Westport Fuel Systems (NASDAQ:WPRT,TSX:WPRT) delivers advanced fuel system technologies, focused on heavy-duty and light-duty vehicles, to reduce carbon emissions without compromising engine performance. The company offers innovative solutions that enable internal combustion engines to operate on alternative low-carbon fuels, including natural gas, renewable natural gas (RNG) and hydrogen.
Westport operates in a rapidly growing and changing clean transportation market driven by stringent emission regulations, increasing fuel costs, and rising demand for sustainable mobility solutions.
The HPDI system features a revolutionary, patented injector with a dual concentric needle design that delivers small quantities of diesel fuel and large quantities of natural gas, at high pressure, to the combustion chamber. The HPDI fuel system is engineered for heavy-duty trucks and industrial applications. By injecting high-pressure natural gas or hydrogen directly into the combustion chamber, HPDI delivers diesel-like torque and power with up to 98 percent lower CO₂ emissions when using hydrogen. This technology is critical for long-haul trucking and other high-load applications, where maintaining performance and range is essential. This technology is now owned under the Cespira JV, which generated a revenue of $16.2 million in Q3 2024.
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Westport Fuel Systems’ innovative technologies and pioneered alternative fuel delivery systems offer a compelling case for investors looking to participate in the opportunities of a low-carbon economy.
Westport Fuel Systems (NASDAQ:WPRT,TSX:WPRT) specializes in delivering advanced fuel technologies, with a focus on heavy-duty and light-duty vehicles, aimed at reducing carbon emissions without compromising engine performance. As a key player in the clean transportation space, Westport offers innovative solutions that enable internal combustion engines to operate on alternative low-carbon fuels, including natural gas, renewable natural gas (RNG), propane and hydrogen.
Westport is focused on the following transportation market opportunities:
Westport operates in a rapidly growing and changing clean transportation market driven by stringent emission regulations, increasing fuel costs, and rising demand for sustainable mobility solutions. The company’s competitive edge lies in its proprietary HPDI technology, which uniquely delivers diesel-equivalent performance while significantly reducing carbon emissions. Westport’s joint venture with Volvo Group, under the Cespira name, enhances its ability to scale HPDI solutions globally.
Additionally, the company’s light-duty fuel systems offer a cost-effective pathway for reducing emissions in passenger vehicles, further diversifying its revenue streams. With manufacturing facilities and partnerships in key regions, Westport is well-positioned to capitalize on the growing demand for clean and affordable transportation solutions. Its Q3 2024 revenue totaled $66.2 million, with the Cespira JV generating an additional $16.2 million externally. The company’s gross margins also improved from 17 percent in Q3 2023 to 22 percent in Q3 2024.
Fleet operators and logistics companies are increasingly turning to alternative fuel vehicles to reduce operational costs and meet stringent ESG goals. In response, Westport continues to invest in innovation, particularly in hydrogen and renewable natural gas solutions.The HPDI fuel system is engineered for heavy-duty trucks and industrial applications. By injecting high-pressure natural gas or hydrogen directly into the combustion chamber, HPDI delivers diesel-like torque and power with up to 98 percent lower CO₂ emissions when using hydrogen. This technology is critical for long-haul trucking and other high-load applications, where maintaining performance and range is essential. This technology is now owned under the Cespira JV, which generated a revenue of $16.2 million in Q3 2024.
The HPDI system features a revolutionary, patented injector with a dual concentric needle design that delivers small quantities of diesel fuel and large quantities of natural gas, at high pressure, to the combustion chamber.
Part of its light-duty business segment, Westport’s light-duty solutions include a range of alternative fuel systems primarily for passenger vehicles. These systems enable vehicles to operate primarily onLPG and CNG, offering a cleaner, economic alternative to traditional gasoline. A key product in this segment is the globally recognized Prins VSI-3 DI, a revolutionary LPG system for vehicles equipped with direct injection petrol and hybrid engines. This LPG system complies with the latest global emission standards like Euro 6E WLTP and is R115 certified. The system is of high quality, extremely efficient and high performing, providing a smooth driving experience.
Additionally, the company has recently collaborated with Kia Italia to introduce the Kia Niro Tri-Fuel, a hybrid vehicle that combines petrol, electric and LPG fuel sources for improved efficiency and reduced environmental impact.
Westport’s high-pressure gaseous controls segment is at the forefront of the clean energy revolution, designing, developing and producing high-demand components for transportation and industrial applications. The company partners with the world's leading fuel cell manufacturers and companies committed to decarbonizing transport, offering versatile solutions that serve a variety of fuel types. While hydrogen is key to the future decarbonization of transport, Westport components and solutions are already powering innovation today across a range of gaseous fuels. With decades of experience, market-leading brands, and unmatched engineering expertise, the company is a leader in the market. While still small, its strategic position and innovative capabilities put Westport on the cusp of significant growth, ensuring it is the go-to choice for those shaping the future of clean energy, today and tomorrow.
Westport is helmed by an accomplished executive team with extensive experience in automotive technology, alternative fuels and corporate strategy.
Dan Sceli was appointed as CEO in January of 2024. His distinguished 37-year career in the global manufacturing sector marks him as a visionary leader, whose strategic acumen and commitment to excellence have propelled companies to new heights.
Bill Larkin has been instrumental in strengthening the company’s financial position since joining in 2022. With prior experience as CFO of Fuel Systems Solutions and Westport Innovations, Larkin’s experience spans a diverse set of corporate environments ranging from entrepreneurial startups, high growth small-caps and mature multi-billion dollar enterprises across various industries.
Ashley Nuell joined Westport in May of 2022 and currently has approximately 20 years of experience in investor relations. Her career includes roles with companies at various parts of the energy sector value chain, as well as in the investor relations and stakeholder communications practice area of a global consulting firm.
Advanced, clean fuel systems and components that deliver both economic and environmental benefits
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Westport Fuel Systems (NASDAQ: WPRT)
With over 30 years of innovation, Westport is delivering fuel-agnostic engine solutions including hydrogen and natural gas. Through its high-pressure joint venture and over 1,400 patents, Westport is helping long-haul transportation transition toward cleaner fuel alternatives.
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News Provided by Newsfile via QuoteMedia
Westport Fuel Systems Inc. ("Westport" or the "Company") (TSX:WPRT Nasdaq:WPRT), today held its Annual General and Special Meeting of Shareholders (the "Meeting") in a virtual format. Shareholders approved all resolutions presented at the meeting including the election of all nominated directors for the ensuing year, the appointment of KPMG LLP as the Company's auditors for the fiscal year, the advisory vote on executive compensation, and the sale of Westport Fuel Systems Italia S.r.l in accordance with the terms of the sale and purchase agreement dated as of March 30, 2025.
A summary of the results are as follows:
| Resolution | Outcome of Vote | Percentage of Votes For | Percentage of Votes Withheld/Against |
| Election of Directors | |||
| Michele Buchignani | Approved | 81.22% | 18.78% |
| Anthony Guglielmin | Approved | 87.16% | 12.84% |
| Daniel M. Hancock | Approved | 61.47% | 38.53% |
| Daniel Sceli | Approved | 91.10% | 8.90% |
| Karl-Viktor Schaller | Approved | 61.28% | 38.72% |
| Eileen Wheatman | Approved | 81.43% | 18.57% |
| Appointment of Auditors | Approved | 93.83% | 6.17% |
| Executive Compensation | |||
| (Advisory Vote) | Agree | 52.87% | 47.13% |
| Sale of Westport Fuel Systems Italia S.r.l | Approved | 83.38% | 16.62% |
About Westport Fuel Systems
At Westport Fuel Systems, we are driving innovation to power a cleaner tomorrow. We are a leading supplier of advanced fuel delivery components and systems for clean, low-carbon fuels such as natural gas, renewable natural gas, propane, and hydrogen to the global transportation industry. Our technology delivers the performance and fuel efficiency required by transportation applications and the environmental benefits that address climate change and urban air quality challenges. Headquartered in Vancouver, Canada, with operations in Europe, Asia, North America, and South America, we serve our customers in approximately 70 countries with leading global transportation brands. At Westport Fuel Systems, we think ahead. For more information, visit www.wfsinc.com .
Investor Inquiries:
Investor Relations
T: +1 604-718-2046
E: invest@wfsinc.com
News Provided by GlobeNewswire via QuoteMedia
Westport Fuel Systems Inc. (" Westport ") (TSX:WPRT Nasdaq:WPRT) reported financial results for the first quarter ended March 31, 2025, and provided an update on operations. All figures are in U.S. dollars unless otherwise stated.
"We continue to make significant strides in transforming Westport and sharpening our strategic focus. Our priorities remain clear: driving success through Cespira, our HPDI joint venture with Volvo Group; pursuing operational excellence through initiatives to streamline processes and reduce costs; and positioning Westport at the forefront of the alternative fuel shift.
These priorities are guiding us as we work towards a brighter future. We're seeing the impact of our efforts in our recent results – we significantly improved our net loss to $2.5 million in Q1 of 2025 from a net loss of $13.6 million in Q1 of 2024. This was supported by a $3.5 million increase in gross profit and an $8.1 million decrease in operating expenses. We also reported a substantial improvement in adjusted EBITDA as compared to the same period of the prior year.
Looking to the future, with the announcement of the proposed sale of our light-duty business, Westport is realigning to focus on the hard-to-decarbonize applications primarily in long-haul and heavy-duty trucking where our unique HPDI and high-pressure technologies offer significant growth potential. Critically, this transaction is designed to provide immediate cash proceeds that bolster our balance sheet and fund growth opportunities in Cespira and the High-Pressure Controls & Systems business.
Now, the conversation has changed. Our attendance at the Advanced Clean Transportation Expo or ACT Expo, the largest showcase of clean transportation technologies in North America, validated our view that the market recognizes that the internal combustion engine utilizing alternative fuels is an affordable solution that also decarbonizes long-haul, heavy-duty transport. Westport is the clean-tech innovation company to help drive this change. Through Cespira, the HPDI fuel system does the on-engine work to our High Pressure Controls and Systems business where our components do the off-engine work we are providing OEMs with simplified solutions to decarbonize.
Volvo recently highlighted that demand for their gas-powered trucks that utilize HPDI technology has been increasing, with sales up more than 25% in 2024, a trend that we saw continue into Q1 with Cespira delivering improved revenue driven by increased volumes as compared to Q1 of 2024. While we remain focused on scaling our alternative fuel solutions, including LNG, CNG, RNG, and hydrogen systems, we are matching the cleanest gaseous fuels with the most efficient engine technologies. We are committed to delivering practical, commercially viable low-carbon solutions today and providing sustainable, high-performance solutions that help our customers achieve their goals now and for years to come."
Dan Sceli, Chief Executive Officer
Q1 2025 Highlights
[1] Adjusted earnings before interest, taxes and depreciation is a non-GAAP measure. Please refer to NON-GAAP FINANCIAL MEASURES in Westport's Management Discussion and Analysis for the reconciliation.
| Consolidated Results | Over / | |||||||
| ($ in millions, except per share amounts) | (Under) | |||||||
| 1Q25 | 1Q24 | % | ||||||
| Revenue | $ | 71.0 | $ | 77.6 | (9 | )% | ||
| Gross Profit (2) | 15.2 | 11.7 | 30 | % | ||||
| Gross Margin (2) | 21 | % | 15 | % | ||||
| Income (loss) from Investments Accounted for by the Equity Method (1) | (3.8 | ) | — | (100 | )% | |||
| Net Loss | (2.5 | ) | (13.6 | ) | 82 | % | ||
| Net Loss per Share - Basic | (0.14 | ) | (0.79 | ) | 82 | % | ||
| Net Loss per Share - Diluted | (0.14 | ) | (0.79 | ) | 82 | % | ||
| EBITDA (2) | (0.1 | ) | (9.2 | ) | 99 | % | ||
| Adjusted EBITDA (2) | — | (6.6 | ) | 100 | % | |||
(1) This includes income or loss primarily from our investments in Cespira and Minda Westport Technologies Limited
(2) Gross margins, EBITDA and Adjusted EBITDA are non-GAAP measures. Please refer to GAAP and NON-GAAP FINANCIAL MEASURES for the reconciliation to equivalent GAAP measures and limitations on the use of such measures.
Segment Information
Light-Duty
Revenue for the three months ended March 31, 2025 was $64.2 million compared with $63.3 million for the three months ended March 31, 2024. Light-Duty revenue increased by $0.9 million compared to the prior year and was primarily driven by increase in sales in our light-duty OEM and DOEM businesses. The light-duty OEM business had an increase in sales from its Euro 6 program compared to the prior year. In the first quarter of 2024, DOEM had a significant decrease in sales to a customer. This was partially offset by lower sales in our IAM, electronics and fuel storage businesses compared to the prior year.
Gross profit for the three months ended March 31, 2025 increased by $1.6 million to $14.0 million, or 22% of revenue, compared to $12.4 million, or 20% of revenue, for the same prior year period. This was primarily driven by a change in sales mix with an increase in sales to European customers and a reduction in sales to developing regions.
High Pressure Controls & Systems
Revenue for the three months ended March 31, 2025 was $1.4 million compared with $2.4 million for the three months ended March 31, 2024. The decrease in revenue for the three months ended March 31, 2025 compared to the prior year was primarily driven by the hydrogen industry slowdown impacting demand for hydrogen components.
Gross profit for the three months ended March 31, 2025 decreased by $0.2 million to $0.2 million, or 14% of revenue, compared to $0.4 million, or 17% of revenue, for the same prior year period. This was primarily driven by lower sales volumes increasing the per unit manufacturing costs in the quarter.
Heavy-Duty Original Equipment Manufacturer ("OEM")
Revenue for the three months ended March 31, 2025 was $5.4 million, compared to $11.9 million for the prior year. The decrease in revenue for the three months ended March 31, 2025 is a result of the continuation of the business in Cespira. The revenue earned in the current quarter was from our services provided under the transitional service agreement with Cespira that is expected to end by Q2 2026.
Gross profit for the three months ended March 31, 2025 increased by $2.1 million to $1.0 million, or 19% of revenue, compared to negative $1.1 million or negative 9% of revenue, for the same prior year period. The Heavy-Duty OEM segment received $0.9million in credits from component suppliers for inventory sold in the quarter.
Selected Cespira Statements of Operations Data
We account for Cespira using the equity method of accounting. However, due to its significance to our long-term strategy and operating results, we disclose certain Cespira's financial information in notes 7 and 17 of our interim financial statements for the three months ended March 31, 2025.
The following table sets forth a summary of the financial results of Cespira for the three months ended March 31, 2025 .
| (in millions of U.S. dollars) | Three months ended March 31, | Change | |||||||||||||
| 2025 | 2024 | $ | % | ||||||||||||
| Total revenue | $ | 16.7 | $ | — | $ | 16.7 | — | % | |||||||
| Gross profit | $ | 0.5 | $ | — | $ | 0.5 | — | % | |||||||
| Gross margin 1 | 3 | % | — | % | |||||||||||
| Operating loss | $ | (7.1 | ) | $ | — | $ | (7.1 | ) | — | % | |||||
| Net loss attributable to the Company | $ | (3.9 | ) | $ | — | $ | (3.9 | ) | — | % | |||||
1 Gross margin is non-GAAP financial measure. See the section 'Non-GAAP Financial Measures' for explanations and discussions of these non-GAAP financial measures or ratios.
Revenue
Cespira revenues for the three months ended March 31, 2025 were $16.7 million. In the prior year, the Heavy-Duty OEM segment, which included our HPDI business, had revenues of $11.9 million. This was primarily driven by an increase in HPDI fuel systems sold in the period.
Gross Profit
Gross profit was $0.5 million for the three months ended March 31, 2025. In the prior year, the Heavy-Duty OEM segment had negative $1.1 million in gross profit primarily driven by the increase in sales volumes compared to the prior year and reductions in manufacturing cost.
Operating loss
Cespira incurred operating losses of $7.1 million for the three months ended March 31, 2025. Cespira continues to incur operating losses as it scales its operations and expand into other markets.
Q1 2025 Conference Call
Westport has scheduled a conference call for May 14, 2025, at 7:00 am Pacific Time (10:00 pm Eastern Time) to discuss these results. To access the conference call please register at
https://register-conf.media-server.com/register/BI73bcac200e5f4652873668cf803d72ed
The live webcast of the conference call can be accessed through the Westport website at
https://investors.wfsinc.com/.
Participants may register up to 60 minutes before the event by clicking on the call link and completing the online registration form. Upon registration, the user will receive dial-in info and a unique PIN, along with an email confirming the details.
The webcast will be archived on Westport's website at https://investors.wfsinc.com.
Financial Statements and Management's Discussion and Analysis
To view Westport financials for the first quarter ended March 31st, 2025, please visit https://investors.wfsinc.com/financials/
About Westport Fuel Systems
At Westport Fuel Systems, we are driving innovation to power a cleaner tomorrow. We are a leading supplier of advanced fuel delivery components and systems for clean, low-carbon fuels such as natural gas, renewable natural gas, propane, and hydrogen to the global automotive industry. Our technology delivers the performance and fuel efficiency required by transportation applications and the environmental benefits that address climate change and urban air quality challenges. Headquartered in Vancouver, Canada, with operations in Europe, Asia, North America, and South America, we serve our customers in approximately 70 countries with leading global transportation brands. At Westport Fuel Systems, we think ahead. For more information, visit www.wfsinc.com.
Cautionary Note Regarding Forward Looking Statements
This press release contains forward-looking statements, including statements regarding future strategic initiatives and future growth, future of our development programs (including those relating to HPDI and Hydrogen), our expectations for 2024 and beyond, including the demand for our products, and the future success of our business and technology strategies. These statements are neither promises nor guarantees, but involve known and unknown risks and uncertainties and are based on both the views of management and assumptions that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activities, performance or achievements expressed in or implied by these forward looking statements. These risks, uncertainties and assumptions include those related to our revenue growth, operating results, industry and products, the general economy, conditions of and access to the capital and debt markets, solvency, governmental policies and regulation, technology innovations, fluctuations in foreign exchange rates, operating expenses, continued reduction in expenses, ability to successfully commercialize new products, the performance of our joint ventures, the availability and price of natural gas and hydrogen, new environmental regulations, the acceptance of and shift to natural gas and hydrogen vehicles,fuel emission standards, the development of competing technologies, our ability to adequately develop and deploy our technology, the actions and determinations of our joint venture and development partners, the effects and duration of the Russia-Ukraine conflict, supply chain disruptions as well as other risk factors and assumptions that may affect our actual results, performance or achievements or financial position discussed in our most recent Annual Information Form and other filings with securities regulators. Readers should not place undue reliance on any such forward-looking statements, which speak only as of the date they were made. We disclaim any obligation to publicly update or revise such statements to reflect any change in our expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in these forward-looking statements except as required by National Instrument 51-102.
Contact Information
Investor Relations
Westport Fuel Systems
T: +1 604-718-2046
GAAP and Non-GAAP Financial Measures
Our financial statements are prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"). These U.S. GAAP financial statements include non-cash charges and other charges and benefits that may be unusual or infrequent in nature or that we believe may make comparisons to our prior or future performance difficult. In addition to conventional measures prepared in accordance with U.S. GAAP, Westport and certain investors use EBITDA and Adjusted EBITDA as an indicator of our ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations and fund capital expenditures. Management also uses these non-GAAP measures in its review and evaluation of the financial performance of Westport. EBITDA is also frequently used by investors and analysts for valuation purposes whereby EBITDA is multiplied by a factor or "EBITDA multiple" that is based on an observed or inferred relationship between EBITDA and market values to determine the approximate total enterprise value of a company. We believe that these non-GAAP financial measures also provide additional insight to investors and securities analysts as supplemental information to our U.S. GAAP results and as a basis to compare our financial performance period-over-period and to compare our financial performance with that of other companies. We believe that these non-GAAP financial measures facilitate comparisons of our core operating results from period to period and to other companies by, in the case of EBITDA, removing the effects of our capital structure (net interest income on cash deposits, interest expense on outstanding debt and debt facilities), asset base (depreciation and amortization) and tax consequences. Adjusted EBITDA provides this same indicator of Westports' EBITDA from continuing operations and removing such effects of our capital structure, asset base and tax consequences, but additionally excludes any unrealized foreign exchange gains or losses, stock-based compensation charges and other one-time impairments and costs which are not expected to be repeated in order to provide greater insight into the cash flow being produced from our operating business, without the influence of extraneous events.
S egment Information
EBITDA and Adjusted EBITDA are intended to provide additional information to investors and analysts and do not have any standardized definition under U.S. GAAP, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with U.S. GAAP. EBITDA and Adjusted EBITDA exclude the impact of cash costs of financing activities and taxes, and the effects of changes in operating working capital balances, and therefore are not necessarily indicative of operating profit or cash flow from operations as determined under U.S. GAAP. Other companies may calculate EBITDA and Adjusted EBITDA differently.
Segment earnings or losses before income taxes, interest, depreciation, and amortization ("Segment EBITDA") is the measure of segment profitability used by the Company. The accounting policies of our reportable segments are the same as those applied in our consolidated financial statements. Management prepared the financial results of the Company's reportable segments on basis that is consistent with the manner in which Management internally disaggregates financial information to assist in making internal operating decisions. Certain common costs and expenses, primarily corporate functions, among segments differently than we would for stand-alone financial information prepared in accordance with GAAP. These include certain costs and expenses of shared services, such as IT, human resources, legal, finance and supply chain management. Segment EBITDA is not defined under US GAAP and may not be comparable to similarly titled measures used by other companies and should not be considered a substitute for net earnings or other results reported in accordance with GAAP. Reconciliations of reportable segment information to consolidated statement of operations can be found in section "NON-GAAP FINANCIAL MEASURES & RECONCILIATIONS" within this press release.
| Three months ended March 31, 2025 | ||||||||||||||||
| Light-Duty | High-Pressure Controls & Systems | Heavy-Duty OEM | Cespira | Total Segment | ||||||||||||
| Revenue | $ | 64.2 | $ | 1.4 | $ | 5.4 | $ | 16.7 | $ | 87.7 | ||||||
| Cost of revenue | 50.2 | 1.2 | 4.4 | 16.2 | 72.0 | |||||||||||
| Gross profit | 14.0 | 0.2 | 1.0 | 0.5 | 15.7 | |||||||||||
| Operating expenses: | ||||||||||||||||
| Research & development | 3.0 | 1.0 | 0.1 | 3.1 | 7.2 | |||||||||||
| General & administrative | 4.1 | 0.3 | 0.1 | 2.7 | 7.2 | |||||||||||
| Sales & marketing | 2.3 | 0.1 | — | 0.3 | 2.7 | |||||||||||
| Depreciation & amortization | 0.7 | 0.1 | — | 0.7 | 1.5 | |||||||||||
| 10.1 | 1.5 | 0.2 | 6.8 | 18.6 | ||||||||||||
| Equity income (note 8) | 0.1 | — | — | — | 0.1 | |||||||||||
| Add back: Depreciation & amortization | 1.9 | 0.1 | — | 1.6 | 3.6 | |||||||||||
| Segment EBITDA | $ | 5.9 | $ | (1.2 | ) | $ | 0.8 | $ | (4.7 | ) | $ | 0.8 | ||||
| Three months ended March 31, 2024 | ||||||||||||||
| Light-Duty | High-Pressure Controls & Systems | Heavy-Duty OEM | Total Segment | |||||||||||
| Revenue | $ | 63.3 | $ | 2.4 | $ | 11.9 | $ | 77.6 | ||||||
| Cost of revenue | 50.9 | 2.0 | 13.0 | 65.9 | ||||||||||
| Gross profit | 12.4 | 0.4 | (1.1 | ) | 11.7 | |||||||||
| Operating expenses: | ||||||||||||||
| Research & development | 3.6 | 1.3 | 2.8 | 7.7 | ||||||||||
| General & administrative | 3.7 | 0.2 | 1.8 | 5.7 | ||||||||||
| Sales & marketing | 2.1 | 0.2 | 0.5 | 2.8 | ||||||||||
| Depreciation & amortization | 0.6 | 0.1 | 0.1 | 0.8 | ||||||||||
| 10.0 | 1.8 | 5.2 | 17.0 | |||||||||||
| Equity income | — | — | — | — | ||||||||||
| Add back: Depreciation & amortization | 1.5 | 0.1 | 1.4 | 3.0 | ||||||||||
| Segment EBITDA | $ | 3.9 | $ | (1.3 | ) | $ | (4.9 | ) | $ | (2.3 | ) | |||
| Gross Profit | |||||||
| (expressed in millions of U.S. dollars) | 1Q25 | 1Q24 | |||||
| Three months ended | |||||||
| Revenue | $ | 71.0 | $ | 77.6 | |||
| Less: Cost of revenue | 55.8 | 65.9 | |||||
| Gross profit | 15.2 | 11.7 | |||||
| Gross margin % | 21.4 | % | 15.1 | % | |||
| Three months ended March 31, 2025 | |||||||||||||
| Total Segment | Less: Cespira | Add: Corporate & unallocated | Total Consolidated | ||||||||||
| Revenue | $ | 87.7 | $ | 16.7 | $ | — | $ | 71.0 | |||||
| Cost of revenue | 72.0 | 16.2 | — | 55.8 | |||||||||
| Gross profit | 15.7 | 0.5 | — | 15.2 | |||||||||
| Operating expenses: | |||||||||||||
| Research & development | 7.2 | 3.1 | — | 4.1 | |||||||||
| General & administrative | 7.2 | 2.7 | 1.9 | 6.4 | |||||||||
| Sales & marketing | 2.7 | 0.3 | 0.3 | 2.7 | |||||||||
| Depreciation & amortization | 1.5 | 0.7 | — | 0.8 | |||||||||
| 18.6 | 6.8 | 2.2 | 14.0 | ||||||||||
| Equity income (loss) | 0.1 | — | (3.9 | ) | (3.8 | ) | |||||||
| Three months ended March 31, 2024 | ||||||||
| Total Segment | Add: Corporate & unallocated | Total Consolidated | ||||||
| Revenue | $ | 77.6 | $ | — | $ | 77.6 | ||
| Cost of revenue | 65.9 | — | 65.9 | |||||
| Gross profit | 11.7 | — | 11.7 | |||||
| Operating expenses: | ||||||||
| Research & development | 7.7 | — | 7.7 | |||||
| General & administrative | 5.7 | 4.7 | 10.4 | |||||
| Sales & marketing | 2.8 | 0.4 | 3.2 | |||||
| Depreciation & amortization | 0.8 | 0.2 | 1.0 | |||||
| 17.0 | 5.3 | 22.3 | ||||||
| Equity income | — | — | — | |||||
| Reconciliation of Segment EBITDA to Loss before income taxes | Three months ended March 31, | |||||||
| 2025 | 2024 | |||||||
| Total Segment EBITDA | $ | 0.8 | $ | (2.3 | ) | |||
| Adjustments: | ||||||||
| Depreciation & amortization | 2.0 | 3.0 | ||||||
| Cespira's Segment EBITDA | (4.7 | ) | — | |||||
| Cespira's equity loss | 3.9 | — | ||||||
| Corporate and unallocated operating expenses | 2.2 | 5.3 | ||||||
| Foreign exchange loss | (0.5 | ) | 1.8 | |||||
| Interest on long-term debt and accretion of royalty payable | 0.7 | 0.8 | ||||||
| Interest and other income, net of bank charges | (0.9 | ) | (0.3 | ) | ||||
| Loss before income taxes | $ | (1.9 | ) | $ | (12.9 | ) | ||
| EBITDA and Adjusted EBITDA | ||||||||
| (expressed in millions of U.S. dollars) | 1Q25 | 1Q24 | ||||||
| Three months ended | ||||||||
| Loss before income taxes | $ | (1.9 | ) | $ | (12.9 | ) | ||
| Interest expense (income), net | (0.2 | ) | 0.5 | |||||
| Depreciation and amortization | 2.0 | 3.2 | ||||||
| EBITDA | (0.1 | ) | (9.2 | ) | ||||
| Stock based compensation (recovery) | 0.3 | 0.3 | ||||||
| Unrealized foreign exchange (gain) loss | (0.5 | ) | 1.8 | |||||
| Severance costs | — | 0.5 | ||||||
| Restructuring costs | 0.3 | — | ||||||
| Adjusted EBITDA | $ | — | $ | (6.6 | ) | |||
| Westport Fuel Systems Inc. Condensed Consolidated Balance Sheets (unaudited) (Expressed in thousands of United States dollars, except share amounts) March 31, 2025 and December 31, 2024 | ||||||||
| March 31, 2025 | December 31, 2024 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents (including restricted cash) | $ | 32,637 | $ | 37,646 | ||||
| Accounts receivable | 66,634 | 73,054 | ||||||
| Inventories | 63,214 | 53,526 | ||||||
| Prepaid expenses | 6,551 | 5,660 | ||||||
| Total current assets | 169,036 | 169,886 | ||||||
| Long-term investments | 40,052 | 39,732 | ||||||
| Property, plant and equipment | 45,314 | 41,956 | ||||||
| Operating lease right-of-use assets | 19,249 | 19,019 | ||||||
| Intangible assets | 5,174 | 5,277 | ||||||
| Deferred income tax assets | 10,261 | 9,695 | ||||||
| Goodwill | 2,996 | 2,876 | ||||||
| Other long-term assets | 3,163 | 3,180 | ||||||
| Total assets | $ | 295,245 | $ | 291,621 | ||||
| Liabilities and shareholders' equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable and accrued liabilities | $ | 93,127 | $ | 88,123 | ||||
| Current portion of operating lease liabilities | 2,750 | 2,624 | ||||||
| Current portion of long-term debt | 13,225 | 14,660 | ||||||
| Current portion of warranty liability | 4,013 | 3,861 | ||||||
| Total current liabilities | 113,115 | 109,268 | ||||||
| Long-term operating lease liabilities | 16,560 | 16,433 | ||||||
| Long-term debt | 17,915 | 19,067 | ||||||
| Warranty liability | 1,603 | 1,456 | ||||||
| Deferred income tax liabilities | 4,063 | 4,029 | ||||||
| Other long-term liabilities | 4,391 | 4,343 | ||||||
| Total liabilities | 157,647 | 154,596 | ||||||
| Shareholders' equity: | ||||||||
| Share capital: | ||||||||
| Unlimited common and preferred shares, no par value | ||||||||
| 17,326,732 (2024 - 17,282,934) common shares issued and outstanding | 1,246,408 | 1,245,805 | ||||||
| Other equity instruments | 9,081 | 9,472 | ||||||
| Additional paid in capital | 11,516 | 11,516 | ||||||
| Accumulated deficit | (1,098,726 | ) | (1,096,275 | ) | ||||
| Accumulated other comprehensive loss | (30,681 | ) | (33,493 | ) | ||||
| Total shareholders' equity | 137,598 | 137,025 | ||||||
| Total liabilities and shareholders' equity | $ | 295,245 | $ | 291,621 | ||||
| Westport Fuel Systems Inc. Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (unaudited) (Expressed in thousands of United States dollars, except share and per share amounts) Three months ended March 31, 2025 and 2024 | ||||||||
| Three months ended March 31, | ||||||||
| 2025 | 2024 | |||||||
| Revenue | $ | 70,955 | $ | 77,574 | ||||
| Cost of revenue | 55,730 | 65,851 | ||||||
| Gross profit | 15,225 | 11,723 | ||||||
| Operating expenses: | ||||||||
| Research and development | 4,052 | 7,693 | ||||||
| General and administrative | 6,397 | 10,353 | ||||||
| Sales and marketing | 2,758 | 3,287 | ||||||
| Foreign exchange (gain) loss | (456 | ) | 1,820 | |||||
| Depreciation and amortization | 740 | 1,043 | ||||||
| 13,491 | 24,196 | |||||||
| Income (loss) from operations | 1,734 | (12,473 | ) | |||||
| Income (loss) from investments accounted for by the equity method | (3,799 | ) | 31 | |||||
| Interest on long-term debt | (676 | ) | (812 | ) | ||||
| Interest and other income, net of bank charges | 869 | 341 | ||||||
| Loss before income taxes | (1,872 | ) | (12,913 | ) | ||||
| Income tax expense | 579 | 735 | ||||||
| Net loss for the period | (2,451 | ) | (13,648 | ) | ||||
| Other comprehensive income (loss): | ||||||||
| Cumulative translation adjustment | 3,641 | (430 | ) | |||||
| Ownership share of equity method investments' other comprehensive loss | (829 | ) | — | |||||
| 2,812 | (430 | ) | ||||||
| Comprehensive income (loss) | $ | 361 | $ | (14,078 | ) | |||
| Loss per share: | ||||||||
| Net loss per share - basic and diluted | $ | (0.14 | ) | (0.79 | ) | |||
| Weighted average common shares outstanding: | ||||||||
| Basic and diluted | 17,322,681 | 17,220,540 | ||||||
| Westport Fuel Systems Inc. Condensed Consolidated Statements of Cash Flows (unaudited) (Expressed in thousands of United States dollars) Three months ended March 31, 2025 and 2024 | ||||||||
| Three months ended March 31, | ||||||||
| 2025 | 2024 | |||||||
| Operating activities: | ||||||||
| Net loss for the period | $ | (2,451 | ) | $ | (13,648 | ) | ||
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||
| Depreciation and amortization | 1,930 | 3,247 | ||||||
| Stock-based compensation expense | 212 | 331 | ||||||
| Unrealized foreign exchange (gain) loss | (456 | ) | 1,820 | |||||
| Deferred income tax (recovery) | (33 | ) | (40 | ) | ||||
| Loss (income) from investments accounted for by the equity method | 3,799 | (31 | ) | |||||
| Interest on long-term debt | 22 | 22 | ||||||
| Change in inventory write-downs | 223 | 413 | ||||||
| Change in bad debt expense | (33 | ) | (121 | ) | ||||
| Other | — | (248 | ) | |||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | (2,072 | ) | 12,526 | |||||
| Inventories | (7,502 | ) | (7,434 | ) | ||||
| Prepaid expenses | (415 | ) | (400 | ) | ||||
| Accounts payable and accrued liabilities | 2,840 | 4,725 | ||||||
| Warranty liability | (963 | ) | (1,020 | ) | ||||
| Net cash provided by (used in) operating activities | (4,899 | ) | 142 | |||||
| Investing activities: | ||||||||
| Purchase of property, plant and equipment | (3,142 | ) | (4,893 | ) | ||||
| Proceeds on sale of assets | 82 | 135 | ||||||
| Proceeds from holdback receivable | 10,450 | — | ||||||
| Capital contributions to investments accounted for by the equity method (note 7) | (4,686 | ) | — | |||||
| Net cash used in investing activities | 2,704 | (4,758 | ) | |||||
| Financing activities: | ||||||||
| Repayments of operating lines of credit and long-term facilities | (3,918 | ) | (17,689 | ) | ||||
| Drawings on operating lines of credit and long-term facilities | — | 11,848 | ||||||
| Net cash used in financing activities | (3,918 | ) | (5,841 | ) | ||||
| Effect of foreign exchange on cash and cash equivalents | 1,104 | (494 | ) | |||||
| Net decrease in cash and cash equivalents | (5,009 | ) | (10,951 | ) | ||||
| Cash and cash equivalents, beginning of period (including restricted cash) | 37,646 | 54,853 | ||||||
| Cash and cash equivalents, end of period (including restricted cash) | $ | 32,637 | $ | 43,902 | ||||
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Westport Fuel Systems (NASDAQ: WPRT)
With over 30 years of innovation, Westport is delivering fuel-agnostic engine solutions including hydrogen and natural gas. Through its high-pressure joint venture and over 1,400 patents, Westport is helping long-haul transportation transition toward cleaner fuel alternatives.
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Westport Fuel Systems Inc. ("Westport" or the "Company") (TSX:WPRT Nasdaq:WPRT), has entered into lock-up agreements with certain of its shareholders, executives and board members representing an aggregate of approximately 2.0 million shares, or 11.4% of the currently issued and outstanding shares, to vote in favour of the special resolution approving the sale of Westport Fuel Systems Italia S.r.l. (the " Lock-Up Agreements ").
"These Lock-Up Agreements are a significant vote of confidence in Westport's strategic direction and growth potential. I am thankful to our key shareholders and our Board, for their continued support as we execute our plans to reduce the complexity of Westport's business and move forward focusing on providing affordable solutions for hard to decarbonize segments of the heavy-duty truck and industrial application, supported by a strengthened balance sheet," said Dan Sceli, Chief Executive Officer, Westport Fuel Systems."
Recap of the Transaction
On March 31, 2025 Westport announced it had entered into a binding agreement (the " Agreement ") to sell its interest in Westport Fuel Systems Italia S.r.l., which includes the Light-Duty segment, including the light-duty OEM, delayed OEM, and independent aftermarket businesses, to a wholly-owned investment vehicle of Heliaca Investments Coöperatief U.A. ("Heliaca Investments"), a Netherlands based investment firm supported by Ramphastos Investments Management B.V. a prominent Dutch venture capital and private equity firm (the " Transaction ").
The Transaction provides for a base purchase price of $73.1 million (€67.7 million), subject to certain adjustments, and potential earnouts of up to an estimated $6.5 million (€6.0 million) if certain conditions are achieved, in accordance with the terms of the Agreement.
Under the terms of the Agreement, Heliaca Investments through its subsidiary will acquire Westport's Light-Duty segment, including its related assets and customer contracts. The Transaction is subject to shareholder approval and other customary closing conditions and is expected to close in late Q2 of 2025.
The proceeds from the proposed Transaction are expected to enable Westport to significantly improve its financial stability, while also supporting key growth initiatives focused on providing solutions for hard-to-decarbonize mobility and industrial applications. Following closing, Westport intends to align its cost structure to be more reflective of a smaller, more efficient organization, while also seeking further opportunities for efficiency gains.
About Westport Fuel Systems
At Westport Fuel Systems, we are driving innovation to power a cleaner tomorrow. We are a leading supplier of advanced fuel delivery components and systems for clean, low-carbon fuels such as natural gas, renewable natural gas, propane, and hydrogen to the global transportation industry. Our technology delivers the performance and fuel efficiency required by transportation applications and the environmental benefits that address climate change and urban air quality challenges. Headquartered in Vancouver, Canada, with operations in Europe, Asia, North America, and South America, we serve our customers in approximately 70 countries with leading global transportation brands. At Westport Fuel Systems, we think ahead. For more information, visit www.wfsinc.com .
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements, including statements regarding the closing of, and timing for closing of, the Transaction, shareholder approval of the Transaction, the anticipated benefits of the Transaction, including potential earn-out payments, the ability to strengthen our balance sheet and align our cost structure , the ability to capitalize on growth initiatives , the ability to transition to a smaller, more efficient organization and our expectations regarding the future success of our business. Other forward-looking statements included in the release include those relating to Westport's future strategic plans, business opportunities and use of the Transaction proceeds. These statements are neither promises nor guarantees but involve known and unknown risks and uncertainties and are based on both the views of management and assumptions that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activities, performance, or achievements expressed in or implied by these forward-looking statements. These risks, uncertainties, and assumptions include those related to completion and satisfaction of all conditions to closing of the Transaction set out in the Agreement, governmental policies, regulation and approval, the achievement of the performance criteria required for the earn out described above, purchase price adjustments contained in the Agreement, the demand our products, as well as other risk factors and assumptions that may affect our actual results, performance, or achievements, as discussed in our most recent Annual Information Form and other filings with securities regulators. Readers should not place undue reliance on any such forward-looking statements, which speak only as of the date they were made. We disclaim any obligation to publicly update or revise such statements to reflect any change in our expectations or in events, conditions, or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in these forward-looking statements except as required by National Instrument 51-102. The contents of any website referenced in this press release are not incorporated by reference herein .
Investor Inquiries:
Investor Relations
T: +1 604-718-2046
E: invest@wfsinc.com
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Troy Minerals Inc. ("Troy" or the "Company") (CSE:TROY)(OTCQB:TROYF)(FSE:VJ3) is pleased to announce that complete results from Hole LO24-01 show strong critical metal mineralization over continuous 240.73 meters (from 10.67 meters to 251.40 meters) from its maiden drilling program on its 100% owned Lake Owen Project (the "Project"), located 50 km southwest of Laramie, Wyoming, USA (see Figures 1,2).
The Project is a Proterozoic layered mafic intrusion complex historically explored for Platinum Group Elements (PGE). Similar to the Stillwater Complex in the USA and the Merensky Reef of South Africa, the Lake Owen Complex shows strong potential for vanadium, titanium, PGE, and associated metals.
In late 2024, the Company drilled two diamond holes totaling 607.77 meters near the southwestern claims' boundary (see Figure 3), marking Troy Minerals' first drill holes on the Project. These holes targeted titanium (TiO2) and vanadium (V2O5) mineralization linked with magnetite in gabbro, as well as reef-style PGE mineralization (see Company News Release dated February 28, 2025).
A first pass of selective sampling of the drill holes had been carried out and demonstrated presence of anomalous titanium and vanadium mineralization. Elevated values of vanadium are correlative with the titanium. Sampling was selected to assess various lithological units and all zones with magnetite content up to 15-20% and/or visible sulfide mineralization. Magnetite content in the gabbro in hole LO24-01 is consistently about 5-10%. In LO24-01, the initially limited sampling suggested a large zone of titanium and vanadium-enrichment and higher relative values correlate well with the green gabbro. Associated with these anomalous zones have been elevated concentrations of scandium.
Based on these initial results, additional infill sampling through all prospective lithologies was carried out by Company personnel in January, 2025. Results exhibit robust critical metal mineralization over 240.73 meters in hole LO24-01, including:
Concurrent with Company infill sampling, geologists from the USGS and Wyoming State Geological Survey (WSGS) collected samples for Whole Rock, Major Oxides, and thin section analyses. Results of the USGS and WSGS work are pending.
Figure 1 - Location Map, Lake Owen Project, Wyoming, USA
Figure 2 - Claim Map, Lake Owen Project"Our recent geological and geophysical findings, coupled with promising initial drilling results, are significantly enhancing our confidence in the Lake Owen Project. Each new insight reinforces our belief that this project deserves a robust exploration budget in the near future." Said Yannis Tsitos, President of Troy. "Beyond the historically recognized high grades of iron, titanium, and vanadium, the recent discovery of scandium and gallium-critical metals essential for applications in metal alloys, military and civil aviation, semiconductors, electric vehicles, and solar panels-underscores the project's immense potential for both our Company and the State of Wyoming in USA. We are committed to maximizing shareholder value through strategic development plans for Lake Owen, alongside our silica and rare earth element (REE) initiatives."
Figure 3 - Drill Hole LocationsTable 1: Drill hole specifications
Hole ID | Location (UTM Zone 13 North, NAD83) | Total Depth (m) | Orientation (°) | |||
Easting | Northing | Elevation (m) | Azimuth | Dip | ||
LO24-01 | 402871 | 4553588 | 2731 | 281.33 | 210 | -45 |
LO24-02 | 403004 | 4553382 | 2732 | 326.44 | 210 | -45 |
Drill hole LO24-01 was designed to test the extent of the Lower Mag Gabbro down to the basement contact. Drilling revealed a series of interlayered magnetic gabbro and a distinctive coarse-grained green gabbro. The green coloration is imparted by pyroxenes altering to chlorite. These layers are generally constrained to widths of less than 4 metres.
Table 2: Drill hole LO24-01 intersections
Hole ID | Interval (m) 1 | Results 2 | ||||||
From | To | Length | TiO2 (%) | V2O5 (%) | FeO (%) | Sc2O3 (ppm) | Ga2O3 (ppm) | |
LO24-01 | 10.67 | 251.40 | 240.73 | 1.53 | 0.10 | 15.95 | 69.7 | 26.2 |
incl | 29.93 | 55.78 | 25.85 | 1.98 | 0.12 | 19.00 | 82.7 | 28.8 |
and | 96.93 | 103.02 | 6.09 | 1.87 | 0.12 | 19.07 | 80.1 | 27.5 |
and | 115.61 | 131.98 | 16.37 | 1.74 | 0.11 | 18.44 | 82.4 | 24.5 |
and | 188.06 | 234.09 | 46.03 | 1.63 | 0.10 | 16.26 | 69.9 | 26.6 |
1: All intersections lengths are drill indicated thicknesses; insufficient work has been completed to reliably determine true thicknesses.
2: Elemental geochemical analyses were converted to oxides using following conversion factors
Titanium - 1.6681, Vanadium - 1.7852, Iron - 1.2865, Scandium - 1.5338, Gallium - 1.3442
Figure 4 - DDH Cross Section, LO24-01Drill hole LO24-02 intersected gabbroic units that are weakly magnetic and contain no anomalous values of titanium, vanadium, or scandium. This drill hole was collared deeper in the sequence than hole LO24-01; further down dip and stratigraphically lower in the Lower Mag Unit.
Drill core was detail logged and sampled by Company staff. Core was split by saw with samples sent to ALS Global's laboratory in Reno, NV for preparation and analysis. Samples were analyzed for multi-elements (ME-MS61). The Company's quality control monitoring consisted of inserting certified reference and blank material in the sample stream. No quality control issues were identified.
Only a very small portion of the Lake Owen Complex and therefore our Claims has been drill-tested to date. As currently mapped, the prospective Lower Mag Gabbro unit continues along strike to the west. The Company has yet to drill test the stratigraphically higher Upper Mag Gabbro. Surface mapping and sampling in 2023 identified two massive magnetite rock samples that returned 8.812% TiO2 and 0.548% V2O5, and 15.505% TiO2 and 0.586% V2O5 respectively (Figure 5). These represent priority drill targets for 2025. An historical drill hole was completed here not by Troy, but there was no assessment of titanium, vanadium, or scandium.
Figure 5 - Surface Rock Sampling - Titanium Values (part of the Project)Troy Minerals is planning its summer fieldwork for the Lake Owen Project. After analyzing airborne geophysical data, as reported in the May 21, 2025 news release, Troy will collect soil samples and conduct geological mapping and sampling. The aim is to refine drill targets for the 2026 season, including a relevant drilling pads application.
Qualified Person
The information contained in this news release has been reviewed and approved by Ted Vander Wart, P.Geo., a consultant to the Company, who is a qualified person as defined under National Instrument 43-101.
About Troy Minerals
Troy Minerals is a Canadian based publicly listed mining company focused on building shareholder value through acquisition, exploration, and development of strategically located "critical" mineral assets. Troy is aggressively advancing its projects within the silica (silicon), vanadium, and rare earths industries within regions that exhibit high and growing demand for such commodities, in both North America and Central-East Asia. The Company's primary objective is the near-term prospect of production with a vision of becoming a cash-flowing mining company to deliver tangible monetary value to shareholders, state, and local communities.
ON BEHALF OF THE BOARD,
Rana Vig | CEO & Director
Telephone: 604-218-4766
Email: rana@ranavig.com
Forward-Looking Statements
Statement Regarding Forward-Looking Information: This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Troy Resources Inc. (the "Company") expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include results of exploration activities may not show quality and quantity necessary for further exploration or future exploitation of minerals deposits, volatility of commodity prices, and continued availability of capital and financing, permitting and other approvals, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release.