Hyliion Holdings (NYSE: HYLN) reported Q3 EPS of ($0.76), $0.10 better than the analyst estimate of ($0.86).

Key Business Highlights

• Completed strategic combination between Hyliion Inc. and Tortoise Acquisition Corp. on October 1, 2020, yielding approximately $520 million in net proceeds to fund Hyliion’s growth plans and long-term objectives
• Installed eight hybrid electric units in the third quarter of 2020 for four fleet-based customers
• Signed agreement with FEV North America Inc. to accelerate commercialization of the Hypertruck ERX

Executive Commentary

“With ample resources from our strategic combination, Hyliion is well-capitalized and primed to disrupt the powertrain market. 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. Along the way, our dynamic and proprietary solutions will help our commercial vehicle customers change the way they view performance, total cost of ownership, data, and sustainability,” commented Thomas Healy, Hyliion Holdings’ Chief Executive Officer.

“In the third quarter of 2020, we made progress toward commercialization of our Hybrid and Hypertruck ERX solutions for the Class 8 truck market, while also establishing key partnerships. We are experiencing strong interest for our solutions and are utilizing our resources to develop a scaled infrastructure that will be able to support demand from this $800 billion market. Overall, I am pleased with the progress we have made as we remain on track to meet our product milestones in 2021,” concluded Healy.

For earnings history and earnings-related data on Hyliion Holdings (HYLN) click here.