Business
Worksport Reports Record High August Sales Month, Trending To Beat 2024 Revenue Guidance
Net Sales Surging to Approximately $1.22 Million For August & Management Highlights Focus On Expanding Operations To Support Cash Flow Positivity. West
About this update from Worksport, Ltd.
[{"type":"text","content":"Net Sales Surging to Approximately $1.22 Million For August & Management Highlights Focus On Expanding Operations To Support Cash Flow Positivity. West Seneca, New York, Sept. 12, 2024 (GLOBE NEWSWIRE) -- Worksport Ltd. (NASDAQ: WKSP) (“Worksport” or the “Company”), a U.S.-based manufacturer and innovator of hybrid and clean energy solutions for the light truck, overlanding, and global consumer goods sectors, proudly announces another significant sales month in 2024, with August 2024 net sales surging to $1,213,604.28. This notable performance propels our Annual Recurring Revenue (ARR) rate to an impressive $14.56 million, which exceeds the 2023 year-end revenue of $1.53 million. This explosive early growth highlights the strong demand for Worksport's Made-in-America products and positions the Company to beat 2024 revenue guidance. “Strong sales momentum continues, our ARR now nearly matches our current market cap, and we are trending to beat our 2024 revenue guidance. As we rapidly push towards cash flow positivity and further sales growth, we firmly believe Worksport is significantly undervalued, presenting strong upside potential,” said Steven Rossi, Worksport CEO. With this performance, Worksport remains on track towards its goal of moving to cash flow positivity within 2025. Yesterday, Worksport announced the successful testing of its COR portable energy system, functioning as a range extender for EVs like the Tesla Model 3. Forward Guidance and Future Growth At our current Q2 revenue pace, Worksport is on track to exceed our previously issued 2024 revenue guidance of $6-8 million, based solely on current product lines,” stated Steven Rossi. He added, “Notably, this forecast does not yet include revenue potential from our most exciting products: AL4, SOLIS, and COR lines, which are expected to contribute significantly to future earnings. All are expected to be in the market in the near-term.” With projected revenues of $15-20 million from the tonneau cover segment alone in FY 2025, Worksport expects continued growth as demand for its premium products increases. The Company believes the premium AL4 cover may further boost these figures based on increasingly strong expressed demand. Worksport believes it is on track to becoming a nine-figure ($100M+ revenue) company in the near-to-midterm, as the upcoming launches of SOLIS an...