Worksport Ltd

Listed Company

WKSPCIK 0001096275NasdaqNon-AcceleratedSmaller ReportingMotor Vehicle Parts & AccessoriesNevadaFY ends Dec 31

Period

FY 2025

Revenue

$16.10M

Net Income

$-19.35M

Total Assets

$30.71M

Equity

$22.88M

Shares Out

11.89M

Op. Cash Flow

$-17.31M

Business

Worksport Ltd designs, develops, and manufactures automotive accessories, consumer electronics, and residential and commercial HVAC products, and develops energy storage and clean energy solutions. Its main products include hard and soft tonneau covers, the SOLIS solar-integrated tonneau cover, the COR modular portable power station, and the AetherLux cold-climate heat pump. The company reports two operating segments—Hard Tonneau Covers and Soft Tonneau Covers—and pursues energy product development through subsidiaries such as Terravis Energy. Worksport distributes through wholesalers, dealers, online retail channels and OEM partnerships across the U.S. and Canada.

Summary from filing dated 2025-03-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net sales	16	8	2	116,502	303,750
Cost of sales	12	8	1	56,967	350,702
Gross profit	4	905,650	240,514	59,535	−46,952
Research and development	2	2	2	—	—
General and administrative	15	12	8	5	2
Sales and marketing	7	2	1	2	1
Gain on foreign exchange	−4,587	−14,885	−2,693	−10,461	—
Total operating expenses	23	16	15	13	8
Loss from operations	−19	−15	−15	−13	−8
Interest expense	−592,755	−726,095	−616,214	—	—
Other	53,884	28,140	—	—	—
Total other income (expense)	−538,871	−697,955	−192,297	239,301	−335,354
Net loss	−19	−16	—	—	—
Loss per Share basic	−3.16	−5.84	−8.44	−0.73	—
Loss per Share diluted	−3.16	−5.84	−8.44	−0.73	−0.69
Weighted Average Number of Shares basic	6	3	2	17	12
Weighted Average Number of Shares diluted	6	3	2	17	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2024 2024-07-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Cash and cash equivalents	6	5	—	3	15
Accounts receivable, net	503,971	42,589	330,000	463,122	62,601
Other receivable	278,027	169,728	—	165,865	268,032
Inventories, net (Note 3)	10	5	—	4	1
Prepaid expenses and deposits (Note 6)	530,861	192,192	—	1	2
Total Current assets	17	10	—	9	18
Investment (Note 11)	67,033	66,308	—	90,731	24,423
Property and equipment, net (Note 4)	13	14	—	14	12
Operating lease right-of-use assets (Note 11)	272,598	595,415	—	917,354	1
Intangible assets, net (Note 5)	896,531	953,049	—	1	1
Total assets	31	26	—	26	33
Accounts payable	3	2	—	1	—
Accrued liabilities and other	1	800,283	—	—	—
Accrued compensation	420,210	377,112	—	85,010	—
Long-term debt, current portion (Note 12)	2	222,992	—	5	—
Lease liability, current portion (Note 11)	113,012	246,535	—	328,229	387,329
Total current liabilities	7	3	—	7	2
Lease liability, excluding current portion (Note 11)	159,526	368,472	—	608,761	884,146
Long-term debt, excluding current portion (Note 12)	950,481	5	—	—	5
Total liabilities	8	8	—	8	9
Series A, B and Series C Preferred Stock, $0.001 par value, 10,000,000 shares authorized, 100 Series A, 0 Series B, and 427,812 Series C (for 2025) issued and outstanding, respectively (Note 7)	428	—	—	—	—
Common stock, $0.001 par value, 45,000,000 shares authorized, 9,814,665 and 4,016,205 shares issued and outstanding, respectively (Note 7)	9,814	4,016	—	2,032	1,716
Additional paid-in capital	101	80	—	65	57
Share subscriptions receivable	−55,684	−1,577	—	−1,577	−1,577
Share subscriptions payable	5	2	—	2	591,289
Accumulated deficit	−84	−64	—	−48	−33
Cumulative translation adjustment	−8,580	−8,580	—	−8,580	−8,580
Total shareholders equity	23	17	—	18	24
Total liabilities and shareholders equity	31	26	—	26	33

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net loss	−19	−16	—	—	—
Shares, options and warrants issued for services	3	3	6	5	4
Depreciation and amortization	2	2	1	486,582	66,876
Change in operating lease	−19,652	−44	−13,784	10,584	16,211
Other	256,806	57,395	—	—	—
Adjustments to reconcile net income loss to cash provided by (used in) operating activities	−14	−11	−8	−7	−4
Changes in operating assets and liabilities (Note 10)	−3	1	−4	−565,377	−612,775
Net cash used in operating activities	−17	−10	−12	−8	−4
Investments and intangible assets	−330,043	—	−66,308	—	—
Purchase of property and equipment	−789,460	−528,235	−4	−11	−1
Net cash used in investing activities	−1	−528,235	−4	−11	−1
Proceeds from issuance of common shares, net of issuance cost	504,372	9	4	—	—
Proceeds from warrant exercise (Note 14)	12	4	—	—	8
Proceeds from issuance of preferred stock, net of issuance cost	3	—	—	—	—
Proceeds from issuance of warrants, net of issuance cost	6	—	—	—	—
Proceeds from line of credit	14	10	—	—	—
Repayments on line of credit	−16	−7	—	—	—
Proceeds from long-term debt	—	1	—	—	—
Repayments on short-term and long-term debt	−206,666	−5	—	—	—
Related party loan	—	−2,192	—	—	—
Net cash provided by financing activities	19	12	4	5	33
Change in cash	1	2	−11	−14	27
Income tax paid	—	—	—	—	—
Interest paid	593,000	726,000	626,000	479,000	—

Filings

Filing historySign up free to browse every 10-K, 10-Q, 8-K, and proxy this filer has submitted to the SEC.Sign up free · Upgrade to Pro

Material Events

Material EventsTrack every 8-K filing and material event — AI-summarized, timelined, and alertable.Sign up free · Upgrade to Pro

Insiders

Insider ActivitySee executive buy/sell windows and insider trade activity over rolling 30/90/365-day windows.Sign up free · Upgrade to Pro

Institutional Holders

Institutional HoldersSee which funds hold this stock and track position changes quarter over quarter.Sign up free · Upgrade to Pro