Worksport Ltd. Sees Over 200% Growth in B2B Sales; Initiates Pre-Order Campaign for New AL4 Tonneau Cover

Company Initiates Business with Hundreds of Dealers Across USA; New Model: AL4 Attracts Industry-Leading Distributors

West Seneca, New York, October 29, 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 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.

Key 2024 Press-Releases:

• 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 12: Record High August Sales
• 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

‍