Revenue growth remains highly volatile, decelerating to 47.9% in 2026Q1, while operating losses persist as SG&A expenses continue to dwarf the $853.9K in gross profit.
| 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 |
|---|
| Sales/Revenue | 17.17M | 16.1M | 8.48M | 1.53M | 116.5K | 303.75K | 346.14K | 1.93M | 481.52K | 408.7K | 361.12K | 651.67K | 593K | 465.81K | 278.81K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | 68.18% | 89.78% | 454.67% | 1212.97% | -61.65% | -12.25% | -82.03% | 300.07% | 17.82% | 13.18% | -44.58% | 9.89% | 27.31% | 67.07% | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 12.24M | 11.63M | 7.58M | 1.29M | 56.97K | 350.7K | 299K | 1.69M | 384.91K | 231.77K | 334.06K | 532.58K | 435.4K | 19.1K | 159.84K | 13.55K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 72.21% | 89.33% | 84.28% | 48.9% | 115.46% | 86.38% | 87.62% | 79.94% | 56.71% | 92.51% | 81.73% | 73.42% | 4.1% | 57.33% | - | - | - | - | - | - | - | - | - |
| Gross Profit | 4.93M | 4.47M | 905.65K | 240.51K | 59.53K | -46.95K | 47.15K | 238.55K | 96.61K | 176.93K | 27.06K | 119.09K | 157.6K | 446.71K | 118.97K | -13.55K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | 28.72% | 27.79% | 10.67% | 15.72% | 51.1% | -15.46% | 13.62% | 12.38% | 20.06% | 43.29% | 7.49% | 18.27% | 26.58% | 95.9% | 42.67% | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | 394.11% | 276.55% | 303.99% | 226.8% | -199.58% | -80.24% | 146.91% | -45.39% | 553.77% | -77.27% | -24.44% | -64.72% | 275.48% | 977.68% | - | - | - | - | - | - | - | - | - |
| Operating Expenses | 24.94M | 23M | 16.37M | 14.98M | 12.83M | 7.51M | 1.03M | 776.4K | 1.31M | 1.95M | 389.28K | 3.54M | 624.99K | 19.1K | 150.69K | 13.55K | 27.78K | 13.31K | 1.62K | 1.62K | 1.62K | 1.47K | 10.72K | 26.33K |
| OpEx % of Revenue | - | 142.82% | 192.96% | 979.14% | 11015.48% | 2474% | 298.54% | 40.3% | 271.59% | 477.8% | 107.8% | 542.46% | 105.39% | 4.1% | 54.05% | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 23.85M | 21.75M | 14.1M | 13.31M | 12.84M | 7.51M | 1.03M | 859.85K | 1.22M | 1.95M | 381.62K | 3.48M | 319.93K | 19.1K | 22.55K | 13.55K | 27.78K | 13.31K | 1.62K | 1.62K | 1.62K | 1.47K | 10.72K | 26.33K |
| SG&A % of Revenue | - | 135.1% | 166.15% | 870.18% | 11024.46% | 2472.63% | 297.45% | 44.64% | 254.08% | 477.8% | 105.68% | 534.51% | 53.95% | 4.1% | 8.09% | - | - | - | - | - | - | - | - | - |
| Research & Development | 1.37M | 1.54M | 2.29M | 1.67M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 47.35K | 4.93K | 659 | 2.04K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 9.56% | 26.99% | 109.13% | - | - | - | - | - | - | - | 7.27% | 0.83% | 0.14% | 0.73% | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -278.23K | -296.73K | -14.88K | -2.69K | -10.46K | 4.17K | 3.8K | -83.45K | 84.31K | 0 | 7.66K | 4.48K | 300.13K | -659 | 126.1K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -20.01M | -18.52M | -15.47M | -14.74M | -12.77M | -7.56M | -986.24K | -537.85K | -1.21M | -1.78M | -362.22K | -3.42M | -467.39K | -19.1K | -29.81K | -13.55K | -27.78K | -13.31K | -1.62K | -1.62K | -1.62K | -1.47K | -10.72K | -26.33K |
| Operating Margin % | -116.52% | -115.03% | -182.29% | -963.41% | -10964.37% | -2489.46% | -284.92% | -27.92% | -251.52% | -435.65% | -100.3% | -524.19% | -78.82% | -4.1% | -10.69% | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -19.76% | -4.95% | -15.37% | -68.93% | -666.72% | -83.37% | 55.59% | 31.98% | -391.55% | 89.4% | -630.86% | -2347.3% | 35.94% | -119.93% | 51.2% | -108.61% | -721.91% | 0% | 0% | -10.2% | 86.29% | 59.29% | - |
| EBITDA | -19.09M | -16.69M | -13.71M | -13.63M | -12.29M | -7.49M | -959.28K | -526.41K | -1.21M | -1.78M | -361.22K | -3.42M | -467.1K | -19.1K | -22.55K | -13.55K | 360.32K | -13.31K | -1.62K | -1.62K | -1.62K | -1.47K | -10.72K | -26.33K |
| EBITDA Margin % | -111.14% | -103.63% | -161.62% | -890.86% | -10546.71% | -2467.44% | -277.13% | -27.33% | -251.21% | -435.33% | -100.03% | -524.05% | -78.77% | -4.1% | -8.09% | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -33.78% | -21.69% | -0.63% | -10.9% | -63.94% | -681.3% | -82.23% | 56.48% | 32.01% | -392.55% | 89.42% | -631.12% | -2345.81% | 15.32% | -66.39% | -103.76% | 2806.11% | -721.91% | 0% | 0% | -10.2% | 86.29% | 59.29% | - |
| D&A (Non-Cash Add-back) | 918.69K | 1.83M | 1.75M | 1.11M | 486.58K | 66.88K | 26.96K | 11.44K | 1.52K | 1.29K | 998 | 882 | 286 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBIT | -19.97M | -18.52M | -15.44M | -14.31M | -12.05M | -7.6M | -801.37K | -287.07K | -1.71M | -3.39M | -1.01M | -3.48M | -479.34K | -19.1K | -22.55K | -13.55K | 360.32K | -13.31K | -1.62K | -1.62K | -1.62K | -1.47K | 0 | 0 |
| Net Interest Income | -313.07K | -592.75K | -688.6K | -376.86K | -276.41K | -291.23K | -386.25K | -71.96K | -55.97K | -170.12K | -201.88K | -23.67K | -3.74K | 0 | 0 | 0 | 0 | -30.53K | -30.53K | -30.53K | -30.53K | -30.53K | 0 | 0 |
| Interest Income | 14.28K | 0 | 37.49K | 239.35K | 212.29K | 3.69K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 327.35K | 592.75K | 726.1K | 616.21K | 488.7K | 294.92K | 386.25K | 71.96K | 55.97K | 170.12K | 201.88K | 23.67K | 3.74K | 0 | 0 | 0 | 0 | 30.53K | 30.53K | 30.53K | 30.53K | 30.53K | 30.53K | 33.77K |
| Other Income/Expense | -708.97K | -831.01K | -697.96K | -192.3K | 239.3K | -335.35K | -201.38K | 178.82K | -551.91K | -1.62M | -774K | -61.95K | -11.96K | 0 | 7.26K | 0 | 388.1K | -30.53K | -30.53K | -30.53K | -30.53K | -30.52K | -30.53K | -33.77K |
| Pretax Income | -20.72M | -19.35M | -16.16M | -14.93M | -12.53M | -7.9M | -1.19M | -359.03K | -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 |
| Pretax Margin % | -120.65% | -120.19% | -190.51% | -975.98% | -10758.97% | -2599.86% | -343.1% | -18.64% | -366.14% | -832.66% | -314.64% | -535.21% | -80.83% | -4.1% | -8.09% | - | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -20.72M | -19.35M | -16.16M | -14.93M | -12.53M | -7.9M | -1.19M | -359.03K | -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 |
| Net Margin % | -120.65% | -120.19% | -190.51% | -975.98% | -10758.97% | -2599.86% | -343.1% | -18.64% | -366.14% | -832.66% | -314.64% | -535.21% | -80.83% | -4.1% | -8.09% | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | -22.54% | -19.73% | -8.27% | -19.1% | -58.72% | -564.95% | -230.78% | 79.64% | 48.19% | -199.51% | 67.42% | -627.62% | -2409.9% | 15.32% | -66.39% | -103.76% | 921.87% | -36.38% | 0% | 0% | -0.47% | 22.42% | 31.37% | - |
| Net Income (Continuing) | -20.72M | -19.35M | -16.16M | -14.93M | -12.53M | -7.9M | -1.19M | -359.03K | -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 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.92 | -2.49 | -2.38 | -1.50 | -1.26 | -0.69 | -0.43 | -0.19 | -1.58 | -3.33 | -2.03 | -6.21 | -20.25 | -0.81 | -0.95 | -0.57 | 15.22 | -1.85 | -1.36 | -1.36 | -1.36 | -1.35 | -4.00 | -2.54 |
| EPS Growth % | -6.79% | -4.62% | -58.67% | -19.05% | -82.61% | -60.47% | -126.32% | 87.97% | 52.55% | -64.04% | 67.31% | 69.33% | -2400% | 14.74% | -66.67% | -103.75% | 922.7% | -36.03% | 0% | 0% | -0.74% | 66.25% | -57.48% | - |
| EPS (Basic) | - | -3.15 | -5.84 | -2.07 | -1.74 | -0.69 | -0.43 | -0.19 | -1.58 | -3.34 | -2.03 | -6.23 | -20.25 | -0.81 | -0.95 | -0.57 | 15.22 | -1.85 | -1.36 | -1.36 | -1.36 | -1.35 | -4.00 | -2.54 |
| Diluted Shares Outstanding | 10.78M | 7.78M | 6.79M | 9.98M | 9.98M | 11.5M | 2.73M | 1.84M | 1.12M | 1.02M | 560.58K | 561.34K | 23.67K | 23.67K | 23.67K | 23.67K | 23.67K | 23.67K | 23.67K | 23.67K | 23.67K | 23.67K | 10.3K | 23.67K |
| Basic Shares Outstanding | 10.78M | 6.14M | 2.77M | 7.22M | 7.22M | 11.5M | 2.73M | 1.84M | 1.12M | 1.02M | 560.58K | 559.75K | 23.67K | 23.67K | 23.67K | 23.67K | 23.67K | 23.67K | 23.67K | 23.67K | 23.67K | 23.67K | 10.3K | 23.67K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Capital dilution and liquidity
According to quarterly financial disclosures, Worksport's revenue growth has exhibited significant volatility, peaking at 113.6% in 2025Q2 before decelerating to 47.9% by 2026Q1, suggesting that current top-line expansion remains highly sensitive to lumpy wholesale order cycles rather than consistent, predictable end-market demand for its tonneau covers.
The erratic nature of revenue growth indicates that the company has yet to establish a stable recurring revenue base. Investors should monitor whether the recent deceleration reflects a saturation of initial distribution channels or a broader cyclical softening in the North American light truck aftermarket.
As reported in recent income statements, Worksport has successfully improved its gross margin from a low of 7.3% in 2024Q1 to 25.8% in 2026Q1, reflecting the potential benefits of transitioning to in-house manufacturing at the West Seneca facility despite ongoing commodity price pressures.
The upward trend in gross margins suggests that the company is beginning to capture more value from its vertical integration strategy. However, the sustainability of these gains remains uncertain, as the company must prove it can maintain these margins while scaling production volume to offset high fixed overheads.
Based on the provided income statement data, Worksport's SG&A expenses consistently dwarf gross profit, with 2026Q1 SG&A of $6.4M against a gross profit of only $853.9K, highlighting a structural cost imbalance that continues to drive significant operating losses and persistent negative net margins.
The current cost structure appears heavily weighted toward administrative and operational overhead that does not yet scale with revenue. This disconnect suggests that management's current expense discipline is insufficient to reach breakeven without a massive, immediate increase in throughput or a significant reduction in fixed operating costs.
Data from the last ten quarters indicates that Worksport's operating losses have remained stubbornly high, with quarterly net losses frequently exceeding $4M, which raises serious questions about the company's ability to sustain its current R&D and manufacturing trajectory without further dilutive equity financing.
Short-sellers would likely focus on the widening gap between cash burn and the company's limited cash reserves. The reliance on external capital to fund operations suggests that the current business model is not yet self-sustaining, and any delay in commercializing the TerraVis system could exacerbate liquidity risks.
Quick answers to the most common questions about buying WKSP stock.
For fiscal year 2025, Worksport Ltd. (WKSP) reported total revenue of $16.1M.
Worksport Ltd. (WKSP) reported a net loss of $19.4M for the fiscal year ending 2025.
Worksport Ltd. (WKSP) reported an operating income of $-18.5M, resulting in an operating profit margin of -115.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Worksport Ltd. (WKSP) generated $4.5M in gross profit for the year, representing a gross profit margin of 27.8%. This demonstrates the company's core pricing power and production efficiency.