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Hyliion Holdings Corp. reported a fourth-quarter net loss and modest first-time revenue as its work on providing electrified powertrains for Class 8 trucks continued.
For the period ended Dec. 31, it had a net loss of $29.6 million, or a loss of 17 cents per diluted share. That compared with net income of $342.7 million, but a loss of 12 cents (resulting from going public as a special purpose acquisition company, or SPAC).
Revenue was $200,000, all linked to sales of the company’s Hybrid eX powertrain (electric axle, proprietary battery pack, controller, auxiliary power unit and in-cab display with optional aerodynamic devices).
For the year, the net loss was $96.4 million, or a loss of 56 cents, compared with net income of $324.1 million, but a loss of 35 cents in the 2020 period.
Revenue for the year was, again, $200,000.
The company noted it expects full-year 2022 revenue of $2 million to $3 million from Hybrid eX sales. It also expects total operating expenses of $135 million to $145 million to support commercialization efforts of both Hybrid eX and Hypertruck ERX (electric range extender), which uses a generator fueled by natural gas, or eventually hydrogen, to charge batteries, allowing for an extended range of 1,000 miles.
Hyliion founder and CEO Thomas Healy said during the earnings call a total of 100 orders were in hand, with deposits, from five fleets to secure their production slots for the Hypertruck ERX, adding there are an additional nearly 2,000 reservations — no deposit required — for future production slots.
Hyliion sent the Hypertruck ERX, starting in November, on a roadshow intended to build interest and a backlog.
“The vehicle is smooth, quiet. It has instant acceleration compared with a diesel. Many [drivers] could not even tell when the generator kicked on to begin recharging the batteries,” he said. “Our level of integration is better than other electric vehicles that these fleets said they had experienced. For example, the way the vehicle shifts is much smoother and the interior maintains the same look and feel as a traditional truck. There is no range anxiety associated with our solution. It requires no new infrastructure.”
Hyliion intends this year to build 10 more design-verification Hypertruck ERX systems, installed on existing trucks, to continue the validation process close to Austin, Texas, where it is based.
Production is scheduled for the second half of 2023.
He also gave an update on the Hybrid eX product whose ongoing production has been hampered by supply chain constraints, including wiring harnesses and sheet metal, that pushed some deliveries into the first quarter from the fourth quarter.
But there have been significant changes in the competitive landscape within the Class 8 truck market, he said, as many fleets prefer a fully electric truck. “We believe the market opportunity for the Hybrid eX product has been reduced given the anticipation of other fully electric products coming to market in the near term [including a 15-liter natural gas engine from Cummins Inc.].”
Other fleets continue to request the product, he said, and Hyliion will continue to offer it.
The company is listed as HYLN on the New York Stock Exchange and went public Oct. 2, 2020 — where it opened in the $40 range.
The day the fourth-quarter results were announced its stock at midday was up 9.55% to $3.88.
Recently Hyliion added Jay Craig, former chairman and CEO of Meritor Inc., to its board.
“At Meritor, he oversaw the company’s product portfolio and the development of a number of electrification products,” Healy said, “some of which are now used in our Hypertruck ERX. We will certainly benefit from his experience leading a global drivetrain company into the electrification space.”
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