Worksport Posts Record Growth, Eyes $20M Revenue Milestone Ahead of Clean-Tech Launch

West Seneca, NY – July 7, 2025 – U.S.-based clean energy innovator Worksport Ltd. (NASDAQ: WKSP) announced a sharp acceleration in both production and profitability, with monthly production rising 50% since March and gross margins more than doubling in just five months.

In May, the company produced more tonneau covers than in all of Q3 2024, setting a new benchmark for monthly output. Notably, this growth came without a proportional increase in staffing, highlighting operational efficiency gains.

Demand has surged, with dealer partners increasing nearly sixfold—from 94 in late 2024 to more than 550 today. Many small initial orders have evolved into recurring partnerships, strengthening the company's sales pipeline.

“Our ability to double gross margins while boosting production by 50% is a testament to our team’s relentless focus on efficiency,” said CEO Steven Rossi. “This performance brings us significantly closer to cash flow positivity and long-term value creation.”

Gross margins rose from 11% in Q4 2024 to over 23% in May 2025, and projections put that figure above 30% by year’s end. The company attributes the expansion to increased factory utilization, direct-to-consumer sales growth, a premium product strategy, and leverage from its ISO 9001:2015-certified facility in New York.

With revenues growing from $1.5 million in 2023 to $8.5 million in 2024, Worksport is on pace to exceed $20 million in 2025. Rossi believes the company's tonneau cover segment could exceed $100 million annually, while upcoming clean-tech products could deliver even greater returns.

Rossi added, “We are manufacturing more, putting out higher quality product utilizing framework of our recent ISO certification, growing margins, expanding our dealer footprint, and preparing for a clean-tech product launch that could redefine our future. In our view, 2025 is not just a strong year—it’s a pivotal turning point, which will lead to transformative years ahead.”

The company is preparing to launch its SOLIS solar-integrated tonneau cover and COR portable nano-grid power system in Fall 2025, targeting a combined $13 billion market. A top 15 U.S. construction firm has already selected the products for a paid pilot program, validating their commercial potential.

Additionally, by sourcing materials primarily from within the U.S., Worksport remains insulated from the Trump administration’s new tariffs under the “Big Beautiful Bill.” This strategy supports domestic manufacturing while minimizing exposure to volatile foreign costs.

• Job Creation Support: Worksport’s growth is partially backed by a $2.8 million grant awarded in 2024 to support U.S. job creation, allowing the company to scale operations sustainably.
• Strategic Clean-Tech Direction: With Hyundai already partnered for SOLIS, Worksport is expanding its focus on energy storage systems (ESS) and cold-climate heat pump (CCHP) technologies—targeting off-grid living, EV users, and mobile professionals.
• Dealer-Centric Model: While direct-to-consumer margins are high, the company maintains dealer-friendly pricing to support physical retail partners—a strategic decision to support local economies.
• Branding & Manufacturing Edge: All hard-folding covers are Made in the USA, compatible with all major truck models, and tailored for both traditional and EV truck platforms.

Originally reported by Global News Wire.