Worksport (NASDAQ:WKSP) Announces Earnings Results

Worksport (NASDAQ:WKSP) posted its quarterly earnings data on Wednesday. The company reported ($0.54) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.51) by ($0.03), FiscalAI reports. The business had revenue of $3.31 million during the quarter, compared to the consensus estimate of $5.33 million. Worksport had a negative net margin of 120.20% and a negative return on equity of 96.64%.

Here are the key takeaways from Worksport’s conference call:

• Revenue and gross profit improved sharply year over year, with Q1 2026 net sales up 47.9% to $3.3 million and gross profit more than doubling to $854,000. Gross margin also expanded to about 26% from 18% a year ago.
• The quarter was described as an “investment and launch readiness” period, with cash and working capital deployed to support product launches, inventory builds, and distribution expansion. As a result, cash fell to $566,000 and operating cash use was $8.2 million.
• SOLIS, COR, and NEXUS all reached key commercialization milestones: SOLIS and COR began commercial shipping in January, COR received UL/CSA certifications in April, and NEXUS generated early buyer interest at Keystone and launched commercially in April.
• Distribution reach is expanding, highlighted by the Tri-State Enterprises relationship and initial purchase orders. Management said the dealer network now exceeds 500 locations and is targeting 1,500+ by year-end.
• Management reaffirmed full-year 2026 revenue guidance of $35 million to $42 million and said the company is aiming for operational cash flow positivity this year. At the same time, it emphasized that future dilution and capital raises will be used selectively based on operating returns.

Worksport Trading Down 7.8%

Shares of NASDAQ WKSP opened at $0.89 on Thursday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.08 and a current ratio of 2.50. Worksport has a 52-week low of $0.83 and a 52-week high of $4.90. The firm has a 50 day moving average price of $1.12 and a two-hundred day moving average price of $1.85. The stock has a market cap of $10.64 million, a P/E ratio of -0.28 and a beta of 0.35.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on WKSP. Maxim Group set a $3.00 price objective on shares of Worksport in a report on Friday, February 13th. Wall Street Zen raised shares of Worksport from a “strong sell” rating to a “sell” rating in a report on Saturday, April 25th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Worksport in a report on Friday, April 10th. Two research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $7.25.

Insider Activity at Worksport

In other Worksport news, CEO Steven F. Rossi acquired 88,214 shares of Worksport stock in a transaction that occurred on Monday, April 13th. The shares were bought at an average price of $0.85 per share, with a total value of $74,981.90. Following the completion of the purchase, the chief executive officer directly owned 2,614,085 shares in the company, valued at $2,221,972.25. This trade represents a 3.49% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 7.82% of the company’s stock.

Institutional Trading of Worksport

Institutional investors and hedge funds have recently bought and sold shares of the stock. State Street Corp acquired a new stake in Worksport in the fourth quarter valued at $34,000. XTX Topco Ltd acquired a new stake in Worksport in the second quarter valued at $50,000. Centiva Capital LP acquired a new stake in Worksport in the third quarter valued at $63,000. Geode Capital Management LLC increased its holdings in Worksport by 11.2% in the second quarter. Geode Capital Management LLC now owns 33,259 shares of the company’s stock valued at $94,000 after purchasing an additional 3,338 shares during the period. Finally, LPL Financial LLC increased its holdings in Worksport by 225.2% in the fourth quarter. LPL Financial LLC now owns 54,067 shares of the company’s stock valued at $115,000 after purchasing an additional 37,440 shares during the period. 16.11% of the stock is currently owned by institutional investors and hedge funds.

Worksport Company Profile

Worksport Ltd. is an Israeli-based designer, developer and global supplier of innovative automotive accessories, with a primary focus on pickup truck bed covers. The company’s core offerings include a range of hard and soft tonneau covers under brands such as ROLL, FLEXIT and SOLAR, engineered to provide truck owners with enhanced utility, security and weather protection. Worksport leverages advanced polymer materials and patented folding mechanisms to deliver lightweight, durable solutions that are easy to install and operate.

In recent years, Worksport has expanded its product portfolio to incorporate solar technology, introducing integrated solar tonneau covers capable of generating power for auxiliary truck systems or charging batteries for recreational and off-grid applications.