Business
Worksport Reports 2,050% Increase in Q4 2023 YOY Revenue, Following a 2,400% YOY Q3 Revenue Advance
West Seneca, New York, Feb. 06, 2024 (GLOBE NEWSWIRE) -- Worksport Ltd. (Nasdaq:WKSP) (“Worksport” or the “Company”) is pleased to report revenue (unaudited)
About this update from Worksport, Ltd.
[{"type":"text","content":"West Seneca, New York, Feb. 06, 2024 (GLOBE NEWSWIRE) -- Worksport Ltd. (Nasdaq:WKSP) (“Worksport” or the “Company”) is pleased to report revenue (unaudited) for the fourth quarter of its fiscal year (Q4 FY2023) ended December 31, 2023 has increased by 2,050% YOY, as well as other key highlights: Significant revenue increase Worksport revenues in Q4 2023 increased a remarkable 2,050% year-over-year to US$839,690 from US$39,063 for the same Q4 period in 2022. This followed another momentum-related YOY increase when revenue in Q3 FY2023 increased approximately 2,400%, with revenues rising to US$458,483 when compared with US$18,350 in Q3 FY2022. As a reflection of Worksport’s on-going production ramp-up and projected sales, the Company enjoyed an 83% quarter-to-quarter increase in North American revenues to US$839,716 in Q3 2023, compared with US$458,483 in Q3 2023. “Management anticipates revenues continuing to multiply into 2024 and beyond,” said Worksport CEO Steven Rossi. “These revenues reflect the continuing strong ramp up of our production lines as we add more and more manufacturing capacity.” Also reflecting the Company’s momentum, for the 2023 fiscal year, revenues advanced 1,213% to US$1,529,975 from US$116,502 for FY 2022. “Fiscal year 2024 is expected to be the year we’ve been planning for and anticipating for some time,” Rossi said. “Everyone at the Company is experiencing the palpable excitement of large orders for our ‘Made in the USA’, using domestic and foreign components, designation for the Company’s line of innovative hard tonneau covers, which showcases the Company's commitment to domestic manufacturing excellence.” “Going against the grain and conventional wisdom by building a product in the U.S. that we anticipate will set a new standard for affordable and innovative light truck bed covers is a remarkable feat,” added Rossi. “It will take advantage of forthcoming progress in automation, and we believe it’s the first sustainable tonneau cover that uses very little harsh, non-recyclable materials and is over 90% recyclable, unlike competing products that end up in landfill. We are very proud of this achievement, another part of our drive toward sustainability in all product lines.” Summary 2,050% YOY FY Q4 revenue advance, follows 2,400% rise in YOY Q3 revenue83% increase from Q3 2023 to Q4 2023 revenue demonst...