WKSP

New Facility Opening: Worksport Ltd. has opened a newly leased facility in Missouri to serve as a dedicated assembly center for its SOLIS solar-integrated tonneau cover, significantly enhancing its operational capacity and commercial readiness.

Strategic Location Benefits: The Missouri facility optimizes shipping routes, reduces logistics costs, and provides access to a skilled workforce, allowing for real-time integration between engineering and assembly, which improves product quality and accelerates production.

Low-Capital Expansion: The expansion required minimal capital investment, leveraging existing equipment and processes, which enhances operational leverage and supports the company's transition to higher-margin products.

Build-to-Order Model: Worksport's 'build-to-order' system for SOLIS units improves customer experience and financial efficiency by ensuring the latest components are used, reducing storage risks, and allowing for scalable production based on demand.

Financial Performance: Worksport Ltd. reported Q3 2025 net sales of $5.0 million, a 61% increase year-over-year, with a gross margin of 31.3%, reflecting significant operational improvements and a strong growth trajectory.

2026 Outlook: The company anticipates $27M-$35M in tonneau cover sales for 2026, bolstered by new product launches including the SOLIS solar-integrated tonneau cover and COR battery system, with expectations of achieving profitability.

Product Launches: The HD3 Heavy-Duty Tonneau is now in production, with initial sales expected in November 2025, while orders for the SOLIS and COR products will open on November 28, 2025, representing a near-term revenue opportunity of approximately $2.5 million.

Operational Efficiency: Worksport's strategy focuses on enhancing unit economics and operational efficiencies, targeting a gross margin of over 35% by the end of 2025, supported by a scalable U.S. manufacturing engine.