HYLN - Earnings call transcript Q4 2021

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Operator

Good day and thank you for standing by. Welcome to the Hyliion Holdings Fourth Quarter and Full Year 2021 Earnings Conference call. At this time, all participants are in a listen-only mode. After the speakers’ prepared remarks, there will be a question-and-answer session. I would now like to turn the conference over to Adam Bresser, Director of Financial Planning and Analysis. ahead. go Please

Adam Bresser

good fourth and call. Welcome the to Thank and morning, full Holdings quarter conference year Hyliion you everyone. XXXX earnings

On business website, Chief will statements Thomas and the call call, is presentation are we Chief Hyliion conference outlook. note call Officer; Investor regarding that on Executive today's Relations accompanies Healy, this forward-looking Sherri Please Officer. the make Financial our our certain available company's The investors@hyliion.com. slide Baker, today during

and other based future projections, Many about anticipated and Forward-looking and the are predictions, statements cause are events uncertainties. statements events that materially from risk forward-looking on assumptions, actual are differ factors could and expectations statements current to call. subject on as such to this

about to Exchange that company's release statements, factors such forward-looking as the cause with differ and Commission. filings refer our from the information to earnings results please may Securities well For the press materially more as

are as Forward-looking only statements made. speak of date the they

to on With that, cautioned update call required law. applicable are no forward-looking by this will information undue turn to Thomas. take we not over I the duty You and unless statements put to reliance

Thomas Healy

and you us for everyone. you today. hello, joining Thank Adam Thank

for quarter solutions leading what a fourth Hyliion vehicle becoming the was Our industry. to in commercial provider transformational off pursuit for year our electrified capped the of

and in powertrain Looking back eX ERX. growth continued the of milestones milestones the company on new of Hyliion. product significant Hybrid development our first launched Hypertruck many full public year first as reached our We our major a completed

to achieve recognizing on with marks Sherri expertise will continue our improved the learnings into milestone team of achievement the offering, financial ERX. reached including In than in you walk expanded more the details. our individuals significant to Hypertruck our the our revenue eX bring that by QX, product vision. Directors progress our we this with doubled incorporate future major But we also who We long-term another critical and help us Powertrain technology, of Board size a through Hybrid solution.

November Drive of the education launch over past and multiple quarter, we ERX, and in-depth marks several formal our which in our consists last at Hypertruck the Austin here headquarters Ride hosted of the As and for discussed fleets ride months. along product opportunities series,

development the In speed, regarding cited how can make addition Such and our showcase of to announce ERX practical continuous a that, production feedback customer and input and slots. wide opportunity been we received Hypertruck improvements these use for deposits for our XXX our we cases, overwhelmingly to product is specs by ERX and range world real earlier being positive. a Drive as to as deliver an secure we customers' challenges. power benefits the ERX gain is Hypertruck a of I'm Furthermore, process events needs thrilled have to insight Ride to reduction. our for events, units received are orders solutions week, noise backed has of result to this that Participants Hypertruck invaluable

previously used had We terms interchangeably. we future the note XXX also for and slots. reservations Please reservations production received that, pre-orders

and Group, Partners refer Transportation, [Dolly] and Zero-Max Garman forward, Trucking, orders different Inc. five only Incorporated. will we reservations. by fleets, and Going placed orders were General to VIP reservations These

how terms, our interest. landscape to reservations adopters our orders customer they continue we a of build of subject Hyliion's recognize to change of well finalization more trucking early reflect of measure the plan announce but potential the and These the and technology near order to as production, the increase are will commercial industry. as coming reservation We as in to to We count details weeks. about our each them count backlog

announced confirmed, reservations additional and slots orders for units. production nearly XXX X,XXX today, we the With now have

experience events we sales. the months. received fleets, customer the turning be have ERX a I'd to We particular to Hypertruck to take like are numerous excited into trucks who few from the moment demo feedback past feedback future from our the positive experienced received share we over

the and a with disel. vehicle First, generator has the performed. is the compared everyone not when smooth, to first quiet on acceleration vehicle to way instant Many tell The even kicked batteries. begin was recharging impressed the could

Second, our these vehicles better integration level had is electric of than experienced. fleets that other

is feel the way and same as the and much a example, For the traditional look maintains vehicle the smoother interior truck. shifts

our with Third, no solution. range there is anxiety associated

contrast new important some solution XX% to XXX Several infrastructure. available similar or By of our solution per the operations BXB many One their service sufficient power no of critically and operational new of This only their fleet shared just of achieved could range requires that consideration for need plug-ins. their event of only how BEV that recharge, plug-in X% a how upgrades, miles about trucks they of in be significant is handle extender would them find is to serve the shared about meet needs. our fleets. only grid would which operations. wasn't fleet most handful enough to truck, stories participants could a a how Fourth, locations

support already fleets had terminal completion of building terminal other that electric new trucks. did by that the been claimed One a provider that been companies. utility learn have there was had power new capacity its enough by available the Only additional the been of told they to after

As electric they're only deploy a trucks. of to number a result, able small

is of Lastly, top a quiet talent, retaining our value high in that can huge tool the a advantage the industry the and a one be recruiting truck torque massive regard. most, in fleets are for ways probably underestimated attract and looking for having instant truck tech shortage generation competitive to and and of of next drivers There's as a drivers. the the we

to for quarter, the laid Last and initial Certain As of accomplish smaller production we such, milestones in adopt start place we larger as remain will may start that in various of potential for units on our anticipate as fleets with the ways. and market technology orders. move out towards intend our confident various while we fleets its critical catch orders solutions, Hypertruck ERX. quantities technology we that others overall will they we XXXX

to Slide next and the development units, the Turning taking learnings begun we demo design milestone, as vehicles. from we all building are verification look have our our at initial X,

the this track We complete quarter. to first are unit on

We will build timeline I performance. to last pleased closely achieve are truck on we milestones earnings trials XXXX to Texas, at call. to in us XX controlled expect presented validate validation. and fleet in track before least these done to more allow initial monitor production units testing still begin in will here we our which further the that share we infield test The be to according to am

validation put build the the of plan for trials. NHTSA. more will Looking XXXX ERX. to XX be the EPA of the XXXX same ahead, production used in we least the in At units time, our fleet from This at will track and product first completion commencing to for we CARB, us seek certification Hypertruck continued and half of on final for late

our Now, product. Hybrid to an eX shifting update

lead you're than aware, harnesses global supply the metal, industry continues be wiring longer delivery no certain doubt sheet and Shortages As automotive times. chain of to well including disruptions. to components, expected gripped by

to pushed our anticipated been we to XXXX. some partners Hybrid secure our components QX orders deliveries work to the continue originally the sales for closely have eX result, fulfill a quarter. current with into we for scheduled As Nonetheless, need

earnings the our landscape changes November on we X the truck call, within competitive we've Class As seen in significant market. discussed

fully product or product view of other past Hybrid prominent electric the expect in reduced, quarter, and for the electric near-term. eX companies they have the told to In of that on the like the the fully the we been took Hypertruck about fleets to plan of has offerings, wait range given extender opportunity trucks, ERX. as electric technology. electric opportunity electrification become plug-in these focused to in speak market anticipation number electric a Many products next coming Over evolution few products that how vehicles of they the believe market to we us they such light for fully the years, for trucks

product step fleets see therefore requesting needs. the a the particular have we'll While their some meet enough fleets We other don't eX large continue electrification. offer to hybridisation towards Hybrid as to and still

haul case to thousand to current to EV of of a hundreds only our solutions line with As compares a use that satisfy meaning XXX That reminder, XXX on focused needing refuel. Hypertruck per up is day, ERX before case miles miles use miles. applications, a

recognized I to used our and At Hypertruck and announced the number noted Craig and portfolio of previously of of Chairman which ERX. CEO now Meritor, the electrification are some a we products, he the we leader space, respected the strengthen Directors. our this of a As continue earlier, the development team. product was in month, company's in and Jay Meritor. oversaw vehicle Hyliion commercial the is Board Jay of of Earlier to addition

company we'll have We Jay benefit the experience leading certainly from global and are his excited drivetrain electrification in into to space. us with a

on embark longer we Hyliion, to landscape continuously we vision assess As our and for value. shareholder opportunities create the term

XX these of fuel her to Hypertruck to Hyliion's updates To offerings to adjacencies. growth majority forward pleased industry of team. and opportunities our expand products on comes solutions. announce Strategy quarters. I'm opportunities, us over for our life that see Meritor. I our strategy Cheri joining lead future explore initiatives industry, both our to our cell business fit commercializing and including the opportunities to our Officer. years knowledge and bring agnostic the in wealth I'm roadmap, with organization joining focused we significant existing of is in coming product that look and the Cheri While Chief fantastic Cheri and on fuel Her into efforts thrilled experience Connectivity leading software end, have TE solutions Lantz hydrogen sharing will automotive to to advanced for a for the will team be is as soon

discussed, As Hypertruck generator our have platform be we you agnostic. previously to product designed

regional placed. fleet and we iterations fueling fuel fuel product. hydrogen will roadmap talking applications, Our believe the for generators In the agnostic be in with single a of cell station begin operators, includes can where next

which haul options Hypertruck natural today to the agnostic solutions their releases market will infrastructure to infrastructure these is two efforts evolve cell hydrogen gas is be built. on once as renewable We evolve. electrification is fuel begun positioned While and solutions. viable with applications. enable is believe hydrogen Hyliion expand These the sector fuel share solutions I'm and the we long adoption gas by pleased will fleets and powered the transportation into both already that have well natural fueling that the Hypertruck we launch to ERX. ERX, as subsequent for

with terms veterans, business in who of addition four collectively the sales trucking of team more years of than bring development, expanded In experience XX our trucking we've industry sales.

this fleets seeing As the ERX, across the from responses sharing Hypertruck highlighted all country. for technology today, be are fleets great we will and the with team

have and product and potential differentiator, competitive primary are solutions the for software proprietary Our revenue streams. additional

For on and getting primary our focus be continues now, ERX first our safely as as Hypertruck quickly to road units the possible.

business we from with we ahead, and feedback momentum our build Looking we're aggressively move the and development on to the plan commercialization hearing positive have will established customers.

development an turn product over expect additional commitments We our XXXX in Hyliion brought that milestones, environmental solutions for Sherri. as With of be the and will exciting we sectors' in garnering will transportation I to technology to the terms call year address impact. fleets that, from

Sherri Baker

Thank I And review full the morning, good financial you, from Thomas. highlights and our now year. fourth will quarter everyone.

fourth Ex and $XXX,XXX our As on Hybrid recorded we quarter, revenue Thomas in recognizing we've the mentioned, revenue. solution in Powertrain began

$XX.X fourth quarter, support the invest our up roadmap. down R&D R&D $XXX,XXX year-over-year. million, We of sequentially million in in to product continue was and In spending $XX.X development

For totaled fourth $X.X infrastructure $XX.X was for million our SG&A million the spending million year and compared included with year-over-year. and XXXX, commercialization the up XXXX. quarter, of expansion million $XX.X initiatives operations R&D which up sequentially $XXX,XXX in key in full the spend, $X.X

totaled loss from quarter, full the year Overall, million operations full loss Hyliion with compared a reported a XXXX. $X.X development in company fourth a the from and XXXX, XXXX, $XX.X million as million, $XX.X Operating in totaled net million expansion For $XX.X XXXX, operations in for compared XXXX. $XX.X expenses spend of QX with and million product of $XX.X with the $XX.X operations gained million compared momentum. our for million, QX SG&A of net in net of loss from year

loss net $XX.X For $XX.X the million, compared a in XXXX. with operations full reported of year XXXX, the company million from

$XXX.X both $XXX.X quarter available equivalants, for eX $XXX ended This balance to truck fund the commercialization to million Turning in short-term over plans sheet. and fourth cash with Hyper We in our in includes million figure investments. and ERX. the the Hybrid investments $XXX.X and the long-term million cash

months and months beyond Our with of are and across credit average short-term XX investments maturity XX long-term our portfolio. instruments a no high-quality weighted maturities

Our operating meet long-term to capital, investments are designed while providing to companies liquidity preserve requirement. the

be outlook in eX and in generate sales. eX million trucks for of sell that expect $X we the amount and upon use million the will case The Turning in. of we revenue the XXXX, to range the actual to we $X units of system type revenue dependent our of install to Hybrid recognized Hybrid the number trucks of

full an commercialization year be increase and to expenses $XXX of by $XXX the expect primarily operating Hypertruck. cost between million, support driven We to in R&D million

to Beyond will XXXX, go remain open Operator, development on Q&A. we please call. With that, we to ahead. expect through have key well-capitalized the discussed the we milestones call today's

Operator

[Operator Fitzgerald. Instructions] Cantor Our is from question Andreas first Shepherd with

Andreas Shepherd

Couple Congrats quick the on Good for guys. quarter. morning questions me.

revenue a And us simply which sense deposits, when So, -- regarding are that for roughly that you I quarter, final? provide these guess going XXX you and mean mean recognize my of can there? be the be they're ramping backed units these? can any it's color expect by say, one give are is when does to up, to the order XXX to for you going so

Thomas Healy

absolutely. Yeah,

that So really to announced slots. these we secure are production orders

we've commitment adopt needed their then to assemble these all getting So go ahead the and the we confidence fleet to procure vehicles. so have on vehicles, parts to can with working the order in been these

roll are though, will out. of these actually in So correct, you how terms

of As delivered quarter by we made of the starting call, on in announced commitments 'XX. 'XX. them And the on all the we of first that with fleets units have end plan to the these in production part we'd back latter the we've

Andreas Shepherd

And maybe follow-up. one

for terms of to hybrid On about in you million you Can able X you XXXX. sense the -- of any provided units? that's to X of what million us are translates guidance, give units, roughly that

Sherri Baker

thank you Yeah, that for question.

have whether of And or we're as of expect we it's truck. we'll revenue So reason not a type different focusing the why more a pricing is install new over One, units XXX really and off use on restaurant fits, because to that on cases. key be the based shipping opposed or units. we also the depends

more which confident So X but new currently we to little be interest going to is heavier based able million, to the on have versus a it's are about achieve X retrofit million that off bit we're the install. that of average, inbound currently we that side that the blended

Operator

is Steven Fisher question from with next Our UBS.

Steven Fisher

kind thinking QX, late late that then the deliveries. of And wondering about QX into of reservations make of in QX XXX are or just XXX part in that I of year? the that two time those -- timing of and the those some 'XX? thinking early on subsequent the period follow-up to Just I Hypertruck still guess, and quarter? presume some for all you you for Is those, 'XX those means you're if time sort other 'XX quarters units are of it planned for could

Thomas Healy

of QX Yeah, is say I'll 'XX. end as say QX 'XX, the of late said correct, at implies that wouldn't so we I

QX in actually start we is deliveries. will up, Our goal start ramping

not been which these confirmed these in orders we only backlog backlog but that saw as then through XXX our of we'll converting the vehicles delivered to mentioned, And one events them not we orders, build time. also all do the goals back of then of is to start quarter by really be be building the fleet into all would We're up we're the the would Drive production you that is that ramp and that be reservations we initial commitment we've during 'XX. these with to slots, as would mentioning that the those able Ride those to of with trucks. But as is and first this units, doing saying go secure that reservation. to As

to plan the then delivering quarters to we ahead of and So over QX 'XX. in that continue and months do start those

Steven Fisher

And a trucks on then 'XX think Cheri down before way those going Would some to in wondering some the coming of given their Lantz products maybe in electric ramp think maybe again maybe of when comments alternative up should conferring how modeling I’m few be your And really to 'XX, the of make do into you about in the the landscape that 'XX be only and of up the of the of new think some years? the down, those timing those competitive what's is to on, the just we hybrids? over so that you that a ramp sort is downstream Hybrid start we market? if mitigate potential and ramp the -- services next in

Thomas Healy

Sure.

So on of market did past be the that saw to addressable we this what being. we going call, products, kind quarter. the last mentioned we over the with the were earnings analyzing hybrid We had

last the the great of these as had was earnings full get that gas and market the the discussions that XX see to feedback. But we as had call, engine, demand, well from On with we was noted vehicles. want announcement Drives, what did heard really fleets impacting and and natural we electric their we fleets liter forecast Ride hear it

type local fuel Now ERX BEV extender whether cell vehicle. or that delivery vehicles plug-in, Hypertruck the or like electric hydrogen vehicles, range

hybrid So the vehicles a then to have we not solutions, like electric be end ERX, these of that towards do start electric is it's be to of Lantz, in vehicles all terms like more all, But the super like market electrification. be. her the we're Hypertruck and full more the expect into full the going Cheri And team. will joining thrilled shift going is to those

critical very driving she's sure fuel as cell understand As we make people that fuel And story. solutions. the those of we the our to and really view part want agnostic a to that going we be on mentioned, business efforts

we ERX when proofed hydrogen. we hydrogen gas train’s solution logical and our that starting to want power we're are with becomes ERX because And into make Hypertruck use the hydrogen a applications, Hypertruck happen. tell see refills. really of solution thousand type we And There's use, a see one solution. no can natural sort available lot starting already going a natural sure there day, haul going hydrogen. of to to towards is and true built in think But with hydrogen the have long a with when to a infrastructure While a out long more is delivery versus starting on miles to to it. haul lot I we'll gas of make needs be between that get we then order millions in deployed technology able still it development applications to it millions local of miles in be And future to of kind

of So share both year. fuel Cheri fuel to the cell will we kicked as those, go already on more we have agnostic through this developments which on those be we on driving ends plan off and side,

Steven Fisher

what I the think what chain? And increasingly part you Meritor collaboratively lastly, also, that competitive Cummins, impact both with of more Hyliion. wondering on the flip some guess, from becoming of supply mean can acquisition Cummins opportunity given important your work about could or you for perhaps that side, perspective, but they're a an the of there's

Thomas Healy

Sure.

we're were we assured had would over relationship going as and would supply and Cummins. have the have excited discussions chain any Hyliion axles we of have established. and on that the obviously on come to those not, does the we impact So to this continue we with supply for continuity about, for Meritor Cummins did through to that see acquisition Subsequent with it

them. plan, we've the from work threat working at -- this to stage collaborative Cummins, any then relationship business a with a So And strong chain with we standpoint. with got supply don't see

that to plan it's se'll axles forward continue exciting as them be from to well. and We carry sourcing to that see now

Operator

with is Barclays. Our [Indiscernible] question next from Jason

Brian Johnson

It's Johnson on Hi. with Jason. Brian

bank very spend -- we’re in focused the the of on terms with rates. specs, In versus cash

million up, When it You capacity. build about million to tied to year. how will kind will XXX ou and of CapEx required, then orders, of may firm ramp XXX that tightly need CapEx does come as be OpEx talked this opposed to to that

Sherri Baker

Yeah.

we So that, great like have remind question. first, everyone just approach. asset-light And I'd to an really

lab, expect should we million. it on And and very a our and in more And $XX So of spend. million this to us $XX nature to of year XXXX. call for more spend be CapEx out to that's really be the specific tech focused is in expansion a which minor facility range the really building one-time

you on going investment So see forward, shouldn't significant amount the of side. a CapEx

here but We And we ERX, have ultimate Austin, to ramping do we the that at at mod line. will still be the as doing installations, we up both centers. the the are low be volume then OEM ability growing will with goal on installations then

But include cash but liquidity not it's So, perspective, the are as a ended $XXX from investments, about low said, to looked you equivalent close thinking CapEx to you as we very short-term and also a side. just have and volume on the at perspective, also important from year, us really cash million. that, long-term which the

So that we well-positioned about today. that to very through we are of talked we milestones the get all feel commercial

Brian Johnson

Okay.

And so, last milestones. easily it looks like well that means these cash given 'XX through could

Sherri Baker

Exactly.

Brian Johnson

Okay. your raise are with need would second business? under I to you gets milestones my cash guess it point the for breakeven the to then question, the flow more is -- there a about how And of tail or you end towards belts, thinking cash that

Sherri Baker

we ramp the other that also incredibly be far. any fleets is, funds. recent have feedback now what the raise will So, and have we we it the from been order on we by anticipate to do although of up Right currently dependent announcement not the encouraged going Hypertruck so additional are that receiving to are of

more capital hopefully near expect future. announcing raise to time at do in orders forward looking to this we the But have for the future. additional So not any foreseeable

Operator

Mark is Sachs. with Delaney question Goldman from Next

Mark Delaney

very you for taking Yes. my Thank questions. much

all First, the that that I and the there. Thank you bit little more topic versus on to the front. color on a had something for already, reservation orders learn on some provided of differences the you

And is order differences of also orders, how can those or in be a the canceled? for discuss versus needed orders maybe still are or a deposit order down? you mentioned reservation you is binding required, could that an our So, deposits order are to one large an put

Thomas Healy

Yeah. question. Great

that being the thousands of unit dollars are in deposits So, per the ordered. are

fleets are down to And to difference And so, see I orders that's we substantial putting think fleets that the commit pretty as amount that slots. production this is, a are with industry. are these the fleet build slot. big buy the build in a they slots, truck, goes is When as That actual their very we well. doing to what a confirming a new conventional confirm

We commitment that with are are indication how in they adopting is same see not more but build reservation. process. fleet's could and to the we're ahead, actually identifying this Reservations years they many adopt them a slots for

really we're that production, into built then show really the that's reservations, expand to in we confirm So slots as both one the slots, the And a orders. going of we're in that receiving calls, from the to have orders mentioned to those to the go number grow backlog so differentiator fleets with of level the previous as continue plan we and forward, production to plan interest of of we we building Hypertruck. the to

Mark Delaney

OpEx is in and founded hoping question some that's the the related, of was next these color, that these And all will and was came was 'XX company in up timing more or part show there was some efficiencies on on guidance. the 'XX spending? it and outlook, for I My under expenses that

Sherri Baker

some development of our the of the of we said, just what phase as purchases on related QX, than was the that really procuring truck it anything we It number to completed next the versus in was exactly you timing QX that of to timing Hypertruck. complete well are else just as installs the more

in So provided that the are those embedded expenses we today. already guidance

Mark Delaney

focus than searching just Just and other things me last is right? thing the for hybrid ERX more the growth program, like on nuclear, the the products, on you’re rather company's hybrid. In

million X support limited sales profitability the in hybrid year, million the any ROI is of about X maybe for imagine in X to With the outlook I sales. talk pretty its to million this program, X million or that

So thinking to support thinking investments worthwhile that about that for term guys program, through you’re product still to just are outlook to longer relative hybrid think and the is trying line? the it you how

Thomas Healy

Sure.

the company think them and deploying learnings revenue our Hypertruck out going fleet, that for recognizing learnings we've out ERX one I had as is are well. carry So, view the we've that the launched, these to getting from milestones of there, solutions in the huge actually over to and

we X deployment so these, And with deploy the and million have the go customer to ahead this there the year. X of interest to million

capabilities end. an learnings We on the as the run take have having field, the also like of big recognizing to of that in also opportunity the that revenue, company, having we want of things with reliability. deployed and to a that things There's from And is service the units in customers. out high place, through growing miles. kind confidence millions of really actually And level one scaling and interacting learnings come that traveling

wiring space. specifications how high last confidence that the needs know we that So, a a that of like minor hybrid but to be to I'll in launch of you with reliability one for that and have deploy ahead instance, the in specifications now the the we product built so robust enough order system. give go to example it. wiring classic specifications. I detail, in to and the We're over With to Hypertruck, carry our product, be we commercial sounds able those vehicle product exact Hypertruck when created

Operator

[Operator Brothers. Instructions] Our next question Tuohy from Noel is with Parks

Noel Parks

Just a couple things.

of controlled steps that of have process. to trials you underway. break sort milestones your evaluation I'm maybe wondering, you're out the mentioned of customer some You could and going fleet the

customers pre point, piloting they're empowering. are I of out involved then think, be in because testing that vehicles. the that signed commitment involved confusing, sort they're or at the bit for a once customers little can they're are there And it the ones,

would be with if that onward] of maybe you So that, could just [fill sort helpful.

Thomas Healy

Sure.

we of level the now kind then So making. let the production of start to fleets, me we that talk commitments customer can they're of about start on are the the base. And where from with progression

we're drive where we is at today ride events had and is first we're the doing the So that mentioned.

So for experience fleets to themselves. get in first the vehicle, the this opportunity is it really

bringing they also have actually from of along fleets with Some so fleets drivers and them, -- in lot of that the their give are it come can a their operations experienced honest very, that's true commitments. And that end. with interacting couple feedback. of been months And make successful fleets it's starting a you're on those seeing where to very in and fleets

As last to deployments this it on we call in mentioned one, fleet controls the se on the XXXX. are later Hypertruck of do track on up follow in fleet and operations earnings

of that'll them trucks our actually actually be trailers let their mentioning, operations. we're to fleets run these moving in of So goods and the customers

our us And trials now XXXX 'XX. put in We late of finalize on be certifications continue then production then start we'll and will and Hypertruck CARB, NHTSA. the to track into able EPA, those then to with the

kind So fleet’s cycle the for with fleet’s in based new terms of comfort on and level is a orders, adoption going normal placing it technologies. ahead varies what actually of

Some today. across in to units were performs, with one to and that to units fleets fleet the be run just commitments we two Others the to the or it was which XXX make start it able that their ordered from analyze there. then willing really larger are from seeing we're grow with going operations, are mentioned how start, right

a that new bring as trucks. continue more in is their goal interest choice levels they shouldn't buy fleets. the powertrain cycle it level going I the in to of our it's from be operations. And expected think And more what to of a be of they how their fleets’ years ahead more adoption into orders technology we're and their don't ultimately, to into just read that kind technology, is of So, see varying of

Noel Parks

last to operating already. a pretty question if that and from for expected a piece you in decently But touched your result the expense quarter And as the I I for sort expectations of apologize, the number. the this on – for revision to year that below and fourth came housekeeping

talk a see So gap than bit to was, about some that? complaining not the lower what never if -- wanted insight little bad just but on just costs you I’m really be expected, few

Sherri Baker

versus we a QX really of the initial that was did timing QX. but related all really in we those installations to number our of by to expect issue, It just strictly expectations, complete

for in the our we the next just well what as and phase all timing are out of purchases the anticipating that of embedded those build of guidance need some truck samples. we're So as

you the else, timely guidance we but already that into So anything are more than embedded day. gave

Noel Parks

And more you've on. that the veterans today in entirely the any timing of I'm industry timing. quarter just trucking our sales force. added curious numbers then XXXX? four for reasons coming they expense going these them embedded to are in Discussing about the of just And on they Was fourth one or mentioned the expense

Sherri Baker

very was was primarily There amount its a QX, in QX. small embedded in that

Operator

JP is Bill with next from Our question Peterson Morgan.

Bill Peterson

detail the was guess, hoping go recent on show Good for morning, a I bit a I in little Hi. road thanks questions. feedback. more and taking to

to here can You uncovered? remain a here, But you XXXX, you've little that issues applying discussed work bit. that you that on received, some provide guess, it the of I specific are some any feedback the examples in

Thomas Healy

Sure.

a of as vehicles is saw the is, we other was, bring expect those well. are huge members that that in one So one Council fleet we alternative to positive Hypertruck fuel Innovation these and goals operating with other fleets

a the that, done in truck vehicles BEV was early to the our feedback well other of vehicles operate electric trying integration pieces interesting deployment about are how were and to in fleets really us and the that actually smooth how was of some they out. truck operations, couple our of compared of one commenting they just was their so, And

a obviously big was that positive. So,

a gentleman we with just one, screen like, in, and to was Something had truck nitpicky bifocal. the wearing where bifocals fleet we a mounted his give you messed like, in our very a

where screen that mount taking like we So, inside adjusting level vehicle. feedback that we are the that it's are now of we actually and the

so a now to as it's of when production of that phase wide that much feedback getting, range to in are 'XX. starting know we actually it's opposed in better the but are So, we

far feedback fleets. from thus great So,

Bill Peterson

in pilots Innovation I anyone order you innovation at on more initial guess doesn't the council, Councils and seem I here last maybe reservation the why And of to talked order of you not of guess number members have -- have showing Maybe the the -- the status and Werner, from that that's the Wegmans But company on a that. kind I book? year. of or think book in was the Yeah. I'm up -- curious some the Wegmans they're and about

Thomas Healy

timing Great impeccable. is Yeah. question. And

Council for an from afternoon the Just our we Hypertruck. Innovation actually of received order one yesterday, members yesterday

sharing very little has so, to as plan other ahead well. the for details. in those technology be And been for it on going the a bit see this as and of we the a as innovation engagement strong, days just see but great from don't council But, showcasing We that more we level solution that's fleets. fleets a

outside as well. council the for well from growing update level tuned interest stay follow-on as So, some as innovation fleets orders of that on

Bill Peterson

to you just kind to are you your And if are, still. the supply like then you it for half like more XXXX? that it. you confirming I'm the everything ensure see obviously constraints in Okay, before, still or great. even me the latter begin can And to prevalent in that's want such keeping other doesn't guess, and XX mentioned XXXX, you reiterating milestones. But case, you time, any timing gotten importantly, out a are areas trucks just batteries, of I not meet of on there, have improvement It curious lead trying ramp eye -- semiconductors like seems But are think more a you need it's if than worse? month your your question of place last is, what or lot delaying have really I your XXXX pretty

Thomas Healy

Sure.

industry, the we call as reconfirm we So, production we last Hyliion. those. had that call, laid so out have delivery we've that from on out we not the on But our supply unique there on call and that a definitely in last are across chain that call, this this confirmed are timelines just and little on slots confident to still hurdles it a in meet linked see the suppliers to there

the I need the This backlog both purposes. the mentioning. we trucks was and of hybrid big one these has were The just effects think as ERX, the ERX. development things highlighted of we carry-on for a of trucks you

you shift deliveries hybrid some waiting of from year, our was this hybrid, reasons were of that one of that's the just For fleets because saw OEMs. the it trucks the the of from QX receiving QX into

strong supplies So, you milestones. able the hit but we the to above, and once reiterate again, to confidence be to these parts XXXX all for we've ahead it, here need and go got that trucks, have

Operator

time. this Thomas I am Healy, showing turn for the sir. no over I'll questions now CEO closing to call Founder Hyliion further remarks. and of at Please go ahead,

Thomas Healy

today. the in Well, you. call our of here look on with very be to Hypertruck very connecting product a orders thank at you team fleets Thank us. and Great from the and joining for as confirmed we quarter everyone both This board interest well as reservation earnings see XXXX the additional starting for to and the again level growth of our call. forward to and is Hyliion, next exciting exciting the

Operator

conference Ladies concludes this wonderful have participation again today's your and and you for gentlemen, Thank a day. call.

You may now disconnect.

Hyliion (HYLN) 24 Feb 222021 Q4 Earnings call transcript