Westport Fuel Systems Inc (WPRT) News & EventsWPRTNews & EventsWestport Fuel Systems Inc

Westport Q2 Revenue $2.7M, Exceeds Expectations

Reports Q2 revenue $2.7M, consensus $2.23M. Cash and cash equivalents were $23.9M for the Q2. Dan Sceli, CEO, said, "The Q2 marked another important step forward in Westport's transformation, with two developments that reinforce both the commercial momentum behind Cespira and our ability to fund the next phase of our strategy. Cespira, our joint venture with Volvo Group, continued to scale in the quarter, delivering significant year-over-year quarterly revenue growth, supported by increased customer orders for the HPDI fuel system, with revenue up 125% and gross profit improvement of 298% at the joint venture level, compared to the prior-year quarter. These results reflect the growing market acceptance of HPDI as a practical, affordable, high-performance solution for heavy-duty transportation."

Selling Stockholders Plan to Sell 4.85M Common Shares

This filing relates to the offer and sale from time to time by the selling stockholders of up to 4.85M common shares for holders. The company is not selling any shares under this prospectus and will not receive any of the proceeds from the sale of shares by the selling stockholders.

Westport Fuel Systems Issues 4.85 Million Shares at $2.06 Each

Westport Fuel Systems announced that it has entered into a definitive securities purchase agreement for the purchase and sale of 4,854,369 common shares in a registered direct offering and, in a concurrent private placement, warrants to purchase up to 4,854,369 common shares, priced at-the-market under Nasdaq rules. The combined effective purchase price for each common share and associated private placement warrant is $2.06. The private placement warrants have an exercise price of $2.06 per common share, will be immediately exercisable and will expire two years following the date of issuance. Subject to limited exceptions, a holder of warrants will not have the right to exercise any portion of its warrants if the holder would beneficially own in excess of 9.99% of the number of Westport common shares outstanding immediately after giving effect to such exercise. The offering is expected to close on or about June 23, subject to the satisfaction of customary closing conditions. The gross proceeds to Westport from the offering are expected to be approximately $10M, before deducting the placement agent's fees and other offering expenses payable by Westport. Craig-Hallum is acting as the sole placement agent for the offering.