Westport Fuel Systems Inc (WPRT) 2025 Q2 法說會逐字稿

Thank you for standing by and welcome to the Westport Fuel Systems second-quarter 2025 conference call. (Operator Instructions) As a reminder, today's program is being recorded.

感謝您的支持，歡迎參加 Westport Fuel Systems 2025 年第二季電話會議。（操作員指示）提醒一下，今天的節目正在錄製中。

And now I'd like to introduce your host for today's program, Ashley Newell, Vice President of Investor Relations. Please go ahead.

現在我想介紹今天節目的主持人、投資者關係副總裁 Ashley Newell。請繼續。

Good morning everyone. Welcome to Westport Fuel Systems conference call regarding its second quarter 2025 financial and operating results. This call is being held to coincide with the press release containing Westport's financial results that we that were issued yesterday after markets closed.

大家早安。歡迎參加 Westport Fuel Systems 關於其 2025 年第二季財務與營運績效的電話會議。這次電話會議是為了配合我們昨天在市場收盤後發布的包含 Westport 財務業績的新聞稿而召開的。

On today's call, speaking on behalf of Westport is Chief Executive Officer and Director Daniel Sceli; and Chief Financial Officer, Bill Larkin.

在今天的電話會議上，代表 Westport 發言的是執行長兼董事 Daniel Sceli 和財務長 Bill Larkin。

Attendance on this call is open to the public, but questions will be restricted to the investment community. You are reminded that certain statements made on this conference call and our responses to certain questions may constitute forward-looking statements within the meaning of the (technical difficulty) US and applicable Canadian securities law, and as such, forward-looking statements are made based on our current expectations and involve certain risks and certain uncertainties.

本次電話會議對外開放，但提問僅限於投資界。提醒您，本次電話會議上所作的某些陳述以及我們對某些問題的回答可能構成（技術難度）美國和適用的加拿大證券法所定義範圍內的前瞻性陳述，因此，前瞻性陳述是基於我們當前的預期而作出的，涉及某些風險和某些不確定性。

With that, I'll turn the call over to you, Dan.

說完這些，我就把電話交給你了，丹。

Thank you, Ashley, and good morning everyone. We continue to make meaningful progress in transforming Westport and sharpening our strategic focus to achieve that transition. In Q2 2025, our efforts translated into measurable results. Reported revenue was $12.5 million for the quarter as compared to $14.1 million in the same quarter of the prior year.

謝謝你，阿什利，大家早安。我們在改造韋斯特波特方面繼續取得有意義的進展，並加強我們的策略重點以實現這一轉變。2025年第二季度，我們的努力取得了可衡量的成果。本季報告營收為 1,250 萬美元，而去年同期為 1,410 萬美元。

Consolidated revenue, including the light duty segment, which was reported as discontinued operations during the quarter, totaled $88.8 million as compared to $83.4 million in the same period of 2024. In addition, Cespira generated $12 million in revenue during the quarter.

綜合收入（包括本季報告為停止營運的輕型卡車部門）總計 8,880 萬美元，而 2024 年同期為 8,340 萬美元。此外，Cespira 本季創造了 1,200 萬美元的收入。

Finally, the following quarter, and we made significant progress in advancing our strategic transformation this quarter, culminating in the recent successful divestiture of our light duty segment. This transaction strengthens our balance sheet and sharpens our strategic focus on high impact opportunities in commercial transportation and industrial applications.

最後，在接下來的一個季度，我們在推動策略轉型方面取得了重大進展，最終在最近成功剝離了輕型車部門。此次交易增強了我們的資產負債表，並加強了我們對商業運輸和工業應用領域高影響力機會的策略關注。

With the successful completion of the sale of the light duty segment, Westport is taking the necessary steps to execute on a new focused and integrated business strategy. What sets Westport apart is our ability to deliver performance, cost efficiency, and environmental benefits together. Our company is well positioned with fuel agnostic technologies that are already available in the market and designed to evolve alongside the industry's transition.

隨著輕型卡車業務的成功出售，Westport 正在採取必要措施實施新的重點整合業務策略。Westport 的與眾不同之處在於我們能夠同時提供效能、成本效率和環境效益。我們公司擁有成熟的燃料無關技術，這些技術已在市場上推出，並且旨在隨著行業轉型而發展。

Our solutions allow customers to adopt net zero and low carbon fuels today with a cost effective pathway to hydrogen adoption as its availability increases. In the short term, RNG represents a significant opportunity to reduce emissions in heavy duty and off-road applications. We're actively pursuing multiple growth opportunities that are economically compelling right now. In addition, our IP portfolio is expected to provide a competitive advantage well into the future. Further, the company recognizes the evolving macroeconomic environment and is positioning to capitalize on renewed market momentum, especially as it relates to the use of natural gas as a transport fuel.

我們的解決方案使客戶能夠立即採用淨零和低碳燃料，並且隨著氫氣供應的增加，可以以經濟有效的途徑採用氫氣。短期內，RNG 為減少重型和非公路應用的排放提供了重要機會。我們正在積極尋求目前具有經濟吸引力的多種成長機會。此外，我們的智慧財產權組合預計將在未來提供競爭優勢。此外，該公司認識到不斷變化的宏觀經濟環境，並準備利用新的市場勢頭，特別是在使用天然氣作為運輸燃料方面。

Moving forward, Westport will be focused on the following key drivers. Cespira, with its strategic market expansion and technology leadership and heavy duty transportation. Our high pressure controls and systems which complement the energy transition regardless of the power train and a variety of financial initiatives.

展望未來，Westport 將重點關注以下關鍵驅動因素。Cespira 憑藉其戰略市場擴張和技術領導地位以及重型運輸。我們的高壓控制和系統可以補充能源轉換，無論動力傳動系統和各種金融措施。

The company's goal for the Cespira business is to deliver demonstrated volume growth over the coming 12 months with a backdrop of renewed industry focus on CNG, LNG, and RNG for heavy duty transportation and favorable and more stable CNG, LNG and RNG fuel pricing economics.

該公司對 Cespira 業務的目標是在未來 12 個月內實現產量成長，前提是業界重新專注於重型運輸的 CNG、LNG 和 RNG，以及 CNG、LNG 和 RNG 燃料定價經濟狀況更加有利和穩定。

Westport is also aiming to increase the OEM presence and related new market activity for Cespira. The opportunity for Cespira increases significantly through geographic expansion. In North America, CNG remains a dominant choice for fleets seeking lower operating costs and reduced emissions. Actively looking to expand presence in these regions, we continue to drive innovation through the testing of a CNG HPDI solution.

Westport 還計劃擴大 Cespira 的 OEM 業務和相關新市場活動。透過地域擴張，Cespira 的機會大大增加。在北美，對於尋求降低營運成本和減少排放的車隊來說，CNG 仍然是主要選擇。我們積極尋求擴大在這些地區的業務，並透過測試 CNG HPDI 解決方案繼續推動創新。

With our high pressure controls and systems business, we are developing high pressure components that are critical to performance and reliability. As a reminder, we are selling into three primary markets, China, Europe, and North America. Currently, China accounts for over 50% of Westport's revenue in this segment, almost exclusively focused on hydrogen component sales, Supported by multi-layered government support spanning from comprehensive national strategies to targeted regional incentives, funding mechanisms, infrastructure mandates, and industry collaboration, the Chinese hydrogen market is anticipated to continue to drive growth for Westport.

透過我們的高壓控制和系統業務，我們正在開發對性能和可靠性至關重要的高壓組件。提醒一下，我們的產品主要銷往三個主要市場：中國、歐洲和北美。目前，中國市場佔 Westport 該領域收入的 50% 以上，幾乎全部集中在氫氣組件銷售上，在政府多層次的支持下，從全面的國家戰略到有針對性的區域激勵措施、融資機制、基礎設施要求和行業合作，中國氫氣市場預計將繼續推動 Westport 的增長。

To drive success in this market, we are opening a state of the art hydrogen innovation center and manufacturing facility in China in late 2025. This pioneering facility will serve as a hub for research, development, and collaboration to meet the increasing demand for hydrogen transportation solutions in the region. The new facility enables us to better serve local customers and partners, driving clean energy advancements in one of the world's largest economies.

為了推動該市場的成功，我們將於 2025 年底在中國開設一個最先進的氫能創新中心和製造工廠。該先鋒設施將成為研究、開發和協作的中心，以滿足該地區對氫能運輸解決方案日益增長的需求。新工廠使我們能夠更好地服務當地客戶和合作夥伴，推動世界最大經濟體之一的清潔能源進步。

Excitingly, as part of Westport's global restructuring, the company is relocating its European high pressure controls and systems manufacturing operations to our existing technology center in Canada, aligning the manufacturing facility with our innovation hub in North America.

令人興奮的是，作為 Westport 全球重組的一部分，該公司正在將其歐洲高壓控制和系統製造業務遷移到我們現有的加拿大技術中心，使製造工廠與我們在北美的創新中心保持一致。

This move enables flexibility in product design, increased speed to market, and bolsters our commitment to delivering top tier clean transportation solutions to global markets while also assessing potential expansion of CNG and RNG systems, creating incremental growth avenues that allow us to strategically refocus on the North American transportation market, where the near term focus is shifted away from hydrogen.

此舉提高了產品設計的靈活性，加快了產品上市速度，並加強了我們向全球市場提供頂級清潔運輸解決方案的承諾，同時評估了 CNG 和 RNG 系統的潛在擴展，創造了增量增長途徑，使我們能夠從戰略上重新關注北美運輸市場，而短期重點將從氫氣轉移。

Our key focus going forward recognizes both the opportunities and challenges in overall market conditions. We have already begun a strong internal process to review additional ways to maximize our economic benefit from this recent transaction for our stakeholders. Our mission is to focus on growth and improving financial results along with capturing market share.

我們未來的重點是認識到整體市場狀況中的機會和挑戰。我們已經開始強有力的內部流程來審查其他方法，以便為我們的利害關係人從最近的交易中最大化經濟利益。我們的使命是專注於成長和改善財務表現以及佔領市場份額。

Our overall drive for market expansion and move towards generating positive cash flow may not be the smoothest path, but we believe we are uniquely positioned to take advantage of a more pragmatic moment globally where governments, commercial transport companies, and industrial power providers require more affordable solutions than those that exist today. That said, in the near term, the spirit will continue to require cash contributions from its owners.

我們整體的市場擴張動力和創造正現金流的舉措可能不是最順利的道路，但我們相信，我們擁有獨特的優勢，可以利用全球更務實的時刻，政府、商業運輸公司和工業電力供應商需要比現有解決方案更實惠的解決方案。儘管如此，短期內，酒廠仍需其所有者提供現金捐贈。

As a technology and innovation company connecting synergistic technologies to power a cleaner tomorrow, we are offering our customers the best value of ownership and environmental performances. They continue to prioritize the total equation.

作為一家結合協同技術以創造更清潔未來的科技創新公司，我們為客戶提供最佳的所有權價值和環境績效。他們繼續優先考慮總體方程式。

The heavy duty truck market is growing globally, and natural gas is experiencing a revival driven by affordability, abundant infrastructure, and growing production. In Europe, LNG and RNG adoption for trucking is rebounding sharply, with LNG emerging as the preferred fuel due to its decarbonization potential and superior fuel economy.

全球重型卡車市場正在成長，天然氣市場在價格實惠、基礎設施豐富和產量不斷增長的推動下正在復甦。在歐洲，卡車運輸中 LNG 和 RNG 的使用率正在急劇反彈，其中 LNG 因其脫碳潛力和卓越的燃油經濟性而成為首選燃料。

In North America, CNG and RNG are gaining momentum as fleet operators encounter rising skepticism around electrification, citing much higher than expected energy costs and persistent hydrogen distribution challenges.

在北美，隨著車隊營運商對電氣化越來越懷疑，CNG 和 RNG 的發展勢頭強勁，因為電氣化的能源成本遠高於預期，氫氣分配面臨持續的挑戰。

At the same time, key regulations are shifting. For example, California has paused or rolled back mandates like advanced clean fleets signaling greater flexibility for alternative fuels. CNG in particular is emerging as a reliable and cost effective solution, offering fleets a stable and scalable pathway forward. So (inaudible) flagship LNG HPDI Technology continues to gain strong traction, particularly in Europe, although we are also seeing fleets adopted technology in India, South America, Africa, and East Asia.

同時，關鍵法規也在改變。例如，加州已暫停或取消了先進清潔車隊等強制規定，這表明替代燃料具有更大的靈活性。CNG 尤其成為一種可靠且經濟高效的解決方案，為車隊提供穩定且可擴展的前進道路。因此（聽不清楚）旗艦 LNG HPDI 技術繼續獲得強勁發展，尤其是在歐洲，儘管我們也看到印度、南美、非洲和東亞的船隊採用了該技術。

With approximately 9,000 trucks currently on the road, the platform delivered an impressive 25% year-over- year growth in 2024. The latest iteration featured in the new 500 horsepower Volvo FH Aerocab achieves fuel economy of 10 MPG on diesel, far surpassing traditional spark ignited competitors that typically typically operate in the 6 MPG range. This performance GAAP is cementing HPDI's reputation as the high efficiency choice for long haul transport applications.

目前約有 9,000 輛卡車上路，該平台將在 2024 年實現令人印象深刻的 25% 的同比增長。新款 500 馬力沃爾沃 FH Aerocab 的最新版本實現了 10 MPG 柴油燃油經濟性，遠遠超過通常在 6 MPG 範圍內運行的傳統火花點火競爭對手。這項性能 GAAP 鞏固了 HPDI 作為長程運輸應用高效選擇的聲譽。

And I'll now hand the call over to Bill, so he can provide some more information on the financial results.

現在我將把電話交給比爾，以便他可以提供更多有關財務結果的資訊。

Thank you, Dan, and good morning. Before going into the specifics of the quarter, I want to highlight that in the second quarter, the light duty business was accounted for as discontinued operations and statements of operations in cash flows, while its related assets and liabilities were presented as held for sale, resulted in the light duty business being presented differently during the second quarter of 2025 than in the past.

謝謝你，丹，早安。在介紹本季的具體情況之前，我想強調的是，在第二季度，輕型車業務在現金流量和經營報表中被記為終止經營，而其相關資產和負債則被列為持有待售，這導致 2025 年第二季度輕型車業務的呈現方式與過去不同。

The prior comparatives have been reclassified to the current period presentation. Accordingly, please see Note 5 of the financial statements for the assets, liabilities, revenues, and expenses of the company's discontinued operations.

先前的比較資料已重新歸類至目前期間的列報。因此，有關公司終止經營的資產、負債、收入及費用，請參閱財務報表註5。

Also, as a reminder, the Cespira JB was formed in June 2024. So Q2 of 2024 results include one month with Cespira being accounted for under the equity method following the close of that transaction.

另外，需要提醒的是，Cespira JB 成立於 2024 年 6 月。因此，2024 年第二季的業績包括該交易結束後一個月採用權益法核算的 Cespira。

Moving into the details of our second quarter results, given we accounted for the light duty business as part of continued operation, discontinued operations, our consolidated revenue from continuing operations of $12.5 million for the quarter does not include the $76.4 million generated from the light duty business in Q2 of 2025.

深入了解我們第二季度的業績細節，鑑於我們將輕型卡車業務作為持續經營、終止經營的一部分進行核算，我們本季度來自持續經營的綜合收入為 1,250 萬美元，其中不包括 2025 年第二季度輕型卡車業務產生的 7,640 萬美元。

Including light duty business revenue, Westport generated consolidated revenue of $88.9 million in the quarter as compared to $83.4 million in the same period last year. In addition, the Cespira generated $12 million of revenue during Q2 of 2025.

包括輕型業務收入在內，Westport 本季的綜合收入為 8,890 萬美元，而去年同期為 8,340 萬美元。此外，Cespira 在 2025 年第二季創造了 1,200 萬美元的收入。

[It's] $12.5 million of consolidated revenue from continued operations reported in the second quarter was 11% decrease from the 14.1 million generated in the same period of last year. This is primarily driven by decreased sales wins and our high pressure controls and systems and heavy duty OEM business segments.

第二季報告的持續經營綜合收入為 1,250 萬美元，較去年同期的 1,410 萬美元下降 11%。這主要是由於銷售額下降以及我們的高壓控制和系統以及重型 OEM 業務部門的下滑。

We demonstrated an improvement in adjusted EBITDA for the quarter end of June 30, 2025. We report adjusted EBITDA of negative $1 million compared to negative $2 million reported for the same quarter of last year. This was achieved primly through reduced operating expenses and heavy duty OEM and corporate.

我們證明，截至 2025 年 6 月 30 日的季度調整後 EBITDA 有所改善。我們報告的調整後 EBITDA 為負 100 萬美元，而去年同期為負 200 萬美元。這主要透過降低營運費用和重型 OEM 和企業來實現。

Specifically, operating expenses including R&D, sales and marketing, and G&A were $15.5 million in Q2 of 2025 compared to $21.6 million in Q2 of 2024. This is a clear demonstration of the work we have done against our strategic initiatives to decrease cost. We expect more reductions on a relative basis as we adjust to becoming a smaller organization after the sale of a light duty business.

具體而言，2025 年第二季包括研發、銷售和行銷以及一般行政費用在內的營運費用為 1,550 萬美元，而 2024 年第二季為 2,160 萬美元。這清楚地表明了我們為降低成本所做的策略性舉措。在出售輕型業務後，我們調整為規模較小的組織，預計相對而言還會有更多的削減。

Our high pressure controls and systems revenue for the Q2 of 2025 is $2.9 million, which was a decrease compared to $3.6 million for Q2 of 2024, which is primarily driven by the slowdown in the hydrogen industry. Gross margin decrease in the quarter to [100,000] or 3% of revenue as compared to $1.1 million or 31% of revenue in Q2 of 2024.

我們 2025 年第二季的高壓控制和系統收入為 290 萬美元，與 2024 年第二季的 360 萬美元相比有所下降，這主要是由於氫能產業放緩所致。本季毛利率下降至 [100,000] 或營收的 3%，而 2024 年第二季為 110 萬美元或營收的 31%。

The decrease in gross margin was primarily driven by lower revenue and increase in material cost in the quarter. We are moving our manufacturing operations from Italy to Canada and China in the third quarter of 2025 to be closer to our customers and simplify our supply chain operations.

毛利率下降主要是由於本季收入下降和材料成本增加所致。我們將於 2025 年第三季將製造業務從義大利遷至加拿大和中國，以便更貼近客戶並簡化我們的供應鏈營運。

Heavy duty OEM revenue for the second quarter of 2025 was $9.6 million. The heavy duty OEM revenue decrease of 900,000 as compared to the same period last year was a result of the reduction of our manufacturing support to Cespira.

2025 年第二季重型 OEM 營收為 960 萬美元。與去年同期相比，重型 OEM 收入減少了 900,000，這是由於我們減少了對 Cespira 的製造支援。

Starting Q3 of 2025, Cespira will operate without manufacturing support from Westport under the traditional service agreements. Gross margin in our heavy duty OEM business in the second quarter of 2025 was [700,000] or 7% of revenue compared to 1.39 and 12% of revenue in Q2 of 2024.

從 2025 年第三季開始，Cespira 將根據傳統服務協議在沒有 Westport 製造支援的情況下運作。2025 年第二季度，我們重型 OEM 業務的毛利率為 [700,000]，佔營收的 7%，而 2024 年第二季的毛利率為 1.39，佔營收的 12%。

To generate a revenue of $12 million in Q2 of '25 as compared to $4.1 million in the same period last year.

25 年第二季的營收為 1,200 萬美元，而去年同期的營收為 410 萬美元。

As I mentioned before, the Cespira GV was completed in June of 2024. Therefore, Cespira Q2 '24 results represents only one month of activity. Gross profit for Cespira was negative $1.9 million for three months ended June 30, 2025. In the same period of the prior year, Cespira reported $200,000 in gross profit.

正如我之前提到的，Cespira GV 於 2024 年 6 月竣工。因此，Cespira 24 年第二季的業績僅代表一個月的活動。截至 2025 年 6 月 30 日的三個月，Cespira 的毛利為負 190 萬美元。去年同期，Cespira 報告的毛利為 20 萬美元。

I want to reiterate that our second quarter results present our light duty business as continued operations. That being said, I would like to briefly review the light duty business performance during the period. Light duty business generates $76.4 million of revenue with a gross profit of $15.1 million or 20% of revenue.

我想重申，我們的第二季業績顯示我們的輕型業務仍在持續運作。話雖如此，我想簡要回顧一下本期間的輕型業務表現。輕型業務創造了 7,640 萬美元的收入，毛利為 1,510 萬美元，佔收入的 20%。

Dan previously mentioned, please refer to Note 5 of the financial statements for the assets, liabilities, revenues, and expenses of light duty business that was divested in July of 2025.

Dan 之前提到過，有關 2025 年 7 月剝離的輕型業務的資產、負債、收入和費用，請參閱財務報表註 5。

Regarding the liquidity, our cash and cash equivalents of June 30, 2025 were $21.4 million, of which $15.3 million was in the light duty business and $6.19 million in the remaining business. Our balance sheet presents the $6.19 million for our continuing operations.

關於流動性，我們 2025 年 6 月 30 日的現金和現金等價物為 2,140 萬美元，其中 1,530 萬美元來自輕型業務，619 萬美元來自其餘業務。我們的資產負債表顯示，我們的持續經營業務收入為 619 萬美元。

The decrease in cash during the three months ended June 30, 2025 is primarily driven by operating losses, funding of the Cespira joint venture, purchases of fixed assets, and debt repayments. For Q2 of '25, net cash using and operating activities and continuing operations was $5.6 million.

截至 2025 年 6 月 30 日的三個月內現金減少主要是由於經營虧損、Cespira 合資企業的融資、固定資產購買和債務償還。25 年第二季度，淨現金使用及經營活動及持續經營為 560 萬美元。

The increase in net cash and operating activities was primarily driven by a significant increase in accounts receivable due from to Cespira, the more -- the majority of which we anticipate receiving in the third quarter. This is partially offset by decrease in inventory related to the sale of the remaining HDOEM inventory to Cespira during the second quarter.

淨現金和營運活動的增加主要是由於應付給 Cespira 的應收帳款大幅增加，其中大部分我們預計將在第三季收到。這被第二季向 Cespira 出售剩餘 HDOEM 庫存導致的庫存減少部分抵消。

Net cash using investing activities was $5 million compared to net cash provided by continuing operations of $7.7 million in the same quarter in 2024. Net cash used in investing activities and continuing operations was primarily driven by capital contributions to Cespira of $4.2 million and fixed asset purchases of $800,000 during the three months end of June 30, 2025.

投資活動使用的淨現金為 500 萬美元，而 2024 年同期持續經營提供的淨現金為 770 萬美元。投資活動和持續經營所使用的淨現金主要來自 2025 年 6 月 30 日結束的三個月期間對 Cespira 的 420 萬美元資本貢獻和 80 萬美元固定資產購買。

In the prior year period, we received proceeds of $18.9 million from Volvo for the shares sold in Cespira. Net cash use and financing activities and continued operations was $1 million in Q2 of 2025, which represents our quarterly principal payment on the outstanding loan from EDC. Just went to the quarter on July 14, 2025, we entered into a short term loan with the purchaser of the light duty segment for $5.8 million or EUR5 million. The loan was subsequently repaid on July 29, 2025 in association with the close of the transaction.

去年同期，我們從沃爾沃出售 Cespira 股份獲得了 1,890 萬美元的收益。2025 年第二季的淨現金使用和融資活動及持續經營為 100 萬美元，這代表我們對 EDC 未償還貸款的季度本金支付。剛進入2025年7月14日季度，我們與輕型車輛部門的購買者達成了一筆580萬美元或500萬歐元的短期貸款。該筆貸款隨後於 2025 年 7 月 29 日隨著交易的結束而償還。

That remaining after divesting the light duty business will only consist of the EDC loan, which $4.9 million was outstanding at June 30, 2025. Payment terms consist of $1 million each quarter plus interest with the final payment in September of 2026.

剝離輕型車業務後剩餘的資金將僅包括 EDC 貸款，截至 2025 年 6 月 30 日未償還貸款為 490 萬美元。付款條件為每季 100 萬美元加利息，最後一筆付款將於 2026 年 9 月支付。

By the close of the transaction, we'll have additional cash spending that will be reflected in the third quarter, including incremental funding Cespira, transaction costs related to the closing light duty sale, relocation costs related to our high pressure controls and systems moved from Italy to Canada and restructuring costs. Together, these costs are expected to amount to about $15 million in the third quarter.

在交易結束時，我們將有額外的現金支出，這些支出將反映在第三季度，包括 Cespira 的增量資金、與完成輕型銷售相關的交易成本、與我們的高壓控制和系統從義大利轉移到加拿大相關的搬遷成本以及重組成本。預計第三季這些成本總計將達到約 1500 萬美元。

The sale of the light duty business, including light duty OEM, the light OEM, independent aftermarket electronics and fuel storage businesses. The sale provided $62.5 million in that proceeds to be received as $41.2 million in initial cash proceeds. $8.5 million in deferred payments which are expected to be received in September of 2025 and [12.89] and proceeds held in escrow.

輕型車業務的出售，包括輕型車 OEM、輕型車 OEM、獨立售後電子產品和燃料儲存業務。此次出售提供了 6,250 萬美元的收益，其中 4,120 萬美元為初始現金收益，850 萬美元為延期付款，預計將於 2025 年 9 月收到，[12.89] 收益由第三方託管。

Net proceeds are after a deduction of net debts in the light duty business and certain other closing costs. Further, up to $3.8 million potential earnouts are available if certain conditions are achieved in accordance with the terms and conditions of the sale and purchase agreements.

淨收益是扣除輕型車輛業務的淨債務和某些其他成交成本後的收益。此外，如果根據買賣協議的條款和條件達到某些條件，則可獲得高達 380 萬美元的潛在收益。

The transaction moves us forward in streamlining our operations and achieving certain financial goals with respect to our balance sheets. Further, the proceeds held in escrow will be released to us in four tranches with the first tranche to be received by the end of 2025 and the last payment in May of 2027.

此次交易使我們在精簡營運和實現資產負債表方面的某些財務目標方面取得了進展。此外，託管的收益將分四批發放給我們，第一批將於 2025 年底收到，最後一批將於 2027 年 5 月收到。

Purchase price adjustments may impact the final proceeds received from the purchaser and our customary nature. Even though the transactions proceeds are enabling Westport to significantly strengthen its balance sheet from the time of closing onwards, the billing concern addressed in Note 2 of the interim financial statements is expected to remain in place at this time.

購買價格調整可能會影響從購買者收到的最終收益和我們的慣常性質。儘管交易收益使 Westport 從交易完成之日起顯著增強了其資產負債表，但預計中期財務報表註記 2 中提到的帳單問題目前仍將存在。

One last item before I turn it back to Dan, our previous base shell perspective being effective in May of 2023 expired in June of 2025. We expect to file replacement, a preliminary short form based shell perspective this month.

在我將話題轉回丹之前，還有最後一件事，我們之前的基本外殼視角將於 2023 年 5 月生效，並於 2025 年 6 月到期。我們預計本月將提交一份初步的簡短形式的替代文件，即基於 shell 的觀點。

With that, I'll pass the call back to Dan.

說完，我就把電話轉回給丹。

Thank you, Bill. To recap, the closing of the light duty transaction enables Westport to return to its roots where it can focus on solutions for hard to decarbonize mobility and industrial applications and invest in growth. Needless to say, we are very excited about the company's future.

謝謝你，比爾。總而言之，輕型車交易的完成使 Westport 能夠回歸本源，專注於難以脫碳的移動和工業應用的解決方案並投資於成長。毋庸置疑，我們對公司的未來感到非常興奮。

Thank you to everyone who joined the call today. Your continued support is immeasurably important to us. We continue to move through 2025 with purpose to create value for our shareholders. Thank you again for joining us today.

感謝今天參加電話會議的所有人。您的持續支持對我們來說至關重要。我們將繼續邁向 2025 年，致力於為股東創造價值。再次感謝您今天加入我們。

Eric Stine, Craig Hallam.

艾瑞克·史坦、克雷格·哈勒姆。

Hi Dan. Hi, Bill.

你好，丹。你好，比爾。

Hey, good morning.

嘿，早安。

Good morning. Hey. So maybe first on HPDI, you mentioned activity outside of Europe, specifically India, South America, in multiple locations in Asia. Can you just provide more details there? I mean, are these, would you characterize these as trials? Are they volumes from Volvo in in some of these new markets or how does that kind of play into your goal of adding additional OEMs going forward in Cespira?

早安.嘿。因此，也許首先是關於 HPDI，您提到了歐洲以外的活動，特別是印度、南美洲和亞洲的多個地區。能提供更多細節嗎？我的意思是，你會把這些描述為試驗嗎？沃爾沃在這些新市場的銷售量如何？或者這對您在 Cespira 未來增加更多 OEM 的目標有何影響？

Sure, I think what we're seeing is Volvo is planting grow seeds in different markets. They've fully established HPDI in Europe and now they're going out to other markets to begin that same process, whether it's in Chile and Peru or in India, we see them beginning to move around the globe with the technology to build market market acceptance.

當然，我認為我們看到的是沃爾沃正在不同的市場播下成長的種子。他們已經在歐洲全面建立了 HPDI，現在他們正在向其他市場開始同樣的進程，無論是在智利、秘魯或印度，我們都看到他們開始利用這項技術在全球範圍內建立市場認可。

Got it. And then in this kind of dovetails with that, you mentioned that the Westport developing the CNG HPDI version, I guess from the way it was worded unclear if that was a Westport only development or the joint venture. Because I know that there is a view at some point that Volvo potentially brings HPDI to the US.

知道了。然後，與此相吻合的是，您提到 Westport 正在開發 CNG HPDI 版本，我想從措辭的方式來看，不清楚這是 Westport 單獨開發的還是合資企業。因為我知道，有人認為沃爾沃可能會將 HPDI 引入美國。

Sure, so what I mean, HPDI on engine is solely part of Cespira. Their current off engine, i.e., the storage, the fuel storage and movement to the engine is in LNG. We see the other markets starting to move and CNG is clearly one of the primary methods in North America, specifically in the US. There is a combination in Canada, but, what Westport is developing is the off-engine side of that the storage and material handling to the HPDI system.

當然，我的意思是，引擎上的 HPDI 只是 Cespira 的一部分。他們目前的發動機外儲存，即燃料的儲存和向發動機的運輸都是採用液化天然氣。我們看到其他市場開始轉變，而 CNG 顯然是北美，特別是在美國的主要方法之一。加拿大有這種組合，但 Westport 正在開發的是引擎外的 HPDI 系統的儲存和物料處理。

Okay, so Westport only, I mean, is that something that, that work, revenue if there are any revenues resulting from expenses would that be in the high pressure components and systems business or what does that look like?

好的，那麼 Westport 是否只負責這項工作，如果有任何收入來自費用，那麼這些收入是否來自高壓組件和系統業務，或者它是什麼樣子的？

Yeah, we'll be structuring that as a separate business somewhat, the high pressure controls is a big part of that because to manage any compressed gasses in these storage tanks, you need the high pressure controls, the tank valves, the pressure controls, the safeties, all of that kit is needed to manage those high pressure tanks.

是的，我們將把它建造為一個獨立的業務，高壓控制是其中很重要的一部分，因為要管理這些儲罐中的任何壓縮氣體，你需要高壓控制、罐閥、壓力控制、安全裝置，所有這些設備都是管理這些高壓罐所必需的。

Okay, maybe last one for me and this I guess kind of plays into the view for additional OEMs for HPDI, but I know that kind of the headlines and and some of the market is cool on hydrogen, but just curious, I mean, are you seeing that is one of the drivers, is it people looking at natural gas? Is it the optionality of fuel for HPDI? I mean, how do you think that plays out?

好的，也許對我來說這是最後一個，我想這在某種程度上會影響 HPDI 的其他 OEM 的觀點，但我知道這種頭條新聞和一些市場對氫氣不太感冒，但只是好奇，我的意思是，你是否看到這是驅動因素之一，是人們在關注天然氣嗎？HPDI 的燃料可選性如何？我的意思是，您認為結果會如何？

Sure. So I mean, certainly we see the hydrogen development continuing in China at a fast pace. We've seen it slow down everywhere else, but you hit the key point. HPDI is fuel agnostic and the on engine system can run on any one of the fuels, hydrogen, all the natural gasses, and so we see that, so for instance in North America, we see the pendulum has swung and there's going to be huge opportunity for natural gas expansion in the transportation, the heavy transportation segment, and we want to participate in that. We see that as a growth opportunity and we're going to position ourselves to be part of it.

當然。所以我的意思是，我們確實看到中國氫能發展正在持續快速發展。我們已經看到它在其他地方都放緩了，但你觸及了關鍵點。HPDI 與燃料無關，引擎系統可以使用任何一種燃料、氫氣和所有天然氣，因此我們看到，例如在北美，鐘擺已經擺動，天然氣在運輸、重型運輸領域將有巨大的擴張機會，我們希望參與其中。我們將此視為一個成長機會，並將努力成為其中的一部分。

Okay, thanks.

好的，謝謝。

Thanks, Eric.

謝謝，埃里克。

Rob Brown, Lake Street Capital Markets.

羅布布朗 (Rob Brown)，Lake Street Capital Markets。

Hey, good morning, Rob.

嘿，早上好，羅布。

Good morning.

早安.

A still a high pressure controls business, the current run rate is sort of a baseline that you can grow from or do you see some kind of continuing, ins and outs here this year before before things ran?

這仍然是一個高壓控制業務，目前的運行率是您可以從中增長的基線，或者您是否看到今年之前這裡會出現某種持續的、反覆的情況？

It's a bumpy road right now, as I think what we're in the middle of a, I'll call it a bit of a pause, as the new administration is setting up policies and regulations. We see that everybody's watching carefully to see which direction it goes in North America. What we and in China, we see the continued opportunities being pursued from a governmental level.

目前的道路很坎坷，因為我認為我們正處於一個暫停階段，因為新政府正在製定政策和法規。我們看到每個人都在密切關注北美局勢的發展方向。在中國，我們看到政府層面不斷尋求機會。

They're driving a lot of the activities in the hydrogen world. So, it's a mixed bag for us. One of the key things is to have better control of the manufacturing and development and linking the two by moving the manufacturing out of Italy for these components to Cambridge or Ontario site and then of course, some of it's going to go to China, the China plant that we've been been building is for China market only. It's a localization strategy. It's a cost reduction strategy to take part in what our customers are telling us is continued growth in that market.

他們正在推動氫能領域的許多活動。所以，對我們來說，這是一個好壞參半的結果。關鍵的事情之一是更好地控制製造和開發，並將兩者聯繫起來，將這些零件的製造從義大利轉移到劍橋或安大略工廠，當然，其中一些將轉移到中國，我們一直在建造的中國工廠僅面向中國市場。這是一種在地化策略。這是一種降低成本的策略，以參與我們的客戶告訴我們的市場的持續成長。

Okay, great. And then on the OpEx kind of run rate after things settle here, I think you talked about it coming down, but what's a kind of a good directional run rate for the OpEx going forward?

好的，太好了。然後，關於事情解決後的 OpEx 運行率，我想您談到了它的下降，但是對於未來的 OpEx 來說，一個好的方向性運行率是多少？

Yeah, sure. So we still have, as we've divested of light duty, in the light duty business commanded an awful lot of time attention and resources. It was a very complex, the breadth of the business was quite staggering for the size of it, and this will allow us to continue to right size our overhead and focus our R&D on these these growing natural gas markets.

是的，當然。因此，儘管我們已經剝離了輕型卡車業務，但我們仍然在輕型卡車業務上投入了大量的時間、精力和資源。這是非常複雜的，業務範圍相對於其規模來說是相當驚人的，這將使我們能夠繼續適當調整我們的管理費用，並將我們的研發重點放在這些不斷增長的天然氣市場上。

And then also I think I'll add to that , Dan end is when you look at our R&D spend, it'll be a progression. I think we'll see, pretty much the full reduction in 2026 because, we got to get through the full year audit. We got all our audit fees, tax fees, there's a lot of outside services in relation to when we have the consolidated business that we're going to continue to incur through the rest of this year, as we mentioned, we will, start, we're actually starting to right size the business, reduce costs when we can and we'll continue that well in the 2026. So I think when you see kind of a full what is a normalized run rate, we'll see that in in 2026.

然後我想我還要補充一點，丹最後說的是，當你看看我們的研發支出時，這將是一個進步。我認為我們將在 2026 年看到幾乎全面減少，因為我們必須完成全年審計。我們收取了所有的審計費用、稅費，還有很多與合併業務相關的外部服務，這些費用將在今年剩餘時間內繼續產生，正如我們所提到的，我們將開始，實際上我們正在開始調整業務規模，盡可能降低成本，我們將在 2026 年繼續這樣做。因此，我認為當您看到完整的標準化運行率時，我們將在 2026 年看到它。

Yeah, good point, Bill.

是的，比爾，說得對。

Got it. Thank you. I'll turn it over.

知道了。謝謝。我把它翻過來。

Thank you, Rob.

謝謝你，羅布。

Samir Joshi, H C Wainwright.

薩米爾喬希、H C 溫賴特。

Yeah, good morning. Hi, how are you? Thanks for taking my questions. Just clarification on the continuing operations revenue. I think the first half revenue is around 19.8% versus 12.5% for the second quarter that implies a 7.3% in the first quarter. Is that sort of seasonality or is that lumpiness or like how should we look at it as we model this in the coming quarters?

是的，早安。你好你好嗎？感謝您回答我的問題。只是澄清一下持續經營收入。我認為上半年的收入約為 19.8%，而第二季的收入為 12.5%，這意味著第一季的收入為 7.3%。這是季節性還是不穩定性，或者我們在未來幾季建模時應該如何看待它？

Yeah, what we're seeing is that outside of China, we're seeing a number of programs being slowed down. One of them, Stellantis canceled their hydrogen program for their commercial vans. So we have this what I talked about this pause we're seeing in the hydrogen world. It's on right now and so the reduction is really, the customers of ours slowing down and waiting to see what's going to happen in, for instance, North America versus what we're being told is going to happen in China.

是的，我們看到，在中國以外，許多項目正在放緩。其中之一，Stellantis 取消了其商用貨車的氫氣計劃。所以我們就看到了我所說的氫世界中的停頓。現在就在進行中，因此減少的實際上是我們的客戶放慢了速度並等待觀察例如北美將會發生什麼，而不是我們被告知的中國將會發生什麼。

Understood. And then just one on the transaction, the $12.8 million that are in escrow, is there any conditionality to it, or is this just a timed disbursement that you will get on those set dates without any conditions.

明白了。然後只說一下交易，託管的 1280 萬美元，有什麼條件嗎，或者這只是一個定時支付，你會在設定的日期無條件地獲得。

Will, I will let you take that.

威爾，我讓你拿著它。

There's, it's kind of customary that you know to cover any potential undisclosed liabilities, as part of the transaction, just things like that, a piece of it's going to be released this year, $5.5 million is going to be released in at the end of January of '26, so that leaves about $2.5 million after that. So a big chunk of that hold back that's in escrow will be received by the end of January '26.

按照慣例，作為交易的一部分，要彌補任何潛在的未披露的負債，諸如此類的事情，其中​​一部分將在今年發布，550 萬美元將在 2026 年 1 月底發布，所以之後還剩下大約 250 萬美元。因此，大部分託管的保留款項將於 2026 年 1 月底收到。

Got it. Understood. Thanks for that. And then the $3.8 million is pure or not based on some performance (multiple speakers) Yeah, thanks for that. And then just one last one you did mention the $15 million amount, in 3Q for all the sort of one-time relocation and transaction expenses, but for the hydrogen innovation center, is there any additional CapEx, in addition to this $15 million which which includes other items, that you would expect over the next few quarters.

知道了。明白了。謝謝。然後，這 380 萬美元是否純粹取決於某些表現（多位發言者）是的，謝謝。然後最後一個問題，您確實提到了第三季 1500 萬美元的一次性搬遷和交易費用，但對於氫能創新中心，除了這 1500 萬美元之外，是否還有其他資本支出（包括其他項目）預計在未來幾個季度內會出現。

No, it wouldn't, the $15 million, a big chunk of that is going to be is our Q3 contribution to the Cespira joint venture that makes up a majority of that amount and then you know we have some transaction related costs, and then also the cost and related CapEx, a big chunk of the CapEx has already been acquired, but there's still some remaining CapEx that we're going to have to purchase to support the relocation from Italy to both our operate our facility in Cambridge in China. So that's all inclusive within that amount the $15 million.

不，不會，1500 萬美元，其中很大一部分將是我們第三季度對 Cespira 合資企業的貢獻，佔該金額的大部分，然後您知道我們有一些與交易相關的成本，然後還有成本和相關的資本支出，很大一部分資本支出已經被收購，但仍有一些剩餘的資本支出我們將不得不購買，以支持從意大利搬遷到我們在劍橋的工廠。所以這筆錢全部包含在 1500 萬美元之內。

And just one. Yeah, I just wanted to ask one like a macro question. We talked about the dynamics of the fuels, the hydrogen stepping back and but natural gas still active, hydrogen active in China, but we didn't talk about all the tariffs and trade uncertainties between North America, US, Canada, and China. Do you have a view on how it could play out and how it impacts?

只有一個。是的，我只是想問一個宏觀問題。我們討論了燃料的動態，氫氣正在退卻，但天然氣仍然活躍，氫氣在中國很活躍，但我們沒有討論北美、美國、加拿大和中國之間的所有關稅和貿易不確定性。您對它將如何發展以及會產生怎樣的影響有何看法？

Sure, we don't have any real direct impact from the tariffs and for sure, one of the strategies is localization in China for what we sell in China, so it's going to be protected that way, but we have no direct tariff impacts. They're more indirect when the overall economy is adjusting to tariffs, we might feel it in in general volume, but, no, there's no direct tariff impact for us.

當然，我們不會受到關稅的任何實際直接影響，而且我們的策略之一就是對我們在中國銷售的產品進行本地化，這樣我們的產品就會受到保護，但我們不會受到關稅的直接影響。當整體經濟適應關稅時，它們的影響更為間接，我們可能會在整體上感受到它，但不，對我們沒有直接的關稅影響。

Got it. Thanks. Okay, thanks for taking my question.

知道了。謝謝。好的，感謝您回答我的問題。

Thanks, Samir.

謝謝，薩米爾。

(Operator Instructions)

（操作員指示）

Chris Dendrinos, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Chris Dendrinos。

Yeah, good morning and thank you. I wanted to just ask about the heavy duty business you mentioned the Cespira transitional. I think revenues are in there and to confirm, is that rolling off at the end of this coming quarter and then is there any revenue, I guess, outside of that in in that segment? Thanks.

是的，早上好，謝謝。我只是想問一下您提到的 Cespira 過渡型重型業務。我認為收入是包含在內，需要確認的是，這是否會在下個季度末產生，然後我想，除了這部分收入之外，還有其他收入嗎？謝謝。

So what we actually consolidate as part of the really kind of the transition to a stand-alone to Cespira that substantially completed in the second quarter and so from third quarter and beyond, there will be very little revenue what we consider in the HDOEM business going forward.

因此，我們實際上將業務合併為向獨立運營的 Cespira 過渡的一部分，該過渡已於第二季度基本完成，因此從第三季度開始，我們認為未來 HDOEM 業務的收入將非常少。

Got it, thanks. And then maybe just on funding of the spirit going forward, and you mentioned, a big chunk of that $15 million this coming quarters is for that. Are there additional commitments that you all need to make going going beyond 3Q and just how should we think about that funding level going forward?

明白了，謝謝。然後也許只是為未來的精神提供資金，正如您所提到的，未來幾季的 1500 萬美元中的很大一部分將用於此。在第三季之後，你們是否還需要做出額外的承諾？我們該如何考慮未來的資金水準？

Yeah, sure, and I think we've mentioned on a number of the previous earnings calls. When we set up Cespira, it was going to be a three year build out where there would be cash required from the parents to continue to build Cespira for the three years, and that will continue.

是的，當然，我想我們在之前的多次財報電話會議上都提到過。當我們成立 Cespira 時，計劃進行為期三年的建設，需要父母提供現金來繼續建設 Cespira 三年，而且這種情況將繼續下去。

Okay That's it for me. Thank you.

好的，對我來說就這樣了。謝謝。

Thank you very much.

非常感謝。

Thank you. And this does conclude the question and answer session of today's program. I'd like to hand the program back to Dan for any further remarks.

謝謝。今天節目的問答環節到此結束。我想將程序交還給丹，以便他提出進一步的意見。

All right, well thank you very much. I appreciate the support. I appreciate all the questions and I wish everybody a good day. Goodbye.

好的，非常感謝。我感謝大家的支持。我感謝大家提出的問題，並祝福大家有個愉快的一天。再見。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

女士們、先生們，感謝各位參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。再會。