Core Insights - Westport Fuel Systems Inc. reported a significant improvement in its financial performance for Q1 2025, with a net loss of $2.5 million compared to a net loss of $13.6 million in Q1 2024, driven by increased gross profit and reduced operating expenses [3][7][36] - The company is focusing on its HPDI joint venture with Volvo Group and plans to realign its operations towards hard-to-decarbonize applications in heavy-duty trucking, which presents substantial growth opportunities [2][4][6] Financial Performance - Revenues decreased by 9% to $71.0 million in Q1 2025 from $77.6 million in Q1 2024, primarily due to decreased sales volumes in the Heavy-Duty OEM and High-Pressure Controls & Systems segments [7][36] - Gross profit increased by 30% to $15.2 million in Q1 2025, up from $11.7 million in Q1 2024, resulting in a gross margin of 21% compared to 15% in the prior year [9][36] - Adjusted EBITDA improved to nil from negative $6.6 million in the same period last year, indicating a significant operational turnaround [7][33] Operational Updates - The company is pursuing operational excellence through cost-reduction initiatives and process streamlining, which contributed to an $8.1 million decrease in operating expenses [3][4] - Westport's light-duty segment saw a revenue increase to $64.2 million in Q1 2025 from $63.3 million in Q1 2024, driven by sales growth in the light-duty OEM and DOEM businesses [10][11] - The Heavy-Duty OEM segment's revenue dropped to $5.4 million in Q1 2025 from $11.9 million in Q1 2024, reflecting the transition of the HPDI business to the Cespira joint venture [14][36] Strategic Focus - The proposed sale of Westport's light-duty business is aimed at strengthening the balance sheet and funding growth opportunities in the Cespira joint venture and High-Pressure Controls & Systems business [4][6] - The company is committed to scaling alternative fuel solutions, including LNG, CNG, RNG, and hydrogen systems, to meet the growing demand for clean transportation technologies [5][6] Market Trends - Demand for gas-powered trucks utilizing HPDI technology has increased, with Volvo reporting over 25% sales growth in 2024, a trend that continued into Q1 2025 [6][19] - The market is increasingly recognizing the internal combustion engine using alternative fuels as a viable solution for decarbonizing long-haul, heavy-duty transport [5][6]

Core Points - GTT has filed its 2024 Universal Registration Document, which includes the Annual Financial Report, with the French stock market authorities on April 25, 2025 [1] - The document is available in French and will soon be available in English on GTT's website [2] - The 2024 Universal Registration Document contains various reports, including the annual financial report, management report, sustainability information, corporate governance report, and details regarding the upcoming shareholders' meeting [4] Financial Agenda - The combined shareholders' meeting is scheduled for June 11, 2025 [4] - The ex-dividend date for the balance of the dividend for the 2024 financial year is June 17, 2025 [4] - Payment of the balance of the dividend for the 2024 financial year will occur on June 19, 2025 [4] - The publication of the 2025 half-year results is set for July 29, 2025, after market close [4] - The 2025 third-quarter results will be published on October 31, 2025, after market close [4] Company Overview - GTT specializes in the design and development of cryogenic membrane containment systems for the transport and storage of liquefied gases [3][5] - The company has over 60 years of experience and is recognized for its innovative technologies used in LNG carriers and other related applications [3][5] - GTT is committed to sustainability and develops solutions to support the transition to a decarbonized future, including systems that enable the use of LNG as fuel [5]