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WEST SENECA, N.Y. - Worksport Ltd. (NASDAQ:WKSP), a clean technology company with a market capitalization of $22.2 million, announced Monday a collaboration with the National Renewable Energy Laboratory (NREL) to analyze its AetherLux Pro heat pump system in Alaska under the NREL Technical Assistance Program. According to InvestingPro data, the company has demonstrated impressive revenue growth of 232% in the last twelve months, though it currently operates with negative earnings.
The project will evaluate Worksport’s subsidiary Terravis Energy’s heat pump technology, which the company claims can operate continuously at temperatures below -56°F without the defrost cycles that typically reduce efficiency in conventional systems.
The NREL analysis will focus on potential household energy savings in Alaskan locations including Fairbanks and Juneau, representing extreme cold and humid conditions respectively. The scope includes energy savings calculations, technology assessment, and development of a research roadmap for potential field demonstrations.
"This project is a monumental development for Terravis Energy," said Steven Rossi, CEO of Worksport, in the press release statement.
The global heat pump market is projected to exceed $135 billion by 2030, according to information provided in the company announcement. Current heat pump solutions often struggle in sub-zero temperatures, limiting their adoption in colder regions. InvestingPro analysis indicates the stock is currently trading below its Fair Value, with analysts setting price targets between $7 and $11.50 per share. Get access to 10+ additional ProTips and comprehensive financial analysis with an InvestingPro subscription.
Worksport’s clean technology portfolio also includes its SOLIS Solar Tonneau Cover and COR Portable Energy System, both planned for market launch in 2025. While the company maintains a moderate debt level and strong liquidity position with a current ratio of 2.27, InvestingPro’s analysis shows the company faces challenges with cash burn and profitability. Detailed insights about the company’s financial health and growth prospects are available in the comprehensive Pro Research Report, part of the premium subscription covering 1,400+ US stocks.
The collaboration with NREL, a U.S. Department of Energy national laboratory, represents a step toward validating the company’s technology for potential deployment in cold-climate regions where traditional heat pumps face performance challenges.
The announcement comes as governments worldwide implement incentives for heat pump adoption as part of decarbonization initiatives aimed at reducing fossil fuel dependency in home heating systems.
In other recent news, Worksport Ltd. reported a record-breaking quarterly revenue for Q2 2025, marking a 114% increase in net sales compared to the previous year. The company is on track to achieve over $20 million in revenue for the full year, driven by innovations and operational improvements. Worksport’s business-to-business revenue has been growing at an average monthly rate of 25% since early 2025, with August setting a new company record for B2B sales. The number of active national dealer partners has increased by 42% since June, reaching 266 out of over 600 partners placing regular orders.
Additionally, H.C. Wainwright has maintained its Buy rating on Worksport, with a price target of $11.50, citing the company’s operational improvements. Despite facing tariff challenges, Worksport’s gross margins improved from 17.7% in Q1 2025 to 31.0% in July. The research firm noted a significant disconnect between the company’s stock performance and its operational success, as the stock has declined 66.1% year-to-date. These developments highlight Worksport’s ongoing efforts to enhance its financial and operational performance in 2025.
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