Worksport CEO elects stock over $50,000 cash compensation
Worksport Ltd CEO Steven Rossi elected to receive 79,618 shares instead of $50,000 cash, priced at $0.6280 per share as of June 5, 2026. This follows a similar move in April 2026 where he took 88,214 shares in lieu of $75,000. The company reported annual revenue growth to $16.1 million in 2025 and a 65% year-over-year increase in Q4 net sales to $4.84 million.
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Worksport Ltd founder and CEO Steven Rossi has elected to receive 79,618 shares of the company's common stock instead of $50,000 in cash compensation. The decision, announced on Tuesday, signals confidence in the company's long-term strategy and aligns executive compensation with shareholder interests.
The shares were issued under a Stock Purchase Agreement dated June 5, 2026, between Rossi and the company. The price per share was set at $0.6280, matching the closing price of Worksport's common stock on the Nasdaq Capital Market on that date.
This marks the second instance of Rossi opting for equity over cash. In April 2026, he elected to receive 88,214 shares of common stock instead of $75,000 in accrued cash compensation. Worksport stated that these decisions reflect Rossi's sustained confidence in the company's strategic direction.
Financial Performance and Growth
Worksport highlighted significant revenue growth in recent years. Annual revenue increased from approximately $1.5 million in 2023 to $8.5 million in 2024 and $16.1 million in 2025. The company attributes this growth to expanded gross margins, increased dealer penetration, and the commercialization of new products.
The company is also investing in infrastructure to support future growth. Management emphasized that the continued commercial rollout of its Nexus Tonneau Cover, launched in April 2026, along with broader commercialization initiatives, will drive long-term objectives.
Recent Quarterly Results
In preliminary fourth-quarter results announced in February, Worksport reported net sales rose 65% year over year to $4.84 million. Gross profit jumped 392% to $1.5 million, with gross margin expanding 2,100 basis points to 32%. The margin expansion was driven by a shift in production to the West Seneca, New York, facility and manufacturing improvements that offset aluminum cost pressures.
Full-year 2025 revenue rose 91% to $16.2 million from $8.5 million in 2024. However, this figure missed the analyst consensus estimate of $19.58 million. Worksport indicated it expects to update fiscal 2026 guidance, including revenue and cash-flow positivity targets.
| Metric | Value |
|---|---|
| Shares elected by Rossi | 79,618 |
| Cash compensation foregone | $50,000 |
| Price per share | $0.6280 |
| Agreement date | June 5, 2026 |
| Previous shares elected (April 2026) | 88,214 |
| Previous cash foregone (April 2026) | $75,000 |
What specific fiscal 2026 revenue and cash-flow targets does Worksport plan to set in its upcoming guidance update?
How will the company balance the continued infrastructure investment with the pressure to meet analyst revenue expectations?
Will the commercial rollout of the Nexus Tonneau Cover be sufficient to sustain the triple-digit revenue growth seen in previous years?
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