Westport Fuel Systems Inc Stock Price, News & Analysis

Westport Fuel Systems has secured a deal to develop liquefied petroleum gas (LPG) systems for a global OEM, projected to generate €40 million annually. Production is slated to commence in Q1 2025. This follows a prior €38 million contract supporting Euro 6 vehicle applications for the same OEM. Westport aims to advance low-emission fuel adoption in vehicles, particularly as LPG provides a cleaner alternative to gasoline and diesel, complying with stringent Euro emissions regulations.

Westport Fuel Systems, a leader in low-emissions fuel technologies, announces its Capital Markets Day on December 8, 2022, showcasing its hydrogen internal combustion H2 HPDI fuel system. The event will outline the company’s strategy and financial outlook, providing a technical and commercial perspective on the new fuel system designed for heavy-duty transportation. CEO David M. Johnson emphasizes Westport's commitment to engineering advanced, affordable clean fuel systems. Interested parties can access the virtual event through their website.

Westport Fuel Systems reported a 4% revenue decline, totaling $71.2 million, for Q3 2022, largely due to unfavorable foreign exchange impacts. Excluding currency effects, revenues would have risen by 10%. A net loss of $11.9 million marked a significant increase from the $5.8 million loss in Q3 2021, driven by equity income loss from a joint venture and foreign exchange losses. However, promising hydrogen HPDI technology test results showed potential for improved efficiency in heavy-duty transport. Cash reserves stood at $86.5 million, indicating liquidity.

Westport Fuel Systems Inc. (TSX:WPRT / Nasdaq:WPRT) announced on November 3, 2022, that it received a notification from Nasdaq regarding non-compliance with the minimum bid price requirement. The notification does not affect the immediate trading of its shares, which will continue on Nasdaq. Westport has until May 2, 2023, to regain compliance by ensuring a closing bid price of at least US$1.00 for 10 consecutive days. The company may consider options such as a reverse share split to meet this requirement, while its business operations remain unaffected.

Westport Fuel Systems (WPRT) announced engine test results for its H₂ HPDI fuel system in collaboration with Scania AB. The tests demonstrated a peak Brake Thermal Efficiency of 51.5%, with NOx emissions comparable to standard diesel engines, meeting Euro VII standards. The fuel system is designed for existing engine architecture, facilitating a cost-effective transition to hydrogen fuel. The companies plan to complete initial testing soon, presenting hydrogen as a viable solution for heavy-duty vehicles, especially in areas lacking charging infrastructure.

Westport Fuel Systems Inc. (WPRT) announced it will release its third-quarter 2022 financial results on November 7, 2022, after market close. A conference call to discuss the results will take place on November 8, 2022, at 10:00 a.m. ET. Investors can join the call via dial-in or webcast. Westport specializes in advanced fuel delivery systems for clean fuels, contributing to environmental sustainability. The company operates globally, providing services to over 70 countries, focusing on performance and fuel efficiency in transportation.

Westport Fuel Systems (TSX: WPRT / Nasdaq: WPRT) announced the resignation of CFO Richard Orazietti for personal reasons, effective November 30, 2022. Orazietti, who has been instrumental in strengthening the company's financial position since 2019, expressed confidence in Westport's future. He is succeeded by William Larkin, a seasoned finance executive with prior experience at Westport. Larkin's deep industry knowledge is expected to aid the company in achieving its growth and profitability goals.

Westport Fuel Systems has launched its new H₂ HPDI^™ fuel system for heavy-duty vehicles in Brussels, aiming to meet EU decarbonisation goals. This system promises up to 20% more power, 15% more torque, and 10% higher efficiency compared to diesel, with near-zero CO₂ emissions. It allows for continuity with existing technologies and offers a cost-effective solution for CO₂ abatement.

CEO David Johnson stated that this innovation supports the EU's 2030 climate targets, positioning Westport as a leader in hydrogen mobility.

Westport Fuel Systems introduces its new H₂ HPDI fuel system at IAA Transportation 2022 in Germany, showcasing enhanced performance for heavy-duty trucks. The system provides up to 20% more power and 18% more torque than diesel, with Near Zero CO₂ emissions. Designed to utilize existing diesel engine architecture, this innovative solution aligns with the EU's 2050 carbon neutrality goals. It enables manufacturers to achieve significant emissions reductions while leveraging current investments in vehicle drivetrain technology.