Westport said its revenue, excluding joint ventures’ revenues, for the quarter ended March 31 was $41.9 million compared with $30.1 million for the same period last year, an increase of 39%.
“We have made a step change this quarter with Westport revenue growth of 39% year-over-year and significant improvement on adjusted EBITDA from operations, from an average loss of approximately $9.4 million to a $1.6 million loss,” said David Demers, CEO of Westport. “We are on track to achieve positive adjusted EBITDA from operations by the end of 2014 by continuing to increase sales, shipping committed products, and applying cost and margin discipline. At the same time, we are confident that our investment projects will deliver shareholder value as these products come to market.”
“In China, Weichai Westport sold more than 9,100 units in the quarter and recorded $113 million in revenue, 8% and 7% higher than the same period last year. As announced earlier this week, we are excited that Weichai will be the first OEM delivering HPDI 2.0 technology to the market. The WP12 engine is China’s first engine featuring Westport HPDI technology, delivering the power and performance of the base diesel engine, while replacing up to 95% of diesel fuel with cleaner burning, less expensive natural gas. Furthermore, we have agreed to develop the 10 litre Weichai Westport WD10 engine with Westport HPDI 2.0, with product availability planned for 2016. We are very pleased to continue to work with Weichai to lead this energy transition in China.”
“We have a comprehensive product investment program, collaborating with key global OEMs to launch major new products, resulting in increased sales while reducing investment expenses over the next several years. At the same time, we are continuing to reduce our operating costs and prudently manage our cash flow. The income from our joint ventures and service revenue are expected to cover our corporate costs and investment programs.”
“Energy transitions are difficult to accomplish, but with the technologies, resources, and capabilities we have, we are confident that we will benefit from this transition.”