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Westport Fuel Systems(WPRT) - 2023 Q4 - Annual Report

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].