Hyliion Shares Slide After Q2 Results Fall Short Of Revenue Estimates
Benzinga
Published Aug 09, 2022 22:50
Updated Aug 09, 2022 23:40
Hyliion Shares Slide After Q2 Results Fall Short Of Revenue Estimates
- Hyliion Holdings Corp (NYSE: HYLN) reported second-quarter revenue of $172 thousand, missing the consensus of $370 thousand.
- Net loss per share was $(0.19), beating the consensus of $(0.20).
- Loss from operations increased to $(34.19) million, from $(23.44) million a year ago.
- Net cash used in operating activities year-to-date totaled $(55.57) million, compared to $(24.16) million in 2Q21.
- Hyliion held cash and cash equivalents of $200.6 million as of June 30, 2022.
- The company’s order backlog increased to 200 Hypertruck ERX production slots, plus nearly 2,000 units in reservations to date.
- The company currently has a backlog for the Hybrid system of approximately $1.5 million. In the balance of 2022, the company will continue to upfit customer trucks with Hybrid products. Hyliion is also exploring the sale of full trucks with installed Hybrid systems to customers as an additional path to mark.
- FY22 Outlook: HYLN reiterates its revenue expectations of $2 million and $3 million vs. the consensus of $2.36 million; and lowered the range for full-year operating expenses to $130 million and $140 million.
- Price Action: HYLN shares are trading lower by 7% at $4.12 during the post-market session on Tuesday.
- Photo via Company
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