Worksport Increases Production Capacity to Meet Growing Sales Demand
Company Aims for 100% Growth in Monthly Online Sales in the Near-Term; AL4 Tonneau Cover Launch Set for December
West Seneca, New York, November 22, 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 pleased to announce an expansion of its manufacturing workforce to meet accelerating sales demand. Since the start of Q4, the Company has increased its plant worker count by 30%, positioning itself to enhance production capacity and improve margins.
Scaling Production to Meet Growing Demand
- Increased Workforce: The expansion of the production team is a strategic move to accommodate the significant growth in Worksport’s business-to-consumer (B2C) and business-to-business (B2B) sales
- Sales Growth: The Company is now targeting $1 million in monthly online sales in the near-term, aiming for a 100% increase in top line revenue from the approximately $500,000 per month reported less than 60 days ago.
- Second Shift Preparation: To support the scheduled end-of-the-year launch of the higher margin
- AL4 tonneau cover
- , Worksport is adding a new evening production shift. This expansion will boost production capacity, enabling the Company to meet escalating demand and drive increased revenues and profitability. Investors can expect an update on the AL4 pre-order campaign for the business-to-business (B2B) segment before the end of the year.
Management Commentary
“The Company continues to grow with new dealers, increased sales, and enhanced efficiencies each day,” said Steven Rossi, CEO of Worksport Ltd. “Expanding our plant staff and initiating a second production shift are pivotal steps toward improving margins and achieving EBITDA positivity. Last Friday, the Company’s market capitalization closed below our revenue projections for 2025—a year in which we believe we will be cash flow positive with increasing margins. We reiterate our strong belief that Worksport continues to be undervalued.”
Upcoming Product Launches Driving Growth
- AL3 and AL4 Tonneau Covers: The continued rollout of these products is expected to significantly contribute to Worksport’s path toward cash flow positivity in 2025.
- SOLIS and COR Clean-Tech Systems
- : The Company also plans to launch its highly anticipated SOLIS solar cover and COR portable energy system by Q2/Q3 2025, further enhancing revenue growth and profitability prospects.
Worksport Q3 Earnings Call
Q3 revenue surged to $3.12 million—a 581% year-over-year increase compared to $458,433 in Q3 2023.
Worksport held its Q3 2024 earnings call on Wednesday November 13, 2024. The prepared remarks and presented earnings call deck are available at Worksport’s Investor Relations website.
Investor Inquiries May Be Directed To:
Investor Relations, Worksport Ltd.
T: 1 (888) 554-8789 x128
W1: https://investor.worksport.com
Key 2024 Press-Releases:
- November 21: CEO Insider Purchase; Worksport Investigates Short Selling
- October 29: 200% Growth in B2B Sales; Pre-Order Campaign Initiated For AL4
- October 17: Nasdaq Grants Extension To Regain Compliance
- October 17: $2MM+ Projected Savings From New Strategic Initiative
- October 3: Commencing U.S Government Sales
- September 30: Update On ISO Certification
- September 19: Alpha Launch of SOLIS & COR
- September 11: Worksport COR as an EV Range Extender for Tesla Model 3
- August 14: Record High Revenues; 275% Q2 Growth
- August 1: Impressive SOLIS Solar Cover Test Results
- May 8: Worksport Awarded $2.8MM Grant
