Key Highlights

  • Worksport (NASDAQ:WKSP) traded at USD 0.36 intraday on November 13, 2026, up 3.09%, with a Market Value of about USD 7.31 million, close to its 52-week low of USD 0.29.
  • Third quarter net sales reached a record of about USD 7.2 million, up 44% from a year earlier and 38% from the second quarter.
  • Operating cash burn fell to about USD 0.4 million in the quarter from USD 3.4 million in the second quarter, though management cautioned that the figure should not be treated as a run rate.
  • The company has until February 2027 to regain the Nasdaq USD 1.00 minimum bid price, and cash was about USD 2.5 million at quarter end.

Record Sales and a Narrower Loss

Worksport's most recent and most important update is its final third quarter report and Earnings Call this week. Net sales rose to a record of about USD 7.2 million, up 44% from about USD 5 million a year earlier and 38% from USD 5.2 million in the second quarter. Sales for the first nine months reached about USD 15.8 million, up 39%. Gross Margin was 30.3%, slightly below 31.3% a year earlier, producing Gross Profit of about USD 2.2 million. Operating expenses fell 12% to USD 5.6 million, and the net loss narrowed to USD 3.6 million, or USD 0.26 a share, from USD 4.9 million, or USD 0.75 a share. The NEXUS tonneau cover line generated about USD 4.8 million, roughly two thirds of revenue. The most striking figure was operating cash use of about USD 0.4 million, down from USD 3.4 million in the second quarter, helped by lower inventory. The shares have reacted only modestly, rising 3.09% on November 13 on Volume below average, which shows that the market wants to see the improvement repeated.

The Business and Its Next Products

Worksport, based in West Seneca, New York, designs and makes tonneau covers for pickup trucks, including the NEXUS, AL4, COR and SOLIS lines, and is developing the AetherLux heat pump through its Clean Technology unit. Business to business and distribution channels have become a larger share of sales, which supports volume but can pressure margins. The company renewed its Credit Facility through July 2028 and signed a non-binding term sheet to buy a US-made truck bed accessory business, which would be its first acquisition. Certification of the heat pump is targeted for the fourth quarter of 2026, with pilot installations in the first quarter of 2027. Neither the Acquisition nor the heat pump is yet contributing revenue, so both remain Options rather than drivers. Worksport (NASDAQ:WKSP) is best judged on whether cover sales keep growing while losses shrink.

Funding and Listing Risks

The Balance Sheet is the main constraint. Cash was about USD 2.5 million at the end of September, supported by a Warrant inducement in August that raised about USD 2.3 million. Cash burn for the first nine months totalled about USD 12 million, so the third quarter improvement would need to persist to avoid further Equity raises. The share price is also far below the USD 1.00 Nasdaq threshold, and the company has until February 2027 to regain compliance, which raises the possibility of a reverse split. The term sheet acquisition, if completed, could require new capital. For investors, the record quarter is encouraging, but funding and listing risk keep the stock in speculative territory.

Where Things Stand

Worksport traded near USD 0.36 on November 13, 2026 after record third quarter sales of about USD 7.2 million and much lower cash burn. Cash of about USD 2.5 million and a February 2027 Nasdaq deadline remain the key risks. Watch fourth quarter sales, cash use and any reverse split or financing.