WPRT News & Events

Westport Fuel Systems announced that it has entered into a definitive securities purchase agreement for the purchase and sale of 4,854,369 common shares in a registered direct offering and, in a concurrent private placement, warrants to purchase up to 4,854,369 common shares, priced at-the-market under Nasdaq rules. The combined effective purchase price for each common share and associated private placement warrant is $2.06. The private placement warrants have an exercise price of $2.06 per common share, will be immediately exercisable and will expire two years following the date of issuance. Subject to limited exceptions, a holder of warrants will not have the right to exercise any portion of its warrants if the holder would beneficially own in excess of 9.99% of the number of Westport common shares outstanding immediately after giving effect to such exercise. The offering is expected to close on or about June 23, subject to the satisfaction of customary closing conditions. The gross proceeds to Westport from the offering are expected to be approximately $10M, before deducting the placement agent's fees and other offering expenses payable by Westport. Craig-Hallum is acting as the sole placement agent for the offering.

Westport (WPRT) announces that Cespira, its joint venture with Volvo Group (VLVY), and Volvo Group have signed a development agreement to finalize the integration and commercialization of Cespira's HPDI fuel system technology to enable Volvo Group's 13-litre engine to run on hydrogen. Volvo trucks are currently in on-road testing as announced by Volvo Trucks on April 1st. The European certified commercial launch is targeted to happen before 2030. Cespira's HPDI fuel system enables direct injection of alternative fuels at high pressures into internal combustion engines. Applied to hydrogen, the technology is designed to deliver diesel-equivalent performance with a zero-carbon fuel, hydrogen.

Reports Q1 revenue $2.29M, consensus $2.2M. The company said, "We are seeing continued momentum in our Cespira joint venture with Volvo Group reflected in a 33% increase in revenue compared to the same quarter in 2025. This performance, includes incremental volumes delivered to a second OEM for a truck trial, is becoming increasingly material to our overall results and reinforces the growing market acceptance of Cespira's HPDI fuel system technology. Favorable LNG pricing dynamics in Europe and other existing markets are also supporting increased demand, providing a solid foundation for continued growth through 2026."

Reports Q4 revenue $1.88M, consensus $1.14M. "We appreciate the patience and support of our shareholders as we worked through our recent cybersecurity incident," said CEO Dan Sceli. "Our priority was to ensure the integrity of our IT systems, business continuity and financial reporting, and we are pleased to confirm that this review has been successfully completed. With this behind us, we are looking forward to executing on our strategy and delivering on the next phase of our business objectives. Turning to our financial results, the past year has been a defining one for Westport, marked by the successful divestiture of our Light-Duty business, the recent receipt of a $6.5 million payment, and further strengthened by Cespira's agreement with a leading OEM to manufacture and deliver HPDI components for a truck trial, assessing future commercialization. These accomplishments, combined with ending the year with over $27 million in cash and very low debt, reflect the meaningful progress we have made in sharpening our strategic focus and building a stronger, more resilient company. The global heavy-duty transportation market is increasingly recognizing natural gas as a practical, lower-emission solution available today. This is evidenced by Volvo's recent milestone of delivering more than 10,000 natural gas trucks on the road underscoring the accelerating adoption of Cespira's HPDI fuel system technology and validates the strategic direction we have taken. From a market perspective, the UK leads the adoption of HPDI-powered LNG trucks, followed by Germany, Sweden, the Netherlands, Norway, and France. Emerging gas markets such as India and Latin America are also gaining momentum, with volumes seeing steady growth. When we introduced our proprietary CNG fuel storage and delivery system designed for Cespira's HPDI's on-engine components several months ago, we emphasized its potential to significantly expand our addressable market. Development has progressed well, and our confidence in the commercial opportunity continues to build. We look forward to showcasing this solution at the upcoming Advanced Clean Transportation (ACT) Expo, where we will engage with industry partners and customers. By integrating advanced high-pressure CNG storage with Cespira's field-proven HPDI fuel system, we match the performance and operational range expected from diesel engines with compelling economics in markets where CNG is the natural choice, particularly in North America. We believe this innovation meaningfully expands the reach of Cespira's HPDI technology and positions Westport and Cespira to capture new opportunities as we move into field testing. Our GFI brand, through our High Pressure Controls business, has also delivered important operational milestones. The opening of our new production facilities in China, one of the world's largest commercial vehicle markets and Canada represents a strategic step in localizing manufacturing, reducing costs, and improving competitiveness. As the transportation industry continues to balance economic realities with sustainability objectives, we are confident that alternative fuel systems including Cespira's HPDI technology, and our high-pressure components provide real-world solutions that deliver both performance and affordability. With the completion of our strategic transition and only a few milestones remaining, a growing market validation of Cespira's expansion, and a clear strategic focus, Westport is excited to drive into this next phase."