XL - XL STOCK NEWS

XL Fleet Corp. (NYSE: XL) has appointed Donald P. Klein as Chief Financial Officer effective April 11, 2022, succeeding Chris Goldner, who served as interim CFO since February 2022. Klein brings over 25 years of finance and accounting experience, including prior roles at Power Solutions International and Littelfuse, Inc. CEO Eric Tech expressed confidence in Klein's ability to enhance the finance organization and drive value. XL Fleet focuses on fleet electrification solutions, having driven over 180 million miles with major clients like Coca-Cola and Verizon.

Tod Hynes has been appointed Chair of XL Fleet's Board of Advisors and has stepped down as President and Board member, effective March 21, 2022. Hynes, a key figure in the company since its founding, will focus on initiatives aimed at reducing fossil fuel consumption and combating climate change. CEO Eric Tech expressed gratitude for Hynes' contributions and emphasized the importance of his sustainability-focused mission to XL Fleet's growth. The company remains a leader in electrification solutions, with over 180 million miles driven by notable clients such as Coca-Cola and Verizon.

XL Fleet Corp. (NYSE: XL) has appointed John Miller to its Board of Directors to enhance strategic guidance amidst rising decarbonization needs. Miller brings over 40 years of experience in transportation and manufacturing, including his tenure as CEO at Power Solutions International (OTC: PSIX). He aims to leverage his expertise to help XL Fleet support customers’ sustainability goals. The Board welcomes his operational and financial insight, especially during this transformative phase for the company.

XL Fleet Corp. (NYSE: XL) reported fourth-quarter 2021 revenue of $8.0 million, down from $10.9 million in the prior year. The company experienced a gross loss of $1.6 million, compared to a gross profit of $2.0 million in Q4 2020. Adjusted EBITDA was ($14.6 million), and net loss totaled ($15.1 million). The company ended the quarter with approximately $352 million in cash. CEO Eric Tech emphasized a strategic review focusing on profitable areas. Revenue from its acquisition of World Energy generated $7.7 million in Q4, helping offset ongoing supply chain challenges.

XL Fleet Corp. (NYSE: XL) announced the resignation of Chief Financial Officer Cielo Hernandez, effective January 31, 2022, to pursue other opportunities. Her departure is not related to any disagreements regarding financial practices. Chris Goldner, the Corporate Controller since August 2021, has been named Interim CFO as the company searches for a permanent successor. The company will report its fourth quarter and full-year 2021 results on March 1, 2022, with a conference call scheduled for 5:00 PM ET.

XL Fleet Corp. has successfully installed 12 dual-port charging stations at six wind farm facilities in Texas, Oklahoma, and Illinois. This deployment supports Apex Clean Energy's fleet of ten Ford F-series pickups equipped with XL Fleet's plug-in hybrid electric drive systems. The initiative aims to enhance Apex's sustainability efforts and facilitate future EV investments. The installation was overseen by the World Energy Efficiency Services team, now part of XL Fleet’s operations, which provides comprehensive electrification solutions.

XL Fleet Corp. (NYSE: XL) announced the appointment of Eric Tech as CEO effective December 1, 2021. In connection with this, Tech received a one-time inducement grant consisting of 493,026 stock options at an exercise price of $4.09 and 154,286 restricted stock units that will vest over four years. XL Fleet specializes in electrification solutions for fleets, with significant clients like Coca-Cola and Verizon. The company emphasizes enhancing fuel economy and meeting sustainability goals.

XL Fleet Corp. (NYSE: XL) has been awarded a contract by the Defense Innovation Unit and the U.S. Army to develop a fuel-saving technology for military vehicles. The highly competitive project, part of a pilot program, started on October 1, 2021, and will last for 13 months. XL Fleet aims to enhance the fuel efficiency and operational range of military vehicles, addressing significant fuel costs and logistical challenges. The initiative focuses on retrofitting idle reduction technology for the Family of Medium Tactical Vehicles, supporting the military's sustainable energy goals.

XL Fleet Corp. reported third quarter 2021 revenues of $3.2 million, down from $6.3 million year-over-year, mainly due to supply chain issues limiting chassis availability. Gross profit reached $0.7 million, with gross margins up to 22%. The company ended the quarter with $367 million in cash. Despite ongoing supply chain challenges, management remains optimistic about future growth, including expanding beyond North America and launching all-electric solutions in 2022.