- Worksport (WKSP, Financial) reports record revenue for May 2025 of $1.28 million, marking the second consecutive month of all-time-high sales.
- The company's gross margins improved by 25% since Q1 2025, with expectations to reach 30% by the end of the year.
- Worksport's dealer network expanded from 94 in late 2024 to over 550, including two major national distributors.
Worksport Ltd. (WKSP), a leader in hybrid and clean energy solutions for the light truck industry, celebrated a record-breaking revenue of $1.28 million in May 2025. This follows an impressive performance in April, with both months' revenues surpassing the total earnings of Q1 2025. This achievement underscores Worksport's momentum in entering the second half of the year on a high note.
The company's gross margins have seen a remarkable improvement, climbing 25% compared to the first quarter of 2025, reaching approximately 23%. Management is optimistic about further expansion, projecting margins to hit 30% by year-end, aided by increased operational efficiencies and a focus on high-value branded products.
Worksport's dealer network has experienced robust growth, expanding nearly sixfold from 94 dealers in Q4 2024 to over 550, now including two key national distributors. This expansion is a testament to the rising market acceptance and leverage in distribution.
In terms of financial growth, Worksport has set an ambitious revenue target of approximately $20 million for 2025, a significant climb from $8.5 million in 2024 and $1.5 million in 2023. The company anticipates achieving cash-flow positivity by the end of 2025.
Looking ahead, the fall 2025 launch of the SOLIS solar tonneau cover and the COR portable nano-grid power system is on the horizon. These products are set to tap into the lucrative clean energy and portable power markets, potentially driving substantial growth for Worksport in the coming years.
