On Tuesday, Worksport Ltd (NASDAQ:WKSP) announced first‑quarter gains in its business‑to‑business (B2B) vertical, supported by accelerating demand for the AL4 premium tonneau cover.
The March 2025 B2B sales grew nearly 70% from February. Worksport’s U.S. network now totals 151 active dealers, a 64 % increase from 92 at year‑end 2024.
Worksport added 35 new dealer accounts in March, following 24 additions in January and February.
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By sourcing locally and manufacturing in the U.S., Worksport believes it mitigates tariff risks on its tonneau cover products, supports American jobs, and delivers superior product consistency.
CEO Steven Rossi said the AL4’s success proves that manufacturing in the U.S. using American aluminum and American workers can out‑compete foreign products.
Worksport’s dealer partners are independent truck accessory retailers and installers, “Main Street” businesses that form the backbone of the U.S. economy.
With over 17,000 addressable dealers nationwide, Worksport expects to see continued growth.
Dealers will likely contribute to notable revenue growth in 2025. Worksport will seek to expand strategically further by partnering with distributors and purchasing groups that value American-made quality and prioritize dealer success. These partnerships would bring many new dealers to the Worksport network.
SOLIS solar-integrated tonneau cover and COR modular portable energy system remain on track for launch later this year, positioning Worksport to capture additional revenue streams in sustainable power solutions, the company said.
Steven Rossi said adding 59 new dealer accounts in three months underscores how strongly American dealers (brick-and-mortar stores) value a high‑margin, U.S.‑made alternative.
Worksport’s fourth-quarter 2024 revenues rose 246% to $2.9 million, pushing year-end revenue to $8.5 million, exceeding guidance of $6 million-$8 million. The company had previously forecasted further quarterly margin increases, especially towards the second half of 2025.
Price Action: WKSP stock closed lower by 4.85% at $2.55 on Monday.
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