SEC 8-K filings with transcript text
Jul 28, 2026
2 ex99-1.htm
Exhibit 99.1
Worksport Announces 132% Gross Profit Growth from April to June; June 2026 Marks Strongest Month in Company History
Net sales increase 46%, while gross profit materially outpaces top-line growth, Company materially closer to cash-flow breakeven.
West Seneca, New York, July 22, 2026 — Worksport Ltd. (NASDAQ: WKSP) (“Worksport” or the “Company”), a U.S.-based innovator and manufacturer of hybrid and clean energy solutions primarily for the light truck, overlanding, and global consumer goods markets, today reported preliminary and unaudited monthly financial performance demonstrating a meaningful improvement in the quality of its revenue growth. From April through June 2026, net sales increased approximately 46%, while gross profit increased approximately 132%, reflecting substantial gross-margin expansion and increasing gross-profit contribution from the Company’s growing sales base.
Preliminary gross profit increased from approximately $310,000 in April to $720,000 in June, while net sales increased from approximately $1.43 million to $2.08 million. The Company has achieved a sustainable gross-margin running rate above 35% and expects to maintain or increase from this level.
Preliminary Monthly Financial Highlights
● June net sales of approximately $2.08 million, up approximately 46% from April and 21% from May
● June gross profit of approximately $720,000, up approximately 132% from April and 15% from May
● Gross margin run rate now stable above 35% compared to 26% in Q1 2026.
● Monthly gross profit increased by approximately $410,000 between April and June
Preliminary and unaudited April 2026 May 2026 June 2026 April-to-June Growth
Net sales $1.43 million $1.73 million $2.08 million 46%
Gross profit $0.31 million $0.63 million $0.72 million 132%
Gross Profit Growth Materially Outpaces Net Sales
Worksport’s preliminary monthly results demonstrate that the Company is generating substantially more gross profit as its sales base expands, alongside growing product adoption.
Between April and June, monthly net sales increased by approximately $650,000, while monthly gross profit increased by approximately $410,000. This performance reflects both continued top-line growth and a significant improvement in the amount of gross profit generated from each dollar of revenue.
June also demonstrated continued momentum from May. Net sales increased approximately 35% month over month, while gross profit increased approximately 9%, with gross profit continuing to outpace top-line growth.
The Company believes the combination of higher sales, improving gross margins and gross profit growing materially faster than revenue represents continued progress in the underlying economics of its business. The Company believes that a continuation of this trend will steer the Company into operational cash flow positivity, and then profitability, in the near-term.
“These preliminary results demonstrate that Worksport’s growth is becoming increasingly productive,” said Steven Rossi, Chief Executive Officer of Worksport. “From April to June, net sales increased approximately 46%, while gross profit increased approximately 132%. The business generated more sales, but more importantly, it generated substantially more gross profit from that growing revenue base.”
“Our gross margin has improved by almost 1000 BPS from Q1 2026, even as monthly sales continued to expand. This is the type of operating progression we have been working toward: stronger sales, improving margins and gross profit growth that materially outpaces the top line. We believe the growth will only continue”
“Our focus remains on sustaining this momentum, continuing to scale our automotive business and converting our expanding gross-profit base into continued progress toward operational cash-flow positivity.”
Strengthening Financial Contribution
Worksport believes this improvement in financial condition strengthens the value of continued revenue growth and positions the Company to generate greater financial contribution as it scales its existing automotive product portfolio and advances its broader product and commercialization strategy.
The Company expects to provide complete financial results for the second quarter of 2026 in its applicable filing with the U.S. Securities and Exchange Commission by about August 11, 2026.
The figures contained in this release are preliminary and unaudited, have not been reviewed by the Company’s independent registered public accounting firm and remain subject to quarter-end accounting procedures and potential adjustments. Actual results may differ from the preliminary figures presented herein.
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Contacts
Investor Relations, Worksport Ltd. T: 1 (888) 554-8789 ext. 128
W: investors.worksport.com W: www.worksport.com E: investors@worksport.com
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May 16, 2024
2 exhibit99-1.htm
Worksport Ltd.: Exhibit 99.1 - Filed by newsfilecorp.com
Worksport Reports 1,506% Surge in Q1 Revenue, Announces Forward Guidance
West Seneca, New York, May 16, 2024 - Worksport Ltd. (NASDAQ: WKSP), a key US-based manufacturer and innovator of hybrid and clean energy solutions for the light truck, overlanding, and global consumer goods sectors, today reported the financial results for the first quarter of its fiscal year (Q1 FY 2024) ended March 31, 2024.
Worksport reports a 1,506% revenue increase in Q1 2024 vs. Q1 2023, while cutting 4.8% in operational expenses over the same periods. Gross margins were largely based on private label sales and are expected to improve considerably in future quarters.
Worksport will provide forward-looking guidance on May 23, 2024. Worksport's sales in April 2024 have shown positive results, underscoring the Company's accelerating growth trajectory. Management is eager to share their revenue outlook through year-end 2024, which they believe will be a considerable jump from CY 2023.
Recently signaling Worksport's stock as undervalued, the Company expects robust growth and development as its US production continues to ramp up rapidly and as the launch of its highly anticipated clean energy solutions approach quickly. The Company is expanding and working on many grants, including a $2.8MM grant from the State of New York announced last week. Worksport is preparing itself to actively tap into the multi-billion-dollar clean-energy and automotive accessory markets.
Key Highlights for Q1 2024:
Explosive Growth:
Worksport Ltd. reported a staggering 1,506% increase in North American sales for Q1 2024 from Q1 2023, with revenues soaring from $31,925 in Q1 2023 to $512,637 in Q1 2024. US revenue alone experienced a remarkable 1,766% increase in Q1 2024 compared to Q1 2023.
Worksport CEO, Steven Rossi said, "We are proud to see such encouraging early growth and demand from our efforts. In under three years while facing a difficult landscape of COVID lockdowns, hyper-inflation, and supply-chain disruptions, we have launched our new factory, developed groundbreaking products, and have set the foundation for rapid growth. This early success is only with our inaugural product and is a tremendous signal of the potential size of our business to come. We've formed an amazing team with an innovative line of products to build a very healthy business in the years ahead. Next week we will give forward-looking guidance. 2024 is Worksport's year."
Matured Supply Chain:
In Q1 2024, Worksport has strategically invested $2.9MM in producing and acquiring inventory pertaining specifically to higher margin products; Holding $6.5MM in inventory, Worksport anticipates swift inventory turnover. This investment is expected to let the Company promptly capitalize on growing demand.
B2B Expansion:
In Q1 2024, Worksport focused on ramping up production and enhancing its product line. Full-scale US production began in January 2024, and significant progress has been made since then. Worksport is preparing to sell its products through leading distributors across the United States, setting up an extensive system during Q1. These efforts are expected to drive substantial growth in the second half of 2024.
B2C Sales Campaign:
With a fully integrated production process, Worksport officially launched its e-commerce sales at the tail-end of Q1, on March 18, 2024. The B2C campaign is expected to ramp up quickly, contributing significantly to future growth. The Company will provide an update on e-commerce sales projections on May 23, 2024.
Clean Energy Product Pipeline:
With upcoming launches for our first-to-market SOLIS Solar Tonneau Cover and highly anticipated COR Modular Portable Energy System, Worksport is positioning itself at the forefront of eco-friendly automotive accessories. The Company is also aligning with global shifts towards sustainable energy solutions and continues progress on its extreme-climate heat pump. Each new product represents a multi-billion-dollar market for Worksport.
North American Expansion:
To increase its presence in the US and Canada, Worksport has engaged in several strategic collaborations with several leading distributors and mass merchandisers, including an agreement with Dix Performance North to expand its distribution network across Canada. This aligns with the Company's goals to enhance product accessibility and visibility. The Company will continue efforts on this front.
Key Press-Releases released in 2024:
May 8, 2024: Worksport Announces $2.8MM Grant
April 25, 2024: Worksport Signals Undervalued Status, Eyes Major 2024 Growth
March 18, 2024: $2.8MM Direct Offering Priced At-The-Market.
March 6, 2024: Worksport To Launch Innovative SOLIS & COR This Summer
February 7, 2024: Infineon and Worksport announce collaboration
January 24, 2024: Worksport Unveils AL3- Made in the USA Tonneau Cover
January 18, 2024: Workspo
Jan 7, 2015
1 fnhi_8ka.htm
Washington, D.C. 20549
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) December 17, 2014 (December 16, 2014)
(Exact name of registrant as specified in its charter)
Nevada
0-27631
65-0782227
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
1895 Clements Road, Pickering Ontario CANADA
(Address of principal executive offices)
(Zip Code)
(888) 554-8789
Registrant's telephone number, including area code
5910 South University Boulevard—C-18, Unit 165, Littleton, Colorado 80121-2800
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 1.01 Entry into a Material Definitive Agreement.
On December 16, 2014, Franchise Holdings International, Inc. (FNHI) entered into a three party Definitive Share Exchange Agreement (the “Agreement”) to acquire all issued and outstanding shares of TruXmart Ltd. (The Company” or “TruXmart”), an Ontario (Canada) corporation located at 1895 Clements Road, Suite 155, Pickering, Ontario CANADA L1W 3R8, for 37,700,000 shares of FNHI (the “FNHI Shares”), representing 92.9925914% of the outstanding shares of FNHI (the “Share Exchange”), calculated post-issuance. The Agreement was with Steven Rossi (“Rossi”), the sole shareholder of TruXmart and with TruXmart. Prior to the Share Exchange, Rossi held all outstanding shares of TruXmart, consisting of 4,791 Class A common shares and TruXmart owned 2,300,000 common shares of FNHI, representing an 80.961285% ownership stake in FNHI. Pursuant to the Share Exchange, Rossi acquired from TruXmart, its 2,300,000 FNHI common shares and an additional 37,700,000 shares of FNHI from FNHI, in exchange for all 4,791 outstanding common shares of TruXmart. As a result of this Agreement, FNHI is filing this Form 8-K. Once the transaction is closed, TruXmart will become the wholly-owned subsidiary of FNHI, with FNHI holding all 4,791 outstanding shares of TruXmart common stock. As a result of this acquisition, FNHI has adopted the fiscal year end of TruXmart, which is December 31. The first consolidated post-acquisition report will be the Form 10-K for the fiscal year ended December 31, 2014.
Item 1.02 RISK FACTORS
This Current Report contains forward-looking statements that involve risks and uncertainties that could cause our actual results to differ materially from those discussed in this Current Report. These risks and uncertainties include, but are not limited to, the following.
Limited Operating History; Financial Position Not Robust; Losses/Lack of Profitable Operations to Date
TruXmart has incurred net losses since inception and may continue to incur net losses while it builds its business and as such it may not achieve or maintain profitability. The Company’s limited operating history makes it difficult to evaluate its business and prospects, and there is no assurance that the business of the Company will grow or that it will become profitable.
The Company has been in existence for approximately three years, which is relatively short compared to our competitors. While the Company has experienced recent substantial growth in our revenues in 2013 over 2012, and 2014 over 2013, there is no assurance that our revenues will continue to experience such a trend line, nor even that our revenues will continue to grow. Because of our limited operating history it is difficult to extrapolate any meaningful projections about the Company’s future. We do not have significant assets with which to press our plans forward.
Our competitors are significantly better funded than we are. This could prove detrimental in that we may not have the funds with which to procure a sufficient supply of product to meet demand at some point. Our competitors could engage in predatory pricing or other tactics in an attempt to eliminate our market share. The Company has incurred net losses since inception, and may continue to incur net losses while it builds its business, and as such it may not achieve or maintain profitability.
Future Growth
The Company’s ability to achieve its expansion objectives and to manage its growth effectively depends upon a variety of fa
This page provides Worksport Ltd. (WKSP) earnings call transcripts from SEC 8-K filings along with AI-powered predictions for post-earnings price movements. Our machine learning models analyze historical earnings data, pre-earnings price patterns, volume changes, and volatility to predict 1-day, 5-day, and 20-day returns after each earnings release.
Earnings transcripts are sourced directly from SEC EDGAR filings. Predictions are generated using gradient boosting models trained on WKSP's historical earnings reactions. All predicted returns are shown as percentages, and predicted prices are calculated from the closing price at the time of prediction. Past performance does not guarantee future results.