Hyliion Announces Increased Interest in Powertrain in Q2
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Hyliion Holdings Corp. continued to rack up orders for its first electric powertrain system in the second quarter of 2022, the company announced Aug. 9.
The Austin, Texas-based producer of electrified powertrains posted a net loss of $33.5 million, or minus 19 cents per diluted share, for the three months ending June 30. That compared to a loss of $23.2 million, or 13 cents, during the same period. Last year. The total income was $172,000.
The results were below Wall Street expectations. Analysts were looking for a negative 19 cents per share and quarterly revenue of $440,000, according to Zacks’ consensus estimate.
“The transportation and energy markets are changing rapidly, and despite persistent macroeconomic headwinds, Hyliion remains poised to revolutionize the Class 8 tractor-trailer market,” Founder and CEO Thomas Healy said in a statement. . “We are turning industry interest in our technology into orders and are strongly encouraged by the adoption potential of our technology.”
The Hypertruck ERX also made its first cargo delivery as part of a partnership with sustainability-focused transportation company GreenPath Logistics. The revenue report noted that the delivery was made for one of the largest retailers in the country.
“In addition, we are on schedule for design development and verification, including road testing,” Healy said. “It’s important to note that we recently reached a major milestone in the development of our Hypertruck ERX by making our first cargo delivery for one of the nation’s largest retailers.”
Hyliion said it has 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. Orders and reservations remain subject to the finalization of the commercial conditions.
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NFI Industries and Holcim have each placed orders for 10 units for the Hypertruck ERX production slots. NFI is a founding member of Hyliion’s Hypertruck Innovation Council. The order follows a recent ride-and-drive event. Hyliion hosted the event at its headquarters to assess the potential role of the Hypertruck ERX in support of NFI working towards zero emissions movement of goods. Holcim will replace existing diesel trucks in its operations in Texas and Oklahoma.
“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 Hypertruck ERX powertrain generator,” Healy said. “Working together, we will seek key environmental certifications for the natural gas engine that serves as a range extender by providing onboard power generation to recharge the Hypertruck ERX batteries.”
Hyliion said 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 ongoing shortages and extended delivery times for commercial trucks. This affected installation and delivery times. Hyliion was able to generate $200,000 in revenue from hybrid sales, but has an order backlog of around $1.5 million.
Hyliion said in its earnings report that the Hypertruck ERX would qualify for a 30% tax incentive, up to $40,000, under the Cut Inflation Act of 2022, which was narrowly passed by the Senate on August 7 and awaits a vote in the House of Representatives. Climate change initiatives are part of the legislation.
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