XL - XL STOCK NEWS

XL Fleet Corp. (NYSE: XL) reported its third quarter 2022 results, showing significant growth attributed to the acquisition of Spruce Power on September 9, 2022. Total revenue reached $8.4 million, including $5.1 million from Spruce Power's partial-quarter contribution. The company ended the quarter with over 51,000 customers and $240 million in unrestricted cash. However, it faced a net loss of $19.6 million due to increased expenses, including $15 million in transaction costs from the acquisition. The company will change its name to Spruce Power, along with its NYSE ticker symbol to SPRU, effective November 14, 2022.

XL Fleet Corp. will change its corporate name to Spruce Power Holding Corporation effective November 14, 2022, alongside a shift in its NYSE ticker symbol from XL to SPRU. This name change reflects the Company’s renewed focus on residential solar and energy services, aiming to leverage the strong brand of Spruce Power. The transition will not require action from current shareholders, and the Company’s common stock will continue to be listed on the NYSE. Spruce Power currently serves over 52,000 subscribers in the U.S.

XL Fleet Corp. (NYSE: XL) announced on October 20, 2022, that it received a notice from the NYSE concerning non-compliance with the price criteria for continued listing, as its average closing stock price was below $1.00 as of October 19, 2022. The Company intends to cure this deficiency within six months, potentially through a reverse stock split, pending shareholder approval. The NYSE notification does not impact its business operations or compliance with other standards. XL Fleet has over 52,000 subscribers in the U.S. for its solar and battery storage services.

XL Fleet Corp. (NYSE: XL) will release its Q3 2022 financial results on November 9, 2022, after market close, followed by a conference call at 5:00 p.m. ET. This quarter will reflect the partial-quarter contributions from Spruce Power, acquired on September 9, 2022. XL Fleet plans to rename and rebrand to align with its focus on subscription-based solar solutions for homeowners and small businesses. The company currently serves over 52,000 subscribers in the U.S. Further details will be accessible through their investor relations webpage.

XL Fleet completed the acquisition of Spruce Power for approximately $58 million, assuming $542 million in debt on September 9, 2022. This acquisition positions XL Fleet as a leader in subscription-based rooftop solar solutions, expanding its operations with over 52,000 subscribers and generating $15 million in net income and $51 million in Adjusted EBITDA for the twelve months ending June 30, 2022. Post-transaction, XL Fleet boasts more than $240 million in unrestricted cash for growth initiatives.

XL Fleet Corp. reported second quarter 2022 revenue of $3.0 million, down from $3.7 million in Q2 2021. Gross profit also decreased to $0.6 million from $1.0 million year-over-year. Despite a net loss of $12.7 million, an improvement from a $16.1 million loss in Q1 2022, cash reserves stood strong at approximately $322.4 million. The company introduced its all-electric Curbtender Quantum refuse truck and appointed Donald P. Klein as CFO. Management is pursuing transformative M&A opportunities focused on decarbonization, with a commitment to finding viable businesses in growing markets.

XL Fleet Corp. (NYSE: XL) will release its second quarter 2022 financial results on August 9, 2022, after market close. A conference call will follow at 5:00 p.m. Eastern Time, providing insights into the company's performance in fleet electrification and energy efficiency solutions. Interested parties can access the call by phone or via a live webcast at www.xlfleet.com. A replay will be available until August 23, 2022.

XL Fleet Corp. (NYSE: XL) reported first quarter 2022 revenue of $4.8 million, a significant increase from $0.7 million in Q1 2021. The gross loss improved to $0.4 million compared to $0.7 million in the prior year. The company exited the quarter with approximately $333 million in cash. Despite a net loss of $16.1 million, which includes a $2.7 million non-cash gain from the change in warrant liability, XL Fleet showcased operational progress and a strong backlog in its World Energy business. Management remains optimistic about growth and M&A opportunities.

XL Fleet Corp. (NYSE: XL) will unveil its first all-electric refuse vehicle at WasteExpo 2022, developed in partnership with Curbtender, Inc. Utilizing a Ford F-600 chassis, this pre-series unit addresses waste management needs with improved design and performance. The vehicle is equipped with a proprietary swing panel mechanism for efficiency and has witnessed strong customer demand. As part of its electrification strategy, XL Fleet aims to deliver multiple commercial units by 2022, underscoring its commitment to sustainable solutions in the waste management sector.