Westport Fuel Systems (US) (TSE:WPRT) has released an update.
Westport Fuel Systems Inc. has reported a 6% revenue decrease to $77.6 million in Q1 2024, attributing the downturn to lower sales across several business areas, despite an uptick in electronics products and increased IAM sales. The company is undergoing strategic cost-cutting measures, including workforce streamlining, to improve operational efficiency and reduce manufacturing costs. With the EU’s recent ZEV regulatory changes, Westport views its hydrogen fuel system technologies for heavy-duty vehicles as increasingly significant, positioning itself to capitalize on the evolving decarbonization landscape.
For further insights into TSE:WPRT stock, check out TipRanks’ Stock Analysis page.
