Worksport Q1 revenue surges 1,506% to $512,637; to provide forward guidance May 23

Worksport Ltd

2024-Q1 EPS reported -$0.18 revenue$512,637

Q1 revenue $512,637 vs $31,925 YoY; US sales up 1,766%.
Gross margins based on private label sales; expects improvement in future quarters.
Inventory of $6.5M after strategic $2.9M investment in higher-margin products.
Received $2.8M grant from State of New York for production expansion.
Clean energy product pipeline includes SOLIS solar tonneau and COR portable energy system.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.85

Worksport Ltd reported the first quarter of its fiscal year (Q1 FY 2024) ended March 31, 2024 results: revenue $512,637.

Period: the first quarter of its fiscal year (Q1 FY 2024) ended March 31, 2024
Revenue: $512,637
Result: reported results

Exact text from the filing

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

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Source: SEC EDGAR

accession 0001062993-24-010384

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