Worksport Ltd (WKSP) 2024 Q2 法說會逐字稿

Good afternoon, everyone, welcome to Worksports first-ever live earnings call as a Nasdaq-listed corporation. I'm Steven Rossi, the founder and CEO of Worksport, and I'm joined today by our CFO, Michael Johnston. We'd like to thank everyone for joining us today, as well as all of our special guests listening in today, those working within the capital markets, and various research analysts.

大家下午好，歡迎參加 Worksports 作為納斯達克上市公司首次舉行的即時財報電話會議。我是 Worksport 的創始人兼執行長史蒂文·羅西 (Steven Rossi)，今天我們的財務長 Michael Johnston 也加入了我的行列。我們要感謝今天加入我們的所有人，以及今天收聽的所有特別嘉賓、資本市場工作人員以及各種研究分析師。

On today's call, we have exciting updates and commentary to complement our Q2 earnings reported that was just posted at 04:00 PM today, August 13, just about 30 minutes ago. We will be reviewing the financial results for the quarterly period ending June 30, 2024.

在今天的電話會議上，我們提供了令人興奮的更新和評論，以補充我們於 8 月 13 日下午 04:00（大約 30 分鐘前）剛剛發布的第二季財報。我們將檢視截至 2024 年 6 月 30 日的季度財務表現。

These results were issued at 04:00 PM today as I said above and could be downloaded from the link provided in the chat. At the end of today's call, our prepared remarks and presentation deck will be available for download at invest.worksport.com.

正如我上面所說，這些結果於今天下午 04:00 發布，可以從聊天中提供的鏈接下載。在今天的電話會議結束時，我們準備好的評論和簡報將可在invest.worksport.com 上下載。

During this call, we will make forward-looking statements, including statements regarding our financial outlook for the third quarter and full year 2024. Our expectations regarding financial and business trends, impacts from the micro and macroeconomic environment, our market position opportunities, go-to-market initiatives, growth strategy, and business aspirations and product initiatives, and the expected benefit of such initiatives.

在本次電話會議中，我們將做出前瞻性聲明，包括有關我們第三季和 2024 年全年財務前景的聲明。我們對金融和業務趨勢的期望、微觀和宏觀經濟環境的影響、我們的市場地位機會、進入市場計劃、成長策略、業務願望和產品計劃以及此類計劃的預期收益。

These statements are only predictions that are based on our current beliefs, expectations, and assumptions. Actual results may differ materially. These forward-looking statements are subject to risks and other factors that could affect our performance and financial results, which we discuss in detail in our filings with the SEC, included in our annual report Form 10-K and quarterly report Form 10-Q. Worksport assumes no obligation to update any forward-looking statements we may make on today's webinar.

這些陳述只是基於我們目前的信念、期望和假設的預測。實際結果可能存在重大差異。這些前瞻性陳述受到可能影響我們業績和財務表現的風險和其他因素的影響，我們在向SEC 提交的文件中詳細討論了這些風險和其他因素，這些文件包含在我們的年度報告10-K 表格和季度報告10-Q 表格中。Worksport 不承擔更新我們在今天的網路研討會上可能做出的任何前瞻性陳述的義務。

And with that, let's begin.

那麼，讓我們開始吧。

Worksport is a company with strong routes. These routes are what will allow us to continue to propel into the future. Three years ago, we uplisted on Nasdaq and since then we've been diligently laying the foundation for Worksport.

Worksport是一家擁有強大航線的公司。這些路線將使我們能夠繼續推進未來。三年前，我們在納斯達克上市，從那時起我們一直在努力為 Worksport 奠定基礎。

Today, we're thrilled to share our most recent developments. As of January 2024, our $10 million state-of-the-art factory has begun early stage production ramp up. Four of our AL3 hard-folding tonneau cover proudly manufactured in America.

今天，我們很高興與大家分享我們的最新進展。截至 2024 年 1 月，我們耗資 1,000 萬美元的最先進工廠已開始早期產能提升。我們自豪地在美國製造了四個 AL3 硬折疊酒箱蓋。

In March 2024, we launched our online marketing campaigns targeting direct-to-consumer sales, and by May 2024, the company reported its best sales month yet. Today, we're excited to announce that this past quarter has been the best sales quarter in the company's history.

2024 年 3 月，我們啟動了針對直接面向消費者銷售的線上行銷活動，到 2024 年 5 月，該公司報告了迄今為止最好的銷售月份。今天，我們很高興地宣布，上個季度是公司歷史上最好的銷售季度。

Our American-made tonneau cover business is leading these sales and is positioned within a substantial $3.5 billion truck bed market, which we are aggressively targeting. The early traction we've received has been remarkable and we're eager to continue rapidly expanding this business segment. This is just the beginning.

我們的美國製造後座蓋業務在這些銷售中處於領先地位，並定位於價值 35 億美元的卡車車廂市場，這是我們積極瞄準的目標。我們早期獲得的關注非常顯著，我們渴望繼續快速擴展這一業務領域。這只是開始。

To protect our innovations and secure our future growth, Worksport has approximately 160 registered and pending patents and trademarks within its IP portfolio on a global scale. Worksport intends on releasing three new products in the second half of 2024.

為了保護我們的創新並確保我們未來的發展，Worksport 在全球範圍內的智慧財產權組合中擁有約 160 項註冊和正在申請的專利和商標。Worksport 計劃在 2024 年下半年發布三款新產品。

The highly anticipated first-to-market Worksport SOLIS solar tonneau cover represents a unique opportunity for Worksport to enter the clean tech market, starting with our rapidly expanding truck customer base, the patented solar -- sorry, SOLIS covers designed to offer utility across a wide range of diverse applications. Worksports COR modular portable energy system, when paired with the SOLIS tonneau cover, creates a green power nano grid.

備受期待的首款上市Worksport SOLIS 太陽能後座蓋為Worksport 提供了進入清潔技術市場的獨特機會，首先是我們快速擴大的卡車客戶群，即獲得專利的太陽能——抱歉，SOLIS 後座蓋旨在為整個產業提供實用性。Worksports COR 模組化便攜式能源系統與 SOLIS 酒桶蓋配合使用，可創建綠色能源奈米網格。

The COR system can store over 1,700 watt hours of energy and is fully modular, allowing for the addition of extra batteries. With the portable energy market valued at an astonishing $3.9 billion globally and growing rapidly, Worksports COR battery features a unique, never-ending power, hot swap capability.

COR 系統可儲存超過 1,700 瓦時的能量，並且完全模組化，允許添加額外的電池。全球便攜式能源市場價值高達 39 億美元，且成長迅速，Worksports COR 電池具有獨特的、永無止境的電源、熱插拔功能。

We believe this feature will enable the COR system to penetrate treat markets far beyond just that of the pickup truck segment. The alpha release of the COR and SOLIS will be available in mid-September for select customers.

我們相信這項功能將使 COR 系統能夠滲透到遠遠超出皮卡車領域的處理市場。COR 和 SOLIS 的 alpha 版本將於 9 月中旬推出特定客戶。

We are currently hard at work producing 100 of each of these units to test and share with key customers and influencers as we prepare for full market launch. We are also planning to conduct a roadshow in Q3, exhibiting this unique system installed in a Ford F-150 pickup truck to key news outlets and stakeholders.

目前，我們正在努力生產 100 個這樣的產品，以便在我們準備全面上市時與主要客戶和影響者進行測試和分享。我們還計劃在第三季進行路演，向主要新聞媒體和利害關係人展示安裝在福特 F-150 皮卡車上的這個獨特系統。

Also, we will be launching an all-new, hard-folding tonneau cover model that will address a larger and growing market segment within the higher anticipate -- with much higher anticipated market demand. More information on this new product will be available as early as later this quarter.

此外，我們還將推出一款全新的硬折疊後座蓋車型，該車型將在更高的預期範圍內滿足更大且不斷增長的細分市場——預期市場需求更高。有關該新產品的更多資訊最早將於本季稍後公佈。

The product is expected to launch in Q4 of this year. We are very excited about the next six months and will share more details later in the presentation.

該產品預計將於今年第四季推出。我們對接下來的六個月感到非常興奮，並將在稍後的演示中分享更多細節。

For now, I hand it over to Mike to discuss our Q2 results.

現在，我將其交給麥克討論我們第二季的結果。

Thanks, Steve, and hello, everyone. Let's start with some exciting milestones achieved in Q2. So Worksport achieved a remarkable growth in revenue with net sales of $1.92 million for Q2 2024, up 275% from Q1 of 2024.

謝謝史蒂夫，大家好。讓我們從第二季實現的一些令人興奮的里程碑開始。因此，Worksport 實現了營收顯著成長，2024 年第二季淨銷售額為 192 萬美元，較 2024 年第一季成長 275%。

Notably, Worksport sales in Q2 surpassed the entire year-end revenue of $1.5million for fiscal 2023. The significant increase is directly related to the company's new factory in Buffalo and recent successful marketing efforts with e-commerce space and dealers. The company has experienced excellent sales traction from its quickly expanding sales channels and expects this rapid growth to continue.

值得注意的是，Worksport 第二季的銷售額超過了 2023 財年全年 150 萬美元的年終收入。這一顯著增長與該公司在布法羅的新工廠以及最近與電子商務空間和經銷商的成功行銷努力直接相關。該公司透過快速擴張的銷售管道獲得了出色的銷售牽引力，並預計這種快速成長將持續下去。

By the end of Q2, Worksport was on track to achieve a monthly recurring revenue of approximately $1 million per month. The company believes this number will continue to grow in 2024 with the ongoing ramp up of the AL3 line and the introduction of the premium AL3 -- or sorry, AL4 product line in Q4 of 2024.

到第二季末，Worksport 預計將實現每月約 100 萬美元的經常性收入。該公司相信，隨著 AL3 系列的不斷擴大以及 2024 年第四季度推出優質 AL3（或抱歉，AL4 產品線），這一數字將在 2024 年繼續增長。

Our gross profit margins year-to-date for Q2 2024 is 15.4%. While margins are still low, they have improved by 111% compared with Q1 of 2024.

2024 年第二季至今，我們的毛利率為 15.4%。儘管利潤率仍然較低，但與 2024 年第一季相比已提高 111%。

Coming to notes here that historical production in 2024 has been less efficient than the baseline efficiency of the plant. This was in relation to production and product improvements in the early part of 2024. We're excited to say that baseline efficiency is expected to be better reflected in the latter half of this year and is expected to enhance future margins.

在此需要指出的是，2024 年的歷史生產效率低於工廠的基準效率。這與 2024 年初的生產和產品改進有關。我們很高興地說，基準效率預計將在今年下半年得到更好的體現，並有望提高未來的利潤率。

In addition to this expected improvement, the company anticipates a notable rise in margins from substantial cost savings achieved through ongoing scaling efforts and the upcoming launch of premium product lines. These improvements will more clearly be reflected in the second half of the year and into the 2025 fiscal year.

除了預期的改善外，該公司預計，透過持續的擴展努力和即將推出的優質產品線，可大幅節省成本，從而實現利潤率的顯著增長。這些改進將在下半年和2025財年得到更清晰的體現。

Worksport notes that the product margin for the upcoming AL4 premium price tonneau cover is expected to be higher both in percentage and dollar value. The company also forecasts the AL4 to become the more popular tonneau cover among consumers.

Worksport 指出，即將推出的 AL4 高價酒桶蓋的產品利潤率預計將更高，無論是百分比還是美元價值。該公司還預測 AL4 將成為更受消費者歡迎的後座蓋。

Worksport heavily invested in infrastructure and product development initiatives to build a strong foundation for sustained operational growth. Worksport now has the infrastructure in place and innovative product line to move forward, move towards operational cash flow positivity.

Worksport 對基礎設施和產品開發計劃進行了大量投資，為持續營運成長奠定了堅實的基礎。Worksport 現在擁有適當的基礎設施和創新產品線，可以繼續前進，走向積極的營運現金流。

Worksport is well positioned to use its equipment, facilities, and inventory investments to meet current and anticipated sales growth for the remainder of 2024. No significant equipment investment is expected within the next twelve months. As revenues accelerate, we expect the net loss from operations to decrease, the clear vision to move towards positive operational cash flow within 2025.

Worksport 處於有利地位，可利用其設備、設施和庫存投資來滿​​足當前和 2024 年剩餘時間的預期銷售成長。預計未來十二個月內不會有重大設備投資。隨著營收加速成長，我們預期營運淨虧損將減少，明確願景是在 2025 年實現正營運現金流。

Since the beginning of the year, the company has strategically invested $3.63 million in inventory, bringing the total balance to $6.39 million. As we continue to expand our monthly recurring revenue, we anticipate an accelerated turnover this inventory. With the upcoming launch of the SOLIS, COR, and AL4 products, the company plans to make further inventory investments, particularly in SOLIS and COR, in the fourth quarter of 2024.

自年初以來，該公司已策略性投入363萬美元庫存，使總餘額達639萬美元。隨著我們繼續擴大每月經常性收入，我們預計庫存週轉速度會加快。隨著 SOLIS、COR 和 AL4 產品即將推出，該公司計劃在 2024 年第四季進行進一步的庫存投資，特別是在 SOLIS 和 COR 方面。

To end, a special note on the financial impact of Worksports upcoming clean tech products. Worksport notes that the SOLIS and COR products are expected to successfully achieve a market price between $1,200 $1,700 each, depending on the unit and package selected.

最後，特別說明 Worksports 即將推出的清潔技術產品的財務影響。Worksport 指出，SOLIS 和 COR 產品預計將成功實現各自 1,200 美元到 1,700 美元之間的市場價格，具體取決於所選的裝置和封裝。

The modularity of Worksport's COR system also presents opportunities for customers to become repeat buyers of additional 1,500 watt-hour batteries, which are expected to command market prices between $700 and $950.

Worksport COR 系統的模組化也為客戶提供了重複購買額外 1,500 瓦時電池的機會，預計市場價格在 700 至 950 美元之間。

This higher priced segment presents a significant opportunity to accelerate revenue growth and expand into new customer markets. With the alpha launch expected to occur in September, Worksport will provide an update on the sales outlook for SOLIS and COR during the Q3 2024 earnings call.

這個價格較高的細分市場為加速收入成長和拓展新客戶市場提供了重要機會。由於 alpha 版本預計將於 9 月發布，Worksport 將在 2024 年第三季財報電話會議上提供 SOLIS 和 COR 銷售前景的最新資訊。

We'll give everyone a moment to read the infographic on your screen. And I'm going to turn it back to Steve for the business performance and operational highlights.

我們將給每個人一點時間來閱讀螢幕上的資訊圖表。我將把業務績效和營運亮點轉回給史蒂夫。

Excellent. Thanks. We have actually a question before I continue on from Tate Sullivan, research analyst covering Worksport. Go ahead, Tate.

出色的。謝謝。在我繼續討論 Worksport 的研究分析師 Tate Sullivan 之前，我們實際上有一個問題。繼續吧，泰特。

Oh, thanks, Steve. Happy to save it to end if you want to, but can you cover your manufacturing capability in New York? What are you manufacturing currently versus what are you importing from other countries?

哦，謝謝，史蒂夫。如果你願意的話，很樂意把它留到最後，但是你能涵蓋你在紐約的製造能力嗎？您目前生產什麼產品，從其他國家進口什麼產品？

Sure, yeah. So the manufacturing line is set up to produce 1,000 tonneau covers per day without additional expansion, to which we can expand the footprint of the building by approximately almost 40%. The AL3 tonneau cover is produced in North America with the majority of the components sourced from North America, meaning paint and resins from soil within the lower 48 states. So it's a gold standard of make by definition in America.

當然，是的。因此，生產線的設置為每天生產 1,000 個酒桶蓋，無需額外擴建，我們可以將建築物的佔地面積擴大約近 40%。AL3 酒桶蓋在北美生產，大部分零件來自北美，這意味著油漆和樹脂來自美國本土 48 個州的土壤。因此，它是美國製造的黃金標準。

The products that are presently being imported from overseas remain are soft-folding tonneau covers that are imported from our contract factory in China. However, we do have all or most necessary -- let me say that are most necessary equipment to produce soft-folding tonneau covers within North America at that facility which we intend to explore or at least finalize within 2025.

目前從海外進口的產品仍然是從我們在中國的合約工廠進口的軟折疊後座蓋。然而，我們確實擁有所有或最必要的設備——讓我說，這是在北美地區生產軟折疊後座艙蓋的最必要的設備，我們打算探索或至少在 2025 年完成該設施。

Thank you.

謝謝。

Okay, I'll carry on. This quarter was highly dynamic, marked by numerous milestones, technical achievements and our significant process laying the groundwork for future initiatives. Most of all, the beginning of our strong growth in revenues, with a keen focus on growing our bottom line through a continual improvement and economies of scale.

好吧，我繼續。本季充滿活力，以眾多里程碑、技術成就和為未來舉措奠定基礎的重要流程為標誌。最重要的是，這是我們收入強勁成長的開始，我們專注於透過持續改善和規模經濟來提高我們的利潤。

After scale production started in January, we amassed inventory and initiated marketing efforts in March of 2024. In the last few months, Worksport has been aggressively establishing its brand name in the market presence. Our e-commerce strategy continues to grow. We have initiated dealer and distributor sales outreach which is expected to fuel revenue growth for Q3 and onwards.

一月開始規模生產後，我們於 2024 年 3 月累積庫存並啟動行銷工作。在過去的幾個月裡，Worksport 一直在市場上積極建立自己的品牌。我們的電子商務策略持續發展。我們已經啟動了經銷商和經銷商的銷售推廣活動，預計將推動第三季及以後的營收成長。

In May, Worksport was honored to be recognized by the state of New York with a grant valued at approximately $2.8 million over its lifetime. The grant is based on our projected employee growth and will become redeemable starting in 2025. The governor's office has taken note of our operation in western New York and is actively supporting our business.

今年 5 月，Worksport 很榮幸獲得紐約州的認可，並在其生命週期中獲得了價值約 280 萬美元的資助。該補助金基於我們預計的員工成長，並將於 2025 年開始可兌換。州長辦公室已經注意到我們在紐約西部的業務，正在積極支持我們的業務。

Recently, we announced excellent test results for the SOLIS solar tonneau cover and will soon provide an update on the COR's test result ahead of their joint alpha release expected in September. The SOLIS cover is capable of generating up to 650 watts of power, allowing it to fully charge a 1700 watt-hour COR system in just a few hours with good weather conditions.

最近，我們宣布了 SOLIS 太陽能酒箱蓋的出色測試結果，並將很快在預計於 9 月聯合發布 alpha 版本之前提供 COR 測試結果的更新。SOLIS 蓋能夠產生高達 650 瓦的電力，在天氣條件良好的情況下，只需幾個小時即可為 1700 瓦時的 COR 系統充滿電。

This could provide enough power for a campsite, jobsite, or various recreational activities. The use cases are endless. With over 2,000 watts of maximum power output, the COR system can run a fridge, microwave, various power tools, and charge lots of personal electronic devices, to just name a few. The COR and SOLIS are anticipated to be transformative products that will shape the future of Worksport.

這可以為露營地、工地或各種娛樂活動提供足夠的電力。用例是無窮無盡的。COR 系統的最大功率輸出超過 2,000 瓦，可以運行冰箱、微波爐、各種電動工具，並為大量個人電子設備充電等。COR 和 SOLIS 預計將成為變革性產品，塑造 Worksport 的未來。

We will initially market them to our existing base of pickup truck users, but with their compelling competitive advantage and diverse use cases, the SOLIS and COR system have been targeted to various markets, starting in North America and eventually expanding globally.

我們最初將向現有的皮卡車用戶群推銷它們，但憑藉其引人注目的競爭優勢和多樣化的用例，SOLIS 和 COR 系統已瞄準各個市場，從北美開始，最終擴展到全球。

Given the success of lab testing of our COR, our vision for our COR batteries is for it to become the AA battery of the future. The market opportunity is tremendous. With existing companies coming out of China growing at 300% per year in this space, we couldn't be more excited about our unique launch.

鑑於我們的 COR 實驗室測試取得了成功，我們對 COR 電池的願景是使其成為未來的 AA 電池。市場機會巨大。隨著來自中國的現有公司在這一領域每年以 300% 的速度成長，我們對我們獨特的推出感到無比興奮。

I note two figures on the right of this slide. Our engineers have begun developing a transferable solution of the Worksport SOLIS and COR system to act as a portable nano grid off the truck bed.

我注意到這張投影片右側有兩個數字。我們的工程師已開始開發 Worksport SOLIS 和 COR 系統的可轉移解決方案，作為卡車底座上的便攜式奈米網格。

Opening the Worksport -- opening Worksport to a plethora of new markets and target customers. The possibility end markets are endless and global, which is why we're very excited to announce Worksports clean tech business division.

開放 Worksport－開放給眾多新市場和目標客戶 Worksport。終端市場的可能性是無限的，而且是全球性的，這就是為什麼我們非常高興地宣布成立 Worksports 清潔技術業務部門。

With this in mind, Worksport will now begin conceptually referring to its operations in two business divisions. First, Worksport automotive and second, Worksport clean tech. Our tonneau cover business is expected to propel Worksport into a nine-figure, middle-market company in the mid to short-term -- or short to mid-term, rather. While the clean tech division opens us up to a 10- figure-plus opportunity that we believe is achievable.

考慮到這一點，Worksport 現在將開始概念性地提及其兩個業務部門的運作。首先是 Worksport 汽車，其次是 Worksport 清潔技術。我們的後座艙蓋業務預計將在中短期（或更確切地說是中短期）內推動 Worksport 成為一家收入九位數的中端市場公司。雖然清潔技術部門為我們帶來了 10 位數以上的機會，但我們相信這是可以實現的。

Altogether, our aspirations in terms of revenue stretch beyond that of upper middle market. In April 2024, the company issued a press release stating that we believe Worksport's stock was undervalued. Today, given this quarter's result, the shared remarks on our path to cash flow positivity and the upcoming update on the guidance, we reaffirm that statement, confident that the revenue growth we're seeing this quarter is just the beginning of a prosperous climb ahead.

總而言之，我們對收入的期望超出了中高端市場的範圍。2024 年 4 月，該公司發布新聞稿稱，我們認為 Worksport 的股票被低估。今天，考慮到本季度的業績、我們對現金流積極性之路的共同評論以及即將發布的指導更新，我們重申這一聲明，相信我們看到的本季度收入增長只是未來繁榮攀登的開始。

Worksport will continue to ramp up AL3 sales, expanding its presence across the United States and Canada. With a domestic market size of over 7 million tonneau covers sold annually, we're only just scratching the surface.

Worksport 將繼續提高 AL3 的銷量，擴大其在美國和加拿大的業務。國內市場規模每年銷售超過 700 萬個酒桶蓋，我們僅僅觸及了表面。

Our covers have received excellent reception so far in the highly anticipated AL4 cover forthcoming in Q4 is eagerly awaited, particularly by our business-to-business customers. The AL4 shares key features with the AL3, allowing the company to strategically optimize production as needed.

迄今為止，我們的封面在第四季度即將推出的備受期待的 AL4 封面中受到了熱烈的歡迎，尤其是我們的 B2B 客戶。AL4 與 AL3 具有相同的關鍵功能，使公司能夠根據需要策略性地優化生產。

This quarter, we launched a dedicated website for our dealers and resellers and initiated a live online sales program, both of which have established a strong foundation for expanding our brand presence and supporting our dealer network, to whom which we're very fond of.

本季度，我們為經銷商和經銷商推出了專門的網站，並啟動了即時線上銷售計劃，這兩者都為擴大我們的品牌影響力和支持我們非常喜歡的經銷商網路奠定了堅實的基礎。

Additionally, recognizing the significant market potential within federal and state fleets, we began actively pursuing the sector. Importantly, all Worksport business and government customers are potential future SOLIS and COR customers. The brand presence we're building daily will be crucial for the successful market launch of the SOLIS and COR system.

此外，認識到聯邦和州車隊的巨大市場潛力，我們開始積極發展該行業。重要的是，所有 Worksport 企業和政府客戶都是未來潛在的 SOLIS 和 COR 客戶。我們每天打造的品牌形象對於 SOLIS 和 COR 系統的成功上市至關重要。

Worksport recently filed the 1-A offering earlier this month. If utilized, this filing allows Worksport to raise capital at, or above, market prices while targeting new investors. We are very excited about this opportunity, especially given the success of our last Reg A offering, which was oversubscribed within one month.

Worksport 最近於本月稍早提交了 1-A 申請。如果使用的話，該文件允許 Worksport 以市場價格或高於市場價格籌集資金，同時瞄準新投資者。我們對這個機會感到非常興奮，特別是考慮到我們上一次 Reg A 發行的成功，該發行在一個月內就獲得了超額認購。

With the SOLIS and COR products representing significant revenue potential and a vast market opportunity for the company, the Reg A offering is intended to provide investors with a chance to participate in a direct ROI opportunity, with proceeds primarily funding the market release of these products.

由於 SOLIS 和 COR 產品代表著公司巨大的收入潛力和廣泛的市場機會，Reg A 發行旨在為投資者提供參與直接投資回報機會的機會，收益主要用於資助這些產品的市場發布。

Additionally, this offering will enable us to attract new investors and expand our retail shareholder base. As the company continues to grow its automotive accessory segment and with the market launch of the COR and the SOLIS products and as they draw nearer, this filing represents an exciting opportunity to be part of the significant growth we anticipate in the near future and potentially increase the upside for our active and existing investors.

此外，此次發行將使我們能夠吸引新投資者並擴大我們的散戶股東基礎。隨著該公司不斷發展其汽車配件領域，並隨著COR 和SOLIS 產品的市場推出以及它們的臨近，本次申請代表了一個令人興奮的機會，可以成為我們預計在不久的將來顯著增長的一部分，並可能增加對我們活躍的和現有的投資者有好處。

Furthermore, Worksport is committed to pursuing ISO certification at our Western New York factory, and will keep shareholders informed of our progress. Achieving ISO certification is a near-term goal for the company and will play a crucial role in strengthening our business-to-business and future OEM relationships.

此外，Worksport 致力於在我們的紐約西部工廠尋求 ISO 認證，並將讓股東隨時了解我們的進度。獲得 ISO 認證是公司的近期目標，並將在加強我們的企業對企業和未來 OEM 關係方面發揮至關重要的作用。

We are committed to pursuing OEM relationships with EV truck manufacturers in the mid to long-term and our relationship with Hyundai remains active. The SOLIS could potentially be utilized as a portable range extender for EV pickup trucks.

我們致力於在中長期內尋求與電動卡車製造商的原始設備製造商關係，並且我們與現代的關係仍然活躍。SOLIS 有可能用作電動皮卡車的便攜式增程器。

We estimate that the cover can provide enough power for 9 or more miles per day delivering electric cost savings to customers. While OEMs are slowing down EV pickup truck production. we estimate to uptake. More on this on the next slide.

我們估計該蓋子每天可以提供足夠的電力行駛 9 英里或更多英里，從而為客戶節省電力成本。與此同時，原始設備製造商正在放慢電動皮卡的生產速度。我們估計會吸收。下一張投影片將詳細介紹這一點。

From a macro perspective, pickup trucks continue to be the top selling vehicle on the US -- in the US and on US roads. The EV pickup truck market has experienced delays in waning sales interest. We believe that the improved infrastructure and technology, EV adoption will extend to pickup trucks as well.

從宏觀角度來看，皮卡車仍然是美國最暢銷的車輛——在美國和美國道路上。電動皮卡市場經歷了銷售興趣減弱的延遲。我們相信，隨著基礎設施和技術的改善，電動車的採用也將擴展到皮卡車。

Worksport SOLIS solar tonneau cover is designed for use with both current internal combustion engine vehicles and with future EVs, allowing us to navigate without adverse effects by these market shifts.

Worksport SOLIS 太陽能後座蓋設計用於目前的內燃機汽車和未來的電動車，使我們能夠在不受這些市場變化的不利影響的情況下航行。

Additionally, we've observed the US government's push for increased tariffs on imports from China, particularly batteries, by 2026, and we're positioning ourselves to leverage this change as a strategic advantage. We've already begun developing next-generation COR batteries using US-based technology in production. The company will provide an update on its production partner for the COR and SOLIS in the near future.

此外，我們注意到美國政府力爭在 2026 年提高對中國進口產品（特別是電池）的關稅，我們正在將這一變化作為戰略優勢。我們已經開始使用美國生產技術開發下一代 COR 電池。該公司將在不久的將來提供 COR 和 SOLIS 生產合作夥伴的最新資訊。

The portable energy market is growing rapidly with further development expected. As mentioned earlier, Chinese competitors, despite offering perceived inferior products, are achieving over $1 billion in annual sales from the US market, with a year-over-year growth rate of over 300%.

便攜式能源市場正在快速成長，預計將進一步發展。如前所述，中國競爭對手儘管提供了被認為劣質的產品，但在美國市場的年銷售額卻超過10億美元，年增率超過300%。

Being first-to-market with our solar cover and the belief that we offer a stronger product at an attractive price, we aim to capture both new market share and a portion of their existing market share.

我們的太陽能罩率先進入市場，並相信我們以有吸引力的價格提供更強大的產品，我們的目標是佔領新的市場份額和部分現有市場份額。

Regarding future guidance, at the current Q2 gross revenue rates, we are on track to meet or exceed our previously issued revenue guidance of $6 million to $8 million by the end of the year 2024. Importantly, please be aware this guidance does not account for potential revenues from AL4, SOLIS, and COR, so it's highly conservative and the launch of those products within this year and is based solely on our AL3 and soft-cover product segments.

關於未來指導，按照目前第二季的毛收入率，我們預計在 2024 年底前達到或超過先前發布的 600 萬至 800 萬美元的收入指引。重要的是，請注意，本指南並未考慮 AL4、SOLIS 和 COR 的潛在收入，因此它非常保守，並且這些產品將在今年內推出，並且僅基於我們的 AL3 和平裝產品細分市場。

Worksport believes that its tonneau cover business alone will represent $15 million to $20 million in revenues for next year 2025. We're excited to initiate the alpha release of our COR and SOLIS this September. The conceptual business division of the company is the foundation for a future push to become a middle-market -- middle, large-market company.

Worksport 相信，到 2025 年，光是後座蓋業務就將帶來 1,500 萬至 2,000 萬美元的收入。我們很高興在今年 9 月啟動 COR 和 SOLIS 的 alpha 版本。公司的概念業務部門是未來努力成為中型市場—中型、大型市場公司的基礎。

For future guidance on Worksport clean tech, stay tuned for inside sales look during the Q3 2024 earnings call.

有關 Worksport 清潔技術的未來指導，請繼續關注 2024 年第三季財報電話會議期間的內部銷售情況。

Worksport is now opening the floor for questions-and-answers. We have a list of previously submitted questions that we will address either during this call or via a press release at a later time. We now welcome live questions from the analysts attending the call, followed by those from general investors and listeners.

Worksport 現在開始進行問答。我們有一份先前提交的問題清單，我們將在本次電話會議中或稍後透過新聞稿解決這些問題。現在，我們歡迎參加電話會議的分析師現場提問，然後是普通投資者和聽眾的提問。

Thank you for the call, Steven. Now directing to CK Poe Fratt, an analyst from AGP.

謝謝你的來電，史蒂文。現在指導 AGP 分析師 CK Poe Fratt。

Yeah, thanks Steven. Can you just talk about the second quarter? It sounded like your production efficiency wasn't as high as you expected, but yet you got margins into the 15% range. How much did production inefficiency cost you in the quarter?

是的，謝謝史蒂文。能簡單談談第二季嗎？聽起來你們的生產效率沒有想像的那麼高，但你們的利潤率卻在 15% 左右。本季生產效率低下給您造成了多少損失？

So it's continual improvement, So we don't -- I mean, Mike may be able to answer on a numbers side, however, speaking to product deficiencies, because it's a new product relative to it only having launched at the beginning of this year, and therefore a child that's six to eight months old at most, figuratively speaking, the products need a continual improvement.

所以這是持續改進，所以我們不 - 我的意思是，邁克也許能夠從數字方面回答，但是，談到產品缺陷，因為相對於今年年初才推出的產品來說，這是一個新產品因此，最多六到八個月大的孩子，形像地說，產品需要不斷改進。

The first iteration of our AL3 product was nowhere near as good as it is today. So we've had to re-handle product consistently. So we've made a product, and then we've realized that there was something that needed improvement, so we had to reopen that product and make an improvement and improve on tooling and components to make our product more durable, more manufacturable, more weather resistant to rain and car washes, which customers and users want.

我們 AL3 產品的第一次迭代遠沒有今天那麼好。因此，我們必須始終如一地重新處理產品。所以我們做了一個產品，然後我們意識到有一些東西需要改進，所以我們必須重新開放該產品並對工具和組件進行改進和改進，以使我們的產品更耐用，更可製造，更耐用。淋、耐洗車，這是客戶和使用者所希望的。

So the efficiency of our production line is a fraction of what it can be. Dollars adding to sense the products make a multiple of their cost. I have to be -- there's only so much I can divulge, but our cost is a fraction of our retail price.

因此，我們生產線的效率只是其所能達到的效率的一小部分。增加產品的美元使其成本倍增。我必須如此——我只能透露這麼多，但我們的成本只是零售價的一小部分。

But having to touch that product numerous times is difficult. So we anticipate margin to continue to climb into very healthy margins. 30%, potentially even higher than that as time goes. If you wanted a more imperial answer, like dollars, Mike may be able to put something together with something in the quarter, but I'm not quite sure we have that data.

但必須多次接觸該產品是很困難的。因此，我們預期利潤率將繼續攀升至非常健康的水平。 30%，隨著時間的推移，可能會更高。如果你想要一個更帝國主義的答案，例如美元，麥克也許可以將一些東西與本季的一些東西放在一起，但我不太確定我們有這些數據。

Yeah, I don't have the data at hand, but essentially, there's almost a fixed pool of manufacturing overhead that's just being divided across a smaller number of units at this point. So as we increase efficiency, that same pool of cost isn't going to increase by the same amount. So you would expect those costs to be spread out over more units, which would increase the gross profit of each unit.

是的，我手邊沒有數據，但本質上，幾乎有一個固定的製造費用池，此時只是被分配到較少數量的單位。因此，當我們提高效率時，相同的成本不會增加相同的數量。因此，您預計這些成本將分攤到更多單位，這將增加每個單位的毛利。

We have three production lines, Poe, at our facility. Each line is capable of producing somewhere in the neighborhood of 50 to 100 covers per day. So with not that much additional cost, we could be at about one-third of our peak production output, which right now, we're at a fraction of as we ramp-up. We're just starting.

我們的工廠擁有 3 條生產線，Poe。每條生產線每天能夠生產約 50 到 100 個封面。因此，在沒有那麼多額外成本的情況下，我們的產量可能只有峰值產量的三分之一，而目前，我們的產量只是我們產能提升的一小部分。我們才剛開始。

Great. Yeah. You answered the question of target market or target margins in the 30% range, plus or minus probably 5%. When you look at your guidance on just the cover business for 2025, $15 million to $20 million, that doesn't seem to incorporate much ramping-up of production.

偉大的。是的。您回答了目標市場或目標利潤在 30% 範圍內（可能正負 5%）的問題。當你看看你對 2025 年封面業務的指導時，1500 萬美元到 2000 萬美元，這似乎並沒有包含太多的產量增長。

If I'm looking at it correctly, if June was over $1 million, as far as revenue, is there something beyond that $15 million to $20 million that we could look at for the cover business? And I guess it's a long winded way of saying, what do you think the clean tech business potential is for 2025?

如果我沒看錯的話，如果 6 月的收入超過 100 萬美元，那麼我們是否可以考慮超過 1500 萬至 2000 萬美元的封面業務？我想這是一個冗長的說法，你認為 2025 年清潔技術的商業潛力是什麼？

It's difficult to say. It's based on literal estimations because it's a new product that we haven't sold. All I can say is that we know import products. So on the clean tech, the COR competitor for that is a Chinese-owned, Chinese-operated business. So we have, for lack of a better phrase, home turf advantage.

很難說。它是基於字面估計，因為它是我們尚未銷售的新產品。我只能說我們了解進口產品。因此，在清潔技術方面，COR 的競爭對手是一家中國擁有、中國經營的企業。因此，我們擁有主場優勢，因為缺乏更好的說法。

They were about $1 billion in sales in the US economy last year. So I know that the market is a 10-figure market with just one of our competitors just within the 48, so to speak. So we could only estimate, can we take 1%? Can we take 5% of that market share? Can we take 10%?

去年它們在美國經濟中的銷售額約為 10 億美元。所以我知道這個市場是一個 10 位數的市場，可以這麼說，我們的競爭對手只有 48 位數之內。所以我們只能估計一下，能不能取1%？我們能獲得 5% 的市佔率嗎？我們可以拿10%嗎？

We hope to sell about 1,000 COR units per month as we get our stride at a retail price of somewhere between $1,200 to $1,700, depending. But that number begins to add up to the point where we get so far ahead of ourselves that we just don't want to seem -- we want to be very, very cautious because things obviously take longer than we would hope at times. There's always delays with producing such complex items.

我們希望每月銷售約 1,000 台 COR，零售價在 1,200 美元到 1,700 美元之間（取決於價格）。但這個數字開始加起來，以至於我們已經遠遠超出了自己的預期，以至於我們只是不想顯得——我們想要非常非常謹慎，因為事情有時顯然比我們希望的要花更長的時間。生產如此複雜的產品總是會延誤。

So the forecast of $15 million to $20 million is just AL3. So our more basic hard-folding tonneau cover, we feel that we can get that from about $1 million a month to roughly $1.5 million-plus per month, which is a very modest or conservative estimation.

因此 1500 萬至 2000 萬美元的預測只是 AL3。因此，我們更基本的硬折疊酒桶蓋，我們認為我們可以從每月約 100 萬美元到每月約 150 萬美元以上，這是一個非常適度或保守的估計。

AL4, we believe, can sell multiples of that. So we think that the demand is heavily leaning towards a product of that style and we think that it wouldn't be twice the sales. So we don't think we'd sell $1.5 million a month. We'd probably sell $3 million to $5 million a month.

我們相信 AL4 的銷售量可以是這個數字的數倍。因此，我們認為需求嚴重傾向於這種風格的產品，我們認為它不會是銷售額的兩倍。所以我們認為每個月的銷售額不會達到 150 萬美元。我們每個月的銷售額可能會達到 300 萬到 500 萬美元。

But once again, you start adding all those numbers up and Worksport would be figuratively releasing guidance of $50 million next year, which just sounds crazy. So we remain very bullish, we remain very optimistic, but it's very difficult for us to be able to make estimations that don't just seem it's too far to reach.

但再一次，你開始將所有這些數字相加，Worksport 明年將發布 5000 萬美元的指導，這聽起來很瘋狂。因此，我們仍然非常樂觀，我們仍然非常樂觀，但我們很難做出看起來遙不可及的估計。

Great. Thank you, Steven. Thank you, Michael.

偉大的。謝謝你，史蒂文。謝謝你，麥可。

Steven, our next question is from Tim Moore, analyst at Clear Street. His first question is for your COR portable energy storage, can you elaborate more, offering it both as a direct purchase or a subscription service?

史蒂文，我們的下一個問題來自 Clear Street 分析師蒂姆摩爾。他的第一個問題是關於您的 COR 便攜式儲能設備，您能否詳細說明一下，以直接購買或訂閱服務的形式提供它嗎？

Good question. Yeah. So we feel that at $1,200, it's a unit that is affordable with a lowercase A. And what that means is people will be able to afford a $1,200 unit. But one of our sayings here, internal to the company, is appeal to the mass, dine in class. A lot of individuals are budget conscious on a monthly basis and can afford monthly fees. That's why Netflix and these monthly subscriptions are so popular.

好問題。是的。因此，我們認為 1,200 美元的單位是可以承受的，帶有小寫字母 A。但我們公司內部的一句話是，吸引大眾，在課堂上用餐。許多人都有每月的預算意識，並且能夠負擔月費。這就是 Netflix 和這些包月訂閱如此受歡迎的原因。

So we intend to first launch the COR as a cash purchase unit with financing options like a firm and those that are low cost to the consumers. However, in the future, and we're hoping within the next -- within next year 2025, we will offer a COR club or subscription service, where you will pay a deposit or upfront fee, let's say $500 or $600, which most or many more can afford, and then a monthly fee.

因此，我們打算先推出 COR 作為現金購買單位，提供像公司這樣的融資選擇以及對消費者來說成本較低的融資選擇。然而，在未來，我們希望在明年 2025 年之內，我們將提供 COR 俱樂部或訂閱服務，您將支付押金或預付費用，比如說 500 或 600 美元，其中大多數或更多人可以負擔得起，然後按月付費。

As you pay the bill, the Bluetooth app, similar to Tesla, would unlock the device. Failure to pay the bill would wreck the device and have us know its coordinates for collection. So there's security as well that we don't lose valuable assets.

當您支付帳單時，類似於特斯拉的藍牙應用程式將解鎖設備。如果不支付帳單，設備就會損壞，我們就會知道其收集座標。因此，我們也不會失去寶貴的資產，因此也很安全。

We also are contemplating rental services, and we're also contemplating at least refurbished units or second hand or used units to be collected and stored in high likelihood -- high areas of natural disaster for disaster relief efforts. So if there's, God forbid, an earthquake or some natural disaster, we would have a marked amount of units available for rent or deployment to government agencies as they need, on a pay service.

我們也正在考慮提供租賃服務，我們也正在考慮至少收集和儲存翻新設備或二手或二手設備，這些設備很可能是自然災害高發地區，用於救災工作。因此，如果發生（上帝保佑）發生地震或其他自然災害，我們將有大量單位可供出租或部署到需要的政府機構，並提供付費服務。

So we have a few different options. Buy it up front, which is our first go-to-market option, which is still a very large market. Second will be a smaller upfront deposit with a monthly subscription, which gives you benefits and perks like discounts on products, et cetera, et cetera. And then third would be rental services for short term.

所以我們有幾個不同的選擇。預先購買，這是我們的第一個進入市場的選擇，這仍然是一個非常大的市場。其次是每月訂閱的較小額預付款，這會為您帶來好處和福利，例如產品折扣等。第三是短期租賃服務。

Thank you, Steve. His next question was, can you give color on how quiet the COR system is and how hot swap module feature works?

謝謝你，史蒂夫。他的下一個問題是，您能否說明 COR 系統的安靜程度以及熱插拔模組功能如何運作？

All the units that come in from China right now, Anker, [Jack-free] EcoFlow, they some have no fans. Some have one, maybe two fans. Ours have nine. These units have been tested. We can't tell you the test results, but our units perform superior in miles to those coming in from imported products.

現在所有從中國進來的單位，Anker，[Jack-free] EcoFlow，他們有些沒有粉絲。有些有一個，也許兩個風扇。我們的有九個。這些單元已經過測試。我們無法告訴您測試結果，但我們的裝置在行駛里程方面優於進口產品。

As a result of our unit having nine fans, it performs in hotter climates, which is a more addressable concern, and it also performs much better in colder climates. So where other units simply shut off, die, and also may have risk of thermal runaway or explosion, which is a big problem for battery technology, our unit will survive. It'll work in the heat of Arizona or desert, as well as the cold of various mountains in northern states and places.

由於我們的設備有九個風扇，它在較熱的氣候下表現更好，這是一個更容易解決的問題，而且它在較冷的氣候下也表現得更好。因此，當其他單元簡單地關閉、死亡，並且還可能存在熱失控或爆炸的風險（這對電池技術來說是一個大問題）時，我們的單元將生存下來。它可以在炎熱的亞利桑那州或沙漠中工作，也可以在寒冷的北部各州和地區的山區工作。

However, with nine fans blaring to keep it cold, it could be noisy. We haven't had a decibel measurement yet formally, but you'd be able to speak and understand no more than whisper, but still would make more noise than the competitor's unit, which frankly would make no noise because it would be a brick.

然而，由於九個風扇不停地鳴叫以保持寒冷，所以可能會很吵。我們還沒有正式進行分貝測量，但你只能說和理解耳語，但仍然會比競爭對手的設備發出更多的噪音，坦率地說，競爭對手的設備不會發出任何噪音，因為它是一塊磚頭。

And the last question, Steve, is will it be available for retail purchase online a few weeks before Christmas? Regarding the COR again.

史蒂夫，最後一個問題是聖誕節前幾週可以在線零售購買嗎？再次關於COR。

Yes, absolutely. Targeting hard the Christmas sales. At the very least, we think that we're going to launch presales before then and hope to fill those orders to get them under Christmas trees. A big market for us. Also to talk about hot swap, we're going to offer a pro version and a base version. Base version will have modular batteries. The pro version for a few hundred dollars more will have hot swap, which means that as you have delicate medical devices like let's say a respirator or blood transfusion machine, or just music playing at a beach party while you change batteries, the unit has an inbuilt, uninterrupted power supply.

是的，絕對是。努力瞄準聖誕節銷售。至少，我們認為我們將在此之前啟動預售，並希望完成這些訂單，將它們放在聖誕樹下。對我們來說是一個很大的市場。另外要討論熱插拔，我們將提供專業版和基礎版。基礎版本將配備模組化電池。多花幾百美元的專業版將具有熱插拔功能，這意味著當您擁有精密的醫療設備（例如呼吸器或輸血機）時，或者只是在海灘派對上更換電池時播放音樂時，該設備具有內建不間斷電源。

So that's a pro version product that will be available, which will probably be a very popular option for us.

這就是即將推出的專業版產品，這對我們來說可能是個非常受歡迎的選擇。

Thank you, Steve. And Tate, I see you still have your hand up. Do you have any further questions live on the call?

謝謝你，史蒂夫。泰特，我看到你仍然舉手。您在電話會議中還有其他問題嗎？

Yeah. Thank you. It seems like you have good cash conversion cycle in the quarter. And then can you talk about your sales channel for the tonneau covers. Is it selling to distributors and they pay you right immediately for a batch of tonneau covers or multiple sales channels, please?

是的。謝謝。看來您本季的現金轉換週期良好。然後您能談談您的後座蓋的銷售管道嗎？是向經銷商銷售，然後他們立即向您支付一批後座蓋或多個銷售管道的費用嗎？

Direct-to-consumer, we're running anywhere between $20,000 to $30,000 daily, which obviously we aim to multiply in sales, which is paid upfront. And then dealer, all the dealer sales, there's, Tate, 17,000 dealers just in the US alone and we're literally calling each one of them.

直接面向消費者，我們每天的銷售額在 20,000 美元到 30,000 美元之間，顯然我們的目標是使銷售額成倍增加，這是預先支付的。然後是經銷商，所有經銷商的銷售，Tate，僅在美國就有 17,000 個經銷商，我們實際上是在給他們每一個打電話。

We have a sales team engaging each single one of them, not one left behind. So those are all COD sales, which is wonderful. The value proposition is so strong that we offer great -- we prefer and support dealer network. We covered our dealer base.

我們有一個銷售團隊，每個人都參與進來，沒有一個人掉隊。所以這些都是貨到付款銷售，這很棒。價值主張如此強大，以至於我們提供了很好的服務——我們更喜歡並支持經銷商網路。我們覆蓋了我們的經銷商基地。

But the only stipulation is we don't finance dealer sales, banks do. So give us a credit card and we'll charge the sale. And if you need 1 or 3 or 5 or 10, we'll ship them to you and just prepay. Distributor sales that are coming on board are going to be net 30. However, there are financing solutions for those as well in AR financing that are relatively low cost should we need. So we're covered, but the majority of our sales are paid in enviable terms.

但唯一的規定是我們不為經銷商銷售提供融資，而是由銀行提供。因此，請給我們一張信用卡，我們將收取銷售費用。如果您需要 1 件、3 件、5 件或 10 件，我們會將其運送給您，只需預付款即可。即將加入的經銷商銷售額將達到淨 30。然而，如果我們需要的話，也有一些成本相對較低的融資解決方案。所以我們得到了保障，但我們的大部分銷售額都是以令人羨慕的方式支付的。

And then last for me is for the SOLIS and COR have separate assembly lines after you get in the components in Seneca, New York, or will those products be assembled elsewhere?

最後對我來說，SOLIS 和 COR 在紐約塞內卡獲得組件後有獨立的裝配線，或者這些產品會在其他地方組裝嗎？

The SOLIS -- sorry to address the COR, the initial launch of the COR will be assembled here in Toronto's facility, where I speak from here today. Future assembly of beta and subsequent launches, we're not sure of yet. Not to say we're not sure, we're hesitant. We actually have too many options. If sales and demand are as strong as we think, then we may need some heavy lifting, either domestic or abroad. So we may look at assembly within USA, or maybe even in parts of Asia, peripheral to China, for assembly services that's later down the road.

SOLIS——很抱歉向 COR 發表講話，COR 的首次發布將在多倫多的工廠組裝，我今天在這裡發表講話。未來的測試版組裝和後續發布，我們還不確定。並不是說我們不確定，而是我們猶豫不決。我們其實有太多的選擇。如果銷售和需求像我們想像的那樣強勁，那麼我們可能需要一些繁重的工作，無論是國內還是國外。因此，我們可能會考慮在美國境內組裝，甚至可能在中國週邊的亞洲部分地區進行組裝，以提供稍後的組裝服務。

The SOLIS will share about 50% of the production lines at our factory in Buffalo, and then have a final hand assembly station for assemblers that are engineers, engineered assemblers that are skilled to be able to connect the delicate -- we're not delicate, but the electrical devices and whatnot and route the wiring through our patented wire way management system.

SOLIS 將共享我們位於布法羅工廠的約 50% 的生產線，然後為裝配工提供最終手工裝配站，這些裝配工是工程師、工程裝配工，他們能夠熟練地連接精緻的部件——我們並不精緻，但電氣設備等，並透過我們的專利線路管理系統進行佈線。

So 50% of it goes right down the line as normal, and then it branches off to its own hand-built line for now. Once volumes ramp-up, then we're going to have its own separate line within the facility in West Seneca on the SOLIS.

因此，其中 50% 會像平常一樣直接進入生產線，然後暫時分支到自己手工建造的生產線。一旦產量增加，我們將在西塞內卡 SOLIS 的工廠內擁有自己的獨立生產線。

Thank you, Steve.

謝謝你，史蒂夫。

Welcome.

歡迎。

Steve, a question from [Cameron Z.], could you please talk about ISO certification and the deal with Hyundai, as well as the potential revenue on it? When will that happen?

Steve，[Cameron Z.] 的問題，您能談談 ISO 認證和與現代的交易，以及潛在的收入嗎？那什麼時候會發生呢？

Yeah, lots of questions. ISO is earmarked for this year. We actually just had some milestones on that earlier today that will announce the market later. Not today, but at some point subsequent. We keep on -- the ISO, you have to organize your business internally for it and then apply for it. And then it's either a yes or a no. Or if it's a no, you have to improve to get there.

是啊，有很多問題。ISO 已指定用於今年。實際上，今天早些時候我們剛剛取得了一些里程碑，稍後將宣布該市場。不是今天，而是隨後的某個時候。我們堅持——ISO，你必須在內部組織你的業務，然後申請它。然後要么是，要么不是。或者，如果答案是否定的，那麼您就必須改進才能實現這一目標。

So we hope to be ISO this year, which will be a milestone for us as a factory. So the only update I could say is that every day we're working towards it. We have a team at our West Seneca facility that are very, very skilled in this. Experts in the field.

所以我們希望今年能夠通過ISO，這對我們工廠來說將是一個里程碑。所以我能說的唯一更新是我們每天都在努力實現這一目標。我們的西塞內卡工廠擁有一支在這方面非常非常熟練的團隊。該領域的專家。

Hyundai. Hyundai is an active relationship. We do speak with them often. Our product went from Detroit R&D to their US corporate offices in California. Past that, and now it went to ownership and leadership in Korea directly.

現代。現代汽車是一種正向的關係。我們確實經常與他們交談。我們的產品從底特律研發中心運送到他們位於加州的美國公司辦事處。過去了，現在它直接進入了韓國的所有權和領導層。

And they're working on their EV truck. So the product is ahead of its time for Hyundai. They don't have an EV truck that we're aware of yet or that anyone's aware of yet. So we continue to work with them on their schedule of releasing a vehicle that's an electric truck that could use our cover.

他們正在開發電動卡車。因此，該產品對於現代來說是領先於時代的。他們還沒有我們所知或任何人都知道的電動卡車。因此，我們繼續與他們合作，按計劃發布一輛可以使用我們掩護的電動卡車。

But it's an active relationship. But OEMs, Hyundai and any OEM you could think of typically work very slow. And a vehicle takes five to six years to hit market after it's conceptualized.

但這是一種正面的關係。但原始設備製造商、現代汽車以及您能想到的任何原始設備製造商通常工作速度非常慢。一輛汽車在概念化後需要五到六年的時間才能投入市場。

Thank you. Steve. A question from [Ehab Z.]. What would your annual revenues be if you're working today at full production capacity? In this case, what would your market share at full capacity? Let's answer the first question, which is, what would your annual revenues be if you're working today at your full production capacity?

謝謝。史蒂夫.一個問題來自[Ehab Z.]。如果您現在滿載生產，您的年收入是多少？在這種情況下，滿載運轉時您的市佔率是多少？讓我們回答第一個問題，即，如果您今天滿載生產，您的年收入是多少？

I can handle that one. Estimated full production is about 1,000 covers a day. If we assume 252 production days and say we're producing AL3s, which sell for $709, it's about $179 million of revenue per year, which equates to about 5% of the tonneau cover market, which sits at $3.5 billion.

我能應付那個。預計每天的滿產量約為 1,000 個封面。如果我們假設 252 個生產日，並說我們正在生產 AL3，其售價為 709 美元，那麼每年的收入約為 1.79 億美元，相當於後座蓋市場（35 億美元）的 5% 左右。

So that revenue figure, could fluctuate depending on what's produced, whether that's some of the lower sales point items, if it's more of the premium offerings like SOLIS and AL4. So it. That's a ballpark figure based on AL3s.

因此，收入數字可能會根據生產的產品而波動，無論是一些較低銷售點的產品，還是更多的高端產品，如 SOLIS 和 AL4。所以它。這是基於 AL3 的大概數字。

Thank you, Mike. A question from John C. Are there any plans to expand tonneau cover lineups to cover older models of pickups?

謝謝你，麥克。John C 提出的問題：是否有計劃擴大後座蓋陣容以覆蓋舊型號的皮卡？

So I talk in bronze, silver, gold, gold medals are, the big three four, Dodge, GM 5.5 foot long bed, 6.5 foot long bed.

所以我講銅牌、銀牌、金牌、金牌都有，大三四、道奇、通用5.5英尺長床、6.5英尺長床。

Actually, 6.5 are more silver. And then bronze would be, older or more obscure models, which we still love. I mean, I'm a huge fan of '88 to '98 GM pickup trucks are my, personally my favorite truck. But the demands not quite as high, although there still is a market for them.

其實6.5更銀一些。然後青銅器將是更古老或更不起眼的模型，我們仍然喜歡它們。我的意思是，我是 88 年至 98 年通用汽車皮卡車的超級粉絲，也是我個人最喜歡的卡車。但需求不那麼高，儘管它們仍然有市場。

So the answer is we plan on developing our product line out than down if that makes sense. So out means AL3, AL4, SOLIS with the gold, the more popular models, and then down, as in reaching deeper within generations of vehicles and starting to get into classic vehicles, maybe even vehicles like the '49 Chevy pickup truck, for example.

所以答案是，如果有意義的話，我們計劃擴大我們的產品線，而不是縮減產品線。因此，out 意味著 AL3、AL4、SOLIS 帶有金色，更受歡迎的車型，然後向下，例如深入幾代車輛並開始進入經典車輛，甚至可能是像 '49 雪佛蘭皮卡這樣的車輛。

We could do them. Our machinery is all robotic, so it's not hard. It just. We need time. So the answer is yes, but not right now.

我們可以做到。我們的機器都是機器人，所以並不難。只是。我們需要時間。所以答案是肯定的，但不是現在。

Steve, a question from Randolph B. Based on fixed cost and variable cost structure, what revenue number is needed to break even? Is management willing to publicly say when that will happen? Lastly, when will it happen?

Steve，Randolph B 的問題。管理階層是否願意公開表示何時會發生這種情況？最後，什麼時候會發生？

That's a very difficult question. It's a moving figure. We've earmarked revenues somewhere between $15 million to $20 million as cash flow positive/profitability. As we -- it's a sliding scale, though, because as you ramp up sales and production, you reach continual improvement and operational efficiencies.

這是一個非常困難的問題。這是一個移動的人物。我們已將 1500 萬至 2000 萬美元的收入指定為正現金流/獲利能力。不過，對我們來說，這是一個滑動比例，因為當您提高銷售和產量時，您就會實現持續改進和營運效率。

So you become more profitable. So then the real number becomes $14 million, as opposed to $15 million, because of continual improvements. So it's a very difficult question to answer, but very simply put is we anticipate cash flow positivity and then we anticipate EBITDA earnings within, I think, next year.

所以你變得更有利可圖。因此，由於不斷改進，實際數字變為 1,400 萬美元，而不是 1,500 萬美元。所以這是一個很難回答的問題，但很簡單地說，我們預計現金流為正，然後我們預計明年的 EBITDA 收益。

However, the figure moves. Although we're still a very lean operation for the size of our operation. 250,000 square foot factory, plus two R&D facilities in the US and in Canada, we're still lean, but it's a difficult question to answer.

然而，人影卻動了。儘管就我們的營運規模而言，我們的營運仍然非常精簡。 250,000 平方英尺的工廠，加上美國和加拿大的兩個研發設施，我們仍然精益，但這是一個很難回答的問題。

We've looked at it, but very basically, $15 million, $20 million, $25 million somewhere around there. I know it's a big range, is where we start making a lot of money. But an exact figure, it's a moving target.

我們已經研究過了，但基本上是 1500 萬美元、2000 萬美元、2500 萬美元左右。我知道這是一個很大的範圍，這是我們開始賺很多錢的地方。但確切的數字，它是一個移動的目標。

Thank you, Steve. Is the durability of the SOLIS cover the same as the AL3 which you demonstrated on the live call last week?

謝謝你，史蒂夫。SOLIS外殼的耐用性與上週在現場通話中演示的AL3相同嗎？

Yeah. So same framework of a tonneau cover, same thick aluminum panels, same aluminum extrusions. It's just as durable. And the solar panels themselves have been hammered, have been stepped on, have been folded, and still maintain most of their efficiency.

是的。因此，相同的後座蓋框架、相同的厚鋁板、相同的鋁型材。它同樣耐用。而太陽能板本身經過錘擊、踩踏、折疊，仍保持大部分效率。

So, in general, the product is meant to be -- it shouldn't be hatcheted, of course, but it could withstand golf ball-sized hail, difficult inclement weather situations. And then contractors resting metal toolboxes and tools on top of the cover should not reduce its operational efficiency.

因此，總的來說，該產品的目的是——當然，它不應該是用斧頭敲打的，但它可以承受高爾夫球大小的冰雹和困難的惡劣天氣情況。然後，承包商將金屬工具箱和工具放在蓋子頂部，不應降低其營運效率。

A question from [Shantha Kumar], when are your WKSPW warrants expiring?

[Shantha Kumar] 的問題，你們的 WKSPW 認股權證何時到期？

Yeah, good question. Obviously, something that's been talked about for a while. So the Worksport warrants were registered warrants, and then a tradable warrant in our 2021 S-1, which were always to expire in three years. We understand various brokerage made mistakes on when they expired. The brokerages have nothing to do with us. Where they picked up the expiration, the incorrect expiration date, we don't know.

是的，好問題。顯然，這是已經討論了一段時間的事情。因此，Worksport 認股權證是註冊認股權證，然後是我們 2021 S-1 中的可交易認股權證，這些認股權證總是在三年內到期。我們了解許多經紀商在到期時犯了錯誤。經紀公司和我們沒有任何關係。他們在哪裡獲取過期日期，錯誤的過期日期，我們不知道。

But the WKSPW warrants, anyone that can read an S-1 would easily see from the S-1 filed in 2021 that they are three-year warrants. They expired. I believe they expired August 9 and they're gone. So they were -- that was three years in the making. So by no means was there any error disclosure issues from the company. It's been in all of our Qs and Ks since 2021.

但 WKSPW 的授權書，任何能讀懂 S-1 的人都會很容易從 2021 年提交的 S-1 中看出它們是三年期的授權書。它們過期了。我相信它們在 8 月 9 日就過期了，然後就消失了。所以他們花了三年的時間來製作。因此，該公司絕不存在任何錯誤揭露問題。自 2021 年以來，它一直存在於我們所有的 Q 和 K 中。

Thank you, Steve. Another question from Bob T. Hello Mr. Rossi and team. I'd love to know if Worksport is set to benefit from the IRA in any way. And if not, are there plans to bring a new product to market to enter a sector that would result in IRA benefits?

謝謝你，史蒂夫。鮑勃·T 提出了另一個問題。我很想知道 Worksport 是否會以任何方式從 IRA 中受益。如果沒有，是否有計劃將新產品推向市場以進入可以帶來 IRA 福利的行業？

So there are benefits available to the COR. Corporate speaking. There's our carbon credits, a lot of tracking the energy compiled and then the deployment of that energy. So getting clean energy and then using that clean energy is what qualifies someone for carbon credit.

因此，COR 可以享受一些好處。企業發言。我們有碳信用額，對能源的收集和部署進行了大量追蹤。因此，獲得清潔能源然後使用該清潔能源是某人獲得碳信用的資格。

Through our MPPT charge controller, we're going to be able to track not only our consumption or our use and collection of solar energy, but also all of our customers. So as our fleet expands from 1 to 1,000 to 100,000 SOLIS on the road in use, we'll be able to track and qualify ourselves for those carbon credits.

透過我們的 MPPT 充電控制器，我們不僅能夠追蹤太陽能的消耗或使用和收集，還能夠追蹤所有客戶。因此，隨著我們的車隊在道路上使用的 SOLIS 從 1 輛擴大到 1,000 輛，再增加到 100,000 輛，我們將能夠追蹤並確定自己是否有資格獲得這些碳信用額。

And then also anyone that buys over 3 kilowatt hours of energy from us qualifies for credits when used with their home. So obviously the COR is meant to be used within home as a plug away from the wall so customers get -- for all you may know, I'm not sure exactly.

然後，任何從我們這裡購買超過 3 千瓦時能源的人在其家庭使用時都有資格獲得積分。很明顯，COR 應該在家裡作為遠離牆壁的插頭使用，這樣客戶就可以得到——就你所知，我不確定。

I think it's like a $600 or $700 credit on purchase of our COR unit. It's when they buy two batteries as opposed to one. So that's a very meaningful credit. So we do have support, there are programs in place, and I think that as we dig deeper, we'll probably find more, more supports available to our clean tech products.

我認為這就像購買我們的 COR 設備可獲得 600 或 700 美元的信用額。他們購買兩個電池而不是一塊。所以這是一個很有意義的信用。因此，我們確實有支持，有適當的計劃，而且我認為，隨著我們深入挖掘，我們可能會發現更多針對我們的清潔技術產品的支持。

Steve, a question from Eric W. As the customer base for SOLIS and COR may see a heavy leaning towards blue collar workers, he says, I think the big question on their mind will be, will I be able to put my power tools for long enough to complete the work I have? Is the investment worth it? Will there be an estimated runtime for items such as compressors, portable table saws, circular saws, and other appliances that are hooked up to the COR battery?

Steve，Eric W 提出的問題。來完成我的工作嗎？投資值得嗎？壓縮機、便攜式台鋸、圓鋸和其他連接到 COR 電池的設備等物品是否有預計運行時間？

Sure. Yeah. So as we say that the COR is as much or more power than any wall outlet. So the average wall outlets connected to a 15-amp circuit or less in smaller, older homes. Our product produces 2,000 watts -- or powers 2,000 watts nominal and then peak probably 3,000 watts.

當然。是的。正如我們所說，COR 的功率與任何壁裝插座一樣多甚至更高。因此，在較小、較舊的房屋中，牆壁插座一般連接到 15 安培或以下的電路。我們的產品產生 2,000 瓦的功率，或標稱功率為 2,000 瓦，然後峰值可能為 3,000 瓦。

So anything you would plug into a wall could be powered by our COR. So that would be table saws, job site, campsite, medical, military first responders, most things except for home air conditioning units. But even smaller room air conditioning units can be run, hot plates can be run. All of these things that you would plug into a wall, anything you would plug into a normal wall socket will be powered by our COR.

因此，您插入牆上的任何東西都可以由我們的 COR 供電。因此，這將是台鋸、工作現場、露營地、醫療、軍事急救人員，以及除家用空調設備之外的大多數東西。但即使是較小的房間空調裝置也可以運行，熱​​板也可以運行。所有這些您可以插入牆壁的東西，任何您可以插入普通牆壁插座的東西都將由我們的 COR 供電。

How long that will run will depend on the amount of power. So we have some ideas that a fridge could be run for a weekend. Our data is difficult because refrigerators, as you know, don't run all the time. They run for 1 minute of every 15 minutes, they keep it cold, and then they shut off. So if it ran steady, it would only run power for about a couple hours. But for a weekend, if it's an efficient fridge or new one.

運轉多長時間取決於電量。所以我們有一些想法可以讓冰箱運行一個週末。我們的數據很困難，因為如您所知，冰箱不會一直運作。它們每 15 分鐘運行 1 分鐘，保持冷卻，然後關閉。因此，如果它穩定運行，它只能運行大約幾個小時。但對於一個週末來說，如果它是一台高效能冰箱或新冰箱的話。

So we have an idea of what will run for how long. But the answer to the question is anything you could plug into a wall will be -- you could plug into a COR, and if you want to power it for a long time, buy more batteries from us.

所以我們知道什麼會運行多長時間。但問題的答案是任何可以插入牆壁的東西 - 您可以插入 COR，如果您想長時間供電，請從我們這裡購買更多電池。

Thank you, Steve. Another question from John asks, how soon will the company need to raise additional capital? Regarding the company's minimum bid price notification and the minimum listing requirements, is the company contemplating a reverse stock split at all?

謝謝你，史蒂夫。約翰提出的另一個問題是，公司需要多長時間籌集額外資金？關於公司的最低投標價通知和最低上市要求，公司是否正在考慮進行反向股票分割？

Good questions. Raising capital. We have a 1-A offering that we may use or utilize, but it's a retail at the market offering, which means that we'd have to raise capital at, or above, market for retail shareholders, non-institutional typically, although institutions may participate.

好問題。籌集資金。我們有一個可以使用或利用的 1-A 產品，但它是市場零售產品，這意味著我們必須為散戶股東（通常是非機構股東）籌集等於或高於市場的資本，儘管機構可以參加。

So it's a very retail-facing, long-term shareholder type of product. And if those that know the company during the last Reg A offering, that is when the company performed the best in terms of its market capitalization and appreciation of that, as well as its ability to raise capital. So it was a very good experience.

因此，這是一種非常面向零售、長期股東的產品類型。如果那些在上一次 Reg A 發行期間了解該公司的人，那就是該公司在市值、增值以及籌集資金的能力方面表現最好的時候。所以這是一次非常好的經驗。

And typically, Reg A's do very well for companies, especially ones that are as exciting as ours. So I think the Reg A is going to be a high tide that sails all ships, including shareholders of Worksport.

一般來說，Reg A 對公司來說效果很好，尤其是像我們這樣令人興奮的公司。因此，我認為 Reg A 將成為一個讓所有船舶（包括 Worksport 股東）揚帆起航的高潮。

So will we need to raise capital? We have the Reg A, but as revenues increase, we also have access to traditional bank financing, like loans and lines of credit and revolvers, so that if the markets don't cooperate, we don't need to use the capital markets. We could use debt markets.

那我們需要籌集資金嗎？我們有Reg A，但隨著收入的增加，我們還可以獲得傳統的銀行融資，如貸款、信貸額度和左輪手槍，因此，如果市場不合作，我們就不需要利用資本市場。我們可以利用債務市場。

And then when there's a very good or enviable position for capital markets, we could raise an enviable in an enviable position or position from strength. So the answer is, do we need to raise capital? Of course, it takes money to make money. So were going to have to raise -- we're going to have to fund operations and growth to continue to ramp-up and grow. But we have many more options available to us that are much more friendly than other options and other issuers in our cohort have struggled a lot.

然後，當資本市場有一個非常好的或令人羨慕的位置時，我們可以在一個令人羨慕的位置或實力位置上提高一個令人羨慕的位置。所以答案是，我們需要籌資嗎？當然，賺錢是需要錢的。因此，我們將不得不籌集資金，為營運和成長提供資金，以繼續加速和成長。但我們有更多的選擇可供選擇，這些選擇比其他選擇要友好得多，而我們隊列中的其他發行人卻陷入了困境。

I think there's a record number of Nasdaq shell companies right now that have all failed. So in our cohort 2021, I think we're doing very well compared to most.

我認為目前納斯達克空殼公司全部倒閉的數量創歷史新高。因此，在我們 2021 年的隊列中，我認為與大多數人相比，我們做得非常好。

In terms of -- what was the second question, the second part of that?

就第二個問題而言，第二部分是什麼？

Does the company anticipate contemplating a reverse stocks regarding the minimum listing requirement?

公司是否預計考慮反向股票的最低上市要求？

So minimum listing requirement is 180 days from when you fall below $1 and then after 180 days you get another 180 day extension. So it's about a year. We think that within a year, with all the things that are going on, we still maintain that were dramatically undervalued.

因此，最低上市要求是從您的價格低於 1 美元起 180 天，然後在 180 天後您可以再獲得 180 天的延期。所以大約有一年的時間。我們認為，在一年之內，儘管發生了所有事情，我們仍然認為其價值被嚴重低估。

But for when the market finally catches up to that, which should be sooner than later, we think that well cure this without having to consolidate. So we have no plans for consolidation, but obviously we'll see what happens in the future. But we're very bullish of the future of Worksport and we don't think that we'll need to consolidate.

但當市場最終趕上這一點時（應該是遲早的事），我們認為無需整合即可解決這個問題。所以我們沒有整合計劃，但顯然我們會看看未來會發生什麼。但我們非常看好 Worksport 的未來，並認為我們不需要整合。

Speaking of the future of Worksport, the next question is regarding dividends from COR AP, will you do dividends before 2030?

說到Worksport的未來，下一個問題是關於COR AP的股息，你們會在2030年之前進行股息嗎？

If we could do dividends next year, we will. So, I mean, it's not a commitment, I'm speaking figuratively, but what I will say is our goal is set on -- the business by basic definition, is an entity that exchanges a product or service for money. A lot of issuers don't meet that basic requirement. We do. And now it's rinse and repeat.

如果我們明年可以派息，我們就會的。所以，我的意思是，這不是一個承諾，我是比喻性的，但我要說的是我們的目標是設定的——根據基本定義，企業是一個用產品或服務交換金錢的實體。許多發行人不符合這項基本要求。我們做到了。現在沖洗並重複。

We are going to scale up revenues. We are heading for cash flow positivity. We're heading for earnings, and then, as a result for earnings, as far as we can grow that. As we said earlier, we're eyeballing beyond upper-middle market and revenues. Obviously, shareholder rewards such as dividends and these types of instruments are very much so viable opportunity for all of us.

我們將擴大收入。我們正在走向正面的現金流。我們正在走向盈利，然後，作為盈利的結果，盡可能地增長它。正如我們之前所說，我們的目光不僅限於中高端市場和收入。顯然，股息等股東獎勵和此類工具對我們所有人來說都是非常可行的機會。

Thank you, Steve. With that, we'd like to end the call for this evening. All questions that have been remained unanswered will be answered via a press release later this month. The prepared remarks from this call, as well as the slide deck, will be available on our website, and we will share a press release giving the highlights of the quarter and this earning call tomorrow morning.

謝謝你，史蒂夫。至此，我們想結束今晚的通話。所有懸而未決的問題都將在本月晚些時候透過新聞稿得到解答。本次電話會議準備好的評論以及幻燈片將在我們的網站上提供，我們將在明天早上分享一份新聞稿，介紹本季度的亮點和本次財報電話會議。

Thank you so much for everyone joining and we wish you have a great evening.

非常感謝大家的加入，祝您有個愉快的夜晚。

Thank you, everyone.

謝謝大家。