XL - XL STOCK NEWS

XL Fleet Corp. (NYSE: XL) has announced the acquisition of World Energy Efficiency Services for approximately $16 million in cash and stock. World Energy, a leader in energy efficiency and EV charging solutions, will enhance XL Fleet's offerings in fleet electrification. The deal is expected to provide synergies in energy efficiency services, vital for fleet charging infrastructure. The transaction includes $8 million in cash, $7 million in stock, and a potential $1 million earn-out based on revenue targets. This acquisition aims to reduce total costs for customers and supports XL Fleet's growth strategy.

XL Fleet Corp. (NYSE: XL) announced a restatement of its consolidated financial statements for the year ended December 31, 2020, following SEC guidance on warrant accounting. The change affects the accounting treatment of warrants, shifting them from equity to liabilities, which is expected to result in a non-cash expense of approximately $25 million to $45 million. The company asserts that this restatement will not impact cash flow or future operations and applies to many companies in similar situations.

XL Fleet Corp. (NYSE: XL) announced its earnings release date, set for May 17, 2021, after market close. The earnings conference call, hosted by CEO Dimitri Kazarinoff and other executives, will begin at 5:00 p.m. Eastern Time. Investors can participate via phone or through a live webcast on the company's website. XL Fleet provides fleet electrification solutions, boasting over 150 million miles driven by customers including Coca-Cola and Verizon. Their hybrid systems can enhance fuel economy by 25-50% and cut CO2 emissions by 20-33%.

XL Fleet Corp. (NYSE: XL) has partnered with Dickinson Fleet Services to enhance its nationwide service capabilities for electrified vehicle deployments. This collaboration will leverage Dickinson's fleet of over 700 mobile repair units and 800 technicians to provide maintenance and warranty support for XL Fleet's growing customer base across North America. With over 4,300 vehicles equipped with XL Fleet's systems, the partnership aims to maintain factory warranties and ensure optimal vehicle uptime as the company scales its operations.

XL Fleet Corp. (NYSE: XL) announced the appointment of Cielo M. Hernandez as its new Chief Financial Officer. With over 25 years of experience, Hernandez has held significant roles in public companies, including as CFO at South Jersey Industries and Vice President at A.P. Moeller Maersk. Her leadership will enhance XL Fleet's financial strategies, reporting, and support growth initiatives. CEO Dimitri Kazarinoff emphasized her potential to deliver value to stakeholders during a pivotal time for the company.

XL Fleet Corp. (NYSE: XL) has partnered with Apex Clean Energy to electrify its vehicle fleet, marking a significant step towards reducing carbon emissions. Apex will receive 19 electrified Ford F-series pickup trucks, consisting of ten plug-in hybrids and nine hybrid electric systems, with delivery scheduled for Q2 2021. This move aligns with Apex's sustainability goals and leverages XL Fleet’s systems to enhance operational efficiency. Apex, having commercialized $9 billion in renewable projects, aims to strengthen its clean energy mission through this electrification initiative.

XL Fleet Corp. (NYSE: XL) reported record financial results for 2020 with a revenue increase of 182%, reaching $20.3 million compared to $7.2 million in 2019. The fourth quarter revenue was $10.9 million, a significant rise from $0.3 million in Q4 2019. Gross profit for the full year was $2.7 million, with a margin of 13.5%. Despite these gains, the company faces challenges with an estimated $1 million in Q1 2021 revenue due to ongoing supply chain issues. XL Fleet ended 2020 with a robust cash position of $329.6 million, increasing to $407.9 million by mid-March 2021.

XL Fleet Corp. (NYSE: XL) has rescheduled its earnings release and conference call, now set for March 31, 2021. This change allows the Company to finalize its review of the fourth quarter and full-year 2020 financials. The call will take place at 5:00 p.m. ET, accessible via phone or live webcast on the Company's Investor Relations website. XL Fleet is known for its fleet electrification solutions, with over 150 million miles driven by notable customers, enhancing fuel economy by up to 50% and reducing CO2 emissions significantly.

XL Fleet Corp. (NYSE: XL) has opened a 24,655 sq. ft. fleet electrification technology center in Wixom, MI, enhancing its capabilities in the commercial vehicle electrification market. This facility will support R&D for hybrid, plug-in hybrid, and electric systems, and aims to grow the engineering team by 50% by adding over 50 new members in the next three years. The move is part of the Company's strategy to meet rising demand for sustainable vehicle solutions and leverage the region's automotive talent.