Looking back at 2022, we made significant overall progress but faced challenges that caused setbacks in getting our recently acquired
Q1 2022 Highlights
Despite a declining market, lasting much of the year and tightening financial conditions,
Q2 2022 Highlights
The second quarter began with us agreeing to provide Hyundai America with working models of Worksport’s SOLIS (solar) tonneau covers and custom support stands in addition to attempting to produce the COR ESS system (portable battery with advanced hot swap technology) for Hyundai’s potential forthcoming electric pickup truck at no charge. It’s an exciting project that moved forward greatly during the rest of the year. It takes time to build the factory to produce electric pickups, regular truck beds and solar covers. We believe that the two companies working together and strengthening their mutual knowledge is a great way of growing closer and creating the conditions for potential future collaboration. We publicly announced this project in a press release on
In another development, Terravis Energy, a
In May, after many inspections, negotiations, extensive due diligence, and research,
This purchase was a key step in beginning American production, so the real work to build the factory and its automated systems could begin. Even
“Governor Hochul’s dedication to attracting small businesses, by supporting forward-thinking companies like
At Q2’s end, we launched our first storefronts on Amazon, eBay, and Walmart Marketplace, opening direct-to-consumer sales. These outlets came online even before the NY factory was ready. We believe it takes time to improve the process, allowing us to gain more experience with the online storefronts and put the right people in place to manage the new sales volume.
Q3 2022 Highlights
In Q3,
In addition, there were some great moments to share when on
SOLIS and COR were presented to one additional international auto manufacturer in Q3, and as we move forward,
Q4 2022 Highlights
Q4 was devoted to taking delivery of, installing and testing equipment in the
On
Here is a penetrating question that Sweeney asked:
Sweeney: “Who is your end-market customer, is it the individual, the auto OEM, the parts stores? Who is your customer?”
Rossi: “A great question. Our solar truck accessory is perfect for the OEM. At this point, we have a named partnership with Hyundai, and we have various other discussions happening with other OEMs on the North American side. The accessory can be installed on an electric pickup truck – and charge the truck – or on a gas or diesel truck and turn that truck into a microgrid at the job or campsite. With our battery system, our market broadens from being a humble supplier to the automotive markets, which is somewhat niche, to the global consumer market. Anybody, whether they drive or not, could use our power generator for a stormy day, or as I said, for the job site or campsite. That fits perfectly with the direct-to-consumer market, or with mass merchandisers like Home Depot, for example.”
Looking Ahead to 2023
Our main goal is straightforward and clear: complete our NY factory to start manufacturing as soon as possible to meet current demand. Finishing our factory will open the doors for meaningful revenue growth. For me personally, as Worksport’s CEO, it has been frustrating talking to clients who want to order significant quantities of our products -- and even signing letters of intent -- while we are preparing the factory. Yet they can tell we have invested in R&D of 'made in the
We plan to continue investing in and developing our Intellectual Property. At the end of January, our team has an inspection planned for a key piece of manufacturing equipment, and if everything is approved, it can be shipped to our plant with an arrival expected in March. After its installation, training can start. It will take a few weeks, but then we should be able to begin our automated production processes finally. This will be a great celebration for the team and investors because
Building a business always comes with obstacles, but I am happy to confirm that we are still on track to deliver on our promise: to bring truck bed manufacturing to the
Our two main goals for 2023 are:
1. Finish building our
2. Aim for profits and sustainable growth.
That’s Worksport’s year in review. We thank you for your support and patience. We believe there is a great year ahead. All the best to you and your family in the New Year.
Sincerely,
Chief Executive Officer
For additional information, please contact:
Steven Obadiah
Investor Relations
T: 1-(888) 506-2013
E: investors@worksport.com
W: www.worksport.com
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