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Worksport (Nasdaq: WKSP) was founded in 2011, driven by a passion for trucks and involvement in the truck aftermarket industry. This immersion revealed a strong demand for innovation, highlighting a gap in the market that Worksport aimed to fill with both conventional products and groundbreaking technology. The company’s mission is to establish itself as a global leader in integrating renewable, sustainable energy with innovative automotive accessories in a rapidly expanding market. Worksport is committed to becoming a recognized designer and producer of traditional products while also pioneering mobile solar technology through its TerraVis™ system. This technology aims to deliver clean, in-bed power to over 50 million light trucks on the road today and serve as a key energy source for future electric trucks.
Specializing in manufacturing tonneau covers for all major vehicle makes and models, Worksport targets a market with more than 20,000 dealers across North America. The company plans to actively recruit dealers into its ecosystem through distribution and direct trade. A new dealer webpage is set to launch, aimed at driving sales and supporting year-end revenue targets.
Product Overview:
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Worksport SOLIS Solar Cover: A patented first-to-market solar cover generating 650W of power, ideal for truck owners, worksites, and outdoor enthusiasts. When paired with Worksport’s Maximum Power Point Tracking (MPPT) technology, it can charge most major battery systems.
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Worksport COR Portable Energy System: A fully modular system with 1.7kWh storage and hot-swap capability, designed to power high-demand appliances such as refrigerators and microwaves—perfectly complementing the SOLIS cover.
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Worksport AL4 Premium Tonneau Cover: A four-fold cover expected to be in high demand, offering improved margins.
Launch Phases for SOLIS and COR:
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Alpha Release: This testing and media spotlight phase will rigorously evaluate the SOLIS and COR systems across various conditions, gathering user feedback to drive enhancements. Worksport will also present these products to key influencers and media outlets to amplify brand presence.
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Beta Release: This phase will see the release of machine-manufactured units to initial preorder customers, aiming to validate the market and initiate a robust commercial production strategy.
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Market Release: Worksport is targeting a fast-growing, multi-billion-dollar market with its COR Portable Energy System and SOLIS Solar Tonneau Cover. The company aims to challenge a leading competitor in the rapidly forming portable power station market, expected to grow at 300% annually, with over $1 billion in projected yearly sales. Worksport believes its products will be competitively priced while offering superior quality.
Worksport recently announced record-high revenues of $1.2 million for August 2024, following a 274% revenue increase in Q2 2024 from Q1 2024. The company anticipates completing the Alpha rollout and beginning the beta release stages in 2024, with expectations for rapid growth and cash flow positivity by 2025.
COR: Portable Energy Storage with Versatility and Power
The modular COR portable energy system is designed for flexibility, providing 1500Wh per battery with hot-swap technology for uninterrupted power delivery. It is positioned to power various applications, from extending EV range to operating tools and appliances in remote locations. Initial tests indicate that COR outperforms existing portable power solutions, demonstrating superior performance in extreme temperatures and effectively handling high-powered appliances.
When paired with the SOLIS solar cover, the COR system creates a mobile nano-grid capable of generating over 4,000Wh of clean energy daily in optimal conditions. This combination offers a practical and eco-friendly off-grid power source.
SOLIS & MPPT: A Breakthrough in Solar Energy Vehicles and Beyond
The SOLIS solar tonneau cover is the world’s first folding solar cover, providing up to 650 watts of clean energy while protecting truck beds. It is compatible with a wide range of truck bed models, accommodating vehicles from 1999 to 2024, including the latest electric trucks. The SOLIS cover's integration with Worksport’s MPPT technology ensures optimal energy harvesting, bridging the SOLIS and COR systems for efficient power output.
USA Production Hub for the SOLIS Cover
Worksport’s advanced facility in West Seneca, New York, is set to be the production hub for the SOLIS Cover. This facility, already the manufacturing base for the Made-in America AL3 tonneau cover line, has received a significant multi-year grant of up to $2.8 million from the State of New York, reflecting the state’s confidence in Worksport’s innovative potential and economic value.
