Westport Fuel Systems Inc. reported its financial results for the third quarter ended September 30, 2024, showing consolidated revenue of $61.5 million, an increase from $60.2 million in the same period of 2023. The company achieved a significant improvement in Adjusted EBITDA, reporting negative $1 million compared to negative $2 million in the prior year's quarter, driven by approximately 40 percent reduction in operating expenses.
The Light-Duty segment's revenue increased by $1.3 million, with its gross margin rising to $13.9 million, or 23% of revenue, from $12.0 million, or 20% in Q3 2023. This improvement was partly due to increased sales in light-duty OEM and IAM businesses and a favorable sales mix towards European customers. Westport also announced new product platforms, including the Kia Niro Tri-Fuel in Italy and an LPG fuel system for the RAM 1500 Hurricane 3.0 DI Twin Turbo engine.
However, the High-Pressure Controls & Systems segment saw revenue decrease to $1.6 million from $3.7 million in Q3 2023, primarily due to a general slowdown in hydrogen infrastructure development. Cespira, the HPDI joint venture with Volvo Group, generated $16.2 million in revenue but reported a gross loss of $1.1 million and an operating loss of $5.3 million for the quarter. Additionally, significant orders for HPDI fuel system components from Weichai were not received by Q3 2024 and were not anticipated by year-end.
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