WESTPORT FUEL SYSTEMS INC.

Alt-fuel systems maker with an explicit going-concern warning, collapsing revenue, and deep losses.

Strengths

• Adequate near-term liquidity: current ratio 1.9 (75th pct), quick ratio 1.8 (88th pct), ~$70m cash/investments
• Divested loss-making Light-Duty segment and cut operating expenses

Risks

• Management flags substantial doubt about going concern — cash deemed insufficient for the next 12 months
• Revenue down 43% (13th pct) with net margin -264% and ROE -90% (13th pct)

Notable findings

• Going concernManagement identifies a material uncertainty regarding our ability to continue as a going concern Management continues to identify a material uncertainty that raises substantial doubt about the Com
• Net lossNet loss (net margin -264.3%)
• Customer concentration~28% of revenue from one customer/distributor — 7 million, or 28% of revenue for the prior year periods