Company: WKSP
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001641172-25-000850
Chunk: 88

Company: Worksport Ltd
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1
Chunk 88
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 related to our
    highly anticipated SOLIS Solar Tonneau Cover. The patent covers an innovative design that enhances the efficiency and energy capture
    capabilities of the SOLIS.

    ●
    On
    May 8, 2024, we announced the awarding of a grant worth up to $2.8MM from the State of New York through its Excelsior Jobs Program
    for job creation and wage support. Combined with an electricity subsidy awarded through the New York Power Authority, these grants
    partially offset operational costs incurred as Worksport increases its manufacturing presence in New York.

    ●
    On
    March 28, 2024, we announced receipt of solar panels required to begin production of the highly anticipated SOLIS Solar Tonneau Cover.
    This milestone marks a significant step forward, allowing the Company to begin initial production of the SOLIS Solar Tonneau Cover.

    ●
    On
    February 23, 2024, we announced a new arrangement with Dix Performance North, Canada’s leading wholesaler of aftermarket car
    and truck products, for Dix to include our tonneau covers in their catalog. This strategic alliance is expected to make the Company’s
    range of covers widely available throughout Canada, accelerate our growth, and contribute to significant sales and revenue increases.

    ●
    On
    February 7, 2024, we announced a collaboration with Infineon Technologies AG (FSE: IFX / OTCQX: IFNNY) pursuant to which we will
    use Infineon’s GaN power semiconductors GS-065-060-5-B-A in the converters for our portable power stations to increase efficiency
    and power density.

    ●
    On
    January 3, 2024, we announced our strategic arrangement with NeuronicWorks Inc., a Toronto-based high-tech custom electronic product
    development and manufacturing company, to manufacture and assemble our COR battery system in preparation for the system’s anticipated
    Alpha release.

6

Segments
and Products

We
conduct our business in two reportable business segments, which are the same as our operating segments: Hard Tonneau Covers and Soft
Tonneau Covers. Additional information describing the comparative segment revenues, operating profits and related financial information
for 2024 and 2023 are provided in Note 18 – Segment Reporting, of Part III Item 8, Financial Statements and Supplementary Data,
of this report.

Hard
Tonne