$WPRT

WESTPORT INNOVATIONS INC

CIK:0001370416|SEC Filings

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Revenue	$ 23,318	$ 40,698	$ 68,154
Cost of revenue	20,638	37,855	67,794
Gross profit (loss)	2,680	2,843	360
Operating expenses:
Research and development	5,783	9,532	12,836
General and administrative	13,957	20,723	25,106
Sales and marketing	1,481	2,709	5,842
Foreign exchange loss (gain)	(5,365)	6,227	1,040
Depreciation and amortization (note 9)	515	661	1,153
Loss on sale of assets	0	703	0
Impairment of long-lived assets (note 9)	538	0	0
Cost of revenue and expenses	16,909	40,555	45,977
Loss from continuing operations	(14,229)	(37,712)	(45,617)
Loss from investments accounted for by the equity method (notes 8 and 17)	(15,845)	(6,715)	0
Gain on deconsolidation	0	15,198	0
Loss on sale of investment	0	(352)	0
Loss on extinguishment of royalty payable	0	0	(2,909)
Interest on long-term debt and accretion of royalty payable	(613)	(1,083)	(1,724)
Impairment of long-term investment	0	0	(413)
Interest and other income, net of bank charges	1,259	(88)	2,572
Loss before income taxes	(29,428)	(30,752)	(48,091)
Income tax expense (recovery) (note 14(a)):
Current	143	481	344
Deferred	0	35	(17)
Income tax expense (recovery)	143	516	327
Net loss from continuing operations	(29,571)	(31,268)	(48,418)
Net income (loss) from discontinued operations (note 5)	(32,055)	9,427	(1,300)
Net loss for the year	(61,626)	(21,841)	(49,718)
Other comprehensive income (loss):
Cumulative translation adjustment	4,898	(2,535)	4,473
Reclassification of accumulated foreign currency translation on deconsolidation	(10,070)	0	0
Ownership share of equity method investments' other comprehensive loss	(1,898)	(113)	0
Other comprehensive income (loss)	(7,070)	(2,648)	4,473
Comprehensive loss	$ (68,696)	$ (24,489)	$ (45,245)
Loss per share:
From continuing operations - basic (in dollars per share)	$ (1.71)	$ (1.81)	$ (2.82)
From continuing operations - diluted (in dollars per share)	(1.71)	(1.81)	(2.82)
From discontinued operations - basic (in dollars per share)	(1.85)	0.55	(0.08)
From discontinued operations - diluted (in dollars per share)	(1.85)	0.55	(0.08)
Net loss per share, basic (in dollars per share)	(3.56)	(1.26)	(2.90)
Net loss per share, diluted (in dollars per share)	$ (3.56)	$ (1.26)	$ (2.90)
Weighted average common shares outstanding:
Basic (in shares)	17,343,595	17,248,090	17,173,016
Diluted (in shares)	17,343,595	17,248,090	17,173,016

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating activities:
Net loss from continuing operations	$ (29,571)	$ (31,268)	$ (48,418)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	735	2,183	5,820
Stock-based compensation expense	808	766	1,267
Unrealized foreign exchange loss (gain)	(5,365)	6,227	1,040
Deferred income tax expense (recovery)	0	35	(17)
Loss from investments accounted for by the equity method	(15,845)	(6,715)	0
Interest on long-term debt and accretion of royalty payable	92	74	136
Impairment of long-lived assets (note 9)	538	0	0
Change in inventory write-downs to net realizable value (note 7)	403	1,143	4,714
Loss on extinguishment	0	0	2,909
Gain on deconsolidation	0	(15,198)	0
Loss on sale of investment	0	(352)	0
Net loss on sale of assets (notes 10)	0	703	0
Impairment of long-term investment	0	0	413
Change in bad debt expense	233	288	(500)
Net cash used before working capital changes	(16,282)	(27,980)	(32,636)
Changes in working capital	2,038	22,205	(7,365)
Net cash used in operating activities of continuing operations	(14,244)	(5,775)	(40,001)
Net cash (used in) provided by operating activities of discontinued operations	(862)	13,111	26,810
Investing activities:
Purchase of property, plant and equipment	(2,693)	(3,813)	(6,481)
Proceeds on sale of investments	0	29,994	0
Proceeds from sale of operations, net of cash in disposed operations	26,034	0	0
Proceeds received from holdback receivable (note 6)	14,067	0	0
Capital contributions to investments accounted for by the equity method	(21,654)	(9,900)	0
Net cash provided by (used in) investing activities of continuing operations	15,754	16,281	(6,481)
Net cash used in investing activities of discontinued operations	(3,169)	(11,815)	(8,933)
Financing activities:
Drawings on operating lines of credit and long-term facilities	5,839	15,537	35,116
Repayment of operating lines of credit and long-term facilities	(9,836)	(34,229)	(32,324)
Payment of royalty payable	0	0	(8,687)
Net cash used in financing activities of continuing operations	(3,997)	(18,692)	(5,895)
Net cash (used in) provided by financing activities of discontinued operations	(6,168)	(6,518)	3,671
Effect of foreign exchange on cash and cash equivalents	2,198	(3,799)	(502)
Net decrease in cash and cash equivalents	(10,488)	(17,207)	(31,331)
Cash and cash equivalents, beginning of year (including restricted cash)	37,646	54,853	86,184
Cash and cash equivalents, end of year (including restricted cash)	27,158	37,646	54,853
Less: cash and cash equivalents from discontinued operations, end of year (including restricted cash)	0	22,892	42,631
Cash and cash equivalents from continuing operations, end of year (including restricted cash)	27,158	14,754	12,222
Supplementary information:
Interest paid	1,477	2,721	2,972
Taxes paid, net of refunds	1,925	2,108	2,302
Changes in working capital [Abstract]
Accounts receivable	2,268	37,032	(6,896)
Inventories	3,369	(6)	2,766
Prepaid expenses	217	(635)	(4,006)
Accounts payable and accrued liabilities	(3,824)	(13,057)	3,626
Warranty liability	$ 8	$ (1,129)	$ (2,855)

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents from continuing operations, end of year (including restricted cash)	$ 27,158	$ 14,754
Accounts receivable (note 6)	10,177	18,738
Inventories (note 7)	3,037	6,668
Prepaid expenses	1,182	1,328
Assets held for sale (note 5)	0	128,398
Total current assets	41,554	169,886
Long-term investments (note 8)	42,714	36,866
Property, plant and equipment (note 9)	5,605	3,120
Operating lease right-of-use assets	1,756	823
Other long-term assets (note 10)	2,380	1,431
Long-term assets held for sale (note 5)	0	79,495
Total assets	94,009	291,621
Current liabilities:
Accounts payable and accrued liabilities (note 11)	17,933	19,435
Current portion of operating lease liabilities	493	288
Current portion of long-term debt (note 12)	2,924	3,905
Current portion of warranty liability	199	277
Current liabilities held for sale (note 5)	0	84,488
Total current liabilities	21,549	108,393
Long-term operating lease liabilities	1,292	548
Long-term debt (note 12)	0	2,932
Warranty liability	966	875
Other long-term liabilities	1,389	1,388
Long-term liabilities held for sale (note 5)	0	40,460
Total liabilities	25,196	154,596
Share capital (note 13):
Unlimited common and preferred shares, no par value 17,282,934 (2024 - 17,174,502) common shares issued and outstanding	1,246,793	1,245,805
Other equity instruments	8,968	9,472
Additional paid-in-capital	11,516	11,516
Accumulated deficit	(1,157,901)	(1,096,275)
Accumulated other comprehensive loss	(40,563)	(33,493)
Total shareholders' equity	68,813	137,025
Total liabilities and shareholders' equity	94,009	291,621
Commitments and contingencies (note 16)