Westport Fuel Systems Reports First Quarter 2025 Financial Results

Westport Fuel Systems Reports First Quarter 2025 Financial Results

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

  • Revenues decreased 9% to $71.0 million compared to the same period in 2024, primarily driven by decreased sales volumes in our Heavy-Duty OEM and High-Pressure Controls & Systems segments. This was partially offset by increased sales in our Light-Duty segment in the quarter. In Q1 2024, our Heavy-Duty OEM segment included the financial results of the HPDI business which are now accounted for as part of the Cespira joint venture.
  • Net loss of $2.5 million for the quarter compared to net loss of $13.6 million for the same quarter last year. The decrease in net loss was driven by a $3.5 million increase in gross profit, decrease in operating expenditures by $8.1 million; change in foreign exchange gain or loss by $2.3 million and an increase in loss from investments accounted for by the equity method of $3.8 million.
  • Adjusted EBITDA [1] of nil  compared to negative $6.6 million for the same period in 2024.
  • Cash and cash equivalents were $32.6 million at the end of the first quarter. Cash used in operating activities during the quarter was $4.9 million with net cash used by working capital of $8.1 million, partially offset by operating income of $1.7 million. Investing activities included the collection of $10.5 million in a holdback receivable related to our previous sale of CWI to Cummins in 2022, capital contribution into Cespira of $4.7 million and purchase of capital assets of $3.1 million. Cash used in financing activities was attributed to net debt repayments of $3.9 million in the quarter.

[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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NorthStar Gaming Holdings Inc. (TSXV: BET) (OTCQB: NSBBF) ("NorthStar" or the "Company") today announced the results of voting at its annual general and special meeting of shareholders held on May 26, 2025 (the "Meeting"). The Company also announced that its Board of Directors has approved the grant of equity incentive awards in the form of stock options, restricted share units ("RSUs") and deferred share units ("DSUs") pursuant to the Company's Equity Incentive Plan.

Each of the director nominees listed in the Company's management information circular dated April 23, 2025 (the "Circular") were re-elected as directors of the Company, including Vic Bertrand, Brian Cooper, Alex Latner, Dean Macdonald, Chris McGinnis, Michael Moskowitz, Sylvia Prentice, and Barry Shafran.

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NorthStar Gaming Reports First Quarter 2025 Results

NorthStar Gaming Reports First Quarter 2025 Results

Company Continues Its Record of Solid Revenue Growth and Margin Expansion

NorthStar Gaming Holdings Inc. (TSXV: BET) (OTCQB: NSBBF) ("NorthStar" or the "Company") today announced its financial results for the three months ended March 31, 2025. All dollar figures are quoted in Canadian dollars.

"We are pleased to begin 2025 with another quarter of strong year-over-year growth, with revenue increasing by 32% and gross margin up 58% over Q1 2024," said Michael Moskowitz, Chair and CEO of NorthStar. "At the same time, we continue to effectively manage our major operating expense items which are decreasing as a percentage of revenue. Our results are being driven in part by ongoing product and promotional innovations that reinforce our premium positioning."

Financial Highlights for the First Quarter Ended March 31, 2025 ("Q1 2025"):

  • Revenue1 was $7.8 million in Q1 2025, a 32% increase from $5.9 million in Q1 2024. Revenue in Q1 2025 includes $0.2 million of managed services revenue, which compares to $0.1 million in Q1 2024.
  • Gross Margin was $3.0 million, a 58% increase from $1.9 million in Q1 2024, while the Gross Margin percentage increased to 38.5%, up from 31.5% in Q1 2024.
  • Profit before marketing and other expenses1 was $0.6 million in Q1 2025 compared to a loss of $0.6 million in Q1 2024.
  • General and administrative expense was $2.4 million in Q1 2025, a decrease of 1% from Q1 2024, and represented 31% of revenue compared to 41% a year earlier.
  • Marketing expense of $4.1 million increased 11% over Q1 2024, and represented 52% of revenue compared to 62% in Q1 2024.

Recent Operating Highlights:

  • NorthStar recorded the highest customer retention rate in its history in Q1 2025, driven by its delivery of a superior customer experience, innovative promotions and a focus on high-value players through the NorthStar Elite program.
  • NorthStar increased the number of games offered on its Casino platform by 15% to more than 1,800 games during the first quarter.
  • NorthStar Bets Blackjack VZN went live on March 19, 2025. This innovative multiplayer Blackjack game has the feel of live Blackjack, and reinforces the Company's premium positioning through NorthStar Bets branding.
  • Integrated new product analytical tools to help us measure and track the player journey and accelerate product enhancements and development.
  • On March 20, 2025, NorthStar unveiled the new Spring Tournament Series with premium online tournaments spanning Live Blackjack, Slots and Sports betting. The series builds on innovations developed for last fall's NorthStar Blackjack Championship event.
  • On January 27, 2025, the Company announced that it entered into a credit agreement (the "Credit Agreement") in respect of a senior secured first lien term loan facility providing for loans in an aggregate principal amount of up to $43.4 million CAD (being the approximate equivalent of $30 million USD). The Company expects that the Credit Agreement will strengthen its balance sheet and enable it to accelerate its growth initiatives.

Outlook

"We anticipate another year of solid top line growth and margin expansion in 2025, supported by our recently strengthened balance sheet. Major expense items should continue to decline as a percentage of revenue as we realize further operating leverage through the scaling of the business," said Mr. Moskowitz. "We expect the managed services business to help drive revenue growth this year. Looking ahead, the Alberta government recently took another step forward in establishing a regulatory regime to become the second Canadian province to license online gaming as early as the end of this year, and we eagerly await further details."

Restatement of Results

The comparative results for the three months ended March 31, 2024 have been restated in the financial statements and management's discussion & analysis ("Q1 2025 MD&A") for the first quarter ended March 31, 2024 to include additional merchant fees and player bonus expenses which were not captured in the previously published financial statements (please see note 2 of the Financial Statements for the three months ended March 31, 2025).

Additional Information

For additional information, please refer to the Company's condensed consolidated interim financial statements for the three-month period ended March 31, 2025, and the corresponding management's discussion and analysis ("MD&A"). These documents are available on SEDAR+ at www.sedarplus.ca, and on the Company's corporate website at www.northstargaming.ca.

About NorthStar

NorthStar proudly owns and operates NorthStar Bets, a Canadian-born casino and sportsbook platform that delivers a premium, distinctly local gaming experience. Designed with high-stakes players in mind, NorthStar Bets Casino offers a curated selection of the most popular games, ensuring an elevated user experience. Our sportsbook stands out with its exclusive Sports Insights feature, seamlessly integrating betting guidance, stats, and scores, all tailored to meet the expectations of a premium audience.

As a Canadian company, NorthStar is uniquely positioned to cater to customers who seek a high-quality product and an exceptional level of personalized service, setting a new standard in the industry. NorthStar is committed to operating at the highest level of responsible gaming standards.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange ("TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.

Non-IFRS Financial Measures

Throughout this document, management uses certain non-IFRS financial measures and supplementary financial measures to evaluate the performance of the Company. The term "Profit/(Loss) before marketing and other expenses" is a non-IFRS financial measure. This measure is not a recognized measure under International Financial Reporting Standards ("IFRS") and does not have a standardized meaning prescribed by IFRS and is, therefore, not necessarily comparable to similar measures presented by other companies. Rather, this measure is provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management's perspective and to discuss NorthStar's financial outlook. Accordingly, this measure should not be considered in isolation nor as a substitute for analysis of the Company's financial information reported under IFRS. We believe that securities analysts, investors and other interested parties frequently use non-IFRS measures, including industry metrics, in the evaluation of companies in our industry. Management also uses non-IFRS measures and industry metrics in order to facilitate operating performance comparisons from period to period, the preparation of annual operating budgets and forecasts and to determine components of executive compensation.

Operating Results

Marketing expenses are a key driver of the business but are completely discretionary. Management considers "Profit/(Loss) before marketing and other expenses" to be a good indication of the extent to which the business' Gross Margin is in excess of its overhead costs, and therefore offsetting some portion of marketing expenses, reflecting improving economies of scale.

$ Millions
(unaudited)
Three months ended
March 31,
2025
March 31,
2024
Revenue$ 7,849$ 5,930
Cost of Revenues4,8304,060
Gross Margin3,0191,870
General and administrative expenses2,4342,449
Profit/(Loss) before marketing and other expenses (1)585(579)
Marketing4,0973,688
Loss before other expenses (1)(3,512)(4,267)
Other expenses2,2882,554
Net loss$ (5,800)$ (6,821)

 

(1) These measures are not defined by IFRS, do not have standard meanings and may not be comparable with other industries or companies.

Beginning in Q1 2025, the Company is no longer disclosing the two non-IFRS measures Total Wagers and Gross Gaming Revenue. These measures no longer reflect the full scope of the Company's business, as both are recorded only in Ontario where the Company owns and operates the licensed iGaming platform Northstarbets.ca. Managed services revenues are generated outside of Ontario through services the Company provides to the Abenaki Council of Wolinak, which owns and operates the iGaming platform Northstarbets.com. As a result of the ongoing growth in the Company's managed services revenue, management believes revenue, gross margin and profit (/loss) before marketing and other expenses are more relevant measures of the Company's progress.

Cautionary Note Regarding Forward-Looking Information and Statements

This communication contains "forward-looking information" within the meaning of applicable securities laws in Canada ("forward-looking statements"), including without limitation, statements with respect to the following: expected performance of the Company's business, the Company's growth plans being fully funded, expansion into new markets and future growth opportunities, and expected benefits of transactions. The foregoing are provided for the purpose of presenting information about management's current expectations and plans relating to the future and allowing investors and others to get a better understanding of the Company's anticipated financial position, results of operations, and operating environment. Often, but not always, forward- looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates" or "believes", or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. This forward-looking information is based on management's opinions, estimates and assumptions that, while considered by NorthStar to be appropriate and reasonable as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by such forward- looking information. Such factors include, among others, the following: risks related to the Company's business and financial position; risks associated with general economic conditions; adverse industry risks; future legislative and regulatory developments; the ability of the Company to implement its business strategies; and those factors discussed in greater detail under the "Risk Factors" section of the Company's most recent annual information form, which is available under NorthStar's profile on SEDAR+ at www.sedarplus.ca. Many of these risks are beyond the Company's control.

If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking statements. Although the Company has attempted to identify important risk factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other risk factors not presently known to the Company or that the Company presently believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking statements. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this press release represents NorthStar's expectations as of the date specified herein, and are subject to change after such date. However, the Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.

All of the forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements.

For further information: Company Contact:

Corey Goodman
Chief Development Officer
647-530-2387
investorrelations@northstargaming.ca

Investor Relations:

RB Milestone Group LLC (RBMG)
Northstar@rbmilestone.com

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Bitcoin Well Announces Nostr Integration; Including Bitcoin Purchases Via Direct Message

Bitcoin Well Announces Nostr Integration; Including Bitcoin Purchases Via Direct Message

(TheNewswire)

Bitcoin Well Inc.

Edmonton, Alberta May 27, 2025 TheNewswire - Bitcoin Well Inc. (" Bitcoin Well " or the " Company ") ( TSXV: BTCW; OTCQB: BCNWF ), the non-custodial bitcoin business on a mission to enable independence announces a first-of-its-kind Nostr integration to allow Bitcoin Well customers in the USA to purchase bitcoin directly from their Nostr profile.

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Hempalta Provides Update on Strategic Transition, Plant Closure, FCC Loan, and Carbon Credit Progress

Hempalta Provides Update on Strategic Transition, Plant Closure, FCC Loan, and Carbon Credit Progress

Hempalta Corp. (TSXV: HEMP) ("Hempalta" or the "Company"), a Canadian-based innovator in nature-based carbon credits, today provided an update on its ongoing corporate transformation and operational milestones.

As part of its previously announced strategic shift to focus exclusively on its high-growth carbon credit business, Hempalta has completed the wind down and closure of its processing facility in Calgary. The facility has now been vacated and decommissioned.

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AMD Introduces New Radeon Graphics Cards and Ryzen Threadripper Processors at COMPUTEX 2025

Radeon RX 9060 XT brings next-gen gaming experiences and FSR 4 ML-powered upscaling to mainstream users –

– Threadripper 9000 Series and Radeon AI PRO R9700 redefine workstation and high-end desktop performance with full-spectrum compute and local AI processing –

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AMD Announces Agreement to Divest ZT Systems Data Center Infrastructure Manufacturing Business to Sanmina

  • $3 billion in cash and stock, inclusive of a contingent payment of up to $450 million
  • AMD retains ZT Systems' rack-scale AI solutions design and customer enablement expertise to accelerate quality and time-to-deployment for cloud customers
  • Divestiture and preferred NPI manufacturing partnership with Sanmina consistent with intentions announced at the time of ZT Systems acquisition

AMD (NASDAQ: AMD) today announced it has entered into a definitive agreement to sell ZT Systems' U.S.-headquartered data center infrastructure manufacturing business to Sanmina (NASDAQ: SANM), a leading integrated manufacturing solutions company. As part of the transaction, Sanmina becomes a preferred new product introduction (NPI) manufacturing partner for AMD cloud rack and cluster-scale AI solutions. AMD will retain ZT Systems' world-class design and customer enablement teams to accelerate the quality and time-to-deployment of AMD AI systems for cloud customers.

Sanmina will purchase the manufacturing business from AMD for $3 billion in cash and stock, inclusive of a contingent payment of up to $450 million and subject to customary adjustments for working capital and other items. The transaction is expected to close near the end of 2025, subject to regulatory approvals and customary closing conditions. The intent to seek a strategic partner to acquire ZT Systems' world-class data center infrastructure manufacturing business was announced in August 2024 at the time of the original acquisition announcement.

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