Worksport Reports 89.8% Sales Surge to $16.1M, Guides $35M–$42M FY26
Worksport posted FY25 net sales of $16.1 million, an 89.8% rise over FY24, and expanded full-year gross margin to 28% from 11% with Q4 margins near 30%. The company forecasts FY26 revenue of $35–$42 million, aims for a 35% gross margin, 1,500 dealers and initial cash-flow positivity in H2 2026.
1. FY2025 Financial Results
Worksport delivered record net sales of $16.1 million in 2025, up 89.8% from $8.5 million in 2024. Full-year gross margin expanded to 28% from 11%, with Q4 margins reaching approximately 30% on enhanced manufacturing efficiency. Online sales rose 142% to $11.9 million and B2B revenue grew to $4.2 million. The dealer network grew sixfold to over 550 locations.
2. Fiscal 2026 Guidance and Strategic Initiatives
The company expects 2026 revenue between $35 million and $42 million and targets a stable 35% gross margin. Management plans to expand its dealer network to 1,500 locations and launch a next-generation hard tonneau cover with patented capabilities in early Q2 2026. Initial operational cash-flow positivity is projected in the second half of 2026.
3. Liquidity Position
As of December 31, 2025, Worksport held $5.95 million in cash and $3.4 million available under its revolving credit facility, totaling $9.3 million in liquidity. Capital deployment in 2025 focused on scaling production capacity and advancing commercialization efforts to support its growth trajectory.