Canada's Westport Q1 revenue falls 69% but beats estimates

Westport Fuel Systems

14/05/2026 22:11

Overview

Canada alternative fuel tech firm's Q1 revenue fell 69% yr/yr but beat analyst expectations

Q1 adjusted EBITDA loss narrowed and beat analyst estimates

Company warns of substantial doubt about ability to continue as a going concern

Outlook

Company says European LNG heavy-duty truck market expected to show strong annual growth

Westport says momentum increasing for high-pressure CNG storage solutions in North America

Company says substantial doubt exists about ability to continue as a going concern within one year

Result Drivers

HEAVY-DUTY OEM REVENUE LOSS - Revenue fell due to the end of the Heavy-Duty OEM segment's transitional service agreement with Cespira, resulting in no sales activity in the quarter

HIGH-PRESSURE CONTROLS GROWTH - High-Pressure Controls segment revenue rose 21% yr/yr, driven by higher service revenue for product testing to an OEM customer

CESPIRA JOINT VENTURE MOMENTUM - Cespira revenue grew 33% yr/yr, mainly due to higher volumes of HPDI systems sold and incremental deliveries to a second OEM for a truck trial

Company press release: ID:nGNX8NVTn9

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
Beat
$2.29 mln
$2.20 mln (4 Analysts)
Q1 Net Income
-$5.71 mln
Q1 Adjusted EBITDA
Beat
-$4.86 mln
-$5.90 mln (3 Analysts)
Q1 EBITDA
-$6.03 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the auto, truck & motorcycle parts peer group is "buy"

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)