Company: WKSP
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001641172-25-000850
Chunk: 97

Company: Worksport Ltd
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1
Chunk 97
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 on the grid, whether it be due to grid damage or the lack of grid
in remote areas. Unlike such generators, portable power stations do not generate electricity themselves, but they too can be used to
provide electricity during times of grid unreliability. These portable power stations are often charged by the grid via home outlets
or independent of the grid via external power sources – often solar panels.

The
global Portable Power Station Market is large and growing with a compound annual growth rate of 5.39% between 2024 and 2032.1
The segments within the North American market that have the largest market share are power stations utilizing lithium-ion batteries and
those used for off-grid power applications,1 which match the COR system’s battery type as well as intended usage. When
paired with the SOLIS cover, the COR energy storage system will be a market outlier in that it can be charged safely while mobile whereas
competing portable power stations are intended to be stationary during charging.

    1.
    Market
    Research Future. Portable Power Station Market Research Report Information by Operation Type, By Technology Type, By Capacity
    Type, By Application And By Region - Forecast Till 2032 Source: https://www.marketresearchfuture.com/reports/portable-power-station-market-10079Global
    Portable Power Station Market Research Report. 2023.

12

Distribution

We
distribute our tonneau covers in Canada and the U.S. through an expanding network of wholesalers, private labels , distributors,
and online retail channels, including eBay, Amazon, Walmart , Meta, and our own e-commerce platform hosted on Shopify. Distribution
via each aforementioned channel is expected to increase during 2025. We have pursued and will continue to pursue relationships with Original
Equipment Manufacturers with the intention of distributing through them as well.

The
specialty equipment aftermarket consists of three major types of customers, which include master warehouse distributors and big box stores,
dealers and wholesalers, and retail end consumers. Master warehouse distributors and big box stores stock and distribute products to
their customers, which are usually local dealers and wholesalers. Dealers and wholesalers are local stores which sell products to some
businesses and retail consumers in their area and online. Dealers purchase most of their products from their local distributor who delivers
to them regularly. Retail end consumers are the end users of the products.

Competition

Tonneau
Cover Competitors

The
Tonneau Cover market is relatively consolidated with one industry leader, Real