Worksport Ltd

Worksport Ltd reported increased net sales for the second quarter and first half of 2026, reaching $5.23 million and $8.54 million respectively. However, the company's net loss also widened to $3.97 million for Q2 2026 and $9.79 million for the first half. Cash and cash equivalents significantly decreased to $1.16 million, and the company issued a going concern warning due to its accumulated deficit of $93.72 million and continued losses. Worksport raised capital through ATM sales and registered direct offerings during the period.

Worksport Ltd. announced it will host its Q2 2026 earnings conference call and an investor town hall on August 11, 2026, at 4:30 p.m. ET. CEO Steven Rossi stated that the company has had a very strong second quarter with higher revenues and gross margins, moving closer to positive cash flow. He believes the current market valuation does not fully reflect this progress.

Worksport Ltd. announced preliminary and unaudited monthly financial performance for April through June 2026, showing significant improvement. The company reported a 132% increase in gross profit and a 46% rise in net sales during this period. June 2026 marked the strongest month in company history, with net sales of approximately $2.08 million and gross profit of $720,000, driven by a gross margin run rate now stable above 35%. The company believes this trend will lead to operational cash flow positivity and profitability.

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.