Worksport Q1 Sales Rise 48% to $3.31M, Profit Soars 116%
Worksport posted Q1 net sales of $3.31 million, up 47.9% year-over-year, and gross profit of $853,946, rising 115.5% to achieve a 26% gross margin. Inventory climbed to $11.6 million as SOLIS and COR shipments begin, NEXUS launches, Tri-State distribution joins, and cash-flow positivity is targeted by year-end.
1. Q1 Financial Performance
Worksport delivered net sales of $3.31 million in Q1, a 47.9% increase year-over-year, while gross profit rose 115.5% to $853,946, driving gross margin up to 26% from 18% a year earlier.
2. Commercialization Progress
The company funded inventory to $11.6 million, initiated SOLIS and COR cover shipments with COR certification completed, launched the NEXUS cover, and recorded $1.8 million in B2C sales alongside $1.5 million in B2B sales across more than 4,000 tonneau covers.
3. Outlook and Cash-Flow Targets
Worksport has added Tri-State as its first major distributor, plans further network expansion, and expects to leverage its product launches to achieve operational cash-flow positivity by the end of 2026 while focusing on sustained revenue growth from tonneau covers and solar integrations.