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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 23, 2024

WORKSPORT LTD.
(Exact name of registrant as specified in its charter)

Nevada 001-40681 35-2696895
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)

2500 N America Dr
West Seneca, New York, United States 14224
(Address of principal executive offices) (ZIP Code)

Registrant’s telephone number, including area code: (888) 554-8789

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class   Trading Symbols   Name of each exchange on which registered
Common   WKSP   The Nasdaq Stock Market LLC
Warrants   WKSPW   The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b -2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 7.01 Regulation FD Disclosure

On May 23, 2024, Worksport Ltd. (the "Company") issued a press release: "NASDAQ: WKSP Sets Guidance for 300-433% Revenue Growth in 2024". A copy of the press release is attached hereto as Exhibit 99.1.

The information under Item 7.01 of this Current Report on Form 8-K and the exhibit attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, or incorporated by reference into any of the Company's filings under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in any such filing.

Exhibit No.   Description
99.1   Worksport ($WKSP) Sets Guidance for 300-433% Revenue Growth in 2024
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

  WORKSPORT LTD.
   
Date: May 23, 2024 By: /s/ Steven Rossi
  Name: Steven Rossi
  Title: Chief Executive Officer
(Principal Executive Officer)



Exhibit 99.1

Worksport ($WKSP) Sets Guidance for 300-433% Revenue Growth in 2024

West Seneca, New York, May 23, 2024 - Worksport Ltd. (NASDAQ: WKSP), a key U.S.-based manufacturer and innovator of hybrid and clean energy solutions for the light truck, overlanding, and global consumer goods sectors, today laid out its 2024 revenue forecast, highlighting significant growth trajectories and forward-looking operational strategies.

Strategic Advances and Future Outlook

The Company forecasts revenue growth from $1.5 million in year-end 2023 to between $6 million and $8 million for 2024. This represents an anticipated revenue growth of approximately 300% to 433%, underscoring Worksport's strong growth and recent operational successes. This projected growth is derived solely from Worksport's Automotive Accessory Business, with further revenue potential on the horizon following the launch of a Solar Integrated Tonneau Cover and Mobile Battery Generator System.

The Company emphasizes the potential of its three products [in development] to further bolster 2024 revenue and beyond. This summer, Worksport plans to launch an alpha release of its first-to-market solar tonneau cover and innovative portable energy system, followed by the anticipated market launch of another highly anticipated tonneau cover in Q4. The demand for these new products is expected to exceed that of all existing products, prompting future updates to our financial guidance.

"This interim revenue guidance represents just the initial phase of Worksport's promising future. As we continue to expand our product offerings and enhance operational efficiencies, our outlook remains decidedly bullish. Full-scale U.S. production launched just this January, and expansion is ongoing across all product lines. I am confident that 2024 is only the beginning of Worksport's growth trajectory"- Steven Rossi, CEO, Worksport Ltd.

Long-term Growth

Supported by its recent $2.8MM grant from the State of New York, Worksport's facility at full operational capacity is capable of producing over 150,000 covers annually. This capability is expected to be fully utilized within the next three years, enhancing the Company's output and market reach. Producing and selling covers at full capacity translates into 9-figure plus revenue potential from just Worksport's Buffalo factory.

Worksport R&D teams are diligently working on the next generation of innovative offerings. The expansion of innovative and complimentary products is expected to open Worksport to multiple billion-dollar market channels, globally.


Market Channels

Worksport's B2C sales, launched in late Q1, have shown promising early results. On the B2B front, the company has signed on multiple large distributors, setting the foundation for robust growth ahead.

Worksport management maintains its belief that the Worksport's stock remains undervalued. This assertion highlights the substantial growth potential that has yet to be fully recognized by the market. In the coming months, the Company plans to provide more details on its B2B customer engagements and success stories, affirming its trajectory towards scaling operations.

Commitment to Transparency and Stakeholder Engagement

Starting July 2024, Worksport will host live earnings calls to foster greater transparency and direct engagement with our investors, emphasizing our commitment to operational excellence and stakeholder communication.

Key Press-Releases released in 2024:

  • May 16, 2024: Worksport Reports 1,506% Q1 Revenue Surge
  • May 8, 2024: Worksport Announces $2.8MM Grant
  • April 25, 2024: Worksport Signals Undervalued Status, Eyes Major 2024 Growth
  • March 18, 2024: $2.8MM Direct Offering Priced At-The-Market.
  • March 6, 2024: Worksport to Launch Innovative SOLIS & COR Products This Summer
  • February 7, 2024: Infineon and Worksport Announce Collaboration
  • January 24, 2024: Worksport Unveils AL3- Made in the USA Tonneau Cover
  • January 18, 2024: Worksport: SOLIS Cover will be Available for FORD, RAM & GM

Read all press releases: Link to all press releases

Subscribe To Our Investor Newsletter: Link to Newsletter

For additional information, please contact:

Investor Relations, Worksport Ltd. T: 1 (888) 554-8789-128
W:
investors.worksport.com W: https://worksport.com E: investors@worksport.com


About Worksport

Worksport Ltd. (Nasdaq: WKSP), through its subsidiaries, designs, develops, manufactures, and owns the intellectual property on a variety of tonneau covers, solar integrations, and NP (Non-Parasitic), Hydrogen-based true green energy solutions for the sustainable, clean energy, and automotive industries. Worksport has an active partnership with Hyundai for the SOLIS Solar cover. Additionally, Worksport's hard-folding cover, designed and manufactured in-house, is compatible with RAM, Chevrolet, and GMC models from General Motors, as well as Ford, Jeep, Nissan, and Toyota pickup trucks. Worksport seeks to capitalize on the growing shift of consumer mindsets towards clean energy integrations with its proprietary solar solutions, mobile energy storage systems (ESS), and NP (Non-Parasitic), Hydrogen-based technology. Terravis Energy's website is terravisenergy.com. For more information, please visit investors.worksport.com.

Connect with Worksport

Please follow the Company's social media accounts on X (previously Twitter), Facebook, LinkedIn, YouTube, and Instagram (collectively, the "Accounts"), the links of which are links to external third party websites, as well as sign up for the Company's newsletters at investors.worksport.com. The Company does not endorse, ensure the accuracy of, or accept any responsibility for any content on these third-party websites other than content published by the Company.

Product social media Investor social media
Instagram X (previously Twitter)
Facebook LinkedIn
YouTube Link to Newsletter

Investors and others should note that the Company announces material financial information to our investors using our investor relations website, press releases, Securities and Exchange Commission ("SEC") filings, and public conference calls and webcasts. The Company also uses social media to announce Company news and other information. The Company encourages investors, the media, and others to review the information the Company publishes on social media.

The Company does not selectively disclose material non-public information on social media. If there is any significant financial information, the Company will release it broadly to the public through a press release or SEC filing prior to publishing it on social media.

For additional information, please contact:

Steven Obadiah, Investor Relations, Worksport Ltd. T: 1 (888) 554-8789-128
W: investors.worksport.com W: www.worksport.com E: investors@worksport.com


Forward-Looking Statements

The information contained herein may contain "forward‐looking statements." Forward‐looking statements reflect the current view about future events. When used in this press release, the words "anticipate," "believe," "estimate," "expect," "future," "intend," "plan," "project," "should," or the negative of these terms and similar expressions, as they relate to us or our management, identify forward‐looking statements. These statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (i) supply chain delays; (ii) acceptance of our products by consumers; (iii) delays in or nonacceptance by third parties to sell our products; and (iv) competition from other producers of similar products. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the SEC, including, without limitation, our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC's web site at www.sec.gov. As a result of these matters, changes in facts, assumptions not being realized or other circumstances, the Company's actual results may differ materially from the expected results discussed in the forward-looking statements contained in this press release. The forward-looking statements made in this press release are made only as of the date of this press release, and the Company undertakes no obligation to update them to reflect subsequent events or circumstances.


v3.24.1.1.u2
Document and Entity Information Document
May 23, 2024
Document Information [Line Items]  
Document Type 8-K
Document Creation Date May 23, 2024
Document Period End Date May 23, 2024
Amendment Flag false
Entity Registrant Name Worksport Ltd.
Entity Address, Address Line One 2500 N America Dr
Entity Address, City or Town West Seneca
Entity Address, State or Province NY
Entity Address, Country US
Entity Address, Postal Zip Code 14224
Entity Incorporation, State Country Name NV
City Area Code 888
Local Phone Number 554-8789
Entity File Number 001-40681
Entity Central Index Key 0001096275
Entity Emerging Growth Company false
Entity Tax Identification Number 35-2696895
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
NASDAQ [Member] | Common [Member]  
Document Information [Line Items]  
Title of 12(b) Security Common
Trading Symbol WKSP
Security Exchange Name NASDAQ
NASDAQ [Member] | Warrants [Member]  
Document Information [Line Items]  
Title of 12(b) Security Warrants
Trading Symbol WKSPW
Security Exchange Name NASDAQ

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