Bitcoin, XRP Treasury Strategy Paying Off? Worksport Reports Record Sales

Worksport Ltd. WKSP, which earlier this year adopted Bitcoin BTC/USD and Ripple XRP/USD as part of its corporate treasury, reported on Tuesday that it reached a 31% gross margin in July, one quarter ahead of its year-end target.

The update follows four consecutive months of record sales, underscoring both operational momentum and the company's evolving capital strategy.

The U.S.-based manufacturer of hybrid and clean energy products for the light truck and consumer goods markets posted July revenue of $1.71 million (unaudited), marking its strongest month on record.

That performance brings annualized sales above $20 million, consistent with full-year guidance of at least that figure.

Gross margin has expanded sharply over the past three quarters: 11% in Q4 2024, 18% in Q1 2025, 26% in Q2 2025, and now 31% in July.

Worksport said the margin improvements stem from scaling its U.S. production base and achieving manufacturing efficiencies.

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"Four consecutive record months and 31% gross margin underscore that our U.S. manufacturing model and American-made products are winning in the marketplace," CEO Steven Rossi said.

He added that new products expected in the second half of 2025, including the HD3 heavy-duty tonneau cover, the SOLIS solar cover, and the COR modular power system, are expected to further support growth.

The milestone builds on Worksport's earlier move to diversify its treasury holdings by purchasing Bitcoin and XRP, a strategy first announced in December 2024.

The company said it views cryptocurrency reserves as a complement to its long-term growth plans, with initial six-figure purchases already secured.

Worksport is also exploring crypto payment options for its e-commerce operations, citing potential for lower transaction costs and broader customer reach.

Management has positioned this alongside its push into clean energy and modular power solutions as part of a broader transformation strategy.

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