Worksport Ltd. (WKSP) Q4 2024 Earnings Call Transcript

2025-03-27 22:03:42 ET

Worksport Ltd. (WKSP)

Q4 2024 Earnings Conference Call

March 27, 2025, 08:30 AM ET

Company Participants

Steven Rossi - CEO

Michael Johnston - CFO

Faran Ali - Business Development Manager

Conference Call Participants

Tate Sullivan - Maxim Group

Scott Buck - H.C. Wainwright

C.K. Poe Fratt - Alliance Global Partners

Presentation

Steven Rossi

Thank you for joining Worksport's Fiscal Year 2024 and Q4 2024 Earnings Call. I'm Steven Rossi, Chief Executive Officer of Worksport. With me is our Chief Financial Officer, Mike Johnston.

Today, we will review our 2024 performance, discuss key operational milestones and share an updated outlook for 2025. Fiscal year 2024 was a transformative year for Worksport. We achieved significant revenue growth, expanded our product lineup and strengthened our financial foundation. We will be reviewing the financial results for the quarterly period ending December 31, 2024, and full year '24. These results were filed today at 7:45 a.m. Eastern in our Form 10-K and can be downloaded from the link provided in the chat. At the end of today's call, our prepared remarks and presentation deck will be available for download at www.investors.worksport.com/reports.

We'll also share the link in the chat to where you can download those reports and everything available. Our remarks will follow a slide presentation. After our prepared remarks, we will open the line for questions. So on that, let's begin. First, with safe harbor statements.

During this call, we will make forward-looking statements, including statements regarding our financial outlook for the full year '25, our expectations regarding financial and business trends, impacts from the macroeconomic environment and market position, opportunities, go-to-market initiatives, growth strategies and business aspirations and product initiatives and the expected benefits of such initiatives. These statements are only predictions that are based on our current beliefs, expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Actual results or events may differ materially. Therefore, you should not rely on any of these forward-looking statements.

These forward-looking statements are subject to risks and other factors that could affect our performance and actual results, which we discuss in details in our filings with the SEC, included in our annual report on our Form 10-K and quarterly reports on Form 10-Q and other SEC filings. The forward-looking statements made in this earnings call today are made only as of today's date. Worksport assumes no obligation to provide update on any forward-looking statements we may make on today's webinar. We'll begin by highlighting Worksport's achievements from fiscal year 2024, celebrating the milestones that propel the impressive growth trajectory. Follow that, we'll dive into our strong financial performance, emphasizing our exceptional revenue growth, significant improvements in profitability metrics and clear strategic roadmap for continued expansion and profitability.

We'll then explore our operational successes, showing our growing presence in both consumer direct and reseller markets as well as our success in betting on ourselves shifting towards higher-margin Worksport-only branded product sales. We'll also preview our highly anticipated upcoming product launches, including innovations from Terravis Energy, which we believe has the potential to reshape the industry and its standards and open up new market opportunities for us....

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