Worksport Signs Term Sheet to Acquire U.S. Manufactured Truck Bed Accessory Business & Accompanying IP Portfolio
Key Highlights
- ➤Worksport signs non-binding term sheet to acquire patented U.S.-manufactured truck accessory business
- ➤Preliminary Q3 net sales approximately $7.24 million, a record
- ➤Operating cash use reduced to approximately 5% of net sales
- ➤Worksport plans cross-selling and bundling the acquired product with NEXUS tonneau covers
Expert Statements
Steven Rossi, Founder and Chief Executive Officer of Worksport
“Our customers have already shown us that they care about their truck bed and what goes in it.”
Steven Rossi, Founder and Chief Executive Officer of Worksport
“We have spent years building U.S. manufacturing, distribution and a loyal, growing customer base, and this proposed transaction is about putting all three to work.”
Steven Rossi, Founder and Chief Executive Officer of Worksport
“This product found buyers with one founder and a website. We want to see what it can do with our plant, our channels and our customers.”
Steven Rossi, Founder and Chief Executive Officer of Worksport
“It also shows the industry where we are headed: Worksport is more than a tonneau cover company.”
Steven Rossi, Founder and Chief Executive Officer of Worksport
“As our brand matures, we want to be the natural home for far more than American-made tonneau covers.”
Steven Rossi, Founder and Chief Executive Officer of Worksport
“We have enterprise level infrastructure to build amazing products in the USA and we're able to begin strategically leveraging that infrastructure to our advantage.”
Steven Rossi, Founder and Chief Executive Officer of Worksport
“Reaching positive operating cash flow remains our first priority, and we believe the platform we have built can do a lot more.”
Steven Rossi, Founder and Chief Executive Officer of Worksport
“This is just the beginning.”
Steven Rossi, Founder and Chief Executive Officer of Worksport
“Sony's first product was a humble rice cooker; ours is tonneau covers. Like Sony, leveraging our foundational product and infrastructure for growth is the next step in our expansion towards something much bigger. Brick by brick!”
WEST SENECA, NY / ACCESS Newswire / November 4, 2026 / Worksport Ltd. (NASDAQ:WKSP) ("Worksport" or the "Company"), a U.S.-based innovator and manufacturer of hybrid and clean energy solutions primarily for the light truck, overlanding, and global consumer goods markets, today announced it has signed a term sheet to acquire a growing business with a patented, U.S.-manufactured truck bed accessory already on the market. The proposed acquisition, Worksport's first, would be a step in the Company's strategic plan to grow beyond tonneau covers by leveraging its U.S.-based enterprise-level manufacturing infrastructure toward a broader range of products. It is intended to create new sales opportunities across the Company's new and existing customers and distribution channels.
The announcement follows Worksport's preliminary third-quarter results, reported November 3, which included record net sales of approximately $7.24 million and operating cash use reduced to approximately 5% of net sales. With the core business now converting its investment into sales and cash, the Company is turning to the next step: getting more out of the manufacturing enterprise, distribution channels, and large customer base it has already built.
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