Worksport Ltd (WKSP) has announced an impressive sales month in August 2024, with net sales reaching $1.21 million. This impressive performance has propelled the company’s Annual Recurring Revenue (ARR) to $14.56 million, significantly surpassing its 2023 year-end revenue of $1.53 million.
Worksport CEO, Steven Rossi, expressed confidence in the company’s trajectory, stating, “On top of ARR being close to market cap, record sales, and path to cash flow positivity, we are on track to beat our 2024 guidance.” He also highlighted Worksport’s undervalued status, presenting “strong upside potential” as the company accelerates towards cash flow positivity and continued sales growth.
Further bolstering Worksport’s outlook is the successful testing of its COR portable energy system, which serves as a range extender for electric vehicles like the Tesla Model 3. Rossi emphasized the company’s robust revenue stream, noting that “At our current Q2 revenue pace, Worksport is on track to exceed our previously issued 2024 revenue guidance of $6 million-$8 million, based solely on current product lines.”
He further added that this forecast doesn’t encompass the potential revenue contributions from their most exciting products: AL4, SOLIS, and COR lines, which are expected to be significant revenue drivers in the future.
With projected revenues of $15 million-$20 million from the tonneau cover segment alone in fiscal 2025, Worksport is poised for continued growth as demand for its premium products increases. The company believes it is on track to become a nine-figure ($100 million+ revenue) company in the near-to-midterm, with the upcoming launches of SOLIS and COR product lines marking pivotal milestones in its expansion.
Worksport’s remarkable performance and ambitious growth plans position it as a company to watch in the evolving automotive and energy sectors. The company’s commitment to innovation and its focus on delivering high-quality products are driving its success and setting the stage for a promising future.
