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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d)
of
the Securities Exchange Act of 1934
Date
of Report (date of earliest event reported):
September
12, 2024
Worksport,
LTD
(Exact
Name of Registrant as Specified in its Charter)
| Nevada |
|
001-40681 |
|
35-2696895 |
(State
of
incorporation) |
|
(Commission
File Number) |
|
(IRS
Employer
Identification No.) |
2500
N America Dr
West
Seneca, NY 14224
(Address
of principal executive offices)
888-554-8789
(Registrant’s
telephone number, including area code)
N/A
(Former
Name or former address if changed from last report.)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
| ☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| |
|
| ☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| |
|
| ☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| |
|
| ☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
| Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
| Common
|
|
WKSP |
|
The
Nasdaq Stock Market LLC |
| Warrants |
|
WKSPW |
|
The
Nasdaq Stock Market LLC |
Item
7.01 Regulation FD Disclosure
On
September 12, 2024, Worksport Ltd. (the “Company”) issued a press release: “Worksport Reports Record High August Sales
Month, Trending To Beat 2024 Revenue Guidance”. A
copy of the press release is attached hereto as Exhibit 99.1.
The
information under Item 7.01 of this Current Report on Form 8-K and the exhibit attached hereto shall not be deemed “filed”
for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section,
or incorporated by reference into any of the Company’s filings under the Securities Act of 1933, as amended, except as shall be
expressly set forth by specific reference in any such filing.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
| |
WORKSPORT
LTD. |
| |
|
| Date:
September 12, 2024 |
By: |
/s/
Steven Rossi |
| |
Name: |
Steven
Rossi |
| |
Title: |
Chief
Executive Officer
(Principal
Executive Officer) |
Exhibit
99.1
Worksport
Reports Record High August Sales Month, Trending To Beat 2024 Revenue Guidance
Net
Sales Surging to Approximately $1.22 Million For August & Management Highlights Focus On Expanding Operations To Support Cash Flow
Positivity.
West
Seneca, New York, September 12, 2024 — Worksport Ltd. (NASDAQ: WKSP) (“Worksport” or the “Company”),
a U.S.-based manufacturer and innovator of hybrid and clean energy solutions for the light truck, overlanding, and global consumer goods
sectors, proudly announces another significant sales month in 2024, with August 2024 net sales surging to $1,213,604.28.
This notable performance propels our Annual Recurring Revenue (ARR) rate to an impressive $14.56 million, which exceeds the 2023
year-end revenue of $1.53 million. This explosive early growth highlights the strong demand for Worksport’s Made-in-America
products and positions the Company to beat 2024 revenue guidance.
“Strong
sales momentum continues, our ARR now nearly matches our current market cap, and we are trending to beat our 2024 revenue guidance.
As we rapidly push towards cash flow positivity and further sales growth, we firmly believe Worksport is significantly
undervalued, presenting strong upside potential,” said Steven Rossi, Worksport CEO.
With
this performance, Worksport remains on track towards its goal of moving to cash flow positivity within 2025. Yesterday, Worksport
announced the successful testing of its COR portable energy system, functioning as a range extender for EVs like
the Tesla Model 3.
Forward
Guidance and Future Growth
At
our current Q2 revenue pace, Worksport is on track to exceed our previously issued 2024 revenue guidance of $6-8 million, based
solely on current product lines,” stated Steven Rossi. He added, “Notably, this forecast does not yet include revenue
potential from our most exciting products: AL4, SOLIS, and COR lines, which are expected to contribute significantly to future
earnings. All are expected to be in the market in the near-term.”
With
projected revenues of $15-20 million from the tonneau cover segment alone in FY 2025, Worksport expects continued growth
as demand for its premium products increases. The Company believes the premium AL4 cover may further boost these figures based
on increasingly strong expressed demand. Worksport believes it is on track to becoming a nine-figure ($100M+ revenue) company in the
near-to-midterm, as the upcoming launches of SOLIS and COR product lines mark pivotal milestones in the Company’s expansion.
Worksport’s market cap [9/10/2024] of $15.1 million, sitting below book value, reflects its growth potential.
Upcoming
Product Launches
The
Company continues to expand its product portfolio with upcoming products, including the highly anticipated AL4 Hard Tonneau Cover,
SOLIS Solar Tonneau Cover, and COR Portable Energy System—each aimed to address multi-billion-dollar TAM opportunities.
As scaling continues, Worksport remains focused on improving margins and accelerating future profitability.
The
upcoming Alpha releases of the COR Portable Energy System and SOLIS Solar Tonneau Cover this month positions Worksport
for its continued growth. The AL4, SOLIS, and COR lines are expected to unlock lucrative opportunities for larger contracts,
OEM partnerships, and expansive global sales. Investors can anticipate Worksport’s initial sales outlook for these products
during the Q3 2024 earnings call, where Worksport will reveal insights into its accelerating growth trajectory and significant
upside potential of the Company.
Investor
Inquiries May Be Directed To:
Investor
Relations, Worksport Ltd.
T:
1 (888) 554-8789 x128
W1:
https://investor.worksport.com
W2:
www.worksport.com
E:
investors@worksport.com
Key
2024 Press-Releases:
| ● | September
11: EXCLUSIVE: Worksport’s Portable COR Battery Adds 7 Miles Of Charge To Tesla Model
3 In Lab Test |
|
● |
August
20: Worksport ($WKSP) Begins COR Alpha Production |
| ● | August
14: Worksport Announces Record High Revenues; 275% Q2 Growth |
| ● | August
1: Worksport Announces Impressive SOLIS Solar Cover Test Results |
|
● |
June 20: Worksport Announces Record Breaking May Sales |
| ● | May
8: Worksport Awarded $2.8MM Grant |
| ● | April
25: Worksport Signals Undervalued Status, Eyes Major 2024 Growth |
| ● | March
6: Worksport to Launch Innovative SOLIS & COR Products This Summer |
Read
all Worksport press releases: [Link to All Press Releases].
Stay
Connected
| ● | Investor
Newsletter: Investors and customers are invited to follow Worksport’s progress
as it builds on this momentum and strives to redefine industry standards with each new corporate
development. Link to Newsletter. |
Investor
Relations, Worksport Ltd. T: 1 (888) 554-8789-128
W: investors.worksport.com E: investors@worksport.com W: worksport.com
About
Worksport
Worksport
Ltd. (Nasdaq: WKSP), through its subsidiaries, designs, develops, manufactures, and owns the intellectual property on a variety of tonneau
covers, solar integrations, and NP (Non-Parasitic), hydrogen-based true green energy solutions for the sustainable, clean energy, and
automotive industries. Worksport has an active partnership with Hyundai for the SOLIS Solar cover. Additionally, Worksport’s hard-folding
cover, designed and manufactured in-house, is compatible with RAM, Chevrolet, and GMC models from General Motors, as well as Ford, Jeep,
Nissan, and Toyota pickup trucks. Worksport seeks to capitalize on the growing shift of consumer mindsets towards clean energy integrations
with its proprietary solar solutions, mobile energy storage systems (ESS), and NP (Non-Parasitic), Hydrogen-based technology. Terravis
Energy’s website is terravisenergy.com. For more information, please visit investors.worksport.com.
Connect
with Worksport
Please
follow the Company’s social media accounts on X (previously Twitter), Facebook, LinkedIn, YouTube,
and Instagram (collectively, the “Accounts”), the links of which are links to external third party websites, as well
as sign up for the Company’s newsletters at investors.worksport.com. The Company does not endorse, ensure the accuracy of,
or accept any responsibility for any content on these third-party websites other than content published by the Company.
| Product
social media |
Investor
social media |
| Instagram |
X
(formerly Twitter) |
Facebook
YouTube |
LinkedIn
Link
to Newsletter |
Investors
and others should note that the Company announces material financial information to our investors using our investor relations website,
press releases, Securities and Exchange Commission (“SEC”) filings, and public conference calls and webcasts. The Company
also uses social media to announce Company news and other information. The Company encourages investors, the media, and others to review
the information the Company publishes on social media.
The
Company does not selectively disclose material non-public information on social media. If there is any significant financial information,
the Company will release it broadly to the public through a press release or SEC filing prior to publishing it on social media.
For
additional information, please contact:
Investor
Relations, Worksport Ltd. T: 1 (888) 554-8789 -128 W: investors.worksport.com W: www.worksport.com E: investors@worksport.com
Forward-Looking
Statements
The
information contained herein may contain “forward-looking statements.” Forward-looking statements reflect the current view
about future events. When used in this press release, the words “anticipate,” “believe,” “estimate,”
“expect,” “future,” “intend,” “plan,” “project,” “should,” or
the negative of these terms and similar expressions, as they relate to us or our management, identify forward-looking statements. These
statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations
and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy
and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks
and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial
condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these
forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those
indicated in the forward-looking statements include, among others, the following: (i) supply chain delays; (ii) acceptance of our products
by consumers; (iii) delays in or nonacceptance by third parties to sell our products; and (iv) competition from other producers of similar
products. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements
is set forth in the Company’s filings with the SEC, including, without limitation, our Annual Report on Form 10-K and our Quarterly
Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at
www.sec.gov. As a result of these matters, changes in facts, assumptions not being realized or other circumstances, the Company’s
actual results may differ materially from the expected results discussed in the forward-looking statements contained in this press release.
The forward-looking statements made in this press release are made only as of the date of this press release, and the Company undertakes
no obligation to update them to reflect subsequent events or circumstances.
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