XL Fleet Corp. shares increased by 1.98% and they today announced quarter that is 4th full-year 2020 financial results.
“XL Fleet continues to deliver its commitments on, including attaining record fourth quarter and full-year 2020 income, capping off the most successful 12 months in our company’s history,” stated Dimitri Kazarinoff, Chief Executive Officer of XL Fleet. “We almost tripled income regardless of the significant challenges dealing with companies and economies throughout the world, delivered significantly more than 1,500 systems to a base that is strong of, while generating positive gross margins.
Following the completion of our business combination in December and warrant redemption in March, we are armed with around $408 million in cash, so we think we are extremely well placed to carry on executing our growth strategy also to maintain a leadership position in the quickly growing commercial fleet electrification market.”
“We are proud to be a frontrunner in commercial fleet electrification, with more than 4,300 systems offered through 2020, a huge selection of commercial fleet customers throughout North America, and over 150 million consumer kilometers driven,” said Tod Hynes, Founder and President of XL Fleet.
“We continue steadily to effectively measure our platform, grow our team, expand our portfolio of electrification solutions, and allow our customers to meet up with their sustainability and objectives being functional while upholding the performance and reliability they might need. Our objective would be to make electrification simple, low-cost and efficient.
Our growing solutions portfolio, including development that is ongoing of solutions and growth of XL Grid, roles us well to become comprehensive solutions provider for commercial fleet electrification.”
“We believe the perspective that is long-term the commercial fleet market stays robust, with continued development in demand for electrification and our expanding base of solutions,” said Mr. Kazarinoff.
“The world is electrifying – however, economies and companies around the globe continue to face ongoing impacts of this pandemic that is COVID-19. Because of this, we continue steadily to experience significant friction including OEM delays amid microchip and other shortages, and currently forecast first quarter 2021 revenue of around $1 million, or approximately flat versus the prior year quarter.”
“with all this ongoing uncertainty and also the possibility of extended industry-wide dilemmas, combined with typical regular patterns inside our purchases and a significant most of revenues focused on the 2nd half as in previous years, we’re perhaps not presently providing formal full-year 2021 guidance that is monetary.
As these pressures abate, we be prepared to view a more powerful market environment emerge later this year. In this scenario, we’d expect you’ll recognize income that is significant in 2021, associated with much more pronounced seasonality and so weighting to the second half of the season.” XL Fleet Corp. shares increased by 1.98%, Meta News found.