Worksport Ltd (WKSP) 2024 Q3 法說會逐字稿

Perfect. Okay. Good afternoon, everyone. Welcome to Worksport's quarter three 2024 earnings call. I'm Steven Rossi, the Founder and CEO of Worksport, and I'm joined here today by our CFO, Michael Johnston. We'd like to thank everyone for joining us.

完美的。好的。大家下午好。歡迎參加 Worksport 的 2024 年第三季財報電話會議。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。我們要感謝大家加入我們。

Worksport is a growing brick by brick. And today, we're pleased to share that we have experienced strong revenue growth this quarter as a result, among other things, strategic investments and operational achievements. Our financial and operational metrics signal a promising growth trajectory as we continue to scale our brand, release new products and expand into new markets.

工作運動正在一步步發展。今天，我們很高興與大家分享，本季我們的營收實現了強勁成長，其中包括策略投資和營運成就。隨著我們繼續擴大品牌規模、發布新產品並拓展新市場，我們的財務和營運指標預示著充滿希望的成長軌跡。

We will be reviewing the financial results for the quarterly period ending September 30, 2024. These results were issued today at 4:00 PM, Eastern and can be downloaded from the link provided in the chat.

我們將檢視截至 2024 年 9 月 30 日的季度財務表現。這些結果於東部時間今天下午 4:00 發布，可以從聊天中提供的鏈接下載。

At the end of today's call, our prepared remarks and presentation deck will be available for download at www.investor.worksport.com/earnings-call. Again, investor.com -- investor.worksport.com/earnings-call.

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 www.investor.worksport.com/earnings-call 上下載。再次，investor.com——investor.worksport.com/earnings-call。

During this call, we will make forward-looking statements, including statements regarding our financial outlook for the fourth quarter and full year 2025. Our expectations regarding financial and business trends, impacts from the macroeconomic environment and 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，包括有關第四季度和 2025 年全年財務前景的聲明。我們對金融和業務趨勢的期望、宏觀經濟環境的影響和我們的市場地位、機會、進入市場計劃、成長策略和業務願望以及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. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and change in circumstances that are difficult to predict and many of which are outside of our control. Actual results or events may differ materially. Therefore, you should not rely on any of these forward-looking statements.

這些陳述只是基於我們目前的信念、期望和假設的預測。由於前瞻性陳述涉及未來，因此它們受到固有的不確定性、風險和環境變化的影響，這些不確定性、風險和環境變化難以預測，其中許多超出了我們的控制範圍。實際結果或事件可能有重大差異。因此，您不應依賴任何這些前瞻性陳述。

These forward-looking statements are subject to risks and other factors that could affect our performance and financial results, which we will discuss in details in our -- which we do discuss in details in our filings with the SEC, including our annual report on Form 10-K and quarterly reports on Form 10-Q and other SEC filings. The forward-looking statements made in this earnings call are made only as of today's date. Worksport assumes no obligation to update any forward-looking statements we may make on today's webinar. And with that, let's begin.

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，我們將在我們向 SEC 提交的文件中詳細討論這些風險和其他因素，包括我們的年度報告10-K 表格和季度報告以及10-Q 表格和其他SEC 備案文件。本次財報電話會議中所做的前瞻性陳述僅截至今天為止。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。那麼，讓我們開始吧。

We'll begin with a year-to-date overview of Worksport's foundational achievements in 2024, highlighting the significant milestones that have contributed to our strong growth trajectory. Following that, we'll delve into our Q3 financial highlights, focusing on key performance metrics, our surge in revenues and our strategic road map to profitability, increased revenues and sustained long-term expansion.

首先，我們將概述 Worksport 2024 年迄今的基礎性成就，重點介紹為我們強勁成長軌跡做出貢獻的重要里程碑。接下來，我們將深入研究第三季的財務亮點，重點關注關鍵績效指標、收入激增以及獲利能力、收入增加和持續長期擴張的策略路線圖。

We'll share our insights on the current macroeconomic environment, emphasizing how we're uniquely positioned to capitalize on emerging opportunities. Then we'll present detailed highlights of Worksport's robust business-to-consumer and business-to-business segments, showcasing the strengths driving our market growth.

我們將分享我們對當前宏觀經濟環境的見解，強調我們如何擁有獨特的優勢來利用新興機會。然後，我們將詳細介紹 Worksport 強大的企業對消費者和企業對企業細分市場，以展示推動我們市場成長的優勢。

Next, we'll discuss our upcoming product launches and share an exclusive preview of what we believe will be groundbreaking innovations [energy] that are set to redefine industry standards. We'll conclude with our ambitious visions for future growth, including insights into our initial revenue projections for Q4 and the 2025 fiscal year.

接下來，我們將討論即將推出的產品，並分享我們認為將重新定義行業標準的突破性創新[能源]的獨家預覽。最後，我們將提出對未來成長的雄心勃勃的願景，包括對第四季度和 2025 財年的初步收入預測的見解。

Three years ago, following our uplisting on Nasdaq Stock Exchange, we embarked on a strategic journey to establish a solid foundation for Worksport. This groundwork has not only enabled the significant growth we witness today, but also positions us strongly for future expansion.

三年前，在納斯達克證券交易所上市後，我們踏上了為 Worksport 奠定堅實基礎的策略之旅。這一基礎不僅使我們今天見證了顯著的成長，也為我們未來的擴張奠定了堅實的基礎。

This exciting growth only started 10 short months ago in January of this year, where we began early-stage production ramp-up of our AL3 hard folding tonneau cover, proudly made in America in our state-of-the-art 150,000 square foot manufacturing facility where I speak from here today in Western New York.

這一令人興奮的成長僅在短短10 個月前的今年1 月開始，當時我們開始了AL3 硬折疊後座蓋的早期生產階段，該蓋板在美國製造，佔地150,000 平方英尺，擁有最先進的製造能力我今天在紐約西部的這裡發表演說。

In May, Worksport was awarded a $2.8 million innovation and growth grant by the state of New York, underscoring confidence in our vision and technological achievements. In June 2024, we reported a notable 275% increase in revenue quarter-over-quarter from Q1 2024, an achievement we're proud to have surpassed in Q3.

5 月，Worksport 獲得了紐約州 280 萬美元的創新和成長補助金，突顯了人們對我們的願景和技術成就的信心。2024 年 6 月，我們報告營收較 2024 年第一季較上季顯著成長 275%，我們很自豪在第三季超越了這項成就。

September marked a pivotal moment as our R&D facility successfully tested our upcoming COR portable energy system to charge a Tesla Model 3 and we launched the alpha release of our COR and SOLIS products, signaling our progress towards entry into a sustainable energy market.

9 月是一個關鍵時刻，我們的研發機構成功測試了即將推出的COR 便攜式能源系統，為Tesla Model 3 充電，並且推出了COR 和SOLIS 產品的alpha 版本，標誌著我們在進入可持續能源市場方面取得了進展。

In Q3, we commenced sales to the US government, unlocking potential for significant new growth in the future. We also initiated a carefully designed $2 million strategic cost savings program, which is not expected to impact our revenue or revenue growth. It's aimed at enhancing operational efficiency as we gear up for profitability.

第三季度，我們開始向美國政府銷售，釋放未來重大新成長的潛力。我們還啟動了一項精心設計的 200 萬美元戰略成本節約計劃，預計該計劃不會影響我們的收入或收入成長。其目的是在我們提高獲利能力的同時提高營運效率。

Furthermore, our IP portfolio continues to expand to protect our innovations and secure our future growth. Globally, Worksport has approximately 170 registered and pending patents and trademarks in its global IP portfolio.

此外，我們的智慧財產權組合不斷擴大，以保護我們的創新並確保我們未來的成長。在全球範圍內，Worksport 在其全球智慧財產權組合中擁有約 170 項已註冊和正在申請的專利和商標。

With that, I'm pleased to hand over the discussion to Mike. He will provide commentary on the Q3 2024 financial results.

至此，我很高興將討論交給麥克。他將對 2024 年第三季的財務業績發表評論。

Thank you, Steven, and hello, everyone. Let's start with some exciting milestones achieved in Q3.

謝謝你，史蒂文，大家好。讓我們從第三季實現的一些令人興奮的里程碑開始。

Worksport reports top line revenue of approximately $3.1 million, 581% year-over-year increase from Q3 of 2023's $458,000. This tremendous growth is driven by increased B2B and B2C sales across our customer segments. Worksport's growth momentum is further underscored by a 63% revenue increase from Q2 2024 to Q3 2024, building upon the notable 275% growth in Q2 2024 from Q1 2024 when production began scaling up.

Worksport 報告的營收約為 310 萬美元，比 2023 年第三季的 458,000 美元年增 581%。這一巨大的成長是由我們客戶群的 B2B 和 B2C 銷售成長所推動的。2024 年第二季至 2024 年第三季營收成長了 63%，進一步凸顯了 Worksport 的成長勢頭，而 2024 年第二季與 2024 年第一季產量開始擴大時相比顯著成長了 275%。

This consistent upward trajectory highlights the effectiveness of our new sales initiatives and innovative products as well as the robust market opportunities ahead of us. The rapid expansion of Worksport's revenue not only reinforces our strong market position, but also signals a promising outlook for continued growth and our strategic push towards profitability.

這種持續的上升軌跡凸顯了我們新的銷售措施和創新產品的有效性以及我們面前強勁的市場機會。Worksport 收入的快速成長不僅鞏固了我們強大的市場地位，而且還預示著持續成長和我們實現盈利的策略推動的光明前景。

So Q3's gross profit, $247,000. We enacted a strategic production slowdown in Q2 and early Q3, which allowed the plant to optimize and train workers and for Worksport sales to get ahead of production. This strategic aspect did lead to temporary margin erosion seen in this quarter.

因此，第三季的毛利為 247,000 美元。我們在第二季和第三季初實施了策略性生產放緩，這使得工廠能夠優化和培訓工人，並使 Worksport 的銷售領先於生產。這一戰略方面確實導致本季出現暫時的利潤侵蝕。

However, we project margins to significantly recover. Worksport's product margins have a strong outlook potential with product margins in our B2C segment expected to reach up to 51% and B2B white label margins targeting 25% to 40%.

然而，我們預計利潤率將大幅恢復。Worksport 的產品利潤率具有強勁的前景潛力，B2C 部門的產品利潤率預計將達到 51%，B2B 白標利潤率目標為 25% 至 40%。

The growth of our B2C and B2B white label segments is expected to increase revenues and further mitigate the impact of a lower-margin private label business. This shift positions us favorably for enhanced profitability and underscores our commitment to driving shareholder value through strategic product and market focus. Ultimately, we anticipate a significant improvement in gross margins in the near term.

我們的 B2C 和 B2B 白標細分市場的成長預計將增加收入，並進一步減輕利潤率較低的自有品牌業務的影響。這一轉變使我們有利於提高獲利能力，並強調我們致力於透過策略性產品和市場重點來推動股東價值的承諾。最終，我們預計短期內毛利率將顯著改善。

Considering we began -- we only began early full-scale production 10 short months ago, we are now perfecting our systems and beginning to appreciate economies of scale founding volume and scale. With increased production, rising sales and the introduction of upcoming high-margin, high-demand product lines, we expect our gross margins to be notably stronger by this time next year.

考慮到我們在短短 10 個月前才開始早期全面生產，我們現在正在完善我們的系統，並開始欣賞建立數量和規模的規模經濟。隨著產量的增加、銷售量的增加以及即將推出的高利潤、高需求產品線的推出，我們預計到明年這個時候我們的毛利率將會大幅提高。

Given the robust uptake of our white label and online sales channels, we're especially excited about the launch of our AL4 tonneau cover set to debut in late Q4. This innovative product is projected to have a measurable positive impact on our 2025 financials. We'll share more details on the AL4 later in the presentation.

鑑於我們的白標和線上銷售管道的強勁增長，我們對將於第四季度末首次推出的 AL4 酒桶蓋感到特別興奮。這項創新產品預計將對我們 2025 年的財務狀況產生顯著的正面影響。我們將在稍後的演示中分享有關 AL4 的更多詳細資訊。

Worksport's inventory remains robust with a healthy balance of approximately $6.1 million, consistent with Q2 2024 levels and strategically allocated between finished and unfinished goods. The strong inventory position enables us to continue production seamlessly with no anticipated supply chain concerns, ensuring our ability to meet rising customer demand without interruption.

Worksport 的庫存保持強勁，健康餘額約為 610 萬美元，與 2024 年第二季度的水平一致，並在成品和未成品之間進行戰略分配。強大的庫存狀況使我們能夠無縫地繼續生產，而不會出現預期的供應鏈問題，從而確保我們能夠不間斷地滿足不斷增長的客戶需求。

Our sales channels are now fully operational experiencing increased demand that is exceeding the current production levels of Worksport. This positive dynamic allows us to transition to an ordering strategy based on projected demand forecasts, which will further optimize our cash flow and enable us to meet market demand more efficiently.

我們的銷售管道現已全面投入運營，需求不斷增長，超過了 Worksport 目前的生產水準。這種積極的動態使我們能夠過渡到基於預計需求預測的訂購策略，這將進一步優化我們的現金流，並使我們能夠更有效地滿足市場需求。

We believe Worksport is well positioned to leverage existing equipment facilities and inventory investments to meet current and anticipated sales growth for the remainder of Q4 2024 and into Q1 2025. Importantly, no significant equipment investments are expected in the near term, allowing us to capitalize on our assets and drive profitability.

我們相信 Worksport 處於有利地位，可以利用現有設備設施和庫存投資來滿​​足 2024 年第四季度剩餘時間和 2025 年第一季當前和預期的銷售成長。重要的是，預計短期內不會有重大設備投資，這使我們能夠利用我們的資產並提高獲利能力。

Now back to Steve Rossi with a note on Investor Relations and our vision of profitability.

現在回到史蒂夫羅西，談談投資者關係和我們的獲利願景。

Thank you, Mike. Our Director of Sales stated, our sales went from $1 million all of last year to $1 million a month. And next year, our target is $1 million a week. We're excited to realize that dream and beyond as we continue to drive towards profitability and sustained growth. I'm thrilled to share insights on our path forward and the strategies fueling the progress.

謝謝你，麥克。我們的銷售總監表示，我們的銷售額從去年全年的 100 萬美元增加到每月 100 萬美元。明年，我們的目標是每週 100 萬美元。隨著我們繼續努力實現盈利和持續成長，我們很高興能夠實現這一夢想及超越。我很高興能分享對我們前進道路的見解以及推動進步的策略。

We believe Worksport will achieve cash flow positivity next year with revenues in 2025 projected to be multiples of our anticipated year ending 2024 figures. Several upcoming catalysts are poised to drive the significant growth. The launch of our AL4 tonneau cover in late Q4, the most demanded type of hard cover in the market is highly anticipated.

我們相信 Worksport 明年將實現正現金流，預計 2025 年收入將是我們截至 2024 年預期數字的數倍。即將推出的幾種催化劑將推動顯著成長。我們在第四季末推出了 AL4 酒桶蓋，這是市場上需求量最大的硬蓋類型，備受期待。

With higher margins and strong market demand, we expect the AL4 to become the leading seller and to significantly bolster our revenues. We have begun taking preorders and expect early sales in late Q4 and ramp up in Q1 2025.

憑藉更高的利潤率和強勁的市場需求，我們預計 AL4 將成為領先的銷售商並顯著增加我們的收入。我們已開始接受預訂，預計將在第 4 季末提前銷售，並在 2025 年第 1 季增加。

Additionally, the market beta release of our signature COR and SOLIS products, our portable energy system and solar truck bed cover is set to play a pivotal role in our growth for 2025 and beyond. These innovative solutions position us at the forefront of the clean energy revolution within the automotive accessory industry. Furthermore, Worksport is excited to announce that our subsidiary, Terravis Energy, is preparing to accept initial preorders for its state-of-the-art high-efficiency heat pump product line.

此外，我們的標誌性 COR 和 SOLIS 產品、便攜式能源系統和太陽能卡車床罩的市場測試版將在我們 2025 年及以後的成長中發揮關鍵作用。這些創新解決方案使我們處於汽車配件產業清潔能源革命的前沿。此外，Worksport 很高興地宣布，我們的子公司 Terravis Energy 正準備接受其最先進的高效能熱泵產品線的初步預訂。

This advancement positions us to expand our presence in the growing energy markets, which we believe can contribute to our profitability over the coming years, subject to market conditions and continued execution of our strategy. By capitalizing on these upcoming catalysts, we are focused on accelerating our growth trajectory and strengthening our position within the industry.

這項進步使我們能夠擴大我們在不斷成長的能源市場的影響力，我們相信這將有助於我們未來幾年的獲利能力，具體取決於市場狀況和我們策略的持續執行。透過利用這些即將到來的催化劑，我們專注於加速我們的成長軌跡並鞏固我們在行業中的地位。

Worksport's solid foundation is firmly in place and our growth trajectory is accelerating as we remain unwavering in our focus on achieving profitability. Our current production assets are optimized to produce over 200 tonneau covers per day, a target we are on track to reach within the upcoming quarters. If this production level is attained, we anticipate improvements in margins and sufficient capacity to achieve positive cash flow.

Worksport 的堅實基礎已牢固確立，隨著我們堅定不移地致力於實現盈利，我們的成長軌跡正在加速。我們目前的生產資產經過優化，每天可生產 200 多個酒桶蓋，我們預計在未來幾季內實現這一目標。如果達到這個生產水平，我們預期利潤率會提高，並且有足夠的能力實現正現金流。

We have proactively prepared a plan to exceed production beyond 200 covers a day as market demand grows. Notably, we anticipate that the additional investment and time necessary to achieve this increased capacity would be relatively low. Worksport will provide a projected sales forecast at the end of this presentation and we'll continue to update investors each subsequent quarter.

隨著市場需求的成長，我們積極制定了每天產量超過200套的計畫。值得注意的是，我們預期實現容量增加所需的額外投資和時間相對較少。Worksport 將在本次演示結束時提供預計的銷售預測，我們將在隨後的每個季度繼續向投資者通報最新情況。

Furthermore, the introduction of new product segments, including the COR and SOLIS portable power grid system and our subsidiary, Terravis Energy's upcoming high-efficiency heat pump positions us to expand our presence in the growing multibillion-dollar clean energy market. These innovative products have the potential to contribute to the profitability of Worksport as we continue to expand our market presence.

此外，新產品領域的推出，包括 COR 和 SOLIS 便攜式電網系統以及我們的子公司 Terravis Energy 即將推出的高效能熱泵，使我們能夠擴大我們在不斷增長的數十億美元清潔能源市場的影響力。隨著我們不斷擴大市場份額，這些創新產品有可能為 Worksport 的獲利能力做出貢獻。

Additionally, we will continue to build sales by adding new SKUs every quarter, including new tonneau covers and anticipated variant models of the COR, enabling us to cater to a broader market and meet diverse customer needs. By continuing to scale up production and expand our product lines, we believe we can drive significant revenue growth, improve profitability and create value for shareholders.

此外，我們將透過每季添加新的 SKU（包括新的酒箱蓋和 COR 的預期變體型號）來繼續擴大銷售，使我們能夠迎合更廣泛的市場並滿足多樣化的客戶需求。透過持續擴大生產規模和擴大產品線，我們相信我們能夠推動收入顯著成長，提高獲利能力並為股東創造價值。

Back to Mike with commentary on Worksport's macro environment.

回到麥克對 Worksport 宏觀環境的評論。

Thank you, Steven. From a macro perspective, pickup trucks continue to be the top-selling US vehicles on the road. While the EV pickup truck market has experienced delays and waning sales interest, we believe that with improved infrastructure and technology, EV adoption will extend to pickups as well.

謝謝你，史蒂文。從宏觀角度來看，皮卡車仍然是美國路上最暢銷的車輛。儘管電動皮卡市場經歷了延遲和銷售興趣減弱，但我們相信，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。

Worksport's SOLIS solar cover is designed for use of both current ICE vehicles and future EVs, aligning us to navigate without experiencing adverse effects of these market shifts. Additionally, we've observed the US government's potential push for increased tariffs on imports from China, particularly on batteries by 2026.

Worksport 的 SOLIS 太陽能罩專為目前的 ICE 車輛和未來的電動車而設計，使我們能夠在不遭受這些市場變化的不利影響的情況下順利行駛。此外，我們也觀察到美國政府可能會在 2026 年之前推動提高對中國進口商品的關稅，特別是電池關稅。

We're positioning ourselves to leverage this change as a strategic advantage. We have started to explore next-generation COR batteries using US technology and production. For the first generation of the COR, the company has partnered with an experienced manufacturing partner and look to provide an update on its production partner for the COR system in the near future. The portable energy market is growing rapidly with further development expected.

我們正在定位自己，利用這項變化作為戰略優勢。我們已經開始探索採用美國技術和生產的下一代 COR 電池。對於第一代 COR，該公司與經驗豐富的製造合作夥伴合作，並希望在不久的將來提供 COR 系統生產合作夥伴的最新資訊。便攜式能源市場正在快速成長，預計將進一步發展。

As mentioned earlier, Chinese competitors despite offering perceived inferior products are achieving over $1 billion in annual sales with a recent year-over-year growth rate of more than 300%. Being first to market with our solar cover and believing that we offer a strong portable battery system at an attractive price, we aim to capture both new market share and a portion of their existing market share.

如前所述，中國競爭對手儘管提供了被認為劣質的產品，但年銷售額卻超過了 10 億美元，而且最近的同比增長率超過 300%。作為第一個將我們的太陽能罩推向市場的公司，我們相信我們能夠以具有吸引力的價格提供強大的便攜式電池系統，我們的目標是佔領新的市場份額和部分現有市場份額。

We do not anticipate any projected disruptions or risks due to the recent US elections. We remain confident in our growth trajectory. Our focus stays firmly on executing our strategy and delivering value to our shareholders.

我們預計最近的美國大選不會造成任何干擾或風險。我們對我們的成長軌跡仍然充滿信心。我們的重點始終是執行我們的策略並為股東創造價值。

Back to Steve with insights on our B2B and B2C business segments.

回到 Steve 對我們的 B2B 和 B2C 業務部門的見解。

Thank you, Mike. Worksport's branded B2B and B2C sales will be the future of the company. We're excited to share with you our latest TV commercial.

謝謝你，麥克。Worksport 的品牌 B2B 和 B2C 銷售將是該公司的未來。我們很高興與您分享我們最新的電視廣告。

(video playing)

（影片播放）

Anybody listening can take a look at those videos on our YouTube channels. As earlier indicated, Worksport's business-to-consumer segment has experienced a significant surge in online sales, jumping from $21,000 in Q3 of 2023 to $1.59 million in Q3 2024.

任何收聽的人都可以在我們的 YouTube 頻道上觀看這些影片。如前所述，Worksport 的企業對消費者細分市場的線上銷售額大幅成長，從 2023 年第三季的 21,000 美元躍升至 2024 年第三季的 159 萬美元。

This dramatic increase signifies a substantial shift with online sales now accounting for 51% of our total revenue for the quarter compared to just 5% in the prior year. This exponential growth is expected to drive up brand awareness and positively impact our business-to-business operations.

這一大幅成長標誌著線上銷售的重大轉變，目前線上銷售占我們本季總收入的 51%，而上一年僅佔 5%。這種指數級成長預計將提高品牌知名度並對我們的企業對企業營運產生積極影響。

Since initiating sales in March 2024, we're aiming to reach $1 million per month in business-to-consumer sales alone before the end of Q4. Currently, we offer three products with over 100 SKUs and we project an expansion of our product lineup to six or more products in 2025. This expansion aligns with our strategy to broaden market reach and meet diverse customer needs, further supporting our growth trajectory and enhancing shareholder value.

自 2024 年 3 月開始銷售以來，我們的目標是在第四季末之前僅企業對消費者的每月銷售額就達到 100 萬美元。目前，我們提供三種產品，超過 100 個 SKU，預計在 2025 年將我們的產品陣容擴展至六種或更多產品。此次擴張符合我們擴大市場覆蓋範圍和滿足多樣化客戶需求的策略，進一步支持我們的成長軌跡並提高股東價值。

Following recent sales to a prominent federal entity, Worksport's strategic approach to government sales will be spearheaded by US Ambassador, Ned Siegel, retired, one of our Directors. We believe his involvement will enhance our ability to secure new sales with more government entities.

繼最近向一家著名聯邦實體進行銷售後，Worksport 的政府銷售策略方針將由我們的董事之一、已退休的美國大使 Ned Siegel 領導。我們相信他的參與將增強我們與更多政府實體獲得新銷售的能力。

The white label business-to-business segment has shown early signs of growth for Worksport as well. In the past four months, Worksport has achieved over 200% growth in dealer account sales of our branded products. With over 17,000 targeted dealers across North America, this notable growth underscores the vast potential of our dealer network expansion.

Worksport 的白標企業對企業細分市場也顯示了成長的早期跡象。在過去的四個月裡，Worksport 品牌產品的經銷商帳戶銷售額成長了 200% 以上。北美地區擁有超過 17,000 家目標經銷商，這一顯著增長凸顯了我們經銷商網路擴張的巨大潛力。

We aim to bridge the gap between direct-to-consumer sales and small owner-operated dealers that are the fabric of local economies. We plan on supporting each dealer that supports Worksport and Made in America innovations by developing a network of -- that's cleverly named Worksport click-and-mortar, which signifies Worksport's ingenuity and bridging essential gaps between online shopping with local dealer level support. More on that to come early next year.

我們的目標是縮小直接面向消費者的銷售與作為當地經濟基礎的小型自營經銷商之間的差距。我們計劃透過開發一個網絡來支持每一個支持Worksport 和美國製造創新的經銷商——這個網絡被巧妙地命名為Worksport click-and-mortar，這標誌著Worksport 的獨創性，並彌合了在線購物與當地經銷商級支援之間的重要差距。更多相關內容將於明年初發布。

Additionally, we have recently announced our AL4 cover to key customers and several top-tier national US-based distributors and are in discussions to preorder -- that are in discussions to preorder this AL4 tonneau cover. This further underscores strong market confidence in this highly anticipated product.

此外，我們最近向主要客戶和美國幾家頂級全國經銷商宣布了我們的 AL4 車蓋，並且正在討論預訂 - 他們正在討論預訂這款 AL4 酒桶形車蓋。這進一步凸顯了市場對這款備受期待的產品的強烈信心。

Furthermore, Worksport recently announced its first ever B2B order from a customer in Puerto Rico, marking a significant expansion into new territories and demonstrating the increase in international demand for our innovative solutions.

此外，Worksport 最近宣布了來自波多黎各客戶的首個 B2B 訂單，這標誌著其向新領域的重大擴張，並表明國際上對我們創新解決方案的需求不斷增加。

We believe an effective business-to-business network will be active and in place within the first half of 2025. Worksport's white label business-to-business segment will not only be a revenue driver for next year, but it's also expected to have healthy margins and reoccurring sales.

我們相信，有效的企業對企業網路將在 2025 年上半年活躍並到位。Worksport 的白標企業對企業部門不僅將成為明年的收入驅動因素，而且預計還將擁有可觀的利潤率和持續的銷售。

The Worksport AL4, SOLIS and COR product lines are projected to be released in the near term. Here is a quick recap for new investors about our products. The first-to-market SOLIS solar tonneau cover. The highly anticipated first-to-market Worksport SOLIS Solar integrated folding cover represents a unique opportunity for Worksport to enter the clean tech markets. Starting with our rapidly expanding truck customer base, the patented SOLIS cover is designed to offer utility across a wide range of diverse applications.

Worksport AL4、SOLIS 和 COR 產品線預計近期發布。以下是新投資者對我們產品的快速回顧。首款上市的 SOLIS 太陽能酒箱蓋。備受期待的首款上市 Worksport SOLIS Solar 整合折疊蓋為 Worksport 進入清潔技術市場提供了獨特的機會。從我們快速擴大的卡車客戶群開始，專利的 SOLIS 蓋子旨在為各種不同的應用提供實用性。

Next, Worksport's COR modular portable energy system. When paired with the SOLIS cover, it creates a mobile nano-grid. The COR system can store up to 1,700 watt hours of energy and is fully modular, allowing for the addition of extra batteries. While the portable energy market is valued at $3.9 billion globally and it's growing rapidly, Worksport's COR battery is expected to feature a unique never-ending power hot swap capability.

接下來是 Worksport 的 COR 模組化便攜式能源系統。當與 SOLIS 蓋配合使用時，它會創建一個移動奈米網格。COR 系統可儲存高達 1,700 瓦時的能量，並且完全模組化，允許添加額外的電池。儘管全球便攜式能源市場價值達 39 億美元，並且正在快速成長，但 Worksport 的 COR 電池預計將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 markets far beyond just that of the pickup truck segment. The alpha release of the COR and SOLIS was initiated mid-September. We are currently hard at work testing these units in real market conditions and are preparing for beta release in 2025, tremendously exciting.

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市場的市場。COR 和 SOLIS 的 alpha 版本於 9 月中旬啟動。我們目前正在努力在實際市場條件下測試這些設備，並準備在 2025 年發布測試版，這非常令人興奮。

The AL4 is poised to become the crown jewel of Worksport's traditional tonneau cover business. We are thrilled to be on the verge of its launch and believe this premium product will support our growth in the expanding truck bed cover market. With its innovative design and superior features, we believe the AL4 has the competitive edge to strengthen our position within the industry.

AL4 預計將成為 Worksport 傳統後廂蓋業務皇冠上的明珠。我們很高興即將推出該產品，並相信這款優質產品將支持我們在不斷擴大的卡車床罩市場中的成長。憑藉其創新設計和卓越功能，我們相信 AL4 具有競爭優勢，可以鞏固我們在行業中的地位。

Worksport initiated the alpha release of the COR and SOLIS in mid-September 2024, actively gathering real-world feedback to refine our products. Last month, we implemented strategic enhancements to the SOLIS cover projected to reduce consumer costs by up to $400 and expand compatibility.

Worksport 於 2024 年 9 月中旬啟動了 COR 和 SOLIS 的 alpha 版本，積極收集現實世界的回饋來完善我們的產品。上個月，我們對 SOLIS 保護罩實施了策略性增強，預計將消費者成本降低多達 400 美元並擴大相容性。

Additionally, we develop new product -- we're developing new product variants with alternative specifications to broaden appeal across diverse customer demographics. We're excited to announce that the commercial launch of our COR and SOLIS system is anticipated for Q2 to Q3 of 2025.

此外，我們還開發新產品——我們正在開發具有替代規格的新產品變體，以擴大對不同客戶群的吸引力。我們很高興地宣布，我們的 COR 和 SOLIS 系統預計將於 2025 年第二季至第三季投入商業推出。

Worksport's subsidiary, Terravis Energy has been developing behind the scenes. And despite a controlled operational budget through grants in the effort of the last three years, they have made some fascinating developments and we are thrilled to shed some light on that today.

Worksport 的子公司 Terravis Energy 一直在幕後進行開發。儘管過去三年透過贈款控制了營運預算，但他們還是取得了一些令人著迷的進展，我們很高興今天能夠闡明這一點。

First, commercial sales order. In Q3, Terravis achieved a significant milestone by securing its sales order for 17 EV charging stations from a leading global parking lot manufacturer. This accomplishment marks a promising advancement in Terravis' business development as the global EV infrastructure continues to expand rapidly.

一是商業銷售訂單。第三季度，Terravis 取得了一個重要的里程碑，從全球領先的停車場製造商那裡獲得了 17 個電動車充電站的銷售訂單。隨著全球電動車基礎設施持續快速擴張，這項成就標誌著 Terravis 業務發展取得了可喜的進步。

Upcoming product line. Terravis is preparing to launch its highly efficient heat pump product line known as Aetherlux. With a global press release scheduled in the coming weeks, we believe that Aetherlux technology has achieved breakthrough results that will position it as a disruptive force in the $100 billion-plus heat pump market globally.

即將推出的產品線。Terravis 正準備推出其高效能熱泵產品線 Aetherlux。隨著未來幾週的全球新聞稿發布，我們相信 Aetherlux 技術已經取得了突破性成果，將使其成為全球價值超過 1000 億美元的熱泵市場的顛覆力量。

To further strengthen our competitive edge, initial trademark and patent assets have been filed with additional filings planned to enhance our intellectual property portfolio further. The heat pump market is substantial and has been experiencing steady growth. We believe the Aetherlux product line has the potential to make significant impact in this sector.

為了進一步增強我們的競爭優勢，我們已經提交了初始商標和專利資產，並計劃進行更多申請，以進一步增強我們的智慧財產權組合。熱泵市場規模龐大，並且一直在穩定成長。我們相信 Aetherlux 產品線有潛力對該領域產生重大影響。

We have already hosted representatives from companies around the world at our R&D lab to meet with the Terravis team about this product. We are excited to share more detailed information about this in the coming weeks.

我們已經在我們的研發實驗室接待了來自世界各地公司的代表，與 Terravis 團隊就該產品進行會面。我們很高興在未來幾週內分享更多有關此內容的詳細資訊。

We are thrilled to announce that we are on track to exceed our previously issued revenue guidance of $6 million to $8 million by the end of the year 2024. For the year-end 2025, Worksport believes that its current product line alone will represent $20 million in revenues.

我們很高興地宣布，到 2024 年底，我們預計將超過先前發布的 600 萬至 800 萬美元的收入指引。Worksport 相信，到 2025 年底，光是目前產品線的收入就將達到 2,000 萬美元。

With the successful launch of an additional product line in late 2024 and 2025, we anticipate an additional revenue stream of up to $18.5 million from those product lines. Taking varying circumstances into account, we project overall revenues to be between $25 million and $34.5 million in 2025.

隨著 2024 年底和 2025 年成功推出額外產品線，我們預計這些產品線將帶來高達 1,850 萬美元的額外收入來源。考慮到不同的情況，我們預計 2025 年的總收入將在 2,500 萬美元至 3,450 萬美元之間。

Our goal is to become cash flow positive in 2025 with a keen focus on earnings per share and EBITDA. We project sustained growth into 2026 and beyond. As always, Worksport will continue to update investors on forecasted guidance for current products and upcoming product launches.

我們的目標是在 2025 年實現正現金流，並專注於每股收益和 EBITDA。我們預計 2026 年及以後將持續成長。與往常一樣，Worksport 將繼續向投資者通報當前產品和即將推出的產品的預測指引。

With that, thank you so much for your attendance. We are very excited for the year ahead. If you haven't done so already, please sign up for our e-mails at investors.worksport.com and follow us on all social media platforms. Our handle is @Worksport Ltd on TikTok, Instagram and so on, all major media platforms.

在此，非常感謝您的出席。我們對未來的一年感到非常興奮。如果您還沒有這樣做，請在 Investors.worksport.com 上註冊我們的電子郵件，並在所有社交媒體平台上關注我們。我們在 TikTok、Instagram 等所有主要媒體平台上的帳號是@Worksport Ltd。

Worksport is now opening the floor to questions and answers and we welcome live questions from the analysts attending the call, followed by those from general investors. Thank you.

Worksport 現在開放問答環節，我們歡迎參加電話會議的分析師現場提問，然後是普通投資者的提問。謝謝。

(Event Instructions) Tate Sullivan.

（活動說明）泰特沙利文。

And starting with the 2025 revenue guidance from current projects products rather, $20 million and then with additional projects going up to $25 million to $34.5 million, is most of that incremental more than likely AL4? Or what are some of the variables in terms of the revenue mix for the new products in '25, please?

從目前專案產品的 2025 年收入指引開始，即 2000 萬美元，然後附加專案達到 2,500 萬至 3,450 萬美元，其中大部分增量是否可能超過 AL4？或者說，25 年新產品的收入組合有哪些變數？

It's a good question, Tate. We think that the AL3 as our foundational product will do $20 million next year is our forecast. The AL4 will likely become a much larger revenue driver for us. But because it will be a new product and it will take time to develop the processes and perfect our ability to get them out the door and expand at a certain point, expand our production capabilities, we feel that AL3 -- the AL4, the new product will be a smaller portion of revenues next year. However, as I indicated, considerably or significantly larger portion of sales in subsequent periods.

這是一個好問題，泰特。我們預計 AL3 作為我們的基礎產品明年的銷售額將達到 2000 萬美元。AL4 可能會成為我們更大的收入來源。但因為這將是一個新產品，需要時間來開發流程並完善我們的能力，以便將它們推出並在某個點上擴展，擴大我們的生產能力，我們認為 AL3 - AL4，新的明年產品將佔收入的一小部分。然而，正如我所指出的，後續期間的銷售比例相當大或顯著更大。

And then at the (inaudible) you have a gross profit margin slide in the presentation showing the meaningful margin -- gross profit margin growth in B2C up to 51%. Is that on pricing? Is that on as you absorb the current operating level at your manufacturing facility? How do you achieve that growth, please?

然後（聽不清楚）簡報中的毛利率幻燈片顯示了有意義的利潤率——B2C 的毛利率增長高達 51%。是在定價上嗎？當您了解製造工廠目前的運作水準時，是否會發生這種情況？請問您如何實現這種成長？

It's through the economies of scale. So right now we pay all the cost of a fully operational factory capable of most of those, as we indicated in this presentation or this call, with no major or significant increases or expenditures -- increase in overhead or expenditures, we aim to achieve those revenues.

這是透過規模經濟實現的。因此，現在我們支付了一家能夠實現其中大部分功能的全面運營工廠的所有成本，正如我們在本次演示或本次電話會議中指出的那樣，沒有重大或顯著的增加或支出——管理費用或支出的增加，我們的目標是實現這些目標收入。

So what that means is we are already spending and therefore, have all the infrastructure, the human resources, the management team in place to achieve those targets without needing another factory or millions of dollars of additional inventory or equipment. So it's through essentially the economies of scale and then continuing to perfect our process and be able to make a perfect product faster.

這意味著我們已經在支出，因此擁有所有基礎設施、人力資源和管理團隊來實現這些目標，而不需要另一家工廠或數百萬美元的額外庫存或設備。因此，本質上是透過規模經濟，然後繼續完善我們的流程，並能夠更快地製造出完美的產品。

I typically say metaphorically that the engine of a car is least efficient when it first starts. So we're just naturally gaining efficiency. And through the economies of scale, we expect that with no major expenditures that we'll be able to achieve those revenue targets and increase profitability because of the efficiencies and economies.

我通常打比方說，汽車的引擎在首次啟動時效率最低。所以我們自然而然地獲得了效率。透過規模經濟，我們預計，在沒有重大支出的情況下，我們將能夠實現這些收入目標，並因效率和經濟性而提高獲利能力。

And last one before I turn over. Online sales greater than 50% of revenue. I think in the Q, you detail all the different portals that you're using. Is it evenly spread across Amazon, your own site and the others? Or is there one that's most successful for you?

還有我翻身前的最後一張。線上銷售額佔收入的50%以上。我認為在問題中，您詳細介紹了您正在使用的所有不同入口網站。它是否均勻分佈在亞馬遜、您自己的網站和其他網站上？或者有一個對你來說最成功的嗎？

Worksport's almost exclusively focused on driving sales presently. Well, let me answer this question properly, so it's not misunderstood.

Worksport 目前幾乎完全專注於推動銷售。好吧，讓我正確地回答這個問題，以免造成誤解。

For direct-to-consumer sales, the majority, if not, I would say, over 90% of those sales are on worksport.com. We're trying to avoid using platforms like eBay or Amazon, albeit very popular. Those platforms typically have been also littered with inferior imported products and products that we really just don't want to share catalog space with.

對於直接面向消費者的銷售，我想說，大部分（如果不是的話）超過 90% 的銷售都在 Worksport.com 上進行。我們盡量避免使用 eBay 或亞馬遜等平台，儘管它們非常受歡迎。這些平台通常也散佈著劣質進口產品和我們真的不想與之共享目錄空間的產品。

So we court and drive consumers to our website where we feel that we could really imply or bring the value and the craftsmanship that we put into our product, the love and care and the real spirit of Made in America can be -- that point can be driven.

因此，我們吸引並吸引消費者訪問我們的網站，我們認為我們可以真正暗示或帶來我們在產品中投入的價值和工藝、愛和關懷以及美國製造的真正精神——這一點可以被驅動。

When we start trying to put sales on Amazon, we share the space with imported products that there's brands out there that make refrigerators and tonneau covers. So that means that there's no particular craftsmanship or care.

當我們開始嘗試在亞馬遜上銷售時，我們與生產冰箱和酒桶蓋的進口產品共享空間。所以這意味著沒有特殊的工藝或護理。

Lastly, I will say that although beta direct-to-consumer has been a big driver of sales recently, we -- as I indicated, we really want to work with the fabric of American business, which is local dealers. We will continue to build our dealer market. We will continue to treat those dealers that support us as members of our team and we will support the American economy and those dealers by driving sales to dealers.

最後，我要說的是，儘管直接面向消費者的測試版最近一直是銷售的一大推動力，但正如我所指出的，我們確實希望與美國企業的結構（即當地經銷商）合作。我們將繼續建造我們的經銷商市場。我們將繼續將那些支持我們的經銷商視為我們團隊的成員，我們將透過推動經銷商的銷售來支持美國經濟和這些經銷商。

So those that buy pickup trucks and want a tonneau cover can get local service. And that really is a circular economy that we feel is going to be very strong for us in the future. So direct-to-consumer sales have been our proof-of-concept and it's taken off.

因此，那些購買皮卡車並想要後座蓋的人可以獲得當地服務。我們認為這確實是一種循環經濟，未來對我們來說將非常強大。因此，直接面向消費者的銷售已經成為我們的概念驗證，並且已經成功了。

But now we're finding considerable interest on the dealer level and we'll continue to support American small businesses, of which there are 17,000 and growing that will support our product, we're going to support them. We're going to stand behind our dealers.

但現在我們在經銷商層面發現了相當大的興趣，我們將繼續支持美國小型企業，其中有 17,000 家並且不斷增長，它們將支持我們的產品，我們將支持他們。我們將支持我們的經銷商。

Poe Fratt, AGP.

坡·弗拉特，AGP。

Okay. Great. Can you just go back to the forecast or your guidance for 2025? Well, first of all, your previous guidance for '24 was $6 million to $8 million. You said you're going to beat that. What is the new guidance for revenue in '24?

好的。偉大的。您能回顧一下 2025 年的預測或指導嗎？嗯，首先，您之前對 24 年的指導是 600 萬至 800 萬美元。你說過你會打敗它。24 年新的收入指引是什麼？

Good question, Paul. I believe that [Fawn] is on the call as well. He might be able to better answer on my behalf. But Fawn, do you want to take -- do you want to answer or should I answer?

好問題，保羅。我相信[小鹿]也正在通話中。他也許能更好地代表我回答。但是小鹿，你想──你想回答還是我應該回答？

Sure. Thanks, Steve. We do anticipate to beat the upper end of the $8 million range with data -- new data still coming in as we're expanding product lines, new models and new channels. We're not comfortable yet providing a exact number and tell investors to look forward to the updated numbers coming out in the Q1 call. But we do anticipate there to be a beat, but not significant. So nothing much higher than $8 million.

當然。謝謝，史蒂夫。我們確實預計數據將超過 800 萬美元的上限——隨著我們擴展產品線、新型號和新管道，新數據仍在不斷湧現。我們還不願意提供確切的數字，並告訴投資者期待第一季電話會議中公佈的更新數據。但我們確實預期會有一個節奏，但幅度不大。所以沒有什麼比800萬美元高出多少了。

So maybe $8 million to $9 million as far as a target for '24?

那麼 24 世紀的目標可能是 800 萬到 900 萬美元？

Perhaps -- potential for higher, of course.

也許——當然，有更高的潛力。

Yeah. I guess I just don't understand if you're going to -- if you know you're going to beat it, why not put out new guidance? But -- and then especially in the context that you're putting out '25 guidance for revenue. Can you just highlight for '25, you talked about the different components, AL3 and AL4 and then maybe potentially SOLIS and COR getting you to the upper end of that range. Can you talk about how your mix of B2B versus B2C will change in '25?

是的。我想我只是不明白你是否會——如果你知道你會打敗它，為什麼不推出新的指導呢？但是，尤其是在您發布 '25 收入指南的背景下。您能否強調一下 25 年，您談到了不同的組件，AL3 和 AL4，然後可能有 SOLIS 和 COR 讓您達到該範圍的上限。您能談談您的 B2B 與 B2C 組合在 25 年將如何變化嗎？

I know, Steve, you just talked about how you're going to focus more on B2B and dealer networks and that's going to be a bigger focus. But is it likely to change to like 25% B2C and then 75% B2B? Is that sort of a -- what's a rough mix for '25?

我知道，史蒂夫，您剛剛談到了您將如何更加關注 B2B 和經銷商網絡，這將成為更大的焦點。但有可能會變成 25% B2C 然後 75% B2B 嗎？這是 25 年的粗略組合嗎？

I think that it's fair to say right now at least it's 51%. So we said a lot in the earnings call, but what was softly said is that we're beginning to bet on Worksport and we're starting to phase out private label sales. And to be clear on those for anyone listening, what private label sales are is our product with somebody else's brand on it.

我認為現在可以公平地說至少是 51%。因此，我們在財報電話會議上說了很多，但輕聲說的是，我們開始押注於 Worksport，並開始逐步取消自有品牌銷售。為了讓所有聽的人都清楚，自有品牌銷售是指有其他人品牌的我們的產品。

So right now 50% of our sales is online sales, worksport.com sales. And then a lot of the other 50% is Worksport product with somebody else's -- some other brand logo on it. So what we're going to be doing is we're going to be, as a policy, phasing out that type of business. We no longer -- we're betting on Worksport. We want to build our brand and we believe brand equity is critical for the future implied value of Worksport.

所以現在我們 50% 的銷售額是在線上銷售，worksport.com 銷售。另外 50% 的產品中有很多是 Worksport 產品，上面有其他人的品牌標誌。因此，我們要做的是，作為一項政策，我們將逐步淘汰此類業務。我們不再——我們把賭注押在 Worksport 上。我們希望打造我們的品牌，我們相信品牌資產對於 Worksport 未來的隱含價值至關重要。

So what I think at the very least will happen is we will swap the 50% private label business for at least 50% business-to-business Worksport branded business so that every product that goes out the door proudly brandishes the Worksport logo. However, because we want to support American small businesses, that could be 60% of our business.

因此，我認為至少會發生的是，我們將把 50% 的自有品牌業務替換為至少 50% 的企業對企業 Worksport 品牌業務，以便每一款出廠的產品都自豪地揮舞著 Worksport 徽標。然而，因為我們想支持美國小型企業，這可能占我們業務的 60%。

However, I think that once we start looking at 70% or 80% of our business being business-to-business, there's a concentration risk that we just don't have the appetite for. So keeping it as close to 50-50 as possible is our target and making sure that every product that goes out our door proudly brandishes the Worksport logo is our key goal for next year.

然而，我認為，一旦我們開始考慮 70% 或 80% 的業務是企業對企業的業務，就會有我們沒有興趣的集中風險。因此，我們的目標是盡可能將其保持在 50-50 左右，並確保我們推出的每件產品都自豪地標有 Worksport 徽標，這是我們明年的主要目標。

Great. That's helpful. And then if you look at your margin, you talked about the margin ranges for B2C and then also for B2B or private label, then shifting over to your branded product. When do you think that margins will kick in to where you'll be able to generate the ranges that you're talking about? Clearly, margin erosion hit in the third quarter. If you could maybe in the context to look -- give us an idea of what fourth quarter margins look like, that would be helpful too.

偉大的。這很有幫助。然後，如果您查看利潤率，您會談到 B2C 的利潤範圍，然後還會討論 B2B 或自有品牌的利潤範圍，然後轉向您的品牌產品。您認為利潤何時會達到您所談論的範圍？顯然，第三季利潤率受到侵蝕。如果您可以在上下文中查看 - 讓我們了解第四季度的利潤率是什麼樣的，這也會有幫助。

The moving target, we're continuing to make improvements in the way we manufacture things, looking at integration of automation, looking at mass manufacturing. So to give it a situational example, historically, we were using adhesives to bond certain parts of our covers together.

不斷變化的目標是，我們將繼續改進製造方式，著眼於自動化集成，並著眼於大規模製造。舉個情境例子，從歷史上看，我們使用黏合劑將蓋子的某些部分黏合在一起。

We've recently changed to use automation and automation system that's adhesive lists, a very clever cost saver and a time saver. However, we had to build it, learn it and perfect it, which was inefficient to begin with. As we launch the new product line, we'll continue to do these types of upgrades, these types of improvements so that we take short-term pain with longer-term gain involved.

我們最近改用自動化和自動化系統，即黏合清單，這是一個非常聰明的成本節約者和時間節約者。然而，我們必須建構它、學習它並完善它，這從一開始就效率低。當我們推出新產品線時，我們將繼續進行這些類型的升級、這些類型的改進，以便我們在承受短期痛苦的同時獲得長期收益。

I would expect that the margins will continue to -- they will trend upwards in Q4 and we'll probably retest where we were before at that 15%, hopefully 20%. But I don't see significant improvement until we're just focusing on building the heck out of these things, which would be after Q1 of next year.

我預計第四季的利潤率將繼續上升，我們可能會重新測試之前的 15%，希望是 20%。但在我們專注於建立這些東西之前，我看不到顯著的改進，這將在明年第一季之後。

So Q4 and Q1 are going to continue to be evolutionary quarters for us where we continue to invest in perfecting the product. And I believe that Q1 and beyond of next year will be -- will freeze the process and just work on improving it, on making it more efficient. Therefore, no more line changes. We're no longer taking out a glue station, again, back to the analogy of removing a glue station and replacing it with a glue-less station.

因此，第四季和第一季對我們來說將繼續是進化的季度，我們將繼續投資完善產品。我相信明年第一季及以後將凍結該流程，並致力於改進它，提高其效率。因此，不再需要更改線路。我們不再取出膠水站，再次回到移除膠水站並用無膠水站替換它的類比。

Everything will be frozen. And now all it is, is getting it is six to seven minutes per tonneau cover off the line, but our ultimate goal is sub-five minutes and then maybe improving through robotics and artificial intelligence to sub-four minutes and the lights out processes. That would be Q2 and beyond next year. And that's where I think that we could start getting that "elbow room" of between 20%, 30%, 40%, upwards of 40% gross margins.

一切都將被凍結。現在要做的就是讓每個後艙蓋下線六到七分鐘，但我們的最終目標是不到五分鐘，然後可能透過機器人和人工智慧改進到不到四分鐘和熄燈過程。那將是明年第二季及以後的時間。我認為這就是我們可以開始獲得 20%、30%、40%、甚至 40% 以上毛利率的「彈性空間」。

Okay. That's helpful, Steven. And then if you could just -- in the presentation, you alluded to that it's fairly low CapEx over the next couple of quarters. And then as you look to get beyond production capacity of 200 covers per day, you might have to invest or spend a little money on equipment. Can you just quantify that amount of capital that you'd have to put in to expand production?

好的。這很有幫助，史蒂文。然後，如果你可以——在演示中，你提到未來幾季的資本支出相當低。然後，當您希望超出每天 200 個蓋子的生產能力時，您可能需要投資或花一點錢購買設備。您能否量化擴大生產所需投入的資本金額？

Sure. So when we built the factory or at least tooled our factory, we tooled it anticipating expansion. So a lot of the initial capital expenditure that we paid out in the early years where we were really spending, a lot of that infrastructure is already in place, power, space infrastructure, some foundational infrastructures as well. So we've already spent in advance of the expansion.

當然。因此，當我們建造工廠或至少為我們的工廠配備工具時，我們是為了預期擴張而對其進行工具設計的。因此，我們早年支付的大量初始資本支出都是我們實際支出的，其中許多基礎設施已經就位，包括電力、空間基礎設施，還有一些基礎設施。所以我們已經在擴張之前投入了資金。

The additional equipment is automated, therefore, requires -- could be robotically processed, if not requires one or two man operation and could be lights out. So it requires little human resource. And the equipment ballpark would be no more than $3 million to $3.5 million, which represents modest expenditure and that equipment would be subject to vendor financing at no interest. So what that also means is we would have up to 24 months, for example, to pay for the systems without experiencing any cost of capital.

因此，額外的設備是自動化的，需要——可以透過機器人進行處理，如果不需要，則需要一兩個人操作，並且可以熄燈。因此，它需要很少的人力資源。設備預算不會超過 300 萬至 350 萬美元，這只是一筆適度的支出，而且設備將由供應商提供無息融資。因此，這也意味著我們將有長達 24 個月的時間來支付系統費用，而無需經歷任何資本成本。

So really a win-win in that we've already absorbed a significant amount of the expenses in layout and planning and then the equipment itself would be vendor-financed and installed while we almost could use the profits while using the equipment to pay for it without necessarily even having to use any of our own money, a very clever foresight by us and our management team.

所以這確實是雙贏，因為我們已經在佈局和規劃方面吸收了大量費用，然後設備本身將由供應商融資和安裝，而我們幾乎可以在使用設備支付費用的同時使用利潤甚至不必使用我們自己的任何資金，這是我們和我們的管理團隊非常聰明的遠見。

Thank you both. Steve, we have some questions from the investors in the audience. A question from [Will El]. Will investors ever get a discount on company products?

謝謝你們倆。史蒂夫，觀眾中的投資者有一些問題。一個問題來自[威爾·埃爾]。投資人購買公司產品會得到折扣嗎？

We have to always maintain dealer level incentives. It's unfair for a dealer to have to sell a product, for example, for X dollars and then us sell direct to people for less. So to maintain the best integrity in the market, it's fair to say that our product is already -- for example, our AL3, the closest competing product made in America right now is $1,000. So it's already a discount. It's already a discounted product.

我們必須始終保持經銷商層面的激勵。例如，經銷商必須以 X 美元的價格出售產品，然後我們以更低的價格直接出售給人們，這是不公平的。因此，為了保持市場上最好的誠信度，可以公平地說，我們的產品已經——例如，我們的 AL3，目前美國製造的最接近的競爭產品的價格為 1,000 美元。所以已經是折扣了。已經是打折產品了。

However, when -- we encourage anyone interested in referring or purchasing a product, we encourage those individuals to call us. Don't e-mail us, don't text us, don't online chat us, 1-888-554-8789, call, speak to our customer service and we'll make sure that we work with them to make them happy, whether it's a T-shirt or a hat or some sort of incentive, but the pricing is already a good price and we feel that it's only fair and equitable to maintain our manufacturer -- sorry, our minimum advertised price to the best of our abilities. We owe it to our brick-and-mortars that support us.

然而，當我們鼓勵任何有興趣推薦或購買產品的人時，我們鼓勵這些人打電話給我們。不要給我們發電子郵件，不要給我們發短信，不要在線聊天，請撥打 1-888-554-8789，致電，與我們的客戶服務人員交談，我們將確保與他們合作以實現這些目標很高興，無論是一件T 卹還是一頂帽子或某種獎勵，但定價已經是一個很好的價格，我們認為維護我們的製造商才是公平公正的-- 抱歉，我們的最低廣告價格是最好的我們的能力。我們要感謝支持我們的實體。

Oh, what I can say is our brick-and-mortar, our dealers -- for example, we have dealers in Michigan or in states all over and that's growing rapidly. Our dealers may be able to offer a better price than we can. So that's also an option.

哦，我能說的是我們的實體店、我們的經銷商——例如，我們在密西根州或全國各地都有經銷商，而且還在迅速增長。我們的經銷商可能能夠提供比我們更好的價格。所以這也是一個選擇。

We may be able to refer those investors to a local dealer. So if an investor, for example, is in the great state of XYZ, we can refer them to a dealer who may be able to offer them a better price and maybe even free installation in these types of perks.

我們或許可以將這些投資人推薦給當地經銷商。因此，例如，如果投資者處於 XYZ 的良好狀態，我們可以將他們推薦給經銷商，經銷商可能能夠為他們提供更好的價格，甚至可能提供免費安裝等此類福利。

Thank you, Steve. We'll -- comments again. Thank you. I agree. There's another question from Carey R. What is your plan to have more analyst and institutional coverage and ownership of the company?

謝謝你，史蒂夫。我們將再次發表評論。謝謝。我同意。Carey R 也提出了另一個問題。

Institutional ownership tends to be market cap-driven. So as companies become higher market caps, typically $100 million plus is where more institutions start to jump in at a market cap.

機構所有權往往受市值驅動。因此，隨著公司市值不斷提高，通常情況下，更多機構會開始涉足市值超過 1 億美元的領域。

We feel that with a revenue multiple of 3 times to 5 times, depending on market conditions and innovations and all these types of things, we could -- where my target is a nine-figure valuation for Worksport. And so that's when I think more institutions will start buying Worksport and holding it. Although that -- those numbers are always going up, more institutions hold us every 90 days.

我們認為，根據市場條件和創新以及所有這些類型的因素，收入倍數為 3 到 5 倍，我們可以——我的目標是 Worksport 的九位數估值。因此，我認為那時會有更多機構開始購買並持有 Worksport。儘管這些數字一直在上升，但每 90 天就會有更多的機構拘留我們。

Analyst coverage, I mean, we want to be a feather in the Cap. Tate has covered us since almost our -- since our uplisting and has been a great partner of us. Poe, who's on the call today, we hope to earn his coverage at some point from his great research division. And other analysts, we continue to build relationships with that's based on trust and transparency.

我的意思是，分析師的報道，我們希望成為資本中的佼佼者。自從我們升級以來，泰特美術館就一直在報道我們，並且一直是我們的重要合作夥伴。坡，今天正在通話中，我們希望在某個時候能從他偉大的研究部門獲得他的報道。和其他分析師一樣，我們繼續與其他分析師建立基於信任和透明度的關係。

So I think that high tide sail all ships. And as we continue to execute, I think we'll become a great company and we'll be further covered by great analysts.

所以我認為漲潮時所有船隻都會航行。隨著我們繼續執行，我認為我們將成為一家偉大的公司，並且我們將受到偉大分析師的進一步關注。

Thanks, Steve. A question from Lawrence B. It appears that the $1 minimum price per share is close to -- it appears that the $1 minimum price per share to satisfy Nasdaq is going to be within reach. Do you guys feel like Worksport will go through the tough times that appear to be behind you without doing a reverse split?

謝謝，史蒂夫。Lawrence B 提出的問題。你們覺得 Worksport 會在不做反向分裂的情況下度過你們身後的艱難時期嗎？

So look, I think that we love Nasdaq Capital Markets having graduated from a smaller exchange, which is the OTC. However, we feel that the OTC as a market has come a long way as well. What I can say is we have no intentions of consolidating our stock or otherwise called a reverse split. We have a considerable amount of time to be able to cure those deficiencies, which we're starting to obviously look, things are looking a lot better for us to be able to do that.

所以看，我認為我們喜歡納斯達克資本市場，因為它是從一個較小的交易所（即場外交易市場）畢業的。然而，我們認為場外交易市場也已經取得了長足的進展。我能說的是，我們無意合併我們的股票或以其他方式所謂的反向分割。我們有相當多的時間來彌補這些缺陷，我們已經開始明顯地看到這些缺陷，對於我們能夠做到這一點來說，情況看起來要好得多。

So all I can say is we have no intentions of consolidations to shareholders. And strategically, as options on the table, to remain on the Nasdaq, we would have to consolidate if worse comes to worse in a year, we're still below $1. But an option also is to list on another exchange that doesn't have that requirement and avoid a consolidation, which is an option.

所以我只能說我們無意對股東進行合併。從戰略上講，作為擺在桌面上的選擇，為了留在納斯達克，如果一年後情況變得更糟，我們將不得不進行整合，我們仍然低於 1 美元。但還有一個選擇是在另一個沒有該要求的交易所上市並避免合併，這是一種選擇。

I'm not making any promises or guarantees, but we're going to continue to just bust our rear ends to build this business, which we've been showing. Execution shows up on the balance sheet, shows up on the revenue side. And next is margin improvement. So we're going to continue to grind as hard as we can to build this business.

我不會做出任何承諾或保證，但我們將繼續全力以赴建立這項我們一直在展示的業務。執行情況顯示在資產負債表上，顯示在收入方面。接下來是利潤率的提高。因此，我們將繼續盡最大努力來發展這項業務。

And I feel that all the great things that us as executives and founders as well as early level investors like you guys all listening today, I think that there will be no other alternative but us just all being rewarded. Recalling that Home Depot just a number of years ago, like in the '90s was $4 a share.

我覺得我們作為高管和創始人以及像你們這樣的早期投資者今天都在聽的所有偉大的事情，我認為除了我們所有人都得到回報之外，沒有其他選擇。回想一下幾年前的家得寶，例如 90 年代，每股價格為 4 美元。

So a lot of companies were a low price and then they go up because they build. So we're focused on building and I think that the rewards will come inevitably as a result of the hard work.

所以很多公司的價格都很低，然後因為他們的建設而價格上漲。因此，我們專注於建設，我認為努力工作的結果將不可避免地帶來回報。

Thanks, Steve. We have another question from Terry D. Regarding the margins and how we plan to improve them. The question is a bit wordy. So rather than read it out, the answer on how we plan to improve profit margins and how we see and project the profit margins to increase is due to the foregoings of the margin erosion.

謝謝，史蒂夫。Terry D 向我們提出了另一個問題，涉及利潤率以及我們計劃如何提高利潤率。問題有點囉嗦。因此，關於我們計劃如何提高利潤率以及我們如何看待和預測利潤率增加的答案，而不是讀出它，而是由於上述利潤率侵蝕所致。

So as mentioned in the slides, we had margin erosion in Q2 and Q3 with low production and a fully functional factory. We believe that as Q4 and Q1 comes along, production is going to start ramping up furthermore and sales is also accelerating quite quickly.

正如幻燈片中所提到的，我們在第二季和第三季的利潤率受到侵蝕，產量較低，但工廠功能齊全。我們相信，隨著第四季和第一季的到來，產量將開始進一步增加，銷售也將很快加速。

We believe that around 200 covers a day, we will be exceeding the production capacity needed to be cash flow positive. And we think that most of that benefit will come just from eating the overhead. There will be further scale available to us as we scale to 300, 400, 500 covers a day.

我們相信，每天大約 200 個封面，我們將超越現金流為正所需的產能。我們認為大部分收益將來自於消耗管理費用。我們將進一步擴大規模，每天涵蓋 300、400、500 個。

And Steve, one last question from Michael G. Can you speak to me more about the marketing of Worksport since the new commercial and other marketing efforts? Perhaps is it possible to see that commercial on television?

史蒂夫，邁克爾G 的最後一個問題。也許可以在電視上看到該廣告嗎？

Sure. Yeah. So we are -- I think -- let me open up my calendar. For all of those listening, I'm going to tell you right now 10:30 AM, on TruckU on Motor Trend TV, a TruckU is a TV show on Motor Trend TV. There will be a segment on Worksport as part of our initial dip into television.

當然。是的。所以我們——我想——讓我打開我的日曆。對於所有收聽的人，我現在要在上午 10:30 在 Motor Trend TV 的 TruckU 上告訴你們，TruckU 是 Motor Trend TV 上的電視節目。作為我們最初涉足電視領域的一部分，將會有一個關於工作運動的片段。

So anyone listening that has Motor Trend TV or access to Motor Trend TV in the US, watch TruckU at 10:30 AM, on November 24 and you'll see a segment on Worksport and its tonneau covers, both AL3 and a first look at AL4. We primarily market online, where most shopping is initially done. Dealers, 17,000 dealers in America will be our agents, our sales reps with brick-and-mortar displays and knowledge of our product. So that's marketing.

因此，任何收聽 Motor Trend TV 或在美國可以訪問 Motor Trend TV 的人，請在 11 月 24 日上午 10:30 觀看 TruckU，您將看到有關 Worksport 及其酒箱蓋的片段，包括 AL3 和初看AL4。我們主要在網上進行行銷，大多數購物最初都是在網上完成的。經銷商，美國的 17,000 名經銷商將成為我們的代理商、我們的銷售代表，他們擁有實體展示並了解我們的產品。這就是行銷。

And then we plan on continuing to market through social media avenues, which is part of what I already said, which is online as well as we discussed, we have a TV segment and we're going to be looking at primetime commercials as well, sponsorships of sporting events and these types of things.

然後我們計劃繼續透過社群媒體管道進行行銷，這是我已經說過的一部分，我們已經討論過，我們有一個電視部分，我們也將關注黃金時段的廣告，贊助體育賽事和此類活動。

But sponsoring TV commercials and sponsoring sporting events like football or NASCAR or these types of things are more an effort in branding. And branding drives brand recognition and doesn't always drive sales. So right now we're keenly focused on marketing initiatives that result in a sale versus acknowledgment of like, "Oh, I've heard this brand."

但贊助電視廣告和贊助足球或納斯卡等體育賽事或此類活動更多的是品牌推廣的努力。品牌塑造可以提高品牌認知度，但並不總是能提高銷售量。因此，現在我們非常關注能夠帶來銷售的行銷舉措，而不是諸如「哦，我聽說過這個品牌」之類的認可。

We don't want someone that doesn't have a pickup truck to know about Worksport yet. That's second stage. First stage is marketing to people that want our product. Second stage is brand awareness, which drives brand equity, which just drives value to more to the company and corporate side.

我們不希望還沒有皮卡車的人了解 Worksport。那是第二階段。第一階段是向需要我們產品的人行銷。第二階段是品牌知名度，它推動品牌資產，從而為公司和企業帶來更多價值。

Thank you, Steve. With that, we'd like to end the question-and-answer period. If any investors do have further questions, they can e-mail us at investors@worksport.com or give us a call.

謝謝你，史蒂夫。至此，我們就結束問答環節了。如果任何投資者確實有進一步的問題，可以給我們發送電子郵件：investors@worksport.com 或致電我們。

Steve, I'll pass it back to you for closing remarks.

史蒂夫，我會把它傳回給你做結束語。

Closing remarks are simple to all those listening. We're working our rear ends off. We're building a real business. We went from $1 million in a year to $1 million a month. Next stop is $1 million a week. And then we're not stopping. We're building a real business. This is a legacy company of Made in America, of ingenuity, of innovation and integrity.

結束語對所有聽眾來說都很簡單。我們正在努力工作。我們正在建立一個真正的企業。我們從一年 100 萬美元增加到每月 100 萬美元。下一站是每週 100 萬美元。然後我們就不會停止。我們正在建立一個真正的企業。這是一家美國製造、獨創性、創新性和誠信的傳統公司。

We're going to innovate. We're going to integrate. We're going to get our products into broader markets. I say often that Sony as a corporation's first product was a rice cooker. Our first product is a tonneau cover, but it will not -- Sony's wasn't. It won't be our last product. We're going to continue to innovate in clean energy, clean tech, heat pump technologies with Terravis Energy and there's great things happening.

我們要創新。我們要整合。我們將把我們的產品推向更廣闊的市場。我經常說索尼作為一家公司的第一個產品是電鍋。我們的第一個產品是酒桶蓋，但它不會——索尼的不會。這不會是我們的最後一個產品。我們將與 Terravis Energy 一起繼續在清潔能源、清潔技術、熱泵技術方面進行創新，並將會有偉大的事情發生。

So we've only just begun. The best is yet to come. Stay tuned and just believe that management is working their rear ends off inclusive of me and my team to build this business and we're going to do amazing things.

所以我們才剛開始。最好的尚未到來。請繼續關注，相信管理層（包括我和我的團隊）正在竭盡全力打造這項業務，我們將做出令人驚嘆的事情。

Thank you very much. That is the end of this call. Have a great day, everyone.

非常感謝。本次通話到此結束。祝大家有美好的一天。

Thank you, everyone.

謝謝大家。