Hyliion Holdings is bringing in scant revenue from its hybrid electric booster for Class 8 trucks. But the orderbook is expanding for its Hypertruck ERX natural gas-electric powertrain.
The Austin, Texas-based startup reported second-quarter revenue of $200,000. The quarterly loss widened to $33.5 million, or negative 19 cents a share, compared to $23.2 million, or negative 13 cents, in the same quarter a year ago. Q2 operating expenses were $32.2 million.
Hyliion (NYSE: HYLN) reiterated its full-year 2022 revenue expectations of between $2 million and $3 million.
It lowered the range for full-year operating expenses to between $130 million and $140 million. That suggests it would burn through cash more slowly.
Hypertruck orders with deposits grew 11% to 190 for the natural gas-electric hybrid. Hyliion also has 2,000 nonbinding reservations. The hybrid boost system has a $1.5 million backlog in part because of the difficulty in getting trucks for installation.
The Hypertruck features 75 miles of all-electric driving. Then, the onboard generator kicks in to allow up to 1,000 miles of total range on natural gas. That compares to the typical 150-200 miles before a battery-electric truck needs to be recharged.
Hyliion ‘highly encouraged by the potential’
“We are turning industry interest in our technology into orders and are highly encouraged by the potential for further adoption of our technology,” CEO Thomas Healy said in a statement. “Moreover, we remain on schedule with our development and design verification timeline, including on-road testing.”
The Hypertruck expects to qualify for zero-emission credits from California and could generate up to a $40,000 rebate per truck if the Inflation Reduction Act becomes law as currently written.
“Such a reduction in up-front costs would lower barriers to entry to electrification for current diesel users and allow for an easier transition to cleaner technology,” Healy said.
Hyliion, which delayed the launch of the Hypertruck from later this year until the end of 2023, has enough liquidity on its books — about $500 million at the end of Q2 — to get through the Hypertruck launch.
The company is pursuing final regulatory approvals and continues to work through supply chain disruptions to get components necessary to hit development and commercial milestones. Hyliion builds the powertrain system but will contract the integration into an OEM factory-built truck.