The Unstoppable Rise of Shorted Companies
From Underdogs to Game-Changers
Short squeezes have been making and breaking investors for centuries, but one remarkable story stands out – GameStop (NYSE: GME). This retail giant went from struggling to thriving, defying expectations and conventions. Led by an unorthodox CEO, GameStop’s turnaround is a testament to the power of innovation and perseverance.
The EV Revolution
Beyond GameStop, there are lesser-known companies in the shorted universe, particularly in the electric vehicle (EV) sector. One such company is EVgo Inc (NASDAQ: EVGO), an EV charging company with extremely volatile shares. Despite the ups and downs, EVgo has reported a record-breaking third quarter, with revenue growth of 92% year-over-year (YoY) and a net loss of $33.3 million.
Strategic Investments and Cost Management
EVgo’s strategic investments and cost management have resulted in an improved adjusted EBITDA. The company has also expanded its customer base, adding 147,000 new accounts, with a total exceeding 1.2 million. Moreover, EVgo posted a record network throughput of 78 GWh, representing a 111% YoY increase.
Worksport Ltd: A Manufacturer and Innovator
Another shorted company making waves is Worksport Ltd (NASDAQ: WKSP), a manufacturer of “made-in-USA” tonneau covers and hybrid and clean energy solutions. Worksport has reported significant YoY revenue growth for the third quarter, with revenue surging 581% YoY to $3.12 million.
Groundbreaking Innovation
Worksport’s early growth story is filled with innovation, including the launch of its clean energy off-grid power duo, the SOLIS solar-powered tonneau cover and COR portable battery system. The company has also opened up a new growth pathway by getting a U.S. government agency as a buyer.
Capitalizing on EV Growth
Worksport has capitalized on the rapid growth of Rivian Automotive (NASDAQ: RIVN) by revealing that its existing lineup of premium tonneau covers is nearly finished compatibility engineering with the Rivian R1T. The company plans to integrate its SOLIS solar cover and COR portable battery system in the future.
Unlocking Growth Opportunities
While Worksport and EVgo may not be playing at the same level as Tesla (NASDAQ: TSLA) just yet, they are still prominent EV players with growth tales that could revolutionize industries. These shorted companies offer a glimpse into the potential for innovation and disruption in the EV sector.
Leave a Reply