(State or Other Jurisdiction of Incorporation) | (IRS Employer Identification No.) | |||||||
(Address of Principal Executive Offices) | (Zip Code) |
Large accelerated filer | ☐ | x | |||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||
Emerging growth company |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||||||||
Page | ||||||||
PART I. FINANCIAL INFORMATION | ||||||||
PART II. OTHER INFORMATION | ||||||||
Item 5. | ||||||||
June 30, 2023 | December 31, 2022 | ||||||||||
(Unaudited) | |||||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable | |||||||||||
Inventory | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Short-term investments | |||||||||||
Total current assets | |||||||||||
Property and equipment, net | |||||||||||
Operating lease right-of-use assets | |||||||||||
Intangible assets, net | |||||||||||
Other assets | |||||||||||
Long-term investments | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and stockholders’ equity | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | $ | |||||||||
Current portion of operating lease liabilities | |||||||||||
Accrued expenses and other current liabilities | |||||||||||
Total current liabilities | |||||||||||
Operating lease liabilities, net of current portion | |||||||||||
Other liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (Note 10) | |||||||||||
Stockholders’ equity | |||||||||||
Common stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
(Accumulated deficit) retained earnings | ( | ||||||||||
Total stockholders’ equity | |||||||||||
Total liabilities and stockholders’ equity | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenues | |||||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||
Total revenues | |||||||||||||||||||||||
Cost of revenues | |||||||||||||||||||||||
Product sales and other | |||||||||||||||||||||||
Total cost of revenues | |||||||||||||||||||||||
Gross loss | ( | ( | ( | ( | |||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Research and development | |||||||||||||||||||||||
Selling, general and administrative | |||||||||||||||||||||||
Total operating expenses | |||||||||||||||||||||||
Loss from operations | ( | ( | ( | ( | |||||||||||||||||||
Interest income | |||||||||||||||||||||||
(Loss) gain on disposal of assets | ( | ( | ( | ||||||||||||||||||||
Other income (expense), net | ( | ||||||||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Net loss per share, basic and diluted | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Weighted-average shares outstanding, basic and diluted |
Six Months Ended June 30, 2023 | |||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | (Accumulated Deficit) Retained Earnings | Total Stockholders’ Equity | ||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||
Balance at December 31, 2022 | $ | $ | $ | $ | |||||||||||||||||||||||||
Exercise of common stock options and vesting of restricted stock units, net | — | ( | — | ( | |||||||||||||||||||||||||
Share-based compensation | — | — | — | ||||||||||||||||||||||||||
Net loss | — | — | — | ( | ( | ||||||||||||||||||||||||
Balance at March 31, 2023 | ( | ||||||||||||||||||||||||||||
Exercise of common stock options and vesting of restricted stock units, net | — | — | |||||||||||||||||||||||||||
Share-based compensation | — | — | — | ||||||||||||||||||||||||||
Net loss | — | — | — | ( | ( | ||||||||||||||||||||||||
Balance at June 30, 2023 | $ | $ | $ | ( | $ | ||||||||||||||||||||||||
Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Retained Earnings | Total Stockholders’ Equity | ||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | $ | $ | $ | |||||||||||||||||||||||||
Exercise of common stock options and vesting of restricted stock units, net | — | ( | — | ( | |||||||||||||||||||||||||
Share-based compensation | — | — | — | ||||||||||||||||||||||||||
Net loss | — | — | — | ( | ( | ||||||||||||||||||||||||
Balance at March 31, 2022 | |||||||||||||||||||||||||||||
Exercise of common stock options and vesting of restricted stock units, net | — | — | |||||||||||||||||||||||||||
Share-based compensation | — | — | — | ||||||||||||||||||||||||||
Net loss | — | — | — | ( | ( | ||||||||||||||||||||||||
Balance at June 30, 2022 | $ | $ | $ | $ | |||||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Cash flows from operating activities | |||||||||||
Net loss | $ | ( | $ | ( | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Amortization and accretion of investments, net | ( | ||||||||||
Noncash lease expense | |||||||||||
Inventory write-down | |||||||||||
(Gain) loss on disposal of assets | ( | ||||||||||
Share-based compensation | |||||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | ( | ||||||||||
Inventory | ( | ( | |||||||||
Prepaid expenses and other assets | ( | ||||||||||
Accounts payable | ( | ( | |||||||||
Accrued expenses and other liabilities | |||||||||||
Operating lease liabilities | ( | ( | |||||||||
Net cash used in operating activities | ( | ( | |||||||||
Cash flows from investing activities | |||||||||||
Purchase of property and equipment and other | ( | ( | |||||||||
Proceeds from sale of property and equipment | |||||||||||
Payments for security deposit, net | ( | ||||||||||
Purchase of investments | ( | ( | |||||||||
Proceeds from sale and maturity of investments | |||||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash flows from financing activities | |||||||||||
Proceeds from exercise of common stock options | |||||||||||
Taxes paid related to net share settlement of equity awards | ( | ( | |||||||||
Net cash used in financing activities | ( | ( | |||||||||
Net decrease in cash and cash equivalents and restricted cash | ( | ( | |||||||||
Cash and cash equivalents and restricted cash, beginning of period | |||||||||||
Cash and cash equivalents and restricted cash, end of period | $ | $ | |||||||||
Supplemental disclosure of noncash investing and financing activities: | |||||||||||
Acquisitions of property and equipment included in accounts payable and other | $ | $ | |||||||||
Right-of-use assets obtained in exchange for lease obligations | $ | $ |
June 30, 2023 | December 31, 2022 | June 30, 2022 | December 31, 2021 | ||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | |||||||||||||||||||
Restricted cash included in other assets | |||||||||||||||||||||||
$ | $ | $ | $ |
June 30, 2023 | December 31, 2022 | ||||||||||
Customer A | % | % | |||||||||
Customer C | |||||||||||
Customer G | |||||||||||
Customer H | |||||||||||
% | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Hybrid systems and other | $ | $ | $ | $ | |||||||||||||||||||
Class 8 semi-truck prepared for Hybrid system upfit | |||||||||||||||||||||||
Total product sales and other | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Customer A | % | % | % | % | |||||||||||||||||||
Customer B | |||||||||||||||||||||||
Customer D | |||||||||||||||||||||||
Customer E | |||||||||||||||||||||||
Customer G | |||||||||||||||||||||||
% | % | % | % |
Fair Value Measurements at June 30, 2023 | |||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||
Commercial paper | $ | $ | $ | ( | $ | ||||||||||||||||||
U.S. government agency bonds | ( | ||||||||||||||||||||||
State and municipal bonds | ( | ||||||||||||||||||||||
Corporate bonds and notes | ( | ||||||||||||||||||||||
$ | $ | $ | ( | $ |
Fair Value Measurements at December 31, 2022 | |||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||
Commercial paper | $ | $ | $ | ( | $ | ||||||||||||||||||
U.S. government agency bonds | ( | ||||||||||||||||||||||
State and municipal bonds | ( | ||||||||||||||||||||||
Corporate bonds and notes | ( | ||||||||||||||||||||||
$ | $ | $ | ( | $ |
June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||
Due in one year or less | $ | $ | $ | $ | |||||||||||||||||||
Due after one year through five years | |||||||||||||||||||||||
$ | $ | $ | $ |
Fair Value Measurements at June 30, 2023 | |||||||||||||||||||||||
Level I | Level II | Level III | Total | ||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | |||||||||||||||||||
Restricted cash | |||||||||||||||||||||||
Held-to-maturity investments: | |||||||||||||||||||||||
Commercial paper | |||||||||||||||||||||||
U.S. government agency bonds | |||||||||||||||||||||||
State and municipal bonds | |||||||||||||||||||||||
Corporate bonds and notes | |||||||||||||||||||||||
$ | $ | $ | $ |
Fair Value Measurements at December 31, 2022 | |||||||||||||||||||||||
Level I | Level II | Level III | Total | ||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | |||||||||||||||||||
Restricted cash | |||||||||||||||||||||||
Held-to-maturity investments: | |||||||||||||||||||||||
Commercial paper | |||||||||||||||||||||||
U.S. government agency bonds | |||||||||||||||||||||||
State and municipal bonds | |||||||||||||||||||||||
Corporate bonds and notes | |||||||||||||||||||||||
$ | $ | $ | $ |
June 30, 2023 | December 31, 2022 | ||||||||||
Raw materials | $ | $ | |||||||||
Finished goods | |||||||||||
$ | $ |
June 30, 2023 | December 31, 2022 | ||||||||||
Production machinery and equipment | $ | $ | |||||||||
Vehicles | |||||||||||
Leasehold improvements | |||||||||||
Office furniture and fixtures | |||||||||||
Computers and related equipment | |||||||||||
Less: accumulated depreciation | ( | ( | |||||||||
Total property and equipment, net | $ | $ |
June 30, 2023 | December 31, 2022 | ||||||||||
Accrued professional services and other | $ | $ | |||||||||
Accrued compensation and related benefits | |||||||||||
Other accrued liabilities | |||||||||||
$ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Accrual for warranties issued | |||||||||||||||||||||||
Net changes in accrual related to pre-existing warranties | ( | ( | |||||||||||||||||||||
Warranty charges | ( | ( | ( | ( | |||||||||||||||||||
Balance at end of period | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net loss attributable to common stockholders | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted average shares outstanding, basic and diluted | |||||||||||||||||||||||
Net loss per share, basic and diluted | $ | ( | $ | ( | $ | ( | $ | ( |
Three and Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Unexercised stock options | |||||||||||
Unvested restricted stock units* | |||||||||||
Three Months Ended June 30, | |||||||||||||||||||||||
2023 | 2022 | $ Change | % Change | ||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Product sales and other | $ | 266 | $ | 172 | $ | 94 | 54.7 | % | |||||||||||||||
Total revenues | 266 | 172 | 94 | 54.7 | % | ||||||||||||||||||
Cost of revenues | |||||||||||||||||||||||
Product sales and other | 307 | 2,145 | (1,838) | (85.7) | % | ||||||||||||||||||
Total cost of revenues | 307 | 2,145 | (1,838) | (85.7) | % | ||||||||||||||||||
Gross loss | (41) | (1,973) | 1,932 | (97.9) | % | ||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Research and development | 27,439 | 20,057 | 7,382 | 36.8 | % | ||||||||||||||||||
Selling, general and administrative expenses | 11,098 | 12,167 | (1,069) | (8.8) | % | ||||||||||||||||||
Total operating expenses | 38,537 | 32,224 | 6,313 | 19.6 | % | ||||||||||||||||||
Loss from operations | (38,578) | (34,197) | (4,381) | 12.8 | % | ||||||||||||||||||
Interest income | 3,349 | 855 | 2,494 | 291.7 | % | ||||||||||||||||||
Loss on disposal of assets | (1) | (133) | 132 | (99.2) | % | ||||||||||||||||||
Other income, net | 3 | — | 3 | N/A | |||||||||||||||||||
Net loss | $ | (35,227) | $ | (33,475) | $ | (1,752) | 5.2 | % | |||||||||||||||
Net loss per share, basic and diluted | $ | (0.19) | $ | (0.19) | $ | — | — | % | |||||||||||||||
Weighted-average shares outstanding, basic and diluted | 180,966,908 | 173,897,517 | 7,069 | 4.1 | % |
Six Months Ended June 30, | |||||||||||||||||||||||
2023 | 2022 | $ Change | % Change | ||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Product sales and other | $ | 576 | $ | 512 | $ | 64 | N/A | ||||||||||||||||
Total revenues | 576 | 512 | 64 | N/A | |||||||||||||||||||
Cost of revenues | |||||||||||||||||||||||
Product sales and other | 998 | 4,244 | (3,246) | N/A | |||||||||||||||||||
Total cost of revenues | 998 | 4,244 | (3,246) | N/A | |||||||||||||||||||
Gross loss | (422) | (3,732) | 3,310 | N/A | |||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Research and development | 48,357 | 35,865 | 12,492 | 34.8 | % | ||||||||||||||||||
Selling, general and administrative expenses | 22,079 | 21,991 | 88 | 0.4 | % | ||||||||||||||||||
Total operating expenses | 70,436 | 57,856 | 12,580 | 21.7 | % | ||||||||||||||||||
Loss from operations | (70,858) | (61,588) | (9,270) | 15.1 | % | ||||||||||||||||||
Interest income | 6,811 | 1,140 | 5,671 | 497.5 | % | ||||||||||||||||||
(Gain) loss on disposal of assets | 1 | (135) | 136 | N/A | |||||||||||||||||||
Other expense, net | (12) | — | (12) | N/A | |||||||||||||||||||
Net loss | $ | (64,058) | $ | (60,583) | $ | (3,475) | 5.7 | % | |||||||||||||||
Net loss per share, basic and diluted | $ | (0.35) | $ | (0.35) | $ | — | — | % | |||||||||||||||
Weighted-average shares outstanding, basic and diluted | 180,544,821 | 173,741,910 | 6,803 | 3.9 | % |
Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Cash from operating activities | $ | (63,589) | $ | (55,571) | |||||||
Cash from investing activities | (7,542) | (2,864) | |||||||||
Cash from financing activities | (132) | (77) | |||||||||
$ | (71,263) | $ | (58,512) |
Exhibit Number | Description | |||||||
10.1 | ||||||||
10.2 | ||||||||
31.1* | ||||||||
31.2* | ||||||||
32.1** | ||||||||
32.2** | ||||||||
101.INS* | XBRL Instance Document | |||||||
101.SCH* | XBRL Taxonomy Extension Schema Document | |||||||
101.CAL* | XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF* | XBRL Taxonomy Extension Definition Linkbase Document | |||||||
101.LAB* | XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE* | XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibits 101) |
Date: August 8, 2023 | HYLIION HOLDINGS CORP. | |||||||
/s/ Thomas Healy | ||||||||
Name: | Thomas Healy | |||||||
Title: | Chief Executive Officer (Principal Executive Officer) | |||||||
/s/ Jon Panzer | ||||||||
Name: | Jon Panzer | |||||||
Title: | Chief Financial Officer (Principal Financial Officer) |
Date: August 8, 2023 | By: | /s/ Thomas Healy | ||||||
Thomas Healy | ||||||||
Chief Executive Officer (Principal Executive Officer) |
Date: August 8, 2023 | By: | /s/ Jon Panzer | ||||||
Jon Panzer | ||||||||
Chief Financial Officer (Principal Financial Officer) |
Date: August 8, 2023 | By: | /s/ Thomas Healy | ||||||
Name: | Thomas Healy | |||||||
Title: | Chief Executive Officer (Principal Executive Officer) |
Date: August 8, 2023 | By: | /s/ Jon Panzer | ||||||
Name: | Jon Panzer | |||||||
Title: | Chief Financial Officer (Principal Financial Officer) |
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Common stock, par value (in USD per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 |
Common stock, shares issued (in shares) | 181,152,151 | 179,826,309 |
Common stock, shares outstanding (in shares) | 181,152,151 | 179,826,309 |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Revenues | $ 266 | $ 172 | $ 576 | $ 512 |
Cost of revenues | 307 | 2,145 | 998 | 4,244 |
Gross loss | (41) | (1,973) | (422) | (3,732) |
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 | 0 | (12) | 0 |
Net loss | $ (35,227) | $ (33,475) | $ (64,058) | $ (60,583) |
Net loss per share, basic (in USD per share) | $ (0.19) | $ (0.19) | $ (0.35) | $ (0.35) |
Net loss per share, diluted (in USD per share) | $ (0.19) | $ (0.19) | $ (0.35) | $ (0.35) |
Weighted-average shares outstanding, basic (in shares) | 180,966,908 | 173,897,517 | 180,544,821 | 173,741,910 |
Weighted-average shares outstanding, diluted (in shares) | 180,966,908 | 173,897,517 | 180,544,821 | 173,741,910 |
Revenue from Contract with Customer, Product and Service [Extensible Enumeration] | Product sales and other | Product sales and other | Product sales and other | Product sales and other |
Product sales and other | ||||
Cost of revenues | $ 307 | $ 2,145 | $ 998 | $ 4,244 |
Overview |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Overview | Note 1. Overview Hyliion Holdings Corp. is a Delaware corporation headquartered in Cedar Park, Texas. References to the “Company,” “Hyliion,” “we,” or “us” in this report refer to Hyliion Holdings Corp. and its wholly-owned subsidiary, unless expressly indicated or the context otherwise requires. The Company designs and develops hybrid and fully electric powertrain systems for Class 8 semi-trucks, which modify semi-tractors into hybrid and range-extending electric vehicles, respectively. The Hypertruck ERXTM system utilizes an intelligent electric powertrain with advanced algorithms to optimize emissions performance and efficiency with no new infrastructure required. The Hypertruck ERX system enables fleets to reduce the cost of ownership while providing the ability to deliver net-negative carbon emissions when fueled by renewable natural gas, and operate fully electric when needed. We have begun the build of our first production unit of the Hypertruck ERX system 12-liter variant as of mid-2023. Additionally, in 2022 the Company acquired new fuel agnostic capable generator technology with which it plans to develop and commercialize as the Hypertruck KARNO system and a KARNO generator to be used in stationary power applications. Finally, the Company recently announced an agreement with Hyzon Motors USA Inc. (“Hyzon”) to jointly develop a prototype fuel cell powered vehicle, with limited research and development in the first phase. The Company is currently selling its hybrid system, which utilizes intelligent electric drive axles with advanced algorithms and battery technology to optimize vehicle performance, enabling fleets to access an easy, efficient way to decrease fuel expenses, lower emissions and/or improve vehicle performance (“Hybrid”).
|
Summary of Significant Accounting Policies |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of Hyliion Holdings Corp. and its wholly-owned subsidiary. Intercompany transactions and balances have been eliminated upon consolidation. The condensed consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in accordance with the rules and regulations of the United States Securities and Exchange Commission (“SEC”), which permit reduced disclosure for interim periods. The condensed consolidated balance sheet at December 31, 2022 was derived from audited financial statements for the fiscal year then ended, but does not include all necessary disclosures required with respect to annual financial statements. In the opinion of the Company, these condensed consolidated financial statements include all recurring adjustments and normal accruals necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the dates and periods presented. These condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s 2022 Annual Report. Results for interim periods are not necessarily indicative of the results to be expected for a full fiscal year or for any future period. These condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and settlement of liabilities in the normal course of business. The Company is an early-stage growth company and has generated negative cash flows from operating activities since inception. At June 30, 2023, the Company had total equity of $363.1 million, inclusive of cash and cash equivalents of $48.2 million and total investments of $306.1 million. Based on this, the Company has sufficient funds to continue to execute its business strategy for the next twelve months from the issuance date of the financial statements included in this Quarterly Report on Form 10-Q. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the balance sheet date, as well as reported amounts of expenses during the reporting period. The Company’s most significant estimates and judgments involve revenue recognition, inventory, warranties, acquisitions, income taxes and valuation of share-based compensation. Management bases its estimates on historical experience and on various other assumptions believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates, and such differences could be material to the Company’s condensed consolidated financial statements. Concentration of Supplier Risk The Company is dependent on certain suppliers, the majority of which are single source suppliers, and the inability of these suppliers to deliver necessary components of the Company’s products in a timely manner at prices, quality levels and volumes that are acceptable, or the Company’s inability to efficiently manage these components from these suppliers, could have a material adverse effect on the Company’s business, prospects, financial condition and operating results. Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity date of 90 days or less at the time of purchase to be cash and cash equivalents only if in checking, savings or money market accounts. Cash and cash equivalents include cash held in banks and money market accounts and are carried at cost, which approximates fair value. The Company maintains cash in excess of federally insured limits at financial institutions which it believes are of high credit quality and has not incurred any losses related to these balances to date. The Company believes its credit risk, with respect to these financial institutions to be minimal. Restricted Cash The Company has provided its corporate headquarters lessor with a letter of credit for $0.7 million to secure the performance of the Company's lease obligations, backed by a restricted cash deposit to pay any draws on the letter of credit by the lessor. Total cash and cash equivalents and restricted cash as presented in the condensed consolidated statements of cash flows is summarized as follows:
Accounts Receivable Accounts receivable are stated at a gross invoice amount, net of an allowance for doubtful accounts. The allowance for doubtful accounts is maintained at a level considered adequate to provide for potential account losses on the balance based on the Company’s evaluation of the anticipated impact of current economic conditions, changes in the character and size of the balance, past and expected future loss experience and other pertinent factors. At June 30, 2023 and December 31, 2022, accounts receivable included amounts receivable from customers of $0.3 million and $1.1 million, respectively. At June 30, 2023 and December 31, 2022, allowance for doubtful accounts on customer receivables was $0.1 million and $0.1 million, respectively. The portion of our net accounts receivable from significant customers is summarized as follows:
Investments The Company’s investments consist of corporate bonds, U.S. treasury and agency securities, state and local municipal bonds and commercial paper, all of which are classified as held-to-maturity, with a maturity date of 36-months or less at the time of purchase. The Company determines the appropriate classification of investments at the time of purchase and re-evaluates such designation as of each balance sheet date. Investments are classified as held-to-maturity when the Company has the positive intent and ability to hold the securities to maturity. Held-to-maturity securities are stated at amortized cost, adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization, along with interest, is included in interest income. The Company uses the specific identification method to determine the cost basis of securities sold. Investments are impaired when a decline in fair value is judged to be other-than-temporary. The Company evaluates investments for impairment by considering the length of time and extent to which market value has been less than cost or amortized cost, the financial condition and near-term prospects of the issuer as well as specific events or circumstances that may influence the operations of the issuer and the Company’s intent to sell the security or the likelihood that it will be required to sell the security before recovery of the entire amortized cost. Once a decline in fair value is determined to be other-than-temporary, an impairment charge is recorded to other income (expense) and a new cost basis in the investment is established. Fair Value Measurements ASC 820, Fair Value Measurements, clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based upon assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level I: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the Company can access at the measurement date; Level II: Significant other observable inputs other than level I prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data; and Level III: Significant unobservable inputs that reflect the Company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. An asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. The Company believes its valuation methods are appropriate and consistent with other market participants, however the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. The Company’s financial instruments consist of cash and cash equivalents and restricted cash, accounts receivable, investments, accounts payable and accrued expenses. The carrying value of cash and cash equivalents and restricted cash, accounts receivable, accounts payable and accrued expenses approximates fair value because of the short-term nature of those instruments. The fair value of investments are based on quoted prices for identical or similar instruments in markets that are not active. As a result, investments are classified within Level II of the fair value hierarchy. Revenue The Company follows five steps to recognize revenue from contracts with customers under ASC 606, Revenue from Contracts with Customers, which are: •Step 1: Identify the contract(s) with a customer; •Step 2: Identify the performance obligations in the contract; •Step 3: Determine the transaction price; •Step 4: Allocate the transaction price to the performance obligations in the contract; and •Step 5: Recognize revenue when (or as) a performance obligation is satisfied. Revenue is comprised of sales of Hybrid systems for Class 8 semi-trucks, Class 8 semi-trucks outfitted with Hybrid systems and specific other features and services that meet the definition of a performance obligation, including internet connectivity and data processing. We provide installation services for the Hybrid system onto the customers’ vehicle. The Company’s products are marketed and sold to end-user fleet customers in North America. When our contracts with customers contain multiple performance obligations and where material, the contract transaction price is allocated on a relative standalone selling price basis to each performance obligation. We recognize revenue on Hybrid system sales and Class 8 semi-trucks outfitted with Hybrid systems upon delivery to, and acceptance of the vehicle by, the customer, which is when control transfers. Contracts are reviewed for significant financing components and payments are typically received within 30 days of delivery. The sale of a Hybrid system to an end-use fleet customer consists of a completed modification to the customer vehicle and the installation services involve significant integration of the Hybrid system with the customer’s vehicle. Installation services are not distinct within the context of the contract and together with the sale of the Hybrid system represent a single performance obligation. We do not offer any sales returns. Amounts billed to customers related to shipping and handling are classified as revenue, and we have elected to recognize the cost for freight and shipping when control has transferred to the customer as a cost of revenue. Our policy is to exclude taxes collected from customers from the transaction price of contracts. In the fourth quarter of fiscal 2021, we began taking deposits to secure future Hypertruck ERX production slots. Such deposits were immaterial at June 30, 2023 and December 31, 2022. When a Class 8 semi-truck with a Hybrid system upfit is sold to a customer, judgment is required to determine if we are the principal or agent in the arrangement. We consider factors such as, but not limited to, which entity has the primary responsibility for fulfilling the promise to provide the specified good or service, which entity has inventory risk before the specified good or service has been transferred to a customer and which entity has discretion in establishing the price for the specified good or service. We have determined that we are the principal in transactions involving the resale of Class 8 semi-trucks outfitted with the Hybrid system. The disaggregation of our revenue sources is summarized as follows and is attributable to the U.S.:
The portion of our revenues from significant customers is summarized as follows:
Warranties We provide limited assurance-type warranties under our contracts and do not offer extended warranties or maintenance contracts. The warranty period typically extends for the lesser of two years or 200,000 miles following transfer of control and solely relates to correction of product defects during the warranty period. We recognize the cost of the warranty upon transfer of control based on estimated and historical claims rates and fulfillment costs, which are variable. Should product failure rates and fulfillment costs differ from these estimates, material revisions to the estimated warranty liability would be required. Warranty expense is recorded as a component of cost of revenue. Research and Development Expense Research and development costs did not meet the requirements to be recognized as an asset as the associated future benefits were at best uncertain and there was no alternative future use at the time the costs were incurred. Research and development costs include, but are not limited to, outsourced engineering services, allocated facilities costs, depreciation on equipment utilized in research and development activities, internal engineering and development expenses, materials, internally-developed software and employee related expenses (including salaries, benefits, travel, and share-based compensation) related to development of the Company’s products and services.
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Investments |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Note 3. Investments The amortized cost, unrealized gains and losses, fair value and maturities of our held-to-maturity investments at June 30, 2023 and December 31, 2022 are summarized as follows:
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Note 4. Fair Value Measurements The fair value measurements of our financial assets at June 30, 2023 and December 31, 2022 are summarized as follows:
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Inventory |
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Inventory | Note 5. Inventory The carrying value of our inventory at June 30, 2023 and December 31, 2022 is summarized as follows:
During the three and six months ended June 30, 2023, we recorded inventory write-downs of nil and $0.2 million, respectively. During the three and six months ended June 30, 2022, we recorded inventory write-downs of $2.0 million and $3.3 million, respectively. These write-downs are included in cost of revenues.
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Property and Equipment, Net | Note 6. Property and Equipment, Net Property and equipment, net at June 30, 2023 and December 31, 2022 is summarized as follows:
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Share-Based Compensation |
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Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation | Note 7. Share-Based Compensation During the six months ended June 30, 2023 and 2022, the Company granted 2.5 million and 2.1 million, respectively, restricted stock units which will vest over a period of to three years, some of which include performance criteria based on the achievement of key Company milestones. During the six months ended June 30, 2023 and 2022, 0.6 million and 0.5 million, respectively, restricted stock units and options were forfeited. Share-based compensation expense for the three and six months ended June 30, 2023 was $1.7 million and $3.8 million, respectively. Share-based compensation expense for the three and six months ended June 30, 2022 was $1.9 million and $3.5 million, respectively.
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Accrued Expenses and Other Current Liabilities | Note 8. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities at June 30, 2023 and December 31, 2022 are summarized as follows:
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Warranties |
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Guarantees and Product Warranties [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warranties | Note 9. Warranties The change in warranty liability for the three and six months ended June 30, 2023 and 2022 is summarized as follows and included within accrued expenses and other current liabilities and other liabilities in the condensed consolidated balance sheets:
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Commitments and Contingencies |
6 Months Ended |
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Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 10. Commitments and Contingencies Legal Proceedings The Company is periodically involved in legal proceedings, legal actions and claims arising in the normal course of business, including proceedings relating to product liability, intellectual property, safety and health, employment and other matters. The Company believes that the outcome of such legal proceedings, legal actions and claims will not have a significant adverse effect on the Company’s financial position, results of operations or cash flows.
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Net Loss Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Loss Per Share | Note 11. Net Loss Per Share The computation of basic and diluted net loss per share for the three and six months ended June 30, 2023 and 2022 is summarized as follows (in thousands, except share and per share data):
Potential common shares excluded from the computation of diluted net loss per share because including them would have had an anti-dilutive effect for the three and six months ended June 30, 2023 and 2022 are summarized as follows:
* Potential common shares from unvested restricted stock units for the periods ended June 30, 2023 and 2022 include 649,584 and 1,361,667 shares, respectively, where no accounting grant date has been established.
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Summary of Significant Accounting Policies (Policies) |
6 Months Ended |
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Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of Hyliion Holdings Corp. and its wholly-owned subsidiary. Intercompany transactions and balances have been eliminated upon consolidation. The condensed consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in accordance with the rules and regulations of the United States Securities and Exchange Commission (“SEC”), which permit reduced disclosure for interim periods. The condensed consolidated balance sheet at December 31, 2022 was derived from audited financial statements for the fiscal year then ended, but does not include all necessary disclosures required with respect to annual financial statements. In the opinion of the Company, these condensed consolidated financial statements include all recurring adjustments and normal accruals necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the dates and periods presented. These condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s 2022 Annual Report. Results for interim periods are not necessarily indicative of the results to be expected for a full fiscal year or for any future period. These condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and settlement of liabilities in the normal course of business. The Company is an early-stage growth company and has generated negative cash flows from operating activities since inception.
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Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the balance sheet date, as well as reported amounts of expenses during the reporting period. The Company’s most significant estimates and judgments involve revenue recognition, inventory, warranties, acquisitions, income taxes and valuation of share-based compensation. Management bases its estimates on historical experience and on various other assumptions believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates, and such differences could be material to the Company’s condensed consolidated financial statements.
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Concentration of Supplier Risk | Concentration of Supplier Risk The Company is dependent on certain suppliers, the majority of which are single source suppliers, and the inability of these suppliers to deliver necessary components of the Company’s products in a timely manner at prices, quality levels and volumes that are acceptable, or the Company’s inability to efficiently manage these components from these suppliers, could have a material adverse effect on the Company’s business, prospects, financial condition and operating results.
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Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity date of 90 days or less at the time of purchase to be cash and cash equivalents only if in checking, savings or money market accounts. Cash and cash equivalents include cash held in banks and money market accounts and are carried at cost, which approximates fair value. The Company maintains cash in excess of federally insured limits at financial institutions which it believes are of high credit quality and has not incurred any losses related to these balances to date. The Company believes its credit risk, with respect to these financial institutions to be minimal.
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Restricted Cash | Restricted CashThe Company has provided its corporate headquarters lessor with a letter of credit for $0.7 million to secure the performance of the Company's lease obligations, backed by a restricted cash deposit to pay any draws on the letter of credit by the lessor. |
Accounts Receivable | Accounts ReceivableAccounts receivable are stated at a gross invoice amount, net of an allowance for doubtful accounts. The allowance for doubtful accounts is maintained at a level considered adequate to provide for potential account losses on the balance based on the Company’s evaluation of the anticipated impact of current economic conditions, changes in the character and size of the balance, past and expected future loss experience and other pertinent factors. |
Investments | Investments The Company’s investments consist of corporate bonds, U.S. treasury and agency securities, state and local municipal bonds and commercial paper, all of which are classified as held-to-maturity, with a maturity date of 36-months or less at the time of purchase. The Company determines the appropriate classification of investments at the time of purchase and re-evaluates such designation as of each balance sheet date. Investments are classified as held-to-maturity when the Company has the positive intent and ability to hold the securities to maturity. Held-to-maturity securities are stated at amortized cost, adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization, along with interest, is included in interest income. The Company uses the specific identification method to determine the cost basis of securities sold. Investments are impaired when a decline in fair value is judged to be other-than-temporary. The Company evaluates investments for impairment by considering the length of time and extent to which market value has been less than cost or amortized cost, the financial condition and near-term prospects of the issuer as well as specific events or circumstances that may influence the operations of the issuer and the Company’s intent to sell the security or the likelihood that it will be required to sell the security before recovery of the entire amortized cost. Once a decline in fair value is determined to be other-than-temporary, an impairment charge is recorded to other income (expense) and a new cost basis in the investment is established.
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Fair Value Measurements | Fair Value Measurements ASC 820, Fair Value Measurements, clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based upon assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level I: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the Company can access at the measurement date; Level II: Significant other observable inputs other than level I prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data; and Level III: Significant unobservable inputs that reflect the Company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. An asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. The Company believes its valuation methods are appropriate and consistent with other market participants, however the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. The Company’s financial instruments consist of cash and cash equivalents and restricted cash, accounts receivable, investments, accounts payable and accrued expenses. The carrying value of cash and cash equivalents and restricted cash, accounts receivable, accounts payable and accrued expenses approximates fair value because of the short-term nature of those instruments. The fair value of investments are based on quoted prices for identical or similar instruments in markets that are not active. As a result, investments are classified within Level II of the fair value hierarchy.
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Revenue | Revenue The Company follows five steps to recognize revenue from contracts with customers under ASC 606, Revenue from Contracts with Customers, which are: •Step 1: Identify the contract(s) with a customer; •Step 2: Identify the performance obligations in the contract; •Step 3: Determine the transaction price; •Step 4: Allocate the transaction price to the performance obligations in the contract; and •Step 5: Recognize revenue when (or as) a performance obligation is satisfied. Revenue is comprised of sales of Hybrid systems for Class 8 semi-trucks, Class 8 semi-trucks outfitted with Hybrid systems and specific other features and services that meet the definition of a performance obligation, including internet connectivity and data processing. We provide installation services for the Hybrid system onto the customers’ vehicle. The Company’s products are marketed and sold to end-user fleet customers in North America. When our contracts with customers contain multiple performance obligations and where material, the contract transaction price is allocated on a relative standalone selling price basis to each performance obligation. We recognize revenue on Hybrid system sales and Class 8 semi-trucks outfitted with Hybrid systems upon delivery to, and acceptance of the vehicle by, the customer, which is when control transfers. Contracts are reviewed for significant financing components and payments are typically received within 30 days of delivery. The sale of a Hybrid system to an end-use fleet customer consists of a completed modification to the customer vehicle and the installation services involve significant integration of the Hybrid system with the customer’s vehicle. Installation services are not distinct within the context of the contract and together with the sale of the Hybrid system represent a single performance obligation. We do not offer any sales returns. Amounts billed to customers related to shipping and handling are classified as revenue, and we have elected to recognize the cost for freight and shipping when control has transferred to the customer as a cost of revenue. Our policy is to exclude taxes collected from customers from the transaction price of contracts. In the fourth quarter of fiscal 2021, we began taking deposits to secure future Hypertruck ERX production slots. Such deposits were immaterial at June 30, 2023 and December 31, 2022. When a Class 8 semi-truck with a Hybrid system upfit is sold to a customer, judgment is required to determine if we are the principal or agent in the arrangement. We consider factors such as, but not limited to, which entity has the primary responsibility for fulfilling the promise to provide the specified good or service, which entity has inventory risk before the specified good or service has been transferred to a customer and which entity has discretion in establishing the price for the specified good or service. We have determined that we are the principal in transactions involving the resale of Class 8 semi-trucks outfitted with the Hybrid system.
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Warranties | Warranties We provide limited assurance-type warranties under our contracts and do not offer extended warranties or maintenance contracts. The warranty period typically extends for the lesser of two years or 200,000 miles following transfer of control and solely relates to correction of product defects during the warranty period. We recognize the cost of the warranty upon transfer of control based on estimated and historical claims rates and fulfillment costs, which are variable. Should product failure rates and fulfillment costs differ from these estimates, material revisions to the estimated warranty liability would be required. Warranty expense is recorded as a component of cost of revenue.
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Research and Development Expense | Research and Development Expense Research and development costs did not meet the requirements to be recognized as an asset as the associated future benefits were at best uncertain and there was no alternative future use at the time the costs were incurred. Research and development costs include, but are not limited to, outsourced engineering services, allocated facilities costs, depreciation on equipment utilized in research and development activities, internal engineering and development expenses, materials, internally-developed software and employee related expenses (including salaries, benefits, travel, and share-based compensation) related to development of the Company’s products and services.
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Summary of Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of restrictions on cash and cash equivalents | Total cash and cash equivalents and restricted cash as presented in the condensed consolidated statements of cash flows is summarized as follows:
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Schedule of Net Accounts Receivable and Revenues from Significant Customers | The portion of our net accounts receivable from significant customers is summarized as follows:
The portion of our revenues from significant customers is summarized as follows:
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Schedule of disaggregation of revenue | The disaggregation of our revenue sources is summarized as follows and is attributable to the U.S.:
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Investments (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of amortized cost, unrealized gains and losses, and fair value | The amortized cost, unrealized gains and losses, fair value and maturities of our held-to-maturity investments at June 30, 2023 and December 31, 2022 are summarized as follows:
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Schedule of investment maturity |
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Fair Value Measurements (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of assets measured at fair value on a recurring basis | The fair value measurements of our financial assets at June 30, 2023 and December 31, 2022 are summarized as follows:
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Inventory (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of inventory | The carrying value of our inventory at June 30, 2023 and December 31, 2022 is summarized as follows:
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Property and Equipment, Net (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of property and equipment, net | Property and equipment, net at June 30, 2023 and December 31, 2022 is summarized as follows:
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Accrued Expenses and Other Current Liabilities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Liabilities and Other Liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of accrued expenses and other current liabilities | Accrued expenses and other current liabilities at June 30, 2023 and December 31, 2022 are summarized as follows:
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Warranties (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantees and Product Warranties [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of product warranty liability | The change in warranty liability for the three and six months ended June 30, 2023 and 2022 is summarized as follows and included within accrued expenses and other current liabilities and other liabilities in the condensed consolidated balance sheets:
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Net Loss Per Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of basic and diluted net loss per share | The computation of basic and diluted net loss per share for the three and six months ended June 30, 2023 and 2022 is summarized as follows (in thousands, except share and per share data):
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Schedule of weighted average potential common shares | Potential common shares excluded from the computation of diluted net loss per share because including them would have had an anti-dilutive effect for the three and six months ended June 30, 2023 and 2022 are summarized as follows:
* Potential common shares from unvested restricted stock units for the periods ended June 30, 2023 and 2022 include 649,584 and 1,361,667 shares, respectively, where no accounting grant date has been established.
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Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands |
6 Months Ended | |||||
---|---|---|---|---|---|---|
Jun. 30, 2023
USD ($)
mi
|
Mar. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Jun. 30, 2022
USD ($)
|
Mar. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
|
Accounting Policies [Abstract] | ||||||
Total equity | $ 363,145 | $ 396,607 | $ 423,574 | $ 496,740 | $ 528,278 | $ 553,915 |
Cash and cash equivalents | 48,205 | 119,468 | ||||
Total investments | 306,100 | |||||
Letter of credit | 700 | |||||
Accounts receivable from customers | 300 | 1,100 | ||||
Allowance for doubtful accounts | $ 100 | $ 100 | ||||
Maturity date (or less) | 36 months | |||||
Warranty period extend | 2 years | |||||
Warrant extension, mileage | mi | 200,000 |
Summary of Significant Accounting Policies - Restricted cash (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|---|---|
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 48,205 | $ 119,468 | $ 199,933 | $ 258,445 |
Restricted cash included in other assets | 665 | 665 | 665 | 665 |
Total presented in the consolidated statements of cash flows | $ 48,870 | $ 120,133 | $ 200,598 | $ 259,110 |
Summary of Significant Accounting Policies - Disaggregation of revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Disaggregation of Revenue [Line Items] | ||||
Total product sales and other | $ 266 | $ 172 | $ 576 | $ 512 |
Hybrid systems and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total product sales and other | 266 | 172 | 320 | 512 |
Class 8 semi-truck prepared for Hybrid system upfit | ||||
Disaggregation of Revenue [Line Items] | ||||
Total product sales and other | $ 0 | $ 0 | $ 256 | $ 0 |
Investments - Schedule of investment maturity - (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Amortized Cost | ||
Due in one year or less | $ 183,440 | $ 193,740 |
Due after one year through five years | 122,694 | 108,568 |
Amortized Cost | 306,134 | 302,308 |
Fair Value | ||
Due in one year or less | 182,117 | 191,094 |
Due after one year through five years | 121,143 | 106,865 |
Fair Value | $ 303,260 | $ 297,959 |
Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials | $ 761 | $ 0 |
Finished goods | 131 | 74 |
Inventory, Net, Total | $ 892 | $ 74 |
Inventory - Narrative (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Inventory Disclosure [Abstract] | ||||
Inventory write-down | $ 0 | $ 2,000,000 | $ 231,000 | $ 3,313,000 |
Property and Equipment, Net (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Property, and equipment, gross | $ 13,623 | $ 9,245 |
Less: accumulated depreciation | (4,681) | (3,639) |
Total property and equipment, net | 8,942 | 5,606 |
Production machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, and equipment, gross | 8,479 | 5,897 |
Vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Property, and equipment, gross | 2,013 | 817 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, and equipment, gross | 1,304 | 1,002 |
Office furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property, and equipment, gross | 223 | 162 |
Computers and related equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, and equipment, gross | $ 1,604 | $ 1,367 |
Share-Based Compensation (Details) - Restricted stock units - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards granted (in shares) | 2.5 | 2.1 | ||
Forfeited in period (in shares) | 0.6 | 0.5 | ||
Share-based compensation expense | $ 1.7 | $ 1.9 | $ 3.8 | $ 3.5 |
Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 1 year | |||
Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years |
Accrued Expenses and Other Current Liabilities - Schedule of accrued expenses and other current liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Accrued Liabilities and Other Liabilities [Abstract] | ||
Accrued professional services and other | $ 11,041 | $ 5,834 |
Accrued compensation and related benefits | 3,581 | 4,773 |
Other accrued liabilities | 959 | 928 |
Total | $ 15,581 | $ 11,535 |
Warranties (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Movement in Standard Product Warranty Accrual [Roll Forward] | ||||
Beginning Balance | $ 535 | $ 238 | $ 527 | $ 44 |
Accrual for warranties issued | 120 | 124 | 153 | 331 |
Net changes in accrual related to pre-existing warranties | (23) | 9 | (23) | 0 |
Warranty charges | (66) | (23) | (91) | (27) |
Ending Balance | $ 566 | $ 348 | $ 566 | $ 348 |
Net Loss Per Share - Schedule of basic and diluted net loss per share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Numerator: | ||||||
Net loss attributable to common stockholders | $ (35,227) | $ (28,831) | $ (33,475) | $ (27,108) | $ (64,058) | $ (60,583) |
Denominator: | ||||||
Weighted average shares outstanding, basic (in shares) | 180,966,908 | 173,897,517 | 180,544,821 | 173,741,910 | ||
Weighted average shares outstanding, diluted (in shares) | 180,966,908 | 173,897,517 | 180,544,821 | 173,741,910 | ||
Net loss per share, basic (in USD per share) | $ (0.19) | $ (0.19) | $ (0.35) | $ (0.35) | ||
Net loss per share, diluted (in USD per share) | $ (0.19) | $ (0.19) | $ (0.35) | $ (0.35) |
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