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WEST SENECA - Worksport Ltd. (NASDAQ:WKSP), a U.S.-based manufacturer specializing in hybrid and clean energy solutions for the light truck sector, announced its business outlook and key events for 2025, indicating a focus on revenue growth and margin improvements. The company, with over 170 registered and pending patents and trademarks, reported $6 million in cash as of March 3, 2025, and a Debt-to-Asset Ratio of 0.32 as of December 31, 2024. According to InvestingPro data, the company maintains a healthy current ratio of 2.96, though analysts note it’s quickly burning through cash. Worksport’s management anticipates approaching cash flow positivity within the year.
The company’s revenues increased from $1.5 million in 2023 to $8.5 million in 2024, with a target to reach $1 million per week in the next 12 to 24 months. This growth is supported by a 30% expansion of the dealer network in the first two months of 2025. InvestingPro data reveals an impressive revenue growth rate of 776.97% in the last twelve months, though gross profit margins remain challenging at 10.53%. Worksport expects further margin gains in the latter half of the year and plans to announce significant new contracts and strategic partnerships.
Worksport is gearing up to launch its SOLIS Solar Tonneau Cover, aimed at the $4 billion tonneau cover market, and the COR Portable Energy System, a modular power solution. Both products are expected to significantly contribute to the company’s revenue in the third and fourth quarters of 2025. The company’s subsidiary, Terravis Energy, has also unveiled AetherLux, a heat pump technology that eliminates defrost cycles, which has garnered interest from global corporations.
The leadership at Worksport believes that the company’s current market valuation does not fully reflect its intrinsic value, given its broad patent portfolio, revenue acceleration, and financial stability. With a market capitalization of $11.45 million and trading at $3.48, significantly below its 52-week high of $12, InvestingPro analysis suggests the stock may be oversold. The company remains committed to delivering long-term returns and will release its full fourth quarter results and Annual Report on Form 10-K on March 27, 2025. Subscribers to InvestingPro can access 12 additional key insights about Worksport’s financial health and market position.
The information in this article is based on a press release statement from Worksport Ltd.
In other recent news, Worksport Ltd. has announced a 1-for-10 reverse stock split to comply with Nasdaq’s minimum bid price requirement. This move, approved by the Board of Directors, will decrease the company’s outstanding shares from approximately 47.9 million to 4.8 million. Additionally, Worksport’s subsidiary, Terravis Energy, has unveiled the AetherLux heat pump system, which operates efficiently in extreme temperatures and features proprietary ZeroFrost technology. The company also commenced shipping its AL4 tonneau cover, with plans to ramp up production to meet demand, targeting 1,200 units in the next 30 days. Feedback from major distributors has been positive, highlighting the product’s build quality and features. Worksport has also expanded its global patent portfolio by 25% over the past year and joined the LOT Network to protect against patent litigation. The company is gearing up for significant product launches, including the SOLIS solar tonneau cover and the COR portable power system. These developments are part of Worksport’s strategy to strengthen its market presence and capitalize on the growing demand for clean energy solutions.
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