WORKSPORT LTD. (WKSP)

WORKSPORT LTD. (WKSP)

Worksport Caps a Breakout Quarter With Record Earnings, New Products, and Full COR Certification

From a sold-out trade show debut to a clean sweep of North American safety approvals, here’s everything that happened at Worksport in March and April 2026.

April 13, 2026 | News Summary

Worksport Ltd., the West Seneca, New York-based manufacturer of tonneau covers and clean-energy truck accessories, delivered a rapid-fire sequence of announcements over the past six weeks — record annual results, aggressive 2026 guidance, a new product unveiled to North America’s largest aftermarket distributor, and the completion of every safety certification needed to sell its COR portable battery system coast to coast.

FY 2025 SNAPSHOT

A Year of Firsts by the Numbers

EARNINGS

Record Full-Year 2025 Results and Bold 2026 Outlook

On March 26, Worksport filed its annual 10-K and hosted an earnings call that laid bare the scale of its transformation. Net sales for fiscal 2025 came in at roughly $16.1 million, nearly doubling the prior year’s $8.5 million. Gross margin widened to 28% for the full year — and reached approximately 30% in the fourth quarter alone — up from just 11% in 2024. The company attributed the margin improvement to greater manufacturing efficiency at its New York facility, where production capacity now tops 125 units per eight-hour shift.

Revenue quality shifted meaningfully as well. Online retail sales surged 142% to $11.9 million, accounting for roughly three-quarters of total revenue. The distributor and jobber channel grew tenfold, from $0.4 million to $4.2 million, while private-label sales — which had previously weighed on margins — were eliminated entirely. The dealer network expanded sixfold during 2025, reaching more than 550 locations across the United States and Canada.

Looking ahead, management issued 2026 revenue guidance of $35 million to $42 million with a target gross margin of around 35%. The company said it expects to reach initial operational cash-flow positivity during the second half of 2026, with quarterly breakeven estimated at $9 million to $11 million in net sales. Total year-end liquidity stood at approximately $9.3 million, combining $5.95 million in cash with $3.4 million available on a revolving credit line.

CEO Steven Rossi on the year ahead: The company has described 2025 as the period in which it bridged the gap between product development and large-scale delivery, and says the heavy lifting of building its platform is now complete. The focus for 2026, according to management, is squarely on execution, throughput, and sustained profitability.

PRODUCT LAUNCH

A “Game Changer” Debuts at the Keystone BIG Show

A week before the earnings call, Worksport took a new premium tonneau cover to the Keystone BIG Show — the marquee trade event run by Keystone Automotive Operations, North America’s leading aftermarket distributor. Rather than relying on a traditional media rollout, the company opted for a dealer-first approach, presenting the unreleased model directly to the high-volume purchasing decision-makers who attend the show.

The strategy appeared to pay off. Worksport reported that buyers initiated pre-orders on the spot, with several characterizing the product as a potential market leader for professional installers. The cover is engineered to complement the existing AL3, AL4, and HD3 lineup, with a focus on installer-friendly design, favorable dealer economics, and scalability through large-distribution channels. Full specifications and branding are expected closer to the planned commercial launch in early Q2 2026.

The Keystone debut is part of a broader push to aggressively expand Worksport’s U.S. dealer network this year, building on the momentum of the SOLIS solar tonneau cover and the COR portable energy system, both of which began commercial shipments in late 2025.

REGULATORY MILESTONE

COR Portable Energy System Clears Every Hurdle

On April 2, Worksport announced that the COR Portable Energy System had completed all remaining safety and regulatory certifications required for North American retail and commercial distribution. The approvals — including UL 2743, UL 1741, UL 1977, UL 1778, UL 2054, and CSA 62133-2 — wrapped up a multi-stage validation process that had been progressing since early 2026.

The full certification package opens the door to significantly broader sales channels: big-box retailers, commercial fleet buyers, aftermarket distributors, and online marketplaces. Combined with the transport and federal compliance approvals secured earlier in February — covering UN38.3, FCC, ISED, California Prop 65, and TSCA requirements — the COR system now carries every credential needed for unrestricted sale and shipment across the continent.

Designed as a modular hub with swappable batteries, COR is built to pair with the SOLIS solar tonneau cover, forming what Worksport calls an on-the-go clean-energy ecosystem for pickup truck owners. With both products now shipping, the company can begin pitching the combined solution to fleet operators, overlanding retailers, and the national home-improvement chains it has said it is in active discussions with, including Home Depot, Lowe’s, Bass Pro, and Camping World.

KEY DATES

March–April 2026 at a Glance

MARCH 6

Infrastructure-Focused Business Update

Worksport published a detailed operational update highlighting the methodical buildout of production, distribution, and compliance infrastructure heading into 2026 — emphasizing execution over hype.

MARCH 11

Earnings Date Announced

The company confirmed that Q4 and full-year 2025 results would be released on March 26 after market close, with a conference call and webcast at 4:30 PM ET.

MARCH 19

“Game Changer” Tonneau Cover at Keystone BIG Show

A new premium tonneau cover was shown to top-tier aftermarket buyers at Keystone Automotive’s flagship show. Pre-orders were taken on the spot, with a commercial launch targeted for early Q2.

MARCH 26

Record FY 2025 Results & 2026 Guidance

Net sales of $16.1M (+90% YoY), gross margin at 28%, and 2026 revenue guidance of $35–$42M with a target of reaching cash-flow positive operations in H2 2026.

MARCH 31

Analyst Activity

Maxim Group lowered its price target to $2.50 from $3.00, while HC Wainwright’s Buy rating and $11.50 target remained in place.

APRIL 2

COR Achieves Full North American Certification

All UL and CSA safety certifications were finalized, clearing the COR portable energy system for unrestricted retail, fleet, distributor, and commercial sale across North America.

BIGGER PICTURE

What’s Ahead for Worksport

Beyond tonneau covers and portable power, Worksport’s subsidiary Terravis Energy continues to advance the Aetherlux Pro heat pump, which uses proprietary ZeroFrost anti-frosting technology capable of operating in temperatures as low as negative 57 degrees Fahrenheit. An Asian manufacturing partner was selected in January 2026, certification prototypes arrived in February, and AHRI and ENERGY STAR approvals are being pursued for later this year. A government entity is currently evaluating the heat pump’s lab results, and early revenue from Aetherlux is anticipated in the second half of 2026.

On the OEM front, the company has a signed agreement with Hyundai to explore integration of the SOLIS solar cover. Management has said that potential EV pickup partners are actively evaluating the technology, though no additional OEM deals have been formally announced.

Investors should also note some headwinds. Despite the strong top-line growth, Worksport reported a full-year net loss of $19.35 million, missed EPS consensus by $0.17, and acknowledged a going-concern disclosure tied to its history of operating losses. Domestic aluminum costs rose over 35% during 2025, which prompted price increases that contributed to a slight sequential dip in Q4 sales. An S-3 resale registration covering roughly 3.84 million shares underlying Armistice Capital warrants at $3.00 per share also introduced the possibility of future dilution.

Still, the trajectory over the past six weeks is hard to ignore. With record revenue in the books, a fully certified clean-energy product line, a growing dealer network, and a new tonneau cover already generating pre-orders from North America’s largest aftermarket distributor, Worksport is entering the heart of 2026 with more commercial momentum than at any point in its history.

Disclaimer: This article is a summary of publicly available news releases and filings and does not constitute investment advice. All information is sourced from Worksport Ltd. press releases, SEC filings, and third-party reporting. Investors should conduct their own due diligence.

Compiled April 13, 2026