Hyliion Holdings Corp. (NYSE: HYLN) (“Hyliion”), a leader in
electrified powertrain solutions for Class 8 semi-trucks, today
reported its first quarter 2021 business updates.
Key Business Highlights
- Announced the formation of the Hypertruck Innovation Council, a
select group of fleet, logistics and transportation industry
leaders that will actively support and advance the development of
Hyliion’s Hypertruck powertrain solution
- Took delivery of Peterbilt chassis, which will be used for
initial Hypertruck ERX demonstration units
- Continued the multi-phase product development program used to
reach commercialization of the Hypertruck ERX electric powertrain
solution
- Installed ten Hybrid electric powertrains during the first
quarter, continuing deployment of the technology to prepare for
volume growth
- Expects to recognize revenue on improved Hybrid products
delivered in the second half of the year
Executive Commentary
Thomas Healy, Hyliion’s Chief Executive Officer, said, “After a
momentous 2020 for Hyliion, 2021 is off to a great start as we
continue to advance our commercialization strategy for both our
Hybrid and Hypertruck ERX powertrains. I am especially pleased with
the talented team we have been assembling to execute on Hyliion’s
growth plans.”
“We are building the first units of Hypertruck ERX demo vehicles
right now, which is a major milestone on our path to
commercialization. Along with the formation of the Hypertruck
Innovation Council, our Hypertruck ERX program is gaining
operational momentum that we expect will ultimately drive
significant demand for this game-changing electric powertrain
solution. We continue to make rolling improvements to our current
Hybrid system, and we expect to begin recognizing revenue on our
improved Hybrid product in the second half of this year,” added
Healy.
“Last year was a notable year for renewable natural gas (RNG) as
it for the first time supplied the majority of on-road natural gas
vehicle fuel. Captured above ground from organic material in
agricultural, wastewater, landfill, or food waste, RNG can produce
carbon-negative results when fueling on-road vehicles. With RNG
solutions for heavy-duty long-haul trucking, Hyliion is uniquely
positioned to benefit from this large and growing megatrend,”
concluded Healy.
Hypertruck Innovation Council
In early April, Hyliion announced the formation of the
Hypertruck Innovation Council. Representing over 100,000 Class 8
semi-trucks globally, the Council members will collaborate closely
with Hyliion to provide key user insights in the development of the
Hypertruck ERX and will be among the first to operate the
Hypertruck ERX.
As Hyliion works to commercialize its Hypertruck ERX solution,
this feedback from the Council will be incorporated into the design
to help ensure the company brings to market a solution that is most
attractive to the largest portions of the Class 8 market.
Additionally, since these fleets will all get the chance to use the
Hypertruck ERX, this presents a unique opportunity to demonstrate
the product’s superior performance, emissions reductions, and lower
operating costs to potentially generate demand and substantial
orders for the product.
Hypertruck ERX Multi-Phase Product Development
Program
Hyliion has begun its multi-phase product development program
that will be used to commercialize its Hypertruck ERX powertrain
solution. Utilizing the Peterbilt Model 579, a modern,
class-leading long-haul Class 8 commercial truck, this process
enables the efficient development, integration, and validation of
Hyliion’s Hypertruck ERX platform from the ongoing product
development phase through the start of commercial production. By
using this phased approach to commercialization, along with the
valuable insights gained from its Hypertruck Innovation Council,
Hyliion expects to efficiently and rapidly commercialize a
potentially net-carbon-negative powertrain solution with a lower
total cost of ownership that appeals to broad portions of the Class
8 market.
The natural gas tanks and generators have been installed on the
initial trucks, and the installation of the electric powertrain is
underway. These demonstration units, which closely resemble
production intent but are built with prototype tooling, will be
used for performance testing and model validation. These trucks
will also be on display at major trade shows later this summer and
fall.
Hyliion will incorporate learnings from the first phase of
development with feedback from the Hypertruck Innovation Council
into subsequent testing and validation phases, with customer
deliveries expected to begin in 2022.
2021 Milestones
Hyliion expects 2021 to be a pivotal year with the first revenue
expected in the second half of the year from its improved Hybrid
electric powertrains and with Hypertruck ERX demo units on track
for showcasing with fleets towards the end of the year.
Pending Restatement of 2020 Financials
In response to guidance provided by the SEC on April 12, 2021
regarding the accounting and reporting of warrants issued by SPACs,
Hyliion has elected to restate its consolidated financial
statements for the year ending December 31, 2020 to change the
accounting treatment of its warrants. The restatement involves
Hyliion’s historical accounting for its public warrants and private
placement warrants issued in connection with its business
combination. Consistent with previous practice among SPACs, these
warrants have been accounted for as equity. Hyliion now plans to
restate its fourth quarter and full-year 2020 financial statements
to account for the warrants as liabilities. The warrants will be
marked-to-market with non-cash fair value adjustments. On November
30, 2020, Hyliion redeemed its public warrants for cash, leaving no
outstanding warrants at year-end 2020.
The impacts of these restatements are expected to be entirely
non-cash and have no impact on Hyliion’s ongoing business
operations or future plans.
First Quarter 2021 Conference Call
Hyliion will host a conference call and webcast for investors
and other interested parties to review its first quarter 2021
business update on Wednesday, May 12, 2021 at 11:00 a.m. Eastern
Time. Due to the pending restatement, Hyliion will not provide
financial updates until after the filing of the amended Form 10-K
for 2020 and the Form 10-Q for the first quarter of 2021, both
anticipated to be filed by May 24, 2021. 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/8917947
Webcast:
https://investors.hyliion.com/events-and-presentations/default.aspx
About Hyliion Holdings Corp and Hyliion Inc.
Hyliion’s (NYSE: HYLN) mission is to reduce the carbon intensity
and greenhouse gas (GHG) emissions of commercial transportation
Class 8 trucks 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,
the pending restatement, 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210511006220/en/
Hyliion Holdings Corp. Investor Contact Louis
Baltimore ir@hyliion.com
Press Contact Ryann Malone press@hyliion.com (833)
495-4466
Hyliion (NYSE:HYLN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Hyliion (NYSE:HYLN)
Historical Stock Chart
From Jul 2023 to Jul 2024