05:18 PM EDT, 03/25/2024 (MT Newswires) -- Westport Fuel Systems ( WPRT ) shares were last seen down 17% in after-hours Nasdaq trading after the company on Monday said its fourth-quarter loss narrowed on higher sales.

The company said it lost US$13.9 million, or US$0.81 per share, in the period, compared to a loss of US$16.9 million, or US$1.00, in the year-prior quarter.

Revenue rose 12% to US$87.2 million from US$78.0 million.

"I am privileged to report that despite challenges last year, we achieved new milestones, evolved strategically, and prioritized operational efficiency and financial strength and, in doing so, we generated record revenues. Consistent with our priority to drive sustainable growth, our team increased sales volumes in our delayed OEM and electronics, and fuel storage businesses, while also increasing the engineering services we delivered in our heavy-duty OEM business," chief executive Dan Sceli said in a release.

The company said its will focus on three areas in 2024. Those include its High Pressure Direct Injection joint venture with Volvo Group that replaces diesel or gasoline with low-carbon fuels.. It will look to lower costs and improve profitability and position itself as a leader in hydrogen-powered systems.

Westport shares were last seen down US$1.24 to US$6.00 in after-hours trade. They closed up C$1.15 to C$9.64 on the Toronto Stock Exchange.