Hyliion Holdings Corp. (NYSE: HYLN)
(“Hyliion”), parent company of Hyliion Inc. and a leader in
electrified powertrain solutions for Class 8 commercial vehicles,
today reported its fourth quarter and full year 2020 financial
results.
Key Business Highlights
- Announced the introduction of the company’s next generation
battery module, which is capable of up to five times as much cycle
life than a conventional EV battery, can be recharged in under
eight minutes and allows for more than a 40% improvement in cooling
compared to the previous system. This enables a higher charge rate
and longer sustained power output.
- Achieved previously forecasted volumes for 2020, including
installation of seven Hybrid electric units in the fourth quarter
and 20 Hybrid electric units for the full year 2020.
- Designed and developed the next generation Hybrid system, which
will be introduced in 2021. The system will feature the next
generation battery module, incorporate a custom e-axle solution,
and include enhanced on-board data analytics capabilities.
- Initial Hypertruck ERX builds will utilize a Peterbilt chassis;
Hyliion placed the first orders of Peterbilt trucks with
specifications that are ideal for the Hypertruck ERX
powertrain.
- Strategically designed the Hypertruck technology roadmap to be
compatible with hydrogen fuel cell technology.
- Received approximately $141 million in cash proceeds upon
exercise of public warrants for approximately 12.2 million shares
of common stock.
- Expanded the executive team with appointments of Sherri Baker
as Chief Financial Officer; Jose Oxholm as Vice President, General
Counsel and Chief Compliance Officer; Bobby Cherian as Senior Vice
President of Sales and Supply Chain; and Matthew Loos as Senior
Vice President of Marketing.
Executive Commentary
Thomas Healy, Hyliion’s Chief Executive Officer, said, “We
concluded a momentous year for Hyliion and significantly advanced
our commercialization strategy. I am pleased with all that we have
accomplished as our team continues to adapt in this unprecedented
environment.
We enter 2021 with strong financial and operational resources
and an established network of strategic partners. The powertrain
technologies we have already deployed, and those that we will bring
to market, further differentiate Hyliion and reflect our unique
competitive advantages. We are delivering proven, cost-effective
and eco-friendly solutions that we anticipate will electrify and
revolutionize the commercial transportation industry.”
Next Generation Battery Module
On Feb. 11, 2021, the company announced its next generation
battery module, which integrates Toshiba’s LTO cells with Hyliion’s
proprietary technology advancements. The new module delivers
multiple benefits tied to performance, including more than a 40%
improvement in cooling compared to the previous system, up to five
times longer battery life, and can be recharged in under eight
minutes. The new module design reduces the operating temperature of
the cells allowing for a safer operating environment and has
already passed UN 38.3 battery testing procedures. Building on
Hyliion’s proprietary battery system, the new battery module will
be incorporated into the next evolution of Hyliion’s Hybrid system.
Furthermore, the company sees possible additional use cases and
opportunities to deploy this technology across other industries and
applications.
2021 Focus
Hyliion is providing significant value to current and
prospective customers today through expanded commercialization and
deployment of its Hybrid powertrain solution. In addition, the
company will introduce the next generation Hybrid system in 2021.
This system will feature the next generation battery module,
incorporate a custom e-axle solution, and include enhanced on-board
data analytics capabilities. Potential benefits of utilizing the
next generation Hybrid system compared to conventional diesel or
CNG commercial vehicles include reduced fuel usage, emissions,
idling, and/or improved performance.
Later this year, Hyliion plans to introduce demonstration units
of the Hypertruck ERX, which can deliver net-negative carbon
emissions, greater acceleration, range, and significant cost
savings, all the while recharging itself en route. Key
commercialization milestones have been planned throughout 2021
including the initial build of demonstration trucks, collaboration
with industry leading fleet partners and the deployment of test
units within fleets operations by the end of the year.
In tandem, Hyliion is developing powertrains that are fuel
agnostic and designed to offer customers the greatest flexibility
as they transition to electrified transportation. The company’s
solutions are designed to capitalize on the advantages RNG provides
today, while being compatible with hydrogen fuel cells – well
situating Hyliion to leverage hydrogen when the technology and
infrastructure become available. In addition, Hyliion continues to
invest in and explore additional strategic partnerships focused on
commercialization of current product lines, disruptive technology,
and talent acquisition.
4Q20 Conference Call
Hyliion will host a conference call and webcast for investors
and other interested parties to review its fourth quarter 2020
financial results on Wednesday, Feb. 24, 2021 at 11:00 a.m. Eastern
Time. A live webcast of the call, as well as an archived replay
following, will be available online on the Investor Relations
section of Hyliion’s website. Those wishing to participate can
access the call using the links below:
Conference Call Online Registration:
http://www.directeventreg.com/registration/event/4551008
Webcast:
https://investors.hyliion.com/events-and-presentations/default.aspx
Full year 2020 financial results for Hyliion Holdings Corp.
(f/k/a Tortoise Acquisition Corp.) on a consolidated basis will
also be filed with the SEC on Form 10-K.
About Hyliion Holdings Corp and Hyliion Inc.
Hyliion Inc. is a wholly owned subsidiary of Hyliion Holdings
Corp. (NYSE: HYLN). Hyliion’s mission is to reduce the carbon
intensity and greenhouse gas (GHG) emissions of commercial
transportation Class 8 vehicles by being a leading provider of
electrified powertrain solutions. Leveraging advanced software
algorithms and data analytics capabilities, Hyliion offers fleets
an easy, efficient system to decrease fuel and operating expenses
while seamlessly integrating with their existing fleet operations.
Headquartered in Austin, Texas, it designs, develops and sells
electrified powertrain solutions that are designed to be installed
on most major Class 8 commercial vehicles, with the goal of
transforming the commercial transportation industry’s environmental
impact at scale. For more information, visit www.hyliion.com.
Forward Looking Statements
The information in this press release includes “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. All statements, other than statements of
present or historical fact included in this press release,
regarding Hyliion and its future financial performance, as well as
its strategy, future operations, estimated financial position,
estimated revenues, and losses, projected costs, prospects, plans
and objectives of management are forward looking statements. When
used in this press release, including any oral statements made in
connection therewith, the words “could,” “should,” “will,” “may,”
“believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,”
the negative of such terms and other similar expressions are
intended to identify forward-looking statements, although not all
forward-looking statements contain such identifying words. These
forward-looking statements are based on management’s current
expectations and assumptions about future events and are based on
currently available information as to the outcome and timing of
future events. Except as otherwise required by applicable law,
Hyliion disclaims any duty to update any forward-looking
statements, all of which are expressly qualified by the statements
herein, to reflect events or circumstances after the date of this
press release. Hyliion cautions you that these forward-looking
statements are subject to numerous risks and uncertainties, most of
which are difficult to predict and many of which are beyond the
control of Hyliion. These risks include, but are not limited to,
Hyliion’s ability to disrupt the powertrain market, Hyliion’s focus
in 2021 and beyond, the effects of Hyliion’s dynamic and
proprietary solutions on its commercial vehicle customers,
accelerated commercialization of the Hypertruck ERX, the ability to
meet 2021 and future product milestones, the impact of COVID-19 on
long-term objectives, and the ability to reduce carbon intensity
and greenhouse gas. Should one or more of the risks or
uncertainties described in this press release occur, or should
underlying assumptions prove incorrect, actual results and plans
could different materially from those expressed in any
forward-looking statements. Additional information concerning these
and other factors that may impact Hyliion's operations and
projections can be found in its filings with the Securities and
Exchange Commission (the "SEC"). Hyliion's SEC Filings are
available publicly on the SEC’s website at www.sec.gov.
Hyliion Holdings Corp.
Consolidated Statement of Operations
(Dollar amounts in thousands, except share
and per share data)
Three Months Ended December
31,
2020
2019
Operating expenses:
Research and development
$
(4,464
)
$
(2,553
)
Selling, general and administrative
expenses
(5,880
)
(753
)
Loss from operations
(10,344
)
(3,306
)
Other income (expense):
Interest expense
(1
)
(1,084
)
Change in fair value of convertible notes
payable derivative liabilities
-
296
Other income
-
7
Loss on extinguishment of debt
(10,170
)
-
Total other expense
(10,171
)
(781
)
Net loss
$
(20,515
)
$
(4,087
)
Net loss per share, basic and diluted
$
(0.13
)
$
(0.05
)
Weighted-average shares outstanding, basic
and diluted
156,352,637
86,762,463
Hyliion Holdings Corp.
Consolidated Statements of
Operations
(Dollar amounts in thousands, except share
and per share data)
Years Ended December
31,
2020
2019
Operating expenses:
Research and development
$
(12,598
)
$
(9,269
)
Selling, general and administrative
expenses
(9,585
)
(2,730
)
Loss from operations
(22,183
)
(11,999
)
Other income (expense):
Interest expense
(5,459
)
(3,260
)
Change in fair value of convertible notes
payable derivative liabilities
(1,358
)
1,119
Other income
(12
)
27
Loss on extinguishment of debt
(10,170
)
-
Total other expense
(16,999
)
(2,114
)
Net loss
$
(39,182
)
$
(14,113
)
Net loss per share, basic and diluted
$
(0.38
)
$
(0.16
)
Weighted-average shares outstanding, basic
and diluted
104,324,059
86,643,714
Hyliion Holdings Corp.
Consolidated Balance Sheets
(Dollar amounts in thousands, except share
and per share data)
December 31,
2020
2019
Assets
Current assets:
Cash and cash equivalents
$
389,705
$
6,285
Accounts receivable
92
145
Prepaid expenses and other current
assets
16,408
414
Short-term investments
201,881
-
Total current assets
608,086
6,844
Property and equipment, net
1,171
1,635
Operating lease right-of-use assets
5,055
4,976
Intangible assets, net
332
429
Other assets
193
212
Long-term investments
35,970
-
Total assets
$
650,807
$
14,096
Liabilities and stockholders’ equity
(deficit)
Current liabilities:
Accounts payable
$
1,890
$
1,156
Convertible notes payable derivative
liabilities
-
3,029
Current portion of operating lease
liabilities
734
953
Current portion of debt
49
6,720
Accrued expenses and other current
liabilities
1,982
500
Total current liabilities
4,655
12,358
Operating lease liabilities, net of
current portion
5,076
4,803
Convertible notes payable derivative
liabilities, net of current portion
-
5,322
Debt, net of current portion
908
9,682
Total liabilities
10,639
32,165
Commitments and contingencies (Note
15)
Stockholders’ equity (deficit)
Common stock, $0.0001 par value;
250,000,000 shares authorized; 169,316,421 and 86,762,463 shares
issued and outstanding at December 31, 2020 and 2019,
respectively
17
9
Additional paid-in capital
728,299
30,888
Accumulated deficit
(88,148
)
(48,966
)
Total stockholders’ equity (deficit)
640,168
(18,069
)
Total liabilities and stockholders’ equity
(deficit)
$
650,807
$
14,096
Hyliion Holdings Corp.
Consolidated Statements of Cash
Flows
(Dollar amounts in thousands)
Years Ended December
31,
2020
2019
Operating activities:
Net loss
$
(39,182
)
$
(14,113
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
850
1,028
Loss on extinguishment of debt
10,170
-
Noncash lease expense
928
1,312
Paid-in-kind interest on convertible notes
payable
1,085
723
Amortization of debt discount
4,237
2,485
Share-based compensation
294
125
Change in fair value of convertible notes
payable derivative liabilities
1,358
(1,118
)
Change in fair value of contingent
consideration liability
-
(27
)
Change in operating assets and
liabilities, net of effects of business
acquisition:
Accounts receivable
53
(28
)
Prepaid expenses and other current
assets
(4,019
)
(62
)
Other assets
19
106
Accounts payable
734
(684
)
Accrued expenses and other current
liabilities
1,482
(21
)
Operating lease liabilities
(953
)
(798
)
Net cash used in operating activities
(22,944
)
(11,072
)
Investing activities:
Purchase of property and equipment
(311
)
(349
)
Purchase of investments
(237,851
)
-
Proceeds from sale of property and
equipment
22
-
Net cash used in investing activities
(238,140
)
(349
)
Financing activities:
Business Combination and PIPE financing,
net of issuance costs paid
516,454
-
Proceeds from the exercise of stock
warrants
124,536
-
Proceeds from convertible notes payable
issuance and derivative liabilities
3,200
16,803
Proceeds from Paycheck Protection Program
loan
908
-
Payments for deferred financing costs
(468
)
-
Repayments on finance lease
obligations
(247
)
(201
)
Proceeds from exercise of common stock
options
121
7
Net cash provided by financing
activities
644,504
16,609
Net increase in cash and cash
equivalents:
383,420
5,188
Cash and cash equivalents, beginning of
period
6,285
1,097
Cash and cash equivalents, end of
period
$
389,705
$
6,285
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Hyliion Holdings Corp. Investor Inquiries
ir@hyliion.com
Press Inquiries Liz Hilton press@hyliion.com (833)
495-4466
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