XL Fleet Corp. (XL) stock prices stayed stable over the course of August 13th 2021, ending the trading day at USD$7.10. Subsequent current market fluctuations have seen the stock fall by 10.70%, bringing it down to USD$6.34.
XL Stock’s Revenue Reports
The second quarter of fiscal 2021 reported revenue in the amount of USD$3.7 million. This is up from the USD$1.9 million reported in the second quarter of 2020. Revenue from the sale of drive systems in Q2 2021 was USD$1.3 million. This is comparable to the USD$1.9 million reported in Q2 2020. The year over year difference was largely attributable to microchip shortage and lack of new fleet chassis. Revenue from the XL grid came out to USD$2.4 million in Q2 2021, comprising of partial-quarter contribution from World Energy. The contribution from World Energy resulted from the business acquisition that took place on May 17th 2021.
Gross Profit Breakdown
Gross profit came out to USD$1 million for Q2 2021, up from the USD$0.04 million gross profit reported in the prior year period. The year over year increase was largely driven by XL Grid with the World Energy acquisition. Adjusted EBITDA was reported at negative USD$11.4 million for the quarter, as compared to negative USD$3.5 million reported in Q2 2020. This was a result of a substantial increase in the workforce, as well as an increase in service providers. These providers serve to support the company’s growth strategy and to meet its obligations as a publicly traded company.
Additional Finances
XL stock reported net loss for Q2 2021 in the amount of USD$10.5 million, down from the net loss of USD$13.5 million reported in Q2 2020. Net income for the 2021 quarter included a non-cash gain resulting from the change in fair value of warrant liability of USD$2.7 million. Adjusted net loss came out to USD$11.8 million for Q2 2021, up from the USD$5.3 million adjusted net loss reported for Q2 2020. The company reported a stellar liquidity position at the end of the second quarter, with cash and cash equivalents in the amount of USD$384.1 million as of June 30th 2021.
Future Outlook for XL Stock
The company reported a strong financial quarter, the success of which it hopes to continue through the upcoming quarters. XL stock is poised to capitalize on the opportunities afforded to it as the world heads towards a post-pandemic economy. Investors are hopeful that management will execute their business strategies so as to ensure increases in shareholder value.
