Westport Fuel Systems Inc Stock Price, News & Analysis

Westport Fuel Systems (WPRT) announced on April 26, 2023, that it received a notification from Nasdaq regarding non-compliance with the minimum bid price requirement. The company has 180 days to comply, requiring a closing bid price of at least $1.00 for ten consecutive business days. To aid in compliance, Westport's board approved a 10-for-1 share consolidation, reducing shares from approximately 171.7 million to 17.2 million, aimed at enhancing institutional appeal and supporting share price recovery. The consolidation is pending approval from both Nasdaq and the Toronto Stock Exchange and is expected to occur in early June 2023. The notification does not impact Westport's operations or its compliance with the Toronto Stock Exchange.

Westport Fuel Systems Inc. (TSX: WPRT / Nasdaq: WPRT) is set to release its financial results for the first quarter of 2023 on May 8, after market close. Following this, a conference call will occur on May 9, 2023, at 10:00 a.m. ET to discuss the results and other corporate developments. Investors can access the conference call via dial-in or webcast, with replay options available until May 16, 2023. Westport Fuel Systems is a key supplier of advanced fuel delivery systems for clean, low-carbon fuels, serving customers in over 70 countries.

Westport Fuel Systems Inc. (TSX: WPRT / Nasdaq: WPRT) has filed a preliminary short form base shelf prospectus with Canadian securities regulators. This prospectus replaces the current base shelf prospectus set to expire on April 16, 2023. Once finalized, it will enable Westport to offer up to USD$200 million in various securities, including common shares, preferred shares, and warrants for a period of 25 months. The purpose of the shelf prospectus is to provide the company with flexibility to access capital or issue securities for strategic acquisitions as needed. Currently, there are no offerings planned under this prospectus. All securities offered will not be registered under U.S. securities laws, and no sales will occur until the prospectus is effective.

Westport Fuel Systems (WPRT) held its Annual and Special Meeting of Shareholders on April 6, 2023, where all resolutions were approved. Among the outcomes:

• All nominated directors were elected with votes ranging from 84.81% to 90.89% in favor.
• KPMG LLP was appointed as auditors with 93.67% approval.
• Share consolidation received 85.63% approval.
• The executive compensation advisory vote was supported by 86.99% of shareholders.

This meeting's results reflect strong shareholder confidence in management and governance practices.

Westport Fuel Systems reported a net loss of $(32.7) million or $(0.19) per share for 2022, compared to a net income of $13.7 million in 2021. Revenue decreased to $305.7 million in 2022, down from $312.4 million the previous year, attributed to the Euro's weakening against the U.S. dollar. The fourth quarter saw revenues of $78.0 million, a decline from $82.7 million in 2021. Despite operational challenges, Westport secured new programs for LPG systems and announced promising test results for its H2 HPDI technology. The company plans to focus on growth strategies in markets like Europe, India, and China in 2023.

Westport Fuel Systems (TSX: WPRT / Nasdaq: WPRT) announced a new collaboration with a global OEM to assess the performance and emissions of an engine featuring its H₂ HPDI fuel system. This project, funded by the OEM, is Westport's third major OEM engagement for the H₂ HPDI technology. The initiative aims to demonstrate that hydrogen can be a cost-effective solution for reducing CO₂ emissions while maintaining existing diesel engine architectures. The collaboration is set to commence immediately and will last until the end of the year.

Westport Fuel Systems (TSX: WPRT / Nasdaq: WPRT) announces a strategic partnership with the City of Changzhou, China, to construct a hydrogen innovation center and manufacturing facility. This $10 million investment aims to support Westport’s hydrogen componentry business as China leads in hydrogen infrastructure. The facility, expected to be operational by 2024, will produce components for hydrogen-fueled vehicles, enhancing Westport’s manufacturing footprint in China. The partnership aligns with Changzhou's goal to be a hub for new energy industries, promoting low-emission transportation solutions globally.

Westport Fuel Systems Inc. (WPRT) will report its Q4 2022 and full fiscal year 2022 financial results on March 13, 2023, post-market. A corresponding conference call is scheduled for March 14, 2023, at 10:00 a.m. ET.

Investors can join via dial-in at 1-604-638-5340 or toll-free 1-800-319-4610. A replay of the call will be available until March 21, 2023. Westport is a leader in advanced fuel systems for clean fuels, serving over 70 countries.

Westport Fuel Systems has officially regained compliance with Nasdaq's minimum bid price requirement. A Bid Price Compliance Letter from Nasdaq confirms that from January 31, 2023 to February 13, 2023, the closing bid price for Westport's ordinary shares was $1.00 or more for ten consecutive business days. This compliance restores Westport's listing status on Nasdaq, following previous concerns regarding its share price. The Company remains a prominent player in providing advanced fuel delivery systems for low-carbon fuels globally.