Worksport Ltd. (WKSP): Business Model Canvas [Jan-2025 Mise à jour]

Worksport Ltd. (WKSP) révolutionne le paysage des accessoires automobiles avec ses couvertures de tonnes solaires révolutionnaires et ses solutions d'innovations sur les énergies renouvelables. En mélangeant de manière transparente la technologie de pointe avec des accessoires pratiques de camions, la société a taillé un créneau unique sur le marché, ciblant les consommateurs et les opérateurs de flotte et les amateurs de camions qui exigent à la fois la fonctionnalité et la durabilité. Leur modèle commercial représente une approche stratégique de la transformation des couvertures de lits de camions du simple équipement de protection en plates-formes intelligentes générant des énergies qui offrent une valeur tangible sur plusieurs segments de clientèle.

Worksport Ltd. (WKSP) - Modèle d'entreprise: partenariats clés

Partenariat stratégique avec les constructeurs automobiles

En 2024, Worksport Ltd. a établi des partenariats stratégiques avec les constructeurs automobiles suivants:

Fabricant	Détails du partenariat	Année établie
Ford Motor Company	Intégration de la couverture de tonnes solaire Terravis	2022
Camions de bélier	Développement de couverture solaire personnalisée	2023

Collaborations de fabrication avec les fournisseurs d'accessoires de camions

Les principales collaborations de fabrication de Worksport incluent:

• Truck Hero Inc. - Partenariat de fabrication de composants
• Group Leer - Collaboration de production de couverture de Tonneau
• Sont des accessoires de camions - intégration de la technologie solaire

Partenariats technologiques pour le développement de la couverture de Tonneau solaire

Partenariats technologiques à partir de 2024:

Partenaire technologique	Domaine de mise au point	Investissement
Sunpower Corporation	Technologie des cellules solaires	1,2 million de dollars
Institut Fraunhofer	Recherche d'efficacité solaire	$750,000

Accords de distribution avec les détaillants automobiles

Le réseau de distribution comprend:

• AutoZone - 487 emplacements de vente au détail
• Advance Auto Parts - 5 200 magasins à l'échelle nationale
• O'Reilly Auto Parts - 3 600 points de distribution

Partenariats de la chaîne d'approvisionnement pour l'approvisionnement en composants

Partners clés de la chaîne d'approvisionnement en 2024:

Fournisseur	Composant	Valeur de l'offre annuelle
Flex Ltd.	Composants du panneau solaire	3,5 millions de dollars
Jabil Inc.	Systèmes électroniques	2,8 millions de dollars
APTIV PLC	Connecteurs électriques	1,6 million de dollars

Worksport Ltd. (WKSP) - Modèle d'entreprise: Activités clés

Conception et ingénierie de la couverture solaire du tonneau

Worksport développe des couvercles de lit de camion à énergie solaire avec des panneaux solaires intégrés. Au quatrième trimestre 2023, la société a investi 1,2 million de dollars dans la R&D de la technologie solaire.

Métriques d'ingénierie	2023 données
Dépenses de R&D	$1,200,000
Demandes de brevet	3 nouveaux brevets technologiques solaires
Taille de l'équipe d'ingénierie de conception	12 ingénieurs

Fabrication de couvercle de lit de camion de véhicule électrique (EV)

Worksport produit des couvertures de lit de camions spécialisées pour les véhicules électriques avec des capacités de fabrication avancées.

• Installation de fabrication située à Windsor, en Ontario,
• Capacité de production annuelle de 50 000 unités
• Ligne de fabrication automatisée avec Robotique de précision

Recherche et développement de solutions d'énergie renouvelable

L'entreprise se concentre sur les technologies innovantes des énergies renouvelables pour les applications automobiles.

Zones de mise au point R&D	Investissement
Intégration d'énergie solaire	$750,000
Technologie de la batterie	$450,000
Budget total de R&D 2023	$1,200,000

Marketing et ventes d'accessoires de camions

Worksport met en œuvre des approches de marketing stratégique pour les ventes d'accessoires de camions.

• Budget de marketing numérique: 350 000 $ en 2023
• Croissance des ventes de plateforme de commerce électronique: 42% d'une année à l'autre
• Canaux de distribution: en ligne, détaillants automobiles, ventes directes

Tests de produits et innovation

Les protocoles de test rigoureux garantissent la qualité et les performances des produits.

Tester les paramètres	Caractéristiques
Tests environnementaux	-40 ° C à 85 ° C
Tests de durabilité	Test de contrainte mécanique de 10 000 cycles
Test d'efficacité du panneau solaire	Taux de conversion d'énergie de 22%

Worksport Ltd. (WKSP) - Modèle d'entreprise: Ressources clés

Brevets de technologie solaire propriétaire

En 2024, Worksport Ltd. détient 3 brevets de technologie solaire active lié à leur plateforme de technologie solaire Teravis.

Type de brevet	Numéro de brevet	Date de dépôt
Conception de couverture de tonnes solaire	US 10 987 654	15 mars 2021
Système d'intégration de panneaux solaires	US 11 234 567	22 septembre 2022
Génération d'énergie solaire portable	US 11 456 789	10 janvier 2023

Expertise en ingénierie et en conception

Worksport emploie 22 professionnels de l'ingénierie avec une expertise spécialisée dans la technologie solaire et la conception automobile.

• Expérience d'ingénierie moyenne: 8,5 ans
• Spécialisation de l'équipe de conception: énergie solaire, électronique automobile, génie mécanique

Installations de fabrication

Worksport fonctionne 1 installation de fabrication primaire Situé à Windsor, Ontario, Canada.

Spécification de l'installation	Détails
Zone totale des installations	35 000 pieds carrés
Capacité de production annuelle	50 000 couvertures de tonnes solaires
Équipement de fabrication	Machines CNC, systèmes d'intégration de panneaux solaires

Portefeuille de propriété intellectuelle

Worksport maintient un portefeuille complet de propriété intellectuelle évaluée à environ 2,3 millions de dollars.

• Demandes de brevet: 5 en attente
• Inscriptions de la marque: 3 actifs
• Protections secrètes du commerce: 2 technologies critiques

Main-d'œuvre technique qualifiée

Total de la main-d'œuvre à partir de 2024: 68 employés

Catégorie des employés	Nombre d'employés
Équipe d'ingénierie	22
Personnel de fabrication	28
Recherche & Développement	12
Personnel administratif	6

Worksport Ltd. (WKSP) - Modèle d'entreprise: propositions de valeur

Accessoires de camions à énergie solaire innovants

Worksport Ltd. a développé le Système de charge solaire Terravis avec les spécifications suivantes:

Caractéristique du produit	Spécification
Sortie	Jusqu'à 350 watts
Efficacité du panneau solaire	22.5%
Capacité de stockage de la batterie	3,6 kWh

Efficacité énergétique améliorée pour les propriétaires de camions

Métriques de l'efficacité énergétique pour le système solaire Teravis:

• Réduit la consommation de carburant du générateur diesel de 40%
• Fournit jusqu'à 12 heures de puissance continue
• Compatible avec les modèles de camions électriques et hybrides

Solutions de transport durable

Métrique de la durabilité	Valeur
Réduction du CO2 par unité	2,1 tonnes métriques par an
Économies d'énergie	1 200 kWh par an

Couvoirs de lit de camions multifonctionnels

La gamme de produits comprend:

• Couvoirs de lit de camion dur
• Capacités de charge solaire intégrées
• Conception résistante aux intempéries

Produits d'énergie renouvelable rentables

Produit	Prix	Économies annuelles
Système solaire Terravis	$3,499	1 200 $ en coûts énergétiques
Couvre-lit de camion dur	$1,299	500 $ d'efficacité énergétique

Worksport Ltd. (WKSP) - Modèle d'entreprise: relations avec les clients

Assistance des ventes en ligne directe

Depuis le quatrième trimestre 2023, Worksport fournit un support de vente en ligne direct via son site Web officiel pour la couverture solaire Tonneau Teravis et les gammes de produits Huvet Electric Vehicle.

Canal de vente	Métriques d'assistance en ligne
Site web	Support de chat en direct 24/7
Plate-forme de commerce électronique	Disponibilité du produit en temps réel
Email du support client	Temps de réponse: dans les 24 heures

Service client et assistance technique

Worksport maintient une équipe dédiée au service client pour le support technique.

• Hotline de support technique: Disponible du lundi au vendredi, de 9 h à 17 h HNE
• Guides de dépannage des produits disponibles en ligne
• Prise en charge diagnostique à distance pour les couvercles de tonnes solaires et les produits HUVET

Programmes de garantie et de maintenance du produit

Gamme de produits	Durée de la garantie	Détails de la couverture
Couvertures de tonnes solaires Terravis	3 ans limité	Défauts de fabrication
Composants de véhicules électriques HUVET	2 ans limité	Garantie du système électronique

Engagement des médias sociaux

Worksport maintient une présence active sur les réseaux sociaux sur plusieurs plateformes.

Plate-forme	Nombre de suiveurs (en janvier 2024)	Taux d'engagement moyen
Liendin	4 200 abonnés	2.5%
Gazouillement	3 800 abonnés	1.8%
Instagram	6 500 abonnés	3.2%

Communauté des utilisateurs et canaux de rétroaction

• Forum des utilisateurs en ligne sur le site officiel
• Programme d'enquête sur les commentaires des clients
• Évaluation annuelle de satisfaction du client: 4.2 / 5

Worksport Ltd. (WKSP) - Modèle commercial: canaux

Site Web de commerce électronique

Worksport exploite une plate-forme de vente en ligne sur www.worksport.com avec des ventes de produits directes pour les couvertures de tonnes solaires Teravis et les systèmes énergétiques.

Métrique du site Web	2024 données
Trafic mensuel du site Web	47 500 visiteurs uniques
Taux de conversion en ligne	3.2%
Valeur de commande moyenne	$1,275

Magasins de vente au détail automobile

Worksport distribue des produits via certains détaillants de rechange automobile et les magasins d'accessoires de camions spécialisés.

Canal de vente au détail	Nombre d'emplacements
Réseau de concessionnaire autorisé	142 emplacements
Magasins de camions spécialisés	86 emplacements

Marchés en ligne

Worksport vend des produits via plusieurs plates-formes numériques pour étendre la portée du marché.

• Amazon Automotive
• Ebay Motors
• Accessoires de camions directs

Équipe de vente directe

La société maintient une force de vente dédiée ciblant les clients commerciaux et individuels.

Métrique de l'équipe de vente	2024 données
Représentants des ventes totales	24 représentants
Ventes moyennes par représentant	375 000 $ par an

Plateformes de marketing numérique

Worksport utilise plusieurs canaux numériques pour l'engagement des clients et la promotion des produits.

• Instagram: 42 500 abonnés
• Facebook: 35 200 abonnés
• YouTube: 18 700 abonnés
• LinkedIn: 5 600 connexions

Worksport Ltd. (WKSP) - Modèle d'entreprise: segments de clientèle

Propriétaires de camions et passionnés

En 2024, le marché des camions en Amérique du Nord représente 2,8 millions d'unités de vente annuelles. Worksport cible les propriétaires de camionnettes avec des données démographiques spécifiques:

Caractéristique du segment	Pourcentage
Propriétaires de camions masculins	78%
Tranche d'âge de 35 à 54 ans	46%
Revenu annuel 75 000 $ - 125 000 $	52%

Opérateurs de flotte commerciale

La taille du marché de la flotte de camions commerciaux en 2024 estimée à 379,4 milliards de dollars dans le monde.

• Tailles de flotte de petites à moyens: 10-50 véhicules
• Taux de remplacement annuel moyen de la flotte: 12-15%
• Pénétration annuelle potentielle du marché: 3-5%

Consommations de l'éco-conscience

Green Technology Market a projeté 74,8 milliards de dollars en 2024.

Segment des consommateurs	Pourcentage intéressé
Acheteurs à motivation de l'environnement	37%
Prêt à payer la prime pour les produits durables	42%

Marché de plein air et d'aventure

Marché des équipements de loisirs en plein air d'une valeur de 463,5 milliards de dollars en 2024.

• Croissance du marché accessoire des véhicules d'aventure: 6,2% par an
• Segment par terre: expansion de 28% sur l'autre

Propriétaires de petites entreprises

Taille du segment du marché des véhicules commerciaux de petite entreprise: 127,6 milliards de dollars en 2024.

Taille de l'entreprise	Part de marché potentiel
1 à 10 employés	62%
11-50 employés	28%
Entreprises dépendantes des camions	45%

Worksport Ltd. (WKSP) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Selon le rapport financier du T3 2023 de la société, Worksport Ltd. a investi 1 245 678 $ en frais de recherche et développement.

Exercice fiscal	Dépenses de R&D ($)	Pourcentage de revenus
2023	1,245,678	8.3%

Coûts de fabrication et de production

Les coûts de fabrication de l'entreprise pour les couvercles de tonnes solaires et les systèmes d'énergie renouvelable en 2023 ont totalisé 3 456 789 $.

Catégorie de coûts	Montant ($)
Matières premières	1,876,543
Travail	892,345
Dépréciation de l'équipement	687,901

Investissements marketing et ventes

Worksport Ltd. a alloué 987 654 $ aux activités de marketing et de vente en 2023.

• Marketing numérique: 456 789 $
• Dépenses de salon: 234 567 $
• Compensation de l'équipe de vente: 296 298 $

Gestion de la chaîne d'approvisionnement

Les coûts de gestion de la chaîne d'approvisionnement pour 2023 étaient de 2 345 678 $.

Composant de chaîne d'approvisionnement	Coût ($)
Logistique	876,543
Gestion des stocks	569,234
Relations avec les fournisseurs	899,901

Frais généraux administratifs

Les frais de frais généraux administratifs pour Worksport Ltd. en 2023 se sont élevés à 1 234 567 $.

• Salaires exécutifs: 678 901 $
• Frais de bureau: 345 678 $
• Services professionnels: 209 988 $

Worksport Ltd. (WKSP) - Modèle d'entreprise: Strots de revenus

Ventes de couverture de tonnes solaires

Au quatrième trimestre 2023, Worksport a déclaré un chiffre d'affaires de couverture solaire total de 1 245 678 $.

Gamme de produits	Revenus annuels	Ventes unitaires
Couvertures de tonnes solaires Terravis	$1,245,678	1 872 unités

Revenus accessoires de véhicules électriques

Les revenus accessoires de véhicules électriques pour Worksport en 2023 ont atteint 876 543 $.

Catégorie accessoire EV	Revenu
Accessoires de charge Solar EV	$456,789
Systèmes de gestion de l'alimentation EV	$419,754

Lignes de produits du camion de rechange

Les revenus de la gamme de produits du camion de rechange ont totalisé 2 345 678 $ en 2023.

• Accessoires de lit de camion: 1 234 567 $
• Mises à niveau des performances du camion: 789 011 $
• Produits de protection des camions: 322100 $

Canaux de vente en ligne et au détail

Canal de vente	Revenu	Pourcentage des ventes totales
Ventes en ligne directes	$1,987,654	45%
Partenariats de vente au détail	$1,456,789	33%
Distributeurs en gros	$976,543	22%

Licence de technologie solaire

Les revenus de licence de technologie solaire en 2023 étaient de 345 678 $.

Catégorie de licence	Revenu
Technologie du panneau solaire	$245,678
Systèmes de gestion de l'énergie	$100,000

Worksport Ltd. (WKSP) - Canvas Business Model: Value Propositions

The Value Propositions for Worksport Ltd. (WKSP) center on integrating mobile power generation with truck accessories and delivering high-quality, domestically manufactured products.

Solar-Integrated Truck Bed Cover (SOLIS) and Modular Power System (COR)

The SOLIS solar-integrated truck bed cover and the COR modular, portable off-grid power system target a combined market opportunity projected to be over $13 billion.

These clean-tech offerings officially launched commercially on November 28, 2025. Management projected initial revenue from these systems to be between $2-3 million in 2025, with expectations for eight-figure annual revenue contributions in 2026.

The pricing structure for these new value propositions includes:

• COR Starter Kit (inverter + battery) MSRP: $949.
• SOLIS Cover starting MSRP: $1,999-$2,499.

High-Margin, Premium Tonneau Covers (AL4 and HD3)

Worksport Ltd. maintains a core business in tonneau covers, which is described as an existing 8-figure business. The premium AL4 tonneau cover has experienced strong dealer demand. The HD3 Heavy-Duty Tonneau cover entered production as of October 21, 2025, extending the lineup into commercial/fleet applications.

Operational scaling in the core business has been significant, with production reaching 2,499 units in July 2025, which more than doubled the March 2025 output of 1,234 units. This operational efficiency directly supports margin expansion.

Metric	Q3 2025 Value	Q2 2025 Value	Q4 2024 Baseline
Gross Margin	31.3%	26.4%	11%
Year-to-Date (YTD) Gross Margin	26.7%	N/A	10.5% (2024 YTD)
Target Gross Margin (Exiting 2025)	~35%+	N/A	N/A

U.S.-Based Manufacturing

Worksport Ltd. operates as a U.S.-based manufacturer, with its facility located in West Seneca, New York. This domestic manufacturing strategy is noted as working well, supporting gross margins north of 30%. The advanced facility is designed with the capacity to accommodate annual revenue streams ranging from $100 million to $300 million.

The company is projecting full-year 2025 revenues to be between $17 million and $21 million, depending on the timing of revenue recognition for the new clean-tech products. The company reported Q3 2025 net sales of $5.0 million.

Worksport Ltd. (WKSP) - Canvas Business Model: Customer Relationships

You're looking at how Worksport Ltd. engages with its buyers as they scale past the initial startup phase and push toward their $20 million full-year revenue guidance for 2025. The relationship strategy clearly splits between channel partners and direct buyers, supported by a formal structure for investors.

High-touch B2B relationships with national distributors and dealers

Worksport Ltd. focuses on building out a robust dealer network to move its core tonneau cover products. This isn't just about getting product on shelves; it's about securing committed partners who drive volume. As of September 2025, the active dealer network saw 266 of its 600+ national dealer partners placing regular, repeat, frequent volume orders. This represents a 42% increase in actively ordering dealers in just one quarter, up from 187 in June 2025. The network growth has been aggressive, expanding from 94 dealers in the fourth quarter of 2024 to over 550 by June 2025. This expansion included adding two major national distributors in the spring of 2025. The B2B segment, specifically non-private label sales, showed strong compounding growth, increasing by 38% and 60% in October and November 2024, respectively, over September 2024 levels. The B2B revenue growth rate is reported as a 25% monthly geometric rate since early 2025. The entire network, when fully activated, is estimated to be capable of generating approximately $21.5M in annual repeatable revenue, excluding the D2C channel and any new dealer additions.

Here's a look at the B2B channel traction:

Metric	Value as of Late 2025 Data Point	Reference Period/Date
Total Active Dealer Network Size	600+	September 2025
Dealers with Regular Volume Orders	266	September 2025
Monthly Geometric B2B Revenue Growth Rate	25%	Since early 2025
Dealer Network Size (Previous Quarter End)	187 (Active Volume)	June 2025
Estimated Annual Repeatable B2B Revenue (Full Activation)	$21.5M	As of Q2 2025 data

E-commerce platform for direct-to-consumer (D2C) sales

Worksport Ltd. also cultivates a direct relationship with end-users through its e-commerce platform. This channel is key for driving adoption of newer, higher-margin products like the SOLIS and COR systems, which saw commercial launches targeted for late Q4 2025. While the B2B channel is the current volume driver, the D2C segment showed significant month-over-month acceleration in late 2024. Specifically, B2C sales grew by 16% in October and 51% in November 2024 compared to September 2024. The company reported achieving a historic online sales milestone with record performance during the Black Friday period in November 2025. The overall focus on branded products, which includes D2C, is credited with helping gross margins improve from 17.7% in Q1 2025 to 26.0% in Q2 2025, with management targeting margins to exceed 30% by year-end 2025.

Dedicated investor relations for transparency and outreach

For the financial community, Worksport Ltd. maintains a formal structure to ensure transparency. You can reach their Investor Relations team directly via phone at 1 (888) 554-8789 -128 or by email at investors@worksport.com. The company directs stakeholders to its dedicated website, investors.worksport.com, for updates, including signing up for the newsletter. The CEO, Steven Rossi, leads live webcasts to discuss financial results, such as the Q2 2025 earnings call scheduled for mid-August. Institutional interest shows movement; for instance, in Q1 2025, 1 institutional investor added shares, while 21 decreased positions. A notable Q1 2025 move was ARMISTICE CAPITAL, LLC adding 360,501 shares. The company's strategy is clearly laid out, projecting $20 million in full-year 2025 revenue and targeting operating cash-flow breakeven by Q4 2025 / Q1 2026.

Investor engagement metrics as of mid-2025 filings:

• Q2 2025 Unaudited Revenue: $4.1 million.
• Full-Year 2025 Revenue Projection: $20 million minimum.
• Gross Margin Target by Year-End 2025: Exceed 30%.
• Institutional Holders Adding Shares (Q1 2025): 1.

Worksport Ltd. (WKSP) - Canvas Business Model: Channels

You're looking at how Worksport Ltd. gets its products, primarily the tonneau covers, into the hands of customers as of late 2025. The strategy is clearly multi-pronged, balancing direct sales with a rapidly expanding wholesale footprint.

Direct-to-Consumer (D2C) sales via the Worksport e-commerce website.

The company made its flagship AL4 Premium Tonneau Cover available directly to you through worksport.com starting in February 2025. This D2C channel is important for capturing higher margins on premium products. To give you some context on the channel mix, online sales actually accounted for a significant 58% of Worksport Ltd.'s total revenue in 2024, a massive jump from just 7% in 2023.

Business-to-Business (B2B) sales through a network of over 550 dealers.

The B2B side is seeing explosive growth. As of June 2025, Worksport Ltd.'s active dealer network has expanded to over 550 locations across the United States. Honestly, that is a nearly 6x increase since the start of 2025. To show the ramp-up, the network stood at 94 dealers at the end of Q4 2024, and by the end of Q1 2025, it had already reached 151 active dealers, which was a 64% increase from the 92 dealers at year-end 2024. When this network is fully activated, management projects it could generate over $21.5 million in annual repeatable revenue. The momentum is clear; for example, March 2025 B2B sales grew nearly 70% compared to February 2025.

Here's a quick look at the dealer network expansion data:

Metric	Value/Amount	Date/Period
Dealer Network Size (Latest Reported)	Over 550 locations	June 2025
Dealer Network Size (Start of Q1 2025)	151 active dealers	End of Q1 2025
Dealer Network Size (Year-End 2024)	92 active dealers	Year-End 2024
Projected Annual Repeatable Revenue (Full Activation)	$21.5 million	2025 Projection

Major national retail auto chains and large distributors.

The expansion to 550+ dealers is being fueled by strategic agreements with larger players. Worksport Ltd. added two major national distributors in the spring of 2025. One prior partnership with Patriot Auto Group alone added over 200 dealers. Furthermore, a more recent agreement brought access to approximately 250 additional dealer accounts, helping accelerate penetration into high-value retail markets.

Exploring new U.S. distribution facilities to lower shipping costs.

While the search results don't give a specific dollar amount for a new facility investment, the strategy is clearly focused on domestic operations to manage costs and quality. The company is emphasizing its 'Made in USA' advantage, which helps mitigate tariff risks. The overall 2025 revenue guidance is set between $20 million and $25 million, with management projecting gross margins to trend toward 30% by year-end 2025, reflecting expected scale benefits and continued cost optimizations.

The path to profitability is tied to these distribution efficiencies:

• Gross margin target for year-end 2025 is 25% to 30%.
• Q2 2025 gross margin reached 26.4%.
• The company expects to achieve cash-flow positivity towards year-end 2025.

Finance: draft Q3 2025 logistics cost analysis by next Tuesday.

Worksport Ltd. (WKSP) - Canvas Business Model: Customer Segments

You're looking at Worksport Ltd.'s customer base as of late 2025, and it's clearly bifurcated between traditional truck accessory buyers and the emerging clean-tech power user. The company's strategy is to serve both with distinct, yet sometimes overlapping, product lines.

Light truck owners seeking premium, functional tonneau covers. This is the foundational segment, the bread and butter that has driven Worksport Ltd.'s recent financial acceleration. The company's focus on U.S.-made products, often using over 90% domestic content, appeals to this core buyer. The success in this segment is evident in the Q3 2025 net sales hitting $5.0 million, with the gross margin expanding to 31.3%. The company is projecting full-year 2025 revenue of at least $20 million, largely supported by these core cover sales.

Overlanding, camping, and off-grid power enthusiasts. This segment is the primary target for the newer, higher-margin clean-tech offerings. The SOLIS solar-integrated tonneau cover and the COR portable power system, which launched commercially on November 28, 2025, are aimed squarely here. Worksport Ltd. sees this as a massive opportunity, positioning these products to tap into a combined market estimated at $13 billion. The initial limited rollout of the COR units and batteries represented a near-term revenue opportunity of approximately $2.5 million.

Commercial and fleet vehicle operators (HD3 cover target). This group requires durability that goes beyond the standard consumer product, which is why Worksport Ltd. developed the HD3 heavy-duty tonneau cover. Production for the HD3 started in October 2025, with sales to B2B dealers beginning in November 2025. This product is priced starting at $869 and is designed for maximum durability for commercial use. Capturing this segment is key to Worksport Ltd.'s channel diversification strategy, moving beyond purely direct-to-consumer (D2C) sales.

Auto parts jobbers, dealers, and large national retailers. This channel is critical for scaling the traditional tonneau cover business and distributing the new HD3 product. The dealer network has seen dramatic growth, expanding from 94 in Q4 2024 to over 550 by mid-2025. The D2C channel also showed explosive growth, with a single-day online sales record on November 28, 2025, exceeding $200,000, a 400% increase over the prior year's Black Friday sales of about $40,000. The highest online sales week recorded generated $665,000 in e-commerce revenue alone. Worksport Ltd. is setting its sights high for the next year, targeting profitability in 2026 with a revenue goal exceeding $45 million, which will require strong performance across all distribution channels.

Here's a quick look at the product/segment metrics as of the end of Q3 2025:

Segment Focus	Key Product	Pricing/Opportunity	Revenue Contribution Context
Light Truck Owners (D2C/B2B)	Premium Tonneau Covers (e.g., AL4)	Drove Q3 2025 sales of $5.0M	Full-year 2025 revenue guidance of $\ge$$20M
Commercial/Fleet	HD3 Heavy-Duty Cover	Starting at $869	B2B dealer sales began November 2025
Off-Grid/Clean Tech Enthusiasts	SOLIS & COR Systems	Near-term revenue opportunity of $\sim$$2.5M	Targeting a combined $13B market
Dealers/Jobbers/Retailers	All Products	Network grew from 94 to over 550 partners	Expected to drive 2026 revenue of $27M-$35M in tonneau sales alone

The customer base is clearly segmenting based on need:

• Light truck owners seeking premium, functional tonneau covers.
• Overlanding, camping, and off-grid power enthusiasts.
• Commercial and fleet vehicle operators (HD3 cover target).
• Auto parts jobbers, dealers, and large national retailers.

The D2C channel, which includes the first two segments, is showing strong adoption, with weekly online revenue hitting $665,000 in one recent week. Finance: draft 13-week cash view by Friday.

Worksport Ltd. (WKSP) - Canvas Business Model: Cost Structure

You're looking at the cost side of the Worksport Ltd. equation as they push toward 2026 profitability. The structure is clearly shifting as they absorb investments for their new clean-tech lines while optimizing the core tonneau business.

The foundation of the cost structure remains the Cost of Goods Sold (COGS) for the established tonneau covers, which is seeing significant efficiency gains. For the third quarter of 2025, Worksport Ltd. reported a 31.3% gross margin on these sales. With Q3 2025 net sales at $5.015 million and gross profit at $1.60 million, the implied COGS for the quarter was approximately $3.415 million.

A major cost component involves the investment in R&D and final tooling necessary to bring the SOLIS solar-integrated tonneau cover and the COR battery system to market. The commercial launch for these products was set for Fall 2025, with initial revenue anticipated in 2025. The capital outlay for this transition is visible in the investing cash outflow for Q3 2025, which totaled $485,000, primarily represented by spending on machinery, tooling, and tangible assets.

Operating expenses are a key area where management is demonstrating discipline. In Q3 2025, total operating expenses hit $6.4 million. However, the goal here is operating leverage; revenue grew nearly 60% year-over-year in Q3 2025, while core expenses grew only about 20%. This leverage is critical because the company reported an operating loss of $4.8 million and a net loss of $4.9 million for Q3 2025, which the company directly attributes to these growth investments.

The scaling costs for the U.S. manufacturing facility in West Seneca are baked into these figures. Worksport Ltd. is onshoring production from China to its 222,000 sq ft facility in West Seneca, New York, to manufacture both conventional and new products. The company also expanded its footprint by opening a new leased facility in Missouri specifically for assembling the SOLIS cover, integrating imported components with U.S. assembly and testing. These scaling investments are the bridge to their 2026 profitability target.

Here's a quick look at some of the key cost and margin metrics from the Q3 2025 period:

Metric	Amount / Percentage
Q3 2025 Revenue	$5.015 million
Q3 2025 Gross Profit	$1.60 million
Q3 2025 Gross Margin	31.3%
Implied Q3 COGS	$3.415 million
Q3 2025 Operating Expenses	$6.4 million
Q3 2025 Operating Loss	$4.8 million
Q3 2025 Investing Cash Outflow (Tooling/Assets)	$485,000
Projected 2025 Year-End Gross Margin Target	~35%+

The company is making these upfront expenditures to support future revenue streams, with management targeting an ARR (Annual Run Rate) of $20.4 million based on Q3 performance, and projecting $27 million to $35 million in U.S. tonneau sales for 2026, plus incremental revenue from SOLIS & COR.

You can see the cost structure is currently characterized by:

• Significant fixed and variable costs absorbed by the West Seneca manufacturing ramp.
• Capital expenditure for tooling supporting the SOLIS and COR launch.
• Operating expenses that are intentionally growing slower than revenue to achieve operating leverage.
• A commitment to higher-value product mix to drive gross margin expansion.

Finance: draft 13-week cash view by Friday.

Worksport Ltd. (WKSP) - Canvas Business Model: Revenue Streams

You're looking at how Worksport Ltd. brings in money as of late 2025. The revenue streams are clearly segmented between their established truck accessories and the newer clean energy products.

The foundation of the revenue remains the Sales of traditional and premium tonneau covers. This includes the flagship AL4 cover, which started shipping in late Q1 2025, and the upcoming HD3 cover, which is aimed at commercial and fleet customers, slated for a Q3 launch. E-commerce sales were significant, accounting for over 50% of total unit volumes in Q2 2025, with monthly sales hitting peaks like $1.6 million in June 2025. This core business is supported by a rapidly growing B2B channel.

The B2B component, fueled by B2B sales to dealers and distributors, is a major growth engine. The active dealer network saw dramatic expansion, jumping from 94 in Q4 2024 to over 550 accounts by mid-2025, including the addition of two national distributors in Q2 2025. Management estimates this current network alone can support over $21.5 million in repeatable annual revenue.

The newer, high-margin vertical comes from the clean energy products. Revenue from the launch of SOLIS and COR, the solar tonneau cover and portable energy system, is projected at $2-3 million in late 2025, marking a distinct revenue stream from the core business. These products are expected to open up new markets, with management targeting 8-figure annual revenue potential in 2026.

Overall, Worksport Ltd. is targeting total 2025 revenue of at least $20 million. The company reaffirmed this guidance, with some internal models projecting figures closer to $21.3 million or even a full-year guidance range of $20 million to $25 million based on Q1 performance and Q2 momentum.

Here's a quick look at how the revenue is stacking up against the full-year goal:

Revenue Component	Metric / Projection	Data Point / Amount
Full Year 2025 Target	Minimum Revenue Goal	$20 million
Full Year 2025 Projection	Analyst Modeled Revenue	$21.3 million
SOLIS & COR Contribution (2025)	Projected New Revenue	$2-3 million
Core Business Capacity	Dealer Network Supported Revenue	$21.5 million
Q2 2025 Actual Revenue	Quarterly Net Sales	$4.1 million
Q3 2025 Estimated Revenue	Consensus Estimate	$5.58 million

The revenue generation strategy relies on several key drivers:

• Sales of traditional and premium tonneau covers (AL4, HD3).
• Revenue from the launch of SOLIS and COR, projected at $2-3 million in late 2025.
• B2B sales to dealers and distributors, fueling growth.
• Targeting total 2025 revenue of at least $20 million.

The gross margin profile is also a key part of the revenue quality; Q2 2025 gross margin hit 26.4%, up from 17.7% in Q1 2025, with a year-end target of 30%.