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WKSP

Worksport Ltd.

WKSP

Worksport Ltd. • NASDAQ
$2.63 ▲ 8.23% (+0.20)
Market Cap $12.85 M
52w High $12.00
52w Low $1.92
Dividend Yield 0%
P/E -0.72
Volume 292.18K
Outstanding Shares 4.89M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $5.014M ▲ $6.362M ▲ $-4.929M ▼ -98.301% ▼ $-0.75 ▼ $-4.79M ▼
Q2-2025 $4.105M ▲ $4.7M ▲ $-3.734M ▲ -90.975% ▲ $-0.71 ▲ $-3.162M ▲
Q1-2025 $2.24M ▼ $4.653M ▲ $-4.46M ▼ -199.127% ▼ $-1.05 ▲ $-3.82M ▼
Q4-2024 $2.928M ▼ $4.335M ▲ $-4.301M ▼ -146.894% ▼ $-1.19 ▲ $-3.329M ▲
Q3-2024 $3.122M $4.152M $-4.135M -132.429% $-1.4 $-3.501M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $3.762M ▲ $27.561M ▲ $7.269M ▲ $20.292M ▲
Q2-2025 $1.393M ▼ $23.58M ▼ $6.264M ▼ $17.317M ▼
Q1-2025 $5.08M ▲ $26.663M ▲ $6.538M ▼ $20.125M ▲
Q4-2024 $4.883M ▲ $25.737M ▲ $8.323M ▼ $17.414M ▲
Q3-2024 $1.858M $24.939M $8.576M $16.363M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-3.734M ▲ $-3.095M ▲ $-124.455K ▲ $-467.662K ▼ $-3.687M ▼ $-3.163M ▲
Q1-2025 $-4.46M ▼ $-3.84M ▼ $-458.342K ▼ $4.496M ▼ $197.273K ▼ $-4.298M ▼
Q4-2024 $-4.301M ▼ $-2.18M ▼ $-27.475K ▲ $5.232M ▲ $3.025M ▲ $-2.207M ▼
Q3-2024 $-4.135M ▼ $-1.538M ▲ $-164.973K ▼ $134.489K ▼ $-1.568M ▼ $-1.703M ▲
Q2-2024 $-4.013M $-3.627M $-122.818K $3.639M $-110.891K $-3.75M

Five-Year Company Overview

Income Statement

Income Statement Worksport’s income statement looks like that of a very early-stage company. Revenue over the past several years has been essentially nonexistent, with only a token amount appearing most recently. At the same time, the company has been spending steadily on operations, leading to recurring operating losses and net losses each year. Losses per share have widened, which is influenced both by ongoing costs and the impact of multiple reverse stock splits. Overall, the business is still clearly in the development phase, not yet in a phase where product sales are supporting the cost base.

Balance Sheet

Balance Sheet The balance sheet is small and relatively thin. Total assets are modest, with only a modest cash position that has declined from earlier years. Some debt has appeared where previously there was essentially none, while shareholders’ equity remains limited. This combination suggests a company with a narrow financial cushion that depends on access to external funding. Any delays in commercializing products or scaling revenue could matter a lot because there is not a large pool of assets or equity to absorb setbacks.

Cash Flow

Cash Flow Cash flow patterns reinforce the early-stage picture. Operating activities have been consuming cash rather than generating it, reflecting ongoing spending on development and overhead without meaningful revenue inflows. Free cash flow has been consistently negative, even though capital spending has not been especially heavy. This indicates that the primary cash drain is running the business, not large, one-time investments. The company is not yet self-funding and appears reliant on raising capital from investors or lenders to bridge the gap until its products can generate substantial cash.

Competitive Edge

Competitive Edge Strategically, Worksport is trying to occupy a very specific niche at the crossroads of truck accessories and clean, mobile power. Its solar tonneau covers and portable battery systems are differentiated offerings, and the company highlights several potential strengths: patented designs, an early-mover position in solar-integrated truck covers, a North American manufacturing base, and a relationship with an established automaker. At the same time, the broader auto parts and energy-storage spaces include far larger and better-funded competitors. Worksport still needs to prove that it can turn its technical advantages into brand recognition, broad distribution, reliable production, and durable customer demand before its competitive position can be considered firmly established.

Innovation and R&D

Innovation and R&D Innovation is clearly the core of Worksport’s strategy. The company emphasizes a large portfolio of patents and trademarks, a dedicated technology team, and several ambitious product lines. Its TerraVis / SOLIS solar tonneau covers and COR portable power system are designed to turn pickup trucks into mobile clean-energy platforms, which is a distinctive concept. Beyond that, the company is pursuing advanced heat-pump technology through its Terravis Energy subsidiary and exploring hydrogen-based green energy solutions. This breadth of R&D creates multiple potential paths for growth, but it also raises execution risk: management must bring complex hardware to market, scale production, navigate regulatory and safety requirements, and educate customers, all while maintaining enough funding and focus to turn prototypes into commercially successful products.

Summary

Worksport today looks more like a technology and product-development story than a traditional auto-parts business. Financial statements show a company with minimal revenue, recurring losses, negative cash flow, and a thin balance sheet, which is typical of a business still working to commercialize its inventions. On the strategic side, Worksport is aiming at an emerging niche—solar-integrated truck accessories and portable clean power—backed by patents, engineering talent, and partnerships. The key uncertainties revolve around timing and execution: how quickly products like SOLIS and COR can be launched at scale, whether they gain real traction with truck owners and OEMs, what margins look like once manufacturing ramps, and how the company manages its funding needs along the way. Future data points to watch would include sustained revenue growth, improvement in gross profitability, stability of the balance sheet, and evidence that its innovative products can become reliable, mainstream offerings rather than niche concepts.

NEWS

November 25, 2025 · 8:30 AM UTC

Worksport Announces HD3 Heavy-Duty Tonneau Cover Now Selling to B2B Dealers Following October Production Launch

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November 18, 2025 · 8:15 AM UTC

Worksport ($WKSP) Accelerates U.S. Expansion With Major Missouri Operations Upgrade to Integrate Custom SOLIS Solar Covers, Signaling Next Phase of Growth

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November 13, 2025 · 7:30 AM UTC

Worksport Delivers 61% Revenue Growth and 31% Margin in Q3 2025; Positioned for 2026 Profitability with $45M+ Revenue Target

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November 10, 2025 · 8:31 AM UTC

WORKSPORT ANNOUNCES FINAL PRICING AND INITIAL MODEL LINEUP FOR SOLIS SOLAR TONNEAU COVER

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November 7, 2025 · 8:30 AM UTC

WKSP Invites You to Join Its Third Quarter 2025 Earnings Conference Call

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