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ACCESS Newswire·

Worksport Ltd. Announces CEO Acquires Stock, Reinforcing Confidence in Long-Term Strategy

  • Worksport Ltd. (NASDAQ: WKSP) announced that Founder & CEO Steven Rossi acquired 88,214 shares at $0.8502 per share on April 10, 2026, for a total value of $75,000 in satisfaction of accrued cash compensation.
  • The share issuance was executed pursuant to a stock purchase agreement dated April 13, 2026, representing nearly 1% of total outstanding stock.
  • The CEO cited confidence in the company's record revenue growth, significant margin expansion, \& path to operational cash-flow positivity in the second half of 2026.
  • Net sales increased from ~$1.5 million in 2023 to $8.5 million in 2024, $16.1 million in 2025, with a 2026 forecast of $35 million to $42 million.
  • Gross margins expanded from ~11% in Q4 2024 to approximately 30% in Q4 2025, with a target of ~35% for fiscal 2026.
  • Worksport maintains a U.S.-based production facility appraised at ~$9 million in 2024, alongside $9.5 million in inventory as of December 31, 2025.
  • The company's dealer network grew from under 100 to over 550 locations across North America.
  • Worksport's intellectual property portfolio includes 25 utility patents, 50 design patents/registrations, 44 trademarks, \& 97 pending applications.
  • Product commercialization in 2025 included SOLIS, COR, AL4, \& HD3, with a next-generation hard cover expected in Q2 2026.
  • The company aims to reach operational cash-flow positivity at quarterly revenue levels of $9 million to $11 million during fiscal 2026.
  • Upcoming catalysts include new large-scale distribution partnerships, OEM engagements following 2025 ISO certification, \& commercial certification for Terravis Energy's AetherLux heat pump within 2026.
  • Worksport holds an active partnership with Hyundai for the SOLIS Solar cover \& its hard-folding covers are compatible with major truck models including EVs.