Westport Cespira JV Drives 33% Q1 Revenue Growth While Overall Sales Drop 69%
Westport’s Cespira joint venture with Volvo drove a $5.6M revenue gain (33% growth) and High-Pressure Controls sales rose 21% in Q1. Overall revenues contracted 69% to $2.3M after ending a transitional service agreement, resulting in a $5.7M net loss and negative $4.9M adjusted EBITDA.
1. Q1 Financial Overview
Westport reported revenues of $2.3 million for the first quarter of 2026, a 69% decline from $7.3 million a year earlier, driven by the conclusion of a transitional service agreement. The company recorded a net loss of $5.7 million and negative adjusted EBITDA of $4.9 million.
2. Cespira JV Performance
The Cespira joint venture with Volvo Group generated $5.6 million in additional revenue, a 33% rise over the prior-year quarter, while reducing its net loss by $4.6 million and lowering capital contributions from $4.7 million to $2.9 million.
3. High-Pressure Controls Segment
Sales in the High-Pressure Controls business climbed 21% year-over-year to support momentum from the new product development and manufacturing facility in Cambridge, Ontario, and the China Hydrogen Innovation Center in Changzhou.
4. Balance Sheet and Cash Position
Westport ended the quarter with $24.5 million in cash and cash equivalents, used $3.3 million in operating activities, and reduced long-term debt to $1.9 million from $2.9 million in December 2025.