WPRT - Westport Fuel Systems up 5% as Q1 revenue beats estimate

Westport Fuel Systems ([[WPRT]] +5.5%) is positive post Q1 results, reported revenue increase of ~14% Y/Y to $76.4M; and net loss reduced to $3.1M vs. $15.3M a year ago.OEM revenue was $42.7M (+25% Y/Y), primarily driven by increased light-duty OEM business sales volumes to OEMs in Russia and India. Independent Aftermarket was $33.7M (+9% Y/Y).Q1 Gross margin improved by 1,062 bps to 17%.Adj. EBITDA generated during the quarter was $2.7M, compared to negative $3.6M a year ago; and Adj. operating cash flow was $5.3M.At-the-Market equity offering raised gross proceeds of $13.2M in 1Q21, for a cumulative total of $27.6M.Net cash used in operating activities for the quarter reduced to $2.58M, compared to $9.81M a year ago.Company says they have set targets to grow business to $1B in annual revenue by mid-decade at industry standard margins.Previously: Westport Fuel Systems EPS misses by $0.01, beats on revenue (May 6)

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Westport Fuel Systems up 5% as Q1 revenue beats estimate