Company: WKSP
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001641172-25-000850
Chunk: 98

Company: Worksport Ltd
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1
Chunk 98
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 Truck (formerly Truck Hero), having the largest market
share. Real Truck has acquired upwards of 16 independent tonneau cover brands in North America, allowing it to concurrently target many
different niche markets but also potentially causing it to cannibalize its own sales. We compete directly with Real Truck. Other competitors
in this space include Truck Accessories Group (Primarily Leer), Agricover (primarily Access), Truck Covers USA, and Paragon.

We
believe that being independent, innovative, operationally lean, and competitively priced will enable us to acquire a larger portion of
the existing market share. To execute on this, we have a small and effective sales team to forge strong business-to-business relationships
as well as a small and effective customer support team to service both business-to-business and direct-to-consumer sales. Selling above
MAP (Minimum Advertised Price) and enforcing this policy will allow business customers to sell without competing with us and, in return,
support the growth of the distribution base.  We also plan to work alongside distributors as our relationships develop – utilizing
aggressive phone, mail and email campaigns in our distributors’ coverage areas to help grow our shared consumer bases and show
commitment to our B2B customers. Our innovative covers are designed to serve purposes that no other tonneau cover is currently capable
of, some of which are specifically geared towards improving margins for distributors. Further, the SOLIS cover’s inclusion of solar
panels may be particularly attractive to electric pickup truck original equipment manufacturers, paving the path towards an original
equipment manufacturer relationship that may be lucrative beyond standard tonneau cover partnerships.

Portable
Power Station Competitors

The
Portable Power Station market is global and highly fragmented and includes many competitors from across the world including but not limited
to Alpha ESS Co., Ltd., Anker Technology, Bluetti, Chilwee Group Co., Ltd, Duracell, GES Group Limited Company, Jackery Inc., Lion Energy,
Milwaukee Tool, and Mitsubishi Corporation. Some of these competitors offer a line of Portable Power Stations, each with different power
capacities, sizes, and price points, while others specialize in a few or even one Portable Power Station to target a specific or niche
submarket.

We
intend to be competitive in this space by focusing on one Portable Power Station specifically designed to mount to the inside of a truck
bed – allowing charging while mobile – while selling additional modular batteries to allow consumers not only to determine
for themselves their ideal