Zinger Key Points
- Worksport's Q4 2024 revenues rose 246% YoY to $2.9M, pushing year-end revenue to $8.5M, exceeding guidance of $6M-$8M.
- Strategic focus on branded products and operational efficiency boosted Q4 gross margins by 55%, driving sustainable profitability.
On Tuesday, Worksport Ltd WKSP announced top-line revenues of roughly $2.9 million for the fourth quarter of 2024, up 246% year-on-year. This performance pushes Worksport’s year-end revenues to approximately $8.5 million, beating the previously announced guidance of $6 million to $8 million.
In December 2024, the margins jumped from the third quarter to 21.1%.
Gross margins in the fourth quarter of 2024 reflect a significant improvement over the third quarter of 2024, increasing by 55% overall.
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Worksport expects the margin growth to have a material impact on its outlook and performance. The growth underscored the success of Worksport’s strategic shift towards higher-value, branded product lines.
The company forecasts further quarterly margin increases, especially towards the second half of 2025.
Worksport projects over $20 million in tonneau cover sales for 2025. In addition, the company expects further growth through strategic partnerships, upcoming flagship products like the SOLIS solar tonneau cover and the COR mobile power system in 2025, and a growing dealer network like the AL4, which will ship in January 2025.
Price Action: WKSP stock closed higher by 0.19% at $0.8232 Friday.
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