Worksport Ltd. (NASDAQ: WKSP), a U.S.-based innovator in hybrid and clean energy solutions, has forecasted a 300-433% revenue growth in 2024, projected revenues to rise from $1.5 million in 2023 to $6-8 million.
According to the statement released by the Organisation on Friday, stating that this growth is driven by its Automotive Accessory Business and the upcoming launch of new products, including a solar tonneau cover and mobile battery generator.
Adding that it was supported by $2.8 million grant from New York State, Worksport aims to reach full production capacity, potentially generating nine-figure revenues while planned to enhance transparency and stakeholder engagement through live earnings calls starting July 2024.
The company who emphasized the potential of its three products [in development] to further bolster 2024 revenue and beyond, disclosed that this summer, Worksport is planning to launch an alpha release of its first-to-market solar tonneau cover.
“And the innovative portable energy system, followed by the anticipated market launch of another highly anticipated tonneau cover in Q4. The demand for these new products is expected to exceed that of existing products, prompting future updates to our financial guidance”, the statement said.
Giving his reaction, the CEO, Worksport Lts, Steven Rossi stated that this interim revenue guidance represents just the initial phase of Worksport’s promising future, adding that the company will continue to expand product offerings, enhance operational efficiencies, and the outlook remains decidedly bullish.
He revealed thaf full-scale United States production launched just this January, and expansion is ongoing across all product lines while confident that 2024 is only beginning of Worksport’s growth trajectory.
Speaking of market channels, the company said its B2C sales, launched in late Q1, have shown promising early results. On the B2B front, the company has signed on multiple large distributors, setting the foundation for robust growth ahead.
The Worksport management maintains its belief that the Worksport’s stock remains undervalued. This assertion highlights the substantial growth potential that has yet to be fully recognized by the market.
In the coming months, the Company plans to provide more details on its B2B customer engagements and success stories, affirming its trajectory towards scaling operations, the Statement said.