- 70% month-over-month B2B sales growth in March 2025
- 64% increase in dealer network to 151 active dealers in Q1
- Addition of 59 new dealer accounts in Q1 2025
Worksport Ltd. (NASDAQ: WKSP) has reported significant growth in the first quarter of 2025. The company's business-to-business (B2B) sales experienced a remarkable 70% increase in March compared to February, driven by robust demand for its U.S.-manufactured AL4 premium tonneau cover. This product is crafted with over 90% domestic content, including high-grade American aluminum, which has proven to be a market differentiator among brick-and-mortar dealers nationwide.
In addition to sales growth, Worksport's dealer network expanded by 64%, growing from 92 at the end of 2024, to a total of 151 active dealers. This expansion included the addition of 59 new dealers in the first quarter alone, with 35 added in March, following 24 in January and February combined. This significant dealer growth emphasizes the increasing market traction of Worksport's offerings.
The company aims to reach cash-flow positivity through ongoing B2B expansion, direct-to-consumer sales, and stringent cost control measures. With an addressable market of 17,000 dealers nationwide, Worksport is poised for further growth through strategic partnerships with distributors and purchasing groups.
Looking ahead, Worksport plans to launch its SOLIS solar-integrated tonneau cover and COR modular portable energy system later in 2025. These products are part of Worksport's initiative to expand into sustainable power solutions, potentially opening up new revenue streams and continuing the upward trajectory of the company's growth.
