Westport Fuel Systems Inc. develops, manufactures and supplies alternative fuel systems and components for transportation applications. Its updates center on low-emissions powertrain technologies for natural gas, renewable natural gas and hydrogen, including HPDI™ fuel systems, high-pressure controls, compressed natural gas storage, and products used by OEMs and commercial transportation fleets.
Recurring news also covers Westport’s Heavy-Duty OEM activities, Cespira joint venture developments, financial results, completed Light-Duty business divestiture, production updates, and public-company reporting matters. Company disclosures have also addressed cybersecurity-related business continuity and securities-law reporting status, including management cease trade order updates tied to annual filing timing.
Westport Fuel Systems has secured a contract to develop liquefied petroleum gas (LPG) systems for a global OEM, projected to generate €38 million in revenue by 2025. Production is set to commence in Q4 2023, focusing on Euro 6 applications. The company aims to advance alternative fuel adoption across vehicle classes while striving to meet future Euro 7 regulations. According to CEO David M. Johnson, this initiative supports energy security and sustainable transportation, as LPG is a clean-burning and cost-effective alternative fuel.
Westport Fuel Systems announced that CEO David Johnson and VP Scott Baker will participate in a Fireside Chat with analysts from Water Tower Research on May 20, 2022, at 11:00 AM ET. The discussion will be focused on Westport's new Hydrogen HPDI fuel system, aimed at providing cleaner, low-carbon solutions for the automotive sector. Interested participants can register for the webcast via Westport’s investor website. Westport Fuel Systems is a leader in innovation for clean fuels, enhancing fuel efficiency while addressing climate change.
Westport Fuel Systems reported Q1 2022 revenue of $76.5 million, unchanged from Q1 2021, despite a challenging environment due to geopolitical tensions and fuel price volatility. The company recognized a $19.1 million gain from the sale of its Cummins Westport joint venture, leading to a net income of $7.7 million. However, adjusted EBITDA was negative at $6.1 million, and gross margins fell from 17% to 13%. OEM revenue grew 21% year-over-year, while IAM revenue decreased 27%. The cash position increased to $127.6 million, buoyed by the CWI sale.
Westport Fuel Systems Inc. (WPRT) held its Annual and Special Meeting of Shareholders on May 5, 2022, where all proposed resolutions received shareholder approval. Key highlights include the election of directors, appointment of KPMG LLP as auditors, and approval of amendments to Corporation By-Laws. Voting results were largely favorable, with approval percentages surpassing 93% for most directors. The advisory vote on executive compensation showed 88.46% agreement. The company emphasizes its commitment to innovation in clean fuel technology, serving customers across over 70 countries.
Westport Fuel Systems (WPRT) will announce its first quarter 2022 financial results on May 6, 2022, post market close. Management will discuss these results on a conference call scheduled for May 9, 2022, at 10:00 am ET. Interested parties can join the call via telephone or listen to a live webcast on the company's website. A replay will be available until May 16, 2022. Westport is focused on innovation in clean fuel technologies, serving over 70 countries with products that enhance fuel efficiency and address environmental challenges.
Westport Fuel Systems (WPRT) reported its Q4 and full-year 2021 financial results, showing a revenue of $82.7 million, down 1% year-over-year, primarily due to semiconductor supply chain issues. For the year, total revenue reached $312.4 million, a 24% increase compared to 2020. Net income for Q4 was $5.3 million, or $0.03 per share, while full-year net income was $13.7 million, a significant recovery from a net loss in 2020. The company completed a $120.7 million equity offering and a $20 million loan refinancing, strengthening its balance sheet.
Westport Fuel Systems (WPRT) will report its fourth-quarter and full-year 2021 financial results on March 14, 2022, post-market. A conference call is scheduled for March 15, 2022, at 10:00 am EST to review these results. Interested parties can dial in or access a live webcast on their official website. Westport is a leader in clean fuel systems, providing technology for low-carbon fuels to the automotive sector globally. Their solutions address both performance and environmental concerns.
Westport Fuel Systems announced a Fireside Chat featuring CEO David Johnson with analysts Graham Mattison and Shawn Severson from Water Tower Research on February 24, 2022, at 2:00pm ET. The event will be accessible through a live webcast on their investor website. Mr. Johnson will discuss the Company’s growth prospects in fuel delivery systems for cleaner fuels, including natural gas, renewable natural gas, propane, and hydrogen. This session aims to provide insights into the evolving automotive sector and Westport's role in promoting low-carbon technologies.
Cummins Inc. (NYSE: CMI) and Westport Fuel Systems Inc. (NASDAQ-NMS: WPRT) have finalized a share purchase agreement allowing Cummins to acquire Westport’s stake in their joint venture. The agreement includes a payment of US$20 million to Westport for its interest in the joint venture’s intellectual property related to spark ignited engines. Additionally, Cummins and Westport will conduct a technical assessment of Westport’s hydrogen high pressure direct injection system for potential integration into Cummins' hydrogen applications.
Cummins and Westport Fuel Systems have entered into a share purchase agreement where Cummins will acquire Westport's stake in the Cummins Westport Joint Venture. This agreement comes after the termination of the joint venture on December 31, 2021. As part of the deal, Cummins will pay Westport $20 million for the JV's intellectual property related to spark ignited engines. Additionally, both companies will assess Westport's hydrogen high pressure direct injection system for possible applications in Cummins' hydrogen projects.