Worksport (WKSP) Registration filing summary

Company overview and business model

• Designs and sells soft and hard folding tonneau covers and automotive accessories; expanding into mobile and off-grid energy products, with North American wholesale, dealer, distributor and direct-to-consumer channels.

• Product range includes SC, AL, HD and NEXUS covers, SOLIS solar-integrated covers, COR portable storage and Terravis AetherLux heat pumps; AetherLux remains in R&D and is not commercialized.

• Uses overseas suppliers for soft covers and portable energy systems, U.S. production and assembly for hard covers, and U.S. assembly for solar covers; operates facilities in West Seneca, NY and Ozark, MO.

• As of Dec. 31, 2025, held 14 U.S. and 10 non-U.S. issued utility patents, 56 pending utility applications, and 43 trademark registrations.

Financial performance and metrics

• FY2025 net loss was ~$19.4M, with an accumulated deficit of ~$83.9M; cash and equivalents were ~$5.9M and revolving-credit availability ~$3.4M at Dec. 31, 2025.

• H1 2026 net loss was ~$9.8M, with an accumulated deficit of ~$93.7M; cash and equivalents were ~$1.2M and revolving-credit availability ~$0.8M at June 30, 2026.

• 103 full-time and five part-time U.S. employees, plus 13 full-time and one part-time Canadian employee, as of Dec. 31, 2025.

Use of proceeds and capital allocation

• No proceeds from selling-stockholder resales; cash exercise of all 4,800,526 warrants at $0.60 would yield ~$2.88M before applicable expenses, for working capital and general corporate purposes.

• August 2026 exercise of 3,840,421 existing warrants generated ~$2.304M gross before placement-agent fees and other offering expenses.

• Planned capital needs include working capital, capex, product development, manufacturing scale-up, sales and marketing, and ongoing operating losses.