First Quarter ResultsAll in all... a pretty good report.
https://financialpost.com/globe-newswire/westport-fuel-systems-reports-first-quarter-2021-financial-results
FIRST QUARTER 2021 HIGHLIGHTS
- Revenues of $76.4 million, up 14% compared to the same period in 2020 due to increased sales volumes in WFS’ light-duty and heavy-duty Original Equipment Manufacturing (“OEM“) businesses.
- Net loss of $3.1 million and net loss per share of $0.02 were impacted by supply chain-related production issues at WFS’ initial High Pressure Direct Injection (“HPDI“)™ launch partner, one-time severance costs and an unrealized foreign exchange loss
- Adjusted earnings before interest, taxes, depreciation and amortization of $2.7 million
- At-the-Market equity offering raised gross proceeds of $13.2 million in 1Q21, for a cumulative total of $27.6 million; cash and cash equivalents were $59.7 million at the end of the quarter
- Announced co-investment agreement with injector manufacturing partner to expand manufacturing capacity for HPDI 2.0 Injectors
- Amended agreement terms with Weichai Westport for the supply of at least 25,000 HPDI Systems in China through December 31, 2024
- Advanced hydrogen-fueled internal combustion engine development work, with successful initial testing results and announced a research program with bus and truck manufacturer Scania for additional testing and ongoing development of a hydrogen fueled engine with HPDI 2.0.
“2021 launched with solid first quarter revenue growth in our OEM business compared to the same period last year, despite the ongoing challenges brought on by COVID-19.
Societal demand and regulatory tailwinds continue to support the urgent need for a range of clean, cost-effective, carbon-reducing transportation solutions that we deliver.
Fleets have continued to gain confidence that our HPDI 2.0 solutions outperform, with demonstrated operational cost savings, reduced carbon emissions, and our products are taking on an increasing role in large fleets.
We are well-positioned to deliver on the increasing demand and growth for our HPDI 2.0 solutions forecasted in Europe, China and North America.
The development of our hydrogen HPDI solutions will offer OEMs lower industrialization costs and near zero-carbon solutions.
Fleet operators will gain a fast pathway to cost savings without sacrificing performance, on a technology platform that has a proven track record and longevity.
The solutions we offer can take our customers all the way to zero carbon fuels and do so affordably.
We have set targets to grow our business to $1 billion in annual revenue by mid-decade at industry standard margins, with a large market to serve, global partners, an impressive portfolio of products and patents, and an exceptional team dedicated to delivering clean solutions that are enabling the energy transition around the globe.”
David M. Johnson, Chief Executive Officer