Hyliion Holdings Corp. (NYSE:HYLN) Q1 2024 Earnings Call Transcript

Hyliion Holdings Corp. (NYSE:HYLN) Q1 2024 Earnings Call Transcript May 1, 2024

Hyliion Holdings Corp. isn't one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).

Operator: Thank you for standing by. My name is Marvalu and I will be your conference operator today. At this time, I would like to welcome everyone to the Hyliion Holdings First Quarter 2024 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions]. Thank you. I would now like to turn the call over to Greg Standley, Chief Accounting Officer. Please go ahead.

Greg Standley: Thank you, and good morning, everyone. Welcome to Hyliion Holdings first quarter 2024 earnings conference call. On the call today are Thomas Healy, our Chief Executive Officer; and Jon Panzer, our Chief Financial Officer. A slide presentation accompanies this conference call and is available on Hyliion Investor Relations website at investors.hyliion.com. Please note that during today's call, we will make certain forward-looking statements regarding the company's business outlook. Forward-looking statements are predictions, projections and other statements about anticipated events that are based on current expectations and assumptions, as such, are subject to risks and uncertainties. Many factors could cause actual results to differ materially from forward-looking statements made on this call.

For more information on both factors that may cause the company’s results to differ materially from such forward-looking statements, please refer to our presentation and press release as well as our filings with the Securities and Exchange Commission. You are cautioned not to put undue reliance on forward-looking statements, and we undertake no duty to update this information unless required by applicable law. Thank you. And now, I will turn the call over to Thomas.

Thomas Healy: Hello, and welcome to Hyliion's first quarter 2024 earnings call. On today's call, I am joined by our Chief Financial Officer, Jon Panzer. Over this past quarter, we have been primarily focused on and have made great progress towards our shift to the KARNO generator. I am pleased to share that we were able to achieve some critical milestones over the past few months that keep us on track with our previously shared timeline. We also remain on track with our previously communicated guidance of $40 million to $50 million of capital spend this year. This past quarter, we expanded our customer base and continued to build a backlog of orders for the KARNO generator. I'll cover this in more detail on today's call as well as share highlights around the product development, target markets, and an update on our operational plans.

I'd like to start the call off discussing our customer interest in growing order backlog. This week, we are pleased to announce that we have executed a non-binding LOI with H2 Energy for the adoption of up to 10 KARNO generator that can produce approximately 2 megawatts in aggregate. H2 Energy, a subsidiary of Victory Clean Energy is a producer of green hydrogen. They plan to deploy their first 5 units in the second half of 2025 to provide power to one of their production sites. They also plan to utilize the excess heat from the KARNO generator, offering combined heat and power solutions to improve the efficiencies of their manufacturing process. Upon successful deployment of these first 5 units, H2 Energy has the option for an additional 5 KARNO generators that could produce another megawatt of power.

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