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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, designs, and trademarks relati…
The business is unprofitable at the operating level (-116.84% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue up 89.8% YoY with margins expanding 65.4pp.
ROIC dropped from -45.91% to -58.25%, capital efficiency is deteriorating. Negative free cash flow of -$18M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$17M
▲ +89.8% YoY
Net Income (TTM)
-$21M
▼ -19.7% YoY
Op. Margin
-118.21%
▲ +65.4pp YoY
ROIC
-64.63%
▼ -12.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$22M
▼ -69.7% YoY
Op. Cash Flow (TTM)
-$22M
▼ -70.8% YoY
Net Debt
$6M
Cash & Equiv.
$567K
5Y CAGR: +115.5%
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