Hyliion Q1 Revenue Rises on Sales of Hybrid ePowertrain
[Stay on top of transportation news: Get TTNews in your inbox.]
Hyliion Holdings Corp. reported a net loss and higher revenue in the first quarter as it worked to move its core electric products into the market.
For the period ended March 31, Hyliion, which went public in 2020, reported a net loss of $27.1 million, or a loss of 16 cents per diluted share, compared with a loss of $16.5 million, a loss of 10 cents, a year earlier.
Revenue reached $340,000 compared with no revenue a year earlier. It came from sales of its hybrid electric powertrain.
In the fourth quarter, Hyliion reported $200,000 in revenue from sales of the Hybrid eX powertrain (electric axle, proprietary battery pack, controller, auxiliary power unit and in-cab display with optional aerodynamic devices).
“The recent expansion of our sales force has paid immediate dividends and we are progressing quickly with our commercialization plans to take advantage of the positive feedback we continue to receive from customers at our ongoing ride and drive events,” said Thomas Healy, Hyliion’s founder and CEO. “2022 should be a critical year for Hyliion’s product development as we advance our technology solutions to address the transportation sector’s environmental impact.”
Hyliion noted it increased to 170 its order backlog, with deposits, for its 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. There are nearly 2,000 reservations without deposits.
It closed the quarter with $527 million on its balance sheet, the Austin, Texas-based company reported, and noted it is sufficient to fund its current commercialization plans for the Hybrid and Hypertruck ERX powertrains.
Want more news? Listen to today's daily briefing below or go here for more info: