Hyliion Holdings (HYLN) reported fourth-quarter earnings after the close, marking the second time the electric-drivetrain maker releases results since going public last fall. HYLN stock rose modestly overnight after tumbling Tuesday.
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Hyliion Earnings Report
Reliable estimates weren’t available, but Hyliion doesn’t generate revenue yet and a Q4 loss was expected. In Q3, the company’s per-share loss widened to 76 cents, from 45 cents a year earlier, on zero revenue.
Hyliion lost 13 cents a share in Q4 vs. a 5-cent loss a year earlier. Research and development spending jumped 74.9% to $4.6 million. Cash and cash equivalents on hand at the end of December totaled $389.7 million.
Hyliion is looking to commercialize the ERX fully electric drivetrain for big-rig commercial trucks. Initial ERX demo vehicles are expected to arrive in mid-2021, with volume shipments in 2022.
Hyliion is also developing powertrains that can be compatible with renewable natural gas and hydrogen fuel cells.
Meanwhile, its hybrid-electric systems are already in use, with eight units installed for four fleet customers as of Q3. Hyliion also develops and makes battery packs and battery management systems.
On Feb. 11, it announced a next-generation battery module, touting five times longer life than a traditional EV battery.
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HYLN Stock
HYLN stock rose 1.7% overnight following Q4 results. Shares tumbled 9% to close at 16.81 in Tuesday’s stock market trading. HYLN stock remains deep in a correction and below a down-trending 10-week line. It emerged last October after combining with Tortoise Acquisition in a blank-check deal.
Among other EV stocks developing electric big-rig trucks, Tesla (TSLA) lost 2%. Nikola (NKLA), which reports late Thursday, shed 5.9%, and Workhorse (WKHS) collapsed 47.5% after losing a U.S. Postal Service contract to Oshkosh (OSK).
On Tuesday, Nikola also said its fuel-cell semi truck will get up to 900 miles on a tank of hydrogen when it comes out in 2024. General Motors (GM) is also eyeing the big-rig market and reached a deal last month to supply truck maker Navistar (NAV) with fuel-cell technology.
Making fully electric trucks for long-haul transportation poses significant challenges. But Hyliion offers a lower-emissions hybrid option that bridges the adoption gap between diesel and fuel cell or battery electric trucks, Barclays analyst Brian Johnson said in December, initiating coverage of HYLN stock at overweight.
Find Aparna Narayanan on Twitter at @IBD_Aparna.
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