Worksport Ltd. provided a business update highlighting several growth drivers, including regaining compliance with Nasdaq's minimum bid price requirement. The company reported significant gross margin expansion for May 2026, announced a new national distribution partner, and outlined its revenue run-rate targets. A CEO town hall is scheduled for June 30, 2026, to discuss these developments.
Key Details
- Financial Performance: Reported preliminary gross margin of approximately 35% for May 2026, an increase of ~660 basis points from 28.4% in Q1 2026.
- Distribution & Revenue: Announced a new national distribution agreement with Meyer Distributing and is projecting a $36+ million 12-month annual revenue run-rate target, up from a current run-rate of over $21 million.
- Nasdaq Compliance: The company's stock closed above $1.00 on June 24, 2026, regaining compliance with Nasdaq's minimum bid price requirement.
- Capital & Insider Alignment: Recently completed two direct investments and noted the CEO elected to receive company shares in lieu of cash compensation for the second time in 2026.