Worksport Ltd. reports 117% dealer network growth, initial distributor pre-orders, and advances in BTC/XRP integration strategies.
Quiver AI Summary
Worksport Ltd. reported significant growth in December 2024, including a 117% increase in its dealer network and notable pre-orders for its upcoming AL4 tonneau cover from major distributors. The U.S.-based manufacturer, focusing on hybrid and clean energy solutions, is diversifying its treasury by allocating up to $5 million in Bitcoin and Ripple as part of its innovation strategy. The company is exploring crypto integration for e-commerce payments and considering staking opportunities to optimize returns from its digital assets. Following a strong 51% increase in B2C sales and 60% in B2B sales, Worksport also gained exposure through a recent appearance on FOX & Friends, further enhancing its brand visibility and potential market engagement.
Potential Positives
- 117% growth in the dealer network indicates strong market expansion and increased brand distribution.
- Secured initial pre-orders for the upcoming AL4 tonneau cover from leading U.S. distributors, highlighting positive market reception and potential sales growth.
- Adoption of Bitcoin and Ripple in corporate treasury reflects innovative strategy and potential for enhanced returns through crypto assets.
- Recent national television exposure on FOX & Friends increases brand visibility and engagement opportunities with a broader audience.
Potential Negatives
- Integrating Bitcoin and Ripple into the corporate treasury could expose Worksport to volatility and risks associated with cryptocurrency markets, which may unsettle traditional investors.
- The company's reliance on digital assets as a treasury strategy could raise concerns among stakeholders regarding the long-term sustainability and stability of that approach.
- Despite growth in dealer network and sales, the forward-looking statements highlight uncertainties, including potential supply chain delays and market acceptance issues, that could impact future performance.
FAQ
What recent growth has Worksport reported?
Worksport reported a 117% growth in its dealer network, alongside increased pre-orders and sales figures for their products.
How is Worksport integrating cryptocurrency?
Worksport is diversifying its corporate treasury by incorporating Bitcoin (BTC) and Ripple (XRP), believing in their long-term value.
What are Worksport's upcoming product launches?
Upcoming launches include the AL4 tonneau cover, followed by the SOLIS solar cover and COR mobile power generation system in 2025.
Which media outlet featured Worksport recently?
Worksport showcased its clean-tech products on FOX & Friends, significantly enhancing brand visibility and market engagement.
What sales growth figures did Worksport announce?
Worksport announced a 51% increase in B2C sales and a 60% increase in B2B sales in November 2024.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$WKSP Insider Trading Activity
$WKSP insiders have traded $WKSP stock on the open market 1 times in the past 6 months. Of those trades, 1 have been purchases and 0 have been sales.
Here’s a breakdown of recent trading of $WKSP stock by insiders over the last 6 months:
- STEVEN F. ROSSI (CEO and President) purchased 33,333 shares.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$WKSP Hedge Fund Activity
We have seen 10 institutional investors add shares of $WKSP stock to their portfolio, and 12 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- ARMISTICE CAPITAL, LLC added 786,242 shares (+35.6%) to their portfolio in Q3 2024
- SCOGGIN MANAGEMENT LP removed 533,750 shares (-100.0%) from their portfolio in Q2 2024
- CITADEL ADVISORS LLC removed 99,352 shares (-100.0%) from their portfolio in Q3 2024
- JANE STREET GROUP, LLC removed 73,383 shares (-100.0%) from their portfolio in Q2 2024
- GEODE CAPITAL MANAGEMENT, LLC added 40,537 shares (+20.7%) to their portfolio in Q3 2024
- HRT FINANCIAL LP added 33,597 shares (+271.8%) to their portfolio in Q3 2024
- UBS GROUP AG removed 26,536 shares (-100.0%) from their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
Reports 117% Dealer Network Growth, Secures Initial Pre-Orders from Leading Distributors, and Advances BTC/XRP Integration
West Seneca, New York, Dec. 13, 2024 (GLOBE NEWSWIRE) --
Worksport Ltd.
(NASDAQ: WKSP)
(“Worksport” or the “Company”), a U.S.-based manufacturer and innovator of hybrid and clean energy solutions for the light truck, overlanding, and global consumer goods sectors, today provided a corporate update for December 2024. From accelerated sales, pre-orders, and expanding dealer networks, to establishing a proactive strategy in treasury management by incorporating Bitcoin (“BTC”) and Ripple (“XRP”), Worksport is excited to share the latest updates.
Driving Growth Through Strategic Initiatives
Worksport’s recent success reflects a series of strategic initiatives that have generated meaningful traction and interest. The Company’s move to proactively diversify its corporate treasury—allocating up to
$5 million
in Bitcoin and Ripple, capped at 10% of excess cash—reinforces Worksport’s belief in the long-term potential of digital assets as inflation-resistant stores of value. This approach, coupled with the Company’s expanding product portfolio and dealer network, has strengthened its foothold in a rapidly evolving market.
“
This past week marks an inflection point for Worksport’s growth trajectory
,” said Steven Rossi, Chief Executive Officer of Worksport Ltd. “
Our proactive decision to integrate Bitcoin and Ripple into our treasury strategy, coupled with
noteworthy sales increases,
117%
growth in our dealer network, and encouraging
pre-orders volumes
of our upcoming AL4 from
two leading U.S distributors
, reflects our commitment to innovation and long-term value creation. The attention we’ve received from leading crypto custodians further validates our approach, and we’re eager to leverage their expertise to maximize returns on these digital assets by considering unique strategies like
crypto
staking
.
”
Crypto Integration and Industry Recognition
Following the Company’s announcement to adopt BTC and XRP in its corporate treasury, notable players in the cryptocurrency sector took notice. Two
leading
crypto custodians
have approached Worksport with their services, and the Company is now evaluating these proposals to ensure secure, compliant custody of its digital asset holdings. As Worksport prepares to
engage
in initial BTC and XRP purchases, it is also exploring
staking
opportunities that could potentially
enhance treasury returns
. Worksport is actively working towards enabling crypto payments for purchases on its e-commerce platform,
www.worksport.com
.
Expanding Sales and Dealer Network
Sales Growth
: In the wake of last week’s announcement of
a 51% increase in B2C
sales and a
60%
rise in B2B sales, Worksport is pleased to share that its dealer network has grown by
117%
since September 2024. This increase in partners, coupled with the recent boost in brand visibility, positions the Company to further capitalize on robust demand.
Upcoming Product Launches
: The Company’s forthcoming
AL4
tonneau cover has already
secured pre-orders from two leading industry distributors
. With the AL4’s scheduled launch approaching, Worksport expects to capture greater market share. Following the AL4, the Company will introduce its
SOLIS
solar tonneau cover and
COR
mobile power generation system later in 2025, expanding its portfolio of clean-tech innovations designed to meet the growing need for sustainable energy solutions.
Enhanced Visibility Through National Television Exposure
Worksport’s recent appearance on
FOX & Friends
on December 8, 2024, showcased its upcoming clean-tech products and American-made tonneau covers to a nationwide audience. This high-profile exposure has generated
new peripheral opportunities
for brand penetration, and even broader market engagement. The positive reception underscores the Company’s potential to convert heightened visibility into tangible growth across its business lines.
Key 2024 Press-Releases
December 6:
Worksport Shares 51% B2C and 60% B2B Sales Growth in November
December 5:
Worksport Adopts Changes To Corporate Treasury
November 22:
Worksport Announces 30% Increase in Production Capacity
November 21:
CEO Insider Purchase; Worksport Investigates Short Selling
October 29:
200% Growth in B2B Sales; Pre-Order Campaign Initiated For AL4
October 17:
Nasdaq Grants Extension To Regain Compliance
October 17:
$2MM+ Projected Savings From New Strategic Initiative
September 30:
Update On ISO Certification
September 19:
Alpha Launch of SOLIS & COR
September 11:
Worksport COR as an EV Range Extender for Tesla Model 3
August 14:
Record High Revenues; 275% Q2 Growth
May 8:
Worksport Awarded $2.8MM Grant
Read all Worksport press releases:
[Link to All Press Releases]
.
About Worksport
Worksport Ltd. (Nasdaq: WKSP), through its subsidiaries, designs, develops, manufactures, and owns the intellectual property on a variety of tonneau covers, solar integrations, and NP (Non-Parasitic), hydrogen-based true green energy solutions for the sustainable, clean energy, and automotive industries. Worksport has an active partnership with Hyundai for the SOLIS Solar cover. Additionally, Worksport’s hard-folding cover, designed and manufactured in-house, is compatible with all major truck models and is gaining traction with newer truck makers including the EV sector. Worksport seeks to capitalize on the growing shift of consumer mindsets towards clean energy integrations with its proprietary solar solutions, mobile energy storage systems (ESS), and NP (Non-Parasitic), Hydrogen-based technology. Terravis Energy’s website is
terravisenergy.com
. For more information, please visit
investors.worksport.com
.
Connect with Worksport
Please follow the Company’s social media accounts on
X (previously Twitter)
,
Facebook
,
LinkedIn
,
YouTube
, and
Instagram
(collectively, the “Accounts”), the links of which are links to external third party websites, as well as sign up for the Company’s newsletters at
investors.worksport.com
. The Company does not endorse, ensure the accuracy of, or accept any responsibility for any content on these third-party websites other than content published by the Company.
Product social media | Investor social media |
X (formerly Twitter) | |
YouTube | Link to Newsletter |
Investors and others should note that the Company announces material financial information to our investors using our investor relations website, press releases, SEC filings, and public conference calls and webcasts. The Company also uses social media to announce Company news and other information. The Company encourages investors, the media, and others to review the information the Company publishes on social media.
The Company does not selectively disclose material non-public information on social media. If there is any significant financial information, the Company will release it broadly to the public through a press release or SEC filing prior to publishing it on social media.
For additional information, please contact:
Investor Relations, Worksport Ltd. T: 1 (888) 554-8789 -128 W:
investors.worksport.com
W:
www.worksport.com
E:
investors@worksport.com
Forward-Looking Statements
The information contained herein may contain “forward‐looking statements.” Forward‐looking statements reflect the current view about future events. When used in this press release, the words “anticipate,” “believe,” “estimate,” “expect,” “future,” “intend,” “plan,” “project,” “envisioned,” “should," or the negative of these terms and similar expressions, as they relate to us or our management, identify forward‐looking statements. These statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (i) supply chain delays; (ii) acceptance of our products by consumers; (iii) delays in or nonacceptance by third parties to sell our products; and (iv) competition from other producers of similar products. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (“SEC”), including, without limitation, our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at
www.sec.gov
. As a result of these matters, changes in facts, assumptions not being realized or other circumstances, the Company’s actual results may differ materially from the expected results discussed in the forward-looking statements contained in this press release. The forward-looking statements made in this press release are made only as of the date of this press release, and the Company undertakes no obligation to update them to reflect subsequent events or circumstances.
This article was originally published on Quiver News, read the full story.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
