Financial Information

As of June 1st, 2016, Fuel Systems Solutions and Westport Innovations have merged to create Westport Fuel Systems. To view previous Fuel System Solutions financials, visit our Regulatory Filings page.

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Key Financials

(millions of U.S. dollars, except per share amounts and shares outstanding) as of NOV 14, 2016
Q3 2016Q3 2015


  1. Net income for the quarter ended September 30, 2016 included $17.5 million in restructuring charges. Excluding the restructuring charges, Westport Fuel Systems net loss for the quarter ended September 30, 2016 would have been $15.8 million. Fully diluted loss per share is not materially different as the effect of conversion of stock options, warrants, and performance share units would be anti-dilutive.
  2. Westport Fuel Systems defines Adjusted EBITDA as net income (loss) attributed to the business unit or the consolidated company excluding expenses for (a) income taxes, (b) interest expense, net, (c) depreciation and amortization, (d) stock-based compensation, (e) unrealized foreign exchange gain or loss, (f) goodwill impairment, (g) inventory impairment from product line closure, (h) bargain purchase gain, (i) merger and financing costs, (j) amortization fair value inventory adjustment recorded on acquisition, (k) gain or loss on sale of investments, (l) gain or loss on disposal of assets, (m) restructuring, termination and other exit costs, and (n) other. Adjusted EBITDA includes the company's share of income from the joint ventures.
  3. Cash used in operations, excluding changes in working capital, plus dividends received from joint ventures.
Total revenue 76.1 22.3
Gross margin 13.3 0.8
GM % 17.5% 3.6%
Net income (loss) (33.3) (37.4)
Net income (loss) per share—basic and diluted (1) (0.30) (0.58)
Weighted average shares outstanding 109,863,371 64,184,991
Cash and short-term investments 58.7 27.8
Total assets 358.4 209.7
Long-term debt (incl. current portion)
79.4 62.4
Consolidated Adjusted EBITDA (2) (7.6) (9.8)
Cash used in operations (3) (28.3) (14.3)

News Releases

March 27

Westport Fuel Systems Presents Unaudited Fourth Quarter and Fiscal 2016 Financial Results

Solid finish to 2016 Taking action to address upcoming liquidity needs

March 7

Westport Fuel Systems to Announce Fourth Quarter and Fiscal 2016 Results on Monday March 27, 2017

To coincide with the disclosure, Westport Fuel Systems has also scheduled a conference call for Monday, March 27, 2017 at 2:00 pm Pacific Time (5:00 pm Eastern Time).

February 23

Westport Receives Visit from King Carl XVI Gustaf of Sweden and Governor General of Canada

A Recognition of Westport's Innovative Capabilities in Sustainable Transportation Solutions

February 7

Westport and Volvo Car Expand V90 Bi-Fuel into Belgium and Luxembourg

Significant market opportunity with planned expansion in Europe

1750 West 75th Avenue, Suite 101
Vancouver, British Columbia
Canada, V6P 6G2
T +1-604-718-2000