Worksport launches SOLIS solar cover, burns $8.2M cash on inventory build; CFO resigns

Filed May 13, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 15, 2025 · ~1 min read

Key Changes

• high

  Cash plunged 90% to $567K (from $5.9M at year-end) as company spent $5.1M on raw materials for SOLIS, COR, and NEXUS product launches. Operating cash burn doubled to $8.2M, exceeding net loss by $2.4M due to inventory build.

  MD&A: Liquidity and Cash Flow verify on EDGAR →
• high

  CFO resigned post-quarter-end; VP of Finance promoted to CFO effective May 1. Material weakness in internal controls persists despite engaging external CPA firm and implementing formal remediation procedures in Q1 2026.

  Controls and Procedures verify on EDGAR →
• high

  Revenue grew 48% to $3.3M and gross margin improved to 26% (from 18%), driven by expanded tonneau cover sales and overhead efficiencies. Net loss increased 31% to $5.8M as sales/marketing spend jumped $1.3M to support new product launches.

  MD&A: Results of Operations verify on EDGAR →