Free cash flow remains deeply negative at an outflow of $8.3M in 2026Q1, exacerbated by a $3.6M working capital drain that highlights the difficulty of funding operations internally.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Sep'13 | Sep'12 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 |
|---|
| Cash from Operations | -21.71M | -17.31M | -10.14M | -11.93M | -7.98M | -4.05M | -726.3K | -13.25K | -379.28K | -194.94K | -237.02K | -542.04K | -31.65K | 0 | -21.03K | -12.07K | 25.65K | 0 | 0 | 0 | 0 | 0 | -602 | -9.4K |
| Operating CF Margin % | - | -107.53% | -119.5% | -779.96% | -6847.92% | -1332.25% | -209.83% | -0.69% | -78.77% | -47.7% | -65.64% | -83.18% | -5.34% | - | -7.54% | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -457.46% | -70.77% | 15.02% | -49.54% | -97.15% | -457.17% | -5380.28% | 96.51% | -94.56% | 17.75% | 56.27% | -1612.83% | - | 100% | -74.14% | -147.07% | - | - | - | - | - | 100% | 93.59% | - |
| Net Income | -20.72M | -19.35M | -16.16M | -14.93M | -12.53M | -7.9M | -1.19M | -414.61K | -1.76M | -3.4M | -1.14M | -3.49M | -479.34K | -19.1K | -22.55K | -13.55K | 360.32K | -43.84K | -32.15K | -32.15K | -32.15K | -32K | -41.24K | -60.1K |
| Depreciation & Amortization | 1.82M | 1.83M | 1.75M | 1.11M | 486.58K | 211.74K | 26.96K | 11.44K | 1.52K | 1.29K | 998 | 882 | 286 | 209 | 209 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 0 | 0 | 0 | 5.75M | 4.9M | 3.92M | 415.67K | 0 | 0 | 1.47M | 0 | 2.95M | 54.31K | 32.4K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.75K | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -3.92M | -415.67K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 3.41M | 3.27M | 2.97M | -13.78K | -264.18K | 4.25M | 635.64K | -140.91K | 505.12K | 1.56M | 747.48K | 42.82K | 290.87K | -12.96K | 19.84K | 0 | -388.1K | 0 | 0 | 0 | 0 | 0 | 0 | 1.41K |
| Working Capital Changes | -6.21M | -3.07M | 1.3M | -3.85M | -565.38K | -612.77K | -201.28K | 530.83K | 877.12K | 178.97K | 150.72K | -50.93K | 102.23K | -558 | -18.52K | 1.48K | 53.43K | 43.84K | 32.15K | 32.15K | 32.15K | 32K | 37.89K | 49.29K |
| Change in Receivables | -505.82K | -569.68K | 383.7K | -400.52K | 83 | -2.23K | -119.81K | -5.91K | 127.62K | -108.36K | 14.42K | -77.23K | 3.84K | 18.76K | -35.27K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -5.85M | -4.34M | -1.56M | -2.29M | -844.6K | -460.97K | 72.35K | 122.07K | -225.2K | 14.66K | 50.03K | -40.24K | 66.24K | -41.78K | 16.75K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -781.78K | 2.18M | 1.17M | -577.12K | 995.34K | 187.51K | -59.28K | 405.21K | 343.05K | 104.46K | 91.97K | 65.94K | 37.5K | -558 | 1.53K | 1.48K | -351 | 150 | 150 | 0 | 0 | 0 | -63 | 13.82K |
| Cash from Investing | -764.8K | -1.12M | -528.24K | -3.76M | -11.15M | -1.13M | -16.73K | -114.01K | -1.87K | -4.87K | -3.41K | -138.47K | -213.45K | -1.94K | -5.78K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Expenditures | -644.88K | -789.46K | -528.24K | -3.69M | -11.15M | -1.13M | -7.96K | -98.35K | -1.87K | -4.87K | -3.41K | -43.46K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | 3.75% | 4.9% | 6.23% | 241.24% | 9571.32% | 372.59% | 2.3% | 5.11% | 0.39% | 1.19% | 0.94% | 6.67% | - | - | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -95.01K | 1.55K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -176.29K | -330.04K | 0 | -66.31K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -215K | -1.94K | -5.78K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 17.96M | 19.5M | 12.18M | 4.43M | 5.18M | 32.64M | 1.81M | 117.84K | 298.74K | 307.38K | 223.53K | 574.29K | 352.04K | 20.32K | 21.34K | 12.74K | -25.65K | 0 | 0 | 0 | 0 | 0 | -10K | 10K |
| Debt Issued (Net) | 479.88K | -2.37M | -298.19K | -43.9K | 5.18M | -62.91K | 630.19K | 68.58K | 9.8K | 167.62K | 203.13K | 46.1K | -30.96K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10K | 10K |
| Equity Issued (Net) | 17.38M | 21.86M | 8.74M | 4.48M | 0 | 24.4M | 1.26M | 30K | 300K | 139.76K | 10.5K | 528.2K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -27.39K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 131.93K | 0 | 3.75M | 0 | 0 | 8.3M | -80.15K | 19.27K | -11.06K | 0 | 9.9K | 0 | 383K | 20.32K | 21.34K | 12.74K | -25.65K | 0 | 0 | 0 | 0 | 0 | -20K | 0 |
| Net Change in Cash | -4.51M | 1.06M | 1.52M | -11.25M | -13.95M | 27.46M | 1.1M | -13.33K | -41.64K | 66.96K | -14.47K | -141.27K | 138.22K | 17.52K | -5.46K | 670 | 0 | 0 | 0 | 0 | 0 | 0 | -10.6K | 602 |
| Free Cash Flow | -22.52M | -18.1M | -10.67M | -15.62M | -19.13M | -5.18M | -734.27K | -111.61K | -381.15K | -199.82K | -240.43K | -585.5K | -31.65K | -19.66K | -21.03K | -12.07K | 25.65K | 0 | 0 | 0 | 0 | 0 | -602 | -9.4K |
| FCF Margin % | -131.13% | -112.43% | -125.73% | -1021.2% | -16419.23% | -1704.84% | -212.13% | -5.79% | -79.16% | -48.89% | -66.58% | -89.85% | -5.34% | -4.22% | -7.54% | - | - | - | - | - | - | - | - | - |
| FCF Growth % | -88.34% | -69.72% | 31.71% | 18.34% | -269.39% | -605.25% | -557.91% | 70.72% | -90.75% | 16.89% | 58.94% | -1750.15% | -61% | 6.52% | -74.14% | -147.07% | - | - | - | - | - | 100% | 93.59% | - |
| FCF per Share | -2.09 | -2.33 | -1.57 | -1.56 | -1.92 | -0.45 | -0.27 | -0.06 | -0.34 | -0.20 | -0.43 | -1.04 | -1.34 | -0.83 | -0.89 | -0.51 | 1.08 | - | - | - | - | - | -0.06 | -0.40 |
| FCF Conversion (FCF/Net Income) | 1.09x | 0.89x | 0.63x | 0.80x | 0.64x | 0.51x | 0.61x | 0.04x | 0.22x | 0.06x | 0.21x | 0.16x | 0.07x | - | 0.93x | 0.89x | 0.07x | - | - | - | - | - | 0.01x | 0.16x |
| Interest Paid | 161K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent liquidity and dilution
As reported in recent financial filings, the persistent gap between net income and operating cash flow, highlighted by an OCF/NI ratio of 1.41 in 2026Q1, suggests that non-cash charges and working capital volatility are masking the true extent of the company's underlying cash-generative challenges.
The divergence between accounting losses and cash outflows indicates that the company is struggling to convert its revenue growth into tangible liquidity. Investors should monitor whether this trend reflects aggressive inventory accumulation or simply an inability to manage the cash conversion cycle effectively during its manufacturing transition.
Based on quarterly cash flow statements, the company's free cash flow remains deeply negative, with a 2026Q1 outflow of $8.3M, underscoring a structural inability to fund operations through internal cash generation while simultaneously attempting to scale its proprietary solar-integrated product line and manufacturing infrastructure.
The consistent FCF burn, which has accelerated in recent periods, suggests that the company is currently reliant on external financing to sustain its operations. This trajectory warrants further investigation into how long the current cash balance can support the existing burn rate before additional capital raises become necessary.
According to historical cash flow data, working capital changes have frequently acted as a significant drain on liquidity, with a $3.6M outflow in 2026Q1, indicating that the company is consuming cash to support its inventory and receivables as it attempts to scale its domestic manufacturing operations.
The volatility in working capital suggests that the company may be struggling to balance its supply chain requirements with its sales cycle. This pattern appears to exacerbate the company's cash burn, as capital is tied up in inventory rather than being recycled into productive operational use.
As indicated by recent cash flow statements, the company's capital expenditure remains relatively modest compared to its operating losses, with 2026Q1 CapEx of $103.6K, suggesting that the primary cash drain is operational rather than driven by heavy, ongoing investment in new property, plant, and equipment.
While the company has invested in its West Seneca facility, the current level of CapEx appears insufficient to drive the scale required for profitability. This may imply that the company is currently in a maintenance phase rather than an aggressive expansion phase, which could limit its future competitive capacity.
Quick answers to the most common questions about buying WKSP stock.
Worksport Ltd. (WKSP) generated $-17.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Worksport Ltd. (WKSP) reported negative free cash flow of $18.1M in 2025, indicating capital requirements exceeded cash from operations.
Worksport Ltd. (WKSP) spent $0.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.