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Mar 31, 2021
Hyliion Q1 2021 Earnings Report
Provided business updates for the first quarter of 2021.
Key Takeaways
Hyliion reported its first quarter 2021 business updates, focusing on advancing the commercialization strategy for both Hybrid and Hypertruck ERX powertrains. The company is building the first units of Hypertruck ERX demo vehicles and expects to begin recognizing revenue on its improved Hybrid product in the second half of the year. A restatement of 2020 financials is pending due to SEC guidance on accounting for warrants issued by SPACs.
Advanced commercialization strategy for Hybrid and Hypertruck ERX powertrains.
Building first units of Hypertruck ERX demo vehicles.
Expects to begin recognizing revenue on improved Hybrid product in the second half of the year.
Formed the Hypertruck Innovation Council to gather user insights for Hypertruck ERX development.
Forward Guidance
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.
Positive Outlook
- First revenue expected in the second half of the year.
- Improved Hybrid electric powertrains are expected to contribute to revenue.
- Hypertruck ERX demo units are on track for showcasing with fleets towards the end of the year.
- Multi-Phase Product Development Program will be used to commercialize its Hypertruck ERX powertrain solution.
- Expects to efficiently and rapidly commercialize a potentially net-carbon-negative powertrain solution with a lower total cost of ownership.
Challenges Ahead
- Pending restatement of 2020 financials due to SEC guidance on accounting for warrants issued by SPACs.
- The impacts of these restatements are expected to be entirely non-cash.
- 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.
Historical Earnings Impact
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