Business
Westport Reports First Quarter 2026 Financial Results
~Strong demand for the LNG HPDI trucks drives significant Q1 revenue growth for Cespira; Showcasi...
About this update from Westport Fuel Systems, Inc.
[{"type":"text","content":"Westport Reports First Quarter 2026 Financial Results\n~Strong demand for the LNG HPDI trucks drives significant Q1 revenue growth for Cespira; Showcasing the high-pressure CNG storage solution at ACT Expo a defining step towards the North American market ~ VANCOUVER, British Columbia, May 14, 2026 (GLOBE NEWSWIRE) -- Westport Fuel Systems Inc. (“Westport\") (TSX:WPRT / Nasdaq:WPRT) today reported financial results for the first quarter ended March 31, 2026, and provided an update on operations. All figures are in U.S. dollars unless otherwise stated. “We are seeing continued momentum in our Cespira joint venture with Volvo Group reflected in a 33% increase in revenue compared to the same quarter in 2025. This performance, includes incremental volumes delivered to a second OEM for a truck trial, is becoming increasingly material to our overall results and reinforces the growing market acceptance of Cespira’s HPDI™ fuel system technology. Favorable LNG pricing dynamics in Europe and other existing markets are also supporting increased demand, providing a solid foundation for continued growth through 2026. The European LNG heavy-duty truck market is anticipated to show strong annual growth. Cognitive Market Research highlights a 30% global LNG heavy-duty truck market share for Europe, and projects a 12.5% compound annual growth rate through 2031. Tightening emissions regulations, expanding LNG refueling infrastructure, strong fleet economics and technology improvements all reinforce the use of LNG for long-haul trucking in Europe. At the same time, we are advancing our high-pressure CNG storage solutions into the North American market, as demonstrated by our participation at ACT Expo. As we showcased this platform, we demonstrated what sets us apart - not just innovation, but the ability to bring it to market where it matters most, and fleets and OEMs are starting to notice. It was clear from the volume of interactions this year compared to previous years that it is an exciting time for Westport. We are making clear steps forward in expanding our technology reach, where we see growing demand for high-performance, lower-emission alternatives. The show's success was a clear signal that we are advancing our high-pressure CNG storage solution into a North American market with real momentum, positioning West...