WKSP · Worksport Ltd
Worksport Ltd., together with its subsidiary, designs and distributes truck tonneau covers in the United States and internationally. It operates through Hard Tonneau Covers and Soft Tonneau Covers segments. The company offers soft tonneau covers, such as vinyl wrapped tri- and quad-fold tonneau covers; and hard tonneau covers, including tri- and quad-fold aluminum covers. It also provides SOLIS, a solar-integrated tonneau cover designed to combine cargo protection with on-vehicle renewable power generation; COR, a portable energy storage system designed to store and deliver electrical power for mobile, off-grid, and backup power applications; and the AetherLux Pro designed as a combined cooling, heating, and power (CCHP) system that redefines energy efficiency in cold climates. The company serves its products to automotive accessories, consumer electronics, and residential and commercial HVAC system markets. Worksport Ltd. is based in West Seneca, New York.
Cap structure and valuation
| Cap structure | |
|---|---|
| SP | $0.79 |
| SO | 12.5M |
| Options | 1.8M |
| Warrants | 7.3M |
| FD SO | 21.7M |
| MC | $17.2M |
| Cash | $0.6M |
| Total debt | $3.4M |
| EV | $20.0M |
| TTM Multiples | |
|---|---|
| EV / Revenue | 1.2x |
| EV / EBITDA | — |
| MC / Net Income | 1.2x |
| EV / FCF | — |
| MC / FCF | — |
| Ownership & coverage | |
|---|---|
| Institutional | 6.4% |
| Insiders | 4.9% |
| # Institutions | 24 |
| Analysts | 2 |
| Consensus | Strong Buy |
| Avg target | $6.75 |
| Short % float | 2.5% |
| Days to cover | 0.02 |
MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-05-13. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-07-13 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-06-29; the float denominator can be unreliable on tiny floats.
Financial statements
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Total Revenue | 3.31 | 4.74 | 5.01 | 4.10 |
| Revenue YoY % | 47.9% | 62.0% | 60.6% | 113.6% |
| Cost of Revenue | 2.46 | 3.32 | 3.45 | 3.02 |
| Gross Profit | 0.85 | 1.43 | 1.57 | 1.08 |
| Gross Profit YoY % | 115.5% | 340.1% | 534.7% | 264.8% |
| Gross Margin % | 25.8% | 30.1% | 31.3% | 26.4% |
| SG&A | 6.17 | 7.08 | 5.89 | 4.26 |
| R&D | 0.21 | 0.56 | 0.30 | 0.30 |
| Operating Expense | 6.60 | 7.56 | 6.36 | 4.70 |
| Operating Income | (5.74) | (6.13) | (4.79) | (3.62) |
| Operating Income YoY % | (35.0%) | (52.8%) | (22.7%) | 7.5% |
| Operating Margin % | (173.4%) | (129.2%) | (95.6%) | (88.1%) |
| EBITDA | (5.32) | (5.66) | (4.32) | (3.17) |
| EBITDA Margin % | (160.5%) | (119.2%) | (86.2%) | (77.3%) |
| Interest Expense | 0.09 | 0.13 | 0.14 | 0.13 |
| Other Income / (Expense) | — | 35.49 | — | — |
| Pretax Income | (5.83) | 29.23 | (4.93) | (3.73) |
| Net Income | (5.83) | 29.23 | (4.93) | (3.73) |
| Net Margin % | (175.9%) | 616.2% | (98.3%) | (91.0%) |
| Diluted EPS | -$0.54 | -$0.72 | -$0.75 | -$0.71 |
| Basic EPS | -$0.54 | -$0.72 | -$0.75 | -$0.71 |
| Diluted Avg Shares | 10.8 | — | 6.6 | 5.3 |
| Basic Avg Shares | 10.8 | — | 6.6 | 5.3 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Total Revenue | 17.17 | 16.10 | 8.48 | 1.53 | 0.12 |
| Revenue YoY % | 6.7% | 89.8% | 454.7% | 1213.0% | — |
| Cost of Revenue | 12.24 | 11.63 | 7.58 | 1.29 | 0.06 |
| Gross Profit | 4.93 | 4.47 | 0.91 | 0.24 | 0.06 |
| Gross Profit YoY % | 10.2% | 394.1% | 276.5% | 304.0% | — |
| Gross Margin % | 28.7% | 27.8% | 10.7% | 15.7% | 51.1% |
| SG&A | 23.40 | 21.45 | 14.62 | 13.87 | 7.42 |
| R&D | 1.37 | 1.54 | 2.29 | 1.67 | — |
| Operating Expense | 25.22 | 23.29 | 16.37 | 14.98 | 12.83 |
| Operating Income | (20.28) | (18.81) | (15.47) | (14.74) | (12.77) |
| Operating Income YoY % | (7.8%) | (21.6%) | (4.9%) | (15.4%) | — |
| Operating Margin % | (118.1%) | (116.8%) | (182.3%) | (963.4%) | (10964.4%) |
| EBITDA | (18.47) | (16.98) | (13.71) | (13.63) | (12.29) |
| EBITDA Margin % | (107.5%) | (105.4%) | (161.6%) | (890.9%) | (10546.7%) |
| Interest Expense | 0.49 | 0.59 | 0.73 | 0.62 | 0.49 |
| Other Income / (Expense) | 35.51 | — | — | 30.28 | 25.80 |
| Pretax Income | 14.73 | (19.35) | (16.16) | 14.93 | 12.53 |
| Net Income | 14.73 | (19.35) | (16.16) | 14.93 | 12.53 |
| Net Income to Common | 14.73 | 16.10 | (3.71) | (14.93) | (12.53) |
| Net Margin % | 85.8% | (120.2%) | (190.5%) | 976.0% | 10759.0% |
| Diluted EPS | -$2.72 | -$3.16 | -$5.84 | $8.44 | $0.73 |
| Basic EPS | -$2.72 | -$3.16 | -$5.84 | $8.44 | $0.73 |
| Diluted Avg Shares | 10.8 | 6.1 | 2.8 | 1.8 | 17.1 |
| Basic Avg Shares | 10.8 | 6.1 | 2.8 | 1.8 | 17.1 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Cash & Equivalents | 0.57 | 5.95 | 3.76 | 1.39 |
| Receivables | 0.48 | 0.50 | 0.52 | 0.30 |
| Inventory | 11.62 | 9.53 | 6.84 | 5.88 |
| Other Current Assets | 0.80 | 0.81 | 1.27 | 0.92 |
| Total Current Assets | 13.47 | 16.79 | 12.38 | 8.49 |
| Net PPE | 13.34 | 12.69 | 13.21 | 13.22 |
| Operating Lease ROU | 0.24 | 0.27 | 0.30 | 0.73 |
| Intangible Assets | 0.76 | 0.90 | 1.04 | 1.02 |
| Long-term Investments | 0.07 | 0.07 | 0.12 | 0.12 |
| Total Assets | 27.88 | 30.71 | 27.05 | 23.58 |
| Accounts Payable | 2.84 | 3.11 | 2.81 | 1.97 |
| Current Debt | 2.53 | 1.69 | 1.77 | 0.24 |
| Current Lease Liabilities | 0.12 | 0.11 | 0.11 | 0.32 |
| Other Current Liabilities | 1.40 | 1.82 | 1.37 | 1.20 |
| Total Current Liabilities | 6.89 | 6.73 | 6.07 | 3.73 |
| Long-term Debt | — | — | — | 2.48 |
| Long-term Lease Liabilities | 0.13 | 0.16 | 0.19 | 0.44 |
| Other Liabilities | 0.88 | 0.95 | 1.01 | — |
| Total Liabilities | 7.90 | 7.84 | 7.27 | 6.26 |
| Retained Earnings | (89.73) | (83.87) | (77.62) | (72.67) |
| Total Equity | 19.98 | 22.88 | 19.78 | 17.32 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 0.57 | 5.95 | 4.88 | 3.37 | 14.62 |
| Receivables | 0.48 | 0.50 | 0.04 | 0.46 | 0.06 |
| Inventory | 11.62 | 9.53 | 5.19 | 3.63 | 1.35 |
| Other Current Assets | 0.80 | 0.81 | — | 1.66 | 2.30 |
| Total Current Assets | 13.47 | 16.79 | 10.48 | 9.12 | 18.33 |
| Net PPE | 13.34 | 12.69 | 13.64 | 14.48 | 11.90 |
| Operating Lease ROU | 0.24 | 0.27 | 0.60 | 0.92 | 1.24 |
| Intangible Assets | 0.76 | 0.90 | 0.95 | 1.34 | 1.27 |
| Long-term Investments | 0.07 | 0.07 | 0.07 | 0.09 | 0.02 |
| Total Assets | 27.88 | 30.71 | 25.74 | 25.95 | 32.76 |
| Accounts Payable | 2.84 | 3.11 | 1.53 | 1.26 | — |
| Current Debt | 2.53 | 1.69 | 0.22 | 5.30 | — |
| Current Lease Liabilities | 0.12 | 0.11 | 0.25 | 0.33 | 0.39 |
| Other Current Liabilities | 1.40 | 1.82 | 1.18 | — | 2.07 |
| Total Current Liabilities | 6.89 | 6.73 | 3.17 | 7.17 | 2.46 |
| Long-term Debt | — | — | 5.26 | — | — |
| Long-term Lease Liabilities | 0.13 | 0.16 | 0.37 | 0.61 | 0.88 |
| Other Liabilities | 0.88 | 0.95 | — | — | 5.30 |
| Total Liabilities | 7.90 | 7.84 | 8.32 | 7.78 | 8.65 |
| Retained Earnings | (89.73) | (83.87) | (64.48) | (48.31) | (33.38) |
| Total Equity | 19.98 | 22.88 | 17.41 | 18.18 | 24.12 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Net Income | (5.83) | 29.23 | (4.93) | (3.73) |
| D&A | 0.43 | 0.47 | 0.47 | 0.44 |
| Stock-Based Comp | 0.75 | 0.90 | 0.77 | 0.76 |
| Δ Working Cap & Other | (3.58) | (36.72) | (0.57) | (0.56) |
| Operating Cash Flow | (8.23) | (6.12) | (4.26) | (3.10) |
| CapEx | (0.10) | (0.16) | (0.36) | (0.07) |
| Investing Cash Flow | (0.10) | (0.05) | (0.48) | (0.12) |
| Debt Repayment | (0.05) | — | (0.05) | (0.05) |
| Stock Issuance | 2.15 | — | — | — |
| Other Financing | 0.86 | 8.36 | 7.16 | — |
| Financing Cash Flow | 2.96 | 8.36 | 7.11 | (0.47) |
| Free Cash Flow | (8.34) | (6.28) | (4.62) | (3.16) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Net Income | 14.73 | (19.35) | (16.16) | 14.93 | 12.53 |
| D&A | 1.82 | 1.83 | 1.75 | 1.11 | 0.49 |
| Stock-Based Comp | 3.18 | 3.04 | 2.92 | 5.75 | 4.90 |
| Δ Working Cap & Other | (41.43) | (2.83) | 1.36 | (33.72) | (25.90) |
| Operating Cash Flow | (21.71) | (17.31) | (10.14) | (11.93) | (7.98) |
| CapEx | (0.69) | (0.79) | (0.53) | (3.69) | (11.05) |
| Investing Cash Flow | (0.76) | (1.12) | (0.53) | (3.76) | (11.15) |
| Debt Issuance | — | — | 1.44 | — | — |
| Stock Issuance | — | — | 0.38 | 2.58 | — |
| Other Financing | 17.96 | 19.50 | 10.37 | 1.85 | 5.18 |
| Financing Cash Flow | 17.96 | 19.50 | 12.18 | 4.43 | 5.18 |
| Free Cash Flow | (22.40) | (18.10) | (10.67) | (15.62) | (19.03) |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Current Ratio | 1.95 | 2.50 | 2.04 | 2.27 |
| Quick Ratio | 0.27 | 1.08 | 0.91 | 0.70 |
| Debt / Equity | 0.40 | 0.34 | 0.37 | 0.36 |
| EBITDA Margin % | (160.5%) | (119.2%) | (86.2%) | (77.3%) |
| Working Capital | 6.58 | 10.06 | 6.31 | 4.76 |
| Net Debt | — | — | — | 1.09 |
| ROE % | (29.2%) | 127.8% | (24.9%) | (21.6%) |
| ROA % | (20.9%) | 95.2% | (18.2%) | (15.8%) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Current Ratio | 1.95 | 2.50 | 3.30 | 1.27 | 7.45 |
| Quick Ratio | 0.27 | 1.08 | 1.67 | 0.77 | 6.90 |
| Debt / Equity | 0.40 | 0.34 | 0.48 | 0.43 | 0.36 |
| EBITDA Margin % | (107.5%) | (105.4%) | (161.6%) | (890.9%) | (10546.7%) |
| Working Capital | 6.58 | 10.06 | 7.30 | 1.96 | 15.87 |
| Net Debt | — | — | 0.38 | — | — |
| ROE % | 73.8% | (84.6%) | (92.8%) | 82.1% | 52.0% |
| ROA % | 52.8% | (63.0%) | (62.8%) | 57.5% | 38.3% |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 2026-06-09 | Rossi Steven F. | Director, Officer (Chairman, CEO and President) | 2026-06-05 | P | 79,618 | $0.63 | $50,000 |
| 2026-04-14 | Rossi Steven F. | Director, Officer (CEO and President) | 2026-04-13 | P | 88,214 | $0.85 | $75,000 |
| 2026-02-09 | Rossi Steven F. | Director, Officer (Chief Executive Officer), 10% Owner | 2026-02-09 | A | 240,000 | $1.66 | $398,400 |
| 2026-02-09 | Caragol William J | Director | 2026-02-09 | A | 25,002 | $1.66 | $41,503 |
| 2026-02-09 | Rossi Lorenzo | Director | 2026-02-09 | A | 15,000 | $1.66 | $24,900 |
| 2026-02-09 | Loverock Craig William | Director | 2026-02-09 | A | 25,002 | $1.66 | $41,503 |
| 2026-02-09 | SIEGEL NED L | Director | 2026-02-09 | A | 25,002 | $1.66 | $41,503 |
| 2025-07-15 | Loverock Craig William | Director | 2025-07-12 | A | 10,000 | — | $0 |
| 2025-07-15 | Caragol William J | Director | 2025-07-12 | A | 50,000 | — | $0 |
| 2025-07-15 | SIEGEL NED L | Director | 2025-07-12 | A | 10,000 | — | $0 |
| 2025-07-15 | Rossi Lorenzo | Director | 2025-07-12 | A | 10,000 | — | $0 |
| 2025-07-15 | Rossi Steven F. | Director, Officer (Chief Executive Officer), 10% Owner | 2025-07-12 | A | 215,000 | — | $0 |
| 2025-04-04 | Rossi Steven F. | Director, Officer (Chief Executive Officer), 10% Owner | 2025-04-04 | A | 30,000 | — | $0 |
| 2025-04-04 | SIEGEL NED L | Director | 2025-04-04 | A | 7,000 | — | $0 |
| 2025-04-04 | Caragol William J | Director | 2025-04-04 | A | 7,000 | — | $0 |
| 2025-04-04 | Loverock Craig William | Director | 2025-04-04 | A | 7,000 | — | $0 |
| 2025-03-11 | Rossi Lorenzo | Director | 2025-03-07 | A | 100,000 | — | $0 |
| 2024-11-21 | Rossi Steven F. | Director, Officer (CEO and President), 10% Owner | 2024-11-19 | P | 33,333 | $0.75 | $25,000 |
| 2024-07-25 | Caragol William J | Director | 2024-07-23 | D | (15,000) | $0.00 | -$2 |
| 2024-07-25 | Caragol William J | Director | 2024-07-23 | A | 15,000 | $0.00 | $2 |
| 2024-07-25 | Caragol William J | Director | 2024-07-23 | D | (30,000) | $0.00 | -$3 |
| 2024-07-25 | Caragol William J | Director | 2024-07-23 | A | 30,000 | $0.00 | $3 |
| 2024-07-25 | Caragol William J | Director | 2024-07-23 | D | (120,000) | — | $-0 |
| 2024-07-25 | Caragol William J | Director | 2024-07-23 | A | 120,000 | — | $0 |
| 2024-07-25 | Caragol William J | Director | 2024-07-23 | D | (7,500) | — | $-0 |
| 2024-07-25 | Caragol William J | Director | 2024-07-23 | A | 7,500 | — | $0 |
| 2024-07-25 | Caragol William J | Director | 2024-07-23 | A | 25,000 | — | $0 |
| 2024-07-25 | Loverock Craig William | Director | 2024-07-23 | D | (15,000) | $0.00 | -$2 |
| 2024-07-25 | Loverock Craig William | Director | 2024-07-23 | A | 15,000 | $0.00 | $2 |
| 2024-07-25 | Loverock Craig William | Director | 2024-07-23 | D | (30,000) | $0.00 | -$3 |
| 2024-07-25 | Loverock Craig William | Director | 2024-07-23 | A | 30,000 | $0.00 | $3 |
| 2024-07-25 | Loverock Craig William | Director | 2024-07-23 | D | (120,000) | — | $-0 |
| 2024-07-25 | Loverock Craig William | Director | 2024-07-23 | A | 120,000 | — | $0 |
| 2024-07-25 | Loverock Craig William | Director | 2024-07-23 | D | (7,500) | — | $-0 |
| 2024-07-25 | Loverock Craig William | Director | 2024-07-23 | A | 7,500 | — | $0 |
| 2024-07-25 | Loverock Craig William | Director | 2024-07-23 | A | 25,000 | — | $0 |
| 2024-07-25 | Rossi Steven F. | Director, Officer (Chief Executive Officer), 10% Owner | 2024-07-23 | D | (100,000) | $0.00 | -$10 |
| 2024-07-25 | Rossi Steven F. | Director, Officer (Chief Executive Officer), 10% Owner | 2024-07-23 | A | 100,000 | $0.00 | $10 |
| 2024-07-25 | Rossi Steven F. | Director, Officer (Chief Executive Officer), 10% Owner | 2024-07-23 | D | (2,000,000) | — | $-0 |
| 2024-07-25 | Rossi Steven F. | Director, Officer (Chief Executive Officer), 10% Owner | 2024-07-23 | A | 2,000,000 | — | $0 |
| 2024-07-25 | Rossi Steven F. | Director, Officer (Chief Executive Officer), 10% Owner | 2024-07-23 | D | (50,000) | — | $-0 |
| 2024-07-25 | Rossi Steven F. | Director, Officer (Chief Executive Officer), 10% Owner | 2024-07-23 | A | 50,000 | — | $0 |
| 2024-07-25 | Rossi Steven F. | Director, Officer (Chief Executive Officer), 10% Owner | 2024-07-23 | D | (1,500,000) | — | $-0 |
| 2024-07-25 | Rossi Steven F. | Director, Officer (Chief Executive Officer), 10% Owner | 2024-07-23 | A | 1,500,000 | — | $0 |
| 2024-07-25 | Rossi Steven F. | Director, Officer (Chief Executive Officer), 10% Owner | 2024-07-23 | A | 3,500,000 | $0.00 | $350 |
| 2024-07-25 | SIEGEL NED L | Director | 2024-07-23 | D | (15,000) | $0.00 | -$2 |
| 2024-07-25 | SIEGEL NED L | Director | 2024-07-23 | A | 15,000 | $0.00 | $2 |
| 2024-07-25 | SIEGEL NED L | Director | 2024-07-23 | D | (30,000) | $0.00 | -$3 |
| 2024-07-25 | SIEGEL NED L | Director | 2024-07-23 | A | 30,000 | $0.00 | $3 |
| 2024-07-25 | SIEGEL NED L | Director | 2024-07-23 | D | (120,000) | — | $-0 |
| 2024-07-25 | SIEGEL NED L | Director | 2024-07-23 | A | 120,000 | — | $0 |
| 2024-07-25 | SIEGEL NED L | Director | 2024-07-23 | D | (7,500) | — | $-0 |
| 2024-07-25 | SIEGEL NED L | Director | 2024-07-23 | A | 7,500 | — | $0 |
| 2024-07-25 | SIEGEL NED L | Director | 2024-07-23 | A | 25,000 | — | $0 |
| 2024-07-25 | Rossi Steven F. | Director, Officer (Chief Executive Officer), 10% Owner | 2023-10-31 | A | 1,500,000 | — | $0 |