Worksport Ltd (WKSP) 2026 Q1 法說會逐字稿

Good afternoon, everyone, and thank you for joining Worksport's first quarter 2026 earnings call. I'm Steven Rossi, Chief Executive Officer of Worksport Limited.

各位下午好，感謝各位參加 Worksport 2026 年第一季財報電話會議。我是 Worksport Limited 的執行長 Steven Rossi。

With me today is our Chief Financial Officer, Jennifer Kartychak, who many of you will be meeting on earnings calls for the first time. Jennifer officially joined Worksport in January 2026 as our VP of Finance and has recently been promoted to CFO. Jennifer first began providing advisory services for Worksport in August 2023. Her short-term focus is to help. Strengthen our financial discipline, reporting processes, and our internal control environments as we scale towards profitable operations. We will be reviewing the financial results for the quarterly period ending March 31, 2026. These results were just filed today at 4 p.m. 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, our prepared remarks and presentation deck will be available for download at www.investors.Worksport.com. Again, www.investors.Worksport.com/#reports. Our remarks will follow on a slide presentation. After our prepared remarks, we will open the line for questions. On that, let's begin.

今天與我一同出席的是我們的財務長 Jennifer Kartychak，許多人可能是第一次在財報電話會議上與她見面。Jennifer 於 2026 年 1 月正式加入 Worksport，擔任財務副總裁，近期已晉升為財務長。Jennifer 早在 2023 年 8 月便開始為 Worksport 提供顧問服務。她的短期重點是協助我們。在我們邁向獲利性營運擴張的過程中，強化財務紀律、報告流程，以及內部控制環境。我們將回顧截至 2026 年 3 月 31 日之季度期間的財務結果。這些結果已於今日美東時間下午 4 點在我們的 10-Q 表格中提交，並可透過聊天室提供的連結下載。在今天電話會議結束後，我們的事先準備講稿與簡報投影片將可於 www.investors.Worksport.com 下載。再次提醒，www.investors.Worksport.com/#reports。我們的發言將依投影片簡報進行。在事先準備講稿結束後，我們將開放提問。那麼，我們開始。

First, safe harbor statements. During this call, we will make forward-looking statements, including statements regarding our financial outlook for the full year 2026, our expectations regarding financial and business trends, impacts from the macroeconomic environment, and our market position opportunities, go-to-market initiatives, growth strategy. And business aspirations and product initiatives, and the expected benefits of such initiatives. 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. 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. Affect our performance and financial results, which we discuss in detail on our filings with the SEC, including our annual report on Form 10-K and quarterly reports on Form 10-Qs 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.

首先，安全港聲明。在本次電話會議中，我們將作出前瞻性陳述，包括關於 2026 全年財務展望、我們對財務與業務趨勢的預期、總體經濟環境的影響，以及我們的市場定位機會、上市推進（go-to-market）計畫與成長策略。以及業務願景與產品計畫，及該等計畫的預期效益。這些陳述僅為基於我們目前的信念、預期與假設所作出的預測。由於前瞻性陳述涉及未來，因此存在難以預測的固有不確定性、風險與情勢變化，其中許多超出我們的控制範圍。實際結果或事件可能存在重大差異。因此，您不應依賴任何此類前瞻性陳述。這些前瞻性陳述受到風險及其他因素影響，該等因素。會影響我們的營運表現與財務結果；我們已在向美國證券交易委員會（SEC）提交的文件中詳加說明，包括 10-K 年度報告、10-Q 季度報告及其他 SEC 文件。本次財報電話會議中的前瞻性陳述僅截至今日作出。Worksport 不承擔更新我們在今日網路研討會中可能作出的任何前瞻性陳述之義務。

So with that, we have our agenda. On today's call, we'll be covering the following. First, key highlights from our Q1 2026 that we just filed. Number two, liquidity position and capital strategy. Number three, financial review. Number four, update on Worksport operations. Number five, an update on Terravis Energy and Aether Lux, the exciting product. And number six, the 2026 outlook in general.

接著，這是我們的議程。今天的電話會議將涵蓋以下內容。第一，剛提交的 2026 年第一季重點摘要。第二，流動性狀況與資本策略。第三，財務回顧。第四，Worksport 營運更新。第五，Terravis Energy 與 Aether Lux（令人振奮的產品）更新。第六，整體 2026 年展望。

With that, let's jump to key highlights, and let's dive into it.

那麼，我們先看重點摘要，直接切入。

Q1 2026 was the investment and launch readiness quarter, and we executed it with that objective in mind. In January, the SOLIS and COR started commercial shipping, in March, we unveiled NEXUS to industry buyers at the Keystone BIG Show and initiated pre-order activity on this product offering. In April 2026, NEXUS launched commercially.

2026 年第一季是投資與上市準備的季度，我們以此目標執行。1 月，SOLIS 與 COR 開始商業出貨；3 月，我們在 Keystone BIG Show 向產業買家發表 NEXUS，並啟動該產品的預購活動。2026 年 4 月，NEXUS 正式商業上市。

COR received the applicable UL and CSA certification package needed to support broader North American retail and commercial distribution, and we secured distribution with Tri-State Enterprises, including their placement of an initial purchase order.

COR 取得支援更廣泛北美零售與商用通路所需的相關 UL 與 CSA 認證套件，並與 Tri-State Enterprises 確立經銷合作，包括其下達首筆採購訂單。

Revenue grew approximately 48% year-over-year to $3.3 million, and gross profit more than doubled, increasing approximately 116% to $854,000. Gross margin was approximately 26% in Q1 compared with approximately 18% in Q1 of last year. These are meaningful year-over-year improvements. Since Q1 2026 was a launch readiness quarter, our current product portfolio has yet to meaningfully contribute to our results, including gross margin contribution.

營收年增約 48% 至 330 萬美元，毛利更是倍增以上，年增約 116% 至 85.4 萬美元。第一季毛利率約 26%，相較去年同期第一季約 18%。這些都是具意義的年對年改善。由於 2026 年第一季為上市準備季度，我們目前的產品組合尚未對業績作出顯著貢獻，包括對毛利率的貢獻。

We are at the eve of our broadest product revenue opportunity to date.

我們正站在迄今為止最廣泛的產品營收機會門檻上。

Our TonoCover business. During Q1 of 2026, we funded inventory, conducted multiple product launches, refined our marketing strategy, and allocated resources to bolster our distribution network. We can now focus on converting our working capital investments for the balance of the year. We entered Q2 with a stronger product portfolio, continued growth with our distribution relationships, and deeper sales channel opportunity than any prior period in Worksport's history.

我們的 TonoCover 業務。在 2026 年第一季，我們投入資金建立庫存、進行多項產品上市、精進行銷策略，並配置資源以強化我們的經銷網路。現在，我們可以在今年剩餘期間專注於將營運資金投資轉化為成果。我們以更強的產品組合進入第二季，經銷合作關係持續成長，且銷售通路機會較 Worksport 歷史上任何過往期間都更為深厚。

Our cash position reflects the cost of operational and strategic growth efforts, and we will address that directly. But the key investor highlight for Q1 of 2026 is this. We built product availability, funded launch activity, and expanded our commercial platform.

我們的現金部位反映了營運與策略性成長投入的成本，我們將直接說明。但 2026 年第一季對投資人而言的關鍵重點是：我們建立了產品供應、資助上市活動，並擴大了商業平台。

Q2 2026 and the second-half are about conversion, shipment sales channels and activation, margin efficiency improvement, and lower operational cash burn. We're projecting strong growth in both B2B and B2C sales channels.

2026 年第二季與下半年將聚焦於轉化、出貨銷售通路與啟動、提升毛利效率，以及降低營運現金消耗。我們預期 B2B 與 B2C 銷售通路皆將強勁成長。

As well as a focus on meaningful efforts towards profitability from the operations in the second-half of 2026 and beyond. But more on that soon.

同時也將著重於在 2026 年下半年及其後，推動營運朝向實質獲利的努力。稍後我們會再詳述。

First, and before we move deeper into the financial review, let's step back for a second and review what Worksport actually is. At its core, Worksport as a business consists of two key elements. First, we are an innovation-focused US manufacturer. Second, we are building a clean energy solution.

首先，在我們更深入進行財務回顧之前，先退一步，回顧 Worksport 實際上是什麼。就核心而言，Worksport 的業務由兩個關鍵要素構成。第一，我們是一家以創新為導向的美國製造商。第二，我們正在打造潔淨能源解決方案。

Or multiple solutions. These two areas are not separate. They move together. Our manufacturing platform gives us the ability to design, build, and scale physical products. Our clean energy focus gives our products a larger strategic purpose. These are the two core capabilities, we believe, that can drive the company towards profitability within the near term.

或者是多種解決方案。這兩個領域並非彼此分離。它們是同步推進的。我們的製造平台使我們具備設計、製造並規模化實體產品的能力。我們對潔淨能源的聚焦，賦予產品更大的策略性目的。我們相信，這兩項核心能力可在短期內推動公司邁向獲利。

We are a U.S.-based manufacturer with approximately $11.6 million in inventory, $13.3 million in net property and equipment, including approximately $8.3 million of building and land net value, and $6.6 million of manufacturing equipment net value.

我們是一家美國在地製造商，擁有約 1,160 萬美元的存貨、1,330 萬美元的淨不動產與設備，其中包括約 830 萬美元的建物與土地淨值，以及 660 萬美元的製造設備淨值。

We have more than 500 dealer locations and target more than 1,500 dealer locations by the end of this year. Our global intellectual property portfolio alone includes approximately 26 issued and 57 pending utility patents, 51 issued and 25 pending design patents and registrations, and 44 registered and 15 pending trademarks. We're also in the process of preparing and filing several other key utility and design patent applications across various countries and jurisdictions. We started production of our tonneau covers just in late 2023, and based on internal sales data, we have sold.

我們擁有超過 500 個經銷據點，並以在今年年底前達到超過 1,500 個經銷據點為目標。僅我們的全球智慧財產權組合就包括約 26 項已核准及 57 項申請中的實用專利、51 項已核准及 25 項申請中的外觀設計專利與註冊，以及 44 項已註冊及 15 項申請中的商標。我們也正在準備並在多個國家與司法管轄區提交其他數項關鍵的實用與外觀設計專利申請。我們在 2023 年底才開始生產我們的貨斗蓋（tonneau covers），並根據內部銷售數據，我們已售出。

Approximately 26,000 tunnel covers through worksupport.com and related direct online channels from 2024 through Q1 of 2026, including approximately 8,000 covers in 2024, 16,000 covers in 2025, and 2000 covers alone just in Q1 of 2026. In 2025 alone, across both B2B and B2C channels, Worksport sold approximately 25,000 tonneau covers and generated $16.1 million in net sales. We're quite proud of these statistics.

自 2024 年至 2026 年第一季，透過 worksupport.com 及相關直接線上通路，約售出 26,000 個貨斗蓋，其中 2024 年約 8,000 個、2025 年 16,000 個，而僅 2026 年第一季就有 2,000 個。僅在 2025 年，跨 B2B 與 B2C 通路，Worksport 約售出 25,000 個貨斗蓋，並創造 1,610 萬美元的淨銷售額。我們對這些統計數據感到相當自豪。

Worksport started on the foundation of roughly 61 million pickup trucks in the USA on US roads alone, and pickup trucks remain among the top selling vehicles in the US every single year. People buy pickup trucks regardless of broader economic conditions. We started by making high-quality tonneau covers at prices that compete and in many cases can be competitors that primarily source raw material and components from foreign markets.

Worksport 的起點建立在僅美國道路上約 6,100 萬輛皮卡車的基礎之上，而皮卡車每年都持續名列美國最暢銷車款之列。無論整體經濟狀況如何，人們都會購買皮卡車。我們從以具競爭力的價格製造高品質貨斗蓋開始，而在許多情況下，我們能與主要從海外市場採購原材料與零組件的競爭對手競爭。

We believe we can continue to capture market share in the estimated $4 billion plus tonneau cover market in 2026 and build the tonneau cover core business into a nine-figure profitable middle market company over time. Said plainly, we believe Worksport has the potential to become a $100 million-plus middle-market revenue company profitably from tonneau cover sales alone. And that's just our foundation. That's our core of this business.

我們相信，我們能在 2026 年估計超過 40 億美元的貨斗蓋市場中持續取得市占率，並隨時間推進，將貨斗蓋核心業務打造為一家九位數營收、具獲利能力的中型市場公司。簡單來說，我們相信僅靠貨斗蓋銷售，Worksport 就有潛力在獲利的情況下成為一家年營收超過 1 億美元的中型市場公司。而那只是我們的基礎。那是我們這門業務的核心。

Our vision does not stop at tunnel covers. We imagine a future where pickup trucks evolve from power-consuming utility vehicles into mobile power platforms and nanogrids that support owners at the campsite, work site, emergency site, and on fleet levels. That is where our newly launched SOLIS and COR product offerings enter the picture. The tonneau cover is the physical platform. SOLIS adds solar generation, and CORE adds portable energy storage and usable power wherever you go.

我們的願景不止於貨斗蓋。我們想像一個未來：皮卡車將從耗電的多功能車輛，演進為行動電力平台與微電網（nanogrids），在露營地、工地、緊急現場以及車隊層級為車主提供支援。這正是我們新推出的 SOLIS 與 COR 產品線登場之處。貨斗蓋是實體平台。SOLIS 增加太陽能發電，而 CORE 增加可攜式儲能與隨行可用的電力。

Together, SOLIS and COR allow Worksport to move from an aftermarket automotive accessory business into an anticipated $13 billion plus dollar portable power market. Importantly, COR is not limited to truck owners. COR is a modular portable power system that can function as a standalone product for jobsite, off-grid, emergency, recreational, and general portable power use cases for anybody anywhere globally.

SOLIS 與 COR 的結合，使 Worksport 得以從汽車售後配件業務，進軍預估超過 130 億美元的可攜式電力市場。重要的是，COR 不僅限於卡車車主。COR 是一套模組化可攜式電力系統，可作為獨立產品使用，適用於工地、離網、緊急應變、休閒娛樂及一般可攜式供電等情境，面向全球任何地方的任何人。

We are actively targeting OEM, fleet, dealer direct, distributor, and other direct consumer relationships, while continuing to build brand and consumer awareness around this new line of product offerings. Our next steps could be to look at integrating core battery backup technology for residential and commercial power, a possible first of its kind modular battery system for emergency power or key energy savings and off-peak cost savings for businesses with strong apparent.

我們正積極鎖定 OEM、車隊、經銷商直供、經銷/分銷商，以及其他直接面向消費者的合作關係，同時持續為這條新產品線建立品牌與消費者認知。我們的下一步可能會著眼於整合用於住宅與商用供電的核心電池備援技術，打造可能是同類首創的模組化電池系統，用於緊急供電，或為具備強勁顯著的企業帶來關鍵的節能與離峰成本節省。

Opportunities and industrial applications.

機會與工業應用。

Now, our subsidiary, Terravis Energy is at the forefront of developing energy saving. HVAC technologies, the AetherLux ZeroFrost heat pump has all the elements to become a significant breakthrough energy saving product solution.

現在，我們的子公司 Terravis Energy 正站在開發節能的最前線。在 HVAC 技術方面，AetherLux ZeroFrost 熱泵具備成為重大突破性節能產品解決方案的所有要素。

It is expected to be the only heat pump platform capable of operating without traditional defrost cycles, and it has been tested to operate smoothly in extreme temperatures rarely seen by conventional systems. In fact, I'll say, not seen by conventional systems.

預期它將是唯一能在不進行傳統除霜循環的情況下運作的熱泵平台，並且已測試可在傳統系統罕見遇到的極端溫度下平穩運行。事實上，我要說，是傳統系統未曾見過的溫度。

AetherLux can provide heating and cooling highly efficiently. And we have a keen focus on home heating. We are also currently evaluating efficiencies within data center cooling technologies. The breakthrough AetherLux heat pump is expected to advance toward certification in 2026 and address a $150 billion-plus HVACR market.

AetherLux 能以極高效率提供供暖與制冷。而我們特別聚焦於居家供暖。我們目前也正在評估資料中心冷卻技術的效率。這項突破性的 AetherLux 熱泵預計將在 2026 年推進至認證階段，並切入一個超過 1,500 億美元的 HVACR 市場。

We have received a strong level of interest through initial inbound inquiries, achieved support through the U.S. Department of Energy, including their National Renewable Energy Laboratory, and are engaged in active government-related and strategic conversations.

我們透過初期的主動來詢獲得高度關注，並取得美國能源部（包括其國家再生能源實驗室）的支持，同時正進行積極的政府相關與策略性對話。

AetherLux sits on top of the core Worksport product platform as an important additional opportunity. In short, Worksport has three related but distinct layers: first, the core tonneau cover business; what I call our foundational business.

AetherLux 建立在 Worksport 核心產品平台之上，作為一項重要的額外機會。簡而言之，Worksport 有三個彼此相關但各自獨立的層次：第一，核心貨斗蓋業務；也就是我所稱的基礎業務。

Second, the SOLIS and COR power ecosystem; and third, the longer-term highly efficient AetherLux HVAC opportunity through Terravis Energy. We will provide more information, more detail on Terravis later in the call.

第二，SOLIS 與 COR 的電力生態系；第三，透過 Terravis Energy 所帶來、較長期且高效率的 AetherLux HVAC 機會。我們將在本次電話會議稍後提供更多關於 Terravis 的資訊與細節。

Let's talk about liquidity. I will now address our liquidity position directly.

我們來談談流動性。我現在將直接說明我們的流動性狀況。

Our fiscal 2025 Form 10-K included a going concern explanatory disclosure. That disclosure is important, and we are addressing it through a clear operating plan. Convert inventory into revenue. Grow gross margins in each of our sales channels and reduce operating cash consumption as our product launch spending normalizes, and maintain a disciplined approach to working capital and capital market funding resources as needed. Our ability to continue as a going concern remains dependent on generating future cash flows from operations while maintaining access to debt and equity capital markets.

我們 2025 財年的 Form 10-K 包含「持續經營」的說明性揭露。該揭露很重要，而我們正透過明確的營運計畫加以因應。將存貨轉化為營收。在各銷售通路提升毛利率，並在產品上市支出趨於常態化之際降低營運現金消耗，同時在需要時維持對營運資金與資本市場籌資資源的紀律性管理。我們能否持續經營，仍取決於在維持取得債務與股權資本市場管道的同時，能否從營運中產生未來現金流。

The largest use of cash in Q1 we were working. Was the capital-intensive launch-related investments. The primary use of cash was working capital to support production of our existing product offerings and the expected growth of additional product offerings launched in 2026, including SOLIS, COR, and the new NEXUS. We received approximately $5.1 million of inventory to support the expanded product lineup, with approximately $1 million of these raw material purchases remaining in accounts payables. March 31, 2026. We also use cash to settle prior period working capital obligations.

第一季最大的現金用途是我們正在進行的。是與上市/推出相關的資本密集型投資。現金的主要用途是營運資金，用以支援我們既有產品的生產，以及預期於 2026 年推出的新增產品（包括 SOLIS、COR 與全新的 NEXUS）的成長。我們收到約 510 萬美元的存貨以支援擴充的產品組合，其中約 100 萬美元的原材料採購仍列於應付帳款。2026 年 3 月 31 日。我們也使用現金清償前期的營運資金義務。

The objective from here is clear: turn that inventory into revenue, continue to improve our gross margin for each sales channel and reduce operating cash used quarter over quarter. Our West Seneca facility also remains a substantial, meaningful asset on the balance sheet, reflected in our $13.3 million of net property and equipment. We are a manufacturing company with real assets, real inventory, and an expanding order and distribution base. The question is execution velocity, and Q2 2026 begins answering that question. Our priority is to reduce our reliance on equity capital and potential additive dilution. Or additional dilution to existing shareholders as revenue scales and working capital normalizes.

接下來的目標很明確：把這些存貨轉化為營收，持續改善各銷售通路的毛利率，並逐季降低營運現金使用量。我們位於 West Seneca 的設施仍是資產負債表上一項重大且具意義的資產，反映在我們 1,330 萬美元的淨不動產、廠房及設備。我們是一家製造公司，擁有實體資產、實體存貨，以及持續擴大的訂單與通路/配送基礎。關鍵在於執行速度，而 2026 年第二季將開始回答這個問題。我們的優先事項是降低對股權資本的依賴以及可能帶來的額外稀釋。隨著營收規模擴大、營運資金趨於正常化，避免對現有股東造成額外稀釋。

Capital Strategy We remain transparent with our use of capital tools. During Q1 of 2026, we raised approximately $2.2 million, including net proceeds, through our amended at-the-market offering with H.C. Wainwright. As a result, we issued 1.46 million shares of common stock. We recognize the impact of dilution, and we are mindful of our shareholder responsibilities. Our strategy remains to use the ATM as a tactical tool, subject to applicable Form S-3 public float limitations and market conditions, and not as our primary capital vehicle. Where capital tools are used, we will continue to evaluate them through one lens, whether the operational return justifies the dilution and improves the long-term shareholder value equation. With that, I will hand the call over to Jennifer to walk through our financial results.

資本策略 我們對資本工具的運用始終保持透明。在2026年第一季期間，我們透過與 H.C. Wainwright 修訂後的按市價發行（ATM）計畫（包含淨募資款）籌集約220萬美元。因此，我們發行了146萬股普通股。我們理解稀釋的影響，並謹記對股東的責任。我們的策略仍是將ATM作為戰術性工具，並受適用的 Form S-3 公開流通股數限制及市場狀況影響，而非作為我們主要的資本工具。在使用任何資本工具時，我們將持續以同一個角度評估：營運回報是否足以合理化稀釋，並改善長期股東價值的整體方程式。接下來我把電話交給 Jennifer，請她說明我們的財務結果。

Thank you, Steven. Good afternoon, everyone. It's a pleasure to be speaking with you, and I look forward to continuing these conversations as we progress through fiscal 2026.

謝謝你，Steven。各位下午好。很高興能與各位交流，也期待在2026會計年度推進的過程中持續進行這些對話。

Net sales for Q1 2026 were $3.3 million, an increase of approximately $1.1 million, or 47.9%, compared to $2.2 million in Q1 2025. Geographically, the U.S. Continues to represent an overwhelming majority of our net sales at 99%, up 48.5% year-over-year.

2026年第一季淨銷售額為330萬美元，較2025年第一季的220萬美元增加約110萬美元，或47.9%。就地區而言，美國仍占我們淨銷售額的絕大多數，達99%，年增48.5%。

Within our segments, hard tonneau covers generated approximately $3.3 million in net sales, accounting for approximately 99% of total Q1 net sales.

在各事業部門中，硬式貨斗蓋（hard tonneau covers）帶來約330萬美元的淨銷售額，約占第一季總淨銷售額的99%。

Our soft tonneau cover segment contributed approximately $0.04 million. The concentration in net sales in the hard tunnel covers segment reflects our ongoing strategic focus on higher margin American-made product offerings from a channel perspective Q1 also reflects a deliberate transition in how we are building the business in Q1 2026 B2C or the direct to consumer online channel.

我們的軟式貨斗蓋（soft tonneau cover）部門貢獻約0.04百萬美元。淨銷售額集中於硬式貨斗蓋部門，反映我們持續從通路角度聚焦於毛利較高、在美國製造的產品供應；第一季也反映我們在2026年第一季對於建立業務方式的刻意轉型，即B2C（直接面向消費者）的線上通路。

Contributed approximately $1.8 million in net sales on approximately 1,700 covers, while B2B generated approximately $1.5 million on approximately 2,300 covers.

B2C貢獻約180萬美元淨銷售額，約1,700個貨斗蓋；而B2B則在約2,300個貨斗蓋上創造約150萬美元。

Direct-to-consumer activity remains an important sales channel to develop, but our growth strategy includes an enhanced concentration in the B2B sales channel, including dealers, distributors, fleets, and potential OEM partnerships.

直接面向消費者的活動仍是重要且需要發展的銷售通路，但我們的成長策略包含更聚焦於B2B銷售通路，包括經銷商、通路商、車隊，以及潛在的OEM合作夥伴關係。

Moving on to gross margin. Gross margin for Q1 2026 was approximately $0.9 million, more than doubling from approximately $0.4 million in Q1 2025, a 115.5% year-over-year improvement. Our Q1 2026 gross margin was approximately 26%, compared to approximately 18% in Q1 2025 and approximately 30% in Q4 2025.

接著談毛利。2026年第一季毛利約為90萬美元，較2025年第一季約40萬美元增加逾一倍，年增改善115.5%。2026年第一季毛利率約為26%，相較於2025年第一季約18%，以及2025年第四季約30%。

The sequential movement from Q4 2025 to Q1 2026 was primarily driven by our sales channel mix. In Q4 2025. Our sales mix was weighted more heavily towards the direct-to-consumer sales channel, while in Q1 2026, our mix shifted closer to an even split between B2C and B2B.

從2025年第四季到2026年第一季的季對季變動，主要由我們的銷售通路組合所驅動。在2025年第四季。我們的銷售組合較偏向直接面向消費者通路；而在2026年第一季，我們的組合轉向更接近B2C與B2B各半。

Importantly, our B2C margin improved sequentially from approximately 30% to approximately 34%, but the higher relative concentration from B2B sales channel, which has a lower margin, impacted that blended gross margin.

重要的是，我們的B2C毛利率季對季由約30%提升至約34%，但由於B2B銷售通路（毛利率較低）的相對占比提高，影響了整體加權後的綜合毛利率。

On to operating expenses. Total operating expenses for Q1 2026 was approximately $6.6 million compared to $4.7 million in Q1 2025, an increase of approximately $1.9 million or 41%. Let me walk you through some of the key line items.

接著談營業費用。2026年第一季營業費用總額約為660萬美元，相較2025年第一季的470萬美元，增加約190萬美元或41%。我來帶各位看幾個主要科目。

Research and development expenses decreased by approximately $0.2 million, or 44%, between Q1 2025 and Q1 2026. This decrease reflects the natural progression of our product development projects. The AL4 and HD3 moved out of active development and into full production during 2025.

研發費用在2025年第一季與2026年第一季之間減少約20萬美元，或44%。此下降反映我們產品開發專案的自然進程。AL4與HD3在2025年已由積極開發階段轉入全面量產。

Our R&D spend is increasingly directed towards next-generation innovation rather than ongoing refinement of production-ready products.

我們的研發支出正愈來愈多地投入於下一代創新，而非對已可量產的產品進行持續微調。

General and administrative expenses increased by approximately $0.8 million or 24% from $3.4 million in Q1 2025 to $4.3 million in Q1 2026. This increase is primarily attributable to the timing of costs incurred to support capital market positioning and promotion of our enterprise value amidst a perceived valuation gap in our market value.

一般及行政費用由2025年第一季的340萬美元增加至2026年第一季的430萬美元，增加約80萬美元或24%。此增加主要歸因於為支持資本市場定位，以及在我們市值存在被認為的估值落差之際推廣公司企業價值所產生之成本，其發生時點所致。

We continue to manage this expense caption with strategic discipline.

我們將持續以策略紀律管理此費用項目。

Sales and marketing expenses increased by approximately $1.3 million or 148% from $0.9 million in Q1 2025 to $2.1 million in 2026. The increase reflected from, sorry, the increase resulted from the combination. Of intentional brand awareness and product launch campaigns directly linked to the launch of multiple product offerings in early 2026.

銷售與行銷費用由2025年第一季的90萬美元增加至2026年的210萬美元，增加約130萬美元或148%。此增加反映自，抱歉，此增加係由多項因素組合所致。包括有意提升品牌知名度，以及與2026年初多項產品上市直接相關的產品上市行銷活動。

We launched three products and initiated large-scale digital marketing campaigns to drive awareness for both the COR and SOLIS, as well as to support the overall brand validation. We are closely monitoring the ROI on each marketing channel and plan to optimize accordingly. On to cash flows and the balance sheet. Cash and cash equivalents were $566,000, down from $5.9 million approximately at December 31, 2025. As Stephen noted, this decline reflects working capital.

我們推出三項產品，並啟動大規模數位行銷活動，以提升COR與SOLIS的知名度，同時支持整體品牌驗證。我們正密切監控各行銷通路的投資報酬率（ROI），並計畫據此進行最佳化。接著談現金流與資產負債表。現金及約當現金為566,000美元，較2025年12月31日約590萬美元下降。如Stephen所提到，這一下降反映營運資金。

Deployed to fund multiple product launches and reduce prior period obligations. Net cash used in operating activities in Q1 2026 was approximately $8.2 million. Let's further discuss the cash used from operations.

用於支應多項產品上市並降低前期期間的義務。2026年第一季營業活動使用之淨現金約為820萬美元。我們再進一步討論營運所使用的現金。

Our net loss of approximately $5.8 million included approximately $1.1 million of non-cash items, primarily stock-based compensation, depreciation, and amortization. That implies a cash-based operating loss of approximately $4.7 million.

我們約580萬美元的淨損包含約110萬美元的非現金項目，主要為股份基礎給付、折舊與攤銷。這意味著以現金為基礎的營運虧損約為470萬美元。

Working capital used an additional approximately $3.5 million, driven primarily by inventory billed and the settlement of prior period payable obligations.

營運資金另使用約350萬美元，主要由已開立帳單的存貨以及清償前期期間應付義務所驅動。

I would like to reinforce that we do not expect the level of working capital use in Q1 2026 to repeat at the same magnitude as inventory begins converting into revenue and prior period obligations normalize. That normalization combined with a growing revenue base across multiple sales channels is how we close the gap and achieve cash flow positivity.

我想再次強調，我們預期2026年第一季營運資金使用的水準不會以相同幅度重演，因為存貨將開始轉化為營收，且前期期間義務將趨於正常化。該正常化再加上跨多個銷售通路的營收基礎成長，將是我們縮小差距並達成現金流轉正的方式。

Inventory increased by $2.1 million to $11.6 million as of March 31, 2026. Of that total, raw goods grew from $3.4 million to $5.3 million, a direct reflection of our investments in COR and SOLIS as well as the NEXUS product readiness. Raw materials of $5.4 million reflects our near-term production pipeline.

截至2026年3月31日，存貨增加210萬美元至1,160萬美元。其中，原物料由340萬美元增至530萬美元，直接反映我們對COR與SOLIS的投資，以及NEXUS產品的就緒準備。原材料540萬美元反映我們近期的生產管線。

We are not anticipating a significant use of cash for further material purchases until Q3 2026. Working capital as of March 31, 2026 was approximately $6.6 million compared to $10.1 million at December 31, 2025. This reflects our strategic decision to proactively convert working capital into operational assets to support the launch of multiple product lines in early 2026. Our asset base, anchored by approximately $13.3 million of net. Property and equipment represents our investment in our West Seneca manufacturing facility and continues to provide a strong foundation to support our future production growth.

我們預期在 2026 年第三季之前，不會為進一步的大宗材料採購而大量動用現金。截至 2026 年 3 月 31 日，我們的營運資金約為 660 萬美元，相較於 2025 年 12 月 31 日的 1,010 萬美元。這反映了我們的策略性決策：主動將營運資金轉換為營運資產，以支援 2026 年初多條產品線的上市。我們的資產基礎以約 1,330 萬美元的淨額為核心。不動產、廠房及設備代表我們對西塞尼卡（West Seneca）製造設施的投資，並持續提供堅實基礎以支援未來產能成長。

I will now turn the mic back to Stephen to review our operational milestones. Steven?

接下來我把麥克風交回給 Stephen，請他回顧我們的營運里程碑。Steven？

Thanks, Jenn. On January 13th, 2026, we announced the commercial launch of our flagship energy product duo, the SOLIS solar tonneau cover in the core portable energy system. This was a defining moment for Worksport. Years of R&D, engineering, certification work, and manufacturing preparation culminating in real products shipping to real customers from our facilities. SOLIS is the world's only commercially available solar-integrated hard-folding tonneau cover.

謝謝你，Jenn。在 2026 年 1 月 13 日，我們宣布正式商業上市我們的旗艦能源產品組合：SOLIS 太陽能捲蓋（tonneau cover）以及核心可攜式能源系統 COR。這是 Worksport 的關鍵時刻。多年研發、工程、認證作業與製造準備，最終化為真正的產品，從我們的設施出貨給真正的客戶。SOLIS 是全球唯一已商業化供應、整合太陽能的硬式可折疊捲蓋。

COR is a more modular portable energy system that integrates with SOLIS or functions as a standalone unit for the job site, off-grid, or emergency power needs. Together, they represent Worksport's entry into the multi-billion dollar clean energy and portable power market. We're so excited about it. With the initial product launches behind us, our 2026 focus is scaling SOLUS and COR revenue. In April of '26, COR received the safety and regulatory certifications needed for North American retail and commercial distribution, including all applicable UL and CSA improvements.

COR 是更具模組化的可攜式能源系統，可與 SOLIS 整合，或作為獨立單元用於工地、離網（off-grid）或緊急供電需求。兩者共同代表 Worksport 進入數十億美元規模的潔淨能源與可攜式電力市場。我們對此非常興奮。在初始產品上市告一段落後，我們 2026 年的重點是擴大 SOLUS 與 COR 的營收。在 2026 年 4 月，COR 取得北美零售與商用通路所需的安全與法規認證，包括所有適用的 UL 與 CSA 改善項目。

This certification package is important because it expands the universe of retailers, distributors, fleets, and commercial customers that we can evaluate to carry the product. We also strengthened our commercial sales channels around these products. In February 26, we announced a strategic partnership with Protomac International Partners to help position the SOLIS and COR ecosystem for federal, fleet, and commercial adoption channels. We do not consider these channels as immediate revenue sources, but it is an important awareness channel for products that conserve worksite, emergency, mobile power, and off-grid applications. SOLIS also carries credibility through our active conversations with OEMs. The point is not that OEM revenue is assumed in our 2026 sales pipeline. The point is that the product platform has strategic relevance beyond direct-to-consumer sales, and we are building the channel architecture to pursue that opportunity responsibly.

這套認證組合很重要，因為它擴大了我們可評估導入產品的零售商、經銷商、車隊與商用客戶範圍。我們也圍繞這些產品強化了商用銷售通路。在 2026 年 2 月，我們宣布與 Protomac International Partners 建立策略合作夥伴關係，以協助 SOLIS 與 COR 生態系在聯邦、車隊與商用採用通路中取得更佳定位。我們不將這些通路視為立即的營收來源，但它們是重要的曝光通路，適用於工地節能、緊急供電、行動電力與離網應用等產品。SOLIS 也透過我們與 OEM 的積極對話而具備可信度。重點不在於我們在 2026 年銷售管線中假設會有 OEM 營收。重點在於該產品平台在直面消費者（DTC）銷售之外仍具策略相關性，而我們正建立通路架構，以負責任的方式追求該機會。

The question we are focused on answering is how quickly these products scale through which channels COR and SOLIS did not represent a meaningful amount of sales in Q1. As emerging products, we're developing marketing assets, product awareness, and sales pipelines to target strong sales towards the rest of the year. We're just getting started. With a focus on certification, channel onboarding, repeatable fulfillment, and measure customer acquisition economics, the path for market adoption is becoming accessible. We note it took approximately one year.

我們目前專注要回答的問題是：這些產品會以多快的速度、透過哪些通路擴大規模；COR 與 SOLIS 在第一季並未帶來有意義的銷售額。作為新興產品，我們正在建立行銷素材、提升產品認知度，並打造銷售管線，以在今年其餘時間推動強勁銷售。我們才剛起步。隨著我們聚焦於認證、通路導入、可重複的履約流程，以及可衡量的客戶取得經濟性，市場採用的路徑正變得可及。我們注意到這大約花了一年時間。

For our initial made in the USA tonneau cover lines to build traction. I will repeat that. We note it took approximately one year for our initial made in the USA tonneau covers, the [AL3], to build traction, and we believe that we could achieve a similar speed or better with the SOLIS and the COR. The third major commercial milestone of the quarter was the unveiling of our NEXUS tonneau cover. Boy, is it exciting.

讓我們最初的「美國製造」捲蓋產品線建立起市場動能。我再重申一次。我們注意到，我們最初的美國製造捲蓋（[AL3]）大約花了一年時間才建立起動能，而我們相信 SOLIS 與 COR 也能達到相同甚至更快的速度。本季第三個主要商業里程碑，是我們揭露 NEXUS 捲蓋。真的令人振奮。

On March 19, 2026, we presented NEXUS to industry buyers at the Keystone Big Show. Keystone is one of the biggest aftermarket distributors in North America, one of the premier aftermarket distributors in North America, and this is one of the most premier events in North America. At the Keystone Big Show, our NEXUS product generated immediate buyer interest in pre-order activity. Following production and commercial launch in April of '26, early distributor interest is and remains significant. This supports management's expectations. That NEXUS can contribute meaningfully in net sales for this year.

在 2026 年 3 月 19 日，我們於 Keystone Big Show 向產業買家展示 NEXUS。Keystone 是北美最大的售後市場（aftermarket）經銷商之一，也是北美頂尖的售後市場經銷商之一，而這也是北美最頂級的活動之一。在 Keystone Big Show 上，我們的 NEXUS 產品立即引發買家興趣並帶動預購活動。在 2026 年 4 月完成生產並商業上市後，早期經銷商的興趣相當顯著且持續。這支持管理層的預期。NEXUS 可在今年為淨銷售額做出有意義的貢獻。

NEXUS is a premium tonneau cover featuring a newly engineered operating system designed to improve the ease of use. Safety and speed for truck owners. Unlike conventional folding tonneau covers that often require users to walk around both sides of the truck to secure latches or prop rods, NEXUS is designed to allow full operation from a single side of the truck while maintaining full bed access. This is a practical innovation that's focused on a clear customer pain point and early distributor demand supports our view that the product can accelerate adoption across both existing and new sales channels. I encourage everyone to check the product out at www.worksport.com. It's astonishing. In late 2026, we announced that we secured Tri-State Enterprises as a new cross-regional distribution partner and our biggest at the time.

NEXUS 是一款高階捲蓋，採用全新設計的操作系統，旨在提升易用性。並為卡車車主帶來更高的安全性與速度。不同於傳統折疊式捲蓋常需要使用者繞到卡車兩側去固定扣鎖或支撐桿，NEXUS 的設計讓使用者可在卡車單側完成全部操作，同時維持完整的貨斗進出空間。這是一項聚焦於明確客戶痛點的實用創新，而早期經銷商需求也支持我們的看法：該產品可加速在既有與新銷售通路的採用。我鼓勵大家到 www.worksport.com 看看這項產品，令人驚艷。在 2026 年稍晚，我們宣布已取得 Tri-State Enterprises 作為新的跨區域經銷合作夥伴，且在當時是我們最大的合作夥伴。

For a full tonneau cover lineup inclusive of NEXUS. Tri-State expands our distribution reach across Arkansas, Missouri, Oklahoma, and Texas. Tri-State operates approximately 1 million square feet of warehouse space and has already placed initial purchase orders and reorders. Management believes Tri-State can become a seven-figure near-term account with recurring multi-million dollar potential.

涵蓋包含 NEXUS 在內的完整捲蓋產品線。Tri-State 將我們的經銷觸及範圍擴展至阿肯色州、密蘇里州、奧克拉荷馬州與德州。Tri-State 營運約 100 萬平方英尺的倉儲空間，且已下達初始採購訂單並進行追加訂購。管理層認為 Tri-State 在短期內可成為百萬美元等級（七位數）的客戶，並具備經常性、數百萬美元的潛力。

Our distribution strategy remains a central pillar of our 2026 growth plan. We entered the year with a dealer network that exceeded 500 locations, a nearly six-fold increase from the start of last year. Our target is to reach 1,500-plus locations by the end. Of this year through a combination of direct dealer onboarding and new distributor partnerships. Remember, there's 17,000 dealers in America, so we're just getting started. The tri-state enterprise partnership announced in April of this year is our first major distributor relationship and gives us the broader penetration to new geographic markets.

我們的經銷策略仍是 2026 年成長計畫的核心支柱。我們在年初的經銷商網路已超過 500 個據點，較去年年初幾乎成長近六倍。我們的目標是在年底前達到 1,500 個以上據點。透過直接導入經銷商與新的經銷合作夥伴關係相結合。請記得，美國有 17,000 家經銷商，所以我們才剛開始。今年 4 月宣布的 Tri-State Enterprises 合作夥伴關係，是我們第一個主要的經銷商關係，讓我們能更廣泛滲透新的地理市場。

Importantly, this is not just a logo announcement. Tri-State has already placed initial purchase orders, and truck bed covers are among its top-selling categories. That alignment matters because it increases the likelihood the distribution reach can translate into real sell-through. We're also in closing discussions with nationwide dealer network capable of bringing our products to all US continental states.

重要的是，這不只是宣布新增一個品牌標誌（logo）。Tri-State 已經下達初始採購訂單，而卡車貨斗蓋是其最暢銷的品類之一。這種一致性很重要，因為它提高了經銷觸及範圍能轉化為實際終端銷售（sell-through）的可能性。我們也正與具備全國性經銷商網路的對象進行收尾階段的洽談，該網路有能力將我們的產品帶到美國本土所有州。

We will update investors as these discussions move from pipeline to signed commercial relationships. Each of these relationships represent a potential step change in distribution reach, but our standard for reporting progress will remain execution, orders, channel activation, repeat purchase behavior. We're strictly focused on execution this year. Our U.S. manufacturing and quality credentials also matter to the strategy. The West Seneca facility that we built is an ISO 9,001 2015 certified facility, which supports our ability to pursue larger dealer, distributor, fleet, and potential OEM relationships. Quality certification does not create revenue by itself, but it removes the friction in conversations with larger counterparties that require this for quality systems.

隨著這些討論從管線推進至已簽署的商業合作關係，我們將向投資人更新進展。上述每一項合作關係都可能帶來通路觸及範圍的躍升，但我們回報進度的標準仍將以執行為核心，包括訂單、通路啟動、重複購買行為。今年我們將嚴格聚焦於執行。我們在美國的製造與品質資歷同樣是策略的一部分。我們在西塞尼卡（West Seneca）建置的工廠已取得 ISO 9,001 2015 認證，這有助於我們爭取更大型的經銷商、分銷商、車隊，以及潛在 OEM 合作關係。品質認證本身不會直接創造營收，但它能降低與需要此類品質系統之大型交易對手洽談時的摩擦。

Our B2B go-to-market strategy continues to complement our direct-to-consumer e-commerce sales channel. We believe that the combination of strong online presence, an expanding dealer network, and new distributor partnerships is the right model to capture demand across the $4 billion plus tunnel cover market. The investors' takeaway is straightforward. The channel base is becoming larger, more diversified, and increasingly capable of absorbing a broader product lineup.

我們的 B2B 上市策略持續與我們的直面消費者（DTC）電商銷售通路相互補強。我們相信，強大的線上能見度、持續擴張的經銷網路，以及新的分銷夥伴關係之組合，是掌握超過 40 億美元的貨斗蓋（tunnel cover）市場需求的正確模式。投資人應得出的重點很直接。通路基礎正在變得更大、更多元，且愈來愈有能力吸收更廣泛的產品組合。

Let's talk AetherLux. Terravis Energy, our clean energy subsidiary, continued to make progress in the first quarter of this year. In February 2026, we confirmed that a large government entity is actively monitoring upcoming laboratory performance results for the AetherLux heat pump as a part of an internal evaluation process. We also announced that the certification work is progressing. With AHRI, Energy Star, and other North America certification milestones targeted within 2026. To be clear, no procurement decision has been made, and we are not currently projecting initial AetherLux revenue within this year. However, we anticipate commercial opportunities within 12 months.

我們來談談 AetherLux。我們的潔淨能源子公司 Terravis Energy 在今年第一季持續取得進展。在 2026 年 2 月，我們確認某大型政府機構正主動監測 AetherLux 熱泵即將公布的實驗室性能結果，作為其內部評估流程的一部分。我們也宣布認證工作正在推進。目標是在 2026 年內達成 AHRI、Energy Star 及其他北美認證里程碑。需要明確的是，目前尚未做出任何採購決策，我們也未在今年內預估 AetherLux 的初始營收。然而，我們預期在 12 個月內將出現商業機會。

What we are saying is that a credible government-related evaluation process is underway and that the technology is advancing towards third-party validation, certification, and potential early commercialization in the $150 billion-plus HVACR market.

我們要表達的是：一項具公信力、與政府相關的評估流程正在進行中，而該技術正朝向第三方驗證、認證，以及在超過 1,500 億美元的 HVACR 市場中潛在的早期商業化邁進。

We believe that AetherLux is the only heat pump technology in the world tested to operate at temperatures as low as negative 57 degrees Fahrenheit without the need for energy-intensive defrost cycles. Our proprietary ZeroFrost technology eliminates defrosting cycles entirely, opening the doors to markets and applications that have historically been difficult for conventional heat pump technologies to serve.

我們相信，AetherLux 是全球唯一一項經測試可在華氏零下 57 度的低溫下運作、且無需高耗能除霜循環的熱泵技術。我們的專有 ZeroFrost 技術可完全消除除霜循環，為過去傳統熱泵技術難以服務的市場與應用打開大門。

AetherLux can also be viewed as a strategic upside driver beyond the revenue drivers embedded in our 2026 pipeline. The core 2026 revenue is expected to be driven by the tunnel cover business and early SOLIS and COR contribution. AetherLux is a separate platform advancing through testing, certification, commercialization work. We intend to update investors as lab results and certification milestones are achieved. '26 outlooks, let's talk about this for a second. This is the strongest commercial work position Worksport has occupied to start any of the fiscal years in our history.

AetherLux 也可被視為超越我們 2026 年管線中既有營收驅動因素的策略性上行動能來源。2026 年的核心營收預期將由貨斗蓋業務以及 SOLIS 與 COR 的早期貢獻所帶動。AetherLux 是一個獨立平台，正推進測試、認證與商業化工作。隨著實驗室結果與認證里程碑達成，我們將向投資人更新。談到 2026 年展望，我們先花一點時間說明。這是 Worksport 在我們歷史上任何一個會計年度開始時所處於最強的商業工作位置。

We provided revenue 2026 guidance of $35 million to $42 million in our 2025 Form 10-K. We believe our revenue will increase substantially from 2025 and will actively target operational cash flow positivity this fiscal year. As part of our recent key leadership transition, we reevaluated our strategic priorities. We believe it is in the best interest of all shareholders.

我們在 2025 年 Form 10-K 中提供了 2026 年營收指引為 3,500 萬至 4,200 萬美元。我們相信營收將較 2025 年大幅成長，並將在本會計年度積極以營運現金流轉正為目標。作為近期關鍵領導層交接的一部分，我們重新評估了策略優先事項。我們相信這符合所有股東的最佳利益。

To conduct a high growth and durable business that can compound shareholder value over the long-term. Although it's not going to be a straight line, we are going to get there. And we are relatively young and we are a dynamic business with consistent growth in design, production, and distribution of quality and innovative products, which offers us a promising future and opportunities. We believe our approach to support this achievement of our strategic priorities includes a more holistic evaluation of our guidance policies. Accordingly, we plan to provide annual financial guidance every calendar year.

以打造一個高成長且具韌性的企業，能在長期複利式地提升股東價值。雖然不會是一條筆直的路，但我們會達成目標。我們相對年輕，且是一家充滿動能的企業，在優質且創新產品的設計、製造與通路分銷方面持續成長，為我們帶來可期的未來與機會。我們相信，為支持達成這些策略優先事項，我們的方法包括更全面地評估我們的指引政策。因此，我們計畫每個曆年提供一次年度財務指引。

The primary driver for moving away from quarterly guidance updates is to increase our emphasis on allocation of resources on long-term strategy, including a focus on shareholder value. We believe a change in the frequency of providing guidance updates from a quarterly basis to an annual basis allows us to prioritize long-term vision over short-term metrics, which will allow us to focus and align our near-term priorities to meaningfully contribute to the successful execution of our strategic objectives.

我們之所以主要改為不再提供季度指引更新，是為了更強調將資源配置於長期策略，包括聚焦股東價值。我們相信，將指引更新頻率由按季改為按年，能讓我們優先考量長期願景而非短期指標，並使我們得以聚焦並對齊近期優先事項，以實質貢獻於策略目標的成功執行。

With countless potential operational variables alongside emerging sales and product channel mixtures, we will hold off on specific guidance updates, but reaffirm our previous broader guidance. Fiscal 2026 is about achieving cash flow positivity from operations and continued upward revenue trajectory. As I said earlier, we are executing and we're going to continue to grow and we're going to hit cash flow positivity, but it is never a straight line. So in closing, to our investors and our analysts, I want to close with this. Three years ago, Worksport was generating under $2 million in annual revenue.

在無數潛在營運變數，以及新興銷售與產品通路組合並存的情況下，我們將暫緩提供具體的指引更新，但重申先前較為宏觀的指引。2026 會計年度的重點是達成營運現金流轉正並持續推升營收成長軌跡。如我先前所說，我們正在執行、我們會持續成長、我們會達成現金流轉正，但這從來不會是一條直線。最後，對我們的投資人與分析師，我想以這段話作結。三年前，Worksport 的年營收還不到 200 萬美元。

Last year, we crossed $16 million. This year, we're on the path for achieving operational capital, cashflow positivity, just with our foundational product and significant revenue uptake. This is the company we have all built together. We have done this by manufacturing in America, building products that dealers and consumers want, and expanding our distribution with discipline.

去年，我們突破了 1,600 萬美元。今年，僅憑我們的基礎產品與顯著的營收提升，我們正走在達成營運資本與現金流轉正的道路上。這就是我們共同打造的公司。我們透過在美國製造、打造經銷商與消費者想要的產品，並以紀律擴張我們的通路，達成了這一切。

I also want to know that I recently purchased shares on the open market, reflecting my personal conviction in the company's long-term direction. Our responsibility now is to turn that conviction into measurable execution, and I will purchase shares again if I have to. In Q1 of '26, it's not a perfect quarter from a cashflow perspective. It will be a quarter.

我也想讓大家知道，我最近在公開市場買入公司股票，反映我對公司長期方向的個人信念。我們現在的責任是把這份信念轉化為可衡量的執行成果，如有需要我也會再次買入股票。在 2026 年第一季，從現金流角度來看並不是一個完美的季度。它會是一個季度。

Was a quarter where we did what we said we were going to do, launched solus, launched core, unveiled NEXUS, added major distribution and completed core certifications, expanded gross margin year over year, and improved loss per share. All while it was the slowest quarter of the year. Q1 tends to be the slowest quarter. Seasonally of the year for Tonneau Cover sales. Q1 was the investment and launch readiness quarter. Q2 of 2026 and the second half were about proving conversions, turning inventory into revenue, dealer growth into orders, NEXUS demand into shipments, and margin expansion into lower cash flow. We're also building strategic vectors around federal channels, OE targeting for SOLIS and COR, and AetherLux certification progress, none of which are required for making the overall business operationally cash flow positive. We expect the tonneau cover business, our foundational business, to be capable of that on its own, and everything else is accretive to that.

那是一個我們做到了我們說要做的事的季度：推出 SOLIS、推出 COR、揭示 NEXUS、增加主要分銷、完成 COR 認證、毛利率年增，並改善每股虧損。同時，這也是一年中最慢的季度。第一季往往是最慢的季度。就貨斗蓋銷售而言，第一季在季節性上是一年中最淡的時段。第一季是投資與上市準備的季度。2026 年第二季以及下半年，重點在於驗證轉換、將庫存轉為營收、將經銷商成長轉為訂單、將 NEXUS 需求轉為出貨，以及將毛利擴張轉化為更低的現金流出。我們也正在圍繞聯邦通路、SOLIS 與 COR 的 OE 鎖定，以及 AetherLux 認證進展建立策略向量；其中任何一項都不是讓整體業務在營運層面達成現金流轉正的必要條件。我們預期貨斗蓋業務——我們的基礎業務——本身就能做到這一點，而其他一切都將對此帶來增益。

We are not managing this business for a single quarter. We are building a durable American-made manufacturing platform with growing channel reach, expanding product breadth, and clean energy optionality. We intend to earn investor confidence quarter by quarter through results, not promises. Thank you for your continued support and an interest in Worksport.

我們不是為了單一季度在經營這項業務。我們正在打造一個耐久的「美國製造」製造平台，具備不斷擴大的通路觸及、持續擴充的產品廣度，以及潔淨能源的選擇權。我們打算以季度接季度的實際成果來贏得投資人信心，而不是靠承諾。感謝您持續的支持，以及對 Worksport 的關注。

Thank you, Steve. We have Tate Sullivan here from Maxim, who has his hand up this in question.

謝謝你，Steve。我們這裡有來自 Maxim 的 Tate Sullivan，他舉手要提問。

Thank you, Steve. And thank you for the comments on inventory. That was the first thing, one of the first things I saw. And then with finished goods balance of $5.3 million of the $11.6 million, is most of that NEXUS, I assume, and other tunnel covers or relatively large amount in SOLIS and COR?

謝謝你，Steve。也謝謝你對庫存的評論。那是我看到的第一件事之一。另外，在 1,160 萬美元中，成品餘額為 530 萬美元，其中大部分我猜是 NEXUS 以及其他 tonneau cover（貨斗蓋），還是 SOLIS 和 COR 的占比也相對較大？

Core takes a chunk of it. It's in the millions for core, because we have to manufacture in batches of a thousand at a time.

COR 佔了其中一大塊。COR 是數百萬美元等級，因為我們必須一次以一千件為批量進行製造。

And then the rest is a blend, AL3, HD3, AL4, and NEXUS only just started being made at the tail end of the quarter. So Jen may have a bit more back of the napkin insight on that, but it's an even blend in my perspective. Am I right, Jen?

其餘則是混合：AL3、HD3、AL4；而 NEXUS 直到季度末才剛開始生產。所以 Jen 可能能用更「粗估」的方式補充一些洞見，但以我看來是相當平均的組合。我說得對嗎，Jen？

Yes, it's an even blend, but there isn't a concentration in our NEXUS to NEXUS concentrations really in our raw materials at this point.

是的，組合很平均，但目前並沒有特別集中在 NEXUS；真正較集中的是在我們的原物料端。

Okay, understood. And were there, does that imply first sales of SOLIS and COR and 2Q or not necessarily given the timing of the marketing on those products?

好的，了解。那麼，這是否意味著 SOLIS 和 COR 在第二季會有首次銷售，或不一定、要看這些產品行銷時程的安排？

Sorry, ask that again, Tate. Does the sales represent SOLIS and COR?

抱歉，Tate，再問一次。你是問銷售是否包含 SOLIS 和 COR 嗎？

Do you think you'll have first sales, first revenue from SOLIS and COR in the second quarter or did you already have some in the first quarter?

你覺得第二季會有 SOLIS 和 COR 的首次銷售、首次營收嗎？還是第一季就已經有一些了？

We had some. We were building the plane while we were flying it with the SOLIS and COR. Unfortunately, the final.

我們有一些。在 SOLIS 和 COR 上，我們有點像是一邊飛一邊造飛機。不幸的是，最後的。

Production units of both were also at the same time concurrent with initial productions like launch. So, when we got the first batches of cores, it was those very cores that we used to give to influencers, generate media content. And it takes probably a quarter in itself to produce the media content. And if you look on our webpage, Facebook, all the social medias, you're just starting to see that content get out there and then we have to do ad spend on it and. And invigorate the markets as well as the process to get it into distribution and dealers is difficult because there's pricing, there's agreements, there's negotiations. So like I said numerous times during the earnings call in the transcript is it's not a straight line, but at the end of the day, the dots connect one higher than the next and we've delivered that.

兩者的量產單位也同時與初期生產（例如上市啟動）並行進行。所以當我們拿到第一批 COR 核心產品時，我們就用那批核心產品提供給網紅，產出媒體內容。而製作媒體內容本身大概就需要一個季度。如果你看我們的網頁、Facebook、所有社群媒體，你會發現那些內容才剛開始釋出，接著我們還得投入廣告費，並且。同時也要帶動市場，而且要把產品導入經銷與通路的流程也很困難，因為涉及定價、合約、談判。所以我在這次法說會逐字稿中多次提到：這不是一條直線，但最終各個點會一個接一個往上連起來，而我們也已經做到。

So to answer the question, we did clip sales, COR and SOLIS, but they just weren't that meaningful. Although you look at the AL3, our first product, it took a year to get that to market and that product. As an existing market. When we're forging a new market, the likes of never, which has never existed, it's to be expected that it's going to take at least this year to get that product off the ground into meaningful revenue territory.

所以回答你的問題：我們確實有一些 COR 和 SOLIS 的零星銷售，但規模並不顯著。即便是我們的第一個產品 AL3，要把它推上市場也花了一年，而且那還是在一個既有市場中。那個產品。當我們是在開創一個前所未有、從未存在過的新市場時，可以預期至少需要今年一整年，才能讓該產品真正起飛並進入有意義的營收規模。

Okay. And last for me, one more, please. You had a slide on the B2C and B2B to know covers and then the combined price per cover. I mean, back to the envelope a little above 800, that's well above from the level for tonneau cover last year from the queue information. Is that because of the hardcover mix from softcover primarily? And then also the margins with B2B, those are lower than B2C, but by meaningful amount? Is that what you said? Sorry, two questions.

好的。最後我再問一個。你有一張投影片談到 B2C 和 B2B 的 tonneau cover，還有每個 cover 的合併價格。粗估大概略高於 800 美元，這比去年從 Q 的資訊看到的 tonneau cover 水準高很多。這是因為硬式 cover 的占比提高、而不是以軟式 cover 為主嗎？另外，B2B 的毛利率比 B2C 低，但差距是顯著的嗎？這是你剛剛的意思嗎？抱歉，兩個問題。

Yeah, so our costs, the average sell, the average order values has gone up by about 35%, if I'm not wrong, maybe even more. So we're just selling more expensive items. And then also with domestic inflation of our, we're 90%, we're over 90% domestically sourced material, so we don't have any very little foreign content, but domestic inflation is real. The price of aluminum has doubled in the past year, so our cost has also increased. And that's eroding margin, but as fast as it's eroding margin, which was a real thing last year as well, we're picking up efficiencies as well in how we make the product.

是的，我們的成本、平均售價、平均訂單金額大約提高了 35%；如果我沒記錯，甚至可能更高。所以我們只是賣出更高單價的品項。另外，國內通膨也影響我們；我們 90% 以上、超過 90% 的材料是國內採購，所以幾乎沒有、或只有非常少的海外成分，但國內通膨確實存在。鋁價在過去一年翻倍，因此我們的成本也上升。這會侵蝕毛利率；但在毛利被侵蝕的同時（去年也確實如此），我們也在產品製造方式上持續提升效率。

So we're improving as fast as domestic inflation might be nibbling away. But the good thing that the light at the end of the tunnel is aluminum's not going to stay at an all-time high. And when it increases, so will our margin exponentially while we maintain discipline in manufacturing. So I think that might answer your question if it's not a giant run-on sentence. And what was the second one, Tate?

所以我們改善的速度，跟國內通膨可能一點一點侵蝕的速度差不多。但好消息是，隧道盡頭的光是：鋁價不會一直維持在歷史高點。當鋁價回落時，只要我們維持製造紀律，我們的毛利率就會呈指數式改善。所以我想這應該回答了你的問題，只要這句話沒有太冗長。那第二個問題是什麼，Tate？

And then you had a 35% gross margin target, not understanding, doing the guidance on an annual basis. And I think you answered that, how you get there with, even if you have more B2B sales, lower aluminum prices.

另外，你們有 35% 的毛利率目標；我不太理解你們是以年度為基礎來做指引。我想你也回答了：即使 B2B 銷售占比更高、以及鋁價下降，你們如何達到那個目標。

That'll help you get to that 35%.

那會幫助你們達到 35%。

Is that a fair?

這樣理解公平嗎？

Yeah, with any luck. So there's a few different things that we're doing. Number one is B2B is back on the napkin, lower margin. But there's also a general lower cost to service the account, both in warranty, freight, marketing, CAC costs. CAC is a customer acquisition cost of Google, Meta, these types of ads. So what we.

是的，希望如此。所以我們正在做幾件不同的事。第一，B2B 以粗估來看毛利較低。但同時，服務該客戶的整體成本也較低，包括保固、運費、行銷、CAC 成本。CAC 是客戶取得成本（Customer Acquisition Cost），例如 Google、Meta 這類廣告。所以我們。

What we discount them is actually at times less than what we have to spend to sell it directly on our website. So net-net is very similar. And then we have the economies of scale from them reaching like tri-state enterprises. Let's block and tackle this question. Tri-state services Texas, same day. There's absolutely no way that Worksport has the infrastructure this year to be able to service that state same day. So now we have massive economies of scale by having relying on their infrastructure to just sell more covers to more people quicker and better. And then we, in essence, their discount on the product is the equivalent of our CAC cost, our customer acquisition cost on direct-to-consumer. So it almost nets out the same. And then again, and then the upside is economies of scale. So we have overhead absorption over more units. But then the other thing is, as soon as we have, with any luck, a trade deal specifically on aluminum. And some of this craziness that's happening in the broader geopolitical environments, where aluminum starts coming back in, and that's when we're really going to reap the benefits. So we're weathering a storm right now that everybody's weathering. The last thing I'll say is the most popular vehicle in North America is the F-150. And I believe the price tag of the F-150 for the average American's gone up $20,000 in a year for the base model, maybe if not $20,000, very close. That's because it's an all-aluminum truck. So Ford feels it. We're going to feel it. And you can't paint Worksport with a different brush than what Ford Motor Company gets painted with.

我們給他們的折扣，實際上有時甚至低於我們若直接在自家網站銷售所必須花費的成本。所以整體淨額來看非常相近。接著，他們觸及像三州地區企業客群所帶來的規模經濟也會顯現。我們把這個問題拆開來逐一處理。Tri-state 在德州提供當日服務。Worksport 在今年絕對不可能具備能在該州提供當日服務的基礎設施。因此，透過倚賴他們的基礎設施，我們就能以更快、更好地把更多車斗蓋賣給更多人，從而取得巨大的規模經濟。而且本質上，他們在產品上的折扣等同於我們直面消費者（DTC）模式下的 CAC 成本，也就是客戶取得成本。所以幾乎是相互抵銷，結果差不多。然後再說一次，上行空間就在於規模經濟。因此我們可以把間接費用分攤到更多的銷售單位上。但另外一點是，只要我們運氣好，能在鋁材方面達成某種貿易協議，以及目前更廣泛地緣政治環境中發生的這些瘋狂狀況有所緩解、鋁開始回流，那時我們就真的能收割效益。所以我們現在正在挺過一場風暴，而這是每個人都在挺過的風暴。我最後想說的是，北美最受歡迎的車款是 F-150。我相信對一般美國人而言，F-150 的基本款在一年內標價上漲了 20,000 美元；就算不是 20,000，也非常接近。那是因為它是一台全鋁車身的卡車。所以福特感受得到。我們也會感受得到。你不能用不同的標準來看待 Worksport，因為福特汽車公司被怎麼看待，我們也會被怎麼看待。

Thank you, Steven.

謝謝你，Steven。

Welcome, Tate. Thank you. Tate, also, now that we're starting to grow as a business, we're starting to see like, it's insane to think that Q1, that's measurably the slowest quarter of the year for tonneau cover sales. Now that we're growing, we're seeing this. Just a lot of snow in most of the US, cold weather, truck sales are down. So as we're maturing, we're learning this. But it's also to note that it's going to almost be impossible to ever have a Q1 be higher revenue than the.

不客氣，Tate。謝謝。Tate，另外，隨著我們的業務開始成長，我們也開始看到一件事——很難想像第一季其實可衡量地是車斗蓋銷售一年中最慢的季度。現在我們在成長，就更能看出這點。美國大部分地區雪很多、天氣寒冷，卡車銷量也下滑。所以隨著我們逐步成熟，我們也在學習這些季節性規律。但也要注意的是，第一季的營收幾乎不可能高於

The previous Q4, with Q4 being Christmas, all the holidays, as well as Black Friday, which is by measure our biggest month in November, there's almost no way. So while we're doing guidance and looking at following Worksport and to any investor and shareholder listening, it's important to note that Q4 will always be higher. Even if it's a $1 billion Q4, we're never going to have a $1.1 billion Q1, at least with the foundational products that Tano covers, unless there's a massive liquidity. The event and a new product like the AetherLux that might be a more winter seasonal product.

前一年的第四季；第四季有聖誕節、所有假期，還有黑色星期五，而以衡量來看，我們最大的月份是在 11 月，幾乎不可能超過。因此，當我們做財測指引、以及任何追蹤 Worksport 的投資人與正在收聽的投資者和股東，都必須注意：第四季永遠會更高。即便第四季做到 10 億美元，我們也不會有 11 億美元的第一季——至少在我們的基礎產品仍以車斗蓋為主的情況下，除非出現大規模的流動性事件，以及像 AetherLux 這樣的新產品，可能更偏向冬季季節性的產品。

Does that make sense?

這樣有道理嗎？

Yes, understood. Thank you.

是的，了解。謝謝。

All right, Steve, thanks for those replies. We did want to open the floor and give some commentary to the shareholders attending the call today. Going forward, Worksport will be hosting monthly town halls that will be speaking to commentary on business, recent press releases. And updates to the day-to-day developments that the business is happening. This is to boost transparency, but also to show the investors and shareholders all the wonderful things that are currently developing. As part of the town hall sessions, we do open up a Q&A portion to people attending the call, as well as people that have submitted questions before the call. In this case, we do have a host of questions that are available to us that people have submitted over the last 10 days. And Steve, I will now open the floor with some of those questions. Here, we have question number one, which is around our cash position. The question is stating that how we plan to fund the company, the current cash balance we have, as well as commentary on any expected dilution.

好的，Steve，謝謝你的回覆。我們也想開放現場，讓今天參與電話會議的股東提供一些意見與評論。接下來，Worksport 將每月舉辦一次市民大會（town hall），就業務狀況、近期新聞稿，提供評論。以及公司日常營運進展的更新。這是為了提升透明度，同時也向投資人與股東展示目前正在推進的各項成果。在市民大會中，我們也會開放 Q&A 問答環節給參與電話會議的人，以及在會前提交問題的人。就這次而言，我們手上有一系列問題，是大家在過去 10 天提交的。Steve，我現在就用其中一些問題來開場。這裡是第一個問題，關於我們的現金部位。問題是：我們計畫如何為公司提供資金、目前的現金餘額，以及對任何預期稀釋的評論。

It's a good question. I think that investors have to understand that I'm the biggest shareholder in Worksport recently having bought shares, and of course, I don't want to evolution. Nobody does. So what all shareholders and investors want is exactly the same. We all want Worksport to be $1,000 a share. We all want Worksport to pay dividends. We all want Worksport to be highly successful, and we also don't want any more shares ever to be issued. So you could see that over the past six months, we've been very modest at the market. So at the market, the offering we do at the market is just selling from time to time stock, at the market. It saves us warrants, it saves us discounts to hedge funds. Hedge funds often want discounts. It saves manipulation shorting, it saves banker fees, it saves investor relationships. Fees, which were significant last year during our Reg A. So to speak to dilution, we don't want it. And we tried to sip, not gulp for almost half a year, since December of last year was our last offering. So we're doing our absolute best there. We fund our operations through an operating line. We have a significant book value. The book value of the business is close to $30 million, if I'm not being. To forthright in saying that. So that's a financeable assets that we have that we're able to borrow again. So when borrowing money is cheaper than issuing securities at a $10 million market cap, we do that. But we are going to maybe raise some money this year. Last year, we were very active in the markets. We raised, I think, $25 million. This year would be a fraction of that, if 10% of that.

這是個好問題。我認為投資人必須理解，我是 Worksport 最大的股東，最近也買了股票；當然，我不希望發生稀釋。沒有人希望。所以所有股東與投資人想要的其實完全一樣。我們都希望 Worksport 一股 1,000 美元。我們都希望 Worksport 發放股利。我們都希望 Worksport 非常成功，而且我們也不希望未來再發行任何新股。所以你可以看到，在過去六個月，我們在市場上操作非常克制。所謂 at-the-market（ATM）發行，就是我們不時在市場上直接賣出股票。這讓我們省下認股權證，省下給避險基金的折價。避險基金往往會要求折價。也能避免操縱性放空，省下承銷商費用，省下投資人關係相關費用——這些費用在去年我們做 Reg A 時相當可觀。談到稀釋，我們不想要。而且自去年 12 月上一次募資以來，將近半年我們都盡量「小口啜飲」，而不是「大口吞下」。所以我們在這方面已經盡最大努力。我們透過營運授信額度來支應營運。我們有相當可觀的帳面價值。公司的帳面價值接近 3,000 萬美元，如果我沒有太直白地這麼說的話。因此我們擁有可融資的資產，能夠再次借款。所以當借款成本比在 1,000 萬美元市值下發行證券更便宜時，我們就會選擇借款。但我們今年可能還是會再募一些資金。去年我們在資本市場非常活躍。我們募了我想大約 2,500 萬美元。今年會是那個數字的一小部分，可能只有 10% 左右。

Through the markets or through debt instruments. The minute we're cash flow positive, we'll qualify for lines of credits at senior lines of credits at regional banks, at KeyBank in Buffalo. And that's what I'm really hoping that we could qualify for that $10 million, $20 million, $30 million line of credit. And I'm really thinking that as we land more distribution, that's going to be a pretty quick. I've said numerous times, and I hope that investors are listening when I say that it's not a straight line, but I think that the ramp this year in revenues is going. As close to straight as you could get in real business, which is always pretty. It's ugly, but it's we're getting there.

透過市場或透過債務工具。一旦我們的現金流轉為正，我們就有資格在區域性銀行取得授信額度，取得優先級授信額度，例如水牛城的 KeyBank。這也是我真正希望我們能符合資格、拿到那筆 1,000 萬、2,000 萬、3,000 萬美元的授信額度。而我真的認為，隨著我們拿下更多通路分銷，這會相當快。我已經多次說過，也希望投資人聽清楚：這不是一條直線，但我認為今年營收的爬坡走勢會是。在真實商業世界裡，你能得到的最接近直線的狀態，總是相當。很難看，但我們正在到達那裡。

Thanks, James. I appreciate that. Now we have a question for the CFO regarding a breakdown of G&A, if we could get some more insights there.

謝謝你，James。我很感謝。接下來我們有一個給財務長的問題，關於一般及行政（G&A）費用的拆解，希望能得到更多洞見。

Sure. So in terms of our breakdown of G&A, I'll talk about G&A and its totality and then what gets absorbed up into our margin, if you will. So in our G&A pool, about 66% of our G&A costs is with salaries, wages, and benefits, inclusive of equity compensation. About 11% of that is depreciation and amortization, about 10% relates to facility support, and then the remainder. Relates primarily to professional fees. And professional fees does include non-cash expense related to equity compensation. But of that 66%, it should be noted that about 20% of that actually gets absorbed into our margin.

當然。就我們 G&A 的拆解而言，我會先談整體的 G&A，然後再談其中哪些會被吸收到我們的毛利（margin）裡，如果你願意這麼理解的話。在我們的 G&A 費用池中，大約 66% 的 G&A 成本是薪資、工資與福利，包含股權薪酬。其中約 11% 是折舊與攤銷，約 10% 與設施支援相關，其餘部分。主要與專業服務費用相關。而專業服務費用確實包含與股權薪酬相關的非現金費用。但在那 66% 當中，需要注意的是，其中約 20% 實際上會被吸收到我們的毛利裡。

Fantastic. Thanks for that insight, Jen. And we had a question for Steve regarding. The company's view on how AetherLux should be valued or at least looked at at this current time?

太棒了。謝謝你的洞見，Jen。我們也有一個給 Steve 的問題，關於。公司如何看待 AetherLux 在目前這個時間點應該如何估值，或至少應該如何看待？

I think that if AetherLux, if Terravis Energy was private, I feel that it would have a significant valuation. I'm going to disclaim that, a disclaimer that I'm not making any representations or warranties by saying this, but I believe that Terravis Energy and just the technology with the AetherLux should be a nine-figure valuation. The significance of interest that we've had from business. Businesses that are global, the likes of which we've never seen before. So at its current stage, I feel that it's a nine figure valuation because I feel that it presents nine and 10 figure revenue opportunities very quickly. And we're going to get there. I mean, we've shown that we know how to get a product to market and selling. So this is just the same. So I think that the valuation, although is. Basically nothing right now. We're trading at a third of our book value. I think that Terravis Energy is a significant value, $50 million to $100 million at minimum if it was private.

我認為如果 AetherLux、如果 Terravis Energy 是一家私營公司，我覺得它會有相當可觀的估值。我先聲明一下：我這麼說並不構成任何陳述或保證，但我相信 Terravis Energy 以及 AetherLux 的技術應該有上億美元等級的估值。我們從企業端獲得的關注程度非常顯著。而且是全球性的企業，這種規模是我們以前從未見過的。所以在目前階段，我覺得它是上億美元等級的估值，因為我認為它能很快帶來數億甚至十億美元等級的營收機會。而我們會做到。我的意思是，我們已經證明我們知道如何把產品推向市場並且銷售。所以這次也是一樣。因此我認為這個估值，雖然。基本上現在幾乎等於沒有。我們的交易價格只有帳面價值的三分之一。我認為如果 Terravis Energy 是私營公司，它至少會是一個很有價值的資產，最低 5,000 萬到 1 億美元。

Thank you, Steve. We have a question here regarding sales and marketing spend. Could you comment on the jump of Q1 sales and marketing expense and what we think is going to be more likely for this end of the year?

謝謝你，Steve。這裡有一個關於銷售與行銷支出的問題。你能評論一下第一季（Q1）銷售與行銷費用跳升的原因，以及我們認為到今年年底更可能會是什麼水準嗎？

Yeah, absolutely. So because of the increase in costs that we've had as a result of inflation, domestic aluminum prices doubling, we've had to reduce the ability to discount. So before, if you guys saw, we were doing AL3s for $7.99, and now AL3s are almost $1,000, so we can't discount our product as much. So to that extent, we've had to spend more on marketing to be able to get higher. Average order value. So we think that the marketing, we got it under control now. It took all of this quarter, sorry, Q1 to get it under control with the reduction of discounts. And we think that the spend is going to be probably about 20% to 30% of the sales. So it's going to keep going up. We're going to spend more because we want to sell more. But the idea is it's all profitable.

好的，當然。由於通膨導致成本上升、國內鋁價翻倍，我們不得不降低折扣的幅度。所以以前，如果你們有看到，我們 AL3 賣 7.99 美元，而現在 AL3 幾乎要 1,000 美元，所以我們沒辦法像以前那樣大幅折扣。因此在這種情況下，我們必須在行銷上花更多錢，才能拉高。平均訂單金額。所以我們認為現在行銷已經控制住了。抱歉，花了整個季度，也就是 Q1，才在降低折扣的同時把它控制住。我們認為支出大概會是銷售額的 20% 到 30%。所以它可能會持續上升。我們會花更多，因為我們想賣更多。但重點是，這一切都是有利潤的。

We had a question here about Tri-State. There was a recent distribution partnership with Tri-State. Could you comment on how big that really is, quote unquote, and if it is likely to lead to other partnerships with other distributors?

這裡有一個關於 Tri-State 的問題。最近與 Tri-State 達成了一項分銷合作夥伴關係。你能評論一下這到底有多大（所謂「有多大」），以及是否可能促成與其他分銷商的合作嗎？

Yeah, so Tri-State's massive. Tri-State services, Texas, same day. We can't do that.

可以，Tri-State 規模非常大。Tri-State 在德州提供當日服務。我們做不到。

There's no way we can compete with their service level. They're a big business. They have 1 million square feet of warehouse space, and they sell tens of millions of dollars of tunnel covers a year, and the NEXUS is the best tunnel cover in the market. I could guarantee that. So Tri-State could be a seven figure, maybe even eight figure account for Worksport. And we've heard of distributors buying tens of millions of dollars a month from our competitors, so I don't think that Worksport would not be able to at least aspire towards. That as time goes. And the Tri-State, there's three distributors in America. Tri-State is more regional. They're not national. They don't service all of the US. Then there's Meyer and Keystone that's owned by LKQ Corporation. Typically, they compete with each other. So whatever Tri-State does, Meyers does, and then Keystone does. So the fact that we've landed one means that we are very confident that we're going to land the other two, and the other two are larger.

我們不可能與他們的服務水準競爭。他們是一家大型企業。他們有 100 萬平方英尺的倉儲空間，每年銷售數千萬美元的車斗蓋（tunnel covers），而 NEXUS 是市場上最好的車斗蓋。我可以保證。所以 Tri-State 對 Worksport 來說可能是一個七位數、甚至八位數美元的客戶。而且我們聽說有些分銷商每個月向我們的競爭對手採購數千萬美元，所以我不認為 Worksport 不能至少以此為目標。隨著時間推進。而在美國有三家分銷商。Tri-State 比較偏區域性。他們不是全國性。他們不服務全美。另外還有 Meyer，以及由 LKQ Corporation 擁有的 Keystone。通常他們彼此競爭。所以 Tri-State 做什麼，Meyers 也會做，然後 Keystone 也會做。因此我們拿下一家，代表我們非常有信心能拿下另外兩家，而另外兩家規模更大。

In revenue and in size, and they service all of North America, inclusive of Canada and maybe even Latin America. So the answer is whatever Tri-State does, typically Keystone and Myers does as well. And Keystone and Myers are bigger in terms of top-line revenue. So the opportunity becomes exponentially larger while Tri-State in itself is still very meaningful for top-line revenue opportunities.

無論在營收或規模上都更大，而且他們服務整個北美，包含加拿大，甚至可能包含拉丁美洲。所以答案是：Tri-State 做什麼，通常 Keystone 和 Myers 也會做。而 Keystone 和 Myers 在營收規模（top-line revenue）方面更大。因此機會會呈指數級放大；同時 Tri-State 本身對營收成長機會仍然非常有意義。

Thank you. We have another question regarding the certification of the core that has recently passed through in Q1 of 2026, does that mean that we can expect revenues to start coming in from that product line or what does that mean in terms of commercialization?

謝謝。我們還有另一個問題，關於在 2026 年第一季最近通過的 core（核心產品）認證，這是否代表我們可以預期該產品線開始帶來營收？或者就商業化而言，這代表什麼？

Yeah, so we don't need to ISO, sorry, we don't need to have certification. There's Chinese units on Amazon right now that aren't certified. We don't sell on Amazon. Amazon is, I think, where products go to die, but as we talk to OEMs, governments, and fleets, it's a good qualifier. So ISO certification opens the door to commercial B2B.

是的，所以我們不需要 ISO，抱歉，我是說我們不需要取得認證。現在亞馬遜上就有未經認證的中國產品在賣。我們不在亞馬遜上銷售。我覺得亞馬遜是產品「去等死」的地方，但當我們與 OEM、政府以及車隊客戶洽談時，這是一個很好的資格門檻。因此，ISO 認證能為商業 B2B 打開大門。

Meanwhile, on direct-to-consumer B2C, we've got the marketing assets live now. We're just rolling them out now, and we're going to start the marketing engine. The AL3 took a year to get off the ground, and we think that within the same year timeframe, so let's say Q1 of this year to the end of Q1 of next year, we think that the core is going to be significant. One thing I'll say is EcoFlow, which is Chinese-owned, Chinese-operated. Farhan, you got the statistic. I think it was about $1 billion in sales a few years ago.

同時，在直面消費者的 B2C 方面，我們的行銷素材資產現在已經上線。我們正在逐步推出，並將開始啟動行銷引擎。AL3 花了一年才真正起步，我們認為在相同的一年時間框架內——也就是從今年第一季到明年第一季末——core 將會變得相當重要。我想補充的是 EcoFlow，是一家中資、由中國團隊營運的公司。Farhan，你有那個數據。我記得幾年前大概有約 10 億美元的銷售額。

Reported to sell over $1 billion in 2023.

據報導其在 2023 年的銷售額超過 10 億美元。

Yeah, so in 2023, EcoFlow, which is a Chinese-owned and operated business with an inferior product, not modular, at least like ours, sold $1 billion three years ago. So we know that even if we got 10% of that over time, that's still $100 million in top-line revenue and the product's done. We've turned off the R&D engine for that product, so there's no more spend. It's just a matter of getting it out there and getting it selling. So the rest of this year is extremely bright looking for the core.

對，所以在 2023 年，EcoFlow 這家由中國持有並營運、且產品較差（至少不像我們這樣模組化）的公司，三年前就賣到 10 億美元。因此我們知道，即使我們隨著時間只拿到其中 10%，那也仍是 1 億美元的營收（top-line revenue），而且產品已經完成。我們已經把該產品的研發引擎關掉了，所以不再有額外支出。接下來只是把它推出去並讓它開始銷售的問題。所以今年剩下的時間，core 的前景非常光明。

Thanks, Steve. And we have an interesting question here regarding the revenue guidance from 2025, where we initially stated a guidance of $20 million on the north side, and the year ended up. Closing through at $16 million, which was still an improvement by almost 100% year-over-year. The shareholder has a question regarding missing that guidance and why that kind of happened and what that means for the future revenue guidances that we might speak to.

謝謝你，Steve。我們這裡有一個很有意思的問題，關於 2025 年的營收指引：我們一開始給出的指引上緣是 2,000 萬美元，而年度最終收在 1,600 萬美元，雖然仍較去年同期成長了將近 100%。年度最終收在 1,600 萬美元，雖然仍較去年同期成長了將近 100%。有股東想問，為什麼沒有達到該指引、原因是什麼，以及這對我們未來可能提供的營收指引意味著什麼。

Yeah, good question. Revenue guidance, we're a $10 million market cap company. I was saying internally today that we have no business issuing guidance. We're just doing it to be as transparent as possible. So we don't have to issue guidance. We're doing it to be able to at least let shareholders participate in the business and see what our aspirations and dreams are. But we're just a brand new business. It's not like after 10 or 20 years of operations, you could really kind of.

是的，好問題。關於營收指引，我們是一家市值 1,000 萬美元的公司。我今天在內部說，我們其實沒有理由發布指引。我們這麼做只是為了盡可能透明。所以我們不一定要發布指引。我們這麼做，是希望至少讓股東能參與這門生意，看到我們的抱負與願景。但我們畢竟是一家全新的企業。不像已經營運 10 年或 20 年後，你就能真正地……

Go based on real metrics. Last year was the 1st year for us to be in business with two product lines. This year is the 1st year for us to be in business with seven product lines. So we're really just doing educated guesses, and we could spend more and sell more, but then the gross margin goes down. So to be able to maintain profitability, it's always a balancing act. We want to be able to sell more, but yeah, we have to spend more on Google, we have to spend more on sales reps and agents and commissions.

依據真實的指標來推估。去年是我們第一次同時經營兩條產品線的一年。今年是我們第一次同時經營七條產品線的一年。所以我們基本上是在做有根據的猜測；我們可以花更多錢、賣更多貨，但毛利率就會下降。因此為了維持獲利能力，這永遠是一種平衡。我們希望能賣更多，但沒錯，我們就得在 Google 上花更多錢，也得在業務代表、代理商與佣金上投入更多。

And then the profit's very low and then that looks even worse. So we have to call it at the end of the year towards the second half of the year saying, let's focus on profit to be able to finance the operations versus the growth. The growth is going to be there. It's just a matter of getting there profitably. And that's a very difficult balancing act. So we're going to get to a middle market business, but we want to get there profitably, which may take us a little longer. But it's better than getting there fast, but not profitable.

然後利潤就會變得很低，這樣看起來反而更糟。所以我們必須在年底、接近下半年時做出取捨：是要把重點放在獲利以支應營運，還是放在成長。成長一定會來。只是要如何以獲利的方式達成。而這是一個非常困難的平衡。所以我們會成為一家中型市場（middle market）的企業，但我們希望以獲利的方式到達那裡，這可能會花我們多一點時間。但這比起很快到達、卻不獲利要好。

Thanks, Steve. We have another question regarding evidence that NEXUS could be a meaningful revenue driver. Could you speak about the NEXUS product and where you think it falls improving the revenue mix for 2020?

謝謝你，Steve。我們還有另一個問題，關於是否有證據顯示 NEXUS 可能成為重要的營收驅動因素。你能談談 NEXUS 產品，以及你認為它在改善 2020 年的營收組合（revenue mix）方面會落在什麼位置嗎？

A good friend of mine, Julian Mayman, was the founder of BAK Industries. He's a friend that I do keep in touch with. He exited the business. He had BAK Industries at $80 million in revenues over a decade ago with the BAKFlip G2, which is measurably inferior to the NEXUS. BAK Industries is rumored to be over $200 million in revenues today, and their product, I believe, are measurably inferior. If you see some of the videos I did a year ago online. They have paper-thin aluminum panels, they have rubber seals, you have to drill holes in the bed, you have to walk around and do prop rods up, and they're just not as good of a product. And I'm sure, I'm not even, I'm not trying to. Poorly about the company, I look up to their parent company. But I do know that of Back Industries product, the rumor was about $200 million in sales, whether that was a high of a few years ago or it's something that they're still doing today. I don't really know because they're private still, but that was the rumors from credible sources. So the answer is if Back Industries is selling an inferior product, albeit longer standing product, and about over $100 million, I think that Worksport can be able to get to $50 million or $100 million in top-line revenues within an improved, a significantly better product that you don't have to walk around the truck. It doesn't dent as easily and doesn't require drilling and doesn't fall apart after a year.

我有一位好朋友 Julian Mayman，他是 BAK Industries 的創辦人。他是我一直保持聯繫的朋友。他已經退出那家公司。十多年前，他靠著 BAKFlip G2 把 BAK Industries 做到 8,000 萬美元營收，而那款產品在可衡量的層面上明顯不如 NEXUS。據傳 BAK Industries 如今的營收已超過 2 億美元，而他們的產品我認為在可衡量的層面上也較差。如果你看我一年前在網路上做的一些影片。他們的鋁板薄得像紙、用橡膠密封條、你得在車斗上鑽孔、還得繞著車走去把支撐桿撐起來，整體就是沒那麼好的產品。而且我確定——我甚至不是想要……貶低那家公司，我很敬重他們的母公司。但我確實知道，關於 BAK Industries 產品的傳聞是大約 2 億美元的銷售額，不管那是幾年前的高峰，或是他們現在仍維持的水準。我不太確定，因為他們仍是私人公司，但這些傳聞來自可信來源。所以答案是：如果 BAK Industries 能靠一個較差的產品（雖然是更早推出、歷史更久的產品）做到超過 1 億美元，我認為 Worksport 憑藉更好的產品、而且你不需要繞著卡車走來走去，就有機會把營收做到 5,000 萬或 1 億美元。它不那麼容易凹陷、不需要鑽孔，而且不會用一年就散架。

Fantastic. Thanks for that insight, Steve. We do have one more question here regarding the sales and marketing's percentage. And we're going to direct this to Jen. The percentage of sales and marketing that is variable. B2C, could you comment on how that was in Q4, Q1, and now heading into Q2 2026?

太棒了。謝謝你的見解，Steve。我們還有最後一個問題，關於銷售與行銷費用的占比。我們要把這題交給 Jen。銷售與行銷中屬於變動成本的比例。在 B2C 方面，你能評論一下 Q4、Q1 的情況，以及現在進入 2026 年第二季時的狀況嗎？

Sure, I'd be happy to do so. So in terms of sales and marketing, the variability really rests with a lot of our IR efforts that we've done to promote our brand, combined with a.

當然，我很樂意這麼做。因此，就銷售與行銷而言，波動性主要取決於我們為推廣品牌所做的大量投資人關係（IR）工作，再加上……

A concentration not only in performance marketing, but also overall brand awareness. We did complete a multi-month campaign with a vendor to evaluate our overall brand awareness and found that the performance marketing that we have actually.

不僅在成效型行銷上的集中投入，也包含整體品牌知名度。我們確實與一家供應商完成了一項為期數月的活動，以評估整體品牌知名度，並發現我們實際上所做的成效型行銷……

Been doing so intensely over the past year or so has really contributed towards broader brand awareness and our primary server in the B2C space being those good old truck owners. So we really took that information towards the end of Q1 2026 and said, let's just keep honing in on the.

在過去一年左右如此密集地進行，確實有助於提升更廣泛的品牌知名度，而我們在 B2C 領域的主要客群就是那些老派的卡車車主。因此，我們在 2026 年第一季末左右把這些資訊納入考量並表示：我們就持續聚焦在……

Awareness that we are doing in terms of our product awareness and refining our strategies there so that we can get closer to a more normal rate, if you will, to achieve growth certainly within the B2C space, but not having to do as much in the way of promotions as we have in the past 12 months.

我們在產品認知方面所做的知名度提升，並在那裡精進策略，讓我們能更接近一個較為正常的水準（如果你願意這麼說），以在 B2C 領域實現成長，同時不必像過去 12 個月那樣做那麼多促銷。

So I mean, speaking specifically to the product margins in B2C, could you comment on how we saw a change of marketing thoughts as as described inside the crowds, perfectly hoping that's going to get a bit more insight on how that played out and what we expect to happen?

所以，我的意思是，針對 B2C 的產品毛利，你能否評論一下：如同在……人群裡所描述的那樣，我們如何看到行銷思維的變化；希望能更深入了解這是如何發生的，以及我們預期會如何發展？

Could you repeat the question? I apologize. You were a little bit muffled.

你可以重複一下問題嗎？不好意思。你那邊聲音有點悶。

Yeah, you're mumbled. Sorry about that. Is this a little bit more clear? Somewhat. The question is related to the product cost of marketing. If you could give some more insight on how the product marketing cost has changed in the last few months and where it's expected to go.

對，你有點含糊。抱歉。這樣有比較清楚嗎？稍微。問題與產品行銷成本有關。如果你能多提供一些洞見，說明過去幾個月產品行銷成本如何變化，以及預期會往哪個方向走。

But product marketing costs have changed in the last few months and where it's expected to go.

也就是：產品行銷成本在過去幾個月如何變化，以及預期會往哪裡走。

Well, we've done a lot of work in terms of making sure that we understand the level of effort that's necessary in order to contribute towards a successful campaign. And to that end, we've employed some outside consultants to help us assess our existing campaigns, augment those campaigns, and produce more credible reporting for which we are able to use that information in order to. Build better algorithms, if you will, and achieve our objectives. So we very much have been able to use a lot of what we've learned in the AL3, AL4 initiatives to essentially zoom in on our effort and AL4 space, which is a really great revenue driver for us. And then also use that information as a springboard for the COR and SOLIS, because the COR and SOLIS, H1stly, from a marketing standpoint, direct-to-consumer. Marketing standpoint is a different approach because it achieves the ability to capture market at a broader on a broader scale as opposed to just a niche market. Hopefully that addresses your question.

嗯，我們做了大量工作，以確保我們了解要促成一個成功活動所需的投入程度。為此，我們聘請了一些外部顧問，協助我們評估既有活動、強化這些活動，並產出更可信的報告；我們能運用這些資訊來……建立更好的演算法（如果你願意這麼說），並達成我們的目標。因此，我們確實能把在 AL3、AL4 計畫中學到的許多內容，用來本質上更聚焦我們在 AL4 領域的投入，而那對我們來說是非常重要的營收驅動因素。同時也把這些資訊作為 COR 與 SOLIS 的跳板，因為 COR 與 SOLIS，坦白說，從行銷角度、直面消費者（DTC）的行銷角度來看，是不同的方法，因為它能在更廣的尺度上捕捉市場，而不是只針對利基市場。希望這回答了你的問題。

It does also, I'll just chime in real quick for on that. Marketing is very volatile. So for example, one of our competitors has 2 million site visitors a month. And that's not very organic, that's paid visitors. And let's say it's $1 per visitor, they're spending $2 million a month in ads and we're competing directly with them and other competitors as well. So the space is just highly competitive. I think that the US economy is challenged. So the marketing costs are more significant this year because businesses need to continue to find growth and get sales. So it's just more competitive in the marketing world right now and it's expensive. So to that extent, marketing costs are very volatile and it takes a level of basically geniuses to navigate this on an active, almost 24/7 basis.

有的；我也很快補充一下。行銷非常不穩定。例如，我們其中一個競爭對手每月有 200 萬網站訪客。而那並不是很自然的流量，是付費流量。假設每位訪客 1 美元，他們每月在廣告上花 200 萬美元，而我們正直接與他們以及其他競爭對手競爭。所以這個領域競爭非常激烈。我認為美國經濟面臨挑戰。因此今年行銷成本更高，因為企業需要持續尋找成長並取得銷售。所以目前行銷世界就是更競爭、也更昂貴。因此，行銷成本非常波動，需要一種幾乎是天才的水準，才能以主動、幾乎 24/7 的方式駕馭它。

Thanks, Steve. And the last question here is, if you had any final remarks for shareholders that are currently listening to this call and have read the queue, what would you want them to know as the key takeaway from this call?

謝謝你，Steve。最後一個問題是：對於目前正在收聽這通電話、也已讀過 Q&A 的股東，你是否有任何最後的話想說？你希望他們從這通電話得到的關鍵重點是什麼？

Key takeaway is that growth is ugly and it's not in a straight line. That in the up-listing era of 2021, when we listed to Nasdaq and OTC.

關鍵重點是：成長是醜陋的，而且不是一條直線。在 2021 年升板的時期，當我們在 Nasdaq 與 OTC 上市時……

We uplisted with companies, my comrades.

我們與一些公司一起升板，我的同袍們。

That none of which exists, which is a testament to how difficult it is to grow a business. And that as easy as it is to judge us for our losses, our victories are significant and meaningful in this space while we had COVID, hyperinflation, multiple wars, and a lot of economic challenges. But the point is that we remain steadfast in execution. And we remain steadfast in delivering on our business from $1 million to $6 million. Sorry, from $1 million to $8 million to $16 million and this year with the 30-plus in line.

那些公司沒有一家還存在，這證明了要把企業做大有多困難。而且，儘管外界很容易因為我們的虧損而評斷我們，但在這個領域，我們的勝利是重大的、也是有意義的——尤其是在我們經歷了 COVID、惡性通膨、多場戰爭，以及許多經濟挑戰的情況下。但重點是，我們在執行上依然堅定。我們也依然堅定地交付我們的業務成果，從 100 萬美元到 600 萬美元。抱歉，從 100 萬美元到 800 萬美元到 1,600 萬美元，而今年則有 3,000 萬以上在……

In sight. I think the key takeaways are that we're executing, but it's not a straight line and it's not easy. And if it was easy, those that judge easily would be doing it themselves. So to that extent, we're just we're focused on this exclusively and working our rear ends off and we're going to get there. This year is the 1st year we have seven products with AetherLux coming down the pipeline as well. So the key takeaways are.

可見範圍內。我認為關鍵重點是：我們正在執行，但它不是一條直線，也不容易。如果很容易，那些輕易批評的人早就自己去做了。所以在這方面，我們就是專注於此、全力以赴地工作，我們會達成目標。今年是第一年，我們有七項搭載 AetherLux 的產品正在管線中推出。所以關鍵重點是……

As much as we didn't sell as much this quarter than Q4, which is unrealistic and crazy to think that a business would sell more in the middle of winter than Christmas and Black Friday, we also spent less and we came out basically even. So if we had stole $5 million, we would have made basically the same amount of profit from having to spend so much in marketing. So to that extent, we're being prudent.

儘管本季的銷售不如第四季——而期待一家企業在隆冬時節比聖誕節與黑色星期五賣得更多，這是不切實際、也很荒謬的——我們也花得更少，結果基本上打平。所以如果我們多賣 500 萬美元，因為必須在行銷上花那麼多錢，我們基本上也會得到差不多的利潤。因此，在這方面，我們是審慎的。

And we're showing stable, disciplined growth, and we have the best in front of us. Meanwhile, we're focused on delivering shareholder value, which is selfish because I'm a big shareholder in workforce. So I want what everybody on this call wants, which is continued success. So that's in short what it is. It's not a straight line and it's not pretty, but we're grinding.

而且我們展現出穩定、紀律性的成長，最好的還在前方。同時，我們專注於為股東創造價值；這也有點自利，因為我自己就是 Worksport 的大股東。所以我想要的，跟這通電話上每個人想要的一樣：持續成功。所以簡而言之就是這樣。它不是一條直線，也不漂亮，但我們正在努力拚搏。

Thank you very much, Steve. Thank you, Jenn, and thank you for everyone attending the call. This does mark the end of the conversation. But we do encourage you to send any additional questions or remaining questions to us at investors@worksport.com, and we look forward to hosting monthly Town Halls going forward.

非常感謝你，Steve。謝謝你，Jenn，也謝謝所有參與這通電話的各位。這也標誌著本次對話的結束。不過我們鼓勵各位將任何額外問題或尚未解答的問題寄到 investors@worksport.com，我們也期待未來持續每月舉辦 Town Hall。

Yeah, I'll close, Farhan, just to say, yeah, in order to do a following, to increase our following and our appreciation of our hard work and be able to listen to shareholders, we're going to do monthly town halls. So what we're going to do now is every month, we're going to do major press releases that have to go out. We'll go out, we'll do press releases at the end of the month for smaller town hall related matters, updates, so a larger press release that outlines smaller, important elements that are not as material.

是的，我就做個結尾，Farhan，簡單說，為了建立追隨者、提升大家對我們辛勤工作的認同，並且能夠傾聽股東的意見，我們將每月舉辦一次線上市民大會（town hall）。所以我們現在要做的是：每個月都會發布必須對外發布的重大新聞稿。月底我們也會針對較小、與市民大會相關的事項與更新發布新聞稿；同時會有一份較大型的新聞稿，概述一些較小但重要、但在重大性上沒那麼高的要點。

And so anything material comes out right away, of course, by requirement. And then immediately adjacent to that press release, we're going to schedule, I think about a week later, a town hall, where I'm going to be live on, like today, I'm everywhere, but we're going to be live on video, just, answering questions live. Shareholders will be able to go live, they'll answer, they'll ask questions not typed, we'll welcome them, to voice their questions, they can share video, and we're just going to have an open and frank conversation. Win, lose, or draw on a monthly basis where we'll give updates on sales, revenues, answer questions. You want to know about G&A. I see a question here about salaries and payroll. Jen, actually, you should answer that. Salaries and payroll, if you're still here on G&As, is there a round number you could throw out there on what that looks like?

當然，任何具重大性的事項都會依規定立即發布。然後在該新聞稿發布後緊接著，我們會安排大約一週後舉辦一場市民大會；我會像今天一樣現場上線——今天我在各個平台——但我們會以影片直播的方式，直接即時回答問題。股東可以即時連線，他們會提問；我們也歡迎他們用語音提出問題，而不是只用打字，他們也可以開啟視訊分享，我們就進行一場開放且坦率的對話。每月不論結果如何（贏、輸或平手），我們都會更新銷售、營收並回答問題。你想了解一般及行政費用（G&A）。我看到這裡有個關於薪資與薪酬發放（payroll） 的問題。Jen，其實你應該回答這個。關於薪資與薪酬發放，如果你還在、就 G&A 而言，你能不能給一個大概的整數，讓大家了解大概是什麼規模？

Yes, I can address that from two different perspectives. So from the perspective of. Of what makes up our payroll, meaning the components of payroll, our base wages and overtime is a little bit north of 95%. And then our benefits is, I'm sorry, I gave you the wrong number. I apologize. And you know what, I'll shift over just briefly in terms of giving you information as to.

可以，我可以從兩個不同角度來說明。所以從……的角度。從我們薪酬發放（payroll）的構成來看，也就是薪酬的組成項目，我們的基本工資與加班費占比略高於 95%。然後我們的福利是——抱歉，我剛剛給錯數字了。我道歉。你知道嗎，我先稍微轉一下，簡短補充一些資訊，關於……

Who's in that payroll number. So as of Q1 2026, about 51% of our salaries and wages was actually from our production wing. And most of that gets absorbed back into our inventory. And about 28% of that is coming from our admin function. And the balance is a smattering between our sales function, as well as our warehousing function and facilities function. So hopefully that addresses your thoughts there. And then in terms of our wages and salaries, as I said about, I apologize, about 70% of our salaries and wages is base wages and overtime. About 30% of that is relating to, or 17% of that is related to benefits. And then the balance is related to that compensation expense, which is non-cash in nature.

哪些人包含在那個薪酬發放（payroll）數字裡。截至 2026 年第一季（Q1 2026），我們的薪資與工資中約 51% 其實來自生產部門。而其中大部分會回沖並吸收進我們的存貨成本。約 28% 來自我們的行政職能。其餘則分散在銷售職能、倉儲職能以及設施職能之間。希望這能回應你的想法。另外就工資與薪資而言，如我所說——我道歉——約 70% 的薪資與工資是基本工資與加班費。約 30% 中的 17% 與福利相關。其餘則與薪酬費用相關，這部分本質上屬於非現金（non-cash）。

Great. Thanks, Jen. And then I see [Nachi], you're asking me questions about Terravis and with Terravis, you can ask me, I think we talk on LinkedIn, so you can message me, but obviously we'll always explore divestiture, sales, mergers, acquisitions, these types of things. But I think that we want to continue to bring value there so that it's accretive to the Workforce shareholder base. Workforce owns about 70% of Terravis and the other 30% is held.

很好。謝謝你，Jen。然後我看到 [Nachi]，你在問我關於 Terravis 的問題；關於 Terravis，你可以問我——我想我們在 LinkedIn 上有聯絡——你可以私訊我，但很明顯我們也會一向評估資產剝離、出售、合併、收購這類事項。但我認為我們希望持續在那裡創造價值，讓它對 Worksport 的股東基礎具有增益性（accretive）。Worksport 持有 Terravis 約 70%，另外 30% 由……持有。

By the key executives. Another thing I'll note with respect to Terravis is it's headed by my father, Lorenzo Rossi, who's the primary shareholder of Terravis Energy and Options. But also Lorenzo, to continue to support the business, has reduced his salary to be able to. He still works full time at Terravis Energy and he has no salary.

由關鍵高階主管持有。另外關於 Terravis 我還要補充的是，它由我父親 Lorenzo Rossi 領導，他是 Terravis Energy and Options 的主要股東。同時，Lorenzo 為了持續支持業務，已經降低了他的薪資，以便能夠……他仍在 Terravis Energy 全職工作，而且他沒有薪水。

As a CEO of that business. He just has basic compensation as a director that serves on the board since 2014, which is $5,000. So to that extent, he's working for Terravis and leading this charge. And bringing the brilliance and genius for $60,000 a year. And I think that shows that we're all very committed. Me, with my base salary and compensation, I invested a good chunk of that into buying Worksport stock. So to that extent, about a third of it. So to that extent...

以該公司執行長（CEO）的身分。他只有自 2014 年起擔任董事會董事的基本董事酬金（director compensation），為 5,000 美元。因此在這個程度上，他在 Terravis 工作並領導這項任務。並以每年 60,000 美元帶來他的才華與智慧。我認為這顯示我們都非常投入。至於我，以我的基本薪資與報酬，我把其中相當一部分投入用來買入 Worksport 股票。大約三分之一。所以在這個程度上……

We're all doing everything we can and working the rear ends off to get there. Like I said, it's not a straight line. We see an $0.85 stock or $10 million market cap, but every quarter we continue to deliver better book value. Now that's closer to $30 million in asset value for Worksport with all of these great upside opportunities. So it's going to go eventually. It's going now, but eventually the valuation is going to be better and we're very positive for this year ahead specifically.

我們都在竭盡所能、拼命工作來達成目標。如我所說，這不是一條直線。我們看到股價 0.85 美元或 1,000 萬美元市值，但每一季我們都持續交出更好的帳面價值。現在，Worksport 的資產價值更接近 3,000 萬美元，並且還有這些很棒的上行機會。所以它終究會上去。它現在就在走，但最終估值會更好，而我們對接下來這一年、尤其是今年，抱持非常正面的看法。

Fantastic. Thank you very much, Stephen, and thank you for everyone attending the call. This does now mark the end of the earnings call, and we look forward to meeting again in our next periodic. Thank you very much.

太棒了。非常感謝你，Stephen，也感謝所有參與本次電話會議的各位。本次財報電話會議到此結束，我們期待在下一次定期會議再與各位見面。非常感謝。

Thanks, everyone.

謝謝大家。