Worksport Ltd. (NASDAQ: WKSP) shares moved sharply downward Wednesday. The West Seneca, New York-based manufacturer and innovator of hybrid and clean energy solutions for the light truck, overlanding, and global consumer goods sectors, today announced record financial and operational results for the quarter ended June 30, 2025 and reaffirmed full-year 2025 revenue guidance of at least $20 million.
Worksport delivered its highest quarterly revenue in Company history, with net sales of $4.10 million, up 114% year-over-year and 83% sequentially. Gross margin expanded 8.7 percentage points from Q1 to 26.4%, driving a 173% increase in gross profit to $1.08 million.
Operating loss improved 15% QoQ to $(3.62) million, while net loss narrowed ~16% to $(3.73) million. Operating cash use improved 19% to $(3.10) million, and total liquidity stood at~$6.1 million. Inventory remained stable at $5.88 million, with ~90% in raw materials to support production ramp-up.
The Company achieved three consecutive monthly sales records in Q2 — April $1.22M, May $1.28M, and June $1.60M — equating to a $19.2M annualized run rate (non-GAAP). Year-to-date, Worksport has added 450+ new dealer accounts, with its network at full activation capable of generating ~$21.5M in annual repeatable revenue (excluding B2C and new dealer accounts).
WKSP dumped 29 cents, or 7.7%, to 29 cents.
