Worksport Earnings Call Transcripts
Fiscal Year 2026
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Gross margin improved to 35% in May, with revenue run rate rising to $35–36 million due to new distributor partnerships and strong B2B/B2C growth. NEXUS launch is driving sales, while SOLIS and COR marketing will intensify in H2. Management targets operational cash flow positivity within 12 months.
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Q1 2026 saw 48% revenue growth and major product launches, with gross margin up to 26%. Expanded distribution and new products position the company for strong 2026 growth, targeting $35–$42 million in revenue and operational cash flow positivity.
Fiscal Year 2025
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Net sales nearly doubled to $16.1M in FY25 with gross margin rising to 28%. Major product launches, expanded dealer network, and ISO certification set the stage for FY26 guidance of $35–$42M revenue and 35% gross margin, with operational cash flow positivity targeted in H2 2026.
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Q3 2025 saw 61% year-over-year sales growth and gross margin expansion to 31.3%, driven by operational efficiencies and new product launches. The company projects 2025 revenues of $17–$21 million and targets cash flow positivity in early 2026, with new clean tech products set to drive future growth.
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Record Q2 revenue and gross profit growth driven by AL4 tonneau cover, expanding dealer network, and e-commerce. Gross margin rose to 26.4%, with 2025 revenue guidance reaffirmed at $20 million and new product launches expected to drive profitability in 2026.
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Q1 2025 saw 337% revenue growth year-over-year, driven by the AL4 launch and dealer expansion, with gross margin rising to 18%. Full-year revenue is guided at $20–$25 million, with cash flow break-even targeted by late 2025, and new product launches set to further boost growth.
Fiscal Year 2024
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Record 2024 revenue of $8.48M (up 455%) and gross margin improvement set the stage for 2025 guidance of $20M–$34.5M, with new product launches and expanded channels driving growth. Cash flow break-even is targeted by late 2025, supported by strong liquidity and operational efficiency.
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Q3 2024 saw a 581% year-over-year revenue increase to $3.1M, with B2C online sales now 51% of total revenue. 2025 revenue is projected at $20–34.5M, driven by new product launches and expanded B2B and B2C channels.
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Q2 2024 saw record sales, with revenue up 275% sequentially and gross margins improving to 15.4%. New product launches and a strong CleanTech pipeline position the company for continued growth, with 2024 revenue guidance reaffirmed and cash flow positivity targeted for 2025.