Westport reports Q4 EPS (65c) vs (58c) last year

Reports Q4 revenue $1.88M, consensus $1.14M. “We appreciate the patience and support of our shareholders as we worked through our recent cybersecurity incident,” said CEO Dan Sceli. “Our priority was to ensure the integrity of our IT systems, business continuity and financial reporting, and we are pleased to confirm that this review has been successfully completed. With this behind us, we are looking forward to executing on our strategy and delivering on the next phase of our business objectives. Turning to our financial results, the past year has been a defining one for Westport (WPRT), marked by the successful divestiture of our Light-Duty business, the recent receipt of a $6.5 million payment, and further strengthened by Cespira’s agreement with a leading OEM to manufacture and deliver HPDI components for a truck trial, assessing future commercialization. These accomplishments, combined with ending the year with over $27 million in cash and very low debt, reflect the meaningful progress we have made in sharpening our strategic focus and building a stronger, more resilient company. The global heavy-duty transportation market is increasingly recognizing natural gas as a practical, lower-emission solution available today. This is evidenced by Volvo’s recent milestone of delivering more than 10,000 natural gas trucks on the road underscoring the accelerating adoption of Cespira’s HPDI fuel system technology and validates the strategic direction we have taken. From a market perspective, the UK leads the adoption of HPDI-powered LNG trucks, followed by Germany, Sweden, the Netherlands, Norway, and France. Emerging gas markets such as India and Latin America are also gaining momentum, with volumes seeing steady growth. When we introduced our proprietary CNG fuel storage and delivery system designed for Cespira’s HPDI’s on-engine components several months ago, we emphasized its potential to significantly expand our addressable market. Development has progressed well, and our confidence in the commercial opportunity continues to build. We look forward to showcasing this solution at the upcoming Advanced Clean Transportation (ACT) Expo, where we will engage with industry partners and customers. By integrating advanced high-pressure CNG storage with Cespira’s field-proven HPDI fuel system, we match the performance and operational range expected from diesel engines with compelling economics in markets where CNG is the natural choice, particularly in North America. We believe this innovation meaningfully expands the reach of Cespira’s HPDI technology and positions Westport and Cespira to capture new opportunities as we move into field testing. Our GFI brand, through our High Pressure Controls business, has also delivered important operational milestones. The opening of our new production facilities in China, one of the world’s largest commercial vehicle markets and Canada represents a strategic step in localizing manufacturing, reducing costs, and improving competitiveness. As the transportation industry continues to balance economic realities with sustainability objectives, we are confident that alternative fuel systems including Cespira’s HPDI technology, and our high-pressure components provide real-world solutions that deliver both performance and affordability. With the completion of our strategic transition and only a few milestones remaining, a growing market validation of Cespira’s expansion, and a clear strategic focus, Westport is excited to drive into this next phase.”