XL Fleet to Rename as Spruce Power and Change NYSE Ticker Symbol to SPRU
November 04 2022 - 08:30AM
XL Fleet Corp. (NYSE: XL) (“XL Fleet” or the “Company”), a provider of subscription-based services that make it easy for homeowners and small businesses to own and maintain rooftop solar and battery storage, today announced that it will change its corporate name to Spruce Power Holding Corporation, effective November 14, 2022. The Company will be known as Spruce Power. Additionally, the Company will change its NYSE ticker symbol from “XL” to “SPRU” at the open of market trading on Monday, November 14, 2022.
“We are excited to execute on the next stage of our new corporate strategy with the official change of our company name,” said Eric Tech, current Chief Executive Officer of XL Fleet. “Renaming our company to Spruce Power reflects our new focus on the residential solar and energy services market. Most importantly, it positions us to build upon the strong brand recognition that Spruce has earned in the residential solar market since 2018.”
“Transitioning the Spruce Power name to our new public platform is an exciting achievement for our company,” added Christian Fong, President of Spruce Power. “Our new platform affords us the resources needed to elevate our company’s mission to a next level, and this change is only the beginning.” It is expected that Mr. Fong will be named CEO of the combined companies in the first quarter of 2023.
The Company’s common stock will continue to be listed on the NYSE. There is no action required by the Company’s current shareholders with respect to the company name or ticker symbol change. The Company’s CUSIP will change in connection with the name change.
About Spruce Power (formerly known as XL Fleet)
XL Fleet, who today announced the name change to Spruce Power, provides subscription-based services that make it easy for homeowners and small businesses to own and maintain rooftop solar and battery storage. Our as-a-service model allows consumers to access new technology without making a significant upfront investment or incurring maintenance costs. Our company has more than 52,000 subscribers across the United States. For additional information, please visit www.sprucepower.com.
XL Fleet Corp.
Delayed (15 Min) Trade Data: 12:00am 10/21/2022
& nickel all-time high $XL
$XL is looking great today. Oil going up should push these EV stocks up as well.
XL Fleet Corp. (NYSE: XL) (“XL Fleet” or the “Company”), a leading provider of fleet electrification solutions, today announced fourth quarter and full-year 2021 financial results.
Fourth Quarter, Full-Year 2021 and Recent Highlights
Generated revenue for fourth quarter of 2021 of $8.0 million, compared to $10.9 million in the prior year
Realized gross loss for the fourth quarter of 2021 of $1.6 million, compared to gross profit of $2.0 million in the prior year
Exited fourth quarter of 2021 with cash and cash equivalents of approximately $352 million
Appointed automotive and mobility sector veteran Eric Tech as new CEO of XL Fleet, effective December 1, 2021
Appointed Chris Goldner as Interim CFO, effective February 1, 2022, following departure of Cielo Hernandez
Announced pilot program award with Department of Defense to prototype fuel-savings technology for tactical vehicles
Received CARB executive order approval to sell electric refuse vehicles co-developed with Curbtender, Inc.
Initiated Strategic Review, focused on narrowing business offering to most profitable business areas and opportunities
Management Commentary & Outlook
“XL Fleet continued to diversify its solutions portfolio in 2021, most notably with the May acquisition of World Energy Efficiency Services, which helped to offset demand and supply chain issues continuing to face the drivetrain business,” said Eric Tech, CEO of XL Fleet. “World Energy generated $7.7 million of revenue for the fourth quarter of 2021 and over $20 million for the full-year 2021, which was ahead of the forecast set at the time of the acquisition. We exited the year with $352 million in cash on the balance sheet, positioning us offensively and defensively in the road ahead.”
“Since joining XL Fleet, I have taken a comprehensive review of all aspects of our business to assess the offerings, strategy, and growth opportunities,” added Mr. Tech. “While our Strategic Review remains ongoing, I have identified several near-term opportunities and actions that align our talent, technology and resources, while best positioning XL Fleet over the long-term.”
“First, we will focus on organizing our leadership and talent in a way that maximizes synergies across our business,” continued Mr. Tech. “Second, we will narrow focus of our hybrid offering to platforms and applications that are most scalable and provide the most substantial return on investment. And third, we will continue to preserve our strong cash position, with an intent on identifying transformational M&A that enhances shareholder value while setting the state for long-term growth resulting from the global needs for decarbonization. I am invigorated by the work that remains ahead, and stand confident in XL Fleet’s ability to leverage its platform, experience and resources to help drive decarbonization for the benefit of all.”
Fourth Quarter 2021 Financial Results
Revenue totaled $8.0 million in the fourth quarter of 2021 compared to $3.2 million in the third quarter of 2021 and $10.9 million in the fourth quarter of 2020. Revenue from the sale of drive systems in the fourth quarter of 2021 totaled $0.3 million compared with $0.6 million in the third quarter of 2021, and $10.9 million in the fourth quarter of 2020, due to negative impacts from ongoing supply chain issues including microchip shortages that have led to a lack of new fleet chassis. Revenue from XL Grid in the fourth quarter of 2021 totaled $7.7 million, compared to $2.6 million in the third quarter of 2021 and $6.4 million in the fourth quarter of 2020 on a pro forma basis. The increase from the third quarter of 2021 was due to the seasonality of the business driven by sales cycles and other dynamics in the business.
Gross loss was $1.6 million for the fourth quarter of 2021, compared to a gross profit of $0.7 million in the third quarter of 2021 and gross profit of $2.0 million in the fourth quarter of 2020. Gross margins for the fourth quarter of 2021 were negative (20%), compared to gross margins for the third quarter of 2021 of positive 22%. The decrease in gross margins was primarily driven by increased inventory reserves. Adjusted EBITDA was ($14.6) million for the fourth quarter of 2021, compared to ($14.2) million for the third quarter of 2021 and ($1.8) million in the fourth quarter of 2020.
Net loss was ($15.1) million for the fourth quarter of 2021, compared to net loss of ($7.5) million in the third quarter of 2021 and ($38.4) million in the fourth quarter of 2020. Net loss for the fourth quarter of 2021 includes a non-cash gain from the change in fair value of warrant liability of $8.2 million, compared to a non-cash loss of ($35.0) million in the fourth quarter of 2020. Adjusted net loss was $15.3 million for the fourth quarter of 2021, compared to adjusted net loss of ($14.7) million in the third quarter of 2021. A reconciliation of EBITDA to adjusted EBITDA and net loss to adjusted net loss is set out in the tables below.
Full-Year 2021 Financial Results
Revenue totaled $15.6 million for full-year 2021, compared to $20.3 million for full-year 2020. Gross loss totaled ($0.7) million for full-year 2021, compared to a gross profit of $2.7 million for the full-year 2020. Adjusted EBITDA for full-year 2021 totaled ($50.0) million, compared to ($14.7) million for the full-year 2020.
Balance Sheet and Capital
Cash and cash equivalents as of December 31, 2021 totaled $351.7 million compared to $329.6 million as of December 31, 2020. Total debt outstanding as of December 31, 2021 was approximately $0.1 million. XL Fleet has approximately 140.5 million shares of Common Stock outstanding as of December 31, 2021.
Fourth Quarter 2021 and Recent Operational & Business Updates
In February 2022, XL Fleet announced that it appointed Chris Goldner to serve as Interim Chief Financial Officer, effective February 1, 2022, following the resignation of Cielo Hernandez from her position as Chief Financial Officer. The Company is undertaking a search for a permanent successor.
In December 2021, XL Fleet received an Executive Order from the California Air Resources Board (“CARB”) for the sale of its battery electric Ford F-600 platform for the zero emission refuse vehicle being co-developed with Curbtender, Inc. The development of the battery electric Curbtender Quantum is expected to be completed for production before the end of 2022, and will be XL Fleet’s first all-electric, zero emission vehicle platform.
In December 2021, XL Fleet announced the installation of charging infrastructure to power Apex Clean Energy’s electrified vehicle deployments. Apex Clean Energy, a leading clean energy company, electrified its work truck fleet with XL Fleet plug-in hybrid and hybrid systems on its F-Series pickup trucks earlier in 2021.
In November 2021, XL Fleet announced that it was awarded a pilot project with Department of Defense to prototype fuel-saving technology for tactical vehicles. The Department of Defense pilot program is part of a future contract opportunity to leverage the hybrid conversion technology for tens of thousands of vehicles in a variety of U.S. military applications.
In November 2021, XL Fleet announced that its Board of Directors appointed Eric Tech as Chief Executive Officer of XL Fleet, effective December 1, 2021, following the resignation of Dimitri Kazarinoff from his position as Chief Executive Officer to pursue other career opportunities.
ANY NEWS MY FRIEND ????? XL Fleet Corp (XL)
1.87 ? 0.0 (0.00%)
Volume: 592,635 @02/09/22 10:21:49 AM EST
Bid Ask Day's Range
- - 1.83 - 1.92
XL Detailed Quote
XL Fleet Announces Financial Leadership Transition and Timing of Fourth Quarter and Full-Year 2021 Earnings Release and Conference Call
February 02 2022 - 04:30PM
XL Fleet Corp. (NYSE: XL) (“XL Fleet” or the “Company”), a leading provider of fleet electrification solutions, today announced that Cielo Hernandez has resigned as Chief Financial Officer of the Company as of January 31, 2022, to pursue other career opportunities. Ms. Hernandez’s departure is not related to any disagreement with the Company over its accounting principles or practices, or financial statement disclosures.
Chris Goldner, XL Fleet’s Corporate Controller, has been appointed to serve as Interim Chief Financial Officer, effective February 1, 2022, while the Company undertakes a search for a permanent successor. Mr. Goldner has over twenty years of financial leadership experience with responsibilities including SEC reporting, accounting policies and procedures, and internal controls. He has served as XL Fleet’s Corporate Controller since August 2021, with responsibility for leading the Company’s accounting and reporting functions. Prior to joining XL Fleet, Mr. Goldner served as Vice President, Fiscal Responsibility, Vice President, Assistant Corporate Controller and other accounting and financial leadership roles for Hasbro, Inc. (NYSE:HAS). Prior to that, he worked in public accounting as an Audit Manager with Deloitte and Touche.
“On behalf of the XL Fleet team, I want to thank Cielo for her contributions to the Company since joining last April and wish her all the best in her future endeavors,” said Eric Tech, Chief Executive Officer of XL Fleet. “I am very pleased to have such a capable and experienced professional in Chris to step into the interim CFO role. He has the Board’s and my full support and confidence, and we look forward to providing our latest quarterly update on March 1.”
Fourth Quarter and Full-year 2021 Conference Call Timing
XL Fleet will report its fourth quarter and full-year 2021 results on Tuesday, March 1, 2022, followed by a conference call hosted by XL Fleet management 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 13726640. The replay will be available until March 15, 2022. 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.
My worst pick of 2021...down 65%....
Excerpt from Nov 15 2021 3rd Qtr Results:
“Our third quarter results were negatively impacted by ongoing supply chain challenges continuing to face the global automotive industry, limiting chassis availability on which our new systems are installed,” said Tod Hynes, Founder & President of XL Fleet. “Despite lower sequential revenue, we maintained attractive gross margins driven by the first full-quarter contribution of our recently acquired World Energy business. We further expanded our solutions offering during the third quarter, including the extension of our XL Hybrid System onto popular vehicle models, including the Ram 2500 and 3500 heavy duty pickup trucks and Isuzu NPR-HD. The strategic growth of our XL Grid offering achieved during 2021 provides meaningful diversification to our business, while widening the scope and scale of the electrification services we are able to deliver to customers. XL Fleet maintains significant financial flexibility, including $367 million of cash on our balance sheet, positioning us to weather near-term pressure while continuing to execute on our strategy.”
We shall see how long Tod ride the supply chain issues wave...
Thought squeeze today :(
Short squeeze today
11 m short shares ..
XL Fleet Awarded Pilot Project With Department of Defense to Prototype Fuel-Saving Technology for Tactical Vehicles
November 23 2021 - 07:30AM
Department of Defense pilot program is part of a future contract opportunity to leverage the hybrid conversion technology for tens of thousands of vehicles in a variety of U.S. military applications
XL Fleet Corp. (NYSE: XL) (“XL Fleet” or the “Company”), a leader in vehicle electrification solutions for commercial and municipal fleets, today announced it was awarded a contract by the Defense Innovation Unit (DIU) and The U.S. Army’s Project Manager Transportation Systems (PM TS) to prototype a fuel-saving technology for military vehicles. After earning the opportunity through a highly competitive bidding process, XL Fleet is one of two companies awarded a contract to develop a pilot technology project over the course of the next year. This technology has the potential to be applied to tens of thousands of existing vehicles across a wide range of military applications. The pilot program began on October 1, 2021, and will run for 13 months.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211123005596/en/
As part of a DoD pilot program, XL Fleet is developing a retrofit idle reduction technology for use in the Family of Medium Tactical Vehicles (FMTV). (Photo: U.S. Army Program Executive Office Combat Support & Combat Service Support)
As part of a DoD pilot program, XL Fleet is developing a retrofit idle reduction technology for use in the Family of Medium Tactical Vehicles (FMTV). (Photo: U.S. Army Program Executive Office Combat Support & Combat Service Support)
The Department of Defense (DoD) announced the pilot program contract award on November 22, 2021, accessible here: https://www.diu.mil/latest/department-of-defense-to-prototype-commercial-hybrid-conversion-kits-for.
XL Fleet’s contract is a part of the DoD’s ongoing efforts to address some of the key fuel-saving efforts for its fleet of more than a quarter million military tactical vehicles. As these vehicles spend more than half of their operational time idling, they currently require significant amounts of fuel to run onboard electric power systems and to maintain cabin climate control. This reduces vehicles’ range, creates significant costs, and drastically increases thermal and acoustic signatures of the vehicles, putting them at greater risk of detection in the field. Additionally, by enhancing fuel efficiency and limiting the amount of fuel consumed by its vehicles, the U.S. military can significantly reduce the logistical and transportation requirements of its fuel supply chain – a key source of logistical complexity and safety risk to personnel.
As part of the DoD pilot program, XL Fleet is currently developing a retrofit idle reduction technology for use in the Family of Medium Tactical Vehicles (FMTV), the U.S. Army's standard two-and-a-half to 10-ton trucks. The hybrid conversion kits would be delivered to the DoD for installation by Soldiers on vehicles in the military fleet. The Program Executive Office for Combat Support & Combat Service Support (PEO CS&CSS), which includes PM TS, has expressed that this program may be a step toward further hybridization and electrification efforts, as the U.S. military moves toward sustainable energy solutions to extend the operational range of its tactical vehicle fleet, among other benefits.
“We are honored by the opportunity to compete for this highly selective U.S. Government contract to develop fuel-saving solutions for a wide range of applications for tactical military vehicles,” said Tod Hynes, Founder and President of XL Fleet. “XL Fleet’s proven technology, flexible platform and deep experience in applying sustainable technologies to fleet vehicles make us an ideal fit for the U.S. military’s specialized needs for this project. We can help extend the operational range of their tactical vehicles, while supporting our troops’ safety and providing significant fuel and operating cost savings and reducing greenhouse gas emissions.”
rumors about 25.000 units for UPS
XL Fleet Announces Leadership Transition
November 01 2021 - 07:00AM
Automotive and mobility sector veteran Eric Tech named CEO of XL Fleet
Tech brings nearly 35 years of industry and leadership experience at Ford and Navistar
Announces preliminary unaudited financial results for the third quarter of 2021
XL Fleet Corp. (NYSE: XL) (“XL Fleet” or the “Company”), a leading provider of vehicle electrification solutions for commercial and municipal fleets, today announced that its Board of Directors (the “Board”) has appointed Eric Tech as Chief Executive Officer of XL Fleet, effective December 1, 2021.
Mr. Tech brings nearly 35 years of automotive and mobility industry experience and has held senior leadership positions at Navistar International Corporation (“Navistar”) and Ford Motor Company (“Ford”). He most recently served as Senior Vice President of Corporate Development at Navistar, a publicly traded global manufacturer and marketer of medium and heavy duty vehicles and parts.
Among other accomplishments spanning his 15 year career at Navistar, Mr. Tech successfully developed the blueprint for Navistar’s strategic direction and further global expansion, including executing on transformational growth opportunities, identifying potential global alliances, and driving profitability. At Ford, Mr. Tech held various senior level positions including Chief Engineer for Superduty Trucks, where he managed nearly $2 billion new product programs, and led various product development, efficiency and cost saving initiatives.
Mr. Tech succeeds Dimitri Kazarinoff, who is stepping down from his position as Chief Executive Officer to pursue other career opportunities. Mr. Kazarinoff will support Mr. Tech to help ensure a smooth leadership transition through the end of the year. Upon his joining as Chief Executive Officer, Mr. Tech will also join the Board.
“We believe that Eric’s track record in delivering strong operating and financial results, including during challenging and dynamic business environments, makes him the ideal leader to help deliver the next generation of electrification solutions to customers,” said Debora Frodl, XL Fleet’s Board Chair. “He is a forward-thinking and performance-driven executive who brings more than three decades of deep industry experience combined with proven leadership capabilities at world-class companies. On behalf of the Board, we are excited to have Eric join the XL Fleet team.”
Ms. Frodl added, “The Board thanks Dimitri for his contributions to XL Fleet, including guiding the Company as it transitioned to the public markets.”
“I am honored to accept this new role and to be a part of the future of XL Fleet,” said Mr. Tech. “I look forward to working closely with XL Fleet’s dedicated team to execute on the Company’s strategic growth plans, deliver strong results for our stakeholders, and help XL Fleet achieve its full potential. As cities, municipalities and enterprises are deepening their focus on meeting their sustainability goals, fleet electrification is more important than ever.”
Mr. Tech added, “With more than 150 million customer miles, strategic partnerships, and more on-the-road experience than peers, I am confident that XL Fleet is well-positioned in the commercial fleet electrification industry. I am invigorated by the many opportunities ahead for XL Fleet’s business, including the expanding XL Grid and electrification-as-a-service offerings, and am ready to get started.”
Automotive Industry Veteran with Nearly 35 Years of Experience
Mr. Tech, 58, is an automotive and mobility industry veteran who joins XL Fleet after spending 15 years at Navistar. Most recently, he served as Navistar’s Senior Vice President Corporate Development. Prior to that, Mr. Tech held various senior leadership positions at Navistar including Senior Vice President and Co-Chairman of Volkswagen Truck and Bus Alliance, Senior Vice President of Strategy, Planning and Business Development, President of Global & Specialty Business and President of Global Truck & Engine. In these roles, Mr. Tech was responsible for leading teams and businesses generating more than $1 billion in annual revenues and over 3,000 global employees.
Prior to joining Navistar, Eric spent two decades at Ford Motor Company and Jaguar Cars Limited in a variety of engineering, product planning and program management roles.
A native of Detroit, Mr. Tech holds a BSME and an MBA from the University of Michigan. He was a member of the Society of Automotive and Aerospace Engineers (SAE) and was on its Board of Directors from 2016 to 2018. He also served on the Board of the American Chamber of Commerce in Sweden, a Midwest Trustee for the Boys and Girls Club, and a member of the Salvation Army Chicago Advisory Board.
XL Fleet Reports Preliminary Unaudited Third Quarter of 2021 Financial Results
XL Fleet expects to report revenues for the third quarter of 2021 of approximately $3.2 million, including $0.6 million from the sale of drive systems and $2.6 million from XL Grid. Preliminary financial results for the quarter were negatively impacted by ongoing supply chain issues including microchip shortages and lack of new fleet chassis, combined with timing of completion for certain projects for XL Grid. XL Fleet expects to report cash and cash equivalents of approximately $367 million as of September 30, 2021.
XL Fleet Announces Date for Third Quarter 2021 Earnings Release and Conference Call
XL Fleet will report its third quarter 2021 financial results after market close on Monday, November 15, 2021, followed by a conference call at 5:00 p.m. Eastern Time.
The earnings conference call can be accessed live 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 13723537. The replay will be available until November 29, 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.