article here.
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No. 3 WKSP Potential Catalyst - Bullish Triggered Technical Indicators Surround WKSP Across Multiple Terms.
On Monday at 4:00PM EST, Barchart was reporting several triggered technical indicators to be triggered across the short, medium, and long term for WKSP.
Here's their list (as of 4:00PM EST Monday):
Short Term Indicators
- 20 - 50 Day MA Crossover
- 20 - 100 Day MA Crossover
- 20 - 200 Day MA Crossover
Medium Term Indicators
- 50 Day Moving Average
- 50 - 100 Day MA Crossover
- 50 - 150 Day MA Crossover
- 50 - 200 Day MA Crossover
Long Term Indicators
- 100 Day Moving Average
- 150 Day Moving Average
- 200 Day Moving Average
- 100 - 200 Day MA Crossover
The website also shares its all-important "Trend Seeker" composite indicator is triggered as well.
Make sure to watch these technical indicators closely moving forward.
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No. 4 WKSP Potential Catalyst - A Smallish Float Could Create A Volatile Situation For WKSP In A Blink.
According to info from the Yahoo Finance website, WKSP has a relatively low float.
In fact, the website reports this profile to have approx. 26.3Mn shares in its float.
Why is that important? It's important on one crucial level. Volatility potential.
Could more positive company news at the beginning of 2025 provide a near term spark?
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No. 5 WKSP Potential Catalyst - Government Policies Driving Massive Renewable Energy Growth By 2030.
The renewable energy market is experiencing significant growth, driven by various factors including government policies, technological advancements, and increasing environmental concerns.
The global renewable energy market size was estimated at $1.21Tn in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 17.2% from 2024 to 2030, reaching approximately $3.6Tn by 2030.
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