Worksport Ltd (WKSP) Financial Statements (2026 and earlier)
Company Profile
| Business Address |
2500 N AMERICA DR. WEST SENECA, NY 14224 |
| State of Incorp. | NV |
| Fiscal Year End | December 31 |
| Industry (SIC) | 3714 - Motor Vehicle Parts and Accessories (benchmarking) |
| More info | Complete Financial Analysis Financial Benchmarking |
Balance Sheet (Statement of Financial Position) ($ in thousands)
| 9/30/2025 MRQ | 12/31/2024 | 12/31/2023 | 12/31/2022 | 12/31/2021 | 12/31/2020 | 12/31/2019 | |||
|---|---|---|---|---|---|---|---|---|---|
| ASSETS | |||||||||
| Current Assets | |||||||||
| Cash, cash equivalents, and short-term investments | 4,883 | 3,366 | 14,621 | 28,567 | 1,108 | 12 | |||
| Cash and cash equivalent | 4,883 | 3,366 | 14,621 | 28,567 | 1,108 | 12 | |||
| Receivables | 212 | 629 | 331 | 247 | 291 | 68 | |||
| Inventory, net of allowances, customer advances and progress billings | 5,190 | 3,631 | 1,346 | 502 | 41 | 113 | |||
| Inventory | 5,190 | 3,631 | 1,346 | 502 | 41 | 113 | |||
| Prepaid expense | 102 | 5 | 1,335 | 3,328 | 215 | ||||
| Advances on inventory purchases | 50 | ||||||||
| Other undisclosed current assets | 91 | 1,492 | 700 | 1,387 | 30 | 11 | |||
| Total current assets: | 10,478 | 9,124 | 18,332 | 34,032 | 1,685 | 254 | |||
| Noncurrent Assets | |||||||||
| Operating lease, right-of-use asset | 595 | 917 | 1,238 | 516 | 39 | 60 | |||
| Property, plant and equipment | 13,644 | 14,483 | 11,901 | 1,129 | 92 | 95 | |||
| Long-term investments and receivables | 66 | 91 | 24 | 24 | 24 | 16 | |||
| Long-term investments | 66 | 91 | 24 | 24 | 24 | 16 | |||
| Intangible assets, net (including goodwill) | 953 | 1,339 | 1,269 | 593 | 63 | 57 | |||
| Intangible assets, net (excluding goodwill) | 953 | 1,339 | 1,269 | 593 | 63 | 57 | |||
| Total noncurrent assets: | 15,259 | 16,830 | 14,432 | 2,262 | 217 | 228 | |||
| TOTAL ASSETS: | 25,737 | 25,954 | 32,764 | 36,294 | 1,902 | 481 | |||
| LIABILITIES AND EQUITY | |||||||||
| Liabilities | |||||||||
| Current Liabilities | |||||||||
| Accounts payable and accrued liabilities, including: | 2,327 | 1,451 | 2,028 | 1,145 | 972 | 969 | |||
| Taxes payable | ✕ | ✕ | ✕ | ✕ | 112 | 48 | 37 | ||
| Accounts payable | 1,527 | ||||||||
| Accrued liabilities | 800 | 85 | 6 | ||||||
| Other undisclosed accounts payable and accrued liabilities | 1,366 | 2,028 | 1,032 | 917 | 932 | ||||
| Debt | 223 | 5,300 | 292 | 651 | 290 | ||||
| Due to related parties | ✕ | ✕ | ✕ | 46 | 36 | 23 | |||
| Other undisclosed current liabilities | 624 | 415 | 387 | 325 | 72 | 65 | |||
| Total current liabilities: | 3,174 | 7,167 | 2,462 | 1,797 | 1,718 | 1,325 | |||
| Noncurrent Liabilities | |||||||||
| Long-term debt and lease obligation | 4,781 | 5,300 | 317 | 15 | 39 | ||||
| Long-term debt, excluding current maturities | 4,781 | 5,300 | |||||||
| Liabilities, other than long-term debt | 368 | 609 | 884 | ||||||
| Operating lease, liability | 368 | 609 | 884 | 317 | 15 | 39 | |||
| Other undisclosed noncurrent liabilities | (317) | (15) | |||||||
| Total noncurrent liabilities: | 5,149 | 609 | 6,184 | 317 | 15 | 39 | |||
| Total liabilities: | 8,323 | 7,775 | 8,646 | 2,114 | 1,733 | 1,364 | |||
| Equity | |||||||||
| Equity, attributable to parent, including: | 17,414 | 18,179 | 24,118 | 34,180 | 169 | (883) | |||
| Preferred stock | 0 | ||||||||
| Common stock | 4 | 2 | 2 | 2 | 8 | 4 | |||
| Common stock, share subscribed but unissued, subscriptions receivable | (2) | (2) | (2) | (2) | (2) | (2) | |||
| Additional paid in capital | 79,782 | 64,686 | 56,920 | 54,608 | 12,659 | 8,381 | |||
| Accumulated deficit | (64,477) | (48,313) | (33,384) | (20,850) | (12,866) | (10,769) | |||
| Other undisclosed equity, attributable to parent | 2,106 | 1,806 | 583 | 422 | 371 | 1,503 | |||
| Total equity: | 17,414 | 18,179 | 24,118 | 34,180 | 169 | (883) | |||
| TOTAL LIABILITIES AND EQUITY: | 25,737 | 25,954 | 32,764 | 36,294 | 1,902 | 481 | |||
Income Statement (P&L) ($ in thousands)
| 9/30/2025 TTM | 12/31/2024 | 12/31/2023 | 12/31/2022 | 12/31/2021 | 12/31/2020 | 12/31/2019 | ||
|---|---|---|---|---|---|---|---|---|
| Revenues | 8,484 | 1,530 | 117 | 304 | 346 | 1,926 | ||
| Cost of revenue (Cost of Product and Service Sold) | (7,579) | (1,289) | (57) | (351) | (299) | (1,688) | ||
| Gross profit: | 906 | 241 | 60 | (47) | 47 | 239 | ||
| Operating expenses | (16,371) | (14,977) | (12,833) | (7,515) | (1,033) | (832) | ||
| Operating loss: | (15,466) | (14,737) | (12,774) | (7,562) | (986) | (593) | ||
| Nonoperating income (expense) | (698) | (192) | 239 | (335) | (201) | 179 | ||
| Investment income, nonoperating | 114 | 185 | 213 | |||||
| Gain (loss), foreign currency transaction, before tax | (4) | 28 | ||||||
| Interest and debt expense | (726) | (616) | 302 | 18 | 185 | 251 | ||
| Loss from continuing operations before equity method investments, income taxes: | (16,890) | (15,545) | (12,232) | (7,879) | (1,003) | (164) | ||
| Other undisclosed income from continuing operations before income taxes | 726 | |||||||
| Loss from continuing operations before income taxes: | (16,164) | (15,545) | (12,232) | (7,879) | (1,003) | (164) | ||
| Income tax benefit | 13,760 | 12,457 | ||||||
| Income (loss) from continuing operations: | (16,164) | (1,785) | 225 | (7,879) | (1,003) | (164) | ||
| Loss before gain (loss) on sale of properties: | ✕ | ✕ | ✕ | ✕ | (7,879) | (1,003) | (164) | |
| Other undisclosed net income | 16,714 | 12,309 | ||||||
| Net income (loss): | (16,164) | 14,929 | 12,534 | (7,879) | (1,003) | (164) | ||
| Other undisclosed net income (loss) attributable to parent | 0 | (29,858) | (25,069) | (18) | (185) | (251) | ||
| Net loss available to common stockholders, diluted: | (16,164) | (14,929) | (12,534) | (7,897) | (1,188) | (415) | ||
Comprehensive Income ($ in thousands)
| 9/30/2025 TTM | 12/31/2024 | 12/31/2023 | 12/31/2022 | 12/31/2021 | 12/31/2020 | 12/31/2019 | ||
|---|---|---|---|---|---|---|---|---|
| Net income (loss): | (16,164) | 14,929 | 12,534 | (7,879) | (1,003) | (164) | ||
| Comprehensive income (loss): | (16,164) | 14,929 | 12,534 | (7,879) | (1,003) | (164) | ||
| Other undisclosed comprehensive loss, net of tax, attributable to parent | (185) | (256) | ||||||
| Comprehensive income (loss), net of tax, attributable to parent: | (16,164) | 14,929 | 12,534 | (7,879) | (1,188) | (420) | ||
Statements Sources
The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.