Westport Fuel Systems Inc. (WPRT) shares surged 25.83% in after-hours on Thursday, August 05, 2021, and closed the daily trading at $4.92 per share. In the regular trading session on Thursday, WPRT’s stock gained 3.71%. WPRT shares have risen 139.88% over the last 12 months, and they have moved down 4.40% in the past week. Over the past three months, the stock has lost 36.27%, while over the past six months, it has declined 53.23%. The company has a current market of $660.00 million and its outstanding shares stood at 168.80 million.
WPRT Latest financial results announcement
On August 05, 2021, Westport Fuel Systems Inc (WPRT) reported financial results for the second quarter ended June 30, 2021.
Q2 2021 financial highlights
- WPRT reported revenue of $84.7 million for Q2 2021 compared to $36.0 million inQ2 2020.
- Operating expenses were $19.4 million in Q2 2021 compared to $10.5 million in Q2 2020.
- In Q2 2021, net income (loss) was $17.2 million and net income (loss) per share was $0.11 compared to $3.0 million and net income(loss) per share was $0.02 in Q2 2020.
- Adjusted EBITDA was $6.2 million in Q2 2021 which was the same in Q2 2020.
WPRT collaboration with TUPY and AVL
On July 07, 2021, TUPY, Westport Fuel Systems Inc. (WPRT), and AVL List GmbH, jointly announced a collaboration to develop a highly efficient hydrogen (H2) internal combustion engine (ICE) for heavy goods transportation. The direct collaboration aims at combining advanced material and casting technologies with the latest H2 ICE technology using high-pressure direct injection (HPDI).
WPRT closed a public offering of common shares
On June 08, 2021, Westport Fuel Systems Inc. (WPRT) closed its previously-announced underwritten marketed public offering of common shares in the United States and Canada for gross proceeds to the Company of US $115,115,000. The Company issued a total of 20,930,000 shares, including 2,730,000 shares following the exercise in full by the underwriters of their over-allotment option. The shares were issued at a price to the public of US $5.50 per share.
The net proceeds from the offer will be used for capital expenditures to expand and automate the production capacity of the Company’s high-pressure direct injection products to meet customer demand.
Acquiring Stako sp. z o.o.
On May 28, 2021, Westport Fuel Systems Inc. (WPRT) reached an agreement to acquire Stako sp. z o.o., (Stako) in a transaction valued at €5 Million.
Stako is a world-leading manufacturer of LPG fuel storage, based in Słupsk, Poland, supplying the aftermarket and original equipment manufacturer market segments through a worldwide network of dealers.
Conclusion
The WPRT stock surged on Thursday after the company announced its financial results which beat the earning and revenue estimates. There are high chances that it will continue its momentum on the last trading day of the week.
