(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||||||||
Exhibit No. | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
HYLIION HOLDINGS CORP. | |||||||||||
By: | /s/ Thomas Healy | ||||||||||
Date: | August 8, 2023 | Thomas Healy | |||||||||
Chief Executive Officer |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Product sales and other | $ | 266 | $ | 172 | $ | 576 | $ | 512 | |||||||||||||||
Total revenues | 266 | 172 | 576 | 512 | |||||||||||||||||||
Cost of revenues | |||||||||||||||||||||||
Product sales and other | 307 | 2,145 | 998 | 4,244 | |||||||||||||||||||
Total cost of revenues | 307 | 2,145 | 998 | 4,244 | |||||||||||||||||||
Gross loss | (41) | (1,973) | (422) | (3,732) | |||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Research and development | 27,439 | 20,057 | 48,357 | 35,865 | |||||||||||||||||||
Selling, general and administrative | 11,098 | 12,167 | 22,079 | 21,991 | |||||||||||||||||||
Total operating expenses | 38,537 | 32,224 | 70,436 | 57,856 | |||||||||||||||||||
Loss from operations | (38,578) | (34,197) | (70,858) | (61,588) | |||||||||||||||||||
Interest income | 3,349 | 855 | 6,811 | 1,140 | |||||||||||||||||||
(Loss) gain on disposal of assets | (1) | (133) | 1 | (135) | |||||||||||||||||||
Other income (expense), net | 3 | — | (12) | — | |||||||||||||||||||
Net loss | $ | (35,227) | $ | (33,475) | $ | (64,058) | $ | (60,583) | |||||||||||||||
Net loss per share, basic and diluted | $ | (0.19) | $ | (0.19) | $ | (0.35) | $ | (0.35) | |||||||||||||||
Weighted-average shares outstanding, basic and diluted | 180,966,908 | 173,897,517 | 180,544,821 | 173,741,910 |
June 30, 2023 | December 31, 2022 | ||||||||||
(Unaudited) | |||||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 48,205 | $ | 119,468 | |||||||
Accounts receivable | 804 | 1,136 | |||||||||
Inventory | 892 | 74 | |||||||||
Prepaid expenses and other current assets | 15,853 | 9,795 | |||||||||
Short-term investments | 183,440 | 193,740 | |||||||||
Total current assets | 249,194 | 324,213 | |||||||||
Property and equipment, net | 8,942 | 5,606 | |||||||||
Operating lease right-of-use assets | 7,908 | 6,470 | |||||||||
Intangible assets, net | 237 | 200 | |||||||||
Other assets | 1,946 | 1,686 | |||||||||
Long-term investments | 122,694 | 108,568 | |||||||||
Total assets | $ | 390,921 | $ | 446,743 | |||||||
Liabilities and stockholders’ equity | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | 2,087 | $ | 2,800 | |||||||
Current portion of operating lease liabilities | 768 | 347 | |||||||||
Accrued expenses and other current liabilities | 15,581 | 11,535 | |||||||||
Total current liabilities | 18,436 | 14,682 | |||||||||
Operating lease liabilities, net of current portion | 7,899 | 6,972 | |||||||||
Other liabilities | 1,441 | 1,515 | |||||||||
Total liabilities | 27,776 | 23,169 | |||||||||
Commitments and contingencies | |||||||||||
Stockholders’ equity | |||||||||||
Common stock, $0.0001 par value; 250,000,000 shares authorized; 181,152,151 and 179,826,309 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively | 18 | 18 | |||||||||
Additional paid-in capital | 401,439 | 397,810 | |||||||||
(Accumulated deficit) retained earnings | (38,312) | 25,746 | |||||||||
Total stockholders’ equity | 363,145 | 423,574 | |||||||||
Total liabilities and stockholders’ equity | $ | 390,921 | $ | 446,743 |
Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Cash flows from operating activities | |||||||||||
Net loss | $ | (64,058) | $ | (60,583) | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Depreciation and amortization | 1,132 | 554 | |||||||||
Amortization and accretion of investments, net | (789) | 1,043 | |||||||||
Noncash lease expense | 658 | 613 | |||||||||
Inventory write-down | 231 | 3,313 | |||||||||
(Gain) loss on disposal of assets | (1) | 135 | |||||||||
Share-based compensation | 3,761 | 3,485 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | 332 | (44) | |||||||||
Inventory | (1,049) | (3,375) | |||||||||
Prepaid expenses and other assets | (5,763) | 595 | |||||||||
Accounts payable | (713) | (4,794) | |||||||||
Accrued expenses and other liabilities | 3,418 | 4,024 | |||||||||
Operating lease liabilities | (748) | (537) | |||||||||
Net cash used in operating activities | (63,589) | (55,571) | |||||||||
Cash flows from investing activities | |||||||||||
Purchase of property and equipment and other | (3,952) | (559) | |||||||||
Proceeds from sale of property and equipment | 2 | — | |||||||||
Payments for security deposit, net | (45) | — | |||||||||
Purchase of investments | (99,193) | (106,797) | |||||||||
Proceeds from sale and maturity of investments | 95,646 | 104,492 | |||||||||
Net cash used in investing activities | (7,542) | (2,864) | |||||||||
Cash flows from financing activities | |||||||||||
Proceeds from exercise of common stock options | 84 | 54 | |||||||||
Taxes paid related to net share settlement of equity awards | (216) | (131) | |||||||||
Net cash used in financing activities | (132) | (77) | |||||||||
Net decrease in cash and cash equivalents and restricted cash | (71,263) | (58,512) | |||||||||
Cash and cash equivalents and restricted cash, beginning of period | 120,133 | 259,110 | |||||||||
Cash and cash equivalents and restricted cash, end of period | $ | 48,870 | $ | 200,598 |
Cover |
Aug. 08, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Aug. 08, 2023 |
Entity Registrant Name | HYLIION HOLDINGS CORP. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-38823 |
Entity Tax Identification Number | 83-2538002 |
Entity Address, Address Line One | 1202 BMC Drive, |
Entity Address, Address Line Two | Suite 100 |
Entity Address, City or Town | Cedar Park, |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 78613 |
City Area Code | 833 |
Local Phone Number | 495-4466 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $0.0001 par value per share |
Trading Symbol | HYLN |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001759631 |
Amendment Flag | false |
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