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
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.
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