EXCLUSIVE: Truck Cover Player Worksport Signs Long Term Pact With US Customer, Expects $16M Annual Sales

Worksport Ltd WKSP has secured a long-term supply agreement with an undisclosed automotive aftermarket reseller in the U.S. 

Worksport manufactures tonneau covers for light truck models. The company offers specialized covers with solar charging for electric trucks.

Under this agreement, Worksport is on track to earn an estimated $16 million in annual sales for its advanced hard-folding and soft-folding covers. 

While estimated sales of $16 million are based on the customer's forecast on an annualized basis, this estimate does not include the customer's expectations of year-over-year growth in sales. 

This significant step follows the recent start of manufacturing at Worksport's Western New York-based facility after receiving a robust $1.6 million order for its hard-folding covers and an additional $720,000 order for the soft-folding versions, both from the same customer.

In line with this favorable momentum and heightened demand, Worksport has articulated its strategic vision to enhance its manufacturing capacities. 

The company has unveiled plans to incorporate robotics and automation into its operations to expand its assembly lines from one to four.

Price Action: WKSP shares closed at $2.61 on Monday.