VANCOUVER, British Columbia, Aug. 13, 2024 (GLOBE NEWSWIRE) -- Westport Fuel Systems Inc. ("Westport") (TSX:WPRT / Nasdaq:WPRT), a leading supplier of advanced alternative fuel systems and components for the global transportation industry, reported financial results for the second quarter ended June 30, 2024, and provided an update on operations. All figures are in U.S. dollars unless otherwise stated. Over / (Under) 2Q24 2Q23 1H24 1H23 % "In the second quarter of 2024, we remained focused on implementing t ...

Participants may register up to 60 minutes before the event by clicking on the call link and completing the online registration form. Upon registration, the user will receive dial-in info and a unique PIN, along with an email confirming the details. At Westport Fuel Systems, we are driving innovation to power a cleaner tomorrow. We are 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 globa ...

Driving Cleaner Performance Q1 2024 Results Westport Fuel Systems This presentation contains forward-looking statements, including statements regarding, the timing and completion of the joint venture with Volvo, future revenue expectations, timing and production of LPG products with OEM customers, future demand for LPG, future growth in markets, future of our development programs (including those relating to HPDI and Hydrogen), the demand for our products, the future success of our business and technology s ...

Westport Fuel Systems Inc. (NASDAQ:WPRT) Q1 2024 Earnings Conference Call May 9, 2024 10:00 AM ET Company Participants Ashley Nuell – Senior Director, Investor Relations Dan Sceli – Chief Executive Officer and Director Bill Larkin – Chief Financial Officer Conference Call Participants Colin Rusch – Oppenheimer Chris Dendrinos – the RBC Capital Markets Rob Brown – Lake Street Capital Markets Amit Dayal – H.C. Wainwright Jeff Osborne – TD Cowen Mac Whale – Cormark Securities Eric Stine – Craig-Hallum Operator ...

Consolidated Financial Statements (Expressed in thousands of United States dollars) WESTPORT FUEL SYSTEMS INC. For the years ended December 31, 2023 and 2022 Report of Independent Registered Public Accounting Firm To the Shareholders and Board of Directors of Westport Fuel Systems Inc.: Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated balance sheets of Westport Fuel Systems Inc. (and subsidiaries) (the Company) as of December 31, 2023 and 2022, the related conso ...

Financial Performance - Westport reported a net loss of $11.9 million for Q3 2023, consistent with the same quarter last year[12]. - Revenues increased by 9% to $77.4 million in Q3 2023, compared to $71.2 million in Q3 2022, driven by higher sales volumes in delayed OEM, electronics, and fuel storage[15]. - Adjusted EBITDA improved to negative $3.0 million in Q3 2023 from negative $4.5 million in Q3 2022, reflecting a 33% improvement[13]. - Gross margin increased by 17% to $13.2 million in Q3 2023, up from $11.3 million in Q3 2022, with gross margin percentage rising to 17%[13]. - Revenue for Q3 2023 was $77.4 million, an increase of 8.5% compared to $71.2 million in Q3 2022[35]. - Net loss for Q3 2023 was $11.9 million, slightly higher than the net loss of $11.9 million in Q3 2022[35]. - Adjusted EBITDA improved to $(3.0) million in Q3 2023 from $(4.5) million in Q2 2023[31]. - The company reported a comprehensive loss of $8.5 million for Q3 2023, compared to a comprehensive loss of $17.4 million in Q3 2022[35]. Segment Performance - The OEM segment revenue for Q3 2023 was $52.9 million, an increase from $44.1 million in Q3 2022, primarily due to higher sales volumes[19]. - The IAM segment revenue decreased to $24.5 million in Q3 2023 from $27.1 million in Q3 2022, attributed to lower sales volumes in Africa and Europe[22]. Cash and Assets - Cash and cash equivalents stood at $44.0 million at the end of Q3 2023[12]. - Total current assets decreased to $227.9 million as of September 30, 2023, down from $277.2 million at the end of 2022[33]. - Cash and cash equivalents, including restricted cash, were $43.97 million as of September 30, 2023, down from $86.18 million at the end of 2022[33]. - Total liabilities decreased to $184.3 million as of September 30, 2023, compared to $203.5 million at the end of 2022[33]. Research and Development - Research and development expenses for Q3 2023 were $5.7 million, a decrease from $6.5 million in Q3 2022[35]. Strategic Initiatives - Westport is reorganizing its partnership with Minda in India, reducing its stake from 50% to 24% for approximately $1.8 million, expected to close by the end of Q1 2024[12]. - The company anticipates improved profitability through the amended joint venture agreement, which will include future hydrogen components[12]. Shareholder Information - The weighted average common shares outstanding increased to 17.67 million in Q3 2023 from 17.12 million in Q3 2022[35]. Other Expenses - The company incurred severance costs of $4.5 million in Q3 2023[31].

Exhibit 99.1 Westport Fuel Systems Reports Second Quarter 2023 Financial Results VANCOUVER, BC, Aug. 8, 2023 /CNW/ - Westport Fuel Systems Inc. ("Westport") (TSX: WPRT) (Nasdaq: WPRT), a leading supplier of advanced alternative fuel systems and components for the global transportation industry, reported financial results for the second quarter ended June 30, 2023, and provided an update on operations. All figures are in U.S. dollars unless otherwise stated. 2Q23 Operations SECOND QUARTER 2023 HIGHLIGHTS Rec ...

Condensed Consolidated Interim Financial Statements (unaudited) (Expressed in thousands of United States dollars) WESTPORT FUEL SYSTEMS INC. For the three months ended March 31, 2023 and 2022 WESTPORT FUEL SYSTEMS INC. Condensed Consolidated Interim Balance Sheets (unaudited) (Expressed in thousands of United States dollars, except share amounts) March 31, 2023 and December 31, 2022 | | | March 31, 2023 | | December 31, 2022 | | --- | --- | --- | --- | --- | | Assets | | | | | | Current assets: | | | | | | ...

Table of Contents | Letter | to Shareholders | 1 | | --- | --- | --- | | Notice | of Annual General and Special Meeting | 2 | | Section | 1: Voting | 4 | | | Solicitation of Proxies | 4 | | | Communication Process for Proxy-Related Materials | 5 | | | Voting of Common Shares | 5 | | | Currency and Nomenclature in this Management Information Circular | 7 | | | Matters to be Acted Upon | 7 | | | Interest of Certain Persons or Matters to be Acted Upon | 13 | | Section | 2: Board of Directors | 13 | | | Nominee ...

Condensed Consolidated Interim Financial Statements (unaudited) (Expressed in thousands of United States dollars) See accompanying notes to condensed consolidated interim financial statements. WESTPORT FUEL SYSTEMS INC. Approved on behalf of the Board: Anthony Guglielmin Director Brenda J. Eprile Director For the three and six months ended June 30, 2022 and 2021 1 WESTPORT FUEL SYSTEMS INC. Condensed Consolidated Interim Balance Sheets (unaudited) (Expressed in thousands of United States dollars, except sha ...