Company Initiates Business with Hundreds of Dealers Across USA; New Model: AL4 Attracts Industry-Leading Distributors
West Seneca, New York, Oct. 29, 2024 (GLOBE NEWSWIRE) -- Worksport Ltd. (NASDAQ: WKSP) (“Worksport” or the “Company”), a U.S.-based manufacturer and innovator of hybrid and clean energy solutions for the light truck, overlanding, and global consumer goods sectors is thrilled to announce a significant milestone in its business-to-business (B2B) sales growth, and the newly initiated pre-order campaign for its highly anticipated AL4 Premium Tonneau Cover.
Explosive B2B Sales Growth
In the last four months, Worksport has impressively achieved over 200% growth in Dealer Account sales of its Worksport-branded products, with key dealers in most major areas across the USA and Canada. This exponential growth is attributed to the surging interest in high-quality, aggressively priced tonneau covers that meet the demands of today's market. While the Company's private label and consumer direct businesses continue to drive the largest share of revenue for Worksport, the impressive surge in dealer sales represents an exciting opportunity for future growth.
Strategic Dealer Expansion with High Conversion Rates
Retail Display Units Shipped: Worksport has shipped hundreds of displays to key dealer accounts across the United States. These retail display units will continue to convert into dealer sales perpetually, representing a considerable long-term dealer level growth objective.
Conversion Ratio: These display units have generated an outstanding 31% conversion rate, meaning nearly one-third of dealers who received retail display units have placed orders nearly immediately, preceding receiving and assembling these Worksport Retail Display Units. Worksport’s sales team is working towards 100% sales conversion as a result of each retail display unit installed in dealer showrooms in the USA and Canada.
Vast Market Potential: With over 17,000 dealers in the U.S., strong dealer interest signals a substantial opportunity for continued sales growth. Worksports growing sales team is continuing to establish direct connection with each dealer across the USA and Canada.
Regional Success and Market Penetration
Strong Performance in the Southwest: The Company has experienced particularly robust sales in the Southwest region, driven by Worksport’s fast shipping times and high market demand for tonneau covers.
First Order from Puerto Rico: Worksport is excited to announce its first-ever B2B order from a customer in Puerto Rico, consisting of initial crates of both hard and soft covers. This marks a significant expansion into new territories.
AL4 Premium Tonneau Cover Pre-Order Campaign
Following the recently announced production schedule of the AL4 Premium Tonneau Cover, Worksport is beginning to book pre-orders from key dealer and distributor accounts in the USA and Canada. Pre-ordering will end at the end of November at which time Worksport sales team expects significant early demand and orders.
Key AL4 sales highlights include:
Interest from Industry-Leading Distributors. Several top-tier national US based distributors are in discussions to pre-order the AL4, reflecting strong market confidence in the product.
Scaling Dealer Network. The Company will continue to expand its dealer network while attracting new distributors to enhance scale and market reach.
Management Commentary
"The remarkable trend we have seen in our B2B segment is a testament to the market's appetite for high-quality, competitively priced tonneau covers," said Steven Rossi, CEO of Worksport Ltd. "Our strategic deployment of display stands has not only expanded our dealer network but has also yielded an exceptional conversion rate of 31%.The newly initiated pre-order campaign for the AL4 Premium Cover has already garnered interest from industry-leading distributors, signaling a bright future for Worksport. We are committed to leveraging this momentum in 2025 and beyond.
Worksport Ltd. (NASDAQ: WKSP), through its subsidiaries, designs, develops, manufactures, and owns the intellectual property on a variety of tonneau covers, solar integrations, portable energy storage systems, and heat-pump technology. The Company is committed to transforming the pickup truck industry through innovative technologies that enhance functionality and sustainability. For more information, please visit www.worksport.com | investors.worksport.com | https://terravisenergy.com
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Investor Newsletter: Investors and customers are invited to follow Worksport’s progress as it builds on this momentum and strives to redefine industry standards with each new corporate development. Link to Newsletter
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Forward-Looking Statements The information contained herein may contain “forward‐looking statements.” Forward‐looking statements reflect the current view about future events. When used in this press release, the words “anticipate,” “believe,” “estimate,” “expect,” “future,” “intend,” “plan,” “project,” “should," or the negative of these terms and similar expressions, as they relate to us or our management, identify forward‐looking statements. These statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. 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. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (i) supply chain delays; (ii) acceptance of our products by consumers; (iii) delays in or nonacceptance by third parties to sell our products; and (iv) competition from other producers of similar products. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the SEC, including, without limitation, our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at www.sec.gov. As a result of these matters, changes in facts, assumptions not being realized or other circumstances, the Company’s actual results may differ materially from the expected results discussed in the forward-looking statements contained in this press release. The forward-looking statements made in this press release are made only as of the date of this press release, and the Company undertakes no obligation to update them to reflect subsequent events or circumstances.
