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Investing.com - H.C. Wainwright has reiterated its Buy rating and $11.50 price target on Worksport Ltd. (NASDAQ:WKSP) following meetings with company management at the firm’s 27th Annual Global Investment Conference in New York. According to InvestingPro analysis, the stock is currently trading below its Fair Value, with analyst targets ranging from $7.00 to $12.50.
The research firm highlighted Worksport’s improving gross margins, which reached 26.0% in the second quarter of 2025, up from 17.7% in the first quarter, and further improved to 31.0% in July. Despite facing tariff headwinds of 5.0% to 10.0%, the company has managed these challenges effectively so far. InvestingPro data shows the company achieved impressive revenue growth of 232% in the last twelve months, though maintaining profitability remains a challenge.
Worksport continues to guide for 2025 revenue exceeding $20.0 million, supported by its expanding distribution network of more than 450 dealer accounts and upcoming product launches. The HD3 tonneau cover is scheduled for release in the third quarter of 2025, while the SOLIS and COR products are expected to launch in the fourth quarter. InvestingPro subscribers can access 12 additional ProTips and a comprehensive Pro Research Report for deeper insights into Worksport’s growth trajectory.
H.C. Wainwright noted that while some quarterly variability is expected as the company executes its go-to-market strategy, continued operational execution is clarifying Worksport’s path to profitability.
The firm also pointed to Worksport’s heat pump technology as a potential significant catalyst for revenue growth beginning as early as 2026, which it believes is not yet reflected in the company’s share price.
In other recent news, Worksport Ltd reported its highest quarterly revenue in company history during its Q2 2025 earnings call. The company showcased a robust year-over-year growth of 114% in net sales. Worksport continues to target over $20 million in revenue for the full year 2025. This growth is driven by innovations in its product line and operational improvements. Despite these strong financial results, the company’s stock experienced a significant decline in its latest trading session. These developments highlight the company’s ongoing efforts to enhance its financial performance.
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