Westport Fuel Systems Inc Common Shares - WPRT STOCK NEWS

Westport Fuel Systems Inc. (TSX: WPRT / Nasdaq: WPRT) has established an at-the-market equity offering program (ATM Program) to issue and sell up to US$35 million of common shares. The program, effective until June 18, 2025, or earlier completion, allows Westport to offer shares through the TSX and Nasdaq at prevailing market prices. Craig-Hallum Capital Group , H.C. Wainwright & Co., , and Cormark Securities Inc. will act as agents. Proceeds will primarily fund investments in Westport's hydrogen business, research and development, and general corporate purposes. The offering is supported by a prospectus supplement to the company's existing shelf prospectus and U.S. base prospectus.

Westport Fuel Systems reported Q2 2024 financial results, highlighting a 2% decrease in revenues to $83.4 million. The company achieved a net income of $5.8 million, compared to a net loss of $13.2 million in Q2 2023. This improvement was primarily due to a $13.3 million gain from the formation of the HPDI joint venture with Volvo Group. Westport also revised its segment reporting, now including five key segments: HPDI JV, Light-Duty, High-Pressure Controls and Systems, Heavy-Duty OEM, and Corporate. The company's Adjusted EBITDA improved to negative $2.0 million from negative $4.0 million in the same period last year. Cash and cash equivalents stood at $41.5 million at the end of Q2 2024.

Westport Fuel Systems Inc. (TSX: WPRT / Nasdaq: WPRT) has announced that it will release its Q2 2024 financial results on Tuesday, August 13, 2024, after market close. The company will hold a conference call and webcast to discuss these results and other corporate developments on Wednesday, August 14, 2024, at 10:00 a.m. ET (7:00 a.m. PT).

Interested participants can register for the call up to 60 minutes before the event through the provided link. Upon registration, they will receive dial-in information and a unique PIN. The webcast will be archived on Westport's website, and a replay will be available starting August 15, 2024.

Volvo Group and Westport Fuel Systems have launched a transformative joint venture focused on the global adoption of the HPDI™ fuel system, which was celebrated at the University of British Columbia. This partnership aims to accelerate the commercialization of the HPDI technology, advancing sustainable transportation solutions using renewable fuels and hydrogen. The JV leverages Volvo's vehicle manufacturing expertise and Westport's innovative fuel systems to significantly reduce carbon emissions in heavy-duty transportation. Since HPDI's commercial debut in 2018, it has helped avoid hundreds of thousands of tons of CO2 emissions annually.

Westport Fuel Systems (TSX: WPRT, Nasdaq: WPRT) has released its 2023 Environmental, Social, and Governance (ESG) report. The report highlights significant achievements, including a 20% reduction in Scope 1 CO2 emissions and a 7% decrease in Scope 2 emissions. Over 90% of waste from production sites was recycled, and Scope 3 GHG emissions were disclosed. The company's workforce is composed of 32% females. Westport received two national awards: the Friendly Workplace recognition in Poland and the Award for Excellence in Italy. The company is also working on the implementation of the Corporate Sustainability Reporting Directive (CSRD) for enhanced transparency and accountability. CEO Dan Sceli reiterated the company's commitment to decarbonizing transportation and fostering a sustainable future.

Westport Fuel Systems held its Annual General Meeting virtually on June 13, 2024. Shareholders approved all resolutions, including the election of directors, appointment of auditors, and an advisory Say-on-Pay vote. Key outcomes include:

1. Election of seven directors, all approved with a range of 78.81% to 91.40% votes in favor.

2. Appointment of KPMG LLP as auditors with 97.91% votes in favor.

3. An advisory vote on executive compensation, approved by 78.37% of votes.

Westport Fuel Systems (TSX: WPRT, Nasdaq: WPRT) and Volvo Group have closed their joint venture to promote Westport's HPDI™ fuel system technology for long-haul and off-road use. The venture aims to advance the commercialization and global adoption of HPDI, known for its capacity to create affordable and sustainable solutions for heavy-duty transport. Westport's CEO, Dan Sceli, serves as the interim CEO of the joint venture, headquartered in Vancouver. Volvo has invested $28 million for a 45% stake, with an additional $45 million contingent on future performance. The venture will operate independently, combining assets and expertise from both companies.

Westport Fuel Systems Inc. reported financial results for Q1 2024, highlighting a revenue decrease of 6% to $77.6 million compared to the same period in 2023. The net loss increased to $13.6 million, and adjusted EBITDA was negative $6.6 million, signaling financial challenges. Despite these setbacks, the company is focusing on cost-saving measures, workforce streamlining, and operational efficiencies to drive profitability. The recent EU regulatory updates position Westport's technologies for heavy-duty vehicles favorably, and the company continues to focus on sustainability and innovation for future growth.