A Business at a Glance
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ITEM 1. BUSINESS Worksport Ltd., through its subsidiaries, designs, develops, and manufactures innovative products for various markets including automotive accessories, consumer electronics, and both residential and commercial HVAC system markets. Worksport is able to monetize and protect its products through a large and growing intellectual property (“IP”) portfolio with patents and trademarks relating to, among other things, tonneau covers, solar integrated tonneau covers, portable power stations, NP (non-parasitic) hydrogen-based green energy systems, residential heating and cooling systems (heat pumps), and electric vehicle-charging stations.
| Metric | TTM | FY2024 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|
| Revenue | 14M | 8.5M | - | - | 1.9M | - |
| Net Income | -17M | -16M | -7.9M | -1.2M | -359K | -1.8M |
| EPS | $-3.58 | $-5.84 | $-6.90 | $-4.30 | $-2.00 | $-16.00 |
| Free Cash Flow | -14M | -11M | -5.1M | -703K | -101K | -381K |
| ROIC | -67.4% | -91.6% | -23.1% | -459.7% | -88.3% | -171.7% |
| Gross Margin | 23.6% | 10.7% | - | - | 12.4% | - |
| Debt/Equity | 0.18 | 0.03 | 0.06 | 10.22 | -1.55 | -3.49 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | -17M | -15M | -7.6M | -986K | -538K | -1.2M |
| Operating Margin | -116.8% | -182.3% | - | - | -27.9% | - |
| ROE | -88.1% | -90.8% | -46.0% | -700.8% | - | -2383.0% |
| Shares Outstanding | 8M | 3M | 1M | 2M | 1M | 0M |
| Metric | 2010 | 2011 | 2012 | 2017 | 2018 | 2019 | 2020 | |||
|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||||
| Revenue | 0 | 0 | 0 | N/A | N/A | 1.9M | N/A | N/A | 8.5M | 14M |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | 12.4% | N/A | N/A | 10.7% | 23.6% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EBIT | -14K | -12K | -23K | -1.8M | -1.2M | -538K | -986K | -7.6M | -15M | -17M |
| Op. Margin | N/A | N/A | N/A | N/A | N/A | -27.9% | N/A | N/A | -182.3% | -116.8% |
| Net Income | -14K | -12K | -23K | -3.4M | -1.8M | -359K | -1.2M | -7.9M | -16M | -17M |
| Net Margin | N/A | N/A | N/A | N/A | N/A | -18.6% | N/A | N/A | -190.5% | -122.0% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | ||||||||||
| ROIC | N/A | N/A | N/M | N/M | -171.7% | -88.3% | N/M | -23.1% | -91.6% | -67.4% |
| ROE | N/A | N/A | N/A | -916.0% | -2383.0% | N/A | -700.8% | -46.0% | -90.8% | -88.1% |
| ROA | N/A | N/A | -7092.5% | -375.8% | -241.0% | -74.6% | -62.4% | -41.4% | -62.5% | -64.4% |
| Cash Flow | ||||||||||
| Op. Cash Flow | -12K | -13K | -21K | -195K | -379K | -2K | -695K | -4.0M | -10M | -13M |
| Free Cash Flow | -12K | -13K | -21K | -200K | -381K | -101K | -703K | -5.1M | -11M | -14M |
| Owner Earnings | -12K | -13K | -21K | -196K | -381K | -14K | -722K | -4.3M | -15M | -18M |
| CapEx | 0 | 0 | 0 | 5K | 2K | 98K | 8K | 1.1M | 528K | 662K |
| Maint. CapEx | 0 | 0 | 0 | 1K | 2K | 11K | 27K | 212K | 1.8M | 1.8M |
| Growth CapEx | N/A | N/A | N/A | 4K | 0 | 87K | 0 | 890K | 0 | 0 |
| D&A | 0 | 0 | 0 | 1K | 2K | 11K | 27K | 212K | 1.8M | 1.8M |
| CapEx/OCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Capital Allocation | ||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 0 | 0 | 0 | N/A | N/A | N/A | N/A | N/A | 2.9M | 2.9M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.3M | 5.3M |
| Balance Sheet | ||||||||||
| Net Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -4.4M | -213K |
| Cash & Equiv. | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3.8M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 223K | 223K |
| Debt/Equity | -1.76 | -1.00 | -1.26 | 1.44 | -3.49 | -1.55 | 10.22 | 0.06 | 0.03 | 0.18 |
| Interest Coverage | N/A | N/A | N/A | -133.8 | -21.8 | -7.5 | -2.6 | -25.6 | -21.3 | -21.3 |
| Equity | 0 | 0 | -1K | 372K | -224K | -883K | 169K | 34M | 17M | 20M |
| Total Assets | N/A | 0 | 0 | 905K | 557K | 481K | 1.9M | 36M | 26M | 27M |
| Total Liabilities | 2K | 0 | 2K | 534K | 781K | 1.4M | 1.7M | 2.1M | 8.3M | 7.3M |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | -3.9M | -3.9M | -3.9M | -8.6M | -10M | -12M | -13M | -21M | -64M | -64M |
| Working Capital | N/A | N/A | N/A | 179K | -280K | -1.1M | -33K | 32M | 7.3M | 7.3M |
| Current Assets | N/A | N/A | N/A | 713K | 501K | 254K | 1.7M | 34M | 10M | 10M |
| Current Liabilities | N/A | N/A | N/A | 534K | 781K | 1.3M | 1.7M | 1.8M | 3.2M | 3.2M |
| Per Share Data | ||||||||||
| EPS | 0.00 | -0.00 | -12.00 | -34.00 | -16.00 | -2.00 | -4.30 | -6.90 | -5.84 | -3.58 |
| Owner EPS | -5.10 | -5.69 | -11.19 | -1.96 | -3.46 | -0.02 | -0.43 | -3.72 | -5.35 | -2.19 |
| Book Value | -0.37 | -0.00 | -0.64 | 3.71 | -2.03 | -1.07 | 0.10 | 29.86 | 6.29 | 2.40 |
| Cash Flow/Share | -5.10 | -5.69 | -11.19 | -1.95 | -3.44 | -0.00 | -0.41 | -3.54 | -3.66 | -1.90 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 0.0M | 0.0M | 0.0M | 0.1M | 0.1M | 0.8M | 1.7M | 1.1M | 2.8M | 8.3M |
| Valuation | ||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -0.3 |
| P/FCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | N/A | N/A | N/A | 5.5 | N/A | N/A | 254.2 | 0.9 | 1.5 | 0.4 |
| Price/Sales | N/A | N/A | N/A | N/A | N/A | 9.6 | N/A | N/A | 2.5 | 0.5 |
| FCF Yield | -2.8% | -0.7% | -1.4% | -9.8% | -14.4% | -1.0% | -1.6% | -17.1% | -41.9% | -181.7% |
| Market Cap | 426K | 1.8M | 1.5M | 2.0M | 2.6M | 11M | 43M | 30M | 25M | 7.7M |
| Avg. Price | 153.53 | 690.71 | 780.00 | 35.79 | 25.12 | 22.43 | 25.88 | 62.49 | 7.72 | 0.94 |
| Year-End Price | 180.00 | 780.00 | 780.00 | 20.40 | 24.00 | 12.80 | 25.40 | 26.30 | 9.20 | 0.94 |
Worksport Ltd passes 0 of 9 quality checks, indicating weak fundamentals.
The company's 5-year average gross margin is 11.5%.
Worksport Ltd (WKSP) has a 5-year average return on invested capital (ROIC) of -93.7%. This is below average and may indicate limited pricing power.
Worksport Ltd (WKSP) has a market capitalization of $8M. It is classified as a small-cap stock.
Worksport Ltd (WKSP) does not currently pay a regular dividend.
Worksport Ltd (WKSP) operates in the Motor Vehicle Parts & Accessories industry, within the Consumer Cyclical sector.
Worksport Ltd (WKSP) reported annual revenue of $8 million in its most recent fiscal year, based on SEC EDGAR filings.
Worksport Ltd (WKSP) has a net profit margin of -190.5%. The company is currently unprofitable.
Worksport Ltd (WKSP) generated $-11 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
Worksport Ltd (WKSP) has a debt-to-equity ratio of 0.03. This indicates a conservatively financed balance sheet.
Worksport Ltd (WKSP) reported earnings per share (EPS) of $-5.84 in its most recent fiscal year.
Worksport Ltd (WKSP) has a return on equity (ROE) of -90.8%. A negative ROE may indicate losses or negative equity.
Worksport Ltd (WKSP) has a 5-year average gross margin of 11.5%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 9 years of financial data for Worksport Ltd (WKSP), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Worksport Ltd (WKSP) has a book value per share of $6.29, based on its most recent annual SEC filing.