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XL Fleet Acquires World Energy Efficiency Services to Accelerate Fleet Electrification Adoption and Expand Charging Infrastructure Offering https://www.businesswire.com/news/home/20210517005923/en/XL-Fleet-Acquires-World-Energy-Efficiency-Services-to-Accelerate-Fleet-Electrification-Adoption-and-Expand-Charging-Infrastructure-Offering
May 17, 2021
BOSTON--(BUSINESS WIRE)--XL Fleet Corp. (NYSE: XL) (“XL Fleet” or the “Company”), a leader in fleet electrification solutions for commercial and municipal fleets, today announced the acquisition of World Energy Efficiency Services, LLC (“World Energy”) for total cash and stock consideration of approximately $16 million.
“We are incredibly excited to bring World Energy’s experience and expertise in house. This transaction reflects a highly complementary addition to our XL Grid offering, improving our ability to reduce the total cost of ownership for the charging infrastructure needed to power fleet vehicles.”
World Energy is a leading provider of energy efficiency, renewable technology, electric vehicle charging station and other energy solutions to customers across the New England region. By leveraging its comprehensive solutions in combination with utility incentive programs, project management and financing, World Energy assists companies throughout all aspects of the electrification process. The company provides full-service EV charger installations, including the assessment of a location’s electrical infrastructure, site layout of the charging area plan and equipment installation.
“Availability of robust electric vehicle charging and infrastructure solutions is critical to meeting the long-term fleet electrification goals of the global industry and our customers,” said Tod Hynes, Founder and President of XL Fleet. “Some of our largest customers have identified that fleet facility power constraints create a unique and large challenge when trying to charge dozens and even hundreds of vehicles at the same location. The team at World Energy is filled with experts that can help solve this problem by incorporating energy efficiency measures and solar power, while integrating EV charging to increase the amount of energy available for fleet vehicle charging.”
“We remain focused on eliminating barriers to electrification, and are committed to making it easier, cheaper and simpler for companies to electrify their fleets,” continued Mr. Hynes. “We are incredibly excited to bring World Energy’s experience and expertise in house. This transaction reflects a highly complementary addition to our XL Grid offering, improving our ability to reduce the total cost of ownership for the charging infrastructure needed to power fleet vehicles.”
“The highly strategic bolt-on acquisition is consistent with our growth strategy, our focus on electrification as a service, and was enabled by our new public platform with more than $400 million of cash,” said Dimitri Kazarinoff, Chief Executive Officer of XL Fleet. “As our customers look to install and operationalize their electric fleets, they will need seamless electric charging infrastructure. Our customers will greatly benefit from the supplementary energy efficiency services that we will gain with the acquisition of World Energy and its experienced team. World Energy amplifies the value of our XL Grid division by embedding critical charging solutions to deliver energy and cost savings to our expanding base of customers.”
“World Energy’s track record of winning in the energy efficiency utilities space within the U.S. market positions us to bring incredible value to XL Fleet’s suite of fleet electrification and charging infrastructure solutions,” said Rick Galipeau, President of World Energy. “We are tremendously excited about joining the XL Fleet team and bringing our commercial relationships to their world-class platform.”
Transaction & Financial Overview
Total consideration for the World Energy acquisition is approximately $16 million, comprised of $8.0 million in cash paid on the closing date and the obligation to issue newly issued shares of XL Fleet common stock valued at $7.0 million. The purchase price is subject to an adjustment for closing date net working capital and an additional earn out payment of $1.0 million payable based on the achievement of World Energy’s 2021 revenue target.
World Energy generated $18 million of total revenue and was free cash flow positive for full-year 2020. The transaction was approved by both companies' Boards of Directors and was closed effective May 17, 2021.
* * $XL Video Chart 05-18-2021 * *
Link to Video - click here to watch the technical chart video
hi dare lol can ya sing like ah ray
hi dare lol can ya sing like ah ray
some shorting all spacs
XL Fleet Corp (XL)
5.7 ? -0.48 (-7.77%)
Volume: 4,292,005 @05/10/21 7:58:29 PM EDT
Bid Ask Day's Range
- - 5.67 - 6.16
XL Detailed Quote
any reason for declining pps XL Fleet Corp (XL)'
Buying all the way down, great buys at this point :)
A new CEO is great. However, if the sales force is not selling any measurable product, there’s nothing to account for.
Losing faith. Not gonna lie. I feel like I may have made a mistake.
Prove me wrong!
News out XL Fleet Bolsters Executive Team with Appointment of Cielo M. Hernandez as Chief Financial Officer
April 20 2021 - 07:30AM
Accomplished finance executive with more than 25 years of public and private company experience joins fleet electrification leader
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 the addition of Cielo M. Hernandez as Chief Financial Officer of XL Fleet. As CFO, Hernandez will oversee the Company’s financial organization, including financial reporting, financial planning, internal controls, as well as treasury. Hernandez’s extensive experience and capability will also contribute to strategic planning, M&A, and investor relations.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210420005456/en/
“We are extremely excited to welcome Cielo to our leadership team,” said Dimitri Kazarinoff, Chief Executive Officer of XL Fleet. “Cielo is a high-caliber finance executive whose extensive experience driving growth, operational improvements and functional excellence positions her very well to lead XL Fleet’s finance organization and deliver significant value to our stakeholders. I look forward to working closely with Cielo as we continue to execute on our growth plan as a public company.”
Hernandez is a finance professional with more than 25 years of experience, with an extensive track record of leading global teams and strategies for both publicly traded and private companies. She has held various positions in finance, operations, procurement and information systems, and prior to joining XL Fleet, served as Senior Vice President and Chief Financial Officer of South Jersey Industries, Inc., a publicly traded energy utility company. She previously served as Vice President and Chief Financial Officer for the North America region at A.P. Moeller Maersk A/S, and held leadership roles at APM Terminals, Amcor and DIRECTV.
“Cielo’s strong finance and accounting background at both public and private companies is well-aligned with XL Fleet’s growth trajectory, and her strategic financial leadership is immensely valuable at a critical time in our company’s evolution,” said Tod Hynes, Founder and President of XL Fleet. “We look forward to Cielo’s contributions toward our ongoing growth and our mission of leading electrification across the global commercial fleet space.”
Hernandez earned her undergraduate degree in Accounting from Universidad Santiago de Cali, Colombia. She also holds a Master of Business Administration degree with specialization in International Business from the University of Miami. Hernandez is a Certified Public Accountant and holds a Certification in Human Resources Talent Management from Universidad Santiago de Cali, Colombia as well as Certifications in Executive Leadership and High-Performance Leadership from Cornell University, and Strategic Leadership and Improving the Business from IMD University Switzerland. Hernandez is a Board member of Rowan University Foundation and was named as one of South Jersey Biz’s Women to Watch for 2020.
XL Fleet Corp (XL)
6.52 ? -0.09 (-1.36%)
Volume: 10,507,815 @04/16/21 7:59:47 PM EDT
Bid Ask Day's Range
- - 6.28 - 6.8883
XL Detailed Quote
Jim Cramer bashed XL Fleet last night in his Mad Money show, repeating the lame attacks by the short seller. He also bashed four other companies that also went public through a SPAC: Lordstown Motors, Canoo, Romeo Power, and Nikola. All of these companies already way down from their peaks following going public. Wouldn't it be nice if XL Fleet as well as the other four stocks all finished higher today.
Well, he supposedly has tens of thousands of followers, and most stocks are down the day after he puts up a video chart....so.
I heard from another board that every time Clay posts that means he's shorting the stock, any idea if that's true?
* * $XL Video Chart 04-08-2021 * *
Link to Video - click here to watch the technical chart video
Not much you can do when already down, and Clay kicks you almost daily.
* * $XL Video Chart 04-07-2021 * *
Link to Video - click here to watch the technical chart video
News out this morning explaining the positive price action.
XL Fleet Electrifying Apex Clean Energy Pickup Fleet
April 07 2021 - 07:00AM
Business Wire
Leading clean energy company is electrifying its work truck fleet with XL Fleet plug-in hybrid and hybrid systems on its F-Series pickup trucks
Apex fleet electrification investment will support its commitment to reduce carbon emissions
Vehicles were acquired for Apex by XL Fleet’s Fleet Management Company (FMC) partner Enterprise Fleet Management
XL Fleet Corp. (NYSE: XL) (“XL Fleet” or the “Company”), a leader in fleet electrification solutions, and Apex Clean Energy (“Apex”), a leading clean energy company that develops, constructs, and operates utility-scale wind and solar power facilities throughout North America, today announced that XL Fleet is electrifying Apex’s vehicle fleet as part of a comprehensive effort to reduce its carbon emissions.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210407005381/en/
Apex’s first investment in vehicle electrification, the order will provide 19 electrified Ford F-series pickup trucks, including ten plug-in hybrid electric and nine hybrid electric systems for pickups in its service fleet, for delivery in the second quarter of 2021. The strategic mix of hybrid and plug-in hybrid electric vehicles being deployed aligns with Apex’s current sustainability goals and operational requirements, while allowing it to consider expanding its electrification investments as it replaces more vehicles in the future.
XL Fleet’s electrification systems will enable Apex to equip its project teams with a diverse array of cleaner, more fuel-efficient vehicles as Apex installs renewable power generation equipment and facilities throughout North America. Apex is planning to deploy the plug-in hybrid vehicles to its operations employees, who will have access to charging infrastructure being installed at operational wind and solar facilities. The hybrid vehicles are expected to be used by Apex’s on-site construction team, who currently do not have regular access to charging infrastructure and will benefit from the regenerative braking provided by the XL Fleet hybrid system. In the past decade, Apex has commercialized $9 billion worth of wind and solar projects representing nearly 7 GW of clean energy opportunity.
“XL Fleet and Apex Clean Energy share a common goal of delivering sustainable products and services designed to protect our environment, and we are proud to become Apex’s electrified vehicle partner as they look to take immediate and significant steps toward reducing their carbon footprint,” said Brian Piern, VP of Sales and Marketing at XL Fleet.
“As a mission-driven company with sustainability at the heart of our work, Apex is driving the transition to a clean energy economy, and XL Fleet is an ideal partner to help us extend this core value to our transportation choices,” said Mark Goodwin, president and CEO of Apex Clean Energy. “XL Fleet gives us the ability to begin working toward our carbon reduction goals immediately by electrifying our vehicle fleet with proven solutions that make strong financial sense.”
This deployment of electrified pickups reflects XL Fleet’s broad lineup of plug-in hybrid and hybrid solutions for some of the fleet industry’s most popular light and medium duty work trucks, which also includes the Company’s newest plug-in and hybrid offerings for Chevrolet Silverado and GMC Sierra HD models.
The Ford F-series pickups being electrified for Apex were acquired by XL Fleet’s Fleet Management Company (FMC) partner Enterprise Fleet Management as part of this transaction. Enterprise is a leading full-service provider of fleet management capabilities, including vehicle acquisition, financing, maintenance and more. Enterprise takes a sustainable approach to its business practices and actively helps fleet customers manage their carbon footprint.
Link to article: https://ih.advfn.com/stock-market/NYSE/xl-fleet-XL/stock-news/84769430/xl-fleet-electrifying-apex-clean-energy-pickup-fle
* * $XL Video Chart 04-06-2021 * *
Link to Video - click here to watch the technical chart video
* * $XL Video Chart 04-05-2021 * *
Link to Video - click here to watch the technical chart video
* * $XL Video Chart 04-01-2021 * *
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Selling is part of the problem. You gave up.
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."
XL Fleet EPS beats by $0.03, misses on revenue
Mar. 31, 2021 4:49 PM ETXL Fleet Corp. (XL)By: Shweta Agarwal, SA News Editor5 Comments
XL Fleet (NYSE:XL): Q4 GAAP EPS of -$0.06 beats by $0.03.
Revenue of $10.87M misses by $1.18M.
Gross profit of $2M, reflecting gross margin of 18.3%
Year-end cash balance of $329.6M
https://seekingalpha.com/news/3678298-xl-fleet-eps-beats-0_03-misses-on-revenue?utm_source=advfn.com&utm_medium=referral
2021-03-31 20:15:00 GMT *DJ XL Fleet 4Q Loss $5.56M >XL
2021-03-31 20:15:00 GMT *DJ XL Fleet 4Q Rev $10.9M >XL
2021-03-31 20:15:00 GMT Press Release: XL Fleet Announces Fourth Quarter and Full-Year 2020 Financial Results
XL Fleet Announces Fourth Quarter and Full-Year 2020 Financial Results
BOSTON--(BUSINESS WIRE)--March 31, 2021--
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.
XL Fleet Announces Date Change for Fourth Quarter and Full-Year 2020 Earnings Release and Conference Call
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 that it has changed the date of its previously announced earnings release and earnings conference call to allow additional time to complete a review of its fourth quarter and full-year 2020 financials.
The Company will now report its fourth quarter and full-year 2020 financial results after market close on Wednesday, March 31, 2021, followed by a conference call at 5:00 p.m. Eastern Time. The Company previously planned to release its earnings results and hold its earnings conference call on Tuesday, March 30, 2021.
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 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.
Yahoo Analysis tab is pretty reliable for estimates
Earnings estimate for Q4 is -.09
Revenue estimate for Q4 is $12.1m
for 2020 the year
Earnings estimate is -.17
Revenue estimate is $21.41M
XL Fleet will release its fourth quarter and full year 2020 financial results before market open on Tuesday, March 30, 2021. This release will be followed by a conference call hosted by members of the XL Fleet management team at 8:30 a.m. Eastern Time on Tuesday, March 30, 2021.
Link: https://investors.xlfleet.com/news/news-details/2021/XL-Fleet-Corp.-Announces-Timing-of-Fourth-Quarter-and-Full-Year-2020-Earnings-Release-and-Conference-Call/default.aspx
XL Fleet Opens a Fleet Electrification Technology Center in Michigan
Nearly 25,000 square-foot facility in Metro Detroit provides access to leading automotive & commercial vehicle engineering talent
Company expects to increase its engineering headcount by 50% in 2021 as it continues rapid expansion
Michigan technology center is XL Fleet’s fourth location, expanding strategic nationwide coverage for customers, partners and employees
March 17, 2021 07:00 AM Eastern Daylight Time
BOSTON--(BUSINESS WIRE)--XL Fleet Corp. (NYSE: XL) (“XL Fleet” or the “Company”), a leader in fleet electrification solutions, has opened its newest location in Wixom, MI, as the Company continues its rapid expansion to meet customer demand for a range of electrification solutions. The 24,655 square-foot facility is located in the heart of the United States’ top-ranked region for automotive engineering talent and will serve as a fleet electrification technology center to support the design, development, testing and production of a wide range of commercial vehicle electrification solutions.
The state-of-the-art facility will supplement XL Fleet’s extensive product research and development programs, with technology capabilities for prototyping, controls development, and electrical and systems engineering. The facility will include a component test lab including vibration capability, a vehicle chassis dynamometer, an electronics lab and battery testing equipment.
The Company expects to significantly expand its electrified powertrain systems portfolio over the next several years, with solutions including hybrid, plug-in hybrid, battery electric and fuel cell electric systems, as well as electrification systems for a range of new medium- and heavy-duty commercial applications.
XL Fleet anticipates growing its engineering team by approximately 50% in 2021, many of which will be based in the new Wixom facility. The Company expects to add at least 50 new Michigan-based team members within the next three years, as the location will provide access to a wealth of automotive and commercial vehicle engineering talent within the region.
“XL Fleet’s expansion into Michigan marks a great milestone for the Company, and an important element of our strategy to continue adding breadth and depth to our best-in-class engineering organization to develop the next generation of electrification solutions needed to scale the business,” said Dimitri Kazarinoff, CEO of XL Fleet. “We are very excited to expand the Company’s footprint into this highly strategic location, where we will be well positioned to add capacity to the exceptional talent we already have in house,” he said.
Link: https://www.businesswire.com/news/home/20210317005260/en/XL-Fleet-Opens-a-Fleet-Electrification-Technology-Center-in-Michigan
XL Fleet is considered grossly undervalued at current price levels, per macroaxis at current link: https://www.macroaxis.com/valuation/XL/XL-Fleet-Corp
Link to Video: XL Walk-around Series: Plug-in Hybrid Upfits for Ford Pickups:
About time for the shorts to cover, great buying opportunity and a great price..
That site is an insult to the late, great Muddy Waters.
good sign. Market seems to have dismissed Muddy Waters as they have run out of bullets. Possible short squeeze now.
MW
https://www.muddywatersresearch.com/research/xl/still-spac-trash/
On March 8, 2021, XL issued a multi-page response to our March 3rd report.1 The response did not deny key claims of company misrepresentations. On the next page is a summary table of the key claims that we made in our initial report, and whether in our view XL specifically denied them in its response. Following the table, we discuss certain of XL’s responses to the claims in more detail.
XL did not deny exaggerating its purported $220 million pipeline. XL also did not deny that many of its featured customers have failed to reorder, or that its customer reorder rate is only approximately 10%. XL partially denied and partially admitted the claims of disappointing gas savings. While it made a general statement that its customers “regularly achieve” expected mileage gains, it simultaneously admitted that customers’ real world experiences can materially differ from the purported gas savings. To support its gas savings proposition, it points investors to testimonials on its website. One of the testimonials is from an employee of a Fortune 500 company, but the testimonial gives no specific savings numbers. However, we spoke to that exact person, and he specified that the fleet fuel savings his company received was only approximately 10%. XL also did not deny that its City of Seattle case study significantly misrepresented the customer’s results.
XL’s strongest denials centered around the assumptions we used to calculate fleet ROIs. We disagree with its responses on the specific assumptions that drive the ROI calculation, but on most of those assumptions, reasonable people can disagree. However, low reorder rates certainly imply that the ROI for most customers is in line with our estimate.
We understand that following our report, XL’s counsel sent threatening emails to former employees warning them about speaking with investors. We see that as consistent with a company that is dishonest. Based on XL’s response with its numerous non-denials, we continue to believe that the company greatly exaggerates its pipeline, performance, and potential sales. In short, XL is more SPAC trash.
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March 10, 2021
Filed in: XL Fleet Corp.
Warning - tweet from Muddy Waters
I'll be on @SquawkCNBC tomorrow at 8:45 am, discussing (among other things) our response to the $XL statements about our report. Spoiler alert: XL actually denied very little.
— MuddyWatersResearch (@muddywatersre) March 9, 2021
https://www.forconstructionpros.com/trucks/trucks-accessories/pickup-trucks-vans/article/21319053/xl-fleet-develops-plugin-hybrid-for-gm-hd-pickups
How is this not on the front page of every page?!!!!
Wow! All traders must read! Goes into effect March 19th!
https://www.reddit.com/r/wallstreetbets/comments/m0ibrb/huge_news_from_dtcc_it_basically_means_that_short/
Please pin this news...
In fact, XL Fleet’s most recently reported quarterly earnings included record quarterly revenue of $6.3 million and gross margins of more than 12% in the third quarter of 2020. XL Fleet looks forward to presenting its earnings for Q4 and FY 2020 on March 30, 2021.
https://www.businesswire.com/news/home/20210308005401/en/
full response in link above
top of page bullet points
XL Fleet Refutes Grossly Inaccurate and Misinformed Report by Short-Seller
XL Fleet’s technology is validated by independent testing facilities adhering to EPA standards and backed by real customer experience
XL Fleet has revenue growth, positive gross margins, proprietary technology, repeat customers, and over 4,000 systems with more than 145 million miles on the road
XL Fleet has successfully sold the majority of its electrified powertrain systems without subsidies in an industry where most sales have relied on incentives
XL Fleet has highly experienced technical and program management teams that have successfully developed a broad range of electrified powertrain systems
XL Fleet will report fourth quarter and full-year 2020 financial results on March 30, 2021
XL Fleet CEO in recent interview with Jim Cramer on CNBC Mad Money on deploying 1000 units electric vehicle charging stations in New York City
Link to video:
XL Fleet (NYSE:XL) manufactures hybrid and plug-in powertrains. The idea is that the company’s products can be retrofitted on traditional gas-powered vehicles to make them hybrid vehicles. And the company has its own fully electric powertrains.
Although the product sounds very unique, XL Fleet does have competition in this sector, most notably from Hyliion (NYSE:HYLN). However, XL Fleet does appear to have an important first move advantage as its design is already being used in select Ford (NYSE:F), General Motors (NYSE:GM) and Isuzu (OTCMKTS:ISUZY) fleet trucks.
XL stock has been falling from its December 2020 highs. But that’s not surprising for a company coming off its IPO, particularly since it just completed the merger on December 22. However, the stock has recently pushed past the $20 mark and may be moving higher after it received a bullish price upgrade to $30 from Gregory Lewis of the analyst firm BTIG.
About XL Fleet
XL Fleet Corp. develops and deploys hybrid electric solutions for the commercial and municipal vehicle market in North America. Its products include hybrid electric drive systems (powertrains), and data-analytic systems that measure key automotive performance indicators, such as miles per gallon performance and carbon dioxide emissions in hybrid-electric fleet vehicles for new and in-use vehicles. READ MORE
Current Price: $11.17
Consensus Rating: Buy
Ratings Breakdown: 2 Buy Ratings, 0 Hold Ratings, 0 Sell Ratings.
Consensus Price Target: $30.00 (168.6% Upside)
i quit shorting. thanks
could have been a nice short for you
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XL Fleet is a leading provider of vehicle electrification solutions for commercial and municipal fleets in North America,
with more than 140 million miles driven by customers such as The Coca-Cola Company, Verizon,
Yale University and the City of Boston.
XL Fleet’s 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 electric drive system was named one of TIME magazine's best inventions of 2019.
For additional information, please visit
http://www.xlfleet.com.
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02-07-2021
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