Westport Fuel Systems, Inc. · TSX:WPRT
Westport Fuel Systems — Q4 2024 Earnings Presentation
17 slides from Westport Fuel Systems's earnings presentation, Mar 31, 2025
Slide 1: Driving Cleaner Performance: Q4 & Full Year 2024 Results
Driving Cleaner Performance Q4 & Full Year 2024 Results March 31, 2025 NASDAQ: WPRT, TSX: WPRT
Slide 2: Disclaimer and Forward-Looking Statements
NASDAQ: WPRT, TSX: WPRT Westport Fuel Systems Disclaimer and Forward-Looking Statements This presentation contains forward-looking statements, including statements regarding, future revenue expectations, future growth in markets, future of our development programs (including those relating to HPDI a
Slide 3: Speaking Today...
Speaking Today... NASDAQ: WPRT, TSX: WPRT Dan Sceli Bill Larkin Chief Executive Officer Chief Financial Officer Nasdaq/TSX: WPRT 3
Slide 4: Setting the Stage for a New Beginning
Setting the Stage for a New Beginning NASDAQ: WPRT, TSX: WPRT Financial Highlights: • Revenues for the year ended December 31, 2024 decreased by 9% to Revenue + Cespira earned Adjusted EBITDA[1] $302.3 million compared to $331.8 million in the prior year. (Millions) $43.1 million in (Millions) reven
Slide 5: Revenue Year Over Year
Revenue Year Over Year NASDAQ: WPRT, TSX: WPRT Revenue ($ millions) $331.8 + Cespira earned -$1.4 $43.1 million in -$3.2 $302.3 revenue -$24.9 2023 1 Light-Duty 2 High-Pressure 3 Heavy-Duty 4 OEM 20245 Controls and Systems + Significant increase in sales of LPG fuel system solutions to a global OEM'
Slide 6: Adjusted EBITDA Year Over Year
Adjusted EBITDA Year Over Year (1) NASDAQ: WPRT, TSX: WPRT Adjusted EBITDA ($ millions) $10.7 -$11.2 $5.8 -$21.5 -$6.2 2023 Equity Income Gross Margin Operating Expenses 2024 Pluses: + $5.2 million improvement in EBITDA + $15.2 million gain on deconsolidation Minuses: - $0.9 million severance costs
Slide 7: Liquidity
Liquidity NASDAQ: WPRT, TSX: WPRT Debt Repayments & Inventory Optimization Cash Debt (Millions) (Millions) $54.9 $60.2 $37.6 $33.7 2023 2024 2023 2024 • Cash provided by operating activities was $7.2 million in 2024 • Cash used in financing activities were net debt repayments of • Cash provided by i
Slide 8: Light-Duty Divestiture – Reshaping Westport
Light-Duty Divestiture – Reshaping Westport NASDAQ: WPRT, TSX: WPRT Creating solutions for hard-to-decarbonize mobility and industrial applications Westport has entered into an agreement to divest of its Light-Duty business, which includes the light-duty OEM, delayed OEM, independent aftermarket bus
Slide 9: Improving Our Financial Position
Improving Our Financial Position NASDAQ: WPRT, TSX: WPRT Highly committed to maintaining a stronger balance sheet 1 2 3 Fund near-term organic Strengthen the Align cost structure with growth initiatives and balance sheet that of a smaller, more opportunistic, bolt on efficient organization acquisiti
Slide 10: Now 'til Next
Now ‘til Next NASDAQ: WPRT, TSX: WPRT Westport's products are timeline agnostic – meeting the diverse market needs with products and technologies that enable the use of net zero and lower-carbon fuels now while also having an affordable solution when H2 becomes more available Now: Next: • Natural ga
Slide 11: Our 10-Year View
Our 10-Year View NASDAQ: WPRT, TSX: WPRT Positioned to Capture the Transition 1. Global Heavy-Duty truck market is growing and expected to reach 1.95 million units in 2025. 2. The sector has been unsuccessful to date in decarbonizing. 3. Customers are prioritizing total cost of ownership over emissi
Slide 12: In Closing…
In Closing… NASDAQ: WPRT, TSX: WPRT Westport is delivering practical applications today; helping to lead the energy transition in transport that is currently underway 2024 Highlights: • Aligned operations with competitive strengths, improved margins, and reinforced commitment to delivering cost- eff
Slide 13: Appendix
NASDAQ: WPRT, TSX: WPRT Appendix 13
Slide 14: Financial Performance – Light-Duty
Financial Performance – Light-Duty NASDAQ: WPRT, TSX: WPRT Gross Profit(1) Revenue ($ Millions) $55.4 ($ Millions) Gross margin 1% of Gross revenue profit 13% Gross margin 21% of -1% Gross margin $49.1 23% of revenue $263.6 $262.2 14% of revenue revenue Gross margin Gross profit 9% of Gross margin 1
Slide 15: Financial Performance – High-Pressure Controls and Systems
Financial Performance – NASDAQ: WPRT, TSX: WPRT High-Pressure Controls and Systems Revenue Gross Profit(1) ($ Millions) ($ Millions) $2.8 -46% $1.5 Gross margin $12.0 -27% Gross Gross profit margin Gross of margin 25% Gross margin 23%ofof $8.8 18% 28% of revenue 20% of revenue revenue Gross revenuep
Slide 16: Financial Performance – Heavy-Duty OEM
Financial Performance – Heavy-Duty OEM NASDAQ: WPRT, TSX: WPRT Revenue Gross Profit(1) ($ Millions) ($ Millions) 2023 2024 $0.7 Gross margin $56.2 -44% Gross margin Gross 25% margin of Gross margin Gross margin 18% of 28% revenue 6% of revenue of 20% of $31.3 revenue revenue revenue 2023 2024 -$3.0
Slide 17: Recast Historical Segment Results
Recast Historical Segment Results NASDAQ: WPRT, TSX: WPRT Historical Segment Results (expressed in millions of U.S. dollars) 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 Three months ended Light-Duty Revenue $ 62.0 $ 63.8 $ 57.5 $ 64.0 $ 66.4 $ 73.7 $ 60.2 $ 63.4 $ 63.2 $ 69.5 $ 61.5
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