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Worksport Ltd (WKSP)



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Upturn Advisory Summary
08/14/2025: WKSP (1-star) is currently NOT-A-BUY. Pass it for now.
1 Year Target Price $10.33
1 Year Target Price $10.33
1 | Strong Buy |
2 | Buy |
0 | Hold |
0 | Sell |
0 | Strong Sell |
Analysis of Past Performance
Type Stock | Historic Profit -64% | Avg. Invested days 25 | Today’s Advisory PASS |
Upturn Star Rating ![]() ![]() | Upturn Advisory Performance ![]() | Stock Returns Performance ![]() |
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Key Highlights
Company Size Small-Cap Stock | Market Capitalization 16.95M USD | Price to earnings Ratio - | 1Y Target Price 10.33 |
Price to earnings Ratio - | 1Y Target Price 10.33 | ||
Volume (30-day avg) 3 | Beta 1.99 | 52 Weeks Range 2.44 - 12.00 | Updated Date 08/15/2025 |
52 Weeks Range 2.44 - 12.00 | Updated Date 08/15/2025 | ||
Dividends yield (FY) - | Basic EPS (TTM) -7.22 |
Analyzing Revenue: Products, Geography and Growth
Revenue by Geography
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin -165.59% | Operating Margin (TTM) -190.09% |
Management Effectiveness
Return on Assets (TTM) -37.28% | Return on Equity (TTM) -86.66% |
Valuation
Trailing PE - | Forward PE - | Enterprise Value 18649524 | Price to Sales(TTM) 1.66 |
Enterprise Value 18649524 | Price to Sales(TTM) 1.66 | ||
Enterprise Value to Revenue 1.5 | Enterprise Value to EBITDA -1.58 | Shares Outstanding 5200130 | Shares Floating 4512517 |
Shares Outstanding 5200130 | Shares Floating 4512517 | ||
Percent Insiders 6.29 | Percent Institutions 10.17 |
Upturn AI SWOT
Worksport Ltd

Company Overview
History and Background
Worksport Ltd. was founded in 2011. Initially focused on truck bed covers, it has evolved into a developer of solar-integrated Advanced Driver Assistance Systems (ADAS) and energy storage solutions.
Core Business Areas
- Truck Bed Covers: Designs and manufactures tonneau covers for pickup trucks.
- Solar-Integrated ADAS: Developing solar-powered Advanced Driver Assistance Systems. Includes 'Niovan' which is an advanced solar and hydrogen power system.
- Energy Storage Solutions: Focuses on portable power solutions and renewable energy systems.
Leadership and Structure
Worksport Ltd's leadership includes Steven Rossi (CEO). The organizational structure is typical of a small publicly traded company, with departments for engineering, manufacturing, sales, and marketing.
Top Products and Market Share
Key Offerings
- Tonneau Covers: Designs and manufactures a range of tonneau covers, including hard folding, soft folding, and retractable models. Market share is small relative to industry giants like Leer and Extang. Revenue from this segment is the primary source of income, though specific numbers are not publicly released in detail. Competitors include: Leer, Extang, Bak Industries.
- Niovan: Developing a solar and hydrogen power system. Market share is non-existent at this stage, since the product is still in development. Competitors include: Microvast, Ballard Power Systems, Plug Power.
Market Dynamics
Industry Overview
The truck accessories market is substantial and growing, driven by strong truck sales. The renewable energy market, particularly solar power systems is also undergoing explosive growth.
Positioning
Worksport Ltd aims to position itself as an innovator in sustainable and integrated solutions for the truck and renewable energy markets. They have a competitive advantage in niche markets by focusing on integrated systems.
Total Addressable Market (TAM)
The total addressable market for truck bed covers is estimated to be in the billions of dollars, and the renewable energy market is many billions higher. Worksport is targeting a share of both markets with unique solutions.
Upturn SWOT Analysis
Strengths
- Innovative solar integration technology
- Proprietary designs for tonneau covers
- Focus on sustainable energy solutions
Weaknesses
- Limited brand recognition
- Small market share relative to competitors
- Limited cash reserves
Opportunities
- Growing demand for renewable energy
- Increasing adoption of truck accessories
- Potential partnerships with automotive manufacturers
Threats
- Competition from established players
- Fluctuations in raw material costs
- Changes in government regulations related to solar energy
Competitors and Market Share
Key Competitors
- LCI
- ALRM
- THO
Competitive Landscape
Worksport Ltd faces intense competition from larger, more established companies with greater financial resources. Their innovative approach may provide a competitive advantage in the long run.
Growth Trajectory and Initiatives
Historical Growth: Historical growth has been incremental, with revenue increasing from sales of tonneau covers. Growth has not met expectations.
Future Projections: Future growth projections are heavily dependent on the successful commercialization of its solar integration technology. Analyst estimates are not widely available.
Recent Initiatives: Recent initiatives include the development and marketing of the Niovan solar and hydrogen power system, and strategic partnerships to expand market reach.
Summary
Worksport Ltd. is an early-stage company with innovative concepts in truck accessories and renewable energy. Its financial performance is currently weak, with modest revenue and net losses. The company is dependent on successful commercialization of its solar products. Worksport needs to scale its operations and improve its financials to achieve long term growth, particularly in order to compete with the industry giants that dominate the sectors in which it operates.
Peer Comparison
Sources and Disclaimers
Data Sources:
- Company Website
- SEC Filings
- Yahoo Finance
- Third Party Financial Data Providers
Disclaimers:
The data and analysis provided are for informational purposes only and should not be considered financial advice. Investment decisions should be made based on independent research and consultation with a qualified financial advisor. Market share estimates are based on available information and may not be precise.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About Worksport Ltd
Exchange NASDAQ | Headquaters West Seneca, NY, United States | ||
IPO Launch date 2003-07-15 | Founder, Chairman, President, CEO & Secretary Mr. Steven F. Rossi | ||
Sector Consumer Cyclical | Industry Auto Parts | Full time employees 80 | Website https://www.worksport.com |
Full time employees 80 | Website https://www.worksport.com |
Worksport Ltd., together with its subsidiary, designs and distributes truck tonneau covers in Canada and the United States. The company offers soft tonneau covers, such as vinyl wrapped tri- and quad-fold tonneau covers; and hard tonneau covers, including tri- and quad-fold aluminum covers. It also offers energy products, such as Worksport SOLIS, a tonneau cover with integrated solar panels; and Worksport COR energy storage system, a modular, portable power station. It serves its products to automotive accessories, consumer electronics, and residential and commercial HVAC system markets. The company is based in West Seneca, New York.

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