Westport Fuel Systems Inc. reported its financial results for the first quarter ended March 31, 2025, demonstrating significant progress in its strategic transformation. The company's net loss improved substantially to $2.5 million in Q1 2025, a notable reduction from a net loss of $13.6 million in Q1 2024. This improvement was supported by a $3.5 million increase in gross profit and an $8.1 million decrease in operating expenses.
Adjusted EBITDA also showed a substantial improvement compared to the same period in the prior year. The Light-Duty segment's revenue increased by $0.9 million to $64.2 million, driven by higher sales in its light-duty OEM and DOEM businesses, particularly from the Euro 6 program. Its gross profit rose to $14.0 million, or 22% of revenue, from $12.4 million, or 20% in Q1 2024.
Cespira, the HPDI joint venture, delivered improved revenue of $16.7 million for Q1 2025, driven by increased volumes, and reported a gross profit of $0.5 million, though it incurred an operating loss of $7.1 million. Volvo publicly noted increasing demand for its gas-powered trucks utilizing HPDI technology, with sales up more than 25% in 2024, a trend that continued into Q1 2025 for Cespira.
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