Worksport Ltd. (NASDAQ:WKSP) reported third quarter results that missed analyst expectations. Revenue reached $7.23 million, short of the analyst estimate of $12.5 million, though up 44.2% from $5.0 million in the third quarter of 2025. The company posted a loss of $0.26 per share, compared with the analyst consensus estimate of a loss of $0.18 per share.
Shares fell 5.12% in pre-market trading following the announcement, according to Investing.com.
CEO Steven Rossi said sales rose for a second straight quarter while net loss and cash use declined. "Since the first quarter, we have more than doubled quarterly revenue while reducing our net loss by nearly 40% and our operating cash use by about 95%," Rossi said.
The company reported a net loss of $3.6 million, narrowed 27% from $4.9 million a year earlier. Operating expenses fell 11.7% year over year to $5.6 million. Operating cash use was about $0.4 million, down 89% from $3.4 million in the second quarter of 2026.
NEXUS net sales totaled about $4.8 million, roughly two-thirds of quarterly net sales. Inventory declined 20.6% to about $9.6 million from $12.1 million at June 30, 2026. Cash and cash equivalents rose to $2.5 million from $1.2 million at June 30, primarily due to an August 2026 warrant inducement, according to the report.
For the nine-month period, net sales increased 38.8% to about $15.8 million, while net loss was $13.4 million compared with $13.1 million a year earlier.