WEST SENECA, New York - Worksport Ltd. (NASDAQ: WKSP), a $35 million market cap company known for its hybrid and clean energy solutions for light trucks, has announced the upcoming launch of its HD3 tonneau cover, expected to enter production in Spring 2025. The company's stock has shown strong momentum, gaining over 46% in the past six months, according to InvestingPro data. This new addition aims to complement the company's current offerings, including the AL3 and the soon-to-be-released AL4 model, which is shipping within January 2025.
The HD3 model is positioned as a premium tri-fold tonneau cover with user-friendly features designed to cater to the needs of Worksport's B2B dealer network. Priced at a minimum advertised price of $799, the HD3 will feature a six-point latching system for enhanced security and a hydrophobic diamond shield ceramic infused finish for superior weather protection.
CEO Steven Rossi expressed optimism about the expanded product lineup, anticipating that it will foster revenue growth and solidify the company's standing in the tonneau cover market. This optimism is supported by the company's impressive revenue growth of 777% in the last twelve months, though InvestingPro data shows current gross profit margins remain challenging at 10.5%. Worksport's strategy includes diversifying its product mix, with the HD3 and AL4 models expected to drive additional revenue.
Following the HD3 launch, Worksport is set to introduce its COR mobile power system and SOLIS solar tonneau cover, both currently in alpha release. These clean-tech innovations are projected to access multi-billion-dollar markets, potentially transforming Worksport into a significant player in sustainable automotive solutions.
In addition to its tonneau cover products, Worksport's subsidiary Terravis Energy (TVE) is also experiencing progress with engineering breakthroughs, aligning advanced manufacturing with next-generation energy solutions.
Worksport's product offerings are made in the USA and are compatible with major truck models, including Ford (NYSE:F), Chevrolet, GMC, Ram, Toyota (NYSE:TM), Nissan (OTC:NSANY), and Honda (NYSE:HMC). The company's partnership with Hyundai (OTC:HYMTF) for the SOLIS Solar cover and its proprietary solar solutions, mobile energy storage systems (ESS), and hydrogen-based technology reflect its commitment to sustainable, clean energy.
This information is based on a press release statement from Worksport Ltd. The company continues to communicate with investors and the public through its investor relations website, press releases, SEC filings, and social media platforms. While the company maintains a healthy current ratio of 2.96, indicating strong short-term liquidity, InvestingPro subscribers have access to over 15 additional key insights and metrics that could help evaluate Worksport's investment potential.
In other recent news, Worksport Ltd has reported a significant sales increase in its B2C and B2B segments, showing a remarkable revenue growth of 777% over the last twelve months. The company has also shifted its strategy to focus on higher-margin branded products. Worksport's shareholders have unanimously approved board nominees and ratified the appointment of Lumsden & McCormick (NYSE:MKC), LLP as the independent registered public accounting firm for the upcoming fiscal year.
The company is set to launch several new products, including the premium AL4 tonneau cover and its clean-tech power generation systems, SOLIS and COR. Additionally, an upgrade to its SOLIS solar tonneau cover system is expected to reduce consumer costs and increase compatibility with various battery generator brands. Worksport has also secured a contract to supply its AL3 Tonneau Covers to a major U.S. government entity.
Worksport has been granted an additional 180 days by Nasdaq to meet the exchange's minimum bid price requirement. The company has implemented strategic cost-saving measures and announced new product launches that are expected to save approximately $1.5 million in expenses in 2025. These recent developments are expected to contribute to the company's financial performance and growth trajectory.
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