Worksport doubles Missouri R&D space, readies fall clean energy launch

WEST SENECA, NY - Worksport Ltd. (NASDAQ:WKSP), currently trading below its InvestingPro Fair Value, has doubled its research and development footprint in Ozark, Missouri, as the truck accessory manufacturer prepares for the fall launch of its clean energy products, according to a press release issued Wednesday.

The company reported that its production has increased by more than 50% since March 2025, with Q2 revenue reaching $4.1 million, an 83% increase from the previous quarter. This growth aligns with InvestingPro data showing impressive revenue growth of 408% over the last twelve months. Worksport is currently evaluating new factory capacity to meet demand that reportedly exceeds current output, though analysts note the company maintains a healthy current ratio of 3.26, indicating strong short-term liquidity.

The expanded Missouri facility will support development of the company’s SOLIS solar-integrated tonneau cover and COR portable power system, both scheduled for commercial launch in fall 2025. These products have completed validation testing and beta deployments with paying customers.

Worksport projects $2-3 million in revenue from these clean energy products in 2025, with potential growth in 2026 as sales expand across consumer and enterprise channels.

The company’s subsidiary, Terravis Energy, has also begun commercial testing of its AetherLux heat pump technology, which has reportedly attracted interest from large corporations and government entities.

Worksport selected Missouri for expansion due to its central location, workforce availability, and growing manufacturing presence, according to the press release.

The company manufactures tonneau covers for pickup trucks and is developing integrated clean energy solutions. Its hard-folding cover is compatible with major truck models and has an active partnership with Hyundai for the SOLIS solar cover. According to InvestingPro, which offers comprehensive analysis of over 1,400 US stocks, Worksport holds more cash than debt on its balance sheet, though it faces challenges with cash burn rates. Discover 11 additional exclusive ProTips and detailed financial metrics with an InvestingPro subscription.

In other recent news, Worksport Ltd. has preannounced second-quarter 2025 revenue of $4.1 million, marking an 83% improvement from the first quarter. This was in line with H.C. Wainwright’s estimate of $4.3 million, and the firm has reaffirmed its Buy rating on the stock with a price target of $11.50. The company’s gross margin expanded to 26% from 17.7% in the previous quarter, surpassing the research firm’s forecast of 21.2%. Worksport also announced a collaboration with a major U.S. construction company to test its SOLIS solar tonneau covers and COR portable energy systems across the firm’s fleet. This pilot project could lead to larger orders if successful.

Additionally, Worksport reported record monthly sales in April, driven by the AL4 tonneau cover, which accounted for 40% of the sales, totaling $1.2 million. Analysts expect this trend to continue, with new product launches anticipated in the latter half of 2025. The company has also secured ISO 9001:2015 certification, which is expected to enhance its credibility with major automotive OEMs. Worksport is preparing to launch the SOLIS and COR products later this year, aiming to expand its market reach and improve gross margins.

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