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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.
Positive
Acquisition of Spruce Power expected to boost financial contribution.
Over 52,000 current subscribers indicate a solid customer base.
Negative
Integration challenges post-acquisition may pose risks.
Dependent on market conditions and regulatory changes for growth.
WIXOM, Mich.--(BUSINESS WIRE)--
XL Fleet Corp. (NYSE: XL) (“XL Fleet” or the “Company”), a residential solar provider of subscription-based services that make it easy for homeowners and small businesses to own and maintain rooftop solar and battery storage, today announced that it will release its third quarter 2022 financial results after market close on Wednesday, November 9, 2022. This release will be followed by a conference call hosted by members of the XL Fleet management team at 5:00 p.m. Eastern Time on Wednesday, November 9, 2022.
As recently announced, XL Fleet completed a transformational acquisition of Spruce Power, the largest privately held solar-as-a-service provider. Results for the third quarter of 2022 will include partial-quarter contribution from Spruce Power, reflective of the acquisition completed on September 9, 2022.
The call can be accessed live over the telephone by dialing (877) 510-3772, or for international callers, (412) 902-0125 and referencing XL Fleet. Alternatively, the call can be accessed via a live webcast accessible on the Events & Presentations page in the Investor Relations section of the Company’s website at www.xlfleet.com. A replay will be available shortly after the call and can be accessed by dialing (844) 512-2921, or for international callers, (412) 317-6671. The passcode for the replay is 10172165. The replay will be available until November 23, 2022. An archive of the webcast will be available for a period of time shortly after the call on the Investor Relations section of the Company’s website at www.xlfleet.com.
In connection with the acquisition of Spruce Power and implementation of the Company’s new corporate strategy, XL Fleet intends to change its corporate name and introduce a new brand identity. The Company’s new name will reflect its focus on providing subscription-based solutions for rooftop solar, energy storage, EV charging and other energy-related products to homeowners and small businesses.
About XL Fleet
XL Fleet is a residential solar provider of subscription-based services that make it easy for homeowners and small businesses to own and maintain rooftop solar and battery storage. Our as-a-service model allows consumers to access new technology without making a significant upfront investment or incurring maintenance costs. XL Fleet has more than 52,000 subscribers across the United States. For additional information, please visit www.xlfleet.com.
Forward Looking Statements
Certain statements in this press release may constitute “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of management and are not predictions of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to: expectations regarding the growth of the solar industry, home electrification, electric vehicles and distributed energy resources; the ability to successfully integrate the Spruce Power acquisition; the ability of XL Fleet to implement its plans, forecasts and other expectations with respect to Spruce Power’s business and realize the expected benefits of the acquisition; the ability to identify and complete future acquisitions; the ability to develop and market new products and services; the effects of pending and future legislation; the highly competitive nature of the Company’s business and markets; litigation, complaints, product liability claims and/or adverse publicity; cost increases or shortages in the components or chassis necessary to support the Company’s products and services; the introduction of new technologies; the impact of the COVID-19 pandemic on the Company’s business, results of operations, financial condition, regulatory compliance and customer experience; the potential loss of certain significant customers; privacy and data protection laws, privacy or data breaches, or the loss of data; general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; the inability to convert its sales opportunity pipeline into binding orders; risks related to the rollout of the Company’s business and the timing of expected business milestones, including the ongoing global microchip shortage and limited availability of chassis from vehicle OEMs and our reliance on our suppliers; the effects of competition on the Company’s future business; the availability of capital; and the other risks discussed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K filed on March 31, 2022, and other documents that the Company files with the SEC in the future. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and the Company specifically disclaims any obligation to update these forward-looking statements.
