Westport Fuel Systems Reports First Quarter 2024 Financial Results

CNW Group05-09

VANCOUVER, BC, May 8, 2024 /CNW/ - Westport Fuel Systems Inc. ("Westport") (TSX: WPRT) (Nasdaq: WPRT) reported financial results for the first quarter ended March 31, 2024, and provided an update on ...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2434016367?lang=en_US&edition=fundamental","thumbnail":"https://s.yimg.com/uu/api/res/1.2/1SQKbHgSh7f0PjWt_Dkd9A--~B/aD05ODt3PTQwMDthcHBpZD15dGFjaHlvbg--/https://media.zenfs.com/en/cnwgroup.com/f7a6272190ee60cdcfd00acef2659a0e","is_english":true,"pubTime":"2024-05-09 05:00","share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","id":"2434016367","market":"us","top_or_hot":-1,"title":"Westport Fuel Systems Reports First Quarter 2024 Financial Results","media":"CNW Group","content":"<div>\n<p>VANCOUVER, BC, May 8, 2024 /CNW/ - Westport Fuel Systems Inc. (\"Westport\") (TSX: WPRT) (Nasdaq: WPRT) reported financial results for the first quarter ended March 31, 2024, and provided an update on ...</p>\n\n<a href=\"https://finance.yahoo.com/news/westport-fuel-systems-reports-first-210000823.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Westport Fuel Systems Reports First Quarter 2024 Financial Results</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWestport Fuel Systems Reports First Quarter 2024 Financial Results\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-05-09 05:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/westport-fuel-systems-reports-first-210000823.html><strong>CNW Group</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>VANCOUVER, BC, May 8, 2024 /CNW/ - Westport Fuel Systems Inc. (\"Westport\") (TSX: WPRT) (Nasdaq: WPRT) reported financial results for the first quarter ended March 31, 2024, and provided an update on ...</p>\n\n<a href=\"https://finance.yahoo.com/news/westport-fuel-systems-reports-first-210000823.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0738911758.USD","symbol_name":"Blackrock Global Equity Income A6 USD","start_time":0,"source_url":"https://finance.yahoo.com/news/westport-fuel-systems-reports-first-210000823.html","article_id":"2434016367","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/1SQKbHgSh7f0PjWt_Dkd9A--~B/aD05ODt3PTQwMDthcHBpZD15dGFjaHlvbg--/https://media.zenfs.com/en/cnwgroup.com/f7a6272190ee60cdcfd00acef2659a0e"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2434016367","pubTimestamp":1715202000,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"VANCOUVER, BC, May 8, 2024 /CNW/ - Westport Fuel Systems Inc.    reported financial results for the first quarter ended March31, 2024, and provided an update on operations. All figures are in U.S. dollars unless otherwise stated.\"In my first 100 days, I have worked to determine what needs to be done, identified areas for improvement and begun implementing our three strategic pillars to: harness the potential of our HPDI joint venture to drive success, enhance operational excellence, and focus on Westport's ability to shape the world's hydrogen-powered future. Our success will be determined over the near-, medium- and long-term, respectively. True change will take time.Despite revenue temporarily falling short of our expectations in the first quarter, we've initiated cost-saving measures and have demonstrated a marked improvement in our cash from operations. Recognizing the significant tasks that lie ahead, we remain steadfastly dedicated to our priorities for 2024.","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU0738911758.USD":"Blackrock Global Equity Income A6 USD","WPRT":"西港燃料","FC":"富兰克林柯维","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","LU1201861249.SGD":"Natixis Harris Associates US Equity PA SGD-H","BK4585":"ETF&股票定投概念","LU0980610538.SGD":"Natixis Harris Associates US Equity RA SGD-H","ZEV":"Lightning eMotors, Inc.","SGXZ23171101.USD":"NIKKO AM SHENTON GLOBAL OPPORTUNITIES (USD) ACC","BK4149":"建筑机械与重型卡车","GB00BDT5M118.USD":"天利环球扩展Alpha基金A Acc","LU0390134368.USD":"FRANKLIN GLOBAL GROWTH \"A\" (USD) ACC","BK4588":"碎股","BK4123":"调查和咨询服务","SG9999004303.SGD":"Nikko AM Shenton Global Opportunities SGD","LU0661504455.SGD":"Blackrock Global Equity Income A5 SGD-H","LU0011850046.USD":"贝莱德全球长线股票 A2 USD","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","BK4112":"金融交易所和数据","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","ICE":"洲际交易所","LU0949170772.SGD":"Blackrock Global Equity Income A6 SGD-H","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD"},"translate_title":"西港燃料系统公司报告2024年第一季度财务业绩","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ZEV":1,"WPRT":1,"FC":1,"ICE":1},"content_text":"VANCOUVER, BC, May 8, 2024 /CNW/ - Westport Fuel Systems Inc. (\"Westport\") (TSX: WPRT) (Nasdaq: WPRT) reported financial results for the first quarter ended March 31, 2024, and provided an update on operations. All figures are in U.S. dollars unless otherwise stated. \n\n  \n\n\"In my first 100 days, I have worked to determine what needs to be done, identified areas for improvement and begun implementing our three strategic pillars to: harness the potential of our HPDI joint venture to drive success, enhance operational excellence, and focus on Westport's ability to shape the world's hydrogen-powered future. Our success will be determined over the near-, medium- and long-term, respectively. True change will take time.\nDespite revenue temporarily falling short of our expectations in the first quarter, we've initiated cost-saving measures and have demonstrated a marked improvement in our cash from operations. Recognizing the significant tasks that lie ahead, we remain steadfastly dedicated to our priorities for 2024.\nThrough strategic headcount reductions across the organization, we are aggressively streamlining our workforce to bolster operational agility. Our cost reduction measures also focus on initiating changes to our production lines to optimize manufacturing cost reductions and increase efficiency. These actions are not only enhancing our overall efficiency but also fostering a culture of accountability and collaboration.\nIn our pursuit of profitability, cost cutting is not merely a priority—it is an imperative. We recognize that sustainable growth hinges on our ability to tightly manage expenses. Therefore, while we are committed to driving top-line growth and operational efficiencies, our foremost focus remains on reducing costs at every opportunity.\nFinally, the EU's recent regulatory updates regarding Zero Emission Vehicles (ZEV) places Westport's technologies for heavy-duty vehicles in a leadership position, enabling our OEM customers to meet these strengthened decarbonization targets.  We believe this opens avenues to incentivize and fund hydrogen transportation solutions, particularly those that are compatible with the ZEV threshold of 3gCO2/ton-km, like our H2 HPDI fuel system solution.  \nAs we navigate these transformative times, Westport's actions reflect a strong commitment to driving operational excellence, leveraging our partnerships, and fostering innovation, all to position the company for sustainable growth in a continuously evolving landscape.\"\nDan Sceli, Chief Executive Officer\nQ1 2024 Highlights\n\nRevenues decreased 6% to $77.6 million compared to the same period in 2023, primarily driven by decreased sales volumes in our DOEM, fuel storage, light-duty OEM, and heavy-duty OEM businesses. This was partially offset by increased sales volume in electronics products and increased IAM sales to the North American, Western Europe and South American markets.\nNet loss of $13.6 million for the quarter compared to net loss of $10.6 million for the same quarter last year. The increase in net loss was driven by the decrease in gross margin as a result of lower sales volumes impacting the absorption of fixed costs and the impact of inflation on materials costs, higher research and development expenditures and an increase in foreign exchange loss.\nAdjusted EBITDA[1] of negative $6.6 million compared to negative $4.5 million for the same period in 2023.\nCash and cash equivalents were $43.9 million at the end of the first quarter. Cash provided by operating activities during the quarter was $0.1 million. Investing activities included the purchase of capital assets of $4.9 million. Financing activities were attributed to net debt repayments of $5.8 million in the quarter.\n\n\n\n\n\n[1] Adjusted earnings before interest, taxes and depreciation is a non-GAAP measure. Please refer to NON-GAAP FINANCIAL MEASURES in Westport's Management Discussion and Analysis for the reconciliation. \n\n\n\n\n\n\n\n\nCONSOLIDATED RESULTS \n\n\n\n\n($ in millions, except per share amounts) \n\nOver /(Under)% \n\n\n1Q24 \n1Q23 \n\n\nRevenues \n$        77.6 \n$      82.2 \n(6) % \n\n\nGross Margin(2) \n$        11.7 \n$       13.3 \n(12) % \n\n\nGross Margin % \n15 % \n16 % \n\n\n\nIncome from Investments Accounted for by the Equity Method(1) \n$           — \n$         0.1 \n(76) % \n\n\nNet Loss \n$      (13.6) \n$      (10.6) \n(28) % \n\n\nNet Loss per Share \n$      (0.79) \n$      (0.62) \n(27) % \n\n\nEBITDA(2) \n$        (9.2) \n$        (6.3) \n(46) % \n\n\nAdjusted EBITDA(2) \n$        (6.6) \n$        (4.5) \n(47) % \n\n\n\n\n\n\n\n\n(1) \nThis includes income from our Minda Westport Technologies Limited joint venture. \n\n\n(2)  \nEBIT, EBITDA, Adjusted EBITDA, and Gross Margin are non-GAAP measures. Please refer to NON-GAAP FINANCIAL MEASURES for the reconciliation. \n\n\n\n\nSegment Information\nOriginal Equipment Manufacturer (\"OEM\")\nRevenue for the three months ended March 31, 2024 was $49.3 million compared with $56.3 million for the three months ended March 31, 2023. OEM revenue decreased by $7.0 million in the first quarter of 2024 compared to the prior year period and was primarily driven by decrease in sales in our DOEM, fuel storage, and light-duty OEM businesses. Sales volume from heavy-duty OEM decreased in the first quarter compared to the prior year period, partially offset by higher engineering service revenues and higher sales volumes in the electronics business.\nGross margin decreased by $3.6 million to $4.5 million, or 9% of revenue, compared to $8.1 million, or 14% of revenue for the same period in the prior year. The decrease in gross margin was driven primarily by the decrease in sales volumes in DOEM, fuel storage, and light-duty and heavy-duty OEM businesses.\nDespite these challenges, our confidence in the outlook for our OEM segment remains unwavering. The trajectory towards low to zero-emission transportation, including the recently announced strengthened decarbonization targets and ZEV threshold in the European Union, is indisputably our future. Westport's clean mobility solutions are engineered for a diverse set of zero-emission vehicles with hydrogen fuel systems and components for both internal combustion engines (ICE) and fuel cell (FC) applications enabling our customers to meet long-term decarbonization targets. The escalating utilization of biomethane today and the imminent integration of hydrogen tomorrow are catalysts accelerating the energy transition in heavy-duty transport.\nWestport and our Chinese OEM partner continue to collaborate and advise on an HPDI powered version of their engine platforms.  The parties are currently discussing this work and the obligations of each party going forward.\nMoreover, our light-duty OEM business continues to strengthen its market position. The addition of the Euro 6 and Euro 7 business with our global OEM customer further solidifies our foothold and bolsters our market share in this segment.\nIndependent Aftermarket\nRevenue for the three months ended March 31, 2024, was $28.3 million, compared with $25.9 million for the three months ended March 31, 2023. The increase in revenue compared to the prior year period was primarily driven by increased sales to North America, Western Europe and South America. This was partially offset by lower sales volumes in Africa and Eastern Europe.\nGross margin for the quarter increased by $2.0 million to $7.2 million, or 25% of revenue, compared to $5.2 million, or 20% of revenue for the three months ended March 31, 2023. The increase in gross margin was primarily driven by higher sales volumes and improvement in sales mix to higher profit markets.\nThe potential to expand our market share in existing markets and venture into emerging markets with our LPG solutions stands as a pivotal catalyst for growth. Favorable LPG pricing dynamics are fueling a promising uptrend in demand for our offerings. Ultimately, the imperative for emissions reduction hinges on widespread adoption, and affordability will be the chief driver of such adoption. Westport continues to address and serve markets that can't afford expensive electric vehicles but are still looking for cleaner solutions. It is in these markets that Westport excels, positioning us to not only succeed but also to capture a larger slice of the market.\n\n\n\n\nSEGMENT RESULTS \nThree months ended March 31, 2024 \n\n\n\nRevenue \n\nOperatingincome (loss) \n\nDepreciation& amortization \n\nEquity income \n\n\nOEM \n$                 49.3 \n\n$                  (8.3) \n\n$                    2.4 \n\n$                      — \n\n\nIAM \n28.3 \n\n2.0 \n\n0.6 \n\n— \n\n\nCorporate \n— \n\n(6.2) \n\n0.2 \n\n— \n\n\nTotal Consolidated \n$                 77.6 \n\n$               (12.5) \n\n$                    3.2 \n\n$                      — \n\n\n\n\n\n\n\n\nSEGMENT RESULTS \nThree months ended March 31, 2023 \n\n\n\nRevenue \n\nOperatingincome (loss) \n\nDepreciation& amortization \n\nEquity income \n\n\nOEM \n$                 56.3 \n\n$                  (6.0) \n\n$                    2.3 \n\n$                    0.1 \n\n\nIAM \n25.9 \n\n— \n\n0.6 \n\n— \n\n\nCorporate \n— \n\n(3.4) \n\n0.1 \n\n— \n\n\nTotal Consolidated \n$                 82.2 \n\n$                  (9.4) \n\n$                    3.0 \n\n$                    0.1 \n\n\n\n\nQ1 2024 Conference Call\nWestport has scheduled a conference call on May 9, 2024, at 7:00 am Pacific Time (10:00 am Eastern Time) to discuss these results. To access the conference call by telephone, please dial 1-888-390-0546 or 1-416-764-8688. The live webcast of the conference call can be accessed through the Westport website at https://investors.wfsinc.com/.\nTo access the conference call replay, please dial 1-888-390-0541 (Canada & USA toll-free) or 1-416-764-8677 using the passcode 945554#. The telephone replay will be available until May 23, 2024.\n2024 Annual General Meeting \nWestport will host its Annual General Meeting of shareholders (the \"Meeting\") virtually on Thursday, June 13, 2024 at 10:00 a.m. Pacific Time. To streamline the virtual meeting process, Westport encourages shareholders to vote in advance of the Meeting using the voting instruction form or the form of proxy which will be emailed or mailed with the Meeting materials in the middle of May. Further instructions on voting and accessing the meeting will be contained in the Management Information Circular under \"Section 1: Voting\" – upon receipt, please review these materials carefully.\nRegistered Shareholders and duly appointed proxyholders can attend the meeting online at https://meetnow.global/MSM4VF4 to participate, vote, or submit questions during the meeting's live webcast.\nFinancial Statements and Management's Discussion and Analysis \nTo view Westport financials for the first quarter ended March 31st, 2024, please visit https://investors.wfsinc.com/financials/\nAbout Westport Fuel Systems\nAt 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 more than 70 countries with leading global transportation brands. At Westport Fuel Systems, we think ahead. For more information, visit www.wfsinc.com.\nCautionary Note Regarding Forward Looking Statements\nThis 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.\nGAAP and Non-GAAP Financial Measures\nOur 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.\nEBITDA 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.\n\n\n\n\nGross margin and Gross margin as percentage of Revenue \n\n\n(expressed in millions of U.S. dollars) \n1Q23 \n\n2Q23 \n\n3Q23 \n\n4Q23 \n\n1Q24 \n\n\nThree months ended \n\n\n\n\n\n\nRevenue \n$   82.2 \n\n$   85.0 \n\n$   77.4 \n\n$   87.2 \n\n$   77.6 \n\n\nLess: Cost of revenue \n68.9 \n\n70.6 \n\n64.2 \n\n79.2 \n\n65.9 \n\n\nGross margin \n13.3 \n\n14.4 \n\n13.2 \n\n8.0 \n\n11.7 \n\n\nGross margin % \n16.2 % \n\n16.9 % \n\n17.1 % \n\n9.2 % \n\n15.1 % \n\n\n\n\n\n\n\n\nEBITDA and Adjusted EBITDA \n\n\n(expressed in millions of U.S. dollars) \n\n1Q23 \n\n2Q23 \n\n3Q23 \n\n4Q23 \n\n1Q24 \n\n\nThree months ended \n\n\n\n\nLoss before income taxes \n\n$       (9.7) \n\n$    (13.0) \n\n$    (12.0) \n\n$    (14.0) \n\n$    (12.9) \n\n\nInterest expense (income), net \n\n0.4 \n\n(0.1) \n\n0.2 \n\n(0.2) \n\n0.5 \n\n\nDepreciation and amortization \n\n3.0 \n\n3.0 \n\n3.2 \n\n3.3 \n\n3.2 \n\n\nEBITDA \n\n(6.3) \n\n(10.1) \n\n(8.6) \n\n(10.9) \n\n(9.2) \n\n\nStock based compensation \n\n0.7 \n\n0.8 \n\n(0.3) \n\n1.4 \n\n0.3 \n\n\nUnrealized foreign exchange (gain) loss \n\n1.1 \n\n2.4 \n\n1.4 \n\n(0.9) \n\n1.8 \n\n\nLoss on extinguishment of royalty payable \n\n— \n\n2.9 \n\n— \n\n— \n\n— \n\n\nSeverance costs \n\n— \n\n— \n\n4.5 \n\n— \n\n0.5 \n\n\nImpairment of long-term investments \n\n— \n\n— \n\n— \n\n0.4 \n\n— \n\n\nAdjusted EBITDA \n\n$       (4.5) \n\n$       (4.0) \n\n$       (3.0) \n\n$    (10.0) \n\n$       (6.6) \n\n\n\n\n\n\n\n\nWESTPORT FUEL SYSTEMS INC.Condensed Consolidated Balance Sheets (unaudited)(Expressed in thousands of United States dollars, except share amounts)March 31, 2024 and December 31, 2023 \n\n\n\n\nMarch 31, 2024 \n\nDecember 31, 2023 \n\n\nAssets \n\n\n\n\n\n\nCurrent assets: \n\n\n\n\n\n\nCash and cash equivalents (including restricted cash) \n\n$                        43,902 \n\n$                        54,853 \n\n\nAccounts receivable \n\n87,629 \n\n88,077 \n\n\nInventories \n\n58,060 \n\n67,530 \n\n\nPrepaid expenses \n\n6,624 \n\n6,323 \n\n\nAssets held for sale \n\n48,468 \n\n— \n\n\nTotal current assets \n\n244,683 \n\n216,783 \n\n\nLong-term investments \n\n5,043 \n\n4,792 \n\n\nProperty, plant and equipment \n\n37,108 \n\n69,489 \n\n\nOperating lease right-of-use assets \n\n21,701 \n\n22,877 \n\n\nIntangible assets \n\n6,379 \n\n6,822 \n\n\nDeferred income tax assets \n\n11,094 \n\n11,554 \n\n\nGoodwill \n\n2,994 \n\n3,066 \n\n\nOther long-term assets \n\n9,765 \n\n20,365 \n\n\nTotal assets \n\n$                      338,767 \n\n$                      355,748 \n\n\nLiabilities and shareholders' equity \n\n\n\n\n\n\nCurrent liabilities: \n\n\n\n\n\n\nAccounts payable and accrued liabilities \n\n$                        99,038 \n\n$                        95,374 \n\n\nCurrent portion of operating lease liabilities \n\n2,590 \n\n3,307 \n\n\nShort-term debt \n\n8,614 \n\n15,156 \n\n\nCurrent portion of long-term debt \n\n14,462 \n\n14,108 \n\n\nCurrent portion of warranty liability \n\n4,434 \n\n6,892 \n\n\nLiabilities held for sale \n\n4,078 \n\n— \n\n\nTotal current liabilities \n\n133,216 \n\n134,837 \n\n\nLong-term operating lease liabilities \n\n18,914 \n\n19,300 \n\n\nLong-term debt \n\n30,355 \n\n30,957 \n\n\nWarranty liability \n\n1,285 \n\n1,614 \n\n\nDeferred income tax liabilities \n\n3,332 \n\n3,477 \n\n\nOther long-term liabilities \n\n4,964 \n\n5,115 \n\n\nTotal liabilities \n\n192,066 \n\n195,300 \n\n\nShareholders' equity: \n\n\n\n\n\n\nShare capital: \n\n\n\n\n\n\nUnlimited common and preferred shares, no par value \n\n\n\n\n\n\n17,223,154 (2023 - 17,174,502) common shares issued and outstanding \n\n1,245,408 \n\n1,244,539 \n\n\nOther equity instruments \n\n9,134 \n\n9,672 \n\n\nAdditional paid in capital \n\n11,516 \n\n11,516 \n\n\nAccumulated deficit \n\n(1,088,082) \n\n(1,074,434) \n\n\nAccumulated other comprehensive loss \n\n(31,275) \n\n(30,845) \n\n\nTotal shareholders' equity \n\n146,701 \n\n160,448 \n\n\nTotal liabilities and shareholders' equity \n\n$                      338,767 \n\n$                      355,748 \n\n\n\n\n\n\n\n\nWESTPORT 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, 2024 and 2023 \n\n\n\n\n\nThree months ended March31, \n\n\n\n\n\n2024 \n\n2023 \n\n\nRevenue \n\n\n$         77,574 \n\n$       82,240 \n\n\nCost of revenue and expenses: \n\n\n\n\n\n\n\nCost of revenue \n\n\n65,851 \n\n68,879 \n\n\nResearch and development \n\n\n7,693 \n\n7,263 \n\n\nGeneral and administrative \n\n\n10,353 \n\n9,768 \n\n\nSales and marketing \n\n\n3,287 \n\n3,649 \n\n\nForeign exchange loss \n\n\n1,820 \n\n1,076 \n\n\nDepreciation and amortization \n\n\n1,043 \n\n1,037 \n\n\n\n\n\n90,047 \n\n91,672 \n\n\nLoss from operations \n\n\n(12,473) \n\n(9,432) \n\n\n\n\n\n\n\n\n\n\nIncome from investments accounted for by the equity method \n\n\n31 \n\n129 \n\n\nGain on sale of investment \n\n\n— \n\n— \n\n\nInterest on long-term debt and accretion on royalty payable \n\n\n(812) \n\n(847) \n\n\nInterest and other income, net of bank charges \n\n\n341 \n\n466 \n\n\nLoss before income taxes \n\n\n(12,913) \n\n(9,684) \n\n\nIncome tax expense \n\n\n735 \n\n944 \n\n\nNet loss for the period \n\n\n(13,648) \n\n(10,628) \n\n\nOther comprehensive income (loss): \n\n\n\n\n\n\n\nCumulative translation adjustment \n\n\n(430) \n\n1,970 \n\n\nComprehensive loss \n\n\n$       (14,078) \n\n$        (8,658) \n\n\n\n\n\n\n\n\n\n\nLoss per share: \n\n\n\n\n\n\n\nNet loss per share - basic and diluted \n\n\n$           (0.79) \n\n(0.62) \n\n\nWeighted average common shares outstanding: \n\n\n\n\n\n\n\nBasic and diluted \n\n\n17,220,540 \n\n17,168,578 \n\n\nDiluted \n\n\n17,220,540 \n\n17,168,578 \n\n\n\n\n\n\n\n\nWESTPORT FUEL SYSTEMS INC.Condensed Consolidated Statements of Cash Flows (unaudited)(Expressed in thousands of United States dollars)Three months ended March 31, 2024 and 2023 \n\n\n\n\nThree months ended March31, \n\n\n\n\n2024 \n\n2023 \n\n\nOperating activities: \n\n\n\n\n\n\nNet loss for the period \n\n$         (13,648) \n\n$         (10,628) \n\n\nAdjustments to reconcile net loss to net cash used in operating activities: \n\n\n\n\n\n\nDepreciation and amortization \n\n3,247 \n\n3,027 \n\n\nStock-based compensation expense \n\n331 \n\n633 \n\n\nUnrealized foreign exchange loss \n\n1,820 \n\n1,076 \n\n\nDeferred income tax \n\n(40) \n\n(148) \n\n\nIncome from investments accounted for by the equity method \n\n(31) \n\n(129) \n\n\nInterest on long-term debt and accretion on royalty payable \n\n22 \n\n105 \n\n\nChange in inventory write-downs \n\n413 \n\n586 \n\n\nChange in bad debt expense \n\n(121) \n\n84 \n\n\nOther \n\n(248) \n\n— \n\n\nChanges in operating assets and liabilities: \n\n\n\n\n\n\nAccounts receivable \n\n12,526 \n\n(1,041) \n\n\nInventories \n\n(7,434) \n\n(591) \n\n\nPrepaid expenses \n\n(400) \n\n(1,684) \n\n\nAccounts payable and accrued liabilities \n\n4,725 \n\n763 \n\n\nWarranty liability \n\n(1,020) \n\n(1,382) \n\n\nNet cash provided by (used in) operating activities \n\n142 \n\n(9,329) \n\n\nInvesting activities: \n\n\n\n\n\n\nPurchase of property, plant and equipment \n\n(4,893) \n\n(3,007) \n\n\nProceeds on sale of assets \n\n135 \n\n98 \n\n\nNet cash used in investing activities \n\n(4,758) \n\n(2,909) \n\n\nFinancing activities: \n\n\n\n\n\n\nRepayments of operating lines of credit and long-term facilities \n\n(17,689) \n\n(10,994) \n\n\nDrawings on operating lines of credit and long-term facilities \n\n11,848 \n\n8,251 \n\n\nNet cash used in financing activities \n\n(5,841) \n\n(2,743) \n\n\nEffect of foreign exchange on cash and cash equivalents \n\n(494) \n\n760 \n\n\nNet decrease in cash and cash equivalents \n\n(10,951) \n\n(14,221) \n\n\nCash and cash equivalents, beginning of period (including restricted cash) \n\n54,853 \n\n86,184 \n\n\nCash and cash equivalents, end of period (including restricted cash) \n\n$           43,902 \n\n$           71,963 \n\n\n\n\n View original content to download multimedia:https://www.prnewswire.com/news-releases/westport-fuel-systems-reports-first-quarter-2024-financial-results-302140336.html\nSOURCE Westport Fuel Systems Inc.\n View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2024/08/c3251.html","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2434016367"}