Q3 2026 was the second consecutive quarter in which
Q2 2026 Financial Highlights
- Record net sales of
$7.2 million , up 44.2% from$5.0 million in Q3 2025 and 38.2% from$5.23 million in Q2 2026 - Net loss narrowed 27.0% to
$3.6 million , or$0.26 per share, from$4.9 million , or$0.75 per share, in Q3 2025, and 9.3% from$4.0 3.97 million in Q2 2026 - Operating expenses fell 11.7% to
$5.6 million , or 78% of net sales, versus 127% in Q3 2025. Sequentially, operating expenses rose 2.7% while net sales grew 38.2%. - Operating cash use fell to approximately
$0.4 37 million (derived), down 89% from$3.44 million in Q2 2026 and approximately 95% from$8.23 million in Q1 2026. - Inventory declined 20.6% to approximately
$9.6 58 million from$12.1 07 million atJune 30, 2026 , while quarterly sales grew 38%. - Cash and cash equivalents of
$2.53 million , up from$1.2 16 million atJune 30 , primarily from theAugust 2026 warrant inducement, which issued 3,840,421 common shares and new warrants for up to 4,800,526 shares at$0.60 ;$1.8 million remained available on the revolving credit facility. - Nine-month net sales increased 38.8% to approximately
$15.8 77 million; nine-month net loss was$13.4 39 million (2025:$13.12 million ), reflecting first-half investment in inventory, product launches and marketing.
https://www.nasdaq.com/market-activity/stocks/wksp/sec-filings
Why Q3 Matters: Revenue is Outgrowing the Cost Base
From Q2 to Q3, net sales rose approximately
Inventory built in the first half of 2026 supported a record sales quarter while its balance fell approximately
Product and Platform Update
NEXUS net sales were approximately
As announced on
CEO Commentary
"Q3 was the second straight quarter in which our sales went up while our net loss and cash use came down," said
Third Quarter 2026 Conference Call and Webcast
Register Here:
https://us06web.zoom.us/webinar/register/WN_GpWdIF_gQpW_7Lk1ATXZuQ
Investors, analysts, media and other interested parties are invited to participate. The earnings-call transcript, presentation materials and audio replay are expected to be made available on the
Below is a summary excerpt from the Financial Statements section of '
Consolidated Balance Sheets
Condensed Consolidated Balance Sheets
(Unaudited)
| 2026 | 2025 | |||||||
| (Unaudited) | ||||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 2,528,222 | $ | 5,945,894 | ||||
Accounts receivable, net | 1,152,964 | 503,971 | ||||||
Other receivable | 334,794 | 278,027 | ||||||
Inventories, net (Note 3) | 9,583,539 | 9,530,671 | ||||||
Prepaid expenses and other (Note 6) | 462,517 | 530,861 | ||||||
Total current assets | 14,062,036 | 16,789,424 | ||||||
Property and equipment, net (Note 4) | 11,616,967 | 12,688,488 | ||||||
Operating lease right-of-use assets (Note 11) | 189,173 | 272,598 | ||||||
Other noncurrent assets | 300,046 | 67,033 | ||||||
Intangible assets, net (Note 5) | 665,145 | 896,531 | ||||||
Total assets | $ | 26,833,367 | $ | 30,714,074 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 1,971,697 | $ | 3,107,085 | ||||
Accrued liabilities and other | 1,262,674 | 1,400,730 | ||||||
Accrued compensation | 276,069 | 420,210 | ||||||
Long-term debt, current portion (Note 12) | 1,030,454 | 1,686,809 | ||||||
Lease liability, current portion (Note 11) | 112,960 | 113,012 | ||||||
Total current liabilities | 4,653,854 | 6,727,846 | ||||||
Lease liability, excluding current portion (Note 11) | 76,213 | 159,526 | ||||||
Long-term debt, excluding current portion (Note 12) | 3,283,500 | 950,481 | ||||||
Total liabilities | 8,013,567 | 7,837,853 | ||||||
Shareholders' equity | ||||||||
Series A, B and Series C preferred stock, | 428 | 428 | ||||||
Common stock, | 19,993 | 9,814 | ||||||
Additional paid-in capital | 114,038,936 | 101,357,686 | ||||||
Share subscriptions receivable | (1,577 | ) | (55,684 | ) | ||||
Share subscriptions payable | 2,119,458 | 5,446,347 | ||||||
Accumulated deficit | (97,348,858 | ) | (83,873,790 | ) | ||||
Cumulative translation adjustment | (8,580 | ) | (8,580 | ) | ||||
Total shareholders' equity | 18,819,800 | 22,876,221 | ||||||
Total liabilities and shareholders' equity | $ | 26,833,367 | $ | 30,714,074 | ||||
The accompanying notes form an integral part of these condensed consolidated financial statements. Please click here to download the full Form 10-Q.
Consolidated Statements of Operations and Comprehensive Loss
Condensed Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
| Three Months ended | Nine Months ended | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
Net sales | $ | 7,228,298 | $ | 5,013,872 | $ | 15,770,758 | $ | 11,358,835 | ||||||||
Cost of sales | 5,039,591 | 3,445,088 | 11,078,169 | 8,311,718 | ||||||||||||
Gross profit | 2,188,707 | 1,568,784 | 4,692,589 | 3,047,117 | ||||||||||||
Operating expenses | ||||||||||||||||
Research and development | 212,914 | 301,095 | 632,429 | 975,529 | ||||||||||||
General and administrative | 3,581,905 | 3,698,756 | 11,369,927 | 10,221,979 | ||||||||||||
Sales and marketing | 1,817,563 | 2,362,195 | 5,680,624 | 4,537,299 | ||||||||||||
(Gain) loss on foreign exchange | 5,640 | (491 | ) | 1,654 | (4,129 | ) | ||||||||||
Total operating expenses | 5,618,022 | 6,361,555 | 17,684,634 | 15,730,678 | ||||||||||||
Loss from operations | (3,429,315 | ) | (4,792,771 | ) | (12,992,045 | ) | (12,683,561 | ) | ||||||||
Other income (expense) | ||||||||||||||||
Interest expense | (175,243 | ) | (138,887 | ) | (414,462 | ) | (462,481 | ) | ||||||||
Other | 5,166 | 2,979 | 13,290 | 22,415 | ||||||||||||
Total other income (expense) | (170,077 | ) | (135,908 | ) | (401,172 | ) | (440,066 | ) | ||||||||
Net loss | $ | (3,599,392 | ) | $ | (4,928,679 | ) | $ | (13,393,217 | ) | $ | (13,123,627 | ) | ||||
Loss per share (basic and diluted) (Note 13) | $ | (0.26 | ) | $ | (0.75 | ) | $ | (1.12 | ) | $ | (2.44 | ) | ||||
Weighted average number of shares (basic and diluted) | 13,605,813 | 6,563,228 | 11,902,961 | 5,377,750 | ||||||||||||
The accompanying notes form an integral part of these condensed consolidated financial statements. Please click here to download the full Form 10-Q.
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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, portable power systems, and clean heating & cooling solutions. 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 all major truck models and is gaining traction with newer truck makers including the electric vehicle (EV) sector. 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 Cold-Climate Heat Pump (CCHP) technology. Terravis Energy's website is terravisenergy.com.
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SOURCE: Worksport Ltd.
View the original press release on ACCESS Newswire