Westport Fuel Systems Inc. reported its financial results for the second quarter ended June 30, 2025, with consolidated revenue, including the Light-Duty segment (now discontinued operations), totaling $88.8 million, an increase from $83.4 million in Q2 2024. However, revenue from continuing operations decreased by 11% to $12.5 million.
The company demonstrated an improvement in adjusted EBITDA, reporting negative $1 million in Q2 2025, compared to negative $2 million in Q2 2024, largely due to a reduction in operating expenses to $15.5 million from $21.6 million. Despite the successful divestiture of the Light-Duty business in July 2025, which provided $62.5 million in net proceeds, the "going concern" disclosure in the interim financial statements is expected to remain.
Cespira, the HPDI joint venture, generated $12 million in revenue but reported a gross loss of $1.9 million in Q2 2025, compared to a $200,000 gross profit in Q2 2024. The High-Pressure Controls & Systems segment saw its revenue decrease to $2.9 million, with gross margin falling to 3% ($100,000) from 31% ($1.1 million), primarily due to a slowdown in the hydrogen industry and increased material costs. The company also recorded a $30.2 million write-down loss for the classification of the Light-Duty segment as discontinued operations.
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