XL Fleet Corp. (XL) stock surged 15.52% in the current-market trading session at the price of $5.25 after it was awarded a contract by the defense department to prototype fuel-saving technology. XL Fleet provides transport electrification solutions for municipal and commercial fleets in North America.
XL Awarded Pilot Project by Department of Defense
On 23rd November 2021, XL published that it had awarded a contract by U.S. Army’s Project Manager Transportation Systems and the Defense Innovation Unit to prototype a fuel-saving technology for tactical vehicles. XL Fleet is one of two firms granted a contract to develop a pilot project by next year. This technology is equally applicable to tens of thousands of vehicles across a broad range of military purposes. The pilot program had started on 1st October 2021 and will operate for 13 months.
Management Comments
Founder and President of XL, Tod Hynes, remarked that they are honored to receive this highly selective U.S. Government contract to provide fuel-saving solutions for military vehicles. The company’s proven technology, flexible policies, and deep expertise in producing sustainable technologies make it a perfect fit for this project. The company will elongate the operational range of its tactical vehicles while maintaining safety, lessening greenhouse gas emissions, and providing significant fuel savings.
XL Third Quarter 2021 Financial Results
On 15th November 2021, XL reported its financial results for the third quarter ended 30th September 2021 and provided corporate updates.
Financial Highlights
XL reported revenue of $3.2 million for the third quarter of 2021. Total revenue was $6.3 million for the same quarter of 2020. For the third quarter of 2021, gross profit totaled $0.7 million. The company reported a gross profit of $0.8 million for the same quarter of 2020. Cash and cash equivalents totaled $366.7 million as of 30th September 2021.
XL reported a net loss of ($7.5) million for the third quarter of 2021. Net loss totaled ($2.3) million for the third quarter of the previous year. For the third quarter of 2021, the adjusted net loss was ($14.7) million. The company reported an adjusted net loss of ($7.5) million for the same quarter of 2020.
