Worksport Reports Record High August Sales Month, Trending To Beat 2024 Revenue Guidance
Net Sales Surging to Approximately $1.22 Million For August & Management Highlights Focus On Expanding Operations To Support Cash Flow Positivity.
West Seneca, New York, September 12, 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, proudly announces another significant sales month in 2024, with August 2024 net sales surging to $1,213,604.28. This notable performance propels our Annual Recurring Revenue (ARR) rate to an impressive $14.56 million, which exceeds the 2023 year-end revenue of $1.53 million. This explosive early growth highlights the strong demand for Worksport’s Made-in-America products and positions the Company to beat 2024 revenue guidance.
“Strong sales momentum continues, our ARR now nearly matches our current market cap, and we are trending to beat our 2024 revenue guidance. As we rapidly push towards cash flow positivity and further sales growth, we firmly believe Worksport is significantly undervalued, presenting strong upside potential,” said Steven Rossi, Worksport CEO.
With this performance, Worksport remains on track towards its goal of moving to cash flow positivity within 2025. Yesterday, Worksport announced the successful testing of its COR portable energy system, functioning as a range extender for EVs like the Tesla Model 3.
Forward Guidance and Future Growth
At our current Q2 revenue pace, Worksport is on track to exceed our previously issued 2024 revenue guidance of $6-8 million, based solely on current product lines,” stated Steven Rossi. He added, “Notably, this forecast does not yet include revenue potential from our most exciting products: AL4, SOLIS, and COR lines, which are expected to contribute significantly to future earnings. All are expected to be in the market in the near-term.”
With projected revenues of $15-20 million from the tonneau cover segment alone in FY 2025, Worksport expects continued growth as demand for its premium products increases. The Company believes the premium AL4 cover may further boost these figures based on increasingly strong expressed demand. Worksport believes it is on track to becoming a nine-figure ($100M+ revenue) company in the near-to-midterm, as the upcoming launches of SOLIS and COR product lines mark pivotal milestones in the Company’s expansion. Worksport’s market cap [9/10/2024] of $15.1 million, sitting below book value, reflects its growth potential.
Upcoming Product Launches
The Company continues to expand its product portfolio with upcoming products, including the highly anticipated AL4 Hard Tonneau Cover, SOLIS Solar Tonneau Cover, and COR Portable Energy System—each aimed to address multi-billion-dollar TAM opportunities. As scaling continues, Worksport remains focused on improving margins and accelerating future profitability.
The upcoming Alpha releases of the COR Portable Energy System and SOLIS Solar Tonneau Cover this month positions Worksport for its continued growth. The AL4, SOLIS, and COR lines are expected to unlock lucrative opportunities for larger contracts, OEM partnerships, and expansive global sales. Investors can anticipate Worksport’s initial sales outlook for these products during the Q3 2024 earnings call, where Worksport will reveal insights into its accelerating growth trajectory and significant upside potential of the Company.
Investor Inquiries May Be Directed To:
Investor Relations, Worksport Ltd.
T: 1 (888) 554-8789 x128
W1: https://investor.worksport.com
Key 2024 Press-Releases:
- September 11: EXCLUSIVE: Worksport’s Portable COR Battery Adds 7 Miles Of Charge To Tesla Model 3 In Lab Test
- August 20: Worksport ($WKSP) Begins COR Alpha Production
- August 14: Worksport Announces Record High Revenues; 275% Q2 Growth
- August 1: Worksport Announces Impressive SOLIS Solar Cover Test Results
- June 20: Worksport Announces Record Breaking May Sales
- May 8: Worksport Awarded $2.8MM Grant
- April 25: Worksport Signals Undervalued Status, Eyes Major 2024 Growth
- March 6: Worksport to Launch Innovative SOLIS & COR Products This Summer
