In This Article:
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Q4 2024 Revenue: $75.1 million, a 14% decrease compared to Q4 2023.
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Full Year 2024 Revenue: $302.3 million, a 9% decrease compared to 2023.
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Q4 2024 Gross Margin: $14.3 million or 19% of revenue, up from $8 million or 9% in Q4 2023.
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Full Year 2024 Gross Margin: $57.6 million or 19% of revenue, up from $48.9 million or 15% in 2023.
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Q4 2024 Adjusted EBITDA Loss: $1.8 million, improved from a loss of $10 million in Q4 2023.
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Full Year 2024 Adjusted EBITDA Loss: $11.2 million, improved from a loss of $21.5 million in 2023.
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Cash and Cash Equivalents at End of 2024: $37.6 million, down from $54.9 million at the end of 2023.
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Net Cash Provided by Operating Activities 2024: $7.2 million, marking positive cash flow from operations.
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Net Cash Provided by Investing Activities 2024: $4.5 million, driven by proceeds from the sale of investments.
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Net Cash Used in Financing Activities 2024: $25.2 million.
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Divestiture Transaction Value: $75.1 million or EUR69.5 million, with potential earn-outs of $6.5 million or EUR6 million.
Release Date: March 31, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Westport Fuel Systems Inc (NASDAQ:WPRT) announced a significant transaction to divest its light-duty business, which is expected to strengthen its financial position.
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The company reported improvements in gross profit and gross profit margins for both the fourth quarter and full year of 2024.
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Westport Fuel Systems Inc (NASDAQ:WPRT) achieved positive net cash from operations for the first time, marking a significant milestone.
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The company is focusing on high-growth areas such as HPDI technology and high-pressure controls and systems, which are expected to drive future growth.
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The divestiture will allow Westport Fuel Systems Inc (NASDAQ:WPRT) to streamline operations and focus on hard-to-decarbonize segments of the heavy-duty transport and industrial markets.
Negative Points
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Westport Fuel Systems Inc (NASDAQ:WPRT) experienced a 9% decrease in revenue for the full year of 2024 compared to the previous year.
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The company reported an adjusted EBITDA loss of $11.2 million for the full year, although this was an improvement from the previous year.
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Cash and cash equivalents decreased from $54.9 million at the end of 2023 to $37.6 million at the end of 2024, primarily due to debt payments.
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The company projects that its cash and cash equivalents will not be sufficient to fund operations for the next 12 months under the current business plan.
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Westport Fuel Systems Inc (NASDAQ:WPRT) faces challenges in the adoption of its technologies, with the need to secure additional OEM partnerships to drive growth.