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 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.
Westport Fuel Systems (WPRT) announced a collaboration with Johnson Matthey to develop an emissions aftertreatment system for Westport's H2 HPDI hydrogen fuel system. This partnership aims to significantly reduce or eliminate vehicle emissions while enhancing transport performance and efficiency. The prototype system will be tested at Westport's engineering center in Vancouver, focusing on creating cleaner heavy-duty transportation. Both companies emphasize the importance of sustainable solutions in the commercial vehicle sector, with hydrogen ICE playing a critical role in future transport technologies.
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.