Worksport Ltd WKSP has announced one of its best-ever monthly sales performances in 2024, with August 2024 net sales up at $1.21 million.
This performance propels the Annual Recurring Revenue (ARR) rate to $14.56 million, shooting ahead of the 2023 year-end revenue at $1.53 million.
The company says this explosive early growth highlights the strong demand for Worksport’s Made-in-America products and positions the Company to beat 2024 revenue guidance.
“Strong sales momentum continues, our ARR now almost equals our current market cap and we are trending to beat our 2024 revenue guidance. As we surge towards cash flow positivity plus further sales growth, we believe decidedly that Worksport is significantly undervalued — providing strong upside potential,” said Worksport CEO Steven Rossi.
Worksport says this performance has it on track toward its goal of moving to cash flow positivity within 2025. Yesterday, Worksport announced that its COR portable energy system had completed successful testing as a range extender for EVs such as the Tesla Model 3.
“At our current Q2 revenue pace, Worksport is on track to exceed our previously issued 2024 revenue guidance of $6-8 million, based solely on current product lines,” stated Steven Rossi.
“Notably, this forecast does not yet include revenue potential from AL4, SOLIS, and COR lines — our most exciting products, which are expected to contribute significantly to our earnings in the future. All are expected to be in the market in the near-term.”
With projected revenues alone in FY 2025 of $15-20 million from the tonneau cover segment, Worksport expects continued growth as it meets increasing demand for its premium products.
The premium AL4 cover may further boost these figures based on increasingly strong expressed demand, the company says. Worksport Inc believes that it is likely well on its way to becoming a nine-figure ($100M+ revenue) company in the near-to-midterm as the upcoming launches of SOLIS and COR product lines represent pivotal inflection points in the Company’s growth. Worksport’s market capitalization [9/10/2024] at $15.1 million, trading under book value, showcases the potential it has for growth.
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