Worksport Ltd. Achieves Record Production and Over 100% Margin Growth, Revenue on Track to Surpass $20M in 2025

Reuters
07/07
Worksport Ltd. Achieves Record Production and Over 100% Margin Growth, Revenue on Track to Surpass $20M in 2025

Worksport Ltd. $(WKSP)$, a U.S.-based manufacturer and innovator of hybrid and clean energy solutions, has announced significant strides in its business operations. The company has achieved a 50% increase in monthly production volume since March 2025, coupled with a notable improvement in gross margins, which have more than doubled over the past five months. Gross margin rose from 11% in Q4 2024 to over 23% in May 2025, with projections to surpass 30% by the end of the year. This improvement is attributed to increased factory utilization, a strategic focus on premium branded products, and rising direct-to-consumer sales. Following revenues of $1.5 million in 2023 and $8.5 million in 2024, Worksport is on track to exceed $20 million in revenue for 2025. The company has set new monthly production records, producing more units in May 2025 than during the entire third quarter of 2024, without a proportional increase in headcount, indicating enhanced operational efficiency. With a rapidly growing market demand and expanding distribution network, Worksport's dealer base has grown nearly six-fold, from 94 dealers in Q4 2024 to over 550. As demand continues to outpace supply, the company is considering an expanded production schedule. Supported by a $2.8 million job creation grant awarded in 2024, Worksport aims to further its growth and profitability, anticipating potential for substantial revenue increases from its upcoming clean-tech products.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Worksport Ltd. published the original content used to generate this news brief via Newsfile (Ref. ID: 257908) on July 07, 2025, and is solely responsible for the information contained therein.

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