Westport Fuel Systems (US) ( (WPRT) ) has released its Q4 earnings. Here is a breakdown of the information Westport Fuel Systems (US) presented to its investors.
Westport Fuel Systems Inc. is 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 transportation industry. The company is headquartered in Vancouver, Canada, and operates in Europe, Asia, North America, and South America.
Westport Fuel Systems reported its financial results for the fourth quarter and full year of 2024, highlighting a transformative year marked by strategic focus and operational efficiency improvements. The company achieved a net cash inflow from operating activities of $7.2 million, a significant improvement from the previous year.
Key financial metrics for 2024 included a revenue of $302.3 million, a decrease from $331.8 million in 2023. The net loss for the year was $21.8 million, a substantial improvement from the $49.7 million loss in 2023. The company’s joint venture with Volvo Group, Cespira, contributed $43.1 million in revenue, showcasing the potential of their HPDI technology in the heavy-duty transport sector.
Westport’s strategic initiatives include the proposed divestiture of its Light-Duty business to focus on high-growth areas such as long-haul and heavy-duty trucking. This move is expected to strengthen the company’s financial position and allow it to concentrate on scalable alternative fuel solutions.
Looking ahead, Westport aims to scale its alternative fuel-based solutions, including advancements in CNG, RNG, and hydrogen systems, while navigating the evolving transportation landscape. The company remains committed to providing sustainable, high-performance solutions to help customers achieve their commercial and environmental goals.