Worksport doubles bitcoin holdings, expands production capacity

Worksport Ltd. (NASDAQ: WKSP) announced it has doubled its Bitcoin holdings following the launch of its cryptocurrency strategy in December 2024. The company stated its digital asset portfolio, which includes Bitcoin and XRP, has increased approximately 15% in value since the initial purchase.

"Our core focus remains on growing a great American manufacturing business—but we also believe that forward-thinking treasury strategies are vital for preserving long-term value," said Steven Rossi, Chief Executive Officer of Worksport.

The West Seneca, New York-based manufacturer also placed a deposit on manufacturing equipment designed to double its current production output. The company stated the new machine will integrate with existing systems at its ISO 9001:2015-certified facility. Worksport said its current infrastructure can support more than $50 million in annual output, with the new equipment expected to raise capacity to over $100 million.

The company reported it has initiated conversations with two additional automotive original equipment manufacturers (OEMs). These discussions build on existing business relationships, including a paid pilot program with a construction company for Worksport's COR and SOLIS products.

Worksport is evaluating brand amplification initiatives involving nationally recognized partners following social media engagement from NASCAR driver Frankie Muniz. The company projects a year-end revenue target of $20 million and plans to launch its COR portable energy system and SOLIS solar tonneau cover in fall 2025.

The company will release its Q2 2025 financial results on August 13, 2025, and will host a live webcast at 1 p.m. ET the same day.

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