Worksport Ltd

Worksport Ltd. has filed its definitive proxy statement for the 2026 Annual Meeting of Shareholders, scheduled for September 3, 2026. Key proposals include the election of five directors, ratification of auditors, an advisory vote on special dividends from asset sales, and authorization for the Board to implement reverse or forward stock splits. CEO Steven Rossi, who controls 51% of the voting power, intends to support the stock split proposal. The filing also noted the appointment of Jennifer Kartychak as CFO effective May 1, 2026.

Worksport Ltd. announced it has regained compliance with Nasdaq's minimum $1 bid price requirement, with its stock closing above $1.00 on June 24, 2026, marking a 75% increase in five trading days. The company will host a CEO Town Hall on June 30, 2026, to discuss recent business developments and future strategy. Key growth drivers highlighted include a preliminary May 2026 gross margin of approximately 35%, a new distribution partnership with Meyer Distributing, and a projected $36 million-plus 12-month annual revenue run rate target. Additionally, the CEO received shares in lieu of cash compensation, reinforcing confidence in the company's long-term value.

Worksport Ltd. announced the closing of two registered direct offerings, raising aggregate gross proceeds of $722,870. The first offering, priced at $1.20 per unit (a 100% premium to recent trading levels), included 208,333 shares and common warrants to purchase an equal number of shares. A second offering involved 675,529 shares at $0.70 per share. The investor has also signaled interest in up to $10 million in additional financing, which the company views as a strong vote of confidence in its growth plans and recent Q1 2026 financial performance.

Worksport Ltd. announced significant commercial and operational developments, including achieving a preliminary May gross margin of approximately 35%, a new record for the company. The company also secured Meyer Distributing as a national distribution partner and is now targeting a $36 million+ 12-month revenue opportunity. These developments, supported by increasing B2C activity and expanding B2B distribution, are expected to lead the company toward near-term operational cash-flow positivity within 2026.

Worksport Ltd.'s CEO, Steven Rossi, acquired 79,618 shares of common stock valued at $50,000 by electing to receive equity instead of cash for accrued bonus compensation. This marks the second such instance, reinforcing his confidence in the company's long-term strategy, progress towards operational cash-flow positivity, and belief that the current market valuation is below its intrinsic value. The company also highlighted significant revenue growth from $1.5 million in 2023 to $16.1 million in 2025, alongside efforts to expand sales and improve efficiencies.

Worksport Ltd.'s clean-energy subsidiary, Terravis Energy, has been issued U.S. Patent No. 12,624,872 B2 for its AetherLux™ heat-pump system, which incorporates ZeroFrost™ technology. This "industry-first" patent addresses a major barrier to cold-climate heat pump adoption by preventing frost buildup and improving defrost-cycle performance. The technology is expected to be certified in the second half of 2026 and has attracted interest from Fortune 500 companies and the Department of Energy. This strengthens Worksport's intellectual property and long-term value, separate from its core revenue streams.

Worksport Ltd. reported strong financial results for the first quarter ended March 31, 2026, with net sales increasing 47.9% year-over-year to $3.3 million and gross profit surging 115.5% to $854,000. The gross margin also improved significantly to 26%. The company focused on investment and launch-readiness during Q1, expanding product availability and strengthening sales channels for its SOLIS, COR, and NEXUS products. Worksport aims to convert inventory into revenue, improve gross margin, and achieve operational cash-flow positive operations within 2026, while its Terravis Energy subsidiary continues to advance its AetherLux heat pump platform.

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.

Worksport Ltd. announced it will host its Q1 2026 earnings conference call on Wednesday, May 13, 2026, at 4:30 p.m. ET. Immediately following the earnings call, the company will launch its inaugural investor townhall series, a new recurring communication platform. This initiative aims to provide shareholders with direct access to leadership, offering deeper insights into strategic direction, business updates, and product development, along with a Q&A session. CEO Steven Rossi emphasized the townhall's purpose to explain the rationale behind developments and focus on long-term value creation.

Worksport Ltd. announced a change in its Chief Financial Officer position. Michael Johnston resigned from his roles as CFO, Principal Financial Officer, and Principal Accounting Officer, effective April 30, 2026. The company appointed Jennifer Kartychak, previously the Vice President of Finance, as the new CFO, effective May 1, 2026. Her compensation package includes an annual base salary of $220,000, a target annual cash bonus of $75,000, and a stock option for 100,000 shares.