WEST SENECA - Worksport Ltd. (NASDAQ:WKSP), a manufacturer of tonneau covers for pickup trucks, has announced a new distribution partnership with Dix Performance North, a top wholesaler of aftermarket car and truck products in Canada. This collaboration is set to expand the availability of Worksport's products across the Canadian market, potentially boosting sales and revenue.
The partnership was announced following an automotive show earlier this week where Worksport's Director of Business Development, Steve Raivio, represented the company. The event, hosted by Dix Performance North, witnessed participation from major automotive brands and manufacturers. Worksport's hard-folding tonneau covers received new orders at the show, with expectations of increased demand.
Dix Performance North, known for its extensive catalog of over 220 product lines from respected brands, will now include Worksport's covers, which are compatible with a wide range of truck models from companies like Ford (NYSE:F), General Motors (NYSE:GM), Toyota (NYSE:TM), Hyundai (OTC:HYMTF), and Stellantis (NYSE:STLA). Raivio noted the positive response to Worksport products at the show, especially their performance during a rainstorm, which demonstrated their effectiveness in protecting cargo.
Worksport's AL3 Pro Hard Folding cover, in particular, was highlighted for its quality and compatibility with popular truck models. The company anticipates further developments and partnerships as their sales tour continues and is committed to updating investors on growth and expansion.
Worksport Ltd. designs, develops, manufactures, and owns intellectual property for a variety of tonneau covers and green energy solutions for the automotive industry. The company maintains an active partnership with Hyundai for the SOLIS Solar cover and offers hard-folding covers compatible with several major truck models.
This news is based on a press release statement from Worksport Ltd.
InvestingPro Insights
As Worksport Ltd. (NASDAQ:WKSP) embarks on expanding its market presence in Canada through a strategic partnership with Dix Performance North, the company's financial health and stock performance provide valuable context for investors. According to recent InvestingPro Data, Worksport's Market Cap stands at a modest 24.88 million USD, reflecting the size of this niche player in the automotive industry. Despite the challenges, analysts have identified a silver lining with a notable Revenue Growth of 676.77% over the last twelve months as of Q1 2023, indicating a significant increase in sales that could be further bolstered by the new distribution deal.
Investors should be aware, however, of the company's P/E Ratio, which is currently negative at -1.54, suggesting that Worksport is not profitable as of the latest available data. Moreover, the stock has experienced considerable volatility, with a 1 Week Price Total Return showing a sharp decline of -15.23%, although there has been a slight uptick of 3.23% over the past month.
Two InvestingPro Tips highlight critical aspects for potential investors: analysts anticipate sales growth in the current year, which aligns with the company's expansion efforts in Canada. On the other hand, Worksport is quickly burning through cash, a factor that investors should monitor closely as the company scales up operations. With these insights in mind, those interested in a deeper analysis can find 13 additional InvestingPro Tips at Investing.com/pro/WKSP, and can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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