Fintech PR
Westport Reports Fourth Quarter and Full Year 2023 Results
VANCOUVER, BC, March 25, 2024 /PRNewswire/ — Westport Fuel Systems Inc. (“Westport“) (TSX: WPRT) (Nasdaq: WPRT) today reported financial results for the fourth quarter and year ended December 31, 2023, and provided an update on operations. All figures are in U.S. dollars unless otherwise stated.
“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 $331.8 million for 2023 and $87.2 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 India market, lower independent aftermarket sales (“IAM”) volumes in Africa, and lower sales volumes in the hydrogen business.
- Net loss for the year ended December 31, 2023 was $49.7 million, or $2.90 loss per share, compared to net loss of $32.7 million for the prior year. Net loss for the fourth quarter in 2023 was $13.9 million, or $0.81 loss per share, compared to net loss of $16.9 million, or $1.00 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.
- Adjusted EBITDA1 loss of $21.5 million, compared to a loss of $27.8 million in the prior year. Adjusted EBITDA for the fourth quarter was a loss of $10.0 million.
- Cash and cash equivalents were $54.9 million for the year ended December 31, 2023. Cash used in operating activities during the year was $13.2 million.
- Added $11.5 million of new term loans to improve financial flexibility in 2023, with an additional $3.9 million added after year-end.
|
Consolidated Results |
||||||
|
($ 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 $33 million with a global heavy truck manufacturer to adapt and commercialize the next generation LNG (“Liquified Natural Gas”) HPDI fuel system for the Euro 7 vehicle platform.
- 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 Euro 6 LPG fuel systems were delivered to our global OEM customer related to our expanded LPG supply agreement for Euro 6 and Euro 7 vehicle platforms.
|
__________________________ |
|
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 $61.2 million and $222.8 million, respectively, compared with $47.8 million and $198.0 million for the three months and year ended December 31, 2022. The increase of $13.4 million as compared to the fourth quarter 2022 was primarily driven by higher sales volumes in the light-duty OEM and electronics businesses and higher engineering service revenue from the heavy-duty OEM business. This was partially offset by lower sales volumes in heavy-duty OEM, delayed OEM and fuel storage businesses compared to the prior year.
Revenue for the year ended December 31, 2023 increased by $24.8 million compared to the prior year, primarily driven by increased sales volumes in the delayed OEM, electronics and fuel storage businesses, and higher engineering service revenue from the heavy-duty OEM business as well as increased sales volumes in Eastern Europe for our light duty business. This was partially offset by lower sales volumes in our hydrogen business and lower sales in the light-duty OEM business in India.
Gross margin2 increased by $1.6 million to $0.8 million, or 1% of revenue for the three months ended December 31, 2023, compared to negative $0.8 million, or negative 2% of revenue, for the same prior year period. The increase in gross margin for the three months ended December 31, 2023 is driven primarily by increased sales volumes in the light-duty OEM and electronics businesses, as well as increased gross margin in the heavy-duty OEM business due to higher engineering service revenue. The heavy-duty OEM business was negatively impacted by a $4.5 million inventory write-down. In addition, the increased gross margin is partially offset by lower sales volumes in the fuel storage business, a negative sales mix in the hydrogen business, and the higher production input costs stemming from global supply chain challenges and inflation in logistics, utilities, labor and other costs, which we have only partially been able to pass on to our OEM customers.
Gross margin for the year ended December 31, 2023 increased by $11.7 million to $25.3 million, or 11% of revenue, compared to $13.6 million, or 7% of revenue, for the prior year. The increase in gross margin and gross margin percentage for the year ended December 31, 2023 is primarily driven by higher contribution margins from engineering services and higher volumes sales in the delayed OEM and fuel storage businesses. This was offset by lower margins in the hydrogen business due to lower sales volumes and a negative impact on the heavy-duty OEM business due to a $4.5 million inventory write-down.
|
_______________________________ |
|
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 $26.0 million and $109.0 million, respectively, compared with $30.2 million and $107.7 million for the three months and year ended December 31, 2022. The decrease in revenue for the three months ended December 31, 2023 was $4.2 million compared to the prior year period was primarily driven by lower sales volumes in the Africa and South America markets offset by increased sales volumes in Europe. The increase in IAM revenue for the year ended December 31, 2023 was $1.3 million compared to the prior year, primarily driven by higher sales volumes to South America offset by lower sales to Europe and Africa.
Gross margin for the three months ended December 31, 2023 increased by $1.8 million to $7.2 million, or 28% of revenue, compared to $5.4 million, or 18% of revenue, for the same prior year period, primarily driven by the positive sales mix, lower electronic component costs and increased volumes sales in Europe.
Gross margin for the year ended December 31, 2023 increased by $1.0 million to $23.6 million, or 22% of revenue, compared to $22.6 million, or 21% of revenue, for the prior year, primarily driven by higher margins and a positive sales mix in South America. This was partially offset by a negative sales mix in Africa.
|
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 US$570 billion and 45 million tons per annum of clean hydrogen supply announced through 20303. Over the same period, hydrogen is expected to not only become more available but also more affordable.
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 India exemplify our commitment to optimizing capital efficiency and maximizing throughput across all operational fronts.
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 (Canada & USA toll-free) or 416-764-8688. The live webcast of the conference call can be accessed through the Westport website at https://investors.wfsinc.com/
To access the conference call replay, please dial 1-888-390-0541 (Canada & USA toll-free) or 1-416-764-8677 using the pass code 618393. The telephone replay will be available until April 9, 2024. Shortly after the conference call, the webcast will be archived on the Westport Fuel Systems website and replay will be available in streaming audio and a downloadable MP3 file.
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 Vancouver, Canada, with operations in Europe, Asia, North America, and South America, we serve our customers in more than 70 countries with leading global transportation brands. At Westport Fuel Systems, we think ahead. For more information, visit www.wfsinc.com.
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 Russia–Ukraine conflict, supply chain disruptions as well as other risk factors and assumptions that may affect our actual results, performance or achievements or financial position discussed in our most recent Annual Information Form and other filings with securities regulators. Readers should not place undue reliance on any such forward-looking statements, which speak only as of the date they were made. We disclaim any obligation to publicly update or revise such statements to reflect any change in our expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in these forward looking statements except as required by National Instrument 51-102. The contents of any website, RSS feed or twitter account referenced in this press release are not incorporated by reference herein.
GAAP and Non-GAAP Financial Measures
Our financial statements are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP“). These U.S. GAAP financial statements include non-cash charges and other charges and benefits that may be unusual or infrequent in nature or that we believe may make comparisons to our prior or future performance difficult. In addition to conventional measures prepared in accordance with U.S. GAAP, Westport and certain investors use EBITDA and Adjusted EBITDA as an indicator of our ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations and fund capital expenditures. Management also uses these non-GAAP measures in its review and evaluation of the financial performance of Westport. EBITDA is also frequently used by investors and analysts for valuation purposes whereby EBITDA is multiplied by a factor or “EBITDA multiple” that is based on an observed or inferred relationship between EBITDA and market values to determine the approximate total enterprise value of a company. We believe that these non-GAAP financial measures also provide additional insight to investors and securities analysts as supplemental information to our U.S. GAAP results and as a basis to compare our financial performance period-over-period and to compare our financial performance with that of other companies. We believe that these non-GAAP financial measures facilitate comparisons of our core operating results from period to period and to other companies by, in the case of EBITDA, removing the effects of our capital structure (net interest income on cash deposits, interest expense on outstanding debt and debt facilities), asset base (depreciation and amortization) and tax consequences. Adjusted EBITDA provides this same indicator of Westports’ EBITDA from continuing operations and removing such effects of our capital structure, asset base and tax consequences, but additionally excludes any unrealized foreign exchange gains or losses, stock-based compensation charges and other one-time impairments and costs which are not expected to be repeated in order to provide greater insight into the cash flow being produced from our operating business, without the influence of extraneous events.
EBITDA and Adjusted EBITDA are intended to provide additional information to investors and analysts and do not have any standardized definition under U.S. GAAP, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with U.S. GAAP. EBITDA and Adjusted EBITDA exclude the impact of cash costs of financing activities and taxes, and the effects of changes in operating working capital balances, and therefore are not necessarily indicative of operating profit or cash flow from operations as determined under U.S. GAAP. Other companies may calculate EBITDA and Adjusted EBITDA differently.
NON-GAAP FINANCIAL MEASURES RECONCILIATION
|
Gross Margin |
||||
|
Years ended December 31, |
||||
|
2023 |
2022 |
|||
|
(expressed in millions of U.S. dollars) |
||||
|
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 U.S. dollars) |
||||
|
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 |
||
Inquiries: Investor Relations, T: +1 604-718-2046, [email protected]
View original content:https://www.prnewswire.co.uk/news-releases/westport-reports-fourth-quarter-and-full-year-2023-results-302098641.html
JAKARTA, Indonesia, Jan. 25, 2025 /PRNewswire/ — PT Bank Rakyat Indonesia (Persero) Tbk (IDX: BBRI) is hosting the 6th edition of BRI UMKM EXPO(RT) 2025 (previously known as UMKM EXPO(RT) BRILIANPRENEUR), is a testament to BRI’s commitment to supporting the growth of Indonesian MSMEs to expand their access to international markets.
The event will be held from January 30 to February 2, 2025, at ICE BSD City Nusantara with the theme “Broadening MSME’s Global Outreach”, reflecting BRI’s strategic efforts to enhance the competitiveness of MSMEs while opening new business opportunities in global markets. This was announced during the press conference for BRI UMKM EXPO(RT) 2025 in Jakarta (January 24), attended by BRI’s Commercial, Small, and Medium Business Director Amam Sukriyanto, BRI Micro Business Director Supari, BRI Retail Funding and Distribution Director Andrijanto, Interior Designer and Curator Diana Nazir, and Djalin Design Managing Director Dimas Wibisono, representing MSMEs.
BRI UMKM EXPO(RT) 2025 has received extraordinary enthusiasm from Indonesian MSMEs, as reflected in the high number of applicants, reaching 3,006 MSMEs with 1,000 outstanding MSMEs were chosen across five categories: Home Décor & Craft Food & Beverage, Accessories & Beauty, Fashion & Wastra, and Healthcare & Wellness. BRI UMKM EXPO(RT) 2025 will also present various activities, such as MSME Expos, Partner Gatherings, Talk Shows, Workshops, and competitions like the Indonesia Barista Championship and Indonesia Brewers Cup Championship organized by SCAI.
During the event, BRI will also host the BRI Microfinance Outlook 2025, an international seminar themed ‘Empowering the People’s Economy: A Pillar for Inclusive and Sustainable Growth’. The event will feature diverse speakers, including experts, professionals, and government representatives.
BRI Microfinance Outlook 2025 will feature prominent speakers from domestic and international circles, including Indonesia’s Minister of Finance Sri Mulyani, Indonesia’s Minister of National Development Planning Rachmat Pambudy, and Chief Economist of the Asian Development Bank Albert Francis Park. Additionally, Nobel laureate in Economics Paul Romer and Head of Regional Client Services at Women’s World Banking Harsha Rodrigues will share insights on strategies to strengthen financial inclusion.
With a combination of outstanding MSME products and strategic discussions at BRI Microfinance Outlook, the event is expected to be an important pillar in supporting a people-based economy and fostering inclusive and sustainable economic growth.
For more information about BANK BRI, visit www.bri.co.id.
Logo – https://mma.prnewswire.com/media/2605999/WhatsApp_Image_2025_01_25_at_08_55_01.jpg
View original content:https://www.prnewswire.co.uk/news-releases/bri-umkm-export-2025-returns-showcasing-local-products-to-the-world-302360180.html
NEW YORK, Jan. 24, 2025 /PRNewswire/ — Uniswap, the world’s leading decentralized exchange in the DeFi ecosystem, has unveiled its latest 2025 initiative: a $35M UNI AirDrop. As the news begins to ripple across the crypto community on the 24th, Friday, 2025, this landmark announcement sets the stage for Uniswap’s next chapter of decentralized financial empowerment. Launching in the wake of Jupiter’s record-breaking $630M JUP token distribution, this AirDrop is poised to capture the spotlight and redefine reward campaigns in the blockchain space.
A Strategic Response to Airdrop Momentum
Uniswap’s AirDrop comes at a pivotal time for decentralized finance, following the tremendous success of Jupiter’s Solana-based $630M JUP distribution. Jupiter’s campaign not only propelled its market cap by 87% to $3.5B but also reinforced the power of airdrops as a key tool for driving user engagement and adoption. By launching its $35M UNI AirDrop so soon after, Uniswap is positioning itself to lead the next wave of innovation in DeFi rewards.
“We’re excited to continue rewarding our users while driving adoption across the DeFi ecosystem,” said Hari Sevugan, a spokesperson from Uniswap Labs. “The success of airdrops like Jupiter’s shows just how powerful community engagement can be, and with Uniswap’s $35M AirDrop, we aim to take that impact to the next level V4 will bring to the blockchain realm.”
Aligned with Uniswap V4 and the Future of DeFi
The $35M AirDrop also coincides with the highly anticipated rollout of Uniswap Version 4, which officially begins deployments this week. This latest iteration introduces a series of game-changing features designed to enhance efficiency, scalability, and user experience, further solidifying Uniswap’s leadership in the decentralized finance space.
Uniswap’s decision to launch the AirDrop at this time reflects its broader strategy to drive growth and innovation while giving back to the community that helped the platform achieve a remarkable 102% year-over-year growth in 2024.
The Broader Context: Trump’s Vision for Blockchain Leadership
The announcement also arrives amid a transformative moment for the cryptocurrency space. Former U.S. President Donald Trump has outlined bold plans to make the United States the global capital of blockchain and cryptocurrency. This vision has reinvigorated the crypto market, driving a wave of optimism and strategic initiatives from key players like Uniswap.
With Trump’s call for blockchain leadership setting the tone, Uniswap’s $35M UNI AirDrop is more than just a user reward campaign—it’s a signal of intent to maintain a leading role in shaping the future of decentralized finance.
How to Participate
Eligible participants can now claim their share of the $35M UNI AirDrop by visiting the official Uniswap website, where full eligibility requirements are outlined. The process is simple, secure, and designed to ensure fair access for Uniswap’s loyal user base.
The timing of this AirDrop reflects Uniswap’s strategic awareness of the industry’s momentum. With Jupiter setting a new benchmark for token distribution and Trump’s bold vision sparking global crypto interest, Uniswap is leveraging this moment to further strengthen its community and reinforce its leadership.
This is not just about distributing $UNI tokens—it’s about driving engagement, enhancing liquidity, and positioning Uniswap as the go-to platform for decentralized finance. Together with its newly announced Uniswap V4 rollout, this AirDrop represents a comprehensive strategy to capitalize on the opportunities of 2025.
Airdrop Buzz Across the Ecosystem
The broader crypto space has been abuzz with activity. Jupiter’s massive $630M JUP token distribution demonstrated the power of well-timed reward campaigns to boost engagement and market cap. Meanwhile, whale investors have reportedly begun accumulating $UNI in response to Uniswap’s latest announcements, signaling strong confidence in the platform’s long-term vision.
Looking Ahead
Uniswap’s $35M AirDrop underscores its commitment to fostering financial inclusion and empowering its global user base. As decentralized finance continues to expand, initiatives like this serve as a reminder of the transformative power of blockchain technology.
Uniswap invites all eligible participants to act quickly and secure their share of the $35M UNI AirDrop. Visit the official Uniswap website to learn more about the eligibility requirements and join the DeFi movement.
About Uniswap
Uniswap is the leading decentralized exchange (DEX) in the DeFi ecosystem, offering users seamless access to cryptocurrency trading, liquidity provision, and innovative financial tools. Dedicated to decentralization and user empowerment, Uniswap is shaping the future of finance.
Contact:
Matthew Elder
[email protected]
Photo – https://mma.prnewswire.com/media/2605944/uniswap_jupiter.jpg
View original content:https://www.prnewswire.co.uk/news-releases/uniswaps-35m-uni-airdrop-makes-waves-following-jupiters-630m-token-distribution-302360075.html
NEW YORK, Jan. 24, 2025 /PRNewswire/ — Uniswap, the world’s leading decentralized exchange in the DeFi ecosystem, has announced the Official $UNI AirDrop. This groundbreaking $35M distribution marks a significant milestone in its journey toward decentralized financial empowerment. This exciting initiative coincides with the Uniswap Foundation’s announcement of Uniswap Version 4, with deployments set to begin today, signaling another leap forward in the platform’s evolution. Meanwhile, the crypto world is abuzz with momentum, fueled by former U.S. President Donald Trump’s bold plans to establish the United States as the global capital of blockchain and cryptocurrency.
Uniswap’s $UNI AirDrop: Celebrating Growth and Innovation
The $35M AirDrop comes as Uniswap celebrates an impressive 120.76% year-over-year growth in 2024. This initiative rewards both loyal and new users, underscoring Uniswap’s dedication to fostering community engagement and innovation in decentralized finance.
The AirDrop also coincides with heightened investor interest, with whales beginning to accumulate $UNI tokens following Uniswap Foundation’s recent announcements. This highlights the growing confidence in Uniswap’s ecosystem and its potential for long-term growth.
Interested participants can review eligibility requirements on Uniswap’s official website, ensuring a secure and transparent process for everyone involved.
Uniswap V4: The Next Chapter in Decentralized Finance
Uniswap’s Version 4 is set to roll out today, bringing groundbreaking improvements to the protocol. Designed to enhance efficiency, scalability, and user experience, V4 introduces innovative features that solidify Uniswap’s position as the industry leader in DeFi.
This latest update not only benefits the platform’s users but also sets the stage for increased adoption and integration across the broader blockchain ecosystem.
Trump’s Vision and Uniswap’s Alignment
The AirDrop and V4 deployment comes at a time when Donald Trump’s vision to establish the USA as the global crypto capital is reshaping the industry narrative. With Bitcoin breaking records and institutional interest surging, Uniswap’s initiatives align seamlessly with the renewed focus on decentralization and financial freedom.
Uniswap’s ability to anticipate market trends and deliver unparalleled value to its users has positioned it at the forefront of these transformative changes.
Jupiter’s Simultaneous Airdrop Sparks Broader Market Momentum
Uniswap’s AirDrop announcement comes in the midst of significant developments across the DeFi ecosystem. Jupiter, a Solana-based platform, has recently issued a $630M airdrop of its native JUP tokens, propelling its market cap up by 87% to $3.5 billion. This surge in activity highlights the increasing competition and innovation within the decentralized finance space, with platforms racing to reward their communities and expand their reach.
The dual momentum of Uniswap’s $UNI AirDrop and Jupiter’s recent initiatives underscores a new wave of growth and collaboration in the DeFi sector, further solidifying its role in shaping the future of global finance.
This January 2025 has proven to be a groundbreaking month for the crypto space, marked by historic milestones and unprecedented momentum. Bitcoin’s meteoric rise to its all-time high of $100K has reignited global interest in digital assets, while Ethereum and Solana have seen significant gains, driven by innovative developments and strong investor confidence. Meanwhile, the DeFi sector is thriving, with platforms like Uniswap and Jupiter leading the charge through impactful initiatives, including massive airdrops that have reshaped user engagement. This surge of activity has not only reinforced crypto’s role as a transformative financial ecosystem but has also set the tone for an exhilarating year ahead in blockchain and decentralized finance.
Whale Activity Signals Strong Confidence
In addition to the AirDrop, recent data has shown a surge in whale activity, with large investors beginning to accumulate $UNI tokens. This follows Uniswap Foundation’s latest announcements and highlights the growing market confidence in the platform’s future prospects.
As Uniswap continues to innovate with initiatives like V4 and significant reward campaigns, it further solidifies its role as the leading decentralized exchange and a driving force in the crypto space.
How to Participate in the $UNI AirDrop
To participate in the $35M $UNI AirDrop, users are encouraged to visit Uniswap’s official website to confirm their eligibility and review the claiming process. With this initiative, Uniswap reaffirms its commitment to rewarding its community and promoting decentralization.
For real-time updates and further information, follow Uniswap’s verified social media channels and stay informed about this historic AirDrop and future developments.
About Uniswap
Uniswap is the world’s leading decentralized exchange, empowering millions of users to trade tokens securely and efficiently on the blockchain. Known for its commitment to innovation and transparency, Uniswap continues to set the standard for decentralized finance and global financial systems.
Contact:
Uniswap Foundation
[email protected]
Matthew Elder
Photo: https://mma.prnewswire.com/media/2605830/Uniswap_Foundation.jpg
View original content:https://www.prnewswire.co.uk/news-releases/uniswap-kicks-off-35m-uni-airdrop-amid-trumps-bold-crypto-vision-for-the-usa-302359984.html
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