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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).
Revenue Growth: Worksport reported Q3 net sales of $5 million, up 61% year-over-year and 22% quarter-over-quarter, marking its third consecutive quarter of growth.
Margin Expansion: Gross margin reached 31.3% in Q3, up from 7.9% the prior year and 26.4% in Q2, with management expecting margins to approach 35% by year-end.
Investment Phase Nearing End: Operating expenses increased to $6.4 million, driven by growth investments and marketing, but management emphasized this spending as a peak and expects expense growth to slow going forward.
Profitability Path: The company reiterated its goal for cash flow positivity in the first half of 2026, underpinned by higher margins and new product launches.
Product Launches: The HD3 tonneau cover is now in production; commercial launches for the SOLIS solar tonneau cover and COR portable power system are set for November 28, 2025.
Liquidity and Debt: Worksport ended Q3 with $3.8 million in cash and $3.3 million available on its credit line, while total indebtedness fell to $2.9 million from $5.3 million at the end of 2024.
Guidance: 2025 revenue is projected at $17 million to $21 million, with 2026 tonneau cover net sales expected between $27 million and $35 million and meaningful contributions anticipated from the SOLIS and COR product lines.
