Worksport Ltd (NASDAQ: WKSP) is a specialty vehicle accessories company that designs, manufactures, and sells tonneau covers for pickup trucks along with portable power stations. Revenue comes from transactional product sales through both business-to-business distribution channels and direct-to-consumer sales, with a minimum advertised price policy in place to protect distributor margins. Worksport operates in the U.S. tonneau cover market, which was estimated at $2.56 billion in 2024, a submarket representing 34% of truck bed and utility modifications within the broader pickup truck specialty equipment segment. Net sales in the U.S. were $16,010,083 for FY2025, up 91% from $8,397,570 in FY2024. Canada contributed $90,955 in FY2025 net sales. The company manufactures hard folding aluminum tonneau covers domestically in the United States and also offers soft folding covers. Inventories stood at $9,530,671 as of December 31, 2025, representing 57% of current assets. Worksport is incorporated in Nevada and classified as a smaller reporting company.

Revenue model

Transactional product sales of tonneau covers and portable power stations through B2B distributor relationships and direct-to-consumer channels. Revenue is recognized at shipment or delivery per ASC 606. Shipping and handling costs billed to customers are included in net sales.

Products and services

Soft folding tonneau covers (tri-fold and quad-fold configurations) and hard folding aluminum tonneau covers (tri-fold and quad-fold with Quick Latch functionality and proprietary panel coatings). The SOLIS cover integrates solar panels. Portable power stations are a secondary product line. Hard covers are manufactured and assembled in the United States.

Customers and end markets

Pickup truck owners and fleet operators purchasing aftermarket truck bed accessories. End market is the U.S. specialty equipment aftermarket, where pickup trucks represent 32% of specialty equipment sales (SEMA, 2025) and truck bed and utility modifications account for 34% of the pickup truck accessory segment. B2B customers include distributors; direct-to-consumer sales also conducted.

Value-chain role

Product designer, manufacturer (hard covers assembled in the U.S.), and seller of pickup truck tonneau covers and portable power stations. Sells through a small in-house B2B sales team and direct-to-consumer channel. Enforces minimum advertised price policy with distribution partners.

Geographic exposure

Predominantly United States. U.S. net sales were $16,010,083 in FY2025 vs. $8,397,570 in FY2024. Canada net sales were $90,955 in FY2025. All other international net sales were $700 in FY2025.

Source: SEC 10-K, filed 2026-03-26

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