Hyliion Holdings (HYLN) reports fourth-quarter earnings after the close, marking the second time the electric-drivetrain maker releases results since going public last fall. HYLN stock fell.
Hyliion Earnings Report
Reliable estimates aren’t available, but Hyliion doesn’t generate revenue yet and a Q4 loss is expected. In Q3, the company’s per-share loss widened to 76 cents, from 45 cents a year earlier, on zero revenue.
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.
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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Shares tumbled 13.5% to 15.97 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 10.5%. Nikola (NKLA), which reports late Thursday, shed 10.7%, and Workhorse (WKHS) sold off 12%.
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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