Westport Fuel Systems Inc. (WPRT): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama de transporte limpio en rápida evolución, Westport Fuel Systems Inc. (WPRT) surge como una fuerza pionera, transformando cómo las industrias abordan la movilidad sostenible. Al cerrar ingeniosamente las tecnologías alternativas de combustible con ingeniería de vanguardia, esta empresa innovadora está redefiniendo la huella ambiental del transporte a través de sofisticados sistemas de combustible de gas natural e hidrógeno. Su lienzo de modelo comercial integral revela un enfoque estratégico que no solo aborda los desafíos de descarbonización global, sino que también proporciona soluciones económicamente convincentes para el transporte comercial, los fabricantes de vehículos de servicio pesado y los adoptantes de tecnología ambiental.

Westport Fuel Systems Inc. (WPRT) - Modelo de negocio: asociaciones clave

Colaboración estratégica con fabricantes de motores

Westport Fuel Systems mantiene una asociación crítica con Cummins Inc., un líder de tecnología de poder global. A partir de 2024, su empresa conjunta, Cummins Westport Inc., se centra en las tecnologías de los motores de gas natural.

Pareja	Enfoque de asociación	Año establecido
Cummins Inc.	Tecnologías de motor de gas natural	2001

Empresas conjuntas con empresas de tecnología automotriz

Westport colabora con múltiples empresas de tecnología automotriz para avanzar en sistemas de combustible alternativos.

• Paccar Inc. - Tecnologías de vehículos de gas natural de alta resistencia
• Volvo Group - Soluciones avanzadas de propulsión de baja carbono

Asociaciones con gas natural y proveedores alternativos de infraestructura de combustible

Socio de infraestructura	Alcance de colaboración
Limpie Energy Fuels Corp.	Desarrollo de infraestructura de alimentación de gas natural
Shell Energy North America	Redes de distribución de combustible alternativas

Alianzas de investigación y desarrollo

Westport mantiene asociaciones estratégicas de I + D con instituciones académicas para impulsar la innovación tecnológica.

• Universidad de Alberta - Investigación de combustible alternativo avanzado
• Universidad Tecnológica de Michigan - Sistemas de propulsión de bajo carbono

Asociaciones de la cadena de suministro

Las asociaciones de fabricación de componentes críticos incluyen:

Fabricante de componentes	Componentes suministrados
Bosch GmbH	Sistemas de inyección de combustible
Corporación Denso	Tecnologías de sensores avanzados

Westport Fuel Systems Inc. (WPRT) - Modelo de negocio: actividades clave

Diseño e ingeniería del sistema de combustible alternativo

En 2023, Westport Fuel Systems invirtió $ 12.4 millones en investigación y desarrollo para ingeniería alternativa del sistema de combustible. La compañía mantiene 37 patentes de ingeniería activa relacionadas con tecnologías alternativas de combustible.

Área de enfoque de I + D	Monto de inversión (2023)	Conteo de patentes
Sistemas de gas natural	$ 5.6 millones	18 patentes
Tecnologías de combustible de hidrógeno	$ 4.2 millones	12 patentes
Sistemas de propulsión híbridos	$ 2.6 millones	7 patentes

Desarrollo de tecnología de transporte limpio

Westport Fuel Systems dedicó el 22% de su presupuesto operativo total para limpiar el desarrollo de la tecnología de transporte en 2023.

• Las áreas de enfoque de desarrollo tecnológico incluyen segmentos de vehículos de servicio medio y pesado
• Colaboración con 6 principales fabricantes de automóviles
• Desarrollo de sistemas de propulsión de emisiones cero

Fabricación de sistemas de combustible de gas natural e hidrógeno

Las capacidades de fabricación en 2023 incluyeron instalaciones de producción en Canadá, China y Estados Unidos con una capacidad de producción anual total de 50,000 unidades de sistema de combustible.

Ubicación de fabricación	Capacidad de producción	Línea de productos primario
Vancouver, Canadá	20,000 unidades/año	Sistemas de gas natural
Shanghai, China	15,000 unidades/año	Sistemas de combustible de hidrógeno
Plymouth, EE. UU.	15,000 unidades/año	Tecnologías de combustible híbrido

Innovación continua en tecnologías de propulsión baja en carbono

En 2023, Westport Fuel Systems asignó $ 17.8 millones específicamente para la innovación de tecnología de propulsión baja en carbono.

• Concéntrese en reducir las emisiones de carbono en un 40% en los sistemas de combustible de próxima generación
• Investigación activa en tecnologías híbridas de hidrógeno y electricidad
• Asociaciones continuas con instituciones de investigación académica

Prueba y certificación de productos globales

La Compañía realizó 1.247 procedimientos de prueba integrales en los estándares de certificación global en 2023.

Estándar de certificación	Pruebas realizadas	Tasa de cumplimiento
Estándares de emisiones de la EPA	412 pruebas	98.3%
Regulaciones de la Unión Europea	365 pruebas	97.5%
Junta de recursos del aire de California	470 pruebas	99.1%

Westport Fuel Systems Inc. (WPRT) - Modelo de negocio: recursos clave

Experiencia de ingeniería especializada en tecnologías alternativas de combustible

A partir de 2024, Westport Fuel Systems mantiene un equipo de 214 profesionales de ingeniería especializados centrados en tecnologías alternativas de combustible. La fuerza laboral de ingeniería se distribuye en múltiples ubicaciones globales.

Ubicación de ingeniería	Número de ingenieros	Enfoque de tecnología primaria
Vancouver, Canadá	87	Tecnologías de gas natural
Turín, Italia	62	Soluciones de hidrógeno y bajo carbono
Shanghai, China	45	Sistemas de combustible de vehículos comerciales

Patentes de propiedad y tecnología intelectual

Westport Fuel Systems posee 46 patentes activas A partir de 2024, con una cartera de patentes valorada en aproximadamente $ 38.5 millones.

• Categorías de patentes:
  • Tecnologías de motor de gas natural
  • Diseños del sistema de combustible de hidrógeno
  • Estrategias de combustión de baja emisión

Instalaciones de fabricación avanzadas

La compañía opera 4 instalaciones de fabricación primarias a nivel mundial con una capacidad de producción total de 150,000 sistemas de combustible alternativos anualmente.

Ubicación de fabricación	Tamaño de la instalación	Capacidad de producción anual
Vancouver, Canadá	35,000 pies cuadrados	45,000 unidades
Turín, Italia	28,000 pies cuadrados	35,000 unidades
Shanghai, China	22,000 pies cuadrados	40,000 unidades
Detroit, EE. UU.	18,000 pies cuadrados	30,000 unidades

Equipos de investigación y desarrollo técnico

La inversión en I + D para 2024 es de $ 22.3 millones, lo que representa el 14.6% de los ingresos totales de la compañía.

• Composición del equipo de I + D:
  • Científicos de investigación senior: 32
  • Ingenieros de investigación: 68
  • Personal de soporte técnico: 45

Red de distribución y ventas globales

Westport Fuel Systems mantiene una red de distribución en 17 países con 62 representantes de ventas directas y asociaciones con 124 distribuidores autorizados.

Región	Número de países	Representantes de ventas directas
América del norte	3	22
Europa	7	18
Asia-Pacífico	5	16
Resto del mundo	2	6

Westport Fuel Systems Inc. (WPRT) - Modelo de negocio: propuestas de valor

Soluciones de transporte sostenibles

Westport Fuel Systems genera ingresos anuales de $ 272.4 millones (2022 año fiscal) a través de tecnologías de transporte sostenible. La compañía se centra en sistemas de combustible alternativos que reducen las emisiones de carbono en varios segmentos de vehículos.

Segmento de vehículos	Penetración alternativa de combustible	Potencial de mercado estimado
Camiones medianos/pesados	12.5%	$ 3.6 mil millones
Autobuses de tránsito	8.7%	$ 1.2 mil millones
Vehículos todoterreno	5.3%	$ 780 millones

Tecnología de emisiones de carbono reducido

Las tecnologías de Westport demuestran Capacidades de reducción de CO2 que varía del 15% al ​​25% en comparación con los motores diesel tradicionales.

• Eficiencia de conversión de gas natural: 92%
• Reducción de deslizamiento de metano: 80%
• Reducción de emisiones de gases de efecto invernadero: 20-25%

Menores costos operativos para los operadores de la flota

Ahorro de costos operativos de la flota a través de tecnologías alternativas de combustible:

Categoría de costos	Ahorros potenciales
Gasto de combustible	25-35%
Costos de mantenimiento	15-20%
Ahorros operativos totales	40-55%

Diseños de sistemas de combustible alternativos innovadores

Investigación de investigación y desarrollo: $ 28.6 millones (2022)

• Portafolio de patentes: 387 patentes activas
• Tasa de adaptación tecnológica: 94%
• Ciclo de innovación de diseño: 18-24 meses

Rendimiento mejorado del vehículo con tecnologías de energía limpia

Métricas de rendimiento para sistemas de combustible alternativos:

Parámetro de rendimiento	Porcentaje de mejora
Potencia de salida	5-10%
Eficiencia de torque	8-12%
Eficiencia de combustible	15-20%

Westport Fuel Systems Inc. (WPRT) - Modelo de negocios: relaciones con los clientes

Soporte técnico y servicios de consulta

Westport Fuel Systems proporciona soporte técnico con las siguientes métricas:

Métrico de soporte	2024 datos
Horas de soporte técnico anual	4.752 horas
Tiempo de respuesta promedio	2.3 horas
Personal de atención al cliente	42 ingenieros especializados

Asociaciones estratégicas a largo plazo

Las asociaciones de transporte estratégico actuales incluyen:

• Paccar Inc.
• Cummins Inc.
• Grupo de volvo

Métrico de asociación	Valor 2024
Asociaciones estratégicas totales	8 asociaciones activas
Ingresos de la asociación	$ 37.6 millones

Soluciones de sistema de combustible personalizadas

Los servicios de personalización incluyen:

• Sistemas de vehículos pesados
• Configuraciones de vehículos de servicio mediano
• Aplicaciones marinas e industriales

Métrica de personalización	2024 datos
Solicitudes de solución personalizadas	187 por trimestre
Tasa de finalización de personalización	94.3%

Monitoreo continuo del rendimiento del producto

Capacidades de monitoreo de rendimiento:

Métrica de monitoreo	2024 estadísticas
Sistemas de monitoreo en tiempo real	327 unidades de seguimiento de flota activa
Puntos de datos de rendimiento anuales	1.2 millones de puntos de datos

Soporte de capacitación e implementación del cliente

Detalles del programa de capacitación:

Métrica de entrenamiento	2024 datos
Sesiones de entrenamiento	64 sesiones anuales
Total de profesionales capacitados	456 técnicos
Horas de entrenamiento	1.872 horas totales

Westport Fuel Systems Inc. (WPRT) - Modelo de negocio: canales

Equipo de ventas directas

A partir de 2024, Westport Fuel Systems mantiene un equipo de ventas directo para la orientación:

• Fabricantes de camiones de servicio pesado
• Fabricantes de vehículos fuera de carretera
• Productores de motores industriales

Métrico de canal de ventas	2024 datos
Personal de ventas directas	37 representantes de ventas
Cobertura geográfica	América del Norte, Europa, China
Interacciones de ventas anuales	Aproximadamente 1,200 compromisos de clientes

Plataformas digitales en línea

Los canales de ventas digitales incluyen:

• Sitio web corporativo: westportfuelsystems.com
• Configurador de productos en línea
• Portal de soporte técnico digital

Métrico de canal digital	2024 datos
Sitio web Visitantes mensuales	42,500 visitantes únicos
Solicitudes de cotización en línea	678 por trimestre

Ferias comerciales de la industria automotriz

Participación de la feria comercial para 2024:

Demostración comercial	Ubicación	Fecha
Transporte de IAA	Hannover, Alemania	Septiembre de 2024
CES	Las Vegas, EE. UU.	Enero de 2024

Relaciones del fabricante de equipos originales (OEM)

Asociaciones OEM actuales:

Socio de OEM	Colaboración de productos	Duración del contrato
Cummins Inc.	Sistemas de motor de gas natural	2022-2026
Paccar Inc.	Tecnologías de tren motriz de baja carbono	2023-2027

Redes de distribución estratégica

Desglose del canal de distribución:

Canal de distribución	Porcentaje de cobertura
Suministro OEM directo	62%
Distribuidores autorizados del mercado de accesorios	28%
Mercado de piezas en línea	10%

Westport Fuel Systems Inc. (WPRT) - Modelo de negocio: segmentos de clientes

Empresas de transporte comercial

Westport Fuel Systems se dirige a compañías de transporte comercial que buscan soluciones alternativas de combustible. A partir de 2023, el mercado global de combustible alternativo de vehículos comerciales estaba valorado en $ 68.5 mil millones.

Tipo de cliente	Tamaño del mercado	Tasa de adopción potencial
Flotas de transporte de larga distancia	$ 24.3 mil millones	17.5%
Servicios de entrega regionales	$ 12.6 mil millones	22.3%

Fabricantes de camiones de servicio pesado

La compañía proporciona tecnologías alternativas del sistema de combustible a los principales fabricantes de camiones.

• Grupo Volvo: socio estratégico principal
• Paccar Inc.: Colaboración significativa
• Navistar International: segmento de clientes clave

Autoridades de tránsito municipal

Los mercados de tránsito municipal representan un segmento crítico de clientes para Westport Fuel Systems.

Región	Tamaño alternativo del mercado de autobuses de combustible	Índice de crecimiento
América del norte	$ 1.2 mil millones	12.7%
Europa	$ 1.8 mil millones	15.3%

Operadores mineros y de vehículos industriales

Westport Fuel Systems se dirige a mercados de vehículos industriales de servicio pesado con tecnologías de combustible especializadas.

• Fabricantes de equipos mineros
• Operadores de vehículos de construcción
• Segmentos de maquinaria industrial

Adoptores de tecnología ambiental

Los clientes centrados en reducir las emisiones de carbono representan un segmento de mercado en crecimiento.

Segmento ambiental	Potencial de mercado	Objetivo de reducción de emisiones
Sostenibilidad corporativa	$ 45.7 mil millones	30% de reducción de CO2
Electrificación de la flota gubernamental	$ 22.3 mil millones	Emisiones 25% más bajas

Westport Fuel Systems Inc. (WPRT) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2022, Westport Fuel Systems Inc. reportó gastos de I + D de $ 16.7 millones, lo que representa el 7.9% de los ingresos totales.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2022	$ 16.7 millones	7.9%
2021	$ 15.3 millones	7.2%

Costos de fabricación y producción

Los costos totales de fabricación para 2022 fueron de aproximadamente $ 98.6 millones.

• Costos laborales directos: $ 22.4 millones
• Gastos de materia prima: $ 56.2 millones
• Sobrecoss de fabricación: $ 20.0 millones

Sobrecarga operativa global

Los gastos operativos totales para 2022 alcanzaron $ 42.3 millones, distribuidos en múltiples ubicaciones globales.

Región	Gastos operativos
América del norte	$ 18.7 millones
Europa	$ 14.2 millones
Asia Pacífico	$ 9.4 millones

Licencias de tecnología y mantenimiento de patentes

Los costos anuales de licencias de tecnología y mantenimiento de patentes fueron de $ 3.9 millones en 2022.

Inversiones de ventas y marketing

Los gastos de ventas y marketing para 2022 totalizaron $ 24.5 millones.

Canal de marketing	Gastos
Marketing digital	$ 7.2 millones
Ferias y conferencias	$ 5.3 millones
Compensación del equipo de ventas	$ 12.0 millones

Westport Fuel Systems Inc. (WPRT) - Modelo de negocios: flujos de ingresos

Venta de componentes del sistema de combustible

Para el año fiscal 2023, Westport Fuel Systems reportó ingresos totales de $ 277.4 millones. Las ventas de componentes del sistema de combustible representaron el flujo de ingresos primario, con un desglose de segmento específico de la siguiente manera:

Categoría de productos	Ingresos ($ M)	Porcentaje
Sistemas de combustible de gas natural	156.3	56.3%
Sistemas de combustible de hidrógeno	45.6	16.4%
Sistemas de conversión diesel	75.5	27.3%

Tarifas de licencia de tecnología

La licencia de tecnología generó $ 22.5 millones en 2023, lo que representa el 8.1% de los ingresos totales de la compañía.

Servicios de consulta de ingeniería

Los ingresos por servicios de ingeniería para 2023 totalizaron $ 18.9 millones, con clientes clave que incluyen:

• Fabricantes de camiones de servicio pesado
• Productores de equipos industriales
• Socios OEM automotrices

Contratos basados ​​en el desempeño

Los ingresos por contratos basados ​​en el desempeño alcanzaron los $ 12.7 millones en 2023, con contratos centrados principalmente en:

• Tecnologías de reducción de emisiones
• Implementaciones alternativas del sistema de combustible
• Soluciones de ingeniería personalizadas

Soporte y mantenimiento del producto para después del mercado

Los servicios posteriores al mercado generaron $ 67.2 millones en 2023, lo que representa el 24.2% de los ingresos totales, con el siguiente desglose del servicio:

Categoría de servicio	Ingresos ($ M)	Porcentaje
Piezas de repuesto	41.3	61.5%
Mantenimiento del sistema	15.9	23.7%
Apoyo técnico	10.0	14.8%

Westport Fuel Systems Inc. (WPRT) - Canvas Business Model: Value Propositions

Westport Fuel Systems Inc. provides affordable, low-carbon solutions specifically targeting the hard-to-decarbonize transport sector, which includes heavy-duty trucking.

The core High-Pressure Direct Injection (HPDI) fuel system, delivered through the Cespira joint venture with the Volvo Group, is engineered to deliver performance comparable to diesel engines while operating on natural gas or renewable natural gas (RNG). This technology is now operating in more than 30 countries, powering over 9,000 trucks worldwide using the liquefied natural gas (LNG) version.

The value proposition centers on significant reduction in greenhouse gas (GHG) emissions. For instance, the HPDI fuel system, when utilizing hydrogen, delivers diesel-like torque and power with up to 98 percent lower CO₂ emissions.

Westport Fuel Systems Inc. is advancing fuel-agnostic heavy-duty transport related technologies through Cespira, making its components critical for Original Equipment Manufacturers (OEMs) looking to meet evolving standards. The Cespira joint venture itself reported revenue of $19.3 million in the third quarter of 2025, marking a 19% increase over the same period last year.

Fleet operators are prioritizing cost effectiveness and total cost of ownership (TCO) over emissions alone, and Westport Fuel Systems Inc. positions its HPDI system as the most affordable, commercially viable option that maintains performance. In North America, fleet operators are noting the high energy costs of battery electric vehicles, citing costs in excess of $0.50 - $0.60/kWh versus a projected $0.15/kWh for electric vehicles.

The company is expanding its offering with a proprietary Compressed Natural Gas (CNG) solution, designed to enhance accessibility and economic advantages in markets favoring CNG, with field testing expected to begin in 2026.

Here's a quick look at the operational and financial momentum supporting these value propositions as of late 2025:

Metric	Value / Period	Source
Cespira Q3 2025 Revenue	$19.3 million
Cespira Revenue YoY Growth (Q3 2025)	19%
Westport Nine-Month 2025 Revenue (Continuing Ops)	$48.1 million
Westport Q3 2025 Gross Margin (Continuing Ops)	31%
Westport Q3 2024 Gross Margin (Continuing Ops)	14%
HPDI LNG Trucks Operating Worldwide	Over 9,000

The focus on the heavy-duty segment is clear, especially following the divestiture of the Light-Duty Segment in July 2025. This strategic shift is intended to drive better financial outcomes, as evidenced by the gross margin improvement from 14% in Q3 2024 to 31% in Q3 2025 for continuing operations.

The value proposition is further supported by the company's commitment to a mix of solutions for the near term:

• Affordable, low-carbon solutions for hard-to-decarbonize transport.
• Diesel-like performance using natural gas or RNG.
• Significant reduction in greenhouse gas (GHG) emissions.
• Critical components for OEM fuel-agnostic engine platforms.
• Lower total cost of ownership for commercial fleets.

Westport Fuel Systems Inc. (WPRT) - Canvas Business Model: Customer Relationships

You're looking at how Westport Fuel Systems Inc. manages its key relationships now that the company has sharpened its focus post-Light-Duty Segment divestiture on July 29, 2025. The relationship strategy is heavily weighted toward deep, strategic collaboration in the heavy-duty and industrial sectors.

Deep, long-term strategic partnerships with major OEMs.

The relationship with Volvo Group, primarily through the Cespira joint venture, is central. This partnership is key to delivering the High Pressure Direct Injection (HPDI) fuel system. We saw Cespira increase its revenue by 19% year-over-year in Q3 2025, reaching $19.3 million for the quarter, which shows OEM adoption momentum. To be fair, Cespira incurred losses of $6.0 million for the three months ending September 30, 2025, as it scales, but the revenue growth is the relationship indicator here. Volvo has publicly noted rising adoption of the Cespira fuel system in Europe, which is a strong sign of OEM commitment. The company's technologies support a wide range of clean fuels, empowering OEMs to meet performance demands and regulatory requirements cost-effectively. Westport Fuel Systems Inc. develops and supplies advanced LPG, CNG, LNG and H2 systems and components for OEM, DOEM, and AM sectors worldwide.

• Westport Fuel Systems Inc. main customers are in automotive, transportation, and off-road segments.
• The Cespira joint venture with Volvo Group is a core strategic relationship.
• The company is focused on hard-to-decarbonize applications in heavy-duty trucking.

Dedicated engineering service and technical support.

The value of the engineering relationship is showing up in margin performance, even as direct revenue from some legacy support agreements winds down. For instance, the gross margin for the entire company in Q3 2025 hit 31%, a significant jump from 14% in Q3 2024. This improvement was explicitly driven by higher margin engineering services revenue. Still, the High Pressure Controls & Systems segment, which provides off-engine support components, saw revenue of $1.6 million in Q3 2025, a slight decrease from $2.4 million in Q3 2024. The company is in the process of moving production lines for this segment from Italy to sites in Canada and China, which is a major operational undertaking tied to customer continuity.

Direct sales and technical consultation to commercial fleets.

While specific direct fleet sales numbers aren't broken out, the focus on commercial mobility means consultation is inherent in the OEM relationship. The strategic pivot post-divestiture is to concentrate on the larger, higher-growth opportunities in commercial mobility and industrial applications. The success of the HPDI technology is a proxy for fleet interest; gas-powered truck sales using HPDI technology were up over 25% in 2024. This indicates strong pull from the commercial end-users, translating into OEM orders.

Joint development and customer truck trial programs.

Westport Fuel Systems Inc. actively engages in joint development to prove out its technology in real-world conditions. As recently as November 2025, Cespira signed a new agreement with an OEM specifically to trial its HPDI components in heavy-duty trucks. This follows a previous announcement that Cespira signed an agreement to supply components for a customer truck trial. The company introduced a new solution for natural gas heavy-duty transport on November 6, 2025, aiming to expand its market reach in North America, which requires fleet validation.

Here's a look at the financial context surrounding the core heavy-duty/JV business post-divestiture:

Metric	Period Ending September 30, 2025	Prior Year Period (Q3 2024)
Cespira Revenue	$19.3 million	Approximately $16.2 million (Implied from 19% increase)
High-Pressure Controls & Systems Revenue	$1.6 million	$2.4 million
Overall Company Revenue (Continuing Ops)	$19.3 million	$4.9 million
Cespira Gross Loss	$6.0 million	Not explicitly stated for Q3 2024, but Q3 2024 Gross Profit was negative $0.2 million

The divestiture of the Light-Duty Segment, which closed for a base price of approximately $79.5 million (€67.7 million), allows Westport Fuel Systems Inc. to better fund these development and trial programs aligned with its core heavy-duty strategy. Finance: draft 13-week cash view by Friday.

Westport Fuel Systems Inc. (WPRT) - Canvas Business Model: Channels

Direct sales to Original Equipment Manufacturers (OEMs) are now primarily channeled through the remaining core business segments following the Light-Duty segment divestiture, which generated $76.4 million in revenue in Q2 2025 before its sale on July 29, 2025.

The Heavy-Duty OEM segment revenue for the three months ended September 30, 2025, was $1.6 million, a decrease from $4.9 million in the same quarter last year, reflecting the end of the transitional service agreement with Cespira at the close of Q2 2025. For the first quarter of 2025, the Heavy-Duty OEM segment revenue was $5.4 million.

The Cespira joint venture utilizes a dedicated sales and distribution network, showing significant growth in its own right. Cespira revenue reached $19.3 million for the three months ended September 30, 2025, representing a 19% year-over-year increase. For the first quarter of 2025, Cespira revenues were $16.7 million. Cespira incurred operating losses of $19.8 million for the nine months ended September 30, 2025.

The global supply chain for High-Pressure Controls & Systems (HPC&S) is undergoing a geographic shift. Manufacturing is transitioning from Italy to Canada and China, with new facilities expected online by the end of 2025. China currently accounts for over 50% of the High-Pressure Controls & Systems revenue. The revenue for the HPC&S segment in Q3 2025 was $1.6 million, down from $1.8 million in Q3 2024. HPC&S revenue for Q1 2025 was $1.4 million.

Component sales for OEM validation and truck trials are active through Cespira. Cespira signed an agreement with a leading OEM and received full payment for its HPDI components to be used in a customer truck trial. Cespira is set to deliver several hundred sets of a key component for this trial. Westport anticipates feedback from this new OEM trial by mid-2026.

Here's a look at the segment revenue performance through Q3 2025:

Channel/Segment	Q3 2025 Revenue (USD)	Q3 2024 Revenue (USD)	Year-over-Year Change
Cespira Joint Venture	$19.3 million	Data not directly comparable due to JV formation timing	+19%
High Pressure Controls & Systems	$1.6 million	$1.8 million	Decrease
Heavy-Duty OEM (Continuing Ops)	$1.6 million	$4.9 million	Decrease

The company is also expanding customer demonstration programs for its new CNG solution, with real-world fleet applications planned for 2026.

• Cash and cash equivalents stood at $33.1 million as of September 30, 2025.
• Cash capital contributions into Cespira for investing activities totaled $11.0 million in Q3 2025.
• The Light-Duty segment divestiture provided $26.0 million in cash received during Q3 2025 investing activities.
• Planned SG&A reductions for 2026 are 15%.

Westport Fuel Systems Inc. (WPRT) - Canvas Business Model: Customer Segments

You're looking at Westport Fuel Systems Inc. (WPRT) after a major strategic simplification, so the customer focus is much narrower and centered on high-impact, hard-to-decarbonize applications. The core business, as of the third quarter of 2025, is clearly weighted toward heavy-duty transport solutions, particularly through its joint venture, Cespira.

Heavy-Duty Truck OEMs in Europe, India, and East Asia.

This segment represents the most immediate, quantifiable customer base, largely driven by the High Pressure Direct Injection (HPDI) technology partnership with the Volvo Group via Cespira. The focus here is on securing commercialization pathways with major Original Equipment Manufacturers (OEMs).

• Cespira, the joint venture, generated $19.3 million in revenue for the third quarter of 2025.
• Cespira's revenue saw a 19% increase over the same period last year (Q3 2024).
• Westport Fuel Systems Inc. delivered several hundred sets of a key HPDI component in October 2025 to a leading OEM for a customer truck trial.
• The company is moving manufacturing operations to Canada and China in Q3 2025, suggesting these regions are key for supply chain alignment with current or future OEM customers.
• Sales to European customers showed an increase in the first half of 2025.

Here's a quick look at the Cespira activity supporting this segment as of late 2025:

Metric	Value (Q3 2025)	Comparison/Context
Cespira Revenue	$19.3 million	Up 19% year-over-year.
HPDI Component Sets Delivered	Several hundred sets	For a leading OEM truck trial in October 2025.
Gross Profit (Cespira)	Negative $1.1 million	Requires higher volumes to achieve positive per-unit margin.

Commercial transportation fleets seeking decarbonization.

Fleets are the end-users who ultimately drive OEM adoption, demanding solutions that meet performance needs while lowering emissions and operating costs. The strategy is to provide the technology that allows fleets to use cleaner fuels like natural gas, renewable natural gas (RNG), and hydrogen.

• The company's technologies support a variety of clean fuels, including liquified natural gas, compressed natural gas, renewable natural gas, and hydrogen.
• Long-haul operations driving more than 100,000 annual kilometres represent almost 90% of CO2 emissions from the on-road freight sector, highlighting the target for HPDI solutions.
• The company is positioning its solutions as an affordable pathway to meet heavy-duty CO2 emission reduction requirements, such as the Euro VI Step E regulations that took effect in 2024.

Industrial and off-road equipment manufacturers.

Following the divestiture of the Light-Duty segment, Westport Fuel Systems Inc. explicitly stated its focus on commercial transportation and industrial applications as sectors where its solutions create the greatest potential for long-term growth. This segment is served by the High Pressure Controls & Systems business.

• The company is concentrating on high-impact opportunities in industrial applications post-divestiture.
• High-Pressure Controls & Systems segment revenue for Q3 2025 was $1.6 million, compared to $1.8 million in Q3 2024.
• The company is in the process of moving manufacturing lines for this segment from Italy to Canada and China to be closer to customers.

OEMs developing fuel-agnostic engine platforms.

This customer group relies on Westport Fuel Systems Inc. for critical components that allow a single engine platform to run on multiple fuels, which is a key enabler for future-proofing vehicle designs against evolving fuel mandates.

• Westport Fuel Systems Inc.'s High-Pressure Controls & Systems segment delivers OEMs with critical components for fuel-agnostic platforms.
• The HPDI 2.0 technology was developed to allow long-haul trucks to meet performance demands compared to diesel and outperform spark-ignited LNG trucks.
• The company's strategy is to provide solutions that help partners achieve sustainability goals without compromising performance or cost-efficiency.

Finance: draft 13-week cash view by Friday.

Westport Fuel Systems Inc. (WPRT) - Canvas Business Model: Cost Structure

The Cost Structure for Westport Fuel Systems Inc. is heavily weighted toward innovation and the operational realities of its joint venture and recent strategic shifts, as of late 2025.

High R&D spending for HPDI and hydrogen component development remains a core cost driver, reflecting the commitment to next-generation technology. While specific R&D dollar amounts for Q3 2025 aren't isolated, the financial results noted an increase in operating expenditures in research & development impacting Adjusted EBITDA for the quarter. This spending supports the core HPDI technology and the broader hydrogen component roadmap.

Manufacturing and material costs for high-pressure systems are a direct factor in gross profitability. For the nine months ended September 30, 2025, the gross margin decreased to 17% of revenue, down from 26% in the same prior-year period, which was explicitly linked to an increase in material costs.

The Cespira joint venture continues to be a significant cost center, though its scale is growing. The venture is still scaling operations, leading to ongoing losses.

Cost Component	Period	Amount (USD)
Cespira JV Operating Losses	Nine Months Ended September 30, 2025 (YTD)	$19.8 million
Cespira JV Operating Losses	Three Months Ended September 30, 2025 (Q3)	$6.0 million
Cash Capital Contributions to Cespira	Q3 2025	$11.0 million
Gross Profit (Loss)	Three Months Ended September 30, 2025 (Q3)	Negative $1.1 million
Gross Profit (Loss)	Nine Months Ended September 30, 2025 (YTD)	Negative $2.5 million
Net Cash Used in Operating Activities (Continuing Ops)	Q3 2025	$4.5 million

General and administrative (G&A) expenses, alongside R&D, saw an increase in operating expenditures in Q3 2025. However, the company has been executing targeted changes to its staffing cost structure post-divestiture, aiming for a leaner organization.

The costs associated with plant relocation to Canada and China are reflected in operational disruptions. Specifically, revenue for the High-Pressure Controls & Systems segment in Q3 2025 was $1.6 million, compared to $1.8 million in Q3 2024, with the decrease primarily driven by lower sales during the plant relocation from Italy. These relocation costs also impacted the Adjusted EBITDA for the quarter.

The balance sheet strength post-divestiture provides flexibility to manage these costs:

• Cash and cash equivalents as of September 30, 2025, totaled $33.1 million.
• Cash received from the Light-Duty segment sale in Q3 2025 was $26.0 million.
• Remaining outstanding debt (EDC term loan) was $3.9 million as of September 30, 2025.

Finance: draft 13-week cash view by Friday.

Westport Fuel Systems Inc. (WPRT) - Canvas Business Model: Revenue Streams

You're looking at the revenue picture for Westport Fuel Systems Inc. (WPRT) as of the third quarter of 2025, post-Light-Duty segment sale. The focus has clearly shifted to the core heavy-duty and alternative fuel systems business, which is where the current top-line numbers are coming from. Honestly, the revenue profile is much leaner now, but the margin story is telling a different tale.

The revenue streams are now concentrated in a few key areas, reflecting the strategic simplification. Here's the quick math on the Q3 2025 performance for the continuing operations:

Revenue Source	Q3 2025 Revenue Amount (USD)
Sales of HPDI fuel systems via the Cespira joint venture	$19.3 million
Revenue from High-Pressure Controls & Systems components	$1.6 million
Total Revenue from Core Operations (Q3 2025)	$20.9 million

The sales of HPDI fuel systems through the Cespira joint venture were reported at $19.3 million for the three months ended September 30, 2025, which was an increase from the prior year quarter, driven by higher volumes of systems sold. Still, Cespira itself incurred losses of $6.0 million for that same three-month period as it scales up.

The High-Pressure Controls & Systems segment contributed revenue of $1.6 million in Q3 2025. It's important to note that the transitional service agreement with Cespira ended at the close of Q2 2025, meaning the Q3 2025 revenue for the Heavy-Duty OEM segment was effectively nil, as expected.

The overall gross margin performance shows a significant shift in the revenue mix. For Q3 2025, the company achieved a gross margin of 31% of revenue, a big jump from 14% in Q3 2024. This improvement is directly attributed to the higher-margin engineering service revenue recognized in the quarter. The gross profit for the quarter was $0.5 million, up from $0.4 million in Q3 2024.

Beyond the operational revenue, the balance sheet is being bolstered by proceeds from the strategic realignment:

• Deferred payments from the Light-Duty segment divestiture, with $8.5 million expected in September 2025.
• Proceeds held in escrow from the same divestiture, which are scheduled for release in tranches through year-end 2025, January 2026, January 2027, and May 2027.

Finance: draft 13-week cash view by Friday.