Filing Flows › Worksport (WKSP) › Q1 2025
Worksport (WKSP) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 15, 2025
Worksport (WKSP) reported revenue of $2.2M for the first quarter 2025 (Q1 2025), +337% from a year earlier and -23% from the quarter before. Operating margin was -190.0%, net loss $4.5M (199.1% of revenue).
Worksport, Q1 2025: revenue $2.2M (+337% year over year), operating margin -190.0%, net loss $4.5M, operating cash flow −$3.8M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.2M | -23% | +337% |
| Operating profit | −$4.3M | — | — |
| Net earnings | −$4.5M | — | — |
| Operating cash flow | −$3.8M | — | — |
What changed
Revenue was $2.2M in Q1 2025, up 337% year over year and down 23% from the previous quarter. Hard Tonneau Covers was the largest line at 95% of revenue. Hard Tonneau Covers added $2.1M year over year (up 5820%), 121% of the total change. Soft Tonneau Covers declined 74%.
Gross margin was 17.7%, up 10.4 points from a year earlier. Operating costs exceeded revenue by $4.3M, an operating margin of -190.0%. Operating expenses grew 27% against revenue growth of 337%. The fastest-growing cost line was SG&A (+28%). The quarter ended with a net loss of $4.5M, after a profit of $8.1M the previous quarter.
Operating cash flow was −$3.8M. Non-cash charges added back $445K of depreciation and amortization and $608K of share-based compensation. Working capital and other items used $433K. Capital expenditures of $201K exceeded it, leaving free cash flow of −$4.0M.
Questions
What was Worksport's revenue in the first quarter 2025?
Worksport (WKSP) reported revenue of $2.2M for the first quarter 2025 (Q1 2025), +337% from a year earlier and -23% from the quarter before.
Was Worksport profitable in the first quarter 2025?
Operating loss was $4.3M (-190.0% of revenue) and net loss $4.5M.
Source: Worksport 10-Q on SEC EDGAR.