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.
