Quarterly ResultMay 13, 2026, 04:09 PM
Worksport Q1 Net Sales +48% to $3.31M; Net Loss Widens to $5.83M
AI Summary
Worksport Ltd. reported a 48% increase in net sales to $3.31 million for the first quarter of 2026, with gross profit more than doubling to $853,946. However, the company's net loss widened to $5.83 million, and cash and cash equivalents significantly decreased by over 90% to $566,583 as of March 31, 2026. The company continues to operate at a loss, leading to a "going concern" warning, and relies on equity and debt financing for operations.
Key Highlights
- Net sales increased 47.9% to $3.31 million for Q1 2026 from $2.24 million in Q1 2025.
- Gross profit rose 115.5% to $853,946 in Q1 2026 from $396,221 in Q1 2025.
- Net loss widened to $5.83 million in Q1 2026 from $4.46 million in Q1 2025.
- Cash and cash equivalents decreased 90.5% to $566,583 as of March 31, 2026, from $5.95 million at December 31, 2025.
- Working capital decreased 34.6% to $6.58 million as of March 31, 2026, from $10.06 million at December 31, 2025.
- Accumulated deficit increased to $89.73 million as of March 31, 2026.
- Sold 1,468,606 common shares via ATM Agreement for $2.15 million net proceeds in Q1 2026.
- Has $2.1 million outstanding contractual obligation for manufacturing equipment.