Hyliion Holdings Corp. (NYSE: HYLN) (“Hyliion”), a leader in
electrified solutions for Class 8 semi-trucks, today reported its
second-quarter 2023 financial results.
Key Business Highlights
- Hosted Investor Day on June 27 in Austin, TX showcasing
Hyliion’s powertrain systems, KARNO™ generator technology and
business outlook
- Began installation of first production Hypertruck ERX™
powertrain system
- Announced plans for 2024 deployment of 200 kW KARNO™ stationary
generator
- Passed National Highway Traffic Safety Administration testing
for Hypertruck ERX powertrain, and CARB and EPA certification
expected in Q3
- Announced planned development of Hypertruck ERX platform day
cab variant
- Expect Extended Fleet Trials with Hypertruck ERX units to
commence in August 2023
- Hydrogen fuel cell demonstration truck now operational, in
partnership with Hyzon
- Ended the second quarter with $354 million of total
capital
Executive Commentary
“We were excited to host Hyliion’s first ever in-person Investor
Day where the Hyliion team was able to meet with investors,
customers and other stakeholders to demonstrate Hyliion’s
powertrain and KARNO generator technology,” said Hyliion’s Founder
and CEO, Thomas Healy. “We also used the opportunity to announce
exciting new developments, including the beginning of development
for a new day cab variant of the Hypertruck ERX powertrain system
along with plans for KARNO generator stationary applications that
we expect to have in place in 2024.”
Hypertruck ERX System Development
Hyliion began installing the Hypertruck ERX powertrain system
into the first production Founders truck unit during the company’s
first in-person Investor Day on June 27th in anticipation of
delivering 30 semi-trucks outfitted with Hypertruck ERX systems to
customers by the end of the year.
The company also announced that the beginning of extended fleet
trials with customers was delayed from the second quarter due to
difficulties in obtaining components for building verification
vehicles but is expected to begin by the end of August with no
significant impact to the commercialization timeline.
During its Investor Day, Hyliion also announced that the next
version of the Hypertruck ERX platform will be a day cab model.
Hyliion has received strong customer interest for a day cab variant
due to the limited range fleets have experienced with plug-in
electric trucks and due to the recent California Air Resources
Board approval of the Advanced Clean Fleets Regulation (ACF), which
has early mandates on fleet purchases of day cab trucks.
KARNO Update
Development and testing of Hyliion’s KARNO generator continues.
Hyliion showcased a Hypertruck KARNO prototype vehicle at Investor
Day, which it expects to be available for customer Ride and Drive
events in the coming months. The truck is capable of being fueled
by either natural gas or hydrogen and is expected to achieve new
levels of efficiency as well as low emissions, maintenance cost,
noise and vibration.
The company also showcased a representative scale model of a 200
kW KARNO stationary generator that is currently in development to
give stakeholders an idea of the size of the system. Milestones for
stationary KARNO generator development were laid out, including a
plan to have operational KARNO stationary demo units deployed in
2024. The company also announced that it expects to generate
revenue relating to KARNO stationary units beginning in 2024.
"We are seeing increasing interest in the KARNO generator for
stationary power applications that is exceeding our expectations,
in addition to the Hypertruck KARNO. We expect the KARNO generator
to expand Hyliion’s product offerings in providing electrified
solutions to the commercial vehicle space as we can solve the power
needs of EV chargers,” stated Healy.
Hyzon Collaboration
Hyliion and Hyzon Motors remain on track to develop a
fuel-cell-powered vehicle using Hyliion’s electric powertrain
system and Hyzon’s hydrogen fuel cell technology as the generator.
During the second quarter, the fuel cell and hydrogen storage were
integrated along with software updates. The truck and fuel cell
have been fully commissioned, and the development unit is now
driving on fuel-cell power. The project remains on track for
completion by the end of this year.
Financial Highlights, Operating Expense and 2023
Guidance
In the second quarter, the company recorded $266 thousand in
revenue related to Hybrid system sales. The company’s second
quarter operating expenses totaled $38.5 million, $6.3 million
higher than a year ago, mainly due to higher research and
development spending. Hyliion ended the second quarter with $354
million of cash, short-term and long-term investments, and
currently has no plans to raise additional capital in 2023.
Forward guidance includes total 2023 operating expense of
approximately $130 million and total cash consumed in operating
losses, capital spending and working capital of approximately $150
million. Revenue from Hybrid sales and from the expected sale of
trucks with Hypertruck ERX powertrain systems is expected to be
approximately $10 million.
"As Hyliion nears the commercial launch of the Hypertruck ERX,
we face similar challenges as our peers in the path to electrify
the commercial vehicle space. Component cost, market shifts and a
changing regulatory landscape will affect adoption rates. However,
Hyliion has a favorable cash position and management will continue
to assess our business model and strategic priorities to ensure we
are using our capital most effectively,” stated Healy.
Second Quarter 2023 Conference Call
Hyliion will host a conference call and accompanying webcast at
11:00 a.m. ET / 10:00 a.m. CT on Wednesday, August 9 to discuss its
financial and 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/WWuBdYoc
Access the Webcast:
https://events.q4inc.com/attendee/266141773
Second quarter 2023 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
the 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 2023 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, the expected performance and integration of the
KARNO generator and system, 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 28, 2023 for the year ended December 31, 2022. 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,
2023
2022
2023
2022
Revenues
Product sales and other
$
266
$
172
$
576
$
512
Total revenues
266
172
576
512
Cost of revenues
Product sales and other
307
2,145
998
4,244
Total cost of revenues
307
2,145
998
4,244
Gross loss
(41
)
(1,973
)
(422
)
(3,732
)
Operating expenses
Research and development
27,439
20,057
48,357
35,865
Selling, general and administrative
11,098
12,167
22,079
21,991
Total operating expenses
38,537
32,224
70,436
57,856
Loss from operations
(38,578
)
(34,197
)
(70,858
)
(61,588
)
Interest income
3,349
855
6,811
1,140
(Loss) gain on disposal of assets
(1
)
(133
)
1
(135
)
Other income (expense), net
3
—
(12
)
—
Net loss
$
(35,227
)
$
(33,475
)
$
(64,058
)
$
(60,583
)
Net loss per share, basic and diluted
$
(0.19
)
$
(0.19
)
$
(0.35
)
$
(0.35
)
Weighted-average shares outstanding, basic
and diluted
180,966,908
173,897,517
180,544,821
173,741,910
HYLIION HOLDINGS CORP.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Dollar amounts in thousands,
except share data)
June 30, 2023
December 31,
2022
(Unaudited)
Assets
Current assets
Cash and cash equivalents
$
48,205
$
119,468
Accounts receivable
804
1,136
Inventory
892
74
Prepaid expenses and other current
assets
15,853
9,795
Short-term investments
183,440
193,740
Total current assets
249,194
324,213
Property and equipment, net
8,942
5,606
Operating lease right-of-use assets
7,908
6,470
Intangible assets, net
237
200
Other assets
1,946
1,686
Long-term investments
122,694
108,568
Total assets
$
390,921
$
446,743
Liabilities and stockholders’
equity
Current liabilities
Accounts payable
$
2,087
$
2,800
Current portion of operating lease
liabilities
768
347
Accrued expenses and other current
liabilities
15,581
11,535
Total current liabilities
18,436
14,682
Operating lease liabilities, net of
current portion
7,899
6,972
Other liabilities
1,441
1,515
Total liabilities
27,776
23,169
Commitments and contingencies
Stockholders’ equity
Common stock, $0.0001 par value;
250,000,000 shares authorized; 181,152,151 and 179,826,309 shares
issued and outstanding at June 30, 2023 and December 31, 2022,
respectively
18
18
Additional paid-in capital
401,439
397,810
(Accumulated deficit) retained
earnings
(38,312
)
25,746
Total stockholders’ equity
363,145
423,574
Total liabilities and stockholders’
equity
$
390,921
$
446,743
HYLIION HOLDINGS CORP.
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollar amounts in
thousands)
Six Months Ended June
30,
2023
2022
Cash flows from operating
activities
Net loss
$
(64,058
)
$
(60,583
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
1,132
554
Amortization and accretion of investments,
net
(789
)
1,043
Noncash lease expense
658
613
Inventory write-down
231
3,313
(Gain) loss on disposal of assets
(1
)
135
Share-based compensation
3,761
3,485
Changes in operating assets and
liabilities:
Accounts receivable
332
(44
)
Inventory
(1,049
)
(3,375
)
Prepaid expenses and other assets
(5,763
)
595
Accounts payable
(713
)
(4,794
)
Accrued expenses and other liabilities
3,418
4,024
Operating lease liabilities
(748
)
(537
)
Net cash used in operating activities
(63,589
)
(55,571
)
Cash flows from investing
activities
Purchase of property and equipment and
other
(3,952
)
(559
)
Proceeds from sale of property and
equipment
2
—
Payments for security deposit, net
(45
)
—
Purchase of investments
(99,193
)
(106,797
)
Proceeds from sale and maturity of
investments
95,646
104,492
Net cash used in investing activities
(7,542
)
(2,864
)
Cash flows from financing
activities
Proceeds from exercise of common stock
options
84
54
Taxes paid related to net share settlement
of equity awards
(216
)
(131
)
Net cash used in financing activities
(132
)
(77
)
Net decrease in cash and cash equivalents
and restricted cash
(71,263
)
(58,512
)
Cash and cash equivalents and restricted
cash, beginning of period
120,133
259,110
Cash and cash equivalents and restricted
cash, end of period
$
48,870
$
200,598
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230808005457/en/
Hyliion Holdings Corp. Ryann Malone
press@hyliion.com (833) 495-4466 Kellen Ferris
ir@hyliion.com (737) 292-8649
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