Westport Fuel Systems (US) ( (WPRT) ) has released its Q3 earnings. Here is a breakdown of the information Westport Fuel Systems (US) presented to its investors.
Westport Fuel Systems Inc., headquartered in Vancouver, Canada, is a prominent 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.
In its third quarter of 2024 financial report, Westport Fuel Systems highlighted a significant revenue contribution from its new joint venture, Cespira, despite an overall 14% revenue decline to $66.2 million compared to the previous year. The company achieved notable improvements in adjusted EBITDA and reduced net losses, primarily due to cost-cutting measures and operational efficiencies.
Westport’s strategic focus includes its HPDI joint venture with Volvo Group, operational excellence, and continuous innovation in alternative fuels. The company’s adjusted EBITDA improved to negative $0.8 million from negative $3.0 million a year ago. The transition of heavy-duty OEM assets to Cespira, generating $16.2 million in revenue, was a key highlight, alongside a significant reduction in operating costs by approximately 40% as compared to the previous year.
Looking forward, Westport is committed to driving operational excellence and supporting its ventures, positioning itself for sustainable growth in a transforming industry landscape. The company is optimistic about the future role of alternative fuels, especially hydrogen, despite current infrastructure challenges, and remains focused on delivering innovative low-carbon fuel solutions worldwide.
