Worksport (WKSP) Registration Filing summary

Company overview and business model

• Designs, develops, and manufactures products for automotive accessories, consumer electronics, and HVAC markets, with a focus on tonneau covers, solar-integrated covers, portable power stations, and green energy systems.

• Monetizes a growing IP portfolio, including 22 issued utility patents, 49 pending applications, 50 design registrations, and 41 trademarks as of November 2025.

• Recent business developments include strategic partnerships, ISO 9001 certification, expanded dealer network, and new product launches such as the SOLIS & COR nano-grid system and AetherLux Pro heat pump.

• Manufacturing is both domestic (New York facility) and outsourced (China), with ongoing efforts to diversify suppliers and onshore production.

Financial performance and metrics

• As of September 30, 2025, held $3.8 million in cash and cash equivalents, with an accumulated deficit of $77.6 million.

• Completed a $10 million Regulation A offering in October 2025, strengthening the balance sheet and alleviating near-term liquidity concerns.

• Net loss for the nine months ended September 30, 2025, was approximately $13.1 million, compared to $11.9 million for the same period in 2024.

• Auditors have expressed substantial doubt about the ability to continue as a going concern due to historical losses and limited revenues.

Use of proceeds and capital allocation

• Net proceeds from offerings are intended for general corporate purposes, working capital, and potentially for acquisitions or investments in complementary businesses or technologies.

• Management has broad discretion over the use of proceeds, with no specific commitments to acquisitions as of the filing date.