Slide 1: Worksport FY 2025 Earnings Call
“ Worksport FY 2025 Worksport Ltd. Full Year 2025 Earnings Call [March 26, 2026 4:30 PM ET] (ff NascaqWKsP Worksport
Slide 2: Introduction
Introduction Good afternoon, everyone, and thank you for joining Worksport's fiscal year 2025 and 2025 Headline Results Q4 2025 earnings call. I'm Steven Rossi, Chief Executive Officer of Worksport Ltd. With Net sales nearly doubled to $16.1 million me is our Chief Financial Officer, Michael Johnsto
Slide 3: Safe Harbor Statement
Safe Harbor Statement Forward-Looking Statements Inherent Uncertainties This presentation contains forward- Actual results may materially differ looking statements based on from projected outcomes due to management's current expectations market volatility, competitive and projections about future pr
Slide 4: Agenda
Agenda Key Takeaways — Fiscal 2025 Risk Profile & Capital Strategy Detailed Financial Review Net sales growth, margin expansion, and Liquidity position and capital strategy to provide Full-year and sequential performance, margin transition from development to early clear context on our financial pro
Slide 5: Key Takeaways — Fiscal 2025
Key Takeaways — Fiscal 2025 1 2 Strong Net Sales Expansion Material Gross Margin Improvement Net sales increased 89.8% year over year to $16.1 million, following Full-year gross margin moved to 28% in fiscal 2025 from 11% in fiscal fiscal 2024 net sales of $8.5 million. Recent and forthcoming produc
Slide 6: Risk Management — Liquidity & Going Concern
Risk Management — Liquidity & Going Concern Our fiscal 2025 Form 10-K includes an explanatory paragraph outlining 2026 Focus Areas management's assessment of the Company's ability to continue as a going concern. This is a standard reporting requirement given our history of Disciplined execution & mo
Slide 7: Capital Strategy — Dilution & ATM Usage
Capital Strategy — Dilution & ATM Usage ATM Program Overview High-Impact Capital Event We remain transparent regarding our use of the At-the-Market (ATM) We have historically prioritized the use of certain capital events, such offering program. as the high-impact warrant inducement completed in Dece
Slide 8: Financial Review — Revenue & Margin Deep Dive
Financial Review — Revenue & Margin Deep Dive In fiscal 2025, our hard tonneau covers segment generated $15.7 million in net sales, while our soft cover segment contributed $0.5 million. The shift toward hard cover product offerings is intentional — reinforcing our commitment to quality production w
Slide 9: Sequential Comparison — Q4 2025 vs. Q3 2025
Sequential Comparison — Q4 2025 vs. Q3 2025 Quarter What Drove the Sequential Decline? Q4 2025 net sales were $4.7 million, compared to $5.0 million in Q3 2025. In late Q3 2025, management responded to continued pricing pressure of our raw 5 Q3 2025 material components by implementing a product pric
Slide 10: Gross Margin Expansion & Targets
Gross Margin Expansion & Targets Gross Margin (%) FY2026 Target: 35 30.1 28 30 26.4 20 10.7 10 0 FY 2024 Q2 2025 FY 2025 Q4 2025 Period Gross margin expansion is the most critical metric for our fiscal 2026 outlook. The expansion to nearly 30% in the latter half of fiscal 2025 was driven by two fact
Slide 11: Revenue Quality & Channel Mix
Revenue Quality & Channel Mix Key Channel Shifts 15 Online retailer net sales +142% to $11.9M (74% of total vs. Distributor & Jobber ($M) 58% in 2024) Distributor & Jobber net sales grew from $0.4M → $4.2M 10 Zero private-label sales in FY 2025 (vs. $3.1M / 37% of net sales in FY 2024) Private Label
Slide 12: Unit Economics & Throughput
Unit Economics & Throughput 125+ $9–11M $9M Units Per Shift Quarterly Breakeven 2026 Target Quarter Primary production facility in West Seneca, NY Quarterly revenue needed to reach company- Anticipates achieving $9M net sales per capable of producing over 125 units within a wide cash-flow breakeven
Slide 13: OpEx Discipline & Scalability
OpEx Discipline & Scalability Our strategic focus as we enter fiscal 2026 includes diligent Operating Leverage in Action monitoring of our cash operating expenses. Successfully insourced several business processes previously In fiscal 2025, our general and administrative (G&A) expenses were handled
Slide 14: Cash Burn & Runway Analysis
Cash Burn & Runway Analysis Liquidity Position (Dec 31, 2025) Year $5.95M $3.4M $9.3M+ 10.1 FY 2024 Cash on hand Revolving line of credit Total liquidity position available 17.2 At December 31, 2025, we had approximately $9.5 million of inventory, of which 56% FY 2025 were raw materials. Given our p
Slide 15: Operational & Manufacturing Milestones
Operational & Manufacturing Milestones The financial results are the output; the input is our operational execution on the factory floor and throughout our distribution networks. Fiscal 2025 was about proving that Worksport can manufacture at scale, in the United States, with rigorous quality contro
Slide 16: Distribution Expansion & Product Moat
Distribution Expansion & Product Moat Dealer Locations 550 Building a Competitive Moat 500 Our business-to-business sales channel is still in its infancy. During fiscal 2025, we rapidly expanded our footprint. In the third quarter alone, we grew our 400 300 national dealer partnerships by 42%. 200 5
Slide 17: New Upgraded Facility — Ozark, Missouri
New Upgraded Facility — Ozark, Missouri In November 2025, we announced the an expansion at our Ozark, Missouri R&D Facility. This facility serves two vital roles. Role 1: SOLIS & COR Hub Primary assembly, testing, and distribution hub for our SOLIS solar-integrated covers and COR energy storage prod
Slide 18: Product Milestone — AL4 & HD3 Performance
Product Milestone — AL4 & HD3 Performance Our tonneau cover portfolio has never been stronger. By mid-2025, the Tiered Product Lineup premium AL4 achieved an 80% rollout, covering 20 of the 25 targeted vehicle SC3 — Entry-level models. In late October, we began production of the HD3 heavy-duty cover
Slide 19: Coming in 2026: The "Game Changer"
— Bonus Note Coming in 2026: The "Game Changer" "Many labelling this new cover as a 'Game Changer'." In 2026, we plan to launch a next-generation cover that we believe will help shape the future of Worksport's hard cover product lineup. Featuring patented capabilities not currently offered by compet
Slide 20: SOLIS & COR — From Development to Revenue
SOLIS & COR — From Development to Revenue SOLIS COR A solar-integrated folding tonneau cover A portable energy storage system for aimed at power generation on-vehicle. mobile, off-grid, backup, and vocational use. Designed to function as a standalone Starting at $1,999, up to $2,499 and to integrate
Slide 21: Terravis Energy — AetherLux Progress
Terravis Energy — AetherLux Progress Breakthrough Cold-Weather ZeroFrost™ Technology Performance AetherLux is not limited to extreme In February 2025, we announced that climates. Our proprietary ZeroFrost™ AetherLux can operate in temperatures technology has been tested to eliminate as low as -57°F
Slide 22: AetherLux Commercialization & Strategic Value
AetherLux Commercialization & Strategic Value AetherLux Pro has undergone due diligence and some site visits from multi- Strategic Value Drivers billion-dollar corporations and U.S. government entities, including the Due diligence from multi-billion-dollar corporations Department of Energy's NREL Al
Slide 23: Supply Chain & Geopolitical Mitigation
Section 21Supply Chain & Geopolitical Mitigation Soft Tonneau Covers & Raw Hard Covers — Made in the U.S.A. Portable Energy Products (SOLIS + Materials In fiscal 2025, domestic aluminum prices COR) Our soft tonneau covers, along with a increased by more than 35%, and are up Our portable energy produ
Slide 24: Intellectual Property Strategy
Intellectual Property Strategy 24 50 95 43 Issued Utility Patents Design Patents & Pending Applications Trademark Registrations As of December 31, 2025 Registrations Utility and design applications Plus 15 pending trademark Issued globally currently pending applications in various jurisdictions worl
Slide 25: Scalability — Revenue Growth vs. OpEx
Scalability — Revenue Growth vs. OpEx To reiterate the scalability of our product offerings: in fiscal 2025, our The S-Curve of Growth net sales grew by nearly 90%. During that same period, our core This is the classic "S-curve" of growth: manufacturing and distribution infrastructure matured and ex
Slide 26: 2026 Outlook — H1 & H2 Milestones
2026 Outlook — H1 & H2 Milestones First Half of Fiscal 2026 Second Half of Fiscal 2026 1 SOLIS & COR Ramp-Up 1 Dealer Network Expansion Initial SOLIS and COR ramp up and margin contribution. Aggressive expansion to 1,500+ locations through new distribution partnerships expected later this year. 2 Fu
Slide 27: Path to Cash-Flow Positivity
Path to Cash-Flow Positivity Our path to cash-flow positivity is driven by three pillars: Pillar 1: Net Sales Volume Pillar 2: Margin Mix Pillar 3: Capital Efficiency Reaching the $9M net sales quarterly Increasing overall production provides We plan to concentrate our efforts on threshold that mean
Slide 28: 2026 Financial Projections
Section 26 2026 Financial Projections FY 2026 Guidance Key Guidance Highlights $35–42M Full year impact of three product offerings launched in late fiscal 2025 Introduction of "Game Changer" product offering in early Q2 2026 Reflects commitment to driving efficiencies as company and product offering
Slide 29: "Why Worksport, Why Now?"
"Why Worksport, Why Now?" Gross Margin (%) Net Sales ($M) 28 25 20 16.1 15 11 11 8.5 10 5 1.5 0 FY 2023 FY 2024 FY 2025 Fiscal Year Two years ago, Worksport was a pre-revenue development-stage company. Today, we have demonstrated our ability to scale — growing net sales from approximately $1.5 milli
Slide 30: Question & Answer Session
Question & Answer Session Worksport is now opening the floor for Q&A. We welcome live questions from the analysts attending the call. Live Q&A Email Questions Investors attending the call can write Investors are also able to email their questions within the Q&A investors@worksport.com section of the