Worksport (NASDAQ:WKSP) Posts Earnings Results, Misses Estimates By $0.03 EPS

13 May 2026, 20:08 by Teresa Graham · The Cerbat Gem

Worksport (NASDAQ:WKSP – Get Free Report) issued its earnings results on Wednesday. The company reported ($0.54) EPS for the quarter, missing the consensus estimate of ($0.51) by ($0.03), FiscalAI reports. Worksport had a negative net margin of 120.20% and a negative return on equity of 96.64%. The firm had revenue of $3.31 million during the quarter, compared to analyst estimates of $5.33 million.

Here are the key takeaways from Worksport’s conference call:

Revenue and gross profit improved sharply year over year, with Q1 2026 net sales up 47.9% to $3.3 million and gross profit more than doubling to $854,000. Gross margin also expanded to about 26% from 18% a year ago.
The quarter was described as an “investment and launch readiness” period, with cash and working capital deployed to support product launches, inventory builds, and distribution expansion. As a result, cash fell to $566,000 and operating cash use was $8.2 million.
SOLIS, COR, and NEXUS all reached key commercialization milestones: SOLIS and COR began commercial shipping in January, COR received UL/CSA certifications in April, and NEXUS generated early buyer interest at Keystone and launched commercially in April.
Distribution reach is expanding, highlighted by the Tri-State Enterprises relationship and initial purchase orders. Management said the dealer network now exceeds 500 locations and is targeting 1,500+ by year-end.
Management reaffirmed full-year 2026 revenue guidance of $35 million to $42 million and said the company is aiming for operational cash flow positivity this year. At the same time, it emphasized that future dilution and capital raises will be used selectively based on operating returns.

Worksport Stock Down 7.8%

WKSP traded down $0.08 during trading on Wednesday, hitting $0.89. 1,230,687 shares of the company’s stock were exchanged, compared to its average volume of 344,105. The company has a quick ratio of 1.08, a current ratio of 2.50 and a debt-to-equity ratio of 0.04. The business’s 50 day moving average is $1.14 and its two-hundred day moving average is $1.86. Worksport has a fifty-two week low of $0.83 and a fifty-two week high of $4.90. The stock has a market cap of $10.64 million, a P/E ratio of -0.28 and a beta of 0.35.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Maxim Group set a $3.00 price target on Worksport in a report on Friday, February 13th. Wall Street Zen raised Worksport from a “strong sell” rating to a “sell” rating in a research report on Saturday, April 25th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Worksport in a report on Friday, April 10th. Two analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $7.25.

Get Our Latest Stock Report on Worksport

Insiders Place Their Bets

In related news, CEO Steven F. Rossi acquired 88,214 shares of the stock in a transaction dated Monday, April 13th. The stock was purchased at an average cost of $0.85 per share, with a total value of $74,981.90. Following the completion of the purchase, the chief executive officer directly owned 2,614,085 shares in the company, valued at $2,221,972.25. This trade represents a 3.49% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 7.82% of the company’s stock.

Institutional Trading of Worksport

Several institutional investors and hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC raised its stake in shares of Worksport by 11.2% in the second quarter. Geode Capital Management LLC now owns 33,259 shares of the company’s stock worth $94,000 after purchasing an additional 3,338 shares during the last quarter. State Street Corp purchased a new stake in shares of Worksport in the fourth quarter worth approximately $34,000. XTX Topco Ltd purchased a new stake in shares of Worksport in the second quarter worth approximately $50,000. Centiva Capital LP purchased a new stake in shares of Worksport in the third quarter worth approximately $63,000. Finally, LPL Financial LLC raised its stake in shares of Worksport by 225.2% in the fourth quarter. LPL Financial LLC now owns 54,067 shares of the company’s stock worth $115,000 after purchasing an additional 37,440 shares during the last quarter. 16.11% of the stock is owned by hedge funds and other institutional investors.

About Worksport

(Get Free Report)

Worksport Ltd. is an Israeli-based designer, developer and global supplier of innovative automotive accessories, with a primary focus on pickup truck bed covers. The company’s core offerings include a range of hard and soft tonneau covers under brands such as ROLL, FLEXIT and SOLAR, engineered to provide truck owners with enhanced utility, security and weather protection. Worksport leverages advanced polymer materials and patented folding mechanisms to deliver lightweight, durable solutions that are easy to install and operate.