Worksport Posts Record $7.23 Million in Third-Quarter Sales
Key Facts
Worksport reported on Nov. 10 results for the third quarter ended Sept. 30, 2026, posting record net sales of $7.23 million. Net loss was $3.6 million, or $0.26 per share, compared with a loss of $4.9 million and $0.75 per share in the same quarter of 2025. According to Investing.com, the per-share loss exceeded analysts’ estimate of $0.18 by $0.08. Revenue was $7.23 million, versus an estimate of $12.5 million, the same source said. The report thus shows sales expanding as losses continued, while the company’s shares closed at $0.291 in the session when the results were released.
The company said operating expenses fell 11.7% year over year to $5.6 million. Those expenses represented 78% of sales, compared with 127% in the third quarter of 2025. Cash used in operating activities fell to about $0.37 million. The company said that was an 89% decline from the second quarter and about 95% from the first quarter of 2026. In its statement, it added that the third quarter was the second consecutive quarter in which revenue increased while losses and operating cash use declined.
NEXUS sales rose to about $4.76 million in the third quarter, up nearly 150% from the previous quarter and accounting for about two-thirds of quarterly sales. SOLIS sales also increased more than fourfold compared with the second quarter. Orders for the quarter totaled about $7.87 million, exceeding invoiced sales and leaving estimated backlog of about $740,000 as of Sept. 30. That balance was about $117,000 at the end of June. The company also reported that quarterly sales grew 38% from the previous quarter as inventory declined to about $9.58 million from $12.07 million at the end of June.
Cash and cash equivalents rose to $2.53 million on Sept. 30 from $1.16 million on June 30, with $1.8 million still available under the revolving credit facility. For the first nine months of 2026, net loss was $13,393,217, compared with $13,123,627 in the same period of 2025. Meanwhile, sales for the first nine months rose 38.8% to about $15.8 million. Chief Executive Steven Rossi said, "Sustainably reaching operating cash flow breakeven is our top financial priority," pointing to a goal of reducing the company’s reliance on equity financing. The company had reported that its fiscal 2025 audit included an explanatory paragraph citing substantial doubt about its ability to continue as a going concern, dependent on generating cash flows and obtaining equity or debt financing.
In a separate update on its energy business, Terravis Energy is targeting certification for its AetherLux heat pump in the fourth quarter of 2026. The company is also targeting its first pilot installations in the United States in the first quarter of 2027. Worksport tied those timelines to the completion of testing and production readiness. After closing at $0.291 in regular trading on Nov. 10, the stock fell 6.29% in after-hours trading to $0.2727, according to Investing.com coverage attributed to Reuters. That places the market’s reaction after the announcement alongside the operating and financial results reported by the company.