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NEW YORK - Worksport Ltd. (NASDAQ:WKSP), a small-cap manufacturer with a market capitalization of $18.5 million, has doubled its Bitcoin holdings as part of its treasury strategy launched in December 2024, the company announced Thursday in a press release ahead of its Q2 2025 financial results. According to InvestingPro data, the company maintains a strong balance sheet with more cash than debt, though it’s currently experiencing rapid cash burn.
The U.S.-based manufacturer of truck accessories and clean energy solutions reported that its cryptocurrency portfolio, which includes Bitcoin and XRP, has increased approximately 15% in value since initial purchase. Despite recent stock volatility, with shares down over 60% in the past six months, InvestingPro analysis suggests the stock is currently undervalued based on its proprietary Fair Value model. Subscribers can access 12 additional ProTips and comprehensive financial analysis for WKSP.
"Our core focus remains on growing a great American manufacturing business," said Steven Rossi, Chief Executive Officer of Worksport, adding that the company views limited crypto exposure as a "long-term hedge against inflation."
The company also disclosed it has placed a deposit on new manufacturing equipment capable of doubling its current production output. The machine is designed to integrate with existing systems at its West Seneca, NY facility. According to the company, the new equipment would increase annual production capacity from $50 million to over $100 million. This expansion comes as the company demonstrates strong revenue growth, with a remarkable 408% increase in the last twelve months.
Worksport reported it has initiated conversations with two additional automotive original equipment manufacturers (OEMs) and is participating in a paid pilot program with a top-15 U.S. construction company for its COR and SOLIS products, which together form a portable power system.
The company is planning to launch its COR portable energy system and SOLIS solar tonneau cover in Fall 2025. Worksport has projected a year-end revenue target of $20 million.
Worksport manufactures tonneau covers, solar integrations, and portable power systems for the light truck and overlanding sectors. The company will release its Q2 2025 financial results on August 13, 2025. For detailed insights into Worksport’s financial health, growth prospects, and comprehensive analysis, investors can access the full Pro Research Report available exclusively on InvestingPro.
In other recent news, Worksport Ltd. reported a substantial increase in its second-quarter revenue, reaching $4.1 million, which marks an 83% improvement from the previous quarter. This growth is attributed to the strong demand for their products, including the AL4 tonneau cover, which significantly contributed to their April sales of $1.22 million. Analysts from H.C. Wainwright have reaffirmed their Buy rating for Worksport, maintaining a price target of $11.50, despite a recent decline in the company’s share price. The analysts’ confidence follows the company’s record monthly sales in April, driven by the AL4 cover, which accounted for 40% of the sales that month.
Additionally, Worksport has doubled its research and development space in Missouri as it prepares to launch new clean energy products in the fall. This expansion comes in response to increased production demands, with the company evaluating new factory capacities to meet the growing demand. Furthermore, a major U.S. construction firm has agreed to test Worksport’s solar tonneau covers and portable energy systems, marking a potential new avenue for growth. These developments highlight Worksport’s ongoing efforts to expand its market presence and product offerings.
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