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WPRT

Westport Fuel Systems Inc.

WPRT

Westport Fuel Systems Inc. • NASDAQ
$1.78 ▲ 0.56% (+0.01)
Market Cap $30.83 M
52w High $4.78
52w Low $1.54
Dividend Yield 0%
P/E -1.24
Volume 58.42K
Outstanding Shares 17.32M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.617M ▼ $8.182M ▲ $-13.726M ▲ -848.856% ▼ $-0.6 ▲ $-6.256M ▼
Q2-2025 $12.498M ▼ $1.852M ▼ $-34.344M ▼ -274.796% ▼ $-1.98 ▼ $-4.477M ▼
Q1-2025 $70.955M ▼ $13.491M ▼ $-2.451M ▲ -3.454% ▲ $-0.14 ▲ $734K ▲
Q4-2024 $75.088M ▲ $22.26M ▲ $-10.142M ▼ -13.507% ▼ $-0.59 ▼ $-5.704M ▼
Q3-2024 $66.251M $13.424M $-3.868M -5.838% $-0.23 $268K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $33.096M ▲ $104.093M ▼ $23.868M ▼ $80.225M ▼
Q2-2025 $5.667M ▼ $272.054M ▼ $163.162M ▲ $108.892M ▼
Q1-2025 $32.532M ▼ $295.245M ▲ $157.647M ▲ $137.598M ▲
Q4-2024 $37.24M ▲ $291.621M ▼ $154.596M ▼ $137.025M ▼
Q3-2024 $32.849M $311.634M $162.342M $149.292M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-13.726M ▼ $590K ▲ $14.301M ▲ $-1.067M ▲ $11.713M ▲ $75.999K ▲
Q2-2025 $-5.136M ▼ $-6.328M ▼ $-5.709M ▼ $-4.248M ▼ $-26.561M ▼ $-4.461M ▲
Q1-2025 $-2.451M ▲ $-4.899M ▼ $2.704M ▲ $-3.918M ▼ $-5.009M ▼ $-8.041M ▼
Q4-2024 $-10.142M ▼ $15.476M ▲ $-4.062M ▼ $-3.504M ▲ $4.389M ▲ $11.023M ▲
Q3-2024 $-3.868M $-9.933M $7.462M $-6.965M $-8.265M $-12.073M

Five-Year Company Overview

Income Statement

Income Statement Westport’s income statement shows a small but steady business that has not yet reached reliable profitability. Revenue has inched up over time but remains modest, and the company operates with thin margins. Gross profit is positive, yet after accounting for overhead, research, and other costs, operating results are generally in the red. There was a brief period of profit a few years ago, but recent years have returned to losses. The latest year does show some improvement versus the prior one, suggesting better cost control or mix, but the overall picture is still one of a company investing heavily and not yet earning consistent profits from its core operations.

Balance Sheet

Balance Sheet The balance sheet looks relatively light and lean, which is typical for a specialized technology and components company rather than a full vehicle manufacturer. Total assets and cash have trended down, indicating that the company has been drawing on its resources to fund operations and development. Debt is present but not dominant, suggesting leverage is manageable, though not trivial given the company’s small scale. Shareholders’ equity has been gradually shrinking, reflecting cumulative losses. Overall, the financial cushion is there but not large, and the company does not have unlimited room to absorb continued losses without either improving results or accessing new capital.

Cash Flow

Cash Flow Cash flow shows a business still in the investment phase. For several years, day‑to‑day operations consumed cash, but most recently operating cash flow has turned slightly positive, a constructive sign that the core business is moving closer to self‑funding. However, after accounting for ongoing capital spending, free cash flow remains negative. In practical terms, the company is still a net user of cash, though its burn rate appears to be improving. The key question going forward is whether revenue growth and margin improvements can continue to strengthen operating cash flow before cash reserves and financing flexibility become too tight.

Competitive Edge

Competitive Edge Competitively, Westport occupies a focused niche rather than going head‑to‑head across the entire auto parts industry. Its strength lies in specialized fuel systems for heavy‑duty applications, particularly its high‑pressure direct injection technology that allows trucks and similar vehicles to run on cleaner gaseous fuels while keeping diesel‑like performance. The joint venture with a major truck maker (Volvo Group) and its global OEM relationships give the company strategic reach and validation that many small technology firms lack. On the other hand, adoption depends on truck manufacturers and fleets choosing this path over battery electric, fuel cell, or other solutions, so Westport is exposed to technology and regulatory shifts in the broader decarbonization race. Its position is promising but not yet entrenched, and execution with partners will be critical.

Innovation and R&D

Innovation and R&D Innovation is the clear centerpiece of Westport’s story. The company has built a large body of intellectual property around HPDI systems and is now pushing that platform into hydrogen, aiming to deliver near‑zero carbon solutions using familiar combustion engine architectures. Its work on hydrogen‑ready systems, high‑pressure components, and an innovation center in China underline a strong commitment to being a long‑term technology leader in clean heavy‑duty transport. The flip side is that this level of R&D intensity is costly for a company of its size and can weigh on current profits. The pay‑off depends on when and how quickly OEMs and fleets adopt these solutions at scale, which introduces timing and execution uncertainty.

Summary

Westport Fuel Systems is a small, specialized player aiming to enable cleaner heavy‑duty transportation through advanced fuel system technology. Financially, it shows modest revenue, ongoing but narrowing losses, a thin but still present equity base, and improving yet still negative free cash flow. Strategically, it has carved out a differentiated niche with its proprietary HPDI platform, patents, and a high‑profile joint venture, positioning it to benefit if gaseous fuels and hydrogen gain traction in trucking and off‑road applications. At the same time, reliance on partner adoption, competing decarbonization technologies, and a limited financial buffer are meaningful risks. The company’s future hinges on turning its strong innovation and partnerships into sustained commercial scale before financial constraints become too tight.

NEWS

November 6, 2025 · 6:30 AM UTC

Westport Reveals CNG Solution for Natural Gas HPDI™ Engines and North America's Clean Transportation Future

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October 22, 2025 · 5:00 PM UTC

Westport to Issue Q3 2025 Financial Results on November 10, 2025

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October 14, 2025 · 6:30 AM UTC

Cespira Signs Agreement to Supply Components for a Customer Truck Trial

Read more