Worksport Ltd. (WKSP) announced on Tuesday that its unaudited revenue for the fourth quarter reached approximately $2.9 million, significantly exceeding last year's figure of $839,000. For the fiscal year 2024, revenue amounted to around $8.5 million, surpassing the company's projected range of $6 to $8 million.
The company also reported a 55 percent increase in quarterly gross margins compared to the previous year. This improvement is largely attributed to the manufacturer's strategic shift towards higher-value, branded product lines and enhanced operational efficiency.
Looking into 2025, Worksport anticipates that sales of tonneau covers will exceed $20 million.
However, as of now, Worksport's stock is down by 5.08 percent, trading at $0.78 on the Nasdaq.
