XL Fleet Corp. (NYSE: XL) (“XL Fleet” or the “Company”), a
leading provider of fleet electrification solutions for commercial
vehicles in North America, today announced fourth quarter and
full-year 2020 financial results.
Full-Year and Recent Highlights
- Generated revenue for full-year 2020 of $20.3 million, an
increase of 182% vs. $7.2 million in the prior year
- Generated revenue for fourth quarter of 2020 of $10.9 million,
compared to $0.3 million in the prior year quarter
- Shipped 1,537 total systems during full-year 2020, including
837 systems in the fourth quarter of 2020
- Reported gross profit for full-year 2020 of $2.7 million,
reflecting gross margin of 13.5%
- Reported gross profit for fourth quarter of 2020 of $2.0
million, reflecting gross margin of 18.3%
- Completed business combination with Pivotal Investment Corp. II
on December 21, 2020
- Exited 2020 with cash balance of $329.6 million; cash balance
of $407.9 million as of March 15, 2021
- Achieved over 4,300 cumulative hybrid and plug-in hybrid
systems sold through 2020
Management Commentary
“XL Fleet continues to deliver on its commitments, including
achieving record fourth quarter and full-year 2020 revenue, capping
off the most successful year in our company’s history,” said
Dimitri Kazarinoff, Chief Executive Officer of XL Fleet. “We nearly
tripled revenue despite the significant challenges facing
industries and economies across the globe, delivered more than
1,500 systems to a strong base of customers, while generating
positive gross margins. Following the completion of our business
combination in December and warrant redemption in March, we are
armed with approximately $408 million in cash, and we believe we
are extremely well positioned to continue executing our growth
strategy and to maintain a leadership position in the rapidly
growing commercial fleet electrification market.”
“We are proud to be a leader in commercial fleet
electrification, with over 4,300 systems sold through 2020,
hundreds of commercial fleet customers throughout North America,
and over 150 million customer miles driven,” said Tod Hynes,
Founder and President of XL Fleet. “We continue to successfully
scale our platform, grow our team, expand our portfolio of
electrification solutions, and enable our customers to meet their
sustainability and operational goals, while upholding the
performance and reliability they require. Our mission is to make
electrification simple, efficient and low-cost. Our growing
solutions portfolio, including ongoing development of all-electric
solutions and development of XL Grid, positions us well to become a
comprehensive solutions provider for commercial fleet
electrification.”
Outlook
“We believe the long-term outlook for the commercial fleet
market remains robust, with continued growth in demand for
electrification and our expanding base of solutions,” said Mr.
Kazarinoff. “The world is electrifying – however, economies and
businesses around the world continue to face ongoing impacts of the
COVID-19 pandemic. As a result, we continue to experience
significant friction including OEM delays amid microchip and other
shortages, and currently forecast first quarter 2021 revenue of
approximately $1 million, or roughly flat versus the prior year
quarter.”
“Given this ongoing uncertainty and the potential for extended
industry-wide issues, combined with typical seasonal patterns in
our orders and a significant majority of revenues focused on the
second half as in prior years, we are not currently providing
formal full-year 2021 financial guidance. As these pressures abate,
we expect to see a stronger market environment emerge later this
year. In this scenario, we would expect to realize significant
revenue growth in 2021, accompanied by even more pronounced
seasonality and therefore weighting to the second half of the
year.”
Full-Year 2020 Financial Results
Revenue totaled $20.3 million for full-year 2020, reflecting an
increase of 182% as compared to $7.2 million for the full-year
2019. Gross profit totaled $2.7 million for the full-year 2020,
compared to a gross loss of $0.9 million for the full-year 2019.
Adjusted EBITDA for the full-year 2020 totaled ($14.7), compared to
($13.3) million for the full-year 2019.
Fourth Quarter 2020 Financial Results
Revenue totaled $10.9 million in the fourth quarter of 2020
compared to $0.3 million in the fourth quarter of 2019. Gross
profit totaled $2.0 million for the fourth quarter of 2020,
compared to a gross loss of $0.6 million in the fourth quarter of
2019. Adjusted EBITDA totaled ($1.8) million for the fourth quarter
of 2020, compared to ($3.8) million for the fourth quarter of
2019.
Balance Sheet and Capital
Cash and cash equivalents as of December 31, 2020 totaled $329.6
million. Following the Public Warrant redemption completed in March
2021, total cash and cash equivalents increased by an additional
$85.6 million, resulting in total cash and cash equivalents of
$407.9 million as of March 15, 2021. Total debt outstanding as of
December 31, 2020 was approximately $0.1 million. Following the
completion of the business combination in December 2020 and
including the Public Warrant redemption in March 2021, XL Fleet
currently has approximately 139 million shares of Common Stock
outstanding.
Operating Summary
For the full-year 2020, the Company shipped a total of 1,537
systems, of which, 837 systems were shipped during the fourth
quarter of 2020. Systems shipped during 2020 include XL Fleet’s
hybrid and plug-in hybrid systems. XL Fleet is currently developing
all electric systems, and remains on track to begin shipments in
2022.
Recent Operational & Business Updates
In March 2021, XL Fleet opened its commercial fleet
electrification technology center, an approximately 25,000
square-foot engineering facility located in the Metro Detroit
region. The state-of-the-art facility is strategically located with
access to world-class automotive and engineering talent, and will
be utilized for the design, development, testing and production of
electrification solutions.
In February 2021, XL Fleet reached a strategic partnership with
UBS Arena and the New York Islanders, with the opportunity to
explore the deployment and operation of 1,000 EV charging stations
at UBS Arena, which is located strategically in the metropolitan
New York region near both LaGuardia and JFK Airports. XL Fleet
intends to support this project through the development, deployment
and management of a robust suite of electrification infrastructure,
including solar power generation, energy storage and vehicle
charging stations, and the equipment and deployment of EV fleets
for use by UBS Arena and the New York Islanders.
In February 2021, XL Fleet announced a partnership with
Curbtender to develop all-electric, plug-in hybrid and hybrid
electric refuse trucks beginning in 2021. The agreement also
includes the joint development of plug-in hybrid electric versions
of the vehicle, as well as a range of Class 3 to Class 8 vehicle
solutions for the waste management industry.
In December 2020, XL Fleet announced the launch of XL Grid,
advancing the Company’s electrification as a service offering. XL
Grid provides charging infrastructure, energy storage and power
solutions for fleets. In January 2021, the Company hired Colleen
Calhoun as Vice President & General Manager of XL Grid. Colleen
brings more than 25 years of leadership experience in GE’s Energy,
Power and Finance Businesses.
In December 2020, XL Fleet expanded its line of electrified
powertrains to include a hybrid electric drive system for the Class
5 Ford F-550 Super Duty chassis to meet significant, growing demand
across municipal transportation, utilities, construction equipment
and customer service vehicle applications. Deliveries to customers
began in the fourth quarter of 2020.
On December 21, 2020, XL Fleet completed its business
combination with Pivotal Investment Corporation II and began
trading on the New York Stock Exchange under the ticker symbol XL
on December 22, 2020.
Conference Call Information
The XL Fleet management team will host a conference call to
discuss its fourth quarter and full-year 2020 financial results on
March 31, 2021 at 5:00 p.m. Eastern Time. The call can be accessed
live over the telephone by dialing 877-407-3982, or for
international callers, 201-493-6780 and referencing XL Fleet.
Alternatively, the call can be accessed via a live webcast
accessible on the Events & Presentations page in the Investor
Relations section of The Company’s website at www.xlfleet.com. A
replay will be available shortly after the call and can be accessed
by dialing 844-512-2921, or for international callers,
412-317-6671. The passcode for the replay is 13716139. The replay
will be available until April 14, 2021. An archive of the webcast
will be available for a period of time shortly after the call on
the Investor Relations section of the Company’s website at
www.xlfleet.com.
About XL Fleet
XL Fleet is a leading provider of fleet electrification
solutions for commercial vehicles in North America, with more than
150 million miles driven by customers such as The Coca-Cola
Company, Verizon, Yale University and the City of Boston. XL
Fleet’s hybrid and plug-in hybrid electric drive systems can
increase fuel economy up to 25-50 percent and reduce carbon dioxide
emissions up to 20-33 percent, decreasing operating costs and
meeting sustainability goals while enhancing fleet operations. XL
Fleet’s plug-in hybrid electric drive system was named one of TIME
magazine's best inventions of 2019. For additional information,
please visit www.xlfleet.com.
Forward Looking Statements
Certain statements in this press release may constitute
“forward-looking statements” within the meaning of the federal
securities laws. Forward-looking statements generally are
accompanied by words such as “believe,” “may,” “will,” “estimate,”
“continue,” “anticipate,” “intend,” “expect,” “should,” “would,”
“plan,” “predict,” “potential,” “seem,” “seek,” “future,”
“outlook,” and similar expressions that predict or indicate future
events or trends or that are not statements of historical matters.
These statements are based on various assumptions, whether or not
identified in this press release, and on the current expectations
of management and are not predictions of actual performance.
Forward-looking statements are subject to a number of risks and
uncertainties that could cause actual results to differ materially
from the forward-looking statements, including but not limited to
failure to realize the anticipated benefits from the business
combination; the effects of pending and future legislation; the
highly competitive nature of the Company’s business and the
commercial vehicle electrification market; litigation, complaints,
product liability claims and/or adverse publicity; cost increases
or shortages in the components or chassis necessary to support the
Company’s products and services; the introduction of new
technologies; the impact of the COVID-19 pandemic on the Company’s
business, results of operations, financial condition, regulatory
compliance and customer experience; the potential loss of certain
significant customers; privacy and data protection laws, privacy or
data breaches, or the loss of data; general economic, financial,
legal, political and business conditions and changes in domestic
and foreign markets; the inability to convert its sales opportunity
pipeline into binding orders; risks related to the rollout of the
Company’s business and the timing of expected business milestones;
the effects of competition on the Company’s future business; the
availability of capital; and the other risks discussed under the
heading “Risk Factors” in the definitive prospectus filed on
January 22, 2021 and other documents that the Company files with
the SEC in the future. If any of these risks materialize or our
assumptions prove incorrect, actual results could differ materially
from the results implied by these forward-looking statements. These
forward-looking statements speak only as of the date hereof and the
Company specifically disclaims any obligation to update these
forward-looking statements.
Use of Non-GAAP Financial Information
To supplement its consolidated financial statements, which are
prepared and presented in accordance with U.S. generally accepted
accounting principles (“GAAP”), XL Fleet Corp. reports EBITDA and
Adjusted EBITDA, which are non-GAAP financial measures. EBITDA is
determined by taking net income and adding interest, depreciation
and amortization. Adjusted EBITDA is determined by taking EBITDA
and adding loss on extinguishment of debt and loss on
extinguishment of convertible notes derivative liabilities. This
prospective financial information was not prepared with a view
toward compliance with published guidelines of the SEC or the
guidelines established by the American Institute of Certified
Public Accountants for preparation and presentation of prospective
financial information or U.S. GAAP with respect to forward looking
financial information. We believe that these non-GAAP measures,
viewed in addition to and not in lieu of our reported GAAP results,
provides useful information to investors by providing a more
focused measure of operating results, enhances the overall
understanding of past financial performance and future prospects,
and allows for greater transparency with respect to key metrics
used by management in its financial and operational decision
making. The non-GAAP measures presented herein may not be
comparable to similarly titled measures presented by other
companies. EBITDA and Adjusted EBITDA has been reconciled to the
nearest GAAP measure in the tables within these this press
release.
XL Fleet Corp.
Consolidated Statements of
Operations
For the 12 Months Ended
December 31, 2020 and December 31, 2019
Twelve Months Ended December 31, (In thousands,
except per share and share amounts)
2020
2019
Revenues
$
20,338
$
7,215
Cost of revenues
17,594
8,075
Gross profit
2,744
(860
)
Operating expenses: Research and development
4,445
2,874
Selling, general, and administrative expenses
13,593
9,835
Loss from operations
(15,294
)
(13,569
)
Other (income) expense: Interest expense, net
6,370
2,151
Loss on extinguishment of debt
1,038
-
Change in fair value of convertible notes payable derivative
liabilities
2,889
(819
)
Net loss
$
(25,591
)
$
(14,901
)
Net loss per share, basic and diluted
$
(0.30
)
$
(0.19
)
Weighted-average shares outstanding, basic and diluted
84,565,448
79,823,065
XL Fleet Corp.
Reconciliation of Non-GAAP
Measures
For the 12 Months Ended
December 31, 2020 and December 31, 2019
Twelve Months Ended December 31, (In thousands,
except per share and share amounts)
2020
2019
Net loss
$
(25,591
)
$
(14,901
)
Interest expense, net
6,370
2,151
Depreciation and amortization
622
319
Loss on extinguishment of debt
1,038
-
Change in fair value of convertible notes payable derivative
liabilities
2,889
(819
)
Adjusted EBITDA
$
(14,672
)
$
(13,250
)
XL Fleet Corp.
Consolidated Statements of
Operations
For the Three Months Ended
December 31, 2020 and December 31, 2019
Three Months Ended December 31, (In thousands, except
per share and share amounts)
2020
2019
Revenues
$
10,866
$
281
Cost of revenues
8,881
884
Gross profit
1,985
(603
)
Operating expenses: Research and development
1,148
1,131
Selling, general, and administrative expenses
2,795
2,145
Loss from operations
(1,958
)
(3,879
)
Other (income) expense: Interest expense, net
4,249
1,360
Change in fair value of convertible notes payable derivative
liabilities
(643
)
(1,524
)
Net loss
$
(5,564
)
$
(3,715
)
Net loss per share, basic and diluted
$
(0.06
)
$
(0.05
)
Weighted-average shares outstanding, basic and diluted
89,763,295
80,377,810
XL Fleet Corp.
Reconciliation of Non-GAAP
Measures
For the Three Months Ended
December 31, 2020 and December 31, 2019
Three Months Ended December 31, (In thousands, except
per share and share amounts)
2020
2019
Net loss
$
(5,564
)
$
(3,715
)
Interest expense, net
4,249
1,360
Depreciation and amortization
148
129
Change in fair value of convertible notes payable derivative
liabilities
(643
)
(1,524
)
Adjusted EBITDA
$
(1,810
)
$
(3,750
)
XL Fleet Corp. Consolidated
Balance Sheets As of December 31, 2020 and December 31,
2019
As of December 31, (In thousands)
2020
2019
Assets Current assets: Cash and cash equivalents
$
329,641
$
3,386
Restricted cash
150
150
Accounts receivable
10,559
1,159
Inventory, net
3,574
2,240
Prepaid expenses and other current assets
1,396
146
Total current assets
345,320
7,081
Property and equipment, net
579
840
Intangible assets, net
593
809
Goodwill
489
489
Other assets
32
30
Total assets
$
347,013
$
9,249
Liabilities and stockholders' equity (deficit) Current
liabilities: Current portion of long-term debt, net of debt
discount and issuance costs
$
110
$
1,435
Subordinated convertible promissory notes
-
9,102
Convertible debt derivative liability
-
1,349
Accounts payable
4,372
549
Accrued expenses and other current liabilities
4,601
3,054
Total current liabilities
9,083
15,489
Long-term debt, net of current portion
98
1,849
Deferred revenue
305
133
Contingent consideration
924
1,101
New market tax credit obligation(1)
4,412
4,377
Total liabilities
14,822
22,949
Commitments and contingencies Stockholders'
equity (deficit) Common stock, $0.0001 par value; 350,000,000
and 130,000,000 shares authorized at December 31, 2020 and 2019,
respectively; 131,365,171 and 80,400,727 issued and outstanding at
December 31, 2020 and 2019, respectively
13
8
Additional paid-in capital
425,364
53,887
Accumulated deficit
(93,186
)
(67,595
)
Total stockholders' equity (deficit)
332,191
(13,700
)
Total liabilities and stockholders' equity (deficit)
$
347,013
$
9,249
(1) Held by variable interest entity
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Investor Contact: xlfleetIR@icrinc.com Media
Contact: PR@xlfleet.com
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