Worksport Ltd (WKSP) 2025 Q1 法說會逐字稿

Good afternoon everyone, and thank you for joining Worksport Quarter 1 2025 Earnings Call. I'm Steven Rossi, Chief Executive Officer, Chief Executive Officer of Worksport Limited. With me is our Chief Financial Officer, Michael Johnston today.

大家下午好，感謝您參加 Worksport 2025 年第一季財報電話會議。我是 Steven Rossi，Worksport Limited 的執行長。今天和我在一起的是我們的財務長 Michael Johnston。

Today, we'll be reviewing our Q1 performance, discussing key operational milestones and share an updated outlook for 2025. Q1 of this year was a transformative period for Worksport. We released our flagship higher-margin products, the AL4 tonneau cover. We rapidly expanded our dealer network and strengthened our gross margins.

今天，我們將回顧第一季的業績，討論關鍵營運里程碑並分享 2025 年的最新展望。今年第一季是Worksport的轉型期。我們推出了旗艦高利潤產品－AL4 貨車後蓋。我們迅速擴大了經銷商網路並提高了毛利率。

We will be reviewing the financial results for the quarterly period ending March 31, 2025. These results were filed today at 4:00 PM Eastern Time in our Form 10-Q and can be downloaded from the link provided in the chat. At the end of today's call, we prepared -- our prepared remarks and presentation deck will be available for download at https://investors.worksport.com/ number reports. Our remarks will be accompanied by a slide presentation. After these remarks, we will open the line for questions. With that, let's begin.

我們將檢視截至 2025 年 3 月 31 日的季度財務表現。這些結果於今天美國東部時間下午 4:00 以我們的 10-Q 表格形式提交，可從聊天中提供的鏈接下載。在今天的電話會議結束時，我們準備好了－我們準備好的發言和簡報可以在https://investors.worksport.com/number reports下載。我們的發言將附有幻燈片演示。講完這些話之後，我們將開放提問專線。好了，讓我們開始吧。

During this call, we will make forward-looking statements, including statements regarding our financial outlook for the full year 2025, our expectations regarding financial and business trends, impacts from these macroeconomic environments and market position, opportunities, go-to-market initiatives, growth strategy and business aspirations and product initiatives and the expected benefits of such initiatives.

在本次電話會議中，我們將做出前瞻性陳述，包括有關 2025 年全年財務前景、對財務和業務趨勢的預期、宏觀經濟環境和市場地位的影響、機遇、上市計劃、增長戰略和業務願望以及產品計劃以及此類計劃的預期收益的陳述。

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 changes in circumstances that are difficult to predict and many of which are outside of our control.

這些陳述只是基於我們目前的信念、期望和假設的預測。由於前瞻性陳述與未來有關，因此它們受制於難以預測的固有不確定性、風險和情況變化，其中許多是我們無法控制的。

Actual results or events may differ materially. Therefore, you should not rely on any of these forward-looking statements. 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, including in our annual report, Form 10-K and quarterly reports, Form 10-Q and other SEC filings. The forward-looking statements made in this earnings call are only made as of today's date. Worksport assumes no obligation to update any forward-looking statements we may make on today's webinar.

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。這些前瞻性陳述受可能影響我們業績和財務結果的風險和其他因素的影響，我們在向美國證券交易委員會提交的文件中詳細討論了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、10-Q 表格以及其他美國證券交易委員會文件。本次收益電話會議中的前瞻性陳述僅截至今日有效。Worksport 不承擔更新我們在今天的網路研討會上所做的任何前瞻性陳述的義務。

We'll begin by highlighting Worksport's achievement from Q1 2025, celebrating the milestones that propelled our impressive growth trajectory. Following that, we'll dive into our financial performance, emphasizing our margin growth and developments from our dealer network. We'll then explore our operational successes, showcasing the growing success of our hard folding truck bed cover line proudly made right here in the USA.

我們首先要強調的是 Worksport 自 2025 年第一季以來的成就，慶祝推動我們令人印象深刻的成長軌蹟的里程碑。接下來，我們將深入了解我們的財務業績，強調我們的利潤成長和經銷商網路的發展。然後，我們將探討我們的營運成功，展示我們在美國自豪製造的硬折疊卡車床罩生產線日益增長的成功。

We'll also discuss our continued success betting on ourselves shifting towards higher-margin, Worksport-only branded product sales. We'll also expand on highly anticipated upcoming product launches, including our SOLIS solar cover, COR portable energy storage system and innovations from Terravis Energy, our subsidiary, which has generated noteworthy industry interest.

我們還將討論我們繼續成功地轉向利潤率更高、僅限 Worksport 品牌的產品銷售。我們還將擴大備受期待的即將推出的產品，包括我們的 SOLIS 太陽能蓋、COR 便攜式儲能係統以及我們的子公司 Terravis Energy 的創新產品，這些產品已引起業界的極大興趣。

To wrap up, we'll share our vision and strategic plans for fiscal year 2025, provide fresh guidance and outline key financial goals for the rest of the year, paving a clear strategic roadmap for continued expansion and profitability. The first quarter of 2025 marked a continuation of strong growth.

最後，我們將分享 2025 財年的願景和戰略計劃，提供新的指導並概述今年剩餘時間的關鍵財務目標，為持續擴張和盈利鋪平清晰的戰略路線圖。2025 年第一季將持續保持強勁成長。

Revenue for the quarter reached $2.24 million, a 337% increase compared to $512,000 in Q1 of last year. While this figure is slightly lower than our Q4 2024 results, this decrease is consistent with seasonal trends as Q4 typically represents our strongest sales period. For example, with Black Friday and the holidays, while Q1 tends to be slower.

本季營收達到 224 萬美元，較去年第一季的 51.2 萬美元成長 337%。雖然這一數字略低於我們 2024 年第四季的業績，但這一下降與季節性趨勢一致，因為第四季通常代表我們最強勁的銷售時期。例如，黑色星期五和假期，而第一季往往會比較慢。

Importantly, we remain confident in achieving substantial year-over-year growth by the end of this year 2025. Our strategic shift towards branded high-margin products highlighted by the late Q1 launch of our AL4 product line has meaningfully improved gross margins and set a constructive tone for the year ahead.

重要的是，我們仍然有信心在 2025 年底實現大幅同比增長。我們向品牌高利潤產品的策略轉變，以第一季末推出的 AL4 產品線為亮點，顯著提高了毛利率，並為來年奠定了建設性的基調。

Early indications show that AL4 sales are already contributing to a significant portion of our Q2 revenues, reinforcing our expectations for continued upward momentum. With a very exciting road ahead as consumers adopt the newly released AL4, we're all working hard to achieve continued significant and exponential growth in the months ahead.

早期跡象表明，AL4 的銷售已經為我們第二季的收入貢獻了很大一部分，這增強了我們對持續上升勢頭的預期。隨著消費者採用新發布的 AL4，未來的道路非常令人興奮，我們都在努力在未來幾個月實現持續顯著的指數級成長。

Mike Johnston, our CFO, will now walk you through the financial details of Q1 2025.

我們的財務長 Mike Johnston 現在將向您介紹 2025 年第一季的財務細節。

Thanks, Steve. Please bear with me, I'm on a bit of a cold here, so my voice might be all over the place. We've reached significant financial milestones this quarter. Gross profit rose notably to $396,000, achieving a gross margin of nearly 18%, which is up from 7% in the same quarter last year and 11% in Q4 of 2024. These improvements highlight the ongoing success of our strategic shift towards higher-margin Worksport-branded products, and better operational efficiency.

謝謝，史蒂夫。請忍耐一下，我有點感冒，所以我的聲音可能有點亂。本季我們達到了重要的財務里程碑。毛利大幅成長至 396,000 美元，毛利率達到近 18%，高於去年同期的 7% 和 2024 年第四季的 11%。這些改進凸顯了我們向利潤率更高的 Worksport 品牌產品和更好的營運效率的策略轉變的持續成功。

We expect margin to continue improving with an objective of reaching 25% to 30% later this year. We believe this will be achievable with increased production that will optimize overhead absorption along with continued sales growth of our AL4 product. Furthermore, with COR and SOLIS releasing later this year, we expect additional notable improvements to the company's gross profit and top line revenue profile.

我們預計利潤率將繼續提高，目標是在今年稍後達到 25% 至 30%。我們相信，透過提高產量來優化間接成本吸收以及持續增加 AL4 產品的銷售量，這一目標一定能夠實現。此外，隨著 COR 和 SOLIS 將於今年稍後發布，我們預計該公司的毛利和營業收入狀況將進一步顯著改善。

Total operating expenses for Q1 were $4.65 million, up from about $3.68 million in Q1 of 2024. 26% increase in operating expenses reflects targeted investments that directly supported a 337% surge in revenues over the same period from last year, demonstrating the scalability of our model and return on our strategic spending. This increase in operating costs reflects some one-time expenses, ongoing strategic investments in marketing, product development and significant investment in expansion of our sales team.

第一季的總營運費用為 465 萬美元，高於 2024 年第一季的約 368 萬美元。營運費用增加 26% 反映了有針對性的投資，這些投資直接支持了去年同期收入激增 337%，證明了我們模型的可擴展性和戰略支出的回報。營運成本的增加反映了一些一次性費用、在行銷、產品開發方面的持續策略投資以及在擴大銷售團隊方面的大量投資。

More specifically, sales and marketing expenses were $870,000, reflecting expanded digital marketing efforts. General and administrative expenses rose to approximately $2.99 million from $2.29 million, driven primarily by increased staffing and facility-related costs. Professional fees decreased to $426,000 to $944,000, highlighting effective cost control measures.

更具體地說，銷售和行銷費用為 870,000 美元，反映了數位行銷力度的擴大。一般及行政開支從 229 萬美元增至約 299 萬美元，主要原因是人員配置和設施相關成本增加。專業費用從 426,000 美元降至 944,000 美元，凸顯了有效的成本控制措施。

For Q1 of 2025, our operating loss was approximately $4.46 million compared to $3.71 million in the prior year period. Our net loss of $4.46 million, reflecting the costs associated with scaling operations and continued strategic investments, specifically in sales and marketing expenses and nonrecurring corporate expenses.

2025 年第一季度，我們的營業虧損約為 446 萬美元，而去年同期為 371 萬美元。我們的淨虧損為 446 萬美元，反映了與擴大營運和持續策略投資相關的成本，特別是銷售和行銷費用以及非經常性公司費用。

Despite the net loss and improved gross margin, operational efficiency lay a foundation for achieving profitability. We believe there is adequate room to continue control expenses while continuing to accelerate expansion.

儘管淨虧損、毛利率有所提高，但營運效率為實現獲利奠定了基礎。我們相信，在繼續加速擴張的同時，還有足夠的空間來繼續控制開支。

The gap between expenses and gross profit is expected to decrease in future quarters. Importantly, the company is still targeting to achieve operational cash flow breakeven in Q4 of 2025, early Q1 of 2026. More on this to come later.

預計未來幾季費用與毛利之間的差距將會縮小。重要的是，該公司仍以在 2025 年第四季、2026 年第一季初實現營運現金流收支平衡為目標。稍後我們將對此進行更多介紹。

Turning to the balance sheet. Cash and cash equivalents stood at $5.08 million, slightly up from $4.88 million at year-end 2024. The increase follows capital raising efforts and subsequent to a reduction of long-term debt of approximately $2 million this quarter.

轉向資產負債表。現金和現金等價物為 508 萬美元，略高於 2024 年底的 488 萬美元。此次成長是在籌集資金並在本季減少約 200 萬美元的長期債務之後實現的。

Working capital improved to $7.94 million, providing financial flexibility and operational readiness to continued growth. Our current liabilities decreased slightly, enhancing our liquidity position and preparing us to effectively manage our upcoming product launches.

營運資金增至 794 萬美元，為持續成長提供了財務靈活性和營運準備。我們的流動負債略有減少，增強了我們的流動性狀況，並為我們有效管理即將推出的產品做好了準備。

During Q1 of 2025, cash used in operating activities totaled $3.84 million, primarily reflecting our net loss and increased inventories to support projected demand. Investment activities consumed $269,000 primarily for property and equipment upgrades. Financing activities generated positive inflow of approximately $4.5 million, driven by proceeds from warrant exercises offsetting operational and capital investments.

2025 年第一季度，經營活動所用現金總計 384 萬美元，主要反映了我們的淨虧損和為支持預期需求而增加的庫存。投資活動消耗了 269,000 美元，主要用於財產和設備升級。融資活動產生了約 450 萬美元的正流入，主要原因是認股權證行使所得抵消了營運和資本投資。

We had inventories of $5.7 million as of March 31, 2025, a slight increase from December 31, 2024, representing roughly 50% of our current assets. Notably, $3.4 million of our inventory balance is raw materials. This inventory includes components for our AL series covers and legacy products, and we deem it appropriately balanced.

截至 2025 年 3 月 31 日，我們的庫存為 570 萬美元，較 2024 年 12 月 31 日略有增加，約占我們流動資產的 50%。值得注意的是，我們的庫存餘額中有 340 萬美元是原料。該庫存包括我們的 AL 系列封面和傳統產品的組件，我們認為它是適當平衡的。

We have processes in place to monitor for any slow-moving or obsolete stock and will adjust production and purchasing accordingly. We view our quarter end inventory level as a healthy support for 2025 sales targets without needing substantial further investment in working capital. We also view this inventory level as sufficient to combat short-term tariff related impacts on our business. While long-term impacts are expected to be relatively minute for our made-in-America hard covers.

我們有流程來監控任何滯銷或過時的庫存，並將相應地調整生產和採購。我們認為，季度末庫存水準可以為 2025 年的銷售目標提供健康的支持，而無需在營運資金方面進行大量進一步的投資。我們也認為這項庫存水準足以抵禦短期關稅對我們業務的影響。而對於我們美國製造的精裝書來說，長期影響預計相對較小。

Now, back to Steve for key insights on business operations.

現在，讓我們回到史蒂夫，聽聽他對業務運營的重要見解。

Thank you, Michael. Beyond the financial numbers, Q1 marks the foundation of what we can expect for the year ahead. I'd like to highlight some of these key milestones we achieved that are setting the stage for our future. We started shipping AL4 tonneau covers and listed the AL4 for sale on our e-commerce platform only in late February 2025, just a few short months ago.

謝謝你，麥可。除了財務數據之外，第一季還標誌著我們對未來一年的預期的基礎。我想強調我們所取得的一些重要里程碑，它們為我們的未來奠定了基礎。僅僅幾個月前，也就是 2025 年 2 月底，我們才開始運送 AL4 貨車後蓋，並在我們的電子商務平台上架 AL4 進行銷售。

The AL4 launch is significant for Worksport as it expands our product line at the high end with early feedback from customers being very positive on the quality, aesthetic and functionality of this cover model. The product will be a big part of our story for the rest of this year. We've had tremendous early interest and expect this product to be a significant revenue driver for us in the near-term.

AL4 的推出對於 Worksport 來說意義重大，因為它擴展了我們的高端產品線，客戶的早期回饋對這款保護套的品質、美觀和功能性非常滿意。該產品將成為我們今年剩餘時間故事的重要組成部分。我們早期就引起了極大的興趣，並預計該產品將在短期內成為我們重要的收入來源。

The Worksport factory is targeting 4 times growth in monthly production by the end of Q3 2025 as compared to Q4 of last year. In other words, we're targeting to produce over 200 units per day by the end of summer and have already made positive progress towards that goal in Q1, but even more so in the early months of Q2.

Worksport 工廠的目標是到 2025 年第三季末，月產量將比去年第四季成長 4 倍。換句話說，我們的目標是到夏季末每天生產超過 200 個單位，並且已經在第一季朝著這一目標取得了積極進展，但在第二季度的頭幾個月進展更大。

A production rate of 200 units per day would represent upwards of $45 million in annual top line revenues from our e-commerce channel, while earning strong economies of scale that will drive up gross margin towards our previously forecasted levels.

每天 200 台的生產力意味著我們的電子商務管道每年將獲得 4,500 萬美元以上的收入，同時也能獲得強大的規模經濟，從而將毛利率推高至我們先前預測的水平。

Our reseller sales network has grown significantly as well in Q1 2025, and it continues to grow. Reseller network growth. Worksports US network now totals 151 active dealers, a 64% increase from 92 at the end of last year.

我們的經銷商銷售網路在 2025 年第一季也取得了顯著成長，並且還在繼續成長。經銷商網路成長。Worksports 美國網路目前共有 151 家活躍經銷商，比去年年底的 92 家增加了 64%。

Worksport has added 35 new dealer accounts in March following 24 additions in January and February combined. March 2025 business-to-business sales grew nearly 70% from February, underscoring strong market momentum and heightened interest of the AL4 tonneau cover.

Worksport 3 月新增了 35 個經銷商帳戶，1 月和 2 月共新增了 24 個。2025 年 3 月，企業對企業的銷售額較 2 月增長了近 70%，凸顯了強勁的市場動能和人們對 AL4 貨車後蓋的興趣日益濃厚。

Worksport dealer partners are independent truck accessory retailers and installers, main street businesses that form the backbone of the US economy. Worksport's mandate is to help these local businesses thrive by providing the best service, products and profit margins possible.

Worksport 經銷商合作夥伴是獨立的卡車配件零售商和安裝商，是構成美國經濟支柱的主要街道企業。Worksport 的使命是透過提供盡可能最好的服務、產品和利潤率來幫助這些本地企業蓬勃發展。

This mandate will be the reason that with over 17,000 addressable dealers nationwide, we expect to see significant continued growth and adoption of our products within the B2B markets. We anticipate dealers contributing to notable revenue growth this year.

正是由於這項授權，我們才期望在全國範圍內擁有超過 17,000 個可尋址經銷商，我們的產品在 B2B 市場中能夠繼續實現顯著增長並得到廣泛採用。我們預計經銷商今年將為營收成長做出顯著貢獻。

Worksport will look to strategically expand further by partnering with distributors and purchasing groups who value American-made quality and prioritize dealer success. These partnerships would bring many new dealers to the Worksport network as well.

Worksport 將透過與重視美國製造品質並優先考慮經銷商成功的經銷商和採購集團合作，尋求進一步的策略擴張。這些合作關係也將為 Worksport 網路帶來許多新的經銷商。

The company expects to provide additional updates in the near-term. Again, the company's products are engineered to deliver healthy margins for dealers while offering exceptional performance and value to end users, making Worksport a win-win solution for both sides of the market.

該公司預計將在短期內提供更多更新。再次，該公司的產品旨在為經銷商帶來豐厚的利潤，同時為最終用戶提供卓越的性能和價值，使 Worksport 成為市場雙方的雙贏解決方案。

Worksport plans to release three new products this year, the HD3 hard folding tonneau cover, the SOLIS solar integrated tonneau cover and the COR, our portable energy storage system. The HD3 is a heavy-duty business-to-business oriented tonneau cover under development for release this summer. It builds on our AL3 design, but with enhanced materials, seals and latch mechanisms for greater durability.

Worksport 計劃今年推出三款新產品，即 HD3 硬折疊式貨車後蓋、SOLIS 太陽能一體式貨車後蓋和我們的便攜式儲能係統 COR。HD3 是一款面向企業對企業的重型貨車後蓋，正在開發中，預計將於今年夏天發布。它以我們的 AL3 設計為基礎，但採用了增強的材料、密封件和閂鎖機制，以提高耐用性。

The key strategy with the HD3 is to cater to commercial and fleet customers. For example, businesses outfitting work truck fleets. With a product that can withstand rigorous use. While the product will be available both on our website and the wholesale customers, the intention of the HD3 would be to primarily support growth amongst our wholesale business-to-business customers.

HD3 的關鍵策略是滿足商業和車隊客戶的需求。例如，裝備工作卡車車隊的企業。使用能夠承受嚴格使用的產品。雖然該產品將在我們的網站和批發客戶處出售，但 HD3 的目的主要是支持我們的批發 B2B 客戶的成長。

The HD3 is expected to begin production and sales in the coming months, adding another revenue stream for 2025 and more importantly, rounding out a full line of high-quality durable tonneau covers made right here in the USA.

HD3 預計將在未來幾個月內開始生產和銷售，為 2025 年增加另一個收入來源，更重要的是，完善在美國製造的全系列高品質耐用貨車後蓋。

Now on to our SOLIS. In Q1 of this year, Worksport advanced solar integrated tonneau cover, SOLIS, towards beta testing, selecting key customers to trial early units ahead of a planned commercial launch later this year. The SOLIS will be assembled in the USA using American aluminum and solar panels sourced from India, a country we view as tariff favorable.

現在開始討論 SOLIS。今年第一季度，Worksport 對太陽能整合式貨車後蓋 SOLIS 進行了 beta 測試，並選擇了關鍵客戶在計劃於今年稍後進行商業發布之前試用早期產品。SOLIS 將在美國組裝，採用美國鋁材和來自印度的太陽能板，我們認為印度的關稅優惠政策。

Early interest has been strong, particularly among pickup truck owners, including F-150 drivers, both in EV and traditional segments. Pricing is expected to align with existing premium tonneau covers, positioning our patented solar tonneau cover functionally -- and its functionality as a compelling value add within our market.

早期人們對此興趣濃厚，尤其是皮卡車主，包括 F-150 車主，無論是電動車還是傳統汽車領域。預計定價將與現有的高級貨車後蓋保持一致，將我們專利的太陽能貨車後蓋定位於功能性——並將其功能性定位於我們市場中引人注目的增值部分。

Now on to the COR mobile power system. Along with SOLIS, Worksport's portable COR power system is nearing mass manufacturing and remains on schedule for a release later this year. COR is a modular portable energy solution that can integrate with SOLIS, a solar tonneau cover or function as a stand-alone unit, offering reliable power for work sites, job sites and emergency scenarios.

現在來談談 COR 行動電源系統。與 SOLIS 一樣，Worksport 的便攜式 COR 電源系統也即將實現量產，並將按計劃於今年稍後發布。COR 是一種模組化便攜式能源解決方案，可與 SOLIS、太陽能貨車後蓋整合或作為獨立裝置運行，為工作現場、施工現場和緊急情況提供可靠的電力。

Designed with the broader global consumer market in mind, COR represents Worksport's first entry beyond the pickup truck segment, targeting a wider range of users. Together, COR and SOLIS position Worksport within the fast-growing multi-billion-dollar portable energy market, a space the company believes will be a key long-term profitability driver.

COR 的設計充分考慮了更廣泛的全球消費市場，是 Worksport 首次涉足皮卡車領域以外的領域，旨在吸引更廣泛的用戶。COR 和 SOLIS 共同將 Worksport 定位於快速成長的數十億美元的便攜式能源市場，該公司相信這一領域將成為長期盈利的關鍵驅動力。

Now on to innovation and clean energy. Terravis Energy, AetherLux heat pump breakthroughs, on February 11, 2025, we announced that Terravis, Worksport's subsidiary, has developed a cold climate heat pump system named AetherLux with two major innovations the elimination of defrost cycle and ultra-low temperature innovation, the likes of which does not exist in this world. The elimination of the defrost cycle. The AetherLux heat pump can operate without the need for traditional defrost cycles.

現在來談談創新和清潔能源。Terravis Energy，AetherLux 熱泵取得突破，2025 年 2 月 11 日，我們宣布 Worksport 的子公司 Terravis 開發了一種名為 AetherLux 的寒冷氣候熱泵系統，該系統具有兩項重大創新：消除除霜循環和超低溫創新，這是世界上不存在的。消除除霜循環。AetherLux 熱泵無需傳統的除霜循環即可運作。

Defrost cycles are common drawbacks in heat pumps, where the system periodically stops heating to melt ice buildup. Eliminating this requirement means continuous efficient heating even in freezing conditions. In the ultra-low temperature operation, the system can function in ambient temperatures as low as negative 57 degrees Fahrenheit or negative 49 degrees Celsius, far below the operational range of commercial heat pumps. This is a groundbreaking capability, marking the AetherLux -- making the AetherLux potentially viable in extreme arctic environments or applications that were previously impossible for heat pumps. This is a huge global opportunity.

除霜循環是熱泵的常見缺點，系統會定期停止加熱以融化積冰。消除這項要求意味著即使在寒冷條件下也能持續高效加熱。在超低溫運轉中，該系統可以在低至華氏零下57度或零下49度的環境溫度下運行，遠低於商用熱泵的運作範圍。這是一項突破性的能力，標誌著 AetherLux —— 使 AetherLux 有可能在極端北極環境或以前熱泵不可能實現的應用中發揮作用。這是一個巨大的全球機會。

The AetherLux heat pump featuring our revolutionary ZeroFrost technology continues to generate substantial global interest from multiple major global corporations. We remain committed to monetizing this transformative technology and remain open to discussions on strategic licensing and manufacturing opportunities within this $123 billion market.

採用我們革命性的 ZeroFrost 技術的 AetherLux 熱泵持續引起全球多家大型企業的極大興趣。我們將繼續致力於將這項變革性技術貨幣化，並將繼續就這個價值 1230 億美元的市場中的策略授權和製造機會進行討論。

Now on to intellectual property. Worksport holds a robust and growing patent portfolio of over 170 approved, registered and pending patents and trademarks. On January 2025, we joined the LOT Network, a global consortium aimed at safeguarding innovations against patent trolls.

現在談談知識產權。Worksport 擁有強大且不斷成長的專利組合，其中包括 170 多項已批准、註冊和正在申請的專利和商標。2025 年 1 月，我們加入了 LOT 網絡，這是一個旨在保護創新免受專利流氓侵害的全球聯盟。

This move helps protect our intellectual property and gives us access to a broad community of tech companies committed to cross-licensing for defensive purposes. Worksport believes it has strong protection pipeline against competitors on its upcoming innovations, including the SOLIS tonneau covers, COR battery system and AetherLux heat pump.

此舉有助於保護我們的智慧財產權，並使我們能夠接觸到致力於出於防禦目的進行交叉授權的廣大科技公司群體。Worksport 相信，其即將推出的創新產品（包括 SOLIS 貨車後蓋、COR 電池系統和 AetherLux 熱泵）擁有強大的保護管道，可以抵禦競爭對手。

I'm going to pass it back to Mike with our updated fiscal year 2024 outlook and guidance.

我將把我們更新後的 2024 財政年度展望和指導轉交給麥克。

Thanks, Steve. Worksport's hard tonneau covers led by AL3 and AL4 models are proudly manufactured in the US. Sourcing predominantly in the US provides us with strong resilience against tariffs and geopolitical challenges.

謝謝，史蒂夫。Worksport 的硬質貨車後蓋（以 AL3 和 AL4 車型為主導）均在美國製造。主要在美國採購使我們具有強大的抵禦關稅和地緣政治挑戰的能力。

Soft covers, currently sourced from China, account for a relatively insignificant portion of our revenues, though domestic production is actively under review. The upcoming SOLIS solar cover will be assembled in the US, with solar panels expected to be sourced from India, a country maintaining relatively stable trade relations with the US.

目前來自中國的軟封面在我們的收入中所佔比例相對較小，儘管國內生產正在積極審查中。即將推出的 SOLIS 太陽能蓋將在美國組裝，太陽能板預計將從與美國保持相對穩定貿易關係的印度採購。

For the COR portable power system, Worksport is working with its international battery supplier and US-based partners to mitigate tariff exposure and evaluate onshore manufacturing opportunities. Our US -- made-in-USA Advantage.

對於 COR 便攜式電源系統，Worksport 正在與其國際電池供應商和美國合作夥伴合作，以減輕關稅風險並評估國內製造機會。我們的美國—美國製造的優勢。

By sourcing locally and manufacturing in US, Worksport believes it mitigates tariff risks on its tonneau cover products, supports American jobs, and delivers superior product consistency. The AL4's success proves that manufacturing in the US using American sourced material and a strong American workforce is a proven strategy for growth and success within the world's largest economy.

Worksport 認為，透過在當地採購和在美國製造，可以降低其貨車後蓋產品的關稅風險、支持美國就業並提供卓越的產品一致性。AL4 的成功證明，在美國使用美國材料和強大的美國勞動力進行製造是實現世界最大經濟體成長和成功的有效策略。

As we look ahead, we are still very optimistic about Worksport's trajectory in 2025. We expect to carry forward the momentum in margins from Q1 2025, to sustained and exponential growth and improved financial performance.

展望未來，我們仍然對 Worksport 在 2025 年的發展軌跡非常樂觀。我們預期利潤率將從 2025 年第一季延續成長勢頭，實現持續的指數級成長和財務表現的提升。

Let me share our outlook and guidance for the year. We are forecasting another year of significant revenue expansion in 2025, driven by both our core tonneau cover business and new product introductions. Based on our current visibility, we are targeting full year 2025 revenues in the range of $20 million to $25 million.

讓我分享一下我們對今年的展望和指導。我們預測，在核心貨車後蓋業務和新產品推出的推動下，2025 年的營收將再次大幅成長。根據我們目前的前景，我們的目標是 2025 年全年收入達到 2,000 萬至 2,500 萬美元。

We are pleased to share some insights on what drives this exciting forecast. While Q1 2025 revenue was $2.24 million, impacted by some expected seasonality, we are confident Q2 revenue will see further margin improvement and revenue growth.

我們很高興分享一些關於推動這一令人興奮的預測的見解。雖然 2025 年第一季的營收為 224 萬美元，受到一些預期的季節性影響，但我們相信第二季的營收將進一步提高利潤率並實現營收成長。

This will be driven especially by the launch of the higher margin AL4, which started sales late in Q1. This revenue projection reflects an approximate 2.5 times to 3 times increase from the 2024 year-end revenue. The tonneau cover business is expected to carry this growth. We expect the tonneau cover sales to improve in Q2 and notably ramp up in Q3 and Q4, allowing us to steer towards this target.

這將主要受到利潤率更高的 AL4 的推出的推動，該產品於第一季末開始銷售。這項收入預測將比 2024 年底的營收成長約 2.5 倍至 3 倍。預計卡車後蓋業務將帶來這一成長。我們預計卡車後蓋的銷量將在第二季度有所改善，並在第三季和第四季顯著上升，使我們能夠朝著這一目標前進。

We are initially targeting $2 million to $3 million in revenue from the COR and SOLIS product lines by year-end. However, as geopolitical conditions and global supply chain volatility, especially particularly in power electronics improve, we remain optimistic about potentially raising this portion of our year-end guidance later in Q3.

我們最初的目標是到年底從 COR 和 SOLIS 產品線獲得 200 萬至 300 萬美元的收入。然而，隨著地緣政治條件和全球供應鏈波動（尤其是電力電子領域的波動）的改善，我們仍然對在第三季後期提高年終指引的這一部分持樂觀態度。

We believe the upper end of this range around $25 million will usher us into cash flow breakeven and set a strong foundation for targeting profitability. While it's early to provide a comprehensive revenue projection for 2026, we target overall company profitability and a healthy revenue growth from 2025, largely driven by expanding market share in the multi-billion-dollar US tonneau cover market and aggressive growth of COR and SOLIS.

我們相信，這個範圍的上限約為 2500 萬美元，將使我們實現現金流收支平衡，並為實現盈利奠定堅實的基礎。雖然現在對 2026 年的收入進行全面預測還為時過早，但我們的目標是從 2025 年開始實現公司整體盈利和健康的收入增長，這主要得益於數十億美元的美國貨車後蓋市場份額的擴大以及 COR 和 SOLIS 的強勁增長。

As mentioned, cash flow positivity is our next major goal post. We are encouraged by the margin improvements seen in Q1 2025, and we expect gross margin to continue to increase in 2025 as our product mix shifts further towards higher-margin items and as we benefit from economies of scale. By phasing out lower-margin private label offerings, we anticipate gross margin will step up each quarter.

如上所述，現金流正向性是我們下一個主要目標。我們對 2025 年第一季利潤率的提高感到鼓舞，並且隨著我們的產品結構進一步向利潤率更高的產品轉變以及我們受益於規模經濟，我們預計 2025 年毛利率將繼續上升。透過逐步淘汰利潤率較低的自有品牌產品，我們預期毛利率將每季上升。

We currently forecast gross margin reaching the 25% to 30% range or higher by late 2025. While we will continue to invest in R&D and sales to support growth, we expect a more moderate increase in operating expenses relative to revenue growth in 2025, which should drive improved EBITDA.

我們目前預測到 2025 年底毛利率將達到 25% 至 30% 甚至更高。雖然我們將繼續投資研發和銷售以支持成長，但我們預計 2025 年營運費用相對於營收成長的成長將更為溫和，這將推動 EBITDA 的提高。

Our overarching financial objective for 2025 remains to move significantly closer to cash flow breakeven and ultimately to achieve cash flow positivity by late 2025 or early '26. With the revenue growth and margins I just described, we believe Worksport can reach a cash flow breakeven. This goal is becoming more practical day by day, and our team is dedicated to achieving it.

我們 2025 年的整體財務目標仍然是大幅接近現金流收支平衡，並最終在 2025 年底或 2026 年初實現現金流為正。憑藉我剛才描述的營收成長和利潤率，我們相信 Worksport 可以實現現金流收支平衡。這個目標正日益變得切實可行，而我們的團隊正致力於實現它。

We intend to manage operating expenses carefully -- balancing growth investments with efficiency. Should we outperform on sales or margins, we would pull ahead the timing of reaching breakeven. Importantly, even as we strive for profitability, we maintain sufficient cash reserves and access to capital to fund our growth initiatives, so we are not pursuing growth at the expense of liquidity.

我們打算謹慎管理營運費用—平衡成長投資和效率。如果我們的銷售額或利潤率表現出色，我們就會提前達到收支平衡。重要的是，即使我們努力追求獲利，我們仍保持足夠的現金儲備和資本來資助我們的成長計劃，因此我們不會以犧牲流動性為代價來追求成長。

With respect to capital expenditures, we expect moderate capital expenditure needs in late 2025. Most of our required production equipment for tonneau covers is already in place, although management is considering additional equipment required for scaling operations.

關於資本支出，我們預期 2025 年底的資本支出需求適中。儘管管理層正在考慮擴大生產規模所需的額外設備，但我們生產貨車後蓋所需的大部分設備已經到位。

We will also invest in additional tooling for production ramp up, and possibly automation enhancements to improve throughput. The launch of SOLIS and COR might require some investments in production setup, but again we expect to manage this within our operating cash flow as the year progresses.

我們還將投資額外的工具來提高產量，並可能增強自動化程度來提高產量。SOLIS 和 COR 的推出可能需要在生產設置方面進行一些投資，但我們預計隨著時間的推移，我們將能夠在經營現金流範圍內管理這些投資。

In summary, our 2025 outlook remains very similar to our outlook projected in Q4 2024, one notable growth with improving financial performance. We have set clear targets, aggressively grow, expand margins, and achieve a sustainable financial model by year's end. We will report our progress each quarter, and we are confident in our direction.

總而言之，我們對 2025 年的展望與我們在 2024 年第四季的展望非常相似，其中一項顯著的成長是財務表現的改善。我們設定了明確的目標，積極發展，擴大利潤率，並在年底前實現可持續的財務模式。我們每季都會報告我們的進展，我們對我們的方向充滿信心。

Now, back to Steve with our concluding remarks.

現在，回到史蒂夫的總結發言。

All said, and thank you, Mike. To conclude, our strategic priorities for 2025 remain well defined. Scale sales of our current products, including the AL4 and AL3 and upcoming HD3 tonneau covers. Successfully launch our SOLIS cover and COR product lines, drive continued innovation and strengthen intellectual property protections. Maintain operational excellence across manufacturing and supply chain, improve margins and continue ramping up revenue with a clear path towards achieving cash flow positivity. We remain focused on disciplined execution across these priorities to support sustained growth and long-term value creation.

總而言之，謝謝你，麥克。總而言之，我們 2025 年的策略重點仍然很明確。擴大我們現有產品的銷售，包括 AL4 和 AL3 以及即將推出的 HD3 貨車後蓋。成功推出我們的SOLIS保險和COR產品線，推動持續創新並強化智慧財產權保護。維持整個製造和供應鏈的卓越運營，提高利潤率，並繼續增加收入，實現現金流正向清晰的路徑。我們將繼續專注於嚴格執行這些優先事項，以支持持續成長和長期價值創造。

To our investors and analysts listening, thank you for your time today and for your interest in Worksport. We are committed to transparent communications and delivering on our promises. We look forward to updating you on our progress in the quarters ahead as we work to create sustainable long-term value.

對於我們的投資者和分析師，感謝你們今天的時間和對 Worksport 的關注。我們致力於透明的溝通並兌現我們的承諾。我們期待在未來幾季向您通報我們致力於創造可持續的長期價值的進展。

Thanks, everyone. This concludes our prepared remarks. Operator, please open the line for questions.

謝謝大家。我們的準備好的演講到此結束。接線員，請打開熱線來回答問題。

We're now open -- go ahead, Fran.

我們現在開始營業——請繼續，弗蘭。

We have two questions from an analyst at Maxim, Tate Sullivan. First question is, have you made sales of the AL4 product this quarter?

我們向 Maxim 的分析師 Tate Sullivan 提出了兩個問題。第一個問題是，本季你們有銷售AL4產品嗎？

So yes, thanks for that question. AL4, it's flying off the shelves. We can't keep up. We were actually running low on stock last week. We're not only selling it. We're selling the heck out of it. It's going extremely well. And we have a lot of new -- we have a lot of news flow relating to the product and its uptake specifically to the reseller network coming.

是的，謝謝你的提問。AL4，正在熱銷中。我們跟不上。事實上，上週我們的庫存已經不足了。我們不僅僅銷售它。我們正在賣掉它。一切進展非常順利。我們有很多新消息——我們有很多與產品及其特別是經銷商網路採用相關的新聞流。

Thanks, Steve. And the second question is, what are the raw materials that are within the inventory budget?

謝謝，史蒂夫。第二個問題是，庫存預算內的原料有哪些？

Raw materials within the inventory budget are everything that's required from packaging our product to plastic components, brackets, seals, weather stripping, everything required to manufacture the product. The product's majority of its inventory comprises of aluminum products, probably, it's all domestically sourced aluminum. So it's aluminum ingot from American soil, extruded up by American extruders or rolled into coils here in America, painted with American paint.

庫存預算內的原材料包括從包裝我們的產品到塑膠零件、支架、密封件、擋風雨條以及製造產品所需的一切。該產品庫存的大部分是鋁製品，很可能都是國內採購的鋁。因此，它是來自美國土地的鋁錠，由美國的擠壓機擠壓而成，或在美國捲成捲，並塗上美國的油漆。

So I would say about 60%, maybe 70% of our bill of material is consisting of aluminum products, which most of our products are all aluminum. That's for the AL3, AL4 and the upcoming HD3. The SOLIS will be all the same, but with the addition of relatively expensive solar technology that we're importing. So the cost breakdown will be a little bit different, and it will be about 20% aluminum and about 60% solar is the cost for these high-performance panels, if that makes sense.

所以我想說我們的物料清單中大約 60% 或 70% 都是鋁製品，我們的大部分產品都是鋁製的。這適用於 AL3、AL4 和即將推出的 HD3。SOLIS 將保持不變，但增加了我們進口的相對昂貴的太陽能技術。因此，成本分攤會略有不同，這些高性能面板的成本約為 20% 為鋁，約 60% 為太陽能，如果這說得通的話。

Thanks, Steve. That's all the questions we have from Tate. We do have two more analysts on the call, but I don't see any questions for now.

謝謝，史蒂夫。這就是泰特向我們提出的所有問題。我們確實還有另外兩位分析師參加電話會議，但目前我沒有看到任何問題。

We'll open the floor if anyone has any questions, just by all means.

如果有人有任何問題，我們歡迎大家來提問。

Steven, it's Scott Buck. Can you hear me?

史蒂文，我是史考特‧巴克。你聽得到我嗎？

Can you.

你可以嗎。

Yes, I can. Hey Scott.

是的，我可以。嘿，斯科特。

Hi, I appreciate the time guys. I'm curious, what do you have in place currently for distribution with COR and SOLIS? Will they be using the same dealer network that you use for the covers? Or how will that work?

嗨，我很感謝大家的時間。我很好奇，您目前有哪些計劃與 COR 和 SOLIS 一起分發？他們會使用與您用於封面的相同經銷商網路嗎？或者說它將如何運作？

The COR and the SOLIS is going to be -- it's going to be a moving target in terms of distribution of the product. Distribution is good, both the products are high technology, and we may reserve at least the initial launches for consumer direct sales exclusively, at least for, let's say, Q3 or Q4 of this year. That will allow us to gauge feedback, also capitalize a little bit and recoup tooling and expenditures with the higher margins.

COR 和 SOLIS 將會成為產品分銷方面的移動目標。分銷情況良好，兩種產品都是高科技產品，我們可能會至少將最初的產品專門用於消費者直銷，至少在今年第三季或第四季。這將使我們能夠衡量回饋，同時利用一點資本並以更高的利潤率收回工具和支出。

And then what we probably will do is release that to distribution, the same distribution network probably late this year or early next year on both sides. But what I will say is we've had a very sincere amount of interest from like very large businesses with fleets of thousands of pickup trucks, oil and gas, exploration and obviously, through our connections as disclosed in our previous press releases relating to government services, of which there's hundreds of local and federal government agencies that exist, and we've had already some sales into very key ones.

然後我們可能會做的就是將其發佈到分銷商，可能在今年年底或明年年初在雙方相同的分銷網絡上。但我要說的是，我們已經從一些擁有數千輛皮卡車的大型企業、石油和天然氣企業、勘探企業那裡獲得了非常真誠的興趣，顯然，透過我們在之前的新聞稿中披露的與政府服務相關的關係，我們已經與數百個地方和聯邦政府機構達成了一些非常關鍵的銷售。

So I think that to answer, summarize my explanation, I think that we're going to go direct-to-consumer to start, get it stabilized, recoup some of our expenditures over the R&D side of things and then release it to the existing distribution network. But in addition, we have a lot of inbound interest from large fleets and government agencies.

所以我認為，總結我的解釋，我認為我們將從直接面向消費者開始，使其穩定下來，收回我們在研發方面的一些支出，然後將其發佈到現有的分銷網絡。但除此之外，我們也吸引了大量大型船隊和政府機構的注意。

Great. That's helpful. And then my second one the gross margin expectations through the remainder of the year, are the new products being launched, do they have higher gross margin? Or is this simply a benefit of scaling?

偉大的。這很有幫助。然後我的第二個問題是今年剩餘時間的毛利率預期，如果推出新產品，它們的毛利率是否會更高？或者這只是擴充的好處？

It's both. So the same production line that's gearing to make 200 units per day with virtually the same amount of staff, maybe modestly higher was producing 40 or 50 units a day. So we're really reaching a strong amount of efficiencies of production. We're going to look to automate key elements of our production and then upscale those roles from those individuals to more like automation operators. So we're reaching a very strong economy of scale.

兩者都有。因此，同一條生產線每天的生產能力為 200 個單位，員工數量幾乎相同，甚至可能略高一些，每天的生產能力為 40 或 50 個單位。因此，我們確實實現了極高的生產效率。我們將尋求實現生產關鍵要素的自動化，然後將這些角色從個人提升到更像自動化操作員的角色。因此，我們正在實現非常強大的規模經濟。

And I have to say, Scott, the opportunity for efficiencies as a cost reduction or margin increase is massive. It represents a strong -- almost all of the margin increase. But we're also gearing Worksport to not come up with cheaper products to fill that white box or imported product market. But we're scaling -- we're ramping up Worksport to be a more premium brand.

我必須說，斯科特，透過降低成本或增加利潤來提高效率的機會是巨大的。它代表著強勁的——幾乎所有的利潤率成長。但我們也正在努力讓 Worksport 不再推出更便宜的產品來填滿白盒或進口產品市場。但我們正在擴大規模——我們正在將 Worksport 打造為一個更高端的品牌。

It will beg a higher price point, but with financing available these days for individuals as well as through our website, I think that we could sell more expensive products at higher margins that drive strong value to the consumer and they see the value there to spend that dollar. We earn that dollar through innovation. So it's going to be both. We're going to raise our profitability metrics, but we're also going to increase the economies -- margins through economies of scale. So it's actually both top and bottom.

它的價格會更高，但如今個人以及透過我們的網站都可以獲得融資，我認為我們可以以更高的利潤率銷售更昂貴的產品，從而為消費者帶來巨大的價值，讓他們覺得花這一美元是值得的。我們透過創新賺取這一美元。所以兩者皆有。我們將提高獲利指標，但我們也將透過規模經濟來增加利潤率。所以它實際上既有頂部也有底部。

Great. Appreciate the time, guys. Thank you very much.

偉大的。感謝你們的時間，夥計們。非常感謝。

Thank you, Scott. Great questions.

謝謝你，斯科特。很好的問題。

Hey, Steven.

嘿，史蒂文。

Hey, Poe.

嘿，Poe。

Hey, Poe Fratt from AGP. Can you just clarify on the guidance? You're using still $20 million to $25 million from tonneau cover. And then the SOLIS potential $2 million to $3 million of sales, hopefully, end of the year, maybe bleed into next year. But I just wanted to be clear whether that's included in that $20 million to $25 million guidance for 2025?

嘿，我是 AGP 的 Poe Fratt。您能解釋一下該指導嗎？您仍需使用 2,000 萬至 2,500 萬美元的貨車後蓋費用。SOLIS 的潛在銷售額預計在今年底達到 200 萬至 300 萬美元，甚至可能延續到明年。但我只是想明確一下，這是否包括在 2025 年 2000 萬至 2500 萬美元的指導金額中？

Well, no, we've eliminated it. So what we're not doing, Poe, is we're not saying that we're not going to sell any of them. What we are saying is that we're not going to project it. So it would be like -- and as stated in our remarks, we will augment or update our guidance when geopolitical matters settle.

嗯，不，我們已經消除了它。所以，Poe，我們不會做的是，我們不會說我們不會出售其中任何一件。我們要說的是，我們不會將其投射出去。所以就像我們在評論中所說的那樣，當地緣政治問題解決後，我們將增加或更新我們的指導。

So the battery supply chain and the semiconductor supply chain are all from generally Asia region countries. And our solar panels for our SOLIS is also within the continent of Asia, but from India, a little bit more favorable in trade.

因此電池供應鏈和半導體供應鏈一般都來自亞洲地區國家。我們的 SOLIS 太陽能板也位於亞洲大陸，但來自印度的貿易條件更有利一些。

So what we're doing is, this quarter, we're removing the guidance of SOLIS and COR sales altogether, although we intend to sell them, and we intend that there'll be a pleasant surprise in addition to the guidance that we've issued. We're strictly issuing guidance for traditional made-in-America tonneau covers. Again, while not admitting we won't sell anything, we just -- we're going to wait another quarter to see how things pan out.

因此，我們在本季度所做的是，我們將完全取消 SOLIS 和 COR 銷售指導，儘管我們打算出售它們，並且我們希望除了我們發布的指導之外還會有一個驚喜。我們正在嚴格發布針對傳統美國製造的貨車後蓋的指導。再說一次，雖然我們不承認我們不會出售任何東西，但我們只是——我們將再等待一個季度，看看事情如何發展。

And am I correct in looking at the Q and seeing pretty much that everything shifted to the hard tonneau covers and the soft tonneau covers are pretty much going to zero by the end of the year?

我看 Q 是否正確，幾乎所有產品都轉向了硬質貨車後蓋，而軟質貨車後蓋到今年年底幾乎將變為零？

Yes. So that's our -- money's where our mouth is, for lack of a better phrase. The soft covers come from China. We, in no way, are supporting business -- imported business any longer, and we're exploring very actively the production, the manufacturing of soft covers within North America. In fact, Poe, we already have all the equipment necessary to cut and sell our own soft folding goods within our factory. We just need to finalize the design of the product. So we're planning on restarting that product line as following our Made-in-America mandate.

是的。所以這就是我們的——我們說到做到，找不到更好的說法了。軟封面來自中國。我們不再以任何方式支持進口業務，我們正在積極探索在北美生產和製造軟封面。事實上，Poe，我們的工廠已經擁有了切割和銷售我們自己的軟折疊商品所需的所有設備。我們只需要完成產品的設計。因此，我們計劃按照“美國製造”的要求重新啟動該產品線。

Great, thank you.

太好了，謝謝。

Thank you, Poe.

謝謝你，Poe。

Any other questions?

還有其他問題嗎？

Thank you, Mike. I think that's all the questions we have for today. We'd like to thank everyone for attending. And if there's any more questions from the retail side, please send us an e-mail or give us a call, and we'll be very happy to answer. Thank you so much. Have a great day.

謝謝你，麥克。我想這就是我們今天要問的所有問題。我們感謝大家的出席。如果零售方面還有任何問題，請給我們發送電子郵件或致電，我們將非常樂意為您解答。太感謝了。祝你有美好的一天。

Thank you, everyone.

謝謝大家。

Thank you.

謝謝。