Worksport COR Portable Energy System Fully Certified for North American Market
Worksport announced that its COR Portable Energy System is now fully certified for the North American market, following receipt of all remaining required safety and regulatory approvals. This milestone completes COR's multi-stage testing and validation process, including key safety certifications achieved in late March such as UL 2743, UL 1741, UL 1977, UL 1778, UL 2054, and CSA 62133-2, and marks an important step in the product's commercial readiness. As a result, COR now holds all certifications and compliance approvals required to support broader commercialization across North American retail and commercial channels. Management believes the completed certification package strengthens Worksport's ability to expand sales through major retailers, distributors, fleets, and other business-to-business relationships.
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- CEO Share Purchase: Worksport CEO Steven Rossi purchased 88,200 shares at $0.85 each, totaling approximately $75,000, demonstrating strong confidence in the company's future prospects amidst ongoing growth.
- Rapid Revenue Growth: The company anticipates revenue growth from approximately $1.5 million in 2023 to $16.1 million by 2025, with a target of $35 million to $42 million in 2026, reflecting robust market demand and expansion potential.
- Margin Improvement: Worksport's gross margins have improved from around 11% to 30%, with plans to reach 35% by 2026, significantly enhancing the company's profitability and financial health.
- Dealer Network Expansion: The dealer network has expanded to over 550 locations, with ongoing product launches, and the company expects to achieve positive cash flow by 2026 with quarterly revenues of $9 million to $11 million, further solidifying its market position.
- Significant Sales Growth: Worksport's net sales for FY 2025 nearly doubled to $16.1 million, reflecting an 89.8% increase from 2024, indicating substantial progress in market expansion and product launches despite ongoing operational losses.
- Margin Improvement: Gross margins improved from 11% to 28% for FY 2025, with Q4 margins reaching 30.1%, demonstrating enhanced cost control and operational efficiency, which is expected to lay the groundwork for future profitability.
- Dealer Network Expansion: The company's dealer network expanded sixfold to over 550 locations in FY 2025, indicating a significant increase in market penetration that will help drive future sales growth and brand influence.
- 2026 Outlook: Management anticipates revenue between $35 million and $42 million for 2026, with a gross margin target of 35%, reflecting confidence in new product launches and market demand while emphasizing the strategic goal of achieving positive cash flow.
- Disappointing Earnings Report: Worksport reported a FY GAAP EPS of -$3.16, missing expectations by $2.02, while revenue of $16.1M, despite an impressive 89.9% year-over-year increase, fell short of projections by $20.75M, indicating challenges in profitability.
- 2026 Revenue Guidance: The company anticipates full-year 2026 revenue between $35 million and $42 million, which, while showing growth potential, requires significant improvement from current levels to achieve profitability.
- Dealer Network Expansion: Management aims to grow the dealer network to 1,500 locations by the end of 2026, a move expected to be a leading revenue driver, reflecting the company's proactive strategy in market penetration and sales channel development.
- Upcoming Product Launch: Worksport plans to launch a next-generation hard tonneau cover featuring patented capabilities in early Q2 2026, which could significantly enhance market competitiveness and drive future sales growth.
- Earnings Release Schedule: Worksport is set to announce its fourth quarter and full year financial results for 2025 on March 26, 2026, after market close, which is expected to provide a clearer view of the company's financial health and operational progress.
- Conference Call Details: Management will host a conference call at 4:30 PM ET on the same day to discuss financial performance and outlook, with anticipated updates on financial guidance and the strategic roadmap towards achieving cash-flow positive operations, thereby boosting investor confidence.
- Product Development and Strategy: During the call, management is expected to share updates on key strategic initiatives and product developments, indicating the company's ongoing innovation and adaptability in the clean energy solutions sector, aimed at enhancing market competitiveness.
- Investor Engagement Opportunity: Investors, analysts, and media are invited to register in advance for the live webcast, gaining insights into the company's operational progress and financial outlook, which further promotes interaction and transparency with stakeholders.








