This quarter represents another significant step forward in our growth story. We achieved record quarterly revenues, meaningfully expanded our gross margins and continue to build the operational commercial foundation that will carry us through the rest of 2025 and beyond. We will be reviewing the financial results for the quarter ended June 30, 2025, which were filed earlier today in our Form 10-Q and can be accessed on our Investor Relations website. At the end of today's call, both our prepared remarks and the accompanying presentation will be available for download. After these remarks, we will open the line up for questions from the attending analysts. So with that, let's begin. Safe harbor statements. During this call, we will make forward-looking statements, including statements regarding our financial outlook for the full year 2025 and 2026, our expectations regarding financial and business trends impacts from the macroeconomic environment, our market positions, opportunities, go-to-market initiatives, growth strategies and business aspirations; and product initiatives and the expected benefits of such initiatives. These statements are only predictions that are based on our current beliefs, expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in our circumstances that may be difficult to predict and many of which are outside our control. Actual results or events may differ materially. Therefore, you should not rely on any of these forward-looking statements. These forward-looking statements are subject to risks and other factors that could affect our performance and financial results, which we will discuss in detail in our filings with SEC, including our annual report on Form 10-K and quarterly report on Form 10-Q and other SEC filings. The forward-looking statements made in this earnings call are made only as of today's date. Worksport assumes no obligation to update any forward-looking statements we may make on today's webinar. So with that, on today's call, we're going to cover: One, Q2 2025 performance highlights, financial and operational. Two, growth and market expansion, insights and updates, including dealer network, e-commerce, B2B and B2B initiatives. Three, innovation pipeline, progress on our HD3, the SOLIS, the COR and AetherLux. Four, we're going to cover current operations, production scaling, cost management and operational readiness. And on number 5, we're going to update our 2025 guidance, revenues, margins, cash flow targets and capital priorities. With that, let's move into the numbers. Mike will walk us through the Q2 2025 financial highlights.

Thanks, Steve. Q2 2025 was our highest revenue quarter in company history. Net sales reached $4.1 million, representing 114% year-over-year growth compared to $1.92 million in Q2 of 2024, and an 83% sequential increase from Q1 of 2025. This growth was driven by the continued ramp-up of our flagship AL4 premium tonneau cover, expanding dealer adoption and order frequency and sustained strength in e-commerce sales across our direct-to-consumer channels. Gross profit for the quarter rose 173% to $1.08 million, compared to $396,000 in Q1 of 2025. Gross margin improved 800 basis points to 26.4%, up from 17.7% in Q1 and 15.4% in Q2 of last year, marking our third consecutive quarter of margin expansion. This sustained improvement reflects continued operational efficiencies and a favorable mix of new B2B and B2C sales. Operating expenses were $4.7 million, up modestly from Q2 of 2024 which was $4.21 million, but essentially flat compared to Q1's $4.65 million, despite significantly higher revenues. Within the operating expenses, sales and marketing increased to $1.31 million, supporting dealer growth and digital marketing campaigns. General and admin declined to $2.45 million from $2.99 million in Q1 2025, showing early results from cost discipline. We note this occurred while production went up nearly 100%, our belief is that the G&A of the company will not increase proportionately with exponential revenue growth. R&D was down $300,000, down significantly year-over-year due to prior year development peaks. Our operating loss improved to $3.62 million for Q1 versus $4.26 million in Q1 and $3.91 million in Q2 of last year. Net loss for Q2 narrowed to $3.73 million from $4.46 million in Q1 of 2025. We remain committed to achieving our near-term operational cash flow positivity. While the tonneau cover division is currently our sole revenue-generating unit, we believe it can sustain broader corporate structure, including R&D for COR and SOLIS, the AetherLux product line and general corporate expenses. This outlook is further supported by our expectation that COR and SOLIS will transition from R&D expenses to revenue-generating products later this year. Since we believe that general corporate expenses will not increase proportionately with the business growth and profitability, a true path to cash flow positivity in the near term is possible. Cash and cash equivalents ended the quarter at $1.39 million compared to $5.08 million on March 31, 2025. However, at the end of Q2, $4.6 million was the available borrowing capacity on our credit facility. Operating cash usage in Q2 was approximately $3.1 million, a 19% improvement from Q1's $3.84 million of cash outflow. Accounts receivable increased in line with higher dealer sales volumes, while inventory remained stable at $5.8 million, approximately 90% in raw materials and 10% finished goods. In Q1, inventories stood at $5.7 million with a 60/40 split between raw materials and finished goods. The reduced finished goods share reflects demand consistently outpacing production. Later in this report, we will outline the steps being taken to expand production capacity to meet this growth. We're happy to share these steps have been successful thus far. Our inventory profile positions us to fulfill ongoing dealer and e-commerce demand without requiring significant near-term investment. Our long-term debt, excluding amounts repayable in the next 12 months, declined to $2.09 million compared to $4.78 million as of December 31, 2024, and $2.7 million as of March 31, 2025. A special note: On August 1, 2025, the company submitted a $3 million purchase order and placed a deposit with an established manufacturing equipment supplier for additional machinery, with delivery currently as early as Q1 2026 at the company's discretion. This occurred with extremely favorable financing terms with the manufacturer, is not expected to place a cash flow concern to the business. This additional equipment is expected to meaningfully increase production capacity at the company's West Seneca, New York manufacturing facility, enabling the company to meet anticipated customer demand more efficiently, improve operational throughput and support future revenue growth. However, management emphasizes that it expects that Worksport's current equipment and supply chain can allow the company to generate positive cash flows from operations. Now back to Steven for key insights on business operations.

Thanks, Mike. Beyond the financial numbers, Q2 marks the foundation of what we can expect for the year ahead. I'd like to highlight some of the key milestones we achieved that are setting the stage for our future. Our growth engine continues to accelerate across both B2B and B2C channels. Dealer network/B2B growth: In Q2, 2025, we added 2 national distributors to our dealer network. In April, we added Patriot Auto Group, which brought with them 200 dealers under the Worksport dealer network. In June, we added another national distributor with access to approximately an additional 250 dealer accounts. At full activation, Worksport estimates that our distribution network as of Q2 can support over $21.5 million in repeatable annual revenue alone, not including business-to-consumer direct sales via our online platforms, driven by ongoing B2B traction and demand for our premium American-made tonneau covers. Importantly, this figure reflects revenue potential at current dealer size, a number that management expects to grow meaningfully as dealer onboarding continues through the second half of this year, which is expected to bring significant demand with fall being among the busiest seasons for our product among customers. With more than 450 new accounts added year-to-date, up from 94 at the end of last year, Worksport's U.S. dealer network is expanding rapidly with new accounts joining weekly. E-commerce: Direct online sales via both our website remain a high-margin growth driver and accounted for over 50% of total unit volumes in the quarter. Online sales continue to grow at rapid paces. From this e-commerce and B2B growth, Worksport posted 3 months of consecutive record sales in Q2 2025. In April, we did $1.2 million. In May, we did $1.28 million. In June, we did $1.6 million. In June, we already had an internal run rate of $19.2 million. We expect the revenue increase will continue every quarter. Each month that gross margin improved. This is why we are extremely excited for Q3 and Q4. Notably, Black Friday and December holiday sales are expected to bring significant demand later on this year. Our strategy remains focused on giving local retailers and dealers the tools, margins and product quality that they need to succeed, creating a long-term mutually beneficial relationship that drives volume for Worksport. We mentioned previously, demand continues to outpace production. We are proud to report that our U.S. manufacturing facility here in West Seneca continues to scale efficiently. We are targeting 200 units per day production by late Q3 compared to approximately 50 units a day at the start of this year. This quadrupling of daily throughput will drive significant fixed-cost absorption benefits and push gross margin towards our late 2025 target of 30% plus. Recruitment and training of our skilled assembly technicians have kept pace with our production ramp up, supported by the implementation of lean manufacturing practices to streamline workflows and reduce waste. In July of 2025, average daily production was approximately 115 units, climbing to around 130 units in the later half of the month. We also achieved a record single-day high output of 160 units, setting a strong foundation for Q3 and beyond of this year. Let's talk about the HD3. On track for Q3 of this year launch with production already scheduled, the HD3 is a heavy-duty tonneau cover designed for commercial and fleet applications. Building on the AL3, it features upgraded materials, seals and latching for maximum durability. While available through all channels, its primary focus is driving growth to our wholesale and B2B segments, adding new revenue streams and completing our U.S.-made tonneau cover lineup. Let's talk a little bit about SOLIS. Beta testing has commenced with select customers for the SOLIS solar-integrated tonneau cover. The redesign announced late in 2024 is delivering anticipated cost savings and expanding compatibility with third-party portable power systems. We remain on track for a Q4 launch. A little bit about COR. The COR portable power station is nearing mass production readiness. COR's modular design enables integration with SOLIS or standalone use targeting job site, overlanding and the emergency backup markets. The Worksport COR is projected to launch at the same time as the SOLIS cover. COR and SOLIS together function as Worksport's portable nano-grid. In Q2 of 2025, this system was selected by a multibillion-dollar U.S. construction agency for a pilot project for fleet use. Testing and use is ongoing. Together, COR and SOLIS position Worksport within the fast-growing broader portable energy market, a space the company believes will be a key to long-term profitability. Talk a little bit about AetherLux. On February 11, 2025, we introduced AetherLux, a cold-climate heat pump featuring 2 industry-first innovations. First: ZeroFrost, no defrost cycles, continuous operation without the traditional defrost interruptions that reduce efficiency in freezing conditions and ultra-low temperature performance. The AetherLux operates in ambient temperatures as low as negative 59.6 degrees Fahrenheit, which is about -51 degrees Celsius, far beyond the capabilities of typical commercial heat pumps, enabling its use in extreme arctic environments. Since the launch of AetherLux, we have attracted significant interest from major global corporations, federal governments and numerous distributors with inbound inquiries potentially surpassing hundreds of millions of dollars in potential revenue opportunities. In Q2, 2025, Terravis Energy, our subsidiary company, achieved numerous milestones on this disruptive technology. It has advanced AetherLux heat pumps from lab testing to commercial testing, initiated manufacturer selection for product certification, continued R&D optimization of ZeroFrost technology and began evaluating strategic business opportunities. Management believes AetherLux could have a meaningful impact on Worksport's 2026 balance sheet, supported by its position in the $123 billion global market. Intellectual property: Worksport holds a robust and growing portfolio of nearly 200 issued registered and pending patents, designs and trademarks. We believe our intellectual property protects our innovations and branding, strengthening our competitive positions and helping us address potential challenges in the market. Tariffs: While our current revenue-generating tonneau cover line is manufactured within the U.S. with approximately 90% or more domestically sourced components, recent tariff-related pressures have contributed to a 5% to 10% inflationary increase in our cost, including Worksport's domestic material cost. To date, these increases have been offset by operational efficiencies that have lowered per-unit cost. Worksport's management team has outlined several alternative strategies as well to offset the effects of inflation as a result of tariffs and remain confident that these strategies will only prove to increase long-term profitability once domestic material price inflation eventually and inevitably subsides. For upcoming products, particularly those incorporating solar cells and lithium-ion batteries sourced internationally, the potential impact of tariffs remains less certain. However, we note that such cost pressures affect our competitors equally and, in some cases, more severely, especially where the reliance on global supply chains is greater than ours. Given the continued growth in healthy margins in our tonneau cover business, we are confident in our ability to manage tariff-related cost inflation while advancing towards near-term cash flow positivity and maintaining our 2026 profitability target. I'm going to pass it over to Mike with our updated financial outlook and guidance.

Thanks, Steve. We reaffirm our full year 2025 gross revenue target of at least $20 million. Based on Q2 results and current order momentum, we remain confident in meeting this goal supported by continued dealer adoption, production growth and the successful launches of HD3, SOLIS, and COR in the second half of the year. Gross margins have exceeded initial forecasts are expected to rise each quarter, reaching our 30% target by year-end. Operating expenses are projected to grow at a slower rate than revenues, enhancing operating leverage. Despite tariff-related headwinds, we are targeting operational cash flow breakeven by late Q4 2025 or early Q1 2026. While a successful launch of COR and SOLIS could accelerate profitability in 2026, we believe our core tonneau cover business alone can drive us into profitability next year. We view COR, SOLIS, and AetherLux as significant profitability enhancers in 2026. Current expectations are $2 million to $3 million in revenue from the first batch of COR and SOLIS, with AetherLux anticipated to deliver a meaningful positive impact to the 2026 balance sheet. More detailed projections will be provided in Q4 of this year. As of June 30, 2025, we had access to approximately $6 million in total liquidity, consisting of our $1.39 million in cash and cash equivalents and $4.76 million in unused capacity on our revolving credit facility. In addition, we hold $5.88 million in inventory, providing a strong foundation to support ongoing sales growth without significant near-term investment in working capital. Cash used in operating activities improved meaningfully in Q2 declined to approximately $3.1 million compared to $3.84 million in Q1. This 19% improvement reflects both higher gross profit and disciplined expense management. We expect further efficiencies in the second half of the year as production continues to scale. We expect to spend moderately in the second half of 2025. Key expenses will relate to the final tooling of the COR and SOLIS and increased production growth in the U.S. Most of our required equipment for tonneau cover production is already in place, although management has invested in additional equipment for growth in 2026, with 0 interest payment terms offered by this vendor. This would allow Worksport to essentially double its production throughput without significant cash outlay or interest expenses in 2026. We also continue to make progress on Regulation A crowdfunding offering, which has been highly successful in attracting new retail investors to the Worksport shareholder base. This offering has enhanced our shareholder base, increased trading liquidity and strengthened market visibility. We're announcing today that we expect to close this Reg A offering at the end of August 2025. If we achieve the full $10 million allotment, management believes the company will be fully funded for the remainder of 2025 and into 2026. While we consider opportunistic access to capital markets, our intent is to limit further notable equity dilution. We aim to leverage the company's existing outstanding warrants, which are exercisable in the $4.50 to $6.70 range, as a potential source of growth capital for 2026. This approach is aligned with our path forward towards cash flow positivity and eventual profitability. Management believes that as we execute in Q3 and Q4, the market will better recognize the company's intrinsic value, creating the potential for these warrants to be exercised at prices that benefit both shareholders and the company. Importantly, we believe that the successful execution of our operational and growth initiatives will enable the company to approach near profitability without requiring capital beyond the targeted $10 million from the current Regulation A offering. We further believe access to efficient debt tools will be available as we approach cash flow positivity. Finally, we would like to highlight that we review AetherLux, a proprietary cold-climate heat pump technology as a significant strategic asset whose value is not currently reflected in our share price. We believe that as the market gains greater awareness of its potential applications and commercial opportunities, this technology could represent a meaningful source of long-term shareholder value. Now back to Steve with our concluding remarks.

Thanks, Mike. Q2 of this year was a pivotal quarter for Worksport. In just one quarter, we increased revenue by 83% while improving gross profits by 173% compared to the prior quarter. We also decreased operational loss by 15%. We believe that in Q3, this growth in revenues will continue and decrease our operational loss. We're optimistic about cash flow positivity and profitability within 2026. Our priorities for the remainder of 2025 are clear. First, we're going to scale production to meet demand while maintaining quality. Second, we're going to launch the HD3, SOLIS, and COR successfully and on schedule. Third, we're going to continue to expand dealer relationships and deepen our e-commerce reach. Fourth, we're going to continue innovation leadership in both automotive accessories and clean energy. Fifth, we're going to create increased brand awareness, utilizing key media and influencers. And sixth, we're going to execute with discipline towards cash flow positivity. I want to thank our employees, partners, leaders, and shareholders for their continued support and commitment. We're building a company with the potential to lead at the intersection of automotive and clean energy, and Q2 showed that our strategy is working. Thank you, everyone. This concludes our prepared remarks. Operator, please open the line for questions.

I see a hand up from Scott Buck. Go ahead, Scott.

I guess my first question is on gross margin. Where are the incremental gains coming through the remainder of the year? Is that entirely volume-driven? And how should we think about volumes for some of the new products that you have coming out here in Q3 and Q4?

All good questions. In terms of the new products volumes, are you looking broadly at SOLIS, COR, HD3 or specifically like just...

Exactly.

Sure. We are facing domestic inflation, which is impacting our gross margins. However, we are balancing this out with operational efficiencies. The amount of human interaction or hours needed to produce 50 or 100 tonneau covers daily affects our overhead costs. We expect economies of scale, primarily through improved efficiencies in production, to enhance our margins. Currently, it takes us about 3 to 5 hours of labor to create one tonneau cover, and we aim to reduce that to 2 to 4 hours. This reduction will lead to significant cost savings for each unit. Additionally, we launched an optimization program for costly materials like aluminum, resulting in potential savings of nearly $20 per cover by reducing scrap and production inefficiencies, particularly for our top-selling models. By improving both the speed and smartness of our production process, we anticipate these savings will help us maintain margins above 30 percent, despite inflation pressures. Historically, inflation tends to stabilize, and when raw material costs decrease, we expect a positive impact on our margins that could surpass our previous forecasts.

Yes, it does. Thanks, Steve.

Sure. The HD3 will go into regular production, with our factory expected to reach a ceiling of over 200 units produced per day this year. The HD3 will be included in that production, but we don’t anticipate it becoming our top seller right away since it's a new product and will take some time to gain traction. It will be part of our hard cover production schedule, which will accommodate about 200 covers daily during September and October, consisting of AL3, HD3, or AL4. AL4 is likely to remain our leading product in terms of volume, but the HD3 is positioned to make a significant impact. Regarding SOLIS and COR, we expect to produce initial batches of SOLIS between 250 to 500 units, with a goal of reaching 1,000 units this year. For COR, we plan to create around 1,000 initial units and aim to produce about 3,000 batteries. This is because one of COR’s innovative features is that it allows consumers to purchase additional power, enabling them to use the product longer before needing to charge. Overall, I believe COR will be a substantial revenue driver, and we’re also excited about the battery uptake.

That's really helpful. COR and SOLIS, are there any sales in your current $25 million guide? Or is that pure covers at this point?

I think...

I think we have something to discuss.

The $20 million projection as shown on this slide is made from tonneau covers. We say $20 million plus factoring in a $2 million to $3 million estimate for SOLIS and COR. With the changing tariff environment and volatility, we think it's safer to just keep the number at $20 million, and we look forward to updating investors in Q3 and Q4.

Okay. Perfect. And then on distribution, do your distributors buy and hold inventory? I just want to try to understand revenue cadence through the second half of the year, whether or not there are people buying inventory ahead of the Q4 holiday season, and we see someone out in Q3? Or just curious what the dynamics are there.

Yes, definitely. A significant amount of it was evident this morning when I spoke with one of our shipping clerks. They were loading a full truck, starting with a skid to a distributor. Distributors typically begin with strong but modest opening orders, and now we’re seeing full trucks. Both our distributors and dealers are stocking substantial quantities of our products. As our products gain wider acceptance, these volume orders keep increasing. So, to put it simply, it started with skids and now we're dealing with trucks in terms of volume.

That's great. That's great. And then one last one, if I can squeeze it in. On AetherLux heat pump, is the long-term intent to manufacture and sell under the Worksport brand? Or are there opportunities to potentially sell the technology or even license to other folks?

You're going to make me blush with that one. When we launched SOLIS, the interest we received from OEMs was quite strong, and we were proud of that. We had high expectations for launching AetherLux in terms of interest from smaller brands. The quality of interest related to AetherLux and its technology came from some very large companies. When we talk to these companies, there are opportunities for collaboration, such as potential partnerships. There is also the possibility that these companies might consider acquisitions. We can't predict what will happen, but management will always look for opportunities that enhance shareholder value and drive success. One of the companies we spoke with has a strong history of acquisitions and M&A. While we can't dismiss that possibility, we are focused on doing what is best for Worksport.

Great. Well, I appreciate the added color guys. Congrats on all the progress.

Hi, Tate.

Can you hear me okay?

Sure can, loud and clear.

Thanks for the update. The units per day, you put in some metrics in terms of where you are in terms of production units. Can you talk about total units produced in 2Q or where you were at the end of 2Q in terms of units per day?

Faran, you just went through that with us this morning. Did you have those numbers for the month?

We produced roughly 4,600, 4,700 units at the end of Q2. We note that in July, we produced 2,500 units in 1 month. So we do believe that the production from Q2 to Q3 will expand by another 50%.

That was 4,700 units for the month, right?

4,700 for the Q2 and then 2,500 for the month of July.

Okay. Can you provide details on the Reg A offering? Is it structured as preferred equity, and are there warrants attached? Please discuss the structure a bit.

The Reg A offering is structured as a preferred share that's available and targeted to predominantly retail investors. The goal of the offering is to provide a preferred equity instrument that's designed for long-term investors that believe in the story. We incentivize investors to hold by offering them an 8% dividend attached to the preferred share, and they get a warrant that's priced above the market at $4.50. We believe as the company executes that the warrant will be a powerful tool for potential upside, and the dividend is a nice incentive to continue holding the stock. Now investors are able to convert the preference to a common share and have access to a really trading common via that, but they do give up on the dividend by doing so.

Understood. And the increase in those shares outstanding from June 30 to mid-August, is that probably from some of those Reg A participants converting to common, is that fair?

We've seen a mixture of conversions. We have seen a large number of investors that do continue to hold, and there have been some larger investors that do convert.

Okay. And Steven, on the heat pump opportunity, you noted that it could imply meaningful revenue in '26. Is it a faster commercialization process for the heat pump than, let's say, SOLIS cover and COR? Can you talk about that, please?

Yes. Our company is evolving in how we bring products to market. We have learned many lessons from the COR and are applying them to AetherLux. This process has taken some time, but we have utilized our experiences from getting the core to market to improve our approach. We are now more efficient and have a better understanding of testing, regulations, design, supply chain, and production. Currently, if Worksport were to produce AetherLux, it would actually be produced by its subsidiary, Terravis, through outsourced manufacturing. We have established strong connections in power, electronics, sheet metals, and most of the necessary components. We've gained valuable insights during this journey, so to answer your question, we are indeed smarter now.

Steve, we do have some questions from retail investors attending the call. Notice to investors, I have answered some questions via chat, and we will answer some questions live here.

I could see them, Faran. I could read some of them, or if you want to read them, go ahead.

Yes, sure. I'll read it. A question from Troy M. Analyst see a 240% upside from current price levels. What do you think investors are underestimating about Worksport's business model, scalability and/or clean energy positioning that could drive value further from where it is today?

So I think that predominantly Worksport displays itself like when a new investor picks up on Worksport, they go to Worksport.com and they see tonneau covers. So I think that really deep diving into where we're going to be and where we started is where the loss in translation comes. I think that an investor that's looking at crypto opportunities or AI opportunities is looking for something exciting. I think energy is probably going to be the biggest economy in the future, and that's what we're betting big on with Worksport, but it's not clearly apparent when you visit Worksport.com without diving into our Investors section. So we're going to continue to improve our messaging, continue to court new investors. We're going to shift our Investor Relations focus to journalistic coverage and outreach so that we can have various high-visibility publications kind of summarize who we are a little bit easier for investors to understand. Today, we had a USA TODAY article, I believe, that came out that summarized the company very well. So I think that we're just augmenting how we present the company and driving that value proposition is that energy is going to be the biggest part of the future.

Thanks, Steve, for that answer. We have another question regarding the rollout of higher-margin products like the AL4, SOLIS, and COR. Could you walk us through how these innovations contribute to unit economics and margin expansion? Should we model the ramp-up later this year?

Yes. AL4 was launched earlier this year and is now entering the market, already surpassing our revenue expectations. It started with no sales and is now our highest margin product. We began with nothing and now it consistently outperforms all other sales on a daily basis. We plan to keep our focus on high-margin sales that benefit the company. Additionally, SOLIS and COR will also launch as direct-to-consumer products with strong margins. We're committed to selling higher priced items, starting with AL3 at $700, AL4 at $1,100, SOLIS close to $2,000, and COR with two batteries over $2,000. This focus will improve our gross sales significantly. With SOLIS and COR being primarily high-margin direct-to-consumer products, we expect them to contribute positively to our profits. There are different ways to assess profit; one lesson I learned early on is that percent profit percentages may not translate to meaningful amounts. For instance, 30% of $1 yields only $0.30, but with a $2,000 sale at 30% margin, that’s $600. If we achieve these sales multiple times a day, it adds up to a substantial benefit for Worksport and its shareholders. In summary, we are concentrating on high-value items with significant margins, which will be advantageous and are not yet reflected in the balance sheet.

Thank you, Steve. We have a question regarding the quality of the solar cells panels. An investor has personally purchased solar cells and panels from different popular brands and has found quality concerns. Their question is, where are we producing our units to ensure that our finished product is dependable and high quality?

It's a trade secret regarding the source of our solar panels. We evaluated approximately 25 to 50 different solar manufacturers globally, looking at everything from wafer cells to panel assemblies. Solar panels are constructed from individual wafers or cells, which typically come from various manufacturers around the world. Our goal has been to find the best quality available. We've chosen specific manufacturers, and that information remains confidential. We considered many U.S.-based cell and panel manufacturers, but they did not meet our testing standards. The panels we use come from the eastern part of the world, but not from China. Importantly, these panels are also utilized on several space stations, which substantiates their quality, as NASA endorses these cells as top-tier. We take great care in selecting our suppliers, which has contributed to the timeline for bringing SOLIS to market; finding the best solar cell and panel manufacturers was a significant factor in the process.

Thank you, Steve. We had a question about battery chemistry of COR. At the current moment, the battery chemistry is a trade secret. We will reveal the specs of the unit as the unit comes closer to launch later this year. We had a question about government contracts for any of our products, specifically the hard covers, the heat pump, or the SOLIS and COR.

So yes, we believe that government and OEM contracts will naturally come to us. We've established business relationships with government entities and are well connected within various government agencies through our Boards of Directors and business connections. We will continue to engage with federal and local agencies and OEMs, which are related to this topic. We need to prioritize what's best for Worksport in terms of partnering with companies that can provide us revenue while maintaining the necessary margins. We have sold our hard covers to government agencies. While we may not have formal contracts, we do have ongoing order relationships. SOLIS has engaged with several large private businesses. We are not there yet with COR, but we are working towards it. Similarly, we are still making progress with the heat pump.

I will add that, Michael, the heat pump product has the largest potential for government contracts, and we did a press release about 2 weeks ago that we were in discussions with some governments about that technology. A question from James C. With all the good news today, could you comment on the stock price and recent actions?

It's very challenging. We've experienced similar stock volatility during past earnings releases, particularly in the last few quarters this year. We can't predict it. Often, when our stock fluctuates, we are focused on meetings and production work rather than monitoring trading. The secondary market for shares, represented by NASDAQ and ICE, is ultimately determined by investors and traders, and what they do is beyond our control. Our priority is ensuring that we put more products in boxes and ship them out. As for stock price volatility, that's in the hands of the traders, and we have no real influence over it. All we can do is stick to executing our business strategy. Nevertheless, the company's net assets are considerable, including patents and inherent growth potential. There's definite upside here, but when stock prices decline, it's generally due to trader activity or market conditions.

And James, the only thing we'll add also to the question about stock price, stock price volatility is going forward; the company does believe that the warrants that are in play between $4.50 to $6.70 may come to fruition. And that means that we believe that the company’s stock price is not matched to where we see the intrinsic value of the company. We think that our assets for growth, our margins improvement, intellectual property is undervalued. And we believe that as Q3, Q4, AetherLux, COR, and SOLIS come out, the stock's underlying health will be better reflected in its pricing. Next question, and I'm going to take 2 more questions, Steve here. The first question is: What is your plan to increase analyst coverage of the stock?

Earned coverage is important. While there is a lot of paid research available, we prefer to steer clear of it. Even though some firms are excellent, we believe our resources should be directed towards increasing sales and revenue rather than on analyst coverage. We will continue to engage with well-known and reputable analysts to tell our story, but this is an ongoing process. Establishing relationships with various research firms and analysts is essential, as trust must be built and the analysts must find our company valuable. We will keep meeting potential research partners and seek organic coverage, but like all our initiatives, this will take time.

Thanks, Steven. And last question for today. When exactly are the first SOLIS/core sets expected to be shipped? What stage are we on? What else is left to do before we hit the market?

Yes, that's a great question. We've completed a limited production run of SOLIS units and sold them as part of our beta program, where we conducted internal testing and made some adjustments. The beta testing phase involved selling units to select users, and the feedback has been very positive. For instance, one user was able to recharge his truck using a Level 1 charger connected to the SOLIS, which was exciting to hear. We've generated some revenue from these beta units, and we are now preparing for a full release. We've ordered around 200 solar panels for manufacturing, but we may increase that number to approximately 500 units. The panels need to be produced and shipped, and we also have to create the covers at our factory. We anticipate that all of this will happen in the second half of the year, potentially around October or November for the SOLIS launch. Regarding the COR UL certification, we've completed 10 tests and passed 9, and we are currently on the final test. Once we pass this last test, we can obtain UL certification and proceed to production. We are 90% done with the certification process, and once we achieve it, we can start manufacturing the first 1,000 units and stock them. This should also take place within this year. Any potential challenges might arise from geopolitical issues, though I believe the primary concerns will relate to the testing process and timeline for obtaining UL certification, which is a highly esteemed credential and does require time.

Thank you very much, Steve. And Mike, Scott, and Kate, thank you for attending us as analysts. And we'd like to thank all our investors today for their time and attention. This marks the end of the Q2 2025 call. Have a great day.

Thank you, everyone.