Worksport Ltd
NASDAQ:WKSP
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Worksport Ltd
NASDAQ:WKSP
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Worksport Ltd
Worksport Ltd. designs and distributes pickup truck covers called tonneau covers throughout the United States and Canada. The company is headquartered in Mississauga, Ontario and currently employs 11 full-time employees. The company went IPO on 2001-06-21. The Company, through its subsidiaries, designs, develops, manufactures, and owns the intellectual property (IP) on a variety of tonneau covers, solar integrations, and hydrogen-based, Non-Parasitic (NP) green energy solutions for the renewable, clean energy, and automotive industries. Its Tonneau covers are an aftermarket accessory that provides security and protection for cargo to personal pickup truck owners. The firm is also developing two component system called the TerraVis that consists of a solar tonneau cover and portable core battery. The firm's products include the SC (Soft Cover) SC3, SC3pro and TC (Tough Cover) TC3 lines. The company distributes its tonneau covers through wholesalers and online retail channels in Canada and the United States. The company also provides its tonneau covers for private labels and original equipment manufacturers (OEM).
Worksport Ltd. designs and distributes pickup truck covers called tonneau covers throughout the United States and Canada. The company is headquartered in Mississauga, Ontario and currently employs 11 full-time employees. The company went IPO on 2001-06-21. The Company, through its subsidiaries, designs, develops, manufactures, and owns the intellectual property (IP) on a variety of tonneau covers, solar integrations, and hydrogen-based, Non-Parasitic (NP) green energy solutions for the renewable, clean energy, and automotive industries. Its Tonneau covers are an aftermarket accessory that provides security and protection for cargo to personal pickup truck owners. The firm is also developing two component system called the TerraVis that consists of a solar tonneau cover and portable core battery. The firm's products include the SC (Soft Cover) SC3, SC3pro and TC (Tough Cover) TC3 lines. The company distributes its tonneau covers through wholesalers and online retail channels in Canada and the United States. The company also provides its tonneau covers for private labels and original equipment manufacturers (OEM).
Strong growth: Full-year net sales nearly doubled to $16.1 million, up 89.8% year over year, as Worksport expanded its hard tonneau cover business and added new product lines.
Margins improved: Gross margin rose to 28% in fiscal 2025 from 11% in fiscal 2024, and management said the fourth quarter was about 30.1%.
New products launched: SOLIS and COR began commercial launch in December 2025, while HD3 started contributing to sales in late Q4 2025.
2026 outlook: Management guided to $35 million to $42 million of revenue in 2026 with gross margins of approximately 35%, while expecting operating cash flow positivity in the second half of 2026.
Cost pressure: Tariffs and aluminum inflation pressured costs and forced a price increase, which briefly reduced Q4 sales volume before demand began to stabilize.
Liquidity focus: The company ended 2025 with $5.95 million of cash and $3.4 million available on its revolver, and said it wants to limit future dilution and use capital more selectively.
