Worksport Ltd
worksport.comWhat Do They Do?
Makes hard-folding truck-bed covers for pickup owners, businesses and fleets, alongside soft covers and portable power systems.
10-K for FY2025, filed Mar 26, 2026Our hard folding tonneau cover offerings include tri-fold and quad-fold aluminum covers manufactured and assembled in the United States.…View ↗
Our tonneau cover portfolio includes multiple soft and hard folding platforms developed over time, including soft folding products marketed…View ↗
COR™ is a portable energy storage system designed to store and deliver electrical power for mobile, off-grid, and backup power…View ↗
How Do They Make Money?
Worksport sells hard tonneau covers to customers; each sale is completed when the product ships or is delivered under the sale terms.
10-K for FY2025, filed Mar 26, 2026
-
10-K for FY2025, filed Mar 26, 2026
FY2025 revenue by reportable segment ↗
$16.1M
-
10-K for FY2025, filed Mar 26, 2026
$16.1M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Hard Tonneau Covers
Sold outright
10-K for FY2025, filed Mar 26, 2026 |
97% |
Hard Tonneau Covers, FY2025
$15.6M Sources
|
Sold outright |
|
Soft Tonneau Covers
Sold outright
|
2.8% |
Soft Tonneau Covers, FY2025
$454.5K Sources
|
Sold outright |
Who Are Their Customers?
Worksport sells tonneau covers in the U.S. and Canada through wholesalers, distributors, dealers, online marketplaces and its direct-to-consumer site. Distributors supply local dealers and wholesalers, who sell to businesses and retail buyers.
10-K for FY2025, filed Mar 26, 2026We distribute our tonneau covers in U.S. and Canada through an expanding network of wholesalers, private labels, distributors, and dealers…View ↗
Do Revenues Turn Into Profits?
No. It lost $19.4M in FY2025.
10-K for FY2025, filed Mar 26, 2026
−$18.8MView ↗
10-K for FY2025, filed Mar 26, 2026
−$19.4MView ↗
10-K for FY2025, filed Mar 26, 2026
−$18.1MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 11, 2026
−$4MView ↗
- ▲ +6% (Loss)
- vs −$3.7M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 11, 2026
Open tableView ↗
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Aug 14, 2026
Nasdaq notified Worksport of a minimum bid-price deficiency
Shares remain listed during the compliance period, which runs through February 9, 2027; the notice has no immediate effect on trading.
Sources
8-K, filed Aug 14, 2026
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has 180 calendar days, or until February 9, 2027, to regain compliance with the…View ↗
Growing. Revenue grew 53.0x in 4 years, from $303.8K in FY2021 to $16.1M in FY2025, about 170% a year.
Manufacturing model
The older report said manufacturing was in China and planned a move to the United States. The latest describes a split approach: hard covers are made and assembled in the United States, while soft covers and portable energy systems come from overseas suppliers.
10-K for FY2022, filed Mar 31, 2023 10-K for FY2025, filed Mar 26, 2026In May 2022, we closed on the purchase of a commercial property (the “Property”) for $8,125,000 in the town of West Seneca, Erie County…View ↗
We utilize a hybrid manufacturing and assembly model. Our soft tonneau covers and portable energy systems are manufactured by third-party…View ↗
Who Do They Compete With?
Competes with RealTruck, Truck Accessories Group, Agri-Cover, Truck Covers USA, Paragon, EcoFlow, Alpha ESS, Anker Technology, and Bluetti
10-K for FY2025, filed Mar 26, 2026The Tonneau Cover market is dominated by RealTruck, but we compete with other brands as well, such as Truck Accessories Group, Agri-Cover…View ↗
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