Worksport Ltd WKSP
Ltd., through its subsidiaries, designs, develops, and manufactures innovative products for various markets including automotive
accessories, consumer electronics, and both residential and commercial HVAC system markets. Worksport is able to monetize and
protect its products through a large and growing intellectual property ("IP") portfolio with patents, designs, and
trademarks relating to, among other things, tonneau covers and components, solar integrated tonneau covers, portable power stations, NP
Valuation FY2025 figures against the last close
Where the revenue comes from as reported in the latest 10-K
Revenue by segment
- Hard Tonneau Covers
- Soft Tonneau Covers
| Segment | FY2025 | FY2024 |
|---|---|---|
| Hard Tonneau Covers | $15.6M | $5.2M |
| Soft Tonneau Covers | $454.5K | $3.3M |
As the company reported it, from the “Schedule of Revenue and Segment Net Loss (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $16.1M | $8.5M | $1.5M | $116.5K | $303.8K | $346.1K | $1.9M | $481.5K | $408.7K | $361.1K |
| Cost of revenue | $11.6M | $7.6M | $1.3M | $57.0K | $350.7K | $299.0K | $1.7M | $384.9K | $231.8K | $334.1K |
| Gross profit | $4.5M | $905.6K | $240.5K | $59.5K | -$47.0K | $47.1K | $238.5K | $96.6K | $176.9K | $27.1K |
| R&D | $1.5M | $2.3M | $1.7M | — | — | — | — | — | — | — |
| SG&A | $21.5M | $14.6M | $13.9M | $5.0M | $1.9M | $201.9K | $238.8K | $268.7K | $1.5M | $126.3K |
| Total operating expenses | $23.3M | $16.4M | $15.0M | $12.8M | $7.5M | $1.0M | $776.4K | $1.3M | $2.0M | $389.3K |
| Operating income | -$18.8M | -$15.5M | -$14.7M | -$12.8M | -$7.6M | -$986.2K | -$537.9K | -$1.2M | -$1.8M | -$362.2K |
| Interest expense | $592.8K | $726.1K | $616.2K | $488.7K | $294.9K | $386.2K | $72.0K | $55.5K | $13.3K | $20.8K |
| Pre-tax income | -$19.4M | -$16.2M | -$14.9M | — | — | — | — | — | — | — |
| Net income | $16.1M | $8.5M | $1.5M | -$12.5M | -$7.9M | -$1.2M | -$359.0K | -$1.8M | -$3.4M | -$1.1M |
| EPS, basic | -3.16 | -5.84 | -8.44 | -0.73 | -0.69 | — | — | — | — | — |
| EPS, diluted | -3.16 | -5.84 | -8.44 | -0.73 | -0.69 | -0.43 | -0.01 | -0.08 | -0.17 | -0.02 |
| Shares, diluted (wtd. avg.) | 6.1M | 2.8M | 1.8M | 17.1M | 11.5M | — | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $5.9M | $4.9M | $3.4M | $14.6M | $28.6M | $1.1M | $12.0K | $25.3K | $67.0K | — |
| Receivables | $504.0K | $42.6K | $463.1K | $62.6K | $62.7K | $122.8K | $3.0K | $61.9K | $189.5K | $81.1K |
| Inventory | $9.5M | $5.2M | $3.6M | $1.3M | $501.8K | $40.8K | $113.2K | $289.5K | $44.6K | $79.0K |
| Total current assets | $16.8M | $10.5M | $9.1M | $18.3M | $34.0M | $1.7M | $253.7K | $500.8K | $712.8K | $284.2K |
| Property, plant and equipment | $12.7M | $13.6M | $14.5M | $11.9M | $1.1M | $91.5K | $94.7K | $43.9K | $43.1K | $39.3K |
| Other intangibles | $896.5K | $953.0K | $1.3M | $1.3M | $593.1K | $62.9K | $57.1K | $12.7K | $13.1K | $13.3K |
| Total assets | $30.7M | $25.7M | $26.0M | $32.8M | $36.3M | $1.9M | $481.3K | $557.4K | $905.5K | $336.7K |
| Accounts payable | $3.1M | $1.5M | $1.3M | $2.0M | $1.1M | $971.7K | $969.3K | $401.8K | $230.8K | $340.3K |
| Short-term debt | $1.7M | $223.0K | $5.3M | — | — | $367.1K | $267.9K | $287.4K | $275.8K | $210.1K |
| Total current liabilities | $6.7M | $3.2M | $7.2M | $2.5M | $1.8M | $1.7M | $1.3M | $780.9K | $533.9K | $1.2M |
| Long-term debt | $2.7M | $5.3M | $5.3M | — | — | — | — | — | — | — |
| Total liabilities | $7.8M | $8.3M | $7.8M | $8.6M | $2.1M | $1.7M | $1.4M | $780.9K | $533.9K | $1.3M |
| Retained earnings | -$83.9M | -$64.5M | -$48.3M | -$33.4M | -$20.8M | -$12.9M | -$11.7M | -$10.4M | -$8.6M | -$5.2M |
| Total equity | $22.9M | $17.4M | $18.2M | $24.1M | $34.2M | $169.5K | -$882.6K | -$223.6K | $371.5K | -$1.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$17.3M | -$10.1M | -$11.9M | -$8.0M | -$4.2M | -$695.1K | -$2.2K | -$379.3K | -$194.9K | -$237.0K |
| Depreciation and amortisation | $1.4M | $1.4M | $1.1M | $484.1K | $64.5K | $3.2K | $2.2K | $1.1K | $1.1K | $690 |
| Stock-based compensation | $3.0M | $93.1K | $5.8M | $4.9M | $3.9M | — | — | — | $1.4M | $17.0K |
| Capital expenditure | $789.5K | $528.2K | $3.7M | $11.0M | $1.1M | $8.0K | $98.4K | $1.9K | $4.9K | $551 |
| Investing cash flow | -$1.1M | -$528.2K | -$3.8M | -$11.2M | -$1.1M | -$16.7K | -$124.0K | -$1.9K | -$4.9K | -$3.4K |
| Financing cash flow | $19.5M | $12.2M | $4.4M | $5.2M | $32.8M | $1.8M | $117.8K | $298.7K | $307.4K | $223.5K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001493152-26-033929.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $361.1K | $408.7K | $481.5K | $1.9M | $346.1K | $303.8K | $116.5K | $1.5M | $8.5M | $16.1M |
| Gross profit | $27.1K | $176.9K | $96.6K | $238.5K | $47.1K | -$47.0K | $59.5K | $240.5K | $905.6K | $4.5M |
| Net income | -$1.1M | -$3.4M | -$1.8M | -$359.0K | -$1.2M | -$7.9M | -$12.5M | $1.5M | $8.5M | $16.1M |
Recent filings and events
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Delisting notice The exchange has told the company it no longer meets the rules for staying listed - usually price, market cap, or filings that are late. Item 3.01
- Regulation FD disclosure Item 7.01
- Regulation FD disclosure Item 7.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Item 7.01
- Regulation FD disclosure Item 7.01
- Regulation FD disclosure Item 7.01
- Material agreement signed Item 1.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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