Thursday, Worksport Ltd (NASDAQ:WKSP) announced a significant sales month in 2024, with August 2024 net sales surging to $1.21 million. This performance propels the Annual Recurring Revenue (ARR) rate to $14.56 million, exceeding the 2023 year-end revenue of $1.53 million.
Worksport’s CEO, Steven Rossi, told Benzinga, “On top of ARR being close to market cap, record sales, and path to cash flow positivity, we are on track to beat our 2024 guidance.”
“As we rapidly push towards cash flow positivity and further sales growth, we firmly believe Worksport is significantly undervalued, presenting strong upside potential,” said Steven Rossi, Worksport CEO.
With this performance, Worksport remains on track toward moving to cash flow positivity within 2025. Yesterday, Worksport announced the successful testing of its COR portable energy system, functioning as a range extender for EVs like the Tesla Model 3.
“At our current Q2 revenue pace, Worksport is on track to exceed our previously issued 2024 revenue guidance of $6 million-$8 million, based solely on current product lines,” stated Steven Rossi.
He added, “Notably, this forecast does not yet include revenue potential from our most exciting products: AL4, SOLIS, and COR lines, which are expected to contribute significantly to future earnings.”
With projected revenues of $15 million-$20 million from the tonneau cover segment alone in fiscal 2025, Worksport expects continued growth as demand for its premium products increases.
Worksport believes it is on track to becoming a nine-figure ($100 million+ revenue) company in the near-to-midterm, as the upcoming launches of SOLIS and COR product lines mark pivotal milestones in the Company’s expansion.
Price Action: WKSP stock closed lower by 3.34% to $0.4926 on Wednesday.
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