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Westport Quel Systems NEWS RELEASE Westport Fuel Systems Reports Second Quarter 2021 Financial Results 8/5/2021 VANCOUVER , British Columbia , Aug. 05 , 2021 ( GLOBE NEWSWIRE ) -- Westport Fuel Systems Inc. ( " WFS " ) ( TSX : WPRT / Nasdaq : WPRT ) reported financial results for the second quarter ended June 30 , 2021 , and provided an update on operations . All figures are in U.S. dollars unless otherwise stated . SECOND QUARTER 2021 HIGHLIGHTS Record revenue of $ 84.7 million , up 135 % compared to the same period in 2020 and a sequential increase of 11 % compared to Q1 2021 , due to the continued recovery of sales volumes in our independent aftermarket ( " IAM " ) and light - duty original equipment manufacturer ( " OEM " ) businesses as well as continued growth in our heavy - duty OEM business . • Acquisition of Stako sp . z.o.o ( " Stako " ) closed May 30 , 2021 to further support the energy transition to cleaner fuels , for a total purchase price of $ 7.1 million , with a gain on the purchase of $ 5.9 million recorded in the second quarter 2021 . • Net income of $ 17.2 million and net income per share of $ 0.11 mainly due to the gain from the acquisition of Stako , increased gross margin , higher income from Cummins Westport Inc. joint venture ( " CWI " ) , a $ 2.3 million foreign exchange gain and an $ 8.9 million tax recovery recognized for a COVID - 19 tax relief ruling from the government of Italy during the quarter . • Adjusted earnings before interest , taxes , depreciation and amortization ( " Adjusted EBITDA " ) of $ 6.2 million . • Marketed public offering completed June 8 , 2021 , raising gross proceeds of $ 115.1 million , to be used primarily to expand and automate production capacity of our high - pressure direct injection ( " HPDI " ) products to meet growing customer demand , and to fund additional development activities . 1