Hyliion Holdings Corp. (NYSE: HYLN) (“Hyliion”), a leader in
electrified powertrain solutions for Class 8 semi-trucks, today
reported its second-quarter 2022 financial results.
Key Business Highlights
- Increased order backlog to 200 Hypertruck ERX™ production
slots, plus nearly 2,000 units in reservations to date
- Reached new milestone in Hypertruck ERX development with start
of on-road testing of design verification vehicles
- Completed first freight delivery with Hypertruck ERX in
partnership with GreenPath Logistics for one of the nation’s
largest retailers
- Generated $0.2 million in revenue from Hybrid sales with
approximately $1.5 million in backlog
- Confirmed Hypertruck ERX would qualify for tax incentive of
30%, up to $40,000, as part of the newly proposed Inflation
Reduction Act
- Closed quarter with over $500 million on balance sheet
- Company reiterates full-year 2022 revenue expectations of
between $2.0 million and $3.0 million; lowers range for full-year
operating expenses to between $130 million and $140 million
Executive Commentary
“The transportation and energy markets are changing rapidly, and
despite persistent macroeconomic headwinds, Hyliion remains poised
to revolutionize the market for Class 8 semi-trucks,” said Thomas
Healy, Hyliion’s founder and chief executive officer. “We are
turning industry interest in our technology into orders and are
highly encouraged by the potential for further adoption of our
technology. Moreover, we remain on schedule with our development
and design verification timeline, including on-road testing.
Importantly, we recently achieved a significant milestone in our
Hypertruck ERX development by completing our first delivery of
freight for one of the nation’s largest retailers. This was in
partnership with GreenPath Logistics, a Hypertruck ERX Innovation
Council member and customer of both our Hybrid and Hypertruck ERX
powertrain solutions.”
“In the second quarter, as previously announced, we formalized
what has been a successful and productive partnership with Cummins
to optimize the Cummins natural gas engine as the generator for the
Hypertruck ERX powertrain. Working together, we will pursue key
environmental certifications for the natural gas engine that serves
as a range-extender by providing onboard power generation to
recharge the Hypertruck ERX’s batteries.”
The Hypertruck ERX offers 75 miles of electric range, which
qualifies for credits under the California Air Resources Board’s
anticipated zero-emission vehicle mandates and can achieve up to
1,000 miles of full range through the generator, eliminating the
range anxiety associated with competing solutions.
Hypertruck ERX Orders and Reservations Update
The Company secured additional orders for Hypertruck ERX
production slots from multiple fleets, bringing the total number of
orders to 200. The Company has also received reservations totaling
nearly 2,000 units to date. These orders and reservations remain
subject to the finalization of commercial terms.
As previously announced, both NFI Industries and Holcim each
placed 10-unit orders for Hypertruck ERX production slots. In
addition to being a founding member of Hyliion’s Hypertruck
Innovation Council, NFI is a fully integrated North American
supply-chain solutions provider with a 90-year history and a fleet
of more than 4,500 trucks. The order followed a recent Ride and
Drive event at Hyliion’s Austin headquarters to evaluate the
potential role of the Hypertruck ERX in support of NFI’s goal of
zero-emissions goods movement. Holcim, a global leader in
innovative and sustainable building solutions, will seek to replace
existing diesel-fueled trucks in its Texas and Oklahoma
operations.
Last month, Hyliion secured orders for an additional 10 units of
the Hypertruck ERX from Ruan, a Hypertruck Innovation Council
member. With nearly 4,000 trucks and 300 operating locations
nationwide, Ruan is one of the top 10 privately-owned
transportation and logistics companies in the country.
Hypertruck ERX Development
In the second quarter, the Company continued the
design-verification phase of its Hypertruck ERX development with
the start of on-road testing. Hyliion remains on schedule to
complete design verification, including initial controlled fleet
trials and the start of winter testing, by the end of this year.
This marks the third consecutive quarter that the Company has met
the commercialization goals laid out on its fourth quarter 2021
earnings call. Hyliion’s multi-phase development program includes
the accumulation of up to one million test miles. Concurrently, the
Company is pursuing final regulatory approvals with a goal of
starting formal production late next year. Hyliion continues to
work closely with its suppliers to secure delivery of components
necessary to reach its development and commercial milestones.
Hypertruck ERX Government Credits
The recently proposed federal Inflation Reduction Act includes a
provision for a 30% tax credit, up to $40,000 for technologies that
reduce greenhouse gas (GHG) emissions. Under the current draft, the
Hypertruck ERX would qualify for the tax credit. Such a reduction
in up-front costs would lower barriers to entry to electrification
for current diesel users and allow for an easier transition to
cleaner technology. The Company will continue to work with elected
officials in support of the bill becoming law.
Hybrid Update
In the second quarter, Hyliion continued to install and deliver
its Hybrid powertrain systems. Due to persistent shortages and
extended lead times for commercial trucks, the Company continues to
experience delays in customer truck availability, which has
affected installation and delivery timing. The Company currently
has a backlog for the Hybrid system of approximately $1.5 million.
In the balance of 2022, the Company will continue to upfit customer
trucks with Hybrid product. Hyliion is also exploring the sale of
full trucks with installed Hybrid systems to customers as an
additional path to market.
Financial Highlights and Operating Expense Guidance
In the second quarter, the Company recorded $0.2 million in
revenue. The Company’s second-quarter operating expenses totaled
$32.2 million, driven primarily by R&D. Hyliion ended the
quarter with over $500 million of capital available on its balance
sheet, which is sufficient to fund its current commercialization
plans for the Hybrid and Hypertruck ERX powertrains. This includes
cash and cash equivalents of $199.9 million, short-term investments
of $188.9 million, and long-term investments of $111.3 million.
For the full-year 2022, Hyliion expects revenue in the range of
$2 million to $3 million from Hybrid sales and the potential sale
of full trucks with Hybrid systems. The Company lowered its
operating expense guidance to the range of $130 million to $140
million, driven primarily by timing of research and development
costs to support commercialization of the Hypertruck ERX with no
expected impact to the commercialization milestones we have laid
out.
Upcoming Events
Hyliion will be hosting a virtual ride and drive event for the
investment community on September 13th that will be broadcast from
its headquarters in Austin, TX.
The Company recently launched an educational video series on its
investor relations website and further updates will be published in
the coming weeks.
Second Quarter 2022 Conference Call
Hyliion will host a conference call and accompanying webcast at
11:00 a.m. EST / 10:00 a.m. CST on Wednesday, August 10 to discuss
its financials, business results, and outlook. The 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:
https://conferencingportals.com/event/vjUOPPlo
Webcast:
https://investors.hyliion.com/events-and-presentations/default.aspx
Second-quarter 2022 financial results for Hyliion Holdings Corp.
will also be filed with the SEC on Form 10-Q.
About Hyliion
Hyliion’s mission is to reduce the carbon intensity and
greenhouse gas (GHG) emissions of Class 8 semi-trucks by being a
leading provider of electrified powertrain solutions. Hyliion
offers fleets efficient and practical systems to decrease fuel and
operating expenses while seamlessly integrating with their existing
fleet operations. Headquartered in Austin, Texas, Hyliion designs,
develops, and sells electrified powertrain solutions that can be
installed on most major Class 8 semi-trucks, and leverages advanced
software algorithms and data analytics to improve overall
efficiencies. Hyliion’s goal is to transform 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 and operational
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 expressly 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, our status as an early stage
company with a history of losses, and our expectation of incurring
significant expenses and continuing losses for the foreseeable
future; our ability to develop to develop key commercial
relationships with suppliers and customers; our ability to retain
the services of Thomas Healy, our Chief Executive Officer; our
ability to disrupt the powertrain market; the effects of our
dynamic and proprietary solutions on commercial truck customers;
the ability to accelerate the commercialization of the Hypertruck
ERX; our ability to meet 2022 and future product milestones; the
impact of COVID-19 on long-term objectives; the ability of our
solutions to reduce carbon intensity and greenhouse gas emissions,
and the other risks and uncertainties described under the heading
“Risk Factors” in our other SEC filings including in our Annual
Report (See item 1A. Risk Factors) on Form 10-K filed with the
Securities and Exchange Commission (the “SEC”) on February 24, 2022
for the year ended December 31, 2021. Given these risks and
uncertainties, readers are cautioned not to place undue reliance on
such forward-looking statements. 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 SEC. Hyliion’s SEC
Filings are available publicly on the SEC’s website at www.sec.gov, and readers are urged to carefully
review and consider the various disclosures made in such
filings.
HYLIION HOLDINGS CORP.
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollar amounts in thousands,
except share and per share data)
Three Months Ended June
30,
Six Months Ended June
30,
2022
2021
2022
2021
Revenues
Product sales and other
$
172
$
—
$
512
$
—
Total revenues
172
—
512
—
Cost of revenues
Product sales and other
2,145
—
4,244
—
Total cost of revenues
2,145
—
4,244
—
Gross loss
(1,973
)
—
(3,732
)
—
Operating expenses
Research and development
(20,057
)
(13,389
)
(35,865
)
(22,721
)
Selling, general and administrative
(12,167
)
(10,052
)
(21,991
)
(17,451
)
Total operating expenses
(32,224
)
(23,441
)
(57,856
)
(40,172
)
Loss from operations
(34,197
)
(23,441
)
(61,588
)
(40,172
)
Interest income
855
197
1,140
366
Loss on disposal of assets
(133
)
—
(135
)
—
Net loss
$
(33,475
)
$
(23,244
)
$
(60,583
)
$
(39,806
)
Net loss per share, basic and diluted
$
(0.19
)
$
(0.13
)
$
(0.35
)
$
(0.23
)
Weighted-average shares outstanding, basic
and diluted
173,897,517
172,260,525
173,741,910
171,260,671
HYLIION HOLDINGS CORP.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Dollar amounts in thousands,
except share data)
June 30, 2022
December 31,
2021
(Unaudited)
Assets
Current assets
Cash and cash equivalents
$
199,933
$
258,445
Accounts receivable
114
70
Inventory
176
114
Prepaid expenses and other current
assets
8,364
9,068
Short-term investments
188,868
118,787
Total current assets
397,455
386,484
Property and equipment, net
2,220
2,235
Operating lease right-of-use assets
7,101
7,734
Intangible assets, net
186
235
Other assets
1,743
1,535
Long-term investments
111,299
180,217
Total assets
$
520,004
$
578,440
Liabilities and stockholders’
equity
Current liabilities
Accounts payable
$
2,705
$
7,455
Current portion of operating lease
liabilities
273
21
Accrued expenses and other current
liabilities
11,177
7,759
Total current liabilities
14,155
15,235
Operating lease liabilities, net of
current portion
7,814
8,623
Other liabilities
1,295
667
Total liabilities
23,264
24,525
Commitments and contingencies
Stockholders’ equity
Common stock, $0.0001 par value;
250,000,000 shares authorized; 173,998,968 and 173,468,979 shares
issued and outstanding at June 30, 2022 and December 31, 2021,
respectively
17
17
Additional paid-in capital
378,203
374,795
Retained earnings
118,520
179,103
Total stockholders’ equity
496,740
553,915
Total liabilities and stockholders’
equity
$
520,004
$
578,440
HYLIION HOLDINGS CORP.
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollar amounts in
thousands)
Six Months Ended June
30,
2022
2021
Cash flows from operating
activities
Net loss
$
(60,583
)
$
(39,806
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
554
414
Amortization and accretion of
investments
1,043
847
Noncash lease expense
613
518
Inventory write-down
3,313
—
Loss on disposal of assets
135
—
Share-based compensation
3,485
3,427
Changes in operating assets and
liabilities:
Accounts receivable
(44
)
—
Inventory
(3,375
)
—
Prepaid expenses and other assets
595
4,939
Accounts payable
(4,794
)
5,940
Accrued expenses and other liabilities
4,024
(182
)
Operating lease liabilities
(537
)
(256
)
Net cash used in operating activities
(55,571
)
(24,159
)
Cash flows from investing
activities
Purchase of property and equipment
(559
)
(965
)
Payments for security deposit, net
—
(57
)
Purchase of investments
(106,797
)
(239,021
)
Proceeds from sale and maturity of
investments
104,492
176,358
Net cash used in investing activities
(2,864
)
(63,685
)
Cash flows from financing
activities
Proceeds from exercise of stock warrants,
net of issuance costs
—
16,257
Payments for Paycheck Protection Program
loan
—
(908
)
Proceeds from exercise of common stock
options
54
502
Taxes paid related to net share settlement
of equity awards
(131
)
—
Net cash (used in) provided by financing
activities
(77
)
15,851
Net decrease in cash and cash equivalents
and restricted cash
(58,512
)
(71,993
)
Cash and cash equivalents and restricted
cash, beginning of period
259,110
389,705
Cash and cash equivalents and restricted
cash, end of period
$
200,598
$
317,712
Supplemental disclosure of noncash
investing information:
Acquisitions of property and equipment
included in accounts payable and other
$
66
$
268
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220809006073/en/
Hyliion Holdings Corp. Ryann Malone
press@hyliion.com (833)
495-4466 Sharon Merrill Associates, Inc. Nicholas
Manganaro hyln@investorrelations.com (617)
542-5300
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