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Hyliion Holdings Corp. continued to build up orders for its premier electric powertrain system during the second quarter of 2022, the company reported Aug. 9.
The Austin, Texas-based electrified powertrain producer posted a net loss of $33.5 million, or negative 19 cents a diluted share, for the three months ending June 30. That compared with a loss of $23.2 million, or 13 cents, during the same time the previous year. Total revenue was $172,000.
The results were below Wall Street expectations. Analysts were looking for negative 19 cents per share and quarterly revenue of $440,000, according to Zacks Consensus Estimate.
Healy
“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,” founder and CEO Thomas Healy said in a statement. “We are turning industry interest in our technology into orders and are highly encouraged by the potential for further adoption of our technology.”
The Hypertruck ERX also completed its first freight delivery as part of a partnership with sustainability-focused transportation company GreenPath Logistics. The earnings report noted that the delivery was made for one of the largest retailers in the country.
“Moreover, we remain on schedule with our development and design verification timeline, including on-road testing,” Healy said. “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.”
Hyliion said it secured additional orders for Hypertruck ERX production slots from multiple fleets, bringing the total number of orders to 200. The company also has received reservations totaling nearly 2,000 units to date. The orders and reservations remain subject to the finalization of commercial terms.
Host Mike Freeze gets Jason Gies, Navistar’s VP of eMobility, to spill the tea on everything from how fleets are charging now to how far policymakers are willing to go to up the public electric truck charging game. Tune in above or by going to RoadSigns.TTNews.com.
NFI Industries and Holcim each has placed 10-unit orders for Hypertruck ERX production slots. NFI is a founding member of Hyliion’s Hypertruck Innovation Council. The order followed a recent ride-and-drive event. Hyliion held the event at its headquarters to evaluate the potential role of the Hypertruck ERX in support of NFI working toward zero-emission goods movement. Holcim will replace existing diesel-fueled trucks in its Texas and Oklahoma operations.
“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,” Healy said. “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.”
Hyliion said that it continued to install and deliver its hybrid powertrain systems during the quarter. But it also continues to experience delays in customer truck availability due to persistent shortages and extended lead times for commercial trucks. This has affected installation and delivery timing. Hyliion was able to generate $200,000 in revenue from hybrid sales but has approximately $1.5 million in backlog.
Hyliion said in its earnings report that the Hypertruck ERX would qualify for tax incentive of 30%, up to $40,000, as part of the Inflation Reduction Act of 2022, which narrowly passed the Senate on Aug. 7 and is awaiting vote in the House of Representatives. Climate change initiatives are part of the legislation.
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