U.S. construction firm to test Worksport’s solar truck covers

WEST SENECA, N.Y. - Worksport Ltd. (NASDAQ:WKSP), a $15.2 million market cap company that has demonstrated strong revenue growth of 408% over the last twelve months, announced Wednesday that a major U.S. construction company has agreed to purchase its solar tonneau covers and portable energy systems for testing across its fleet operations. According to InvestingPro data, the company maintains a healthy balance sheet with more cash than debt.

The construction firm, which operates more than 1,000 trucks, will initially acquire two sets of Worksport’s SOLIS solar tonneau covers and COR portable energy systems as part of a commercial pilot project. The customer will evaluate the performance and reliability of these clean energy solutions in construction environments.

"We believe our COR and SOLIS systems will be an excellent fit for large commercial work fleets," said Steven Rossi, CEO of Worksport, in a press release statement.

The pilot represents Worksport’s first major collaboration with a large construction industry customer. According to the company, the construction firm serves various institutional and government clients, including the U.S. Army Corps of Engineers, Department of Homeland Security, and U.S. Coast Guard.

Under the agreement, the construction company’s innovation department will provide feedback on the systems’ performance in commercial settings. Worksport indicated that successful completion of this initial phase could lead to larger orders.

Worksport manufactures tonneau covers, solar integrations, and portable power systems for trucks. The company’s SOLIS and COR products are scheduled for public release in Fall 2025.

The announcement did not disclose the financial terms of the agreement or identify the specific construction company involved in the pilot project. Based on InvestingPro’s Fair Value analysis, Worksport appears to be currently undervalued. Investors can access the comprehensive Pro Research Report, along with 13 additional ProTips and detailed financial metrics, through an InvestingPro subscription.

In other recent news, Worksport Ltd. reported a significant revenue increase of 337% year-over-year for the first quarter of 2025, reaching $2.24 million. Despite this growth, the company faced an operating loss due to increased operating expenses. H.C. Wainwright analysts reaffirmed their Buy rating on Worksport stock, following the announcement of record monthly sales in April, driven by the AL4 tonneau cover. The company has also obtained ISO 9001:2015 certification, which is expected to open new opportunities with major automotive OEMs. Worksport is preparing to launch new products, including the SOLIS solar-integrated tonneau cover and the COR portable power system, later this year. The company anticipates these innovations will enhance its market position and gross margins. Worksport CEO Steven Rossi expressed optimism about the company’s future growth, highlighting expanded dealer networks and new product developments. The company aims to achieve cash flow breakeven by late 2025 or early 2026, with a gross margin target of 25-30%.

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