10-Q · May 13, 2026
Worksport Ltd. reported dismal Q4 results with revenues of $4,743,000, significantly below analysts' expectations of $7,276,000 and a net loss of $5,828,522, compared to a loss of $4,460,464 in the same period last…
Earnings analysis · 10-Q
WKSP earnings analysis
Filed August 11, 2026 · Our reading of the company's report
The latest report
The extracted 10-Q text does not contain the income statement, balance sheet, cash-flow statement, segment disclosures, or MD&A financial discussion needed to assess Q2 revenue, margins, EPS, liquidity, or free cash…
Read full summary
The extracted 10-Q text does not contain the income statement, balance sheet, cash-flow statement, segment disclosures, or MD&A financial discussion needed to assess Q2 revenue, margins, EPS, liquidity, or free cash flow. The most material filing disclosure is that disclosure controls remained ineffective as of June 30, 2026 because of an unresolved material weakness across 3 control areas. Equity-based compensation also continued, including 167,832 shares issued to the CEO during the quarter and 766,050 RSUs and options granted after quarter-end.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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External remediation support added
During the six months ended June 30, 2026, the Company engaged 2 outside providers—an external CPA firm and an external consultant—to augment its external reporting review process and support remediation.
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Additional financial-reporting procedures
The Company stated that it performed additional analysis and post-closing procedures to help ensure its financial statements for the periods presented complied with GAAP.
What to watch
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Material weakness remains unresolved
Disclosure controls were deemed ineffective as of June 30, 2026 because of a material weakness involving 3 areas: insufficiently precise written policies, inadequate control documentation, and deficient system access controls and segregation of duties. Remediation remains ongoing and is not complete until controls operate effectively for a sufficient period and management testing confirms effectiveness.
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Equity issuance increases dilution
The Company issued 88,214 shares to its CEO for $75,000 of accrued bonus compensation on April 13, 2026 and 79,618 shares for $50,000 on June 5, 2026, creating 167,832 shares of equity-based compensation settlement and potential dilution.
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Large post-quarter equity awards
Subsequent to quarter-end, the Company granted 274,000 immediately vesting RSUs and 492,050 stock options on July 31, 2026. The options include vesting schedules extending through June 30, 2029, creating additional potential dilution and compensation expense.
Management's outlook
No quantitative revenue, EPS, margin, cash-flow, or segment guidance was provided in the extracted 10-Q text. The filing does not include an MD&A financial outlook; prior preliminary Q2 sales commentary was disclosed separately in the July 29, 2026 8-K.
Earlier filings 4
10-K · March 26, 2026
Worksport describes a strategy of scaling its core soft and hard tonneau cover business while expanding into clean-energy products (SOLIS solar-integrated tonneau cover, COR portable energy system) and heat-pump systems…
10-Q · November 13, 2025
Worksport reported quarterly net sales of $5,013,872 (up $1,891,513 vs. $3,122,359 a year earlier) with gross profit of $1,568,784 (gross margin ~31.3%). GAAP loss per share improved to $(0.75) from $(1.40) YoY, but…
10-Q · August 13, 2025
Worksport reported Q2 2025 net sales of $4,104,958 and GAAP loss per share of $(0.71). Revenue and gross margin expanded materially versus prior year and the prior quarter, but the company remains unprofitable with…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.