Recent SPAC Hyliion Holdings Corp (NYSE:HYLN) reported its first public quarter since going public Thursday morning.
Earnings: The net loss for the first nine months of the fiscal year for the electric truck maker was 76 cents versus a loss of 49 cents in last year’s comparable period.
The closed merger brought the company $520 million in net proceeds.
The company installed 8 hybrid electric units for four fleet-based customers in the third quarter.
“With ample resources from our strategic combination, Hyliion is well-capitalized and primed to disrupt the powertrain market,” said CEO Thomas Healy.
What’s Next: Hyliion’s quarterly report did not include any new information. The company highlighted an agreement with FEV North America to accelerate the commercialization of the company’s Hypertruck ERX.
The company has deals in place with companies like Ryder, Penske, Eagle Transport, Idealease and CR England.
“Our focus in 2020 and 2021 will be to position the company for long-term sustainable growth, capturing the material market opportunity from the electrification of Class 8 vehicles.”
Healy said on the earnings call the company was finalizing new contracts, which could be announced soon: “We are experiencing strong interest for our solutions.”
The company remains on track to meet 2021 product goals.
HYLN Price Action: Shares of Hyliion are down 4.5% to $22.45. Shares have lost over 20% of their value in the last month.