Business
Worksport Reports 2400% Q3 Revenue Growth YoY as the Company Initiates Production
Revenue growth reflects Worksport’s growing production, and large sales orders to be fulfilledCompany reports strong product backlog and pent-up demand for
About this update from Worksport, Ltd.
[{"type":"text","content":"Revenue growth reflects Worksport’s growing production, and large sales orders to be fulfilledCompany reports strong product backlog and pent-up demand for SOLIS solar light truck cover and COR battery system, advancing towards launchInventory built up due to investments in raw materials for productionMade in America production starts with imported and domestic materialsExpansion in product offerings, significant purchase orders, strategic partnerships West Seneca, New York, Nov. 15, 2023 (GLOBE NEWSWIRE) -- Worksport Ltd. (Nasdaq: WKSP; WKSPW) (“Worksport” or the “Company”) is pleased to report its financial results for the third quarter of its fiscal year (Q3 FY2023) ended September 30, 2023. Key Q3 highlights include: Significant Revenue Growth For Q3 2023, Worksport Ltd. reported a remarkable year-over-year total North American sales increase of approximately 2399%, with revenues rising from $18,350 in Q3 FY2022 to $458,483 in Q3 FY2023. When accounting for just U.S. revenue, there was an impressive increase of 3359%, from $13,134 in Q3 FY2022 to $454,258 in Q3 FY2023. “The Q3 revenue growth reflects Worksport’s growing production, and the start of large sales orders being fulfilled,” said Worksport CEO Steven Rossi. “It demonstrates Worksport’s expanding market presence and effective sales strategies that are based on market demand for innovative products for the global light truck market.” Expansion in Product Offerings “The Company's commitment to execution, innovation and expanding its product portfolio is expected to be the beginning of much bigger orders to come,” Rossi said. “The launch of the SC4 PRO, a new product line in June 2023, and identifying a top-tier solar panel provider for the SOLIS Solar Tonneau Cover in September 2023, underscore the success of that commitment. Worksport has identified and penetrated new business-to-consumer and business-to-business sales channels.” Significant Purchase Orders Following the Company’s initiating manufacturing at its 222,000 sq. ft. West Seneca, N.Y. manufacturing facility, in July 2023, Worksport received $720,000 in purchase orders for its soft-folding tonneau covers and a staggering $1,600,000 order for its advanced hard-folding tonneau covers, reflecting a glimpse at the strong market demand for its innovative products, made from domestic and imported components. The ...