Company: WKSP
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010837
Chunk: 28

Company: Worksport Ltd
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 28
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 actual results may differ significantly from the results discussed in the forward-looking
statements. All forward-looking statements in this Form 10-Q are made based on current expectations, forecasts, estimates and assumptions,
and involve risks, uncertainties and other factors that could cause results or events to differ materially from those expressed in the
forward-looking statements. In evaluating these statements, various factors, uncertainties, and risks should be specifically considered
that could affect future results or operations. These factors, uncertainties and risks may cause actual results to differ materially
from any forward-looking statement set forth in this Form 10-Q. These risks and uncertainties described and other information contained
in the reports filed with or furnished to the SEC should be carefully considered before making any investment decision with respect to
the Company’s securities. The Company assumes no obligation to revise or update any forward-looking statements for any reason,
except as required by law.

Unless
otherwise stated, all information presented herein is based on the Company’s fiscal calendar, and references to particular years,
quarters, months or periods refer to the Company’s fiscal years ended December 31st and the associated quarters, months and periods
of those fiscal years. Each of the terms “Company” and “Worksport” as used herein refers collectively to Worksport
Ltd. and its subsidiaries, unless otherwise stated.

On March 18, 2025, the Company effected
a 1-for-10 reverse stock split of its common stock. All share and per share information has been retroactively adjusted for all period
presented.

The
following discussion should be read in conjunction with the Company’s Annual Report Form 10-K for the fiscal year ended December
31, 2024 filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 27,2025 and the condensed consolidated
financial statements and accompanying notes included in Part I, Item 1 of this Form 10-Q.

OVERVIEW

Worksport Ltd., through its subsidiaries, designs, develops, manufactures,
and owns the intellectual property on a variety of tonneau covers, solar integrations, portable power systems, and clean heating
& cooling solutions. Additionally, Worksport’s hard-folding cover, designed and manufactured in the United States, is compatible
with all major truck models and is gaining traction with newer truck makers including the EV sector. Worksport seeks to capitalize
on the growing shift of consumer mindsets towards clean energy integrations and power grid independence with its proprietary solar solutions,
mobile energy storage systems (ESS),