Worksport Ltd (WKSP) 2025 Q2 法說會逐字稿

Good afternoon, everyone, and thank you for joining Worksport's quarter two 2025 earnings call. I'm Steven Rossi, Chief Executive Officer of Worksport; and with me today is our Chief Financial Officer, Michael Johnston.

大家下午好，感謝您參加 Worksport 2025 年第二季財報電話會議。我是 Worksport 的執行長 Steven Rossi；今天與我一起的是我們的財務長 Michael Johnston。

This quarter represents another significant step forward in our growth story. We achieved record quarterly revenues, meaningfully expanded our gross margins and continue to build the operational commercial foundation that will carry us through the rest of 2025 and beyond.

本季標誌著我們的成長歷程又向前邁出了重要一步。我們實現了創紀錄的季度收入，大幅提高了毛利率，並繼續建立營運商業基礎，這將幫助我們度過 2025 年剩餘時間及以後。

We will be reviewing the financial results for the quarter ended June 30, 2025, which were filed earlier today in our Form 10-Q and can be accessed in our Investor Relations website at investors.worksport.com/#reports. At the end of today's call, both our prepared remarks and the accompanying presentation will be available for download. After these remarks, we will open the line up for questions from the attending analysts. So with that, let's begin.

我們將審查截至 2025 年 6 月 30 日的季度財務結果，該結果已於今天早些時候在我們的 10-Q 表中提交，可透過我們的投資者關係網站 investors.worksport.com/#reports 存取。今天電話會議結束後，我們準備好的演講稿和隨附的簡報均可下載。在這些發言之後，我們將開放與會分析師的提問環節。那麼，我們就開始吧。

Safe harbor statements. During this call, we will make forward-looking statements, including statements regarding our financial outlook for the full year 2025 and 2026, our expectations regarding financial and business trends impacts from the macroeconomic environment, our market positions, opportunities, go-to-market initiatives, growth strategies, and business aspirations; and product initiatives and the expected benefits of such initiatives.

安全港聲明。在本次電話會議中，我們將做出前瞻性陳述，包括有關 2025 年和 2026 年全年財務前景的陳述、我們對宏觀經濟環境對財務和業務趨勢影響的預期、我們的市場地位、機會、上市計劃、增長戰略和業務願望；以及產品計劃和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 changes in our circumstances that may be difficult to predict and many of which are outside 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，因此它們受制於我們自身情況的固有不確定性、風險和變化，這些因素可能難以預測，而且其中許多因素是我們無法控制的。

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 will discuss in detail in our filings with SEC, including our annual report on Form 10-K and quarterly report 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.

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，我們將在向美國證券交易委員會提交的文件中詳細討論這些風險和其他因素，包括我們的 10-K 表年度報告和 10-Q 表季度報告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。

So with that, on today's call, we're going to cover, one, Q2 2025 performance highlights, financial and operational. Two, growth and market expansion, insights and updates, including dealer network, e-commerce, B2B, and B2B initiatives. Three, innovation pipeline, progress on our HD3, the SOLIS, the COR and AetherLux. Four, we're going to cover current operations, production scaling, cost management and operational readiness. And on number five, we're going to update our 2025 guidance, revenues, margins, cash flow targets, and capital priorities.

因此，在今天的電話會議上，我們將討論 2025 年第二季的財務和營運業績亮點。二、成長和市場擴張、見解和更新，包括經銷商網路、電子商務、B2B 和 B2B 計劃。三、創新管道，我們的 HD3、SOLIS、COR 和 AetherLux 取得了進展。第四，我們將介紹目前的營運、生產規模、成本管理和營運準備。第五，我們將更新 2025 年的指導、收入、利潤率、現金流目標和資本優先事項。

With that, let's move into the numbers. Mike will walk us through the Q2 2025 financial highlights.

好了，讓我們來看看數字。麥克將向我們介紹 2025 年第二季的財務亮點。

Thanks, Steve. Q2 2025 was our highest revenue quarter in company history. Net sales reached $4.1 million, representing 114% year- over-year growth compared to $1.92 million in Q2 of 2024, and an 83% sequential increase from Q1 of 2025. This growth was driven by the continued ramp-up of our flagship AL4 premium tonneau cover, expanding dealer adoption and order frequency and sustained strength in e-commerce sales across our direct-to-consumer channels.

謝謝，史蒂夫。2025 年第二季是我們公司史上收入最高的一個季度。淨銷售額達到 410 萬美元，與 2024 年第二季的 192 萬美元相比年增 114%，與 2025 年第一季相比季增 83%。這一增長得益於我們旗艦產品 AL4 高級貨車後蓋的持續增長、經銷商採用率和訂單頻率的提高以及我們直接面向消費者的渠道中電子商務銷售的持續強勁增長。

Gross profit for the quarter rose 173% to $1.08 million, compared to $396,000 in Q1 of 2025. Gross margin improved 800 basis points to 26.4%, up from 17.7% in Q1 and 15.4% in Q2 of last year, marking our third consecutive quarter of margin expansion. This sustained improvement reflects continued operational efficiencies and a favorable mix of new B2B and B2C sales.

本季毛利成長 173%，達到 108 萬美元，而 2025 年第一季為 396,000 美元。毛利率提高了 800 個基點，達到 26.4%，高於去年第一季的 17.7% 和第二季的 15.4%，這是我們連續第三個季度實現利潤率擴大。這種持續的改善反映了持續的營運效率以及新的 B2B 和 B2C 銷售的良好組合。

Operating expenses were $4.7 million, up modestly from Q2 of 2024 is $4.21 million, but essentially flat compared to Q1's $4.65 million, despite significantly higher revenues. Within the operating expenses, sales and marketing increased to $1.31 million, supporting dealer growth and digital marketing campaigns.

營運費用為 470 萬美元，較 2024 年第二季的 421 萬美元略有上升，但與第一季的 465 萬美元基本持平，儘管收入大幅增加。在營運費用中，銷售和行銷費用增加到 131 萬美元，支援經銷商的成長和數位行銷活動。

General and admin declined to $2.45 million from $2.99 million in Q1 of 2025, showing early results from cost discipline. We note this occurred while production went up nearly 100%, our belief is that the G&A of the company will not increase proportionately with exponential revenue growth. R&D was down $300,000, down significantly year-over-year due to prior year development peaks.

總務和管理費用從 2025 年第一季的 299 萬美元下降至 245 萬美元，顯示出成本控制的早期成果。我們注意到，儘管產量增加了近 100%，但我們認為，公司的 G&A 不會隨著收入的大幅增長而按比例增加。研發費用減少了 30 萬美元，由於前一年開發高峰，年比大幅下降。

Our operating loss improved to $3.62 million for Q1 versus $4.26 million in Q1 and $3.91 million in Q2 of last year. Net loss for Q2 narrowed to $3.73 million from $4.46 million in Q1 of 2025.

我們第一季的營業虧損改善至 362 萬美元，而去年第一季為 426 萬美元，第二季為 391 萬美元。第二季淨虧損從 2025 年第一季的 446 萬美元收窄至 373 萬美元。

We remain committed to achieving our near-term operational cash flow positivity. While the tonneau cover division is currently our sole revenue-generating unit, we believe it can sustain broader corporate structure, including R&D for COR and SOLIS, the AetherLux product line and general corporate expenses. This outlook is further supported by our expectation that COR and SOLIS will transition from R&D expenses to revenue-generating products later this year. Since we believe that general corporate expenses will not increase proportional of the business growth and profitability, a true path to cash flow positivity in the near term is possible.

我們仍致力於實現近期營運現金流正值。雖然貨車後蓋部門目前是我們唯一的創收部門，但我們相信它可以維持更廣泛的公司結構，包括 COR 和 SOLIS 的研發、AetherLux 產品線和一般公司費用。我們預計 COR 和 SOLIS 將在今年稍後從研發費用轉向創收產品，這進一步支持了這一前景。由於我們相信一般企業開支不會隨著業務成長和獲利能力而按比例增加，因此短期內實現現金流正向流動是可能的。

Cash and cash equivalents ended the quarter at $1.39 million compared to $5.08 million on March 31, 2025. However, at the end of Q2, $4.6 million was the available borrowing capacity on our credit facility. Operating cash usage in Q2 was approximately $3.1 million, a 19% improvement from Q1's $3.84 million of cash outflow.

本季末現金和現金等價物為 139 萬美元，而 2025 年 3 月 31 日為 508 萬美元。然而，在第二季末，我們的信貸額度可用借貸能力為 460 萬美元。第二季的營運現金使用量約為 310 萬美元，較第一季的 384 萬美元現金流出量改善了 19%。

Accounts receivable increased in line with higher dealer sales volumes, while inventory remained stable at $5.8 million, approximately 90% in raw materials and 10% finished goods. In Q1, inventories stood at $5.7 million with a 60-40 split between raw materials and finished goods. The reduced finished goods share reflects demand consistently outpacing production.

應收帳款隨著經銷商銷售量的增加而增加，而庫存保持穩定在 580 萬美元，其中約 90% 為原材料，10% 為成品。第一季度，庫存為 570 萬美元，原料和成品的比例為 60:40。成品份額的減少反映出需求持續超過生產。

Later in this report, we will outline the steps being taken to expand production capacity to meet this growth. We're happy to share these steps have been successful thus far. Our inventory profile positions us to fulfill ongoing dealer and e-commerce demand without requiring significant near-term investment.

在本報告的後面，我們將概述為擴大生產能力以滿足這一增長而採取的措施。我們很高興地告訴大家，這些步驟迄今都是成功的。我們的庫存狀況使我們能夠滿足持續的經銷商和電子商務需求，而無需大量的短期投資。

Our long-term debt, excluding amounts repayable in the next 12 months, declined to $2.09 million compared to $4.78 million as of December 31, 2024, and $2.7 million as of March 31, 2025.

我們的長期債務（不包括未來 12 個月內應付的金額）下降至 209 萬美元，而截至 2024 年 12 月 31 日為 478 萬美元，截至 2025 年 3 月 31 日為 270 萬美元。

A special note, on August 1, 2025, the company submitted a $3 million purchase order and placed a deposit with an established manufacturing equipment supplier for additional machinery, with delivery currently as early as Q1 2026 at the company's discretion. This occurred with extremely favorable financing terms with the manufacturer, is not expected to place a cash flow concern to the business.

特別值得注意的是，2025 年 8 月 1 日，該公司提交了一份價值 300 萬美元的採購訂單，並向一家知名製造設備供應商支付了一筆定金，用於購買額外的機械，目前最早可於 2026 年第一季度交付，具體時間由公司自行決定。這是由於製造商的融資條件極為優惠，預計不會為企業帶來現金流問題。

This additional equipment is expected to meaningfully increase production capacity at the company's West Seneca, New York manufacturing facility, enabling the company to meet anticipated customer demand more efficiently, improve operational throughput and support future revenue growth. However, management emphasizes that it expects that Worksport's current equipment and supply chain can allow the company to generate positive cash flows from operations.

預計這些新增設備將顯著提高該公司位於紐約州西塞內卡製造工廠的生產能力，使公司能夠更有效地滿足預期的客戶需求、提高營運吞吐量並支援未來的收入成長。不過，管理層強調，預計 Worksport 目前的設備和供應鏈可以使公司從營運中產生正現金流。

Now back to Steven for key insights on business operations.

現在回到史蒂文，了解有關業務運營的重要見解。

Thanks, Mike. Beyond the financial numbers, Q2 marks the foundation of what we can expect for the year ahead. I'd like to highlight some of the key milestones we achieved that are setting the stage for our future.

謝謝，麥克。除了財務數據之外，第二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為我們的未來奠定基礎的關鍵里程碑。

Our growth engine continues to accelerate across both B2B and B2C channels. Dealer network, B2B growth, in Q2, 2025, we added two national distributors to our dealer network. In April, we added Patriot Auto Group, which brought with them 200 dealers under the Worksport dealer network. In June, we added another national distributor with access to approximately an additional 250 dealer accounts.

我們的成長引擎在 B2B 和 B2C 頻道上持續加速。經銷商網絡，B2B 成長，2025 年第二季度，我們在經銷商網路中增加了兩家全國經銷商。4 月份，我們加入了 Patriot Auto Group，為 Worksport 經銷商網路帶來了 200 家經銷商。6 月份，我們又增加了一家全國經銷商，可存取大約另外 250 個經銷商帳戶。

At full activation, Worksport estimates that our distribution network as of Q2 can support over $21.5 million in repeatable annual revenue alone, not including business-to-consumer direct sales via our online platforms, driven by ongoing B2B traction and demand for our premium American-made tonneau covers.

Worksport 估計，在全面啟動的情況下，截至第二季度，我們的分銷網絡僅可支持超過 2150 萬美元的可重複年收入，這還不包括透過我們的線上平台進行的企業對消費者直銷，這得益於持續的 B2B 吸引力和對我們優質美國製造的貨車後蓋的需求。

Importantly, this figure reflects revenue potential at current dealer size, a number that management expects to grow meaningfully as dealer onboarding continues through the second half of this year, which is expected to bring significant demand with fall being among the busiest seasons for our product among customers. With more than 450 new accounts added year-to-date, up from 94 at the end of last year, Worksport's US dealer network is expanding rapidly with new accounts joining weekly.

重要的是，這個數字反映了當前經銷商規模的收入潛力，管理層預計，隨著經銷商的加入持續到今年下半年，這個數字將大幅增長，預計這將帶來巨大的需求，因為秋季是我們產品在客戶中最繁忙的季節之一。今年迄今為止，Worksport 的美國經銷商網路已新增超過 450 個帳戶，高於去年年底的 94 個，每週都有新帳戶加入，擴張速度很快。

E-commerce, direct online sales via both our website, both via our own website, remain at a high -- remain a high-margin growth driver for -- and accounted for over 50% of total unit volumes in the quarter. Online sales continue to grow at rapid paces. From this e-commerce, and B2B growth, Worksport posted three months of consecutive record sales in Q2 2025. April, we did $1.2 million, May, we did $1.28 million, in June, we did $1.6 million.

電子商務，透過我們的網站和我們自己的網站進行的直接在線銷售，仍然處於高位 - 仍然是高利潤的增長動力 - 並佔本季度總銷量的 50％ 以上。網上銷售持續快速成長。由於採用電子商務和 B2B 的成長，Worksport 在 2025 年第二季連續三個月創下銷售記錄。四月份，我們的收入為 120 萬美元，五月，我們的收入為 128 萬美元，六月，我們的收入為 160 萬美元。

In June, we already had an internal run rate of $19.2 million. We expect the revenue increase will continue every quarter. Each month that gross margin improved. This is why we are extremely excited for Q3 and Q4. Notably, Black Friday and December holiday sales are expected to bring significant demand later on this year. Our strategy remains focused on giving local retailers and dealers the tools, margins and product quality that they need to succeed, creating a long-term mutually beneficial relationship that drives volume for Worksport.

6 月份，我們的內部運作率已達到 1,920 萬美元。我們預計每季的營收都會持續成長。毛利率每個月都在增加。這就是我們對第三季和第四季感到非常興奮的原因。值得注意的是，預計黑色星期五和十二月假日銷售將在今年稍後帶來大量需求。我們的策略仍然專注於為當地零售商和經銷商提供成功所需的工具、利潤和產品質量，建立長期互惠互利的關係，推動 Worksport 的銷售。

We mentioned previously, demand continues to outpace production. We are proud to report that our US manufacturing facility here where I sit from in West Seneca continues to scale efficiently. We are targeting 200 units per day production by late Q3 compared to approximately 50 units a day at the start of this year. This quadrupling of daily throughput will drive significant fixed-cost absorption benefits and push gross margin towards our late 2025 target of 30% plus.

我們之前提到過，需求持續超過產量。我們很自豪地報告，我所在的西塞內卡的美國製造工廠繼續有效率地擴大規模。我們的目標是到第三季末每天生產 200 台，而今年年初每天生產量約 50 台。每日吞吐量翻兩番將帶來顯著的固定成本吸收效益，並將毛利率推向我們 2025 年底 30% 以上的目標。

Recruitment and training of our skilled assembly technicians have kept pace with our production ramp up, supported by the implementation of lean manufacturing practices to streamline workflows and reduce waste. In July of 2025, average daily production was approximately 115 units, climbing to around 130 units in the later half of the month. We also achieved a record single-day high output of 160 units, setting a strong foundation for Q3 and beyond of this year.

我們對熟練組裝技術人員的招募和培訓與我們的生產速度同步提升，並透過實施精實生產實踐來簡化工作流程並減少浪費。2025年7月，日均產量約115輛，下半月攀升至130輛左右。並創下單日產量160台的新高，為今年第三季及以後的產量奠定了堅實的基礎。

Let's talk about the HD3. On track for Q3 of this year launch with production already scheduled, the HD3 is a heavy-duty tonneau cover designed for commercial and fleet applications. Building on the AL3, it features upgraded materials, seals and latching for maximum durability. While available through all channels, its primary focus is driving growth to our wholesale and B2B segments, adding new revenue streams and competing -- and completing our US-made tonneau cover lineup.

讓我們來談談 HD3。HD3 是一款專為商業和車隊應用而設計的重型貨車後蓋，預計將於今年第三季上市，生產已安排就緒。它以 AL3 為基礎，採用升級的材料、密封件和閂鎖，以實現最大耐用性。雖然可以透過所有管道購買，但其主要重點是推動批發和 B2B 部門的成長、增加新的收入來源和競爭力，並完善我們美國製造的貨車後蓋產品線。

Let's talk a little bit about SOLIS. Beta testing has commenced with select customers for the SOLIS solar-integrated tonneau cover. The redesign announced later -- late in 2024 is delivering anticipated cost savings and expanding compatibility with third-party portable power systems. We remain on track for a Q4 launch.

讓我們來談談 SOLIS。SOLIS 太陽能整合貨車後蓋已開始與特定客戶進行 Beta 測試。2024 年底宣布的重新設計將實現預期的成本節約並擴大與第三方便攜式電源系統的兼容性。我們仍有望在第四季推出產品。

A little bit about COR. The COR portable power station is nearing mass production readiness. COR's modular design enables integration with SOLIS or stand-alone use targeting job site, overlanding and the emergency backup markets. The Worksport COR is projected to launch at the same time as the SOLIS cover.

關於 COR 的一些資訊。COR 便攜式電站即將進入量產階段。COR 的模組化設計使其能夠與 SOLIS 整合或獨立使用，適用於工作現場、陸路運輸和緊急備用市場。Worksport COR 預計將與 SOLIS 封面同時推出。

COR and SOLIS together function as Worksport's portable nano-grid. In Q2 of 2025, this system was selected by a multibillion-dollar US construction agency for pilot project for fleet use. Testing and use is ongoing. Together, COR and SOLIS position Worksport within the fast-growing broader portable energy market, a space the company believes will be a key to long-term profitability.

COR 和 SOLIS 共同充當 Worksport 的便攜式奈米網格。2025年第二季度，該系統被一家價值數十億美元的美國建築機構選中，用於車隊試點計畫。測試和使用正在進行中。COR 和 SOLIS 共同將 Worksport 定位於快速成長的更廣泛的便攜式能源市場中，該公司認為這一領域將成為長期獲利的關鍵。

Talk a little bit about AetherLux. On February 11, 2025, we introduced AetherLux, a cold-climate heat pump featuring 2 industry- first innovations. First, ZeroFrost, no defrost cycles, continuous operation without the traditional defrost interruptions that reduces efficiency and freezing conditions and ultra-low temperature performance. The AetherLux operates in ambient temperatures as low as negative 59.6 degrees Fahrenheit, which is about 51-degree Celsius, far beyond the capabilities of typical commercial heat pumps, enabling its use in extreme arctic environments.

稍微談談一下 AetherLux。2025 年 2 月 11 日，我們推出了 AetherLux，這是一款寒冷氣候熱泵，具有兩項業界首創的創新。首先，ZeroFrost，無需除霜循環，可連續運行，不會出現傳統除霜中斷而降低效率和凍結條件以及超低溫性能的情況。AetherLux 的運作環境溫度低至華氏零下 59.6 度，約 51 度，遠遠超出了典型商用熱泵的能力，使其能夠在極端北極環境中使用。

Since the launch of AetherLux, we have attracted significant interest from major global corporations, federal governments and numerous distributors with inbound inquiries potentially surpassing hundreds of millions of dollars in potential revenue opportunities.

自 AetherLux 推出以來，我們已引起全球各大公司、聯邦政府和眾多經銷商的極大興趣，其潛在收入機會的潛在價值可能超過數億美元。

In Q2, 2025, Terravis Energy, our subsidiary company had achieved numerous milestones on this disruptive technology. It has advanced AetherLux heat pumps from lab testing to commercial testing, initiated manufacturer selection for product certification, continued R&D optimization of ZeroFrost technology and began evaluating strategic business opportunities.

2025 年第二季度，我們的子公司 Terravis Energy 在這項顛覆性技術上取得了多項里程碑。它已將 AetherLux 熱泵從實驗室測試推進到商業測試，啟動了產品認證的製造商選擇，繼續進行 ZeroFrost 技術的研發優化，並開始評估戰略商業機會。

Management believes AetherLux could have a meaningful impact on Worksport's 2026 balance sheet, supported by its position in the $123 billion global market.

管理層認為，憑藉 AetherLux 在 1,230 億美元全球市場中的地位，它可能對 Worksport 的 2026 年資產負債表產生重大影響。

Intellectual property, Worksport holds a robust and growing portfolio of nearly 200 issues -- issued, registered, and pending patents, designs, and trademarks. We believe our intellectual property protects our innovations and branding, strengthening our competitive positions and helping us address potential challenges in the market.

在智慧財產權方面，Worksport 擁有強大且不斷增長的近 200 項專利組合——已發布、已註冊和正在申請的專利、設計和商標。我們相信，我們的智慧財產權可以保護我們的創新和品牌，增強我們的競爭地位，並幫助我們應對市場上的潛在挑戰。

Tariffs, while our current revenue-generating tonneau cover line is manufactured within the US with approximately 90% or more domestically sourced components, recent tariff-related pressures have contributed to a 5% or 10% inflationary increase in our cost, including Worksport's domestic material cost. To date, these increases have been offset by operational efficiencies that have lowered per-unit cost.

關稅，雖然我們目前創造收入的貨車後蓋生產線是在美國製造的，其中約 90% 或更多的零件來自國內，但最近與關稅相關的壓力導致我們的成本上漲 5% 或 10%，其中包括 Worksport 的國內材料成本。到目前為止，這些成長已經被降低單位成本的營運效率所抵銷。

Worksport's management team has outlined several alternative strategies as well to offset the effects of inflation as a result of tariffs and remain confident that these strategies will only prove to increase long-term profitability once domestic material price inflation eventually and inevitably subsides.

Worksport 的管理團隊還概述了幾種替代策略來抵消關稅導致的通貨膨脹的影響，並且仍然相信，一旦國內材料價格通膨最終不可避免地消退，這些策略才能夠提高長期盈利能力。

For upcoming products, particularly those incorporating solar cells and lithium-ion batteries sourced international, the potential impact of tariffs remain less uncertain. However, we note that such products -- such cost pressures affect our competitors equally and, in some cases, more severely, especially where the reliance on global supply chains is greater than ours.

對於即將推出的產品，特別是那些採用國際採購的太陽能電池和鋰離子電池的產品，關稅的潛在影響仍然不確定。然而，我們注意到，這類產品－此類成本壓力對我們的競爭對手也產生同樣的影響，在某些情況下甚至更為嚴重，尤其是在對全球供應鏈的依賴程度高於我們的情況下。

Given the continued growth in healthy margins in our tonneau cover business, we are confident in our ability to manage tariff-related cost inflations while advancing towards near-term cash flow positivity and maintaining our 2026 profitability target.

鑑於我們的貨車後蓋業務利潤率持續健康成長，我們有信心能夠管理與關稅相關的成本通膨，同時實現近期現金流正值並保持 2026 年獲利目標。

I'm going to pass it over to Mike with our updated financial -- fiscal year 2025 outlook and guidance.

我將把我們最新的財務狀況——2025 財年的展望和指導轉交給麥克。

Thanks, Steve. We reaffirm our full year 2025 gross revenue target of at least $20 million. Based on Q2 results and current order momentum, we remain confident in meeting this goal supported by continued dealer adoption, production growth and the successful launches of HD3, SOLIS, and COR in the second half of the year.

謝謝，史蒂夫。我們重申 2025 年全年總收入目標至少為 2,000 萬美元。根據第二季的業績和目前的訂單勢頭，我們仍然有信心實現這一目標，這得益於經銷商的持續採用、產量的增長以及下半年 HD3、SOLIS 和 COR 的成功推出。

Gross margins have exceeded initial forecasts are expected to rise each quarter, reaching our 30% target by year-end. Operating expenses are projected to grow at a slower rate than revenues, enhancing operating leverage.

毛利率已超出最初的預測，預計每季都會上升，到年底將達到 30% 的目標。預計營運費用的成長速度將低於收入的成長速度，從而提高營運槓桿。

Despite tariff-related headwinds, we are targeting operational cash flow breakeven by late Q4 2025 or early Q1 2026. While a successful launch of COR and SOLIS could accelerate profitability in 2026, we believe our core tonneau cover business alone can drive us into profitability next year.

儘管面臨關稅相關的不利因素，我們仍計劃在 2025 年第四季末或 2026 年第一季初實現營運現金流收支平衡。雖然 COR 和 SOLIS 的成功推出可能會加速 2026 年的盈利能力，但我們相信，僅憑我們的核心貨車後蓋業務就能推動我們在明年實現盈利。

We view COR, SOLIS, and AetherLux as significant profitability enhancers in 2026. Current expectations are $2 million to $3 million in revenue from the first batch of COR and SOLIS with AetherLux anticipated to deliver a meaningful positive impact to the 2026 balance sheet. More detailed projections will be provided in Q4 of this year.

我們認為 COR、SOLIS 和 AetherLux 將成為 2026 年獲利能力的重要提升因素。目前預計第一批 COR 和 SOLIS 將帶來 200 萬至 300 萬美元的收入，AetherLux 預計將對 2026 年的資產負債表產生有意義的正面影響。今年第四季將提供更詳細的預測。

As of June 30, 2025, we had access to approximately $6 million in total liquidity, consisting of our $1.39 million in cash and cash equivalents, $4.76 million in unused capacity on our revolving credit facility. In addition, we hold $5.88 million in inventory, providing a strong foundation to support ongoing sales growth without significant near-term investment in working capital.

截至 2025 年 6 月 30 日，我們擁有約 600 萬美元的總流動資金，其中包括 139 萬美元的現金和現金等價物，以及 476 萬美元的循環信貸額度中未使用的容量。此外，我們擁有價值 588 萬美元的庫存，為支持持續銷售成長提供了堅實的基礎，而無需在短期內對營運資金進行大量投資。

Cash used in operating activities improved meaningfully in Q2 declined to approximately $3.1 million compared to $3.84 million in Q1. This 19% improvement reflects both higher gross profit and disciplined expense management. We expect further efficiencies in the second half of the year as production continues to scale.

第二季經營活動所用現金顯著改善，從第一季的 384 萬美元下降至約 310 萬美元。這 19% 的成長既反映了更高的毛利，也反映了嚴格的費用管理。隨著生產規模不斷擴大，我們預計下半年效率將進一步提高。

We expect to spend moderately in the second half of 2025. Key expenses will relate to the final tooling of the COR and SOLIS and increased production growth in the US factored. Most of our required equipment for tonneau cover production is already in place, although management has invested in additional equipment for growth in 2026, with 0 interest payment terms offered by this vendor. This would allow Worksport to essentially double its production throughput without significant cash outlay or interest expenses in 2026.

我們預計2025年下半年支出將適量。主要費用將與 COR 和 SOLIS 的最終工具以及美國產量成長有關。我們的貨車後蓋生產所需的大部分設備已經到位，但管理層已投資了額外的設備以實現 2026 年的增長，並且該供應商提供了 0 利息付款條件。這將使 Worksport 在 2026 年的生產吞吐量幾乎翻一番，而無需大量現金支出或利息支出。

We also continue to make progress on Regulation A crowd funding offering, which has been highly successful in attracting new retail investors to the Worksport shareholder base. This offering has enhanced our shareholder base, increased trading liquidity and strengthened market visibility. We're announcing today that we expect to close this Reg A offering at the end of August 2025. If we achieve the full $10 million allotment, management believes the company will be fully funded for the remainder of 2025 and into 2026.

我們也繼續在 A 條例眾籌發行方面取得進展，這在吸引新的散戶投資者加入 Worksport 股東群體方面取得了巨大成功。此次發行擴大了我們的股東基礎，增加了交易流動性並增強了市場知名度。我們今天宣布，預計將於 2025 年 8 月底完成此項 Reg A 發行。如果我們獲得全部 1000 萬美元的撥款，管理層相信公司將在 2025 年剩餘時間和 2026 年獲得全額資金。

While we consider opportunistic access to capital markets, our intent is to limit further notable equity dilution. We aim to leverage the company's existing outstanding warrants, which are exercisable in the $4.50 to $6.70 range, as a potential source of growth capital for 2026. This approach is aligned with our path forward towards cash flow positivity and eventual profitability.

雖然我們考慮利用機會進入資本市場，但我們的目的是限制進一步顯著的股權稀釋。我們的目標是利用公司現有的未償認股權證（可在 4.50 美元至 6.70 美元的範圍內行使）作為 2026 年成長資本的潛在來源。這種方法與我們實現現金流正向流動和最終獲利的道路一致。

Management believes that as we execute in Q3 and Q4, the market will better recognize the company's intrinsic value, creating the potential for these warrants to be exercised in prices that benefit both shareholders and the company.

管理階層相信，隨著我們在第三季和第四季的執行，市場將更能認識到公司的內在價值，從而有可能以有利於股東和公司的價格行使這些認股權證。

Importantly, we believe that the successful execution of our operational and growth initiatives will enable the company to approach near profitability without requiring capital beyond the targeted $10 million from the current Regulation A offering. We further believe access to efficient debt tools will be available as we approach cash flow positivity.

重要的是，我們相信，成功執行我們的營運和成長計劃將使公司能夠接近盈利，而無需超過當前 A 條例發行所設定的 1000 萬美元目標的資本。我們進一步相信，隨著我們實現現金流正成長，我們將能夠獲得有效的債務工具。

Finally, we would like to highlight that we review AetherLux, a proprietary cold-climate heat pump technology as a significant strategic asset whose value is not currently reflected in our share price. We believe that as the market gains greater awareness of its potential applications and commercial opportunities, this technology could represent a meaningful source of long-term shareholder value.

最後，我們要強調的是，我們將專有的冷氣候熱泵技術 AetherLux 視為一項重要的戰略資產，其價值目前尚未反映在我們的股價中。我們相信，隨著市場對其潛在應用和商業機會的認識不斷提高，這項技術可能成為長期股東價值的重要來源。

Now back to Steve with our concluding remarks.

現在回到史蒂夫的總結發言。

Thanks, Mike. Q2, this year was a pivotal quarter for Worksport. In just one quarter, we increased revenue by 83% while improving gross profits by 173% compared to the prior quarter. We also decreased operational loss by 15%. We believe that in Q3, this growth in revenues and -- this will grow our revenues and decrease our operational loss. We're optimistic about cash flow positivity and profitable cash flow within 2026.

謝謝，麥克。今年第二季對於 Worksport 來說是一個關鍵的季度。光是一個季度，我們的營收就比上一季增加了 83%，毛利則提高了 173%。我們還將營運損失減少了 15%。我們相信，在第三季度，收入的成長將會增加我們的收入並減少我們的營運損失。我們對 2026 年內的現金流正值和獲利現金流持樂觀態度。

Our priorities for the remainder of 2025 are clear. First, we're going to scale production to meet demand while maintaining quality. Second, we're going to launch the HD3, SOLIS, and COR, successfully and on schedule. Third, we're going to continue to expand dealer relationships and deepen e-commerce reach. Fourth, we're going to continue innovation leadership in both automotive accessories and clean energy. Five, we're going to create increased brand awareness, utilizing key media and influencers. And six, we're going to execute with discipline towards cash flow positivity.

我們對 2025 年剩餘時間的優先事項很明確。首先，我們將擴大生產以滿足需求，同時保持品質。第二，我們將準時、成功推出 HD3、SOLIS 和 COR。第三，我們將繼續擴大經銷商關係並深化電子商務覆蓋範圍。第四，我們將繼續在汽車配件和清潔能源領域保持創新領導地位。第五，我們將利用主要媒體和有影響力的人來提高品牌知名度。第六，我們將嚴格執行，實現現金流量正成長。

I want to thank our employees, partners, leaders and shareholders, for their continued support and commitment. We're building a company with the potential to lead at the intersection of automotive and clean energy and Q2 showed that our strategy is working.

我要感謝我們的員工、合作夥伴、領導和股東，感謝他們持續的支持和承諾。我們正在打造一家有潛力在汽車和清潔能源交叉領域佔據領先地位的公司，第二季度的表現表明我們的策略正在發揮作用。

Thank you, 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，請打開熱線以回答問題。

(Conference Instructions)

（會議指示）

Scott Clark.

史考特·克拉克。

Yeah, hi, guys. Thanks for taking my questions. Steven, I guess my first question is on gross margin. Where are the incremental gains coming through the remainder of the year? Is that entirely volume-driven? And how should we think about volumes for some of the new products that you have coming out here in 3Q and 4Q?

是的，大家好。感謝您回答我的問題。史蒂文，我想我的第一個問題是關於毛利率的。今年剩餘時間的增量收益來自哪裡？這完全是由數量驅動的嗎？我們該如何看待你們在第三季和第四季推出的一些新產品的銷售量？

All good questions. In terms of the new products volumes, are you looking like broad picture like SOLIS, COR, HD3 or specifically like just --

這些都是很好的問題。就新產品數量而言，您是關注 SOLIS、COR、HD3 等整體情況，還是具體關注--

Exactly.

確切地。

Okay. Okay. Sure. So gross margins -- so yeah, obviously, we have -- I mean, I don't know why it's not more broadly broadcast yet, but we definitely have domestic inflation. So that's taking small bites out of our -- out of some of the gross margin. But what we're doing is we're offsetting it with operational efficiencies.

好的。好的。當然。所以毛利率——是的，顯然，我們有——我的意思是，我不知道為什麼它還沒有得到更廣泛的傳播，但我們肯定有國內通貨膨脹。所以這會對我們的部分毛利率造成小幅影響。但我們正在做的是透過提高營運效率來抵消它。

So in essence, the human interaction or the human -- the hours per units required to make 50 tonneau covers or 100 tonneau covers a day is really what we see in some of the SG&A or overhead absorption side of things. So in essence, economies of scale, mostly through efficiencies and production is where we're going to see the most margin uptake.

因此，從本質上講，人機互動或人力——每天生產 50 個或 100 個貨車後蓋所需的每個單位的小時數，實際上就是我們在銷售、一般和行政費用 (SG&A) 或間接費用吸收方面所看到的。因此，從本質上講，規模經濟（主要是透過效率和生產）是我們能看到最大利潤成長的地方。

So to put it into dollars and cents, right now, we're somewhere between 3 to 5 hours of human interaction to make one of our tonneau covers. We should be able to get that down to 2 to 4. And when you look at the salary underlying the human element, that's a meaningful dollar savings per unit.

所以，從金錢角度來說，現在，我們需要大約 3 到 5 個小時的人工來製作一個貨車後蓋。我們應該能夠將其降至 2 到 4。當你考慮到人力因素背後的工資時，你會發現每個單位的美元節省是相當可觀的。

But also just yesterday, we kicked off an optimization program for our more expensive materials, the aluminum sheet and aluminum extrusion. And on some particular tonneau cover models, we were able to see almost $20 in cost savings or elimination of scrap from the production or inefficiency in the production of that particular unit, some of our best-selling units.

但就在昨天，我們啟動了針對更昂貴的材料——鋁板和鋁擠壓材的最佳化計畫。在某些特定的貨車後蓋模型上，我們能夠看到近 20 美元的成本節省或消除了生產過程中的廢品或生產效率低下，這些模型是我們的一些最暢銷的模型。

So the intersection of being smarter and how we make them and being faster on how we make our products, is really where we're going to see a significant amount of savings. So that's going to get us into that 30-plus percent while the inflation is kind of nipping on our heels. But I think that inflation -- it always tends to kind of go -- it's corrected. And when some of these raw material costs come down, I think that we're going to see a really strong positive from all this and margins will exceed what we were thinking. Does that answer the margin question?

因此，將產品製造方式變得更聰明、生產速度更快結合起來，我們才能真正實現大幅節省。因此，這將使我們達到 30% 以上的水平，同時通貨膨脹也會對我們造成一定的影響。但我認為通貨膨脹——它總是趨於——已經得到糾正。當部分原材料成本下降時，我認為我們將看到真正強勁的正面影響，利潤率將超出我們的預期。這回答了保證金問題嗎？

Yes, it does. Thanks, Steve.

是的。謝謝，史蒂夫。

Sure. Okay. And then in terms of COR and SOLIS, so the HD3 will go into normal production. If our factory capacity ceiling this year is anticipated to be plus 200 units produced per day. The HD3 will fit into that somehow. So whether that's $200 million in a day once a week. We don't think it's going to be the biggest seller because it's going to be a new product. So it's going to take some time. But the HD3 will fall into production of our hard cover. So it will fit in the production scheduling of a ceiling of about 200 covers per day within September, October. And that could be a mix of AL3, HD3 or AL4. AL4, I think, is going to continue to be the number one volumetric seller for us, but HD3 is going to pack a pretty powerful punch.

當然。好的。然後就 COR 和 SOLIS 而言，HD3 將投入正常生產。如果我們今年工廠的產能上限預計為每天生產 200 台。HD3 將會以某種方式適應這一點。那麼這是否是每週一次、每天 2 億美元。我們認為它不會成為最暢銷的產品，因為它是一款新產品。所以這需要一些時間。但 HD3 將不再生產我們的精裝本。因此它將符合9月、10月期間每天約200個封面的生產計畫。這可能是 AL3、HD3 或 AL4 的混合。我認為 AL4 將繼續成為我們的銷售第一大產品，但 HD3 也將帶來相當強勁的衝擊。

When we go into SOLIS and COR, the SOLIS is going to be produced somewhere in the batches of 250 to 500. It's going to be a starting run. I think that it will have a ceiling of about 1,000 this year. And then the COR, we're planning on producing somewhere around 1,000 initial units, and we're going to plan on producing about 3,000 batteries, because we expect that consumers -- some of the most inventive parts of the COR is that consumers can buy more power to go do more before having to stop and charge.

當我們進入 SOLIS 和 COR 時，SOLIS 的產量將在 250 到 500 之間。這將是一場起跑線。我認為今年的上限大約是1000。然後是 COR，我們計劃生產大約 1,000 個初始單元，我們計劃生產大約 3,000 個電池，因為我們預計消費者——COR 最具創造性的部分之一是消費者可以購買更多的電力來做更多的事情，然後才停下來充電。

So -- for all intents and purposes, I think that the COR is going to be a big revenue driver, but then the battery uptake, I think, is going to be pretty exciting for us, too.

所以 - 無論出於何種目的，我認為 COR 都將成為一個巨大的收入驅動力，但我認為，電池的普及對我們來說也將非常令人興奮。

That's really helpful. COR and SOLIS, are there any sales in your current 25% guide? Or is that pure covers at this point?

這真的很有幫助。COR 和 SOLIS，您目前的 25% 指南中有任何銷售嗎？或者現在這只是純粹的掩護？

I think we have -- yes, go ahead, Faran.

我想我們已經——是的，繼續吧，法蘭。

The $20 million projection as shown on this slide is made from tonneau covers. We say $20 million plus factoring in a $2 million to $3 million estimate for SOLIS and COR. With the changing tariff environment and volatility, we think it's safer to just keep the number at $20 million, and we look forward to updating investors in Q3 and Q4.

這張投影片上顯示的 2000 萬美元的預測是由貨車後蓋計算得出的。我們說是 2000 萬美元，另外還考慮到 SOLIS 和 COR 的估計金額為 200 萬至 300 萬美元。隨著關稅環境和波動性的變化，我們認為將數字保持在 2000 萬美元是更安全的，我們期待在第三季和第四季向投資者更新資訊。

Okay. Perfect. And then on distribution, do your distributors buy and hold inventory? I just want to try to understand revenue cadence through the second half of the year, whether or not there are people buying inventory ahead of the 4Q holiday season, and we see someone out in Q3? Or just curious what the dynamics are there.

好的。完美的。那麼在分銷方面，您的經銷商是否購買並持有庫存？我只是想了解下半年的收入節奏，是否有人在第四季度假期前購買庫存，並且我們會看到有人在第三季度出貨？或者只是好奇那裡的動態是什麼。

Yeah. No, absolutely. A huge amount of it -- actually, we just -- it was funny, I was speaking to our shipping and receiving one of the clerks here this morning, and they were loading -- they're loading a full truck this morning, and they're -- it started with a skid to a distributor. Distributors will start with opening orders that are strong but modest. And now it's like full trucks.

是的。不，絕對不是。其中很大一部分 — — 實際上，我們只是 — — 這很有趣，今天早上我正在和我們的運輸和接收部門的一名職員交談，他們正在裝貨 — — 他們今天早上正在裝一輛滿載的卡車，他們 — — 它從滑軌到分銷商開始。分銷商將首先接受強勁但適度的訂單。現在就像滿載的卡車一樣。

So distributors, our distribution, in fact, even our dealers are stocking significant volumes of our products. And as the product becomes more widely adopted and known, those volume orders continue to go up. So putting it tactically, it started as skids and now we're looking at trucks in terms of volume out --

因此，經銷商、我們的經銷商，事實上，甚至我們的經銷商都儲存了大量我們的產品。隨著產品越來越被廣泛採用和認知，訂單量也持續上升。所以從戰術上講，一開始是滑行，現在我們根據出貨量來看卡車--

That's great. That's great. And then one last one, if I can squeeze it in. On AetherLux heat pump, is the long-term intent to manufacture and sell under the Worksport brand? Or are there opportunities to potentially sell the technology or even license to other folks?

那太棒了。那太棒了。如果我能擠出時間的話，還有最後一個。關於 AetherLux 熱泵，是否有長期打算以 Worksport 品牌進行生產和銷售？或是否有機會將該技術出售或授權給其他人？

Oh boy, you're going to make me rosy-cheeked on that one. So the conversations we've -- when we launched SOLIS, the inbound interest from OEMs was fairly strong, and we were pretty proud of that. We had -- so we had fairly strong expectations of launching AetherLux in terms of inbound interest from small brands. The quality of inbound interest that we had relating to the AetherLux and looking at the technology were from, frankly, put some of the largest companies in the world.

噢，孩子，你這樣說我一定會臉紅耳赤的。因此，當我們推出 SOLIS 時，OEM 的興趣相當強烈，我們對此感到非常自豪。因此，就小品牌的關注度而言，我們對推出 AetherLux 抱有相當強烈的期望。坦白說，我們對 AetherLux 以及該技術的興趣來自於世界上一些最大的公司。

And when we speak to those companies, obviously, there's collaborative opportunities like, hey, can we make it with you. But then there's also the potential for these companies to have a position of acquisitions. We don't know, we can't forecast, but we'll -- management will always evaluate opportunities that are -- drive the most shareholder value and bring success. But one of the companies we spoke to does have a very strong track record of acquisitions and M&A. So we can't rule that out, but we're obviously going to do the best what serves work for the best.

當我們與這些公司交談時，顯然存在合作機會，例如，嘿，我們可以和你們一起做嗎？但這些公司也有可能進行收購。我們不知道，也無法預測，但管理階層總是會評估那些能帶來最大股東價值和成功的機會。但我們採訪過的其中一家公司確實擁有非常出色的收購和併購記錄。因此我們不能排除這種可能性，但我們顯然會盡最大努力為工作提供最好的服務。

Great. Well, I appreciate the added color guys. Congrats on all the progress.

偉大的。好吧，我很感謝你們添加的顏色。祝賀你取得的所有進展。

Thank you, Scott.

謝謝你，斯科特。

Hey Tate, how are you?

嘿，泰特，你好嗎？

Hey, can you hear me okay? Oh, great. Thanks for the update. The units per day, you put in some metrics in terms of where you are in terms of production units. Can you talk about total units produced in 2Q or where you were at the end of 2Q in terms of units per day?

嘿，你聽得到我說話嗎？噢，太好了。感謝您的更新。對於每日單位數，您可以根據生產單位的現況輸入一些指標。您能談談第二季生產的總單位數，或是第二季末每天的產量是多少嗎？

Faran, you just went through that with us this morning. Did you have those numbers for the month?

法蘭，你今天早上剛和我們一起經歷了這件事。您有這個月的這些數字嗎？

We produced roughly 4,600, 4,700 units at the end of Q2. We note that in July, we produced 2,500 units in 1 month. So we do believe that the production from Q2 to Q3 will expand by another 50%.

我們在第二季末生產了大約 4,600 到 4,700 台。我們注意到，7月我們在1個月內生產了2,500台。因此我們確實相信第二季到第三季的產量將再擴大 50%。

That was 4,700 units for the month, right, Faran?

這個月總共是 4,700 台，對吧，法蘭？

4,700 for the Q2 and then 2,500 for the month of July.

第二季為 4,700 人，7 月為 2,500 人。

Okay. Thank you. And then can you -- on the Reg A offering, is it structured -- so it's structured as preferred equity, but then can you -- are the warrants attached, can you talk about the structure a bit, please?

好的。謝謝。然後您能否 - 關於 Reg A 發行，它是否有結構 - 所以它的結構是優先股，但是您能否 - 附帶認股權證，您能否談一談其結構？

The Reg A offering is structured as a preferred share that's available and targeted to predominantly retail investors. The goal of the offering is to offer a preferred equity instrument that's designed for long-term investors that believe in the story. We incentivize investors to hold by offering them an 8% dividend attached to the preferred share and they get a warrant that's priced above the market at $4.50.

Reg A 發行的結構為優先股，主要針對散戶發行。此次發行的目標是提供一種優先股權工具，專門針對相信該故事的長期投資者。我們透過向投資者提供優先股 8% 的股息來激勵投資者持有，並且他們可以獲得高於市場價格 4.50 美元的認股權證。

We believe as the company executes that the warrant will be a powerful tool for potential upside and the dividend is a nice incentive to continue holding the stock. Now investors are able to convert the pref to a common share and have access to a really trading common via that, but they do give up on the dividend by doing so.

我們相信，隨著公司執行，認股權證將成為潛在上漲的有力工具，而股利則是繼續持有股票的良好激勵。現在，投資者能夠將優先股轉換為普通股，並透過這種方式獲得真正交易的普通股，但這樣做就等於放棄了股息。

Understood. And the increase in those shares outstanding from June 30 to mid-August, is that probably from some of those Reg A participants converting to common, is that fair?

明白了。從 6 月 30 日到 8 月中旬，流通股數的增加可能是由於部分 Reg A 參與者轉換為普通股，這公平嗎？

We've seen a mixture of conversions. We have seen a large number of investors that do continue to hold, and there are -- and there have been some larger investors that do convert.

我們看到了各種各樣的轉變。我們看到大量投資者確實繼續持有，而且也有一些較大的投資者確實轉換了投資。

Okay, thank you. And Steven, on the heat pump opportunity, you noticed it's sort of implying that you could have meaningful revenue in '26. Is it a faster commercialization process for the heat pump than, let's say, SOLIS cover and COR? Can you talk about that, please?

好的，謝謝。史蒂文，關於熱泵機會，您注意到這有點暗示您可以在 26 年獲得可觀的收入。與 SOLIS 蓋和 COR 相比，熱泵的商業化過程是否更快？你能談談這個嗎？

Yes. It's our company's evolution in terms of how we bring things to market. We learned a lot of lessons from the COR. And we're applying all of the lessons we learned from the production of the COR like getting it this far, and it's taken quite some time. And I -- but we've taken everything we learned from getting the core to market, and we've applied it to AetherLux. So now we're a lot more lean and we're a lot more efficient and being able to get things to market.

是的。這是我們公司在如何將產品推向市場方面的演變。我們從 COR 中學到了很多教訓。我們正在運用從 COR 製作過程中獲得的所有經驗教訓來實現這一目標，這花費了相當長的時間。而我 — — 但我們已經把從核心推向市場所學到的一切應用到了 AetherLux 上。因此，現在我們更加精簡，效率更高，能夠將產品推向市場。

We understand testing. We understand rules, regulations. We understand design supply chain and production. Ultimately, the AetherLux, if Worksport was to produce it, which is the intention as of right now, we're able to -- it's not going to be Worksport, it will be Terravis that produces as subsidiary. It will be outsourced manufacturing, but we're a lot smarter and we've got a lot of deep connections in terms of, obviously, power electronics, sheet metals, all the parts that we need, most of the parts we need are -- we've established those relationships and we've learned a lot. So yes, to answer the question is we're just smarter.

我們了解測試。我們了解規則、規定。我們了解設計供應鏈和生產。最終，如果 Worksport 要生產 AetherLux，這是目前的目的，我們能夠——它不會是 Worksport，而是由其子公司 Terravis 來生產。這將是外包製造，但我們更加聰明，我們在電力電子、金屬板、我們需要的所有零件方面有著深厚的聯繫，我們需要的大部分零件——我們已經建立了這些關係，並學到了很多東西。所以是的，回答這個問題就是我們更聰明了。

Thank you, Scott. Steve, we do have some questions from retail investors attending the call. Notice to investors, I have answered some questions via chat, and we will answer some questions live here.

謝謝你，斯科特。史蒂夫，我們確實收到了一些參加電話會議的散戶投資者的提問。請投資人注意，我已經透過聊天回答了一些問題，我們將在這裡現場回答一些問題。

I could see them Faran. I could read some of them or if you want to read them, go ahead.

我能看到他們法蘭。我可以讀其中的一些，或者如果你想讀，那就就讀吧。

Yeah, sure. I'll read it. A question from Troy M. Analyst see a 240% upside from current price levels. What do you think investors are underestimating about Worksport's business model, scalability and/or clean energy positioning that could drive value further from where it is today?

是的，當然。我會讀的。特洛伊M. 分析師提出的問題認為，目前價格水準有 240% 的上漲空間。您認為投資者低估了 Worksport 的商業模式、可擴展性和/或清潔能源定位的哪些方面，這可能會進一步提升其價值？

So I think that predominantly Worksport displays itself like when you go -- when a new investor picks up on Worksport, they go to Worksport.com and they see tonneau covers. So I think that really deep diving into where we're going to be and where we started is where the -- maybe the loss in translation comes. I think that an investor that's looking at crypto opportunities or AI opportunities is looking for something exciting.

因此，我認為 Worksport 的主要表現形式是這樣的——當一個新的投資者關注 Worksport 時，他們會訪問 Worksport.com 並看到貨車後蓋。所以我認為，真正深入研究我們將要去哪裡以及我們從哪裡開始，也許就是翻譯損失的來源。我認為，關注加密貨幣機會或人工智慧機會的投資者正在尋找一些令人興奮的東西。

I think energy is probably going to be -- well, if you look at crypto, the crypto is all about hashing and hashing is all powered through computers and computers are all powered with energy. So if you look at the base commonality, I think energy is going to be our future, and that's what we're betting big on with Worksport, but it's not clearly apparent when you visit Worksport.com without diving into our Investors section.

我認為能源可能是——好吧，如果你看一下加密，加密就是哈希，哈希全部由計算機提供動力，而計算機全部由能源提供動力。因此，如果你看一下基本的共通性，我認為能源將成為我們的未來，這就是我們在 Worksport 上押下重註的地方，但是當你訪問 Worksport.com 時，如果不深入了解我們的投資者部分，這一點並不明顯。

So we're going to continue to improve our messaging, continue to court new investors. We're going to shift our Investor Relations focus to journalistic coverage and outreach so that we can have various high-visibility publications kind of summarize who we are a little bit easier for investors to understand.

因此，我們將繼續改進我們的訊息傳遞方式，並繼續吸引新的投資者。我們將把投資者關係的重點轉移到新聞報導和推廣上，以便我們能夠透過各種高知名度的出版物來概括我們是誰，讓投資者更容易理解。

Today, we had a USA TODAY article, I believe, that came out that summarized the company very well. So I think that we're just augmenting how we present the company and driving that value proposition is that I think energy is going to be the biggest thing in the future of -- biggest economy in the future, and I think that will be a big part of it.

今天，我們收到了《今日美國》的一篇文章，我相信這篇文章對該公司做了很好的總結。所以我認為我們只是在增強我們展示公司的方式並推動這一價值主張，我認為能源將成為未來最大經濟體中最重要的事物，我認為這將是其中的重要組成部分。

Thanks, Steve, for that answer. We have another question regarding the rollout of higher-margin products like the AL4, SOLIS, and COR. Could you walk us through how these innovations contribute to unit economics and margin expansion? Should we model the ramp-up later this year?

謝謝史蒂夫的回答。我們還有一個問題，涉及 AL4、SOLIS 和 COR 等利潤率更高的產品的推出。您能否向我們介紹這些創新如何促進單位經濟效益和利潤率的擴大？我們是否應該模擬今年稍後的成長？

Yeah. So AL4 was just launched earlier this year, and it's just getting into market now, and it's already exceeding our revenues. So it started as like zero, the AL4, and it's by far our highest margin product. So we started with nothing in terms of sales, and now it's actually outpacing all other sales we have, dollar for dollar on a day-to-day basis. So we're going to continue to focus on, obviously, the highest margin sales for us that will serve the company best.

是的。AL4 於今年稍早推出，現在剛進入市場，其收入已經超過了我們的收入。因此，AL4 的起步就像是零，但它是迄今為止我們利潤最高的產品。因此，我們一開始的銷售額為零，而現在，它的銷售額實際上已經超過了我們所有其他的銷售額，每天都是一美元一美元地增長。因此，我們顯然將繼續專注於利潤率最高的銷售，為公司提供最佳服務。

And then of course SOLIS and COR will start as a direct-to-consumer product, which will be fairly strong or enviable margins. So I think that we're going to continue to -- I think that it's difficult to explain it, but we're going to continue to focus on selling higher order value items.

當然，SOLIS 和 COR 將作為直接面向消費者的產品開始銷售，其利潤率將相當高或令人羨慕。所以我認為我們將繼續——我認為這很難解釋，但我們將繼續專注於銷售更高訂單價值的商品。

So our AL3 is what we started with, and it was a $700 price tag. The AL4 is a $1,100 price tag. The SOLIS is going to be closer to $2,000, and the COR with two batteries is going to be closer to over $2,000. So I think that we're going to sell a lot of items that have a higher order value. So that will represent very, very nicely in terms of our gross sales.

我們一開始使用的是 AL3，售價 700 美元。AL4 的售價為 1,100 美元。SOLIS 的價格將接近 2,000 美元，而配備兩塊電池的 COR 的價格將接近 2,000 美元以上。所以我認為我們將會銷售很多訂單價值較高的商品。因此，就我們的總銷售額而言，這將表現得非常好。

But with the SOLIS and COR being high-margin direct-to-consumer primarily, we'll also represent ourselves in high profit. And there's two different types of ways of looking at profit. One of my mentors many, many, many years ago when I first started my business, said you can't take percentages to the bank.

但由於 SOLIS 和 COR 主要面向消費者，利潤率較高，因此我們也能獲得高利潤。有兩種不同的看待利潤的方式。很多很多年前，當我剛開始創業時，我的一位導師曾說過，你不能把分成存入銀行。

And what I understand by that statement is 30% of $1 is $0.30, and that's nothing. But when you start looking at high-margin percentages in terms of a $2,000 sale, the COR, for example, let's say it's 30%, 30% of $2,000 is rough math is $600. If we repeat those sales tens or hundreds of times a day, that's very meaningful for shareholders alike in Worksport. So if that answers the question, we're going to be focused on higher order values at high margins, which are going to be highly beneficial and it's not yet realized in the balance sheet.

我理解這句話的意思就是 1 美元的 30% 等於 0.30 美元，這不算什麼。但是，當您開始以 2,000 美元的銷售額來查看高利潤百分比時，例如，COR 假設為 30%，那麼 2,000 美元的 30% 粗略計算就是 600 美元。如果我們每天重複這些銷售數十次或數百次，這對 Worksport 的股東來說非常有意義。因此，如果這回答了問題，我們將專注於高利潤率的更高訂單價值，這將非常有利，而且尚未在資產負債表中實現。

Thank you, Steve. We have a question regarding the quality of the solar cells panels. An investor has personally purchased solar cells and panels from different popular brands and has found quality concerns. Their question is, where are we producing our units to ensure that our finished product is dependable and high quality?

謝謝你，史蒂夫。我們對太陽能電池板的品質有疑問。一位投資者親自購買了不同知名品牌的太陽能電池和電池板，並發現了品質問題。他們的問題是，我們在哪裡生產我們的產品以確保我們的成品可靠且高品質？

So it's a trade seeker on where we get our panels. We went through somewhere -- I'm going to estimate, but I think it was around between 25 to 50 different solar manufacturers across the world from wafer cells to panel assemblies. So solar panels are made from wafers or cells individually and the cells usually come from like SunPower or other manufacturers around the world. So it's getting the best out there.

因此，它是我們從哪裡獲得面板的貿易尋求者。我們接觸過一些客戶——我估計一下，但我認為全世界大約有 25 到 50 個不同的太陽能製造商，從晶圓電池到面板組件。因此，太陽能電池板是由晶片或電池單獨製成的，而電池通常來自 SunPower 或世界各地的其他製造商。因此，它正在發揮出最好的效果。

What we've settled on, it's a trade secret in terms of who the manufacturer is and where they're coming from. Unfortunately, we looked at a lot of US-based cell manufacturers and panel manufacturers, and they just didn't pass our testing. So the panels are coming from the east side of the world, not China. But the panels that we're using are also used on various space stations. So NASA agrees that these cells are -- these panels and cells are the best out there.

我們已經確定的是，製造商是誰以及他們來自哪裡，這是一個商業機密。不幸的是，我們考察了很多美國的電池製造商和麵板製造商，但他們都沒有通過我們的測試。所以這些太陽能板來自世界東方，而不是中國。但我們使用的面板也用於各種太空站。因此 NASA 同意這些電池是——這些面板和電池是最好的。

So there's no better quality than the panels and cells we're using when they're used also again on some of the space stations out there. And we're highly selective. And that's -- for taking SOLIS to market. That was probably the biggest time delay for us is finding the best solar cell and panel manufacturers.

因此，當我們在一些太空站再次使用太陽能電池板和電池時，沒有比它們更好的品質了。我們的選擇非常嚴格。這就是將 SOLIS 推向市場的原因。對我們來說，最大的延誤可能是尋找最好的太陽能電池和電池板製造商。

Thank you, Steve. We had a question about battery chemistry of COR. At the current moment, the battery chemistry is a trade secret. We will reveal the specs of the unit as the unit comes closer to launch later this year. We had a question about government contracts for any of our products, specifically the hard covers, the heat pump or the SOLIS and COR?

謝謝你，史蒂夫。我們對 COR 的電池化學性質有疑問。目前，電池化學性質仍屬商業機密。隨著該設備在今年稍後即將推出，我們將公佈其規格。我們對我們的任何產品的政府合約都有疑問，特別是精裝本、熱泵或 SOLIS 和 COR？

So yes, obviously, government and OEM contracts are always something that I think will come to us naturally. So we've done business with government entities, and we're well connected within various government agencies through our Boards of Directors and through just our business connections.

所以是的，顯然，我認為政府和 OEM 合約是自然而然會來到我們身邊的東西。因此，我們與政府實體有業務往來，並且透過董事會和業務聯繫與各個政府機構建立了良好的聯繫。

So we'll continue to work with various federal and local agencies, OEMs, which wasn't part of the question, but they're always correlated. We'll obviously keep those conversations coming. We got to do what's best for Worksport in terms of working with companies that will give us revenues, but of course, at margins that we need.

因此，我們將繼續與各種聯邦和地方機構、原始設備製造商合作，這不是問題的一部分，但它們總是相關的。我們顯然會繼續進行這些對話。我們必須做對 Worksport 最有利的事情，與那些能帶給我們收入的公司合作，但當然，也要確保我們需要的利潤率。

So government contracts are -- we've sold our hard covers to government agencies, yes. Do we have contracts? Not necessarily contracts, but open kind of order relationships. SOLIS have gone to various private businesses that are fairly large. COR, we're not there yet, but we're going to get there pretty soon. In the heat pump, we're not there yet either, but it's all a work in progress.

因此，政府合約是——是的，我們已經將精裝本賣給了政府機構。我們有合約嗎？不一定是合同，而是開放的訂單關係。SOLIS 已進入多家規模相當大的私人企業。COR，我們還沒有到達那裡，但我們很快就會到達那裡。在熱泵領域，我們也尚未達到這一水平，但一切工作仍在進行中。

And I will add that, Michael, the heat pump product has the largest potential for government contracts, and we did press release about 2 weeks ago that we were in discussions with some governments about that technology.

邁克爾，我要補充一點，熱泵產品最有可能獲得政府合同，大約兩週前我們確實發布過新聞稿，說我們正在與一些政府討論這項技術。

A question from James C. With all the good news today, could you comment on the stock price and recent actions?

James C. 提出一個問題。今天有很多好消息，您能否評論一下股價和近期走勢？

It's very difficult. We've seen similar volatility in our stock during previous earnings releases, I think the last 3 or 4 or at least the quarters of this year. We have no idea. A lot of times when our stock is volatile, we're busy in meetings and on the production floor working, we're not behind a trading desk or doing anything. So it's -- the secondary market for shares in a company, which is what NASDAQ and ICE in essence is in brokers, is really up to investors and traders and stuff like that and how they trade and what shorting or whatever may happen is the least in control of the company.

這非常困難。在先前的收益發布中，我們的股票也出現類似的波動，我認為是最近三、四個季度，或至少是今年的季度。我們不知道。很多時候，當我們的股票波動時，我們忙於開會和在生產車間工作，我們不在交易台後面或做任何事情。因此，公司股票的二級市場（本質上是納斯達克和 ICE 的經紀商市場）實際上取決於投資者和交易員等，他們如何交易以及發生什麼賣空行為或任何可能發生的情況對公司控制最少。

So all we're focused on is putting more products in boxes and getting those boxes out the door. In terms of volatility in the stock price, that's up to the traders. And we have no real control. All we could do is continue to execute on the business side. But yes, we're -- the company is net assets are worth a significant amount plus patents plus intrinsic growth and value. So there's a strong upside here. But when stocks go down, it just -- it's because of, I guess, traders or the open market.

因此，我們所關注的只是將更多的產品裝入盒子並將這些盒子運出門外。至於股票價格的波動，則取決於交易員。而我們卻沒有真正的控制權。我們所能做的就是繼續執行業務方面的事情。但是的，我們——公司的淨資產價值相當可觀，加上專利以及內在成長和價值。因此，這具有強大的優勢。但當股票下跌時，我猜這是因為交易員或公開市場。

And James, the only thing we'll add also to the question about stock price, stock price volatility is going forward, the company does believe that the warrant that are in play between $4.50 to $6.70 may come to fruition. And that means that we believe that the company's stock price is not matched to where we see the intrinsic value of the company. We think that our assets for growth, our margins improvement, intellectual property is undervalued. And we believe that as Q3, Q4, AetherLux, COR and SOLIS come out, the stock's overlying -- underlying health will be better reflected into its pricing.

詹姆斯，關於股價問題，我們唯一要補充的是，股價波動是向前發展的，公司確實相信，4.50 美元至 6.70 美元之間的認股權證可能會實現。這意味著我們認為該公司的股價與我們所看到的公司內在價值不符。我們認為，我們的成長資產、利潤率提高和智慧財產權被低估了。我們相信，隨著第三季、第四季、AetherLux、COR 和 SOLIS 的推出，該股票的整體健康狀況將更能反映在其定價中。

Next question, and I'm going to take two more questions, Steve here. The first question is what is your plan to increase analyst coverage of the stock?

下一個問題，我要回答另外兩個問題，我是史蒂夫。第一個問題是，您有什麼計劃來增加分析師對該股票的關注？

So, earned coverage is important. There's a lot of paid research out there, which we try to avoid, although there are very good firms, I think that, our dollar should go into selling more, making more versus, some of the analyst coverage. So we're going to continue to work with, some of the analysts that are well-known and reputable, to cover the story earned, but that's an iterative process, meeting, various, research firms and speaking to analysts is a very, it's a relationship that needs to be built and there has to be trust and the analyst has to believe that the company is worthwhile. So we're going to continue to meet new research, partners and continue to TRY to find organic. Coverage, but, it just, it's going to take, time like all the other, things that we do.

因此，獲得保障很重要。市面上有很多付費研究，我們盡量避免，儘管也有一些非常好的公司，但我認為，我們的錢應該用來賣出更多，賺更多，而不是花在分析師報道上。因此，我們將繼續與一些知名且信譽良好的分析師合作，報導值得關注的故事，但這是一個反覆的過程，與各種研究公司會面並與分析師交談是非常需要建立的關係，必須有信任，分析師必須相信該公司是值得的。因此，我們將繼續進行新的研究，尋找新的合作夥伴，並繼續嘗試尋找有機物。覆蓋範圍，但是，就像我們所做的所有其他事情一樣，它需要時間。

Thanks, Steven. And last question for today. When exactly is the first SOLIS/COR sets expected to be shipped? What stage are we on? What else is left to do before we hit the market?

謝謝，史蒂文。這是今天的最後一個問題。第一批 SOLIS/COR 套件預計何時出貨？我們處於什麼階段？在我們進入市場之前還有什麼要做？

Yeah. Good question. So SOLIS, we made a handful and we sold them. So the beta program, alpha was like internal testing that was done. That's where we redesigned it and made some changes. Beta testing is when we actually sold units to select users. We've had really good feedback. One -- I just found out this morning that one guy was able to put a good amount of miles recharged from his SOLIS into his truck with a Level 1 charger connected to the COR. That was really cool to hear.

是的。好問題。所以，我們生產了一些 SOLIS 並出售它們。因此，beta 程式、alpha 程式就像是已經完成的內部測試。我們在那裡重新設計了它並做了一些改變。Beta 測試是我們實際向選定用戶銷售產品的時候。我們收到了非常好的回饋。一——我今天早上才發現，有一個人用連接到 COR 的 1 級充電器將 SOLIS 充電後的電量充到他的卡車上，行駛了相當長的一段距離。聽到這個消息真是太酷了。

So betas, we had some revenues from it, and then now that goes to full release. So full release, we've ordered solar panels to be manufactured. We're going to be making, I think, somewhere around 200, but we're probably going to up that closer to 500 units. And that should be sometime -- the panels have to be made and shipped and then we have everything else to make the covers here at this factory that I'm in today at our factory. So that should be within the second half of this year, where it is, is anyone's guess, but I would expect in Q4 probably, like maybe October, November.

因此，我們從測試版中獲得了一些收入，然後開始全面發布。因此，全面發布，我們已經訂購了太陽能電池板的製造。我認為我們將會生產大約 200 台，但我們可能會將其增加到接近 500 台。那應該是某個時候——面板必須製造並運送，然後我們準備好其他一切，以便在我今天所在的工廠裡製作蓋子。所以這應該是在今年下半年，至於具體時間，誰也說不準，但我預計可能是在第四季度，例如 10 月或 11 月。

But that's the SOLIS. The COR UL certification, there was 10 tests, we passed 9 of them. We're on the last test now. And once we pass that test, we can go into and get UL certification, and we can go into production. So we have -- we're 90% of the way there in terms of UL. Once we pass UL, we can go into production.

但這就是 SOLIS。COR UL 認證有 10 項測試，我們通過了其中 9 項。我們現在進行最後一次測試。一旦通過測試，我們就可以獲得 UL 認證，然後就可以投入生產。因此，就 UL 而言，我們已經完成了 90%。一旦通過 UL，我們就可以投入生產。

And again, it's production. We've got most of the components ready. It's getting into production of the first 1,000 units and then stocking them. So that should all happen within this year. If there's any challenges, it might be geopolitical issues, which I doubt, but more maybe relating to the testing process and time it takes to get UL certification is the most prestigious certification. So it does take time.

再次強調，這是生產。我們已經準備好大部分組件。它正在生產首批 1,000 台設備並開始儲存。所以這一切都應該在今年內發生。如果有任何挑戰，那可能是地緣政治問題，我對此表示懷疑，但更多的可能與測試過程和獲得 UL 認證所需的時間有關，這是最負盛名的認證。所以這確實需要時間。

Thank you very much, Steve. And Mike, Scott, and Kate, thank you for attending us as analysts. And we'd like to thank all our investors today for their time and attention. This marks the end of the Q2 2025 call. Have a great day.

非常感謝，史蒂夫。麥克、史考特和凱特，感謝你們作為分析師參加我們的會議。我們也要感謝今天所有投資者的時間和關注。這標誌著 2025 年第二季通話的結束。祝你有美好的一天。

Thank you, everyone.

謝謝大家。