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Saturday, April 01, 2023 11:04:19 AM
Revenue decreased for the year ended December 31, 2022 compared to the prior year due to our focus on establishing new business-to-consumer and business-to-business sales channels, while strengthening the support of those channels to increase customer satisfaction and enable high product turnover once domestic production begins. For business-to-consumer channels, we established our own e-commerce platform as well as listed our products on online marketplaces including eBay, Amazon, and Walmart. For business-to-business channels, we updated our terms and conditions, created improved product brochures for distributors, strategically created a Minimum Advertised Price policy to prevent our business-to-consumer channels from interfering with our business-to-business channels, established sales representation across the continental U.S. by forging relationships with various sales agencies, and more. We intend to begin domestic manufacturing in the second quarter of fiscal year 2023, barring unforeseeable delays, and gradually increase output capacity through refined production processes and increased personnel during following quarters.
Sales from online retailers of our products decreased from $263,116 in 2021 to $101,930 in 2022, a decrease of 61%, due to our focus on establishing new sales channels. Online retailers accounted for 87% of total revenue for the year ended December 31, 2022 compared to 87% for the year ended December 31, 2021. Distributor sales decreased for the year ended December 31, 2022 compared with the year ended December 31, 2021, with sales of $14,572 and $40,349, respectively. We expect to continue to grow our fields of business as we develop unique products with enhanced utility to offer to other prospective clients in the US and Canadian markets.
We currently support a network of dealers, distributors, and independent resellers, and we will continue to expand our business and online sales channels in 2023.
Recent WKSP News
- WORKSPORT ANNOUNCES RECEIPT OF SOLAR PANELS REQUIRED TO BEGIN PRODUCTION OF HIGHLY ANTICIPATED SOLIS SOLAR TONNEAU COVER • GlobeNewswire Inc. • 03/28/2024 12:00:00 PM
- WORKSPORT ANNOUNCES PRICING OF APPROXIMATELY $2.8 MILLION REGISTERED DIRECT OFFERING & CONCURRENT PRIVATE PLACEMENT PRICED AT-THE-MARKET UNDER NASDAQ RULES • GlobeNewswire Inc. • 03/18/2024 12:00:00 PM
- Worksport to Advance Power Electronics with Gallium Nitride Semiconductors, improving on Silicone-Based Technology • GlobeNewswire Inc. • 03/13/2024 12:00:00 PM
- Worksport Set to Launch Innovative SOLIS & COR System This Summer, Providing Options for Partnerships with Tesla, GM, and Ford. • GlobeNewswire Inc. • 03/07/2024 12:30:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 03/06/2024 10:15:14 PM
- Worksport Set to Launch Innovative SOLIS & COR System This Summer, Providing Options for Partnerships with Tesla, GM, and Ford. • GlobeNewswire Inc. • 03/06/2024 10:15:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/23/2024 01:00:28 PM
- Worksport Ltd. Announces New Distribution Partnership with Dix Performance North to Expand Presence Across Canada • GlobeNewswire Inc. • 02/23/2024 01:00:00 PM
- Worksport Announces SOLIS Solar Cover Availability for Ford F-150 Lightning, Pioneering Sustainable Off-Grid Energy Solutions for EV Pickup Trucks • GlobeNewswire Inc. • 02/21/2024 01:00:00 PM
- Form SC 13G - Statement of acquisition of beneficial ownership by individuals • Edgar (US Regulatory) • 02/14/2024 08:58:26 PM
- Worksport Completes Production of First 1,100 AL3PRO Hard folding Covers compatible with Ford, General Motors, Stellantis, Nissan, and Toyota Trucks • GlobeNewswire Inc. • 02/13/2024 01:00:00 PM
- Infineon and Worksport collaborate to reduce weight and cost of portable power stations with GaN • GlobeNewswire Inc. • 02/07/2024 01:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/06/2024 01:00:30 PM
- Worksport Reports 2,050% Increase in Q4 2023 YOY Revenue, Following a 2,400% YOY Q3 Revenue Advance • GlobeNewswire Inc. • 02/06/2024 01:00:00 PM
- Worksport Subsidiary Terravis Energy Starts To Build Heat Pump Supply Chain • GlobeNewswire Inc. • 01/30/2024 01:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/29/2024 01:00:29 PM
- Worksport Announces Expansion of B2B Dealer Network and Upcoming Availability on Amazon, eBay, Walmart Marketplaces • GlobeNewswire Inc. • 01/29/2024 01:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/24/2024 01:00:34 PM
- Worksport Unveils AL3 PRO Hard-Folding Tonneau Cover - A Game-Changer in Pickup Truck Accessories - Proudly Made in the USA • GlobeNewswire Inc. • 01/24/2024 01:00:00 PM
- Worksport Announces SOLIS Solar Truck Cover will be Available for FORD, RAM (Stellantis) & GM • GlobeNewswire Inc. • 01/18/2024 01:00:00 PM
- Worksport Ltd. Advances Toward COR Alpha Release: Purchases All Inventory Parts For Alpha Release Production • GlobeNewswire Inc. • 01/16/2024 01:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/11/2024 01:00:36 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/09/2024 01:00:29 PM
- Residential Heat Pump Prototype Shows Exciting Early Test Results Beating Current Market Standards – Terravis Moves Heatpump To Commercial Design Stage • GlobeNewswire Inc. • 01/09/2024 01:00:00 PM
- Worksport Announces Strategic Partnership with NeuronicWorks to Assemble COR Battery System for Alpha Release and Full Production • GlobeNewswire Inc. • 01/03/2024 01:00:00 PM
Glidelogic Corp. Becomes TikTok Shop Partner, Opening a New Chapter in E-commerce Services • GDLG • Jul 5, 2024 7:09 AM
Freedom Holdings Corporate Update; Announces Management Has Signed Letter of Intent • FHLD • Jul 3, 2024 9:00 AM
EWRC's 21 Moves Gaming Studios Moves to SONY Pictures Studios and Green Lights Development of a Third Upcoming Game • EWRC • Jul 2, 2024 8:00 AM
BNCM and DELEX Healthcare Group Announce Strategic Merger to Drive Expansion and Growth • BNCM • Jul 2, 2024 7:19 AM
NUBURU Announces Upcoming TV Interview Featuring CEO Brian Knaley on Fox Business, Bloomberg TV, and Newsmax TV as Sponsored Programming • BURU • Jul 1, 2024 1:57 PM
Mass Megawatts Announces $220,500 Debt Cancellation Agreement to Improve Financing and Sales of a New Product to be Announced on July 11 • MMMW • Jun 28, 2024 7:30 AM