Worksport Expands Dealer Network Significantly
Dealer Network Expands to Over 550 U.S. Locations; Recurring Revenue Expected to Further Accelerate in the Coming Years.
Worksport Ltd. (NASDAQ: WKSP) has reached an exciting milestone by securing its second national automotive distributor. This recent agreement enriches the Company’s dealer network, bringing the total to over 550 locations across the United States, marking a substantial increase.
Increasing Demand Fuels Rapid Growth
This surge in partnerships signifies Worksport’s dedication to expanding nationally, following a prior April 2025 partnership with Patriot Auto Group that added over 200 dealers to its network. The latest agreement is projected to further enhance access to approximately 250 additional dealer accounts. Such strategic collaborations are vital for penetrating high-value retail markets.
Projected Growth and Revenue Expectations
With more than 450 new accounts added this year, Worksport’s dealer network has grown impressively. Currently, the Company services 187 dealer partners, with the onboarding of new accounts occurring weekly.
At full capacity, Worksport anticipates these channels to support over $21.5 million in annual repeatable revenue. This projection does not account for business-to-consumer (B2C) sales via its online platform. As demand for their premium American-made tonneau covers rises, this revenue potential represents current scaling capabilities, with further growth expected as onboarding continues.
Management Confidence and Future Projections
Management has affirmed a full-year revenue guidance for 2025 between $20-$25 million, indicating an impressive 2.5-3x increase year-over-year. This positive outlook is bolstered by robust dealer adoption, broader product availability, and rising gross margins.
Leadership Insights
Steven Rossi, CEO of Worksport, remarked, “Our strategic focus on supporting U.S. retailers with Made-in-America products continues to validate our model. With over 17,000 potential dealer locations nationally, our opportunities for growth remain vast. Following a remarkable 157% year-over-year increase in gross margin in the first quarter of 2025, we are optimistic about our prospects moving forward.”
Diverse Growth Channels for Sustained Revenue
Worksport also continues to thrive in its direct-to-consumer (DTC) segment, generating around $1 million monthly in e-commerce revenue—a figure that is on the rise. This dual-channel strategy—encompassing both B2B and DTC sales—is essential for maintaining sustained growth and reinforcing the Company’s diversified revenue base.
Looking ahead, the anticipated commercial launch of SOLIS, a patented solar-integrated tonneau cover, and COR, a portable energy storage solution, is on the horizon. These products aim to tap into new revenue streams in the clean-tech and off-grid power markets, which are projected to yield higher margins.
Strategic Outlook for Continuing Expansion
With two national distributors already onboard and scalable B2B infrastructure in place, Worksport is ready to build on its momentum. The Company aims to capture greater market share while enhancing operational efficiencies and striving towards sustainable profitability and positive cash flow within the coming years. The sales team is actively seeking to solidify additional strategic reseller accounts within U.S. and Canadian markets.
For further information:
Investor Relations, Worksport Ltd. T: 1 (888) 554-8789
W: investors.worksport.com
E: investors@worksport.com
Frequently Asked Questions
What growth can we expect from Worksport in upcoming years?
Worksport is projecting significant growth, with anticipated annual revenues reaching over $21.5 million due to its expanding dealer network and product offerings.
How many dealer locations does Worksport currently have?
Worksport's dealer network has surpassed 550 locations across the United States, representing a remarkable growth trend.
What is Worksport’s focus regarding its products?
The Company is committed to providing high-quality, American-made tonneau covers and clean energy solutions, catering to both retail and direct consumers.
What effective strategies is Worksport employing for revenue generation?
Worksport focuses on a dual-channel revenue model, enhancing its B2B dealer network while also generating substantial direct-to-consumer sales through e-commerce.
What upcoming products should customers look forward to?
Customers can anticipate the launch of SOLIS, a solar-integrated tonneau cover, and COR, a portable energy storage system, both aimed at enhancing sustainability in automotive solutions.
