Worksport Earnings Call Transcripts
Fiscal Year 2026
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Revenue and gross profit are rising rapidly, with seven consecutive months of sales growth and a strong backlog. Cash flow positivity is targeted within the year as margins remain stable and operational efficiency improves. Management is focused on execution, compliance, and leveraging product innovation for further expansion.
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Q2 2026 saw record revenue and gross profit, with improved margins and reduced operating expenses. The NEXUS product launch drove rapid sales growth, while inventory conversion and cost discipline are central to the path toward cash flow breakeven in 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 Solis and Core launches expected to drive further 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.