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Worksport Ltd
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
12.53M
Op. Cash Flow
$-17.31M
Business
Worksport Ltd designs, develops, and manufactures innovative products including soft and hard tonneau covers for light trucks, solar-integrated tonneau covers (SOLIS), portable battery systems (COR), and heat pump technology through its subsidiary Terravis Energy. The company sells tonneau covers through a distributor and dealer network, direct-to-consumer e-commerce, and online marketplaces in the U.S. and Canada, with energy products distributed through direct channels. Worksport operates two reportable segments: Soft Tonneau Covers and Hard Tonneau Covers, while expanding into clean-energy and HVAC markets with an intellectual property portfolio covering tonneau designs, solar integration, and heat pump systems.
Summary from 10-K filed 2026-03-26
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | 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 | Trend | 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 | Trend | 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
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Frequently asked questions
What is Worksport Ltd's CIK number?
Worksport Ltd's SEC CIK number is 0001096275 (1096275). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Worksport Ltd's SEC filings?
All of Worksport Ltd's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.