Westport Reports Fourth Quarter and Full Year 2023 Results
- Record revenues achieved despite challenges in 2023.
- Strategic focus on sustainable growth and operational efficiency.
- Financially, revenue reached $331.8 million for 2023.
- Net loss for 2023 was $49.7 million, with an adjusted EBITDA loss of $21.5 million.
- Partnerships in locomotive and heavy truck industries for future growth.
- Net loss increased compared to the prior year.
- Lower CNG sales volumes in India market and IAM volumes in Africa.
- Negative impact of inventory write-downs related to heavy-duty, light-duty, and IAM businesses.
- Adjusted EBITDA loss of $21.5 million.
- Cash used in operating activities was $13.2 million.
Insights
The reported financial results of Westport Fuel Systems Inc. indicate a mixed performance with record revenues of $331.8 million for the year 2023, up 9% from the previous year. However, this top-line growth is overshadowed by a substantial net loss of $49.7 million, a 52% increase from the prior year's loss. The growth in revenue can be attributed to increased sales volumes in certain segments, but the company faced challenges in the form of lower CNG sales in India, decreased IAM volumes in Africa and lower hydrogen business sales. A critical factor contributing to the net loss is the absence of equity income from the sale of the Cummins Westport Inc. joint venture interest in the previous year, coupled with the loss on extinguishment of debt and increased expenses.
Furthermore, the company's gross margin improved by 35% to $48.9 million, reflecting higher sales volumes and engineering service revenues. Yet, the negative impact of inventory write-downs and higher input costs due to global supply chain challenges cannot be overlooked. The adjusted EBITDA loss of $21.5 million, although an improvement from the previous year, still raises concerns about the company's operational efficiency. The added term loans of $11.5 million suggest an attempt to improve financial flexibility, but they also increase the company's debt burden.
Investors should consider the balance between the company's revenue growth and the factors contributing to the net loss. The increased debt and the potential for continued losses could weigh on the stock's performance, despite revenue growth. The company's focus on operational efficiency and financial strength will be important in turning the increased revenues into profitability.
Westport Fuel Systems Inc.'s strategic focus on expanding into new markets and adapting to regulatory changes is a positive sign for future growth. The development contract valued at $33 million with a global heavy truck manufacturer and the proof of concept project for locomotive applications demonstrate the company's commitment to innovation and diversification. The formation of a joint venture with Volvo Group to commercialize HPDI fuel system technology is particularly noteworthy, as it could enhance the company's competitive position in alternative fuels.
However, the operational and segment highlights reveal a mixed performance. While there are increases in revenue and gross margin in some areas, there are also setbacks, such as lower sales volumes in the hydrogen business and negative impacts on gross margins due to inventory write-downs. The company's efforts to enter new markets and improve operational excellence through cost-cutting measures and process streamlining are essential strategies that may help mitigate the impact of these challenges in the long run.
Analyzing the industry outlook, the hydrogen project pipeline and the anticipated investments signal a growing market for alternative fuels. Westport's positioning in this space could offer significant opportunities, but it is essential to monitor how the company capitalizes on these trends and manages the transition to profitability. The company's focus on harnessing the potential of its HPDI joint venture, improving operational excellence and continuous innovation could be pivotal in achieving success in a competitive landscape.
Westport Fuel Systems Inc.'s engagement in the alternative fuels sector, particularly in hydrogen fuel technologies, aligns with global trends towards decarbonization and cleaner energy sources. The company's initiatives, such as the H2 HPDI proof of concept project and the joint venture with Volvo Group, suggest an aggressive pursuit of leadership in the hydrogen-powered future. The industry's move toward zero-emission transport and the expected competitive pricing of hydrogen against traditional fuels by the 2030s could be a significant tailwind for Westport.
The company's strategic pillars, which include harnessing the HPDI joint venture, enhancing operational excellence and innovating for a hydrogen-powered future, are aligned with industry trends. However, the financial impact of these initiatives remains to be seen. The current financial performance shows significant losses and the company's ability to transition its strategic initiatives into financially viable outcomes will be critical for investor confidence.
Investors should also consider the potential risks associated with the regulatory and government approvals required for the joint venture's operational start. Delays or unfavorable outcomes could affect the company's strategic plans. Additionally, the global supply chain disruptions and inflationary pressures on production input costs present ongoing challenges that could affect future gross margins and operational efficiencies.
"I am privileged to report that despite challenges last year, we achieved new milestones, evolved strategically, and prioritized operational efficiency and financial strength and, in doing so, we generated record revenues. Consistent with our priority to drive sustainable growth, our team increased sales volumes in our delayed OEM and electronics, and fuel storage businesses, while also increasing the engineering services we delivered in our heavy-duty OEM business.
As we progress, Westport is dedicated to growth and adaptability, continuing to innovate and evolve with the ever-changing regulatory and macro-economic landscapes. Anticipating the road ahead, I am resolved to steer Westport through strategic and decisive actions. Our success hinges on seamlessly integrating disciplined operations with a robust strategic framework. To this end, I will guide our efforts towards three essential pillars: harnessing the potential of our HPDI joint venture to drive success, enhancing operational excellence, and continuous innovation to shape the world's hydrogen-powered future. We have a lot of work ahead of us. With a dedicated team and the unwavering pursuit of excellence, I have full confidence in our capacity to not only meet but exceed our objectives."
Dan Sceli, Chief Executive Officer
Financial Highlights
- Revenue of
for 2023 and$331.8 million for the fourth quarter. Full year results were primarily driven by increased sales volumes in the delayed OEM, electronics and fuel storage businesses, as well as additional engineering service revenues from the heavy-duty OEM businesses. This growth is partially offset by the negative impact of the lower CNG sales volumes to customers in the$87.2 million India market, lower independent aftermarket sales ("IAM") volumes inAfrica , and lower sales volumes in the hydrogen business. - Net loss for the year ended December 31, 2023 was
, or$49.7 million loss per share, compared to net loss of$2.90 for the prior year. Net loss for the fourth quarter in 2023 was$32.7 million , or$13.9 million loss per share, compared to net loss of$0.81 , or$16.9 million loss per share, for the same period in 2022. For the year, the increase in net loss was primarily attributed to the absence of equity income from the prior year's sale of our interest in the Cummins Westport Inc. ("CWI") joint venture, the loss on extinguishment of debt due to the settlement of the Cartesian royalty payable, and increases in expenses, which was partially offset by an increase in gross margin and includes the negative impact of inventory write-downs related to the heavy-duty, light-duty and IAM businesses.$1.00 - Adjusted EBITDA1 loss of
, compared to a loss of$21.5 million in the prior year. Adjusted EBITDA for the fourth quarter was a loss of$27.8 million .$10.0 million - Cash and cash equivalents were
for the year ended December 31, 2023. Cash used in operating activities during the year was$54.9 million .$13.2 million - Added
of new term loans to improve financial flexibility in 2023, with an additional$11.5 million added after year-end.$3.9 million
Consolidated Results | ||||||
($ in millions, except per share amounts) | Over / (Under) % | Over / (Under) % | ||||
4Q23 | 4Q22 | FY23 | FY22 | |||
Revenues | $ 87.2 | $ 78.0 | 12 % | $ 331.8 | $ 305.7 | 9 % |
Gross Margin(2) | 8.0 | 4.6 | 74 % | 48.9 | 36.2 | 35 % |
Gross Margin %(2) | 9 % | 6 % | — | 15 % | 12 % | — |
Income from investments accounted for by the equity method (1) | 0.1 | — | — | 0.8 | 0.9 | (11) % |
Net Income (Loss) from Continuing Operations | (13.9) | (16.9) | 18 % | (49.7) | (32.7) | (52) % |
Net Income (Loss) per Share from Continuing Operations | (0.81) | (1.00) | 19 % | (2.90) | (1.91) | (52) % |
EBITDA (2) | (10.9) | (13.5) | 19 % | (35.9) | (17.5) | (105) % |
Adjusted EBITDA (2) | (10.0) | (12.9) | 22 % | (21.5) | (27.8) | 23 % |
(1) | This includes income primarily from our Minda Westport. joint venture. |
(2) | These financial measures and ratios are non-GAAP measures. Please refer to GAAP and NON-GAAP FINANCIAL MEASURES for the reconciliation. |
Operational Highlights
Westport closed 2023 focused on driving sustainable growth in our existing markets, unlocking new and emerging markets, driving operational excellence, and extracting efficiencies through prudent capital management. Based on these priorities, Westport can report several achievements that occurred during and subsequent to the fourth quarter of 2023.
- Entering new markets with a two-year H2 HPDI proof of concept project with a leading global provider of locomotives and related equipment for the freight and transit rail industries. The project will adapt Westport's H2 HPDI™ fuel system for use with the locomotive OEM engine design.
- Awarded a development contract with an estimated value of
with a global heavy truck manufacturer to adapt and commercialize the next generation LNG ("Liquified Natural Gas") HPDI fuel system for the$33 million vehicle platform.Euro 7 - Westport, together with Volvo Group, completed the signing of the investment agreement to form a joint venture to accelerate the commercialization and global adoption of Westport's HPDI fuel system technology for long-haul and off-road applications. The closing of the joint venture is subject to certain closing conditions, including regulatory and government approvals. It is anticipated that the joint venture will become operational following the formal closing, which is expected in the second quarter of 2024.
- Early in the first quarter of 2024, the initial
LPG fuel systems were delivered to our global OEM customer related to our expanded LPG supply agreement forEuro 6 andEuro 6 vehicle platforms.Euro 7
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1 Adjusted earnings before interest, taxes and depreciation is a non-GAAP measure. Please refer to GAAP and NON-GAAP FINANCIAL MEASURES in Westport's Management Discussion and Analysis for the reconciliation. |
Segment Information
Original Equipment Manufacturer ("OEM")
OEM revenue for the three months and year ended December 31, 2023 was
Revenue for the year ended December 31, 2023 increased by
Gross margin2 increased by
Gross margin for the year ended December 31, 2023 increased by
_______________________________ |
2 Gross margin is a non-GAAP measure. Please refer to GAAP and NON-GAAP FINANCIAL MEASURES in Westport's Management Discussion and Analysis for the reconciliation. |
Independent Aftermarket
Revenue for the three months and year ended December 31, 2023 was
Gross margin for the three months ended December 31, 2023 increased by
Gross margin for the year ended December 31, 2023 increased by
SEGMENT RESULTS | 4Q23 | ||||||
Revenue | Operating income (loss) | Depreciation & amortization | Equity income | ||||
OEM | $ 61.2 | $ (11.7) | $ 2.5 | $ 0.1 | |||
IAM | 26.0 | 1.9 | 0.6 | — | |||
Corporate | — | (4.3) | 0.1 | — | |||
Total consolidated | $ 87.2 | $ (14.1) | $ 3.2 | $ 0.1 |
SEGMENT RESULTS | 4Q22 | ||||||
Revenue | Operating income (loss) | Depreciation & amortization | Equity income | ||||
OEM | $ 47.8 | $ (12.8) | $ 1.8 | $ — | |||
IAM | 30.2 | 0.6 | 0.8 | — | |||
Corporate | — | (5.0) | 0.1 | — | |||
Total consolidated | $ 78.0 | $ (17.2) | $ 2.7 | $ — |
2024 Outlook
The alternative fuels industry is becoming more dynamic, driven by increased investment, industrial applications, and policy support. Specifically, the hydrogen project pipeline has approximately 1,400 projects announced globally, with investments totaling
As government policies and regulatory changes worldwide accelerate the shift towards zero emissions, Westport's alternative fuel-based solutions enable its customers to deliver cleaner performance with practical and affordable applications today. We expect demand for our products and services to continue increasing and the widespread transition to hydrogen-based transport to be competitive with traditional fuels by the 2030s.
As we progress, Westport is dedicated to growth and adaptability, continuing to innovate and evolve with the ever-changing regulatory and macro-economic landscape. Our efforts in 2024 will be guided towards three essential pillars: harnessing the potential of our HPDI joint venture to drive success, enhancing operational excellence, and continuous innovation to shape the world's hydrogen-powered future. Our success relies on these three essential pillars over the near-, medium- and long-term, respectively:
1) Driving Success Via Our HPDI Joint Venture
Our HPDI joint venture marks a new era for Westport, culminating over two decades of dedication and innovation. The joint venture is a cornerstone of Westport's business strategy moving forward and it is time to innovate and drive growth together.
Looking to the future, the joint venture will leverage the collective expertise of the partners, capitalize on growth opportunities, and solidify our position as a leader in alternative fuels.
2) Improving Operational Excellence
We are relentless in our pursuit of operational excellence, embarking on bold initiatives to streamline processes, enhance efficiency, and reduce costs. Notably, our restructuring endeavors in
We are starting to deploy a combination of levers to grow earnings and improve profitability, including implementing significant cost-cutting measures expected to encompass both operating and general and administrative expenses.
3) Reimagining A Hydrogen-Powered Future
Embracing the potential for alternative fuels, particularly hydrogen, is exciting as we position ourselves at the forefront of this transformative shift. Armed with advanced technological capabilities, leveraging our existing hydrogen components business and a deep understanding of the market dynamics and customer needs, we are primed to capitalize on emerging growth opportunities while maintaining our commitment to sustainability and relevance in an ever-evolving landscape.
_______________________ |
3 Source: Hydrogen Insights 2023", Hydrogen Council and McKinsey & Company, December 2023 |
Conference call
Westport has scheduled a conference call for Tuesday March 26, 2024, at 7:00 am Pacific Time (10:00 am Eastern Time) to discuss these results. To access the conference call by telephone, please dial: 1-888-390-0546 (
To access the conference call replay, please dial 1-888-390-0541 (
Financial Statements and Management's Discussion and Analysis
To view Westport full financials for the fourth quarter and year ended December 31, 2023, please visit https://investors.wfsinc.com/financials/
About Westport Fuel Systems
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 global transportation industry. Our technology delivers the performance and fuel efficiency required by transportation applications and the environmental benefits that address climate change and urban air quality challenges. Headquartered in
Cautionary Note Regarding Forward Looking Statements
This press release contains forward-looking statements, including statements regarding future strategic initiatives and future growth, future of our development programs (including those relating to HPDI and Hydrogen), our expectations for 2024 and beyond, including the demand for our products, and the future success of our business and technology strategies. These statements are neither promises nor guarantees, but involve known and unknown risks and uncertainties and are based on both the views of management and assumptions that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activities, performance or achievements expressed in or implied by these forward looking statements. These risks, uncertainties and assumptions include those related to our revenue growth, operating results, industry and products, the general economy, conditions of and access to the capital and debt markets, solvency, governmental policies and regulation, technology innovations, fluctuations in foreign exchange rates, operating expenses, continued reduction in expenses, ability to successfully commercialize new products, the performance of our joint ventures, the availability and price of natural gas, global government stimulus packages and new environmental regulations, the acceptance of and shift to natural gas and hydrogen vehicles, the relaxation or waiver of fuel emission standards, the inability of fleets to access capital or government funding to purchase natural gas vehicles, the development of competing technologies, our ability to adequately develop and deploy our technology, the actions and determinations of our joint venture and development partners, the effects and duration of the
GAAP and Non-GAAP Financial Measures
Our financial statements are prepared in accordance with
EBITDA and Adjusted EBITDA are intended to provide additional information to investors and analysts and do not have any standardized definition under
NON-GAAP FINANCIAL MEASURES RECONCILIATION
Gross Margin | ||||
Years ended December 31, | ||||
2023 | 2022 | |||
(expressed in millions of | ||||
Revenue | $ 331.8 | $ 305.7 | ||
Less: Cost of revenue | $ 282.9 | $ 269.5 | ||
Gross Margin | $ 48.9 | $ 36.2 |
Gross Margin as a percentage of Revenue | ||||
Years ended December 31, | ||||
2023 | 2022 | |||
(expressed in millions of | ||||
Revenue | $ 331.8 | $ 305.7 | ||
Gross Margin | $ 48.9 | $ 36.2 | ||
Gross Margin as a percentage of Revenue | 15 % | 12 % |
EBITDA and Adjusted EBITDA | ||||||||||||||||
Three months ended | 31-Mar-22 | 30-Jun-22 | 30-Sep-22 | 31-Dec-22 | 31-Mar-23 | 30-Jun-23 | 30-Sep-23 | 31-Dec-23 | ||||||||
Income (loss) before income taxes | $ 7.6 | $ (11.5) | $ (11.0) | $ (16.4) | $ (9.7) | $ (13.0) | $ (12.0) | $ (14.0) | ||||||||
Interest expense, net | 1.0 | 0.7 | 0.2 | 0.1 | 0.4 | (0.1) | 0.2 | (0.2) | ||||||||
Depreciation and amortization | 3.1 | 3.1 | 2.8 | 2.8 | 3.0 | 3.0 | 3.2 | 3.3 | ||||||||
EBITDA | $ 11.7 | $ (7.7) | $ (8.0) | $ (13.5) | $ (6.3) | $ (10.1) | $ (8.6) | $ (10.9) | ||||||||
Stock based compensation | $ 0.5 | $ 0.9 | $ 0.8 | $ 0.2 | $ 0.7 | $ 0.8 | $ (0.3) | $ 1.4 | ||||||||
Foreign exchange (gain) loss | $ 0.8 | $ 2.5 | $ 2.7 | $ 0.4 | $ 1.1 | $ 2.4 | $ 1.4 | $ (0.9) | ||||||||
Gain on sale of investments | $ (19.1) | $ — | $ — | $ — | $ — | $ — | $ — | $ — | ||||||||
Loss on extinguishment of royalty payable | $ — | $ — | $ — | $ — | $ — | $ 2.9 | $ — | $ — | ||||||||
Severance costs | $ — | $ — | $ — | $ — | $ — | $ — | $ 4.5 | $ — | ||||||||
Impairment of long-term investment | $ — | $ — | $ — | $ — | $ — | $ — | $ — | $ 0.4 | ||||||||
Adjusted EBITDA | $ (6.1) | $ (4.3) | $ (4.5) | $ (12.9) | $ (4.5) | $ (4.0) | $ (3.0) | $ (10.0)
|
WESTPORT FUEL SYSTEMS INC. | ||||
December 31, 2023 | December 31, 2022 | |||
Assets | ||||
Current assets: | ||||
Cash and cash equivalents (including restricted cash) | $ 54,853 | $ 86,184 | ||
Accounts receivable | 88,077 | 101,640 | ||
Inventories | 67,530 | 81,635 | ||
Prepaid expenses | 6,323 | 7,760 | ||
Total current assets | 216,783 | 277,219 | ||
Long-term investments | 4,792 | 4,629 | ||
Property, plant and equipment | 69,489 | 62,641 | ||
Operating lease right-of-use assets | 22,877 | 23,727 | ||
Intangible assets | 6,822 | 7,817 | ||
Deferred income tax assets | 11,554 | 10,430 | ||
Goodwill | 3,066 | 2,958 | ||
Other long-term assets | 20,365 | 18,030 | ||
Total assets | $ 355,748 | $ 407,451 | ||
Liabilities and Shareholders' Equity | ||||
Current liabilities: | ||||
Accounts payable and accrued liabilities | $ 95,374 | $ 98,863 | ||
Current portion of operating lease liabilities | 3,307 | 3,379 | ||
Short-term debt | 15,156 | 9,102 | ||
Current portion of long-term debt | 14,108 | 11,698 | ||
Current portion of long-term royalty payable | — | 1,162 | ||
Current portion of warranty liability | 6,892 | 11,315 | ||
Total current liabilities | 134,837 | 135,519 | ||
Long-term operating lease liabilities | 19,300 | 20,080 | ||
Long-term debt | 30,957 | 32,164 | ||
Long-term royalty payable | — | 4,376 | ||
Warranty liability | 1,614 | 2,984 | ||
Deferred income tax liabilities | 3,477 | 3,282 | ||
Other long-term liabilities | 5,115 | 5,080 | ||
Total liabilities | 195,300 | 203,485 | ||
Shareholders' equity: | ||||
Share capital: | ||||
Unlimited common and preferred shares, no par value | ||||
17,174,502 (2022 - 17,130,316) common shares issued and outstanding | 1,244,539 | 1,243,272 | ||
Other equity instruments | 9,672 | 9,212 | ||
Additional paid-in-capital | 11,516 | 11,516 | ||
Accumulated deficit | (1,074,434) | (1,024,716) | ||
Accumulated other comprehensive loss | (30,845) | (35,318) | ||
Total shareholders' equity | 160,448 | 203,966 | ||
Total liabilities and shareholders' equity | $ 355,748 | $ 407,451 |
WESTPORT FUEL SYSTEMS INC. | ||||
Years ended December 31, | ||||
2023 | 2022 | |||
Revenue | $ 331,799 | $ 305,698 | ||
Cost of revenue and expenses: | ||||
Cost of revenue | 282,862 | 269,496 | ||
Research and development | 26,003 | 23,497 | ||
General and administrative | 44,234 | 37,042 | ||
Sales and marketing | 16,278 | 15,073 | ||
Foreign exchange loss | 3,974 | 6,378 | ||
Depreciation and amortization | 4,299 | 4,416 | ||
Gain on sale of assets | 32 | 62 | ||
377,682 | 355,964 | |||
Loss from operations | (45,883) | (50,266) | ||
Income from investments accounted for by the equity method | 780 | 930 | ||
Gain on sale of investment | — | 19,119 | ||
Loss on extinguishment | (2,909) | — | ||
Interest on long-term debt and amortization of discount | (2,981) | (3,351) | ||
Impairment of long-term investment | (413) | — | ||
Other income, net | — | 879 | ||
Interest income, net of bank charges | 2,690 | 1,406 | ||
Loss before income taxes | (48,716) | (31,283) | ||
Income tax expense (recovery): | ||||
Current | 1,786 | 1,852 | ||
Deferred | (784) | (440) | ||
1,002 | 1,412 | |||
Net loss for the year | (49,718) | (32,695) | ||
Other comprehensive loss: | ||||
Cumulative translation adjustment | 4,473 | (1,824) | ||
Comprehensive loss | $ (45,245) | $ (34,519) | ||
Loss per share: | ||||
Net loss per share - basic | $ (2.90) | $ (1.91) | ||
Net loss per share - diluted | $ (2.90) | $ (1.91) | ||
Weighted average common shares outstanding: | ||||
Basic | 17,173,016 | 17,122,531 | ||
Diluted | 17,173,016 | 17,122,531 |
WESTPORT FUEL SYSTEMS INC. | ||||
Years ended December 31, | ||||
2023 | 2022 | |||
Operating activities: | ||||
Net loss for the year | $ (49,718) | $ (32,695) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation and amortization | 12,490 | 11,800 | ||
Stock-based compensation expense | 1,727 | 2,066 | ||
Foreign exchange loss | 3,974 | 6,378 | ||
Deferred income tax | (784) | (440) | ||
Income from investments accounted for by the equity method | (780) | (930) | ||
Interest on long-term debt and accretion of royalty payable | 9 | 314 | ||
Impairment on long lived assets (note 7) | 413 | — | ||
Change in inventory write-downs to net realizable value | 7,066 | 722 | ||
Net gain on sale of investments | — | (19,119) | ||
Net loss on sale of assets | 32 | 62 | ||
Other income, net | — | (879) | ||
Bargain purchase gain from acquisition | 2,909 | — | ||
Change in bad debt expense | 56 | 810 | ||
Changes in operating assets and liabilities: | ||||
Accounts receivable | 5,340 | (1,528) | ||
Inventories | 9,481 | (3,505) | ||
Prepaid expenses | 2,869 | (134) | ||
Accounts payable and accrued liabilities | (2,448) | 122 | ||
Warranty liability | (5,829) | 2,341 | ||
Net cash used in operating activities | (13,193) | (34,615) | ||
Investing activities: | ||||
Purchase of property, plant and equipment | (15,574) | (14,242) | ||
Purchase of intangible assets | — | (287) | ||
Proceeds on sale of investments | — | 31,445 | ||
Proceeds on sale of assets | 161 | 731 | ||
Net cash (used in) provided by investing activities | (15,413) | 17,647 | ||
Financing activities: | ||||
Drawings on operating lines of credit and long-term facilities | 46,367 | 41,218 | ||
Repayment of operating lines of credit and long-term facilities | (39,904) | (55,441) | ||
Repayment of royalty payable | (8,687) | (5,200) | ||
Net cash used in financing activities | (2,224) | (19,423) | ||
Effect of foreign exchange on cash and cash equivalents | (501) | (2,317) | ||
Net decrease in cash and cash equivalents | (31,331) | (38,708) | ||
Cash and cash equivalents, beginning of year (including restricted cash) | 86,184 | 124,892 | ||
Cash and cash equivalents, end of year (including restricted cash) | 54,853 | 86,184 |
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SOURCE Westport Fuel Systems Inc.
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