Stronger liquidity position
Cash and cash equivalents of $27.2M at Dec 31, 2025, up $12.4M from $14.8M a year earlier (≈+84%), driven primarily by the sale of the Light‑Duty segment and receipt of a $6.5M payment.
Material reduction in debt
Total long‑term debt (including current portion) declined 57% to $2.9M from $6.8M a year earlier; including discontinued operations the reduction exceeded 90%, significantly strengthening the balance sheet.
Cespira Q4 revenue growth and market validation
Cespira reported Q4 revenue of $29.3M vs $22.9M in Q4 2024 (+28%); Cespira product revenue rose ~30% to $23.4M. Commercial validation includes an OEM agreement for HPDI components for a truck trial and Volvo milestone of >10,000 natural gas trucks on the road using Cespira HPDI systems.
Strategic divestiture completed
Completed divestiture of the Light‑Duty segment, generating proceeds that materially improved cash balances and allowed management to focus on heavy‑duty/HPDI and high‑pressure components.
Product and manufacturing progress for North America
Introduced a proprietary high‑pressure CNG storage and delivery system, progressed development toward field testing, have a first Volvo truck with the back‑of‑cab system running miles, and plan public demonstrations (ACT) and targeted fleet trials in Canada/U.S.
Operational localization and ramp plans
High‑Pressure Controls moved manufacturing capacity from Italy to new facilities in Canada and China to localize production, reduce costs and compete in China; both new plants are launched and shipping, with management expecting improved volumes and margins in 2026.
Slight improvement in net loss
Net loss from continuing operations improved to $29.6M in 2025 from $31.3M in 2024, attributed to lower R&D and SG&A spend and favorable FX, partially offset by a full year of Cespira operations.