XL Fleet Corp. (NYSE: XL) (“XL Fleet” or the “Company”), is a
leading owner and operator of distributed solar energy assets
across the United States, offering subscription-based services to
more than 51,000 customers and making renewable energy more
accessible to everyone, today announced third quarter 2022
financial results. Results for the third quarter of 2022 reflect
contribution from the Company’s XL Grid and Drivetrain businesses
for the full three month period ended September 30, 2022, and
partial-quarter contribution from Spruce Power for the period from
September 9, 2022 through September 30, 2022.
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Third Quarter 2022 and Recent Highlights
- Completed transformational acquisition of Spruce Power, a
leader in residential solar, on September 9, 2022
- Reported total revenue of $8.4 million in 3Q22, including $5.1
million of partial-quarter contribution from Spruce Power
- Exited 3Q22 with more than 51,000 customers; combined portfolio
generated 134 million MWh of power in 3Q22
- PV5 gross customer value of $821 million at the end of the
third quarter of 2022
- Exercised options to buy out remaining equity interests in six
residential solar portfolios totaling $7.7 million
- Exited the third quarter of 2022 with approximately $240
million of unrestricted cash and equivalents on hand
- Progressing on exploration of strategic alternatives for XL
Fleet’s legacy Drivetrain business
- Announced name change to Spruce Power and NYSE ticker symbol
change to SPRU effective November 14, 2022
Management Commentary & Outlook
“We were proud to have recently completed our transformational
acquisition of Spruce Power, reflecting our company’s transition to
a profitable leader in the fast-growing residential solar market,”
said Eric Tech, Chief Executive Officer of XL Fleet. “We are in the
final stages of our strategy to focus our company on delivering
clean tech solutions to residential and small businesses, and are
in advanced conversations with several interested parties related
to the pursuit of strategic alternatives for XL Fleet’s legacy
Drivetrain business. We expect to announce the outcome of this
process in the coming weeks. With this final step, combined with
our acquisition of a world-class business benefiting from the
long-term structural growth in demand, we are confident in our
ability to unlock the value of Spruce Power and its exciting growth
trajectory.”
“Our team is more enthusiastic than ever about the opportunity
to extend and accelerate the growth trajectory we’ve achieved to
date,” said Christian Fong, President of XL Fleet and Chief
Executive Officer of Spruce Power. “Our business performed well
during the period, generating more than 134 million megawatt hours
of power throughout the third quarter across our portfolio of more
than 51,000 customers. Our business strategy as a third-party
operator is uniquely positioned to deliver stability and strength
across a range of macro environments.”
Mr. Fong continued, “Our differentiated M&A-driven growth
strategy is better supported than ever with $240 million of cash on
the balance sheet. Following the completion of our transaction with
XL Fleet, our M&A team got right back to work, exercising to
buy out the remaining equity interests in six residential solar
portfolios for a total of approximately $7.7 million. While these
transactions are smaller scale than our typical deals, these
accretive buyouts are expected to drive unlevered IRRs of
approximately 14%, which reflects returns we target and have
achieved throughout our history. We continue to see strong upstream
growth in customer installations, which represent potential future
acquisitions for our M&A team.”
“Financial results for the third quarter of 2022 reflect
approximately three weeks of contribution from Spruce Power
following our acquisition completed on September 9, 2022,” said Don
Klein, Chief Financial Officer of XL Fleet. “Spruce’s stable base
of cash flows backed by long-term customer agreements continue to
carry strong momentum into the end of 2022 and into next year. With
$821 million of PV5 gross customer value exiting the third quarter,
XL Fleet is well positioned to drive value for stakeholders over
the near and long-term.”
Company Name Change to Spruce Power
On November 4, 2022, XL Fleet announced that that it will change
its corporate name from XL Fleet Corp. to Spruce Power Holding
Corporation, effective November 14, 2022. The Company will be known
as Spruce Power. Additionally, the Company will change its New York
Stock Exchange (“NYSE”) ticker symbol from “XL” to “SPRU” at the
open of market trading on Monday, November 14, 2022. The Company’s
common stock will continue to be listed on the NYSE and its CUSIP
will change in connection with the name change.
Consolidated Financial Results
Revenue totaled $8.4 million in the third quarter of 2022
compared to $3.0 million in the second quarter of 2022 and $3.2
million in the third quarter of 2021.
Selling, general & administrative expenses for the third
quarter of 2022 totaled $31.1 million, compared to $12.8 million in
the second quarter of 2022 and $12.7 million in the third quarter
of 2021. SG&A expenses for the third quarter of 2022 include
approximately $2.6 million in legal fees related to previously
disclosed class action complaints and Securities and Exchange
Commission investigation and approximately $15 million of one-time
transaction costs associated with the Spruce acquisition.
Adjusted EBITDA totaled ($1.8) million for the third quarter of
2022, compared to ($11.7) million for the second quarter of 2022
and ($14.3) million in the third quarter of 2021.
Net loss was $19.6 million for the third quarter of 2022,
compared to net loss of $12.7 million in the second quarter of 2022
and net loss of $7.5 million in the third quarter of 2021. Adjusted
net loss was $4.2 million for the third quarter of 2022, compared
to adjusted net loss of $11.7 million in the second quarter of 2022
and adjusted net loss of $14.7 million in the third quarter of
2021. A reconciliation of net loss to adjusted net loss and
adjusted EBITDA is set out in the tables below.
Segment Financial Results
Residential Solar: Revenues totaled
$5.1 million for the third quarter of 2022, reflecting the three
week period from September 9, 2022 through September 30, 2022.
Segment loss was $1.2 million for the third quarter of 2022. PV5
gross customer value was $821 million at the end of the third
quarter of 2022. Spruce Power exercised options to buy out the
remaining equity interests in six residential solar portfolios for
a total of approximately $7.7 million, of which, three occurred
during November 2022.
Drivetrain: Revenues totaled $0.9
million for the third quarter of 2022, compared with $0.9 million
in the second quarter of 2022 and $0.6 million in the third quarter
of 2021. Segment loss was $3.6 million, compared with a segment
loss of $3.4 million in the second quarter of 2022 and a segment
loss of $4.9 million in the third quarter of 2021.
XL Grid: Revenues totaled $2.4
million for the third quarter of 2022, compared with $2.2 million
in the second quarter of 2022 and $2.6 million for the third
quarter of 2021. The slight sequential decrease in revenue for the
third quarter of 2022 was primarily driven by project approval
delays, material availability, and longer sales cycle times
attributed to larger project mix. Segment loss was $0.5 million
dollars, compared with a segment loss of $1.5 million in the second
quarter of 2022 and a segment loss of $1.6 million in the third
quarter of 2021.
Balance Sheet and Capital
Unrestricted cash and cash equivalents as of September 30, 2022
totaled $239.5 million, compared to $322.4 million as of June 30,
2022 Total debt outstanding as of September 30, 2022 was $517.2
million. XL Fleet had 144.4 million shares of Common Stock
outstanding as of September 30, 2022. Cash used in operations for
the third quarter of 2022 totaled $46 million reflecting the impact
of transactions costs associated with the Spruce Power
acquisition.
Third Quarter 2022 and Recent Operational & Business
Updates
- On November 4 2022, XL Fleet announced that it will change its
corporate name to Spruce Power Holding Corporation, effective
November 14, 2022. The Company will be known as Spruce Power.
Additionally, the Company will change its NYSE ticker symbol from
“XL” to “SPRU” at the open of market trading on Monday, November
14, 2022.
- On September 12, 2022, XL Fleet announced the transformational
acquisition of Spruce Power, the largest privately held owner and
operator of residential rooftop solar systems in the U.S. at the
time of the transaction, with more than 51,000 current customer
subscribers. After paying the purchase price and related
transaction fees and expenses, XL Fleet had approximately $240
million of unrestricted cash and cash equivalents.
Conference Call Information
The XL Fleet management team will host a conference call to
discuss its third quarter 2022 financial results today at 5:00 p.m.
Eastern Time. 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 10169416. The replay will be available
until August 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.
About XL Fleet (to be called Spruce Power after November 14,
2022)
XL Fleet, which after November 14, 2022 will be known as Spruce
Power, is a leading owner and operator of distributed solar energy
assets across the United States. By offering subscription-based
services to more than 51,000 customers, Spruce is able to make
renewable energy more accessible to everyone. For additional
information, please visit www.sprucepower.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; the ability to execute on and
consummate business plans in anticipated time frames; 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,
subsequent Quarterly Reports on Form 10-Q 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.
Use of Non-GAAP Financial Information
To supplement its consolidated financial statements, which are
prepared and presented in accordance with U.S. generally accepted
accounting principles (“GAAP”), XL Fleet Corp. reports certain
non-GAAP financial information which have been reconciled to the
nearest GAAP measures in the tables within this press release. This
prospective financial information was not prepared with a view
toward compliance with published guidelines of the SEC or the
guidelines established by the American Institute of Certified
Public Accountants for preparation and presentation of prospective
financial information or U.S. GAAP with respect to forward looking
financial information. We believe that these non-GAAP measures,
viewed in addition to and not in lieu of our reported GAAP results,
provides useful information to investors by providing a more
focused measure of operating results, enhances the overall
understanding of past financial performance and future prospects,
and allows for greater transparency with respect to key metrics
used by management in its financial and operational decision
making. The non-GAAP measures presented herein may not be
comparable to similarly titled measures presented by other
companies.
Earnings (loss) Before Interest, Income Taxes, Depreciation,
and Amortization (“EBITDA”): We define EBITDA as our
consolidated net income (loss) and adding interest expense, income
taxes, and depreciation and amortization. We believe EBITDA
provides meaningful information to the performance of our business
and therefore we use it to supplement our GAAP reporting. We have
chosen to provide this supplemental information to investors,
analysts and other interested parties to enable them to perform
additional analyses of operating results.
Adjusted EBITDA and Adjusted Net Income (Loss): We
believe that adjusted EBITDA and Adjusted Net Income (loss), which
excludes certain identified items that we do not consider to be
part of our ongoing business, improves the comparability of year to
year results, and is representative of our underlying performance.
Management uses this information to assess and measure the
performance of our operating segments. We have chosen to provide
this supplemental information to investors, analysts and other
interested parties to enable them to perform additional analyses of
operating results, to illustrate the results of operations giving
effect to the non-GAAP adjustments shown in the below
reconciliations, and to provide an additional measure of
performance.
Spruce Power Customers
Spruce Power's customers have ongoing PPA and Lease contracts
which include solar system servicing with the Company. The number
of customers may be periodically adjusted to account for new
acquisitions of residential solar portfolios as well as customers
electing to prepay or buyout their PPA and Lease Contracts. In
addition to the Company's approximately 51,000 customers as of
September 30, 2022, the Company also services nearly 27,000
third-party owned residential solar systems as well as over 10,000
third-party loans.
Subscriber Value Metrics
- Gross Total Subscriber Value reflects the remaining projected
net cash flows from current customers discounted at 5% (“PV5”)
- Projected cash flows include the customer’s initial agreement
plus renewal
($ in millions)
As of September 30,
2022
Gross Contracted Subscriber Value(1)
$
550
Gross Renewal Subscriber Value(2)
253
Uncontracted Renewable Energy
Credits(3)
18
Gross Total Subscriber Value(4)
$
821
(1)
Gross Contracted Subscriber Value represents the present value of
the remaining net cash flows discounted at 5% during the initial
term of the company’s customer agreements as of the measurement
date. It is calculated as the present value of cash flows
discounted at 5% that the company expects to receive from
subscribers in future periods as set forth in customer agreements,
after deducting expected operating and maintenance costs, equipment
replacements costs, distributions to tax equity partners in
consolidated joint venture partnership flip structures, and
distributions to third party project equity investors. The
calculation includes cash flows the company expects to receive in
future periods from state incentive and rebate programs, contracted
sales of solar renewable energy credits, and awarded net cash flows
from grid service programs with utilities or grid operators.
(2)
Gross Renewal Subscriber Value is the forecasted net present value
the company would receive upon or following the expiration of the
initial customer agreement term, but before the 30th anniversary of
the system’s activation in the form of cash payments during any
applicable renewal period for subscribers as of the measurement
date. The company calculates the Gross Renewal Subscriber Value
amount at the expiration of the initial contract term assuming
either a system purchase or a renewal and a 30-year customer
relationship (although the customer may renew for additional years,
or purchase the system), at a contract rate equal to 90% of the
customer’s contractual rate in effect at the end of the initial
contract term. After the initial contract term, a majority of the
company's customer agreements automatically renew on an annual
basis and the rate is initially set at up to a 10% discount to
then-prevailing utility power prices.
(3)
Uncontracted sales of solar renewable energy credits (RECs) based
on forward market REC pricing curves, adjusted for liquidity
discounts.
(4)
Gross Total Subscriber Value represents the sum of Gross Contracted
Subscriber Value, Gross Renewal Subscriber Value and Uncontracted
Renewable Energy Credits.
XL Fleet Corp.
Unaudited Consolidated
Statements of Operations
For the Three and Nine Months
Ended September 30, 2022 and September 30, 2021
Three Months Ended September 30, Nine Months Ended
September 30, (In thousands, except per
share and share amounts)
2022
2021
2022
2021
Revenues
8,360
3,200
16,133
7,569
Cost of revenues
2,701
2,510
10,342
6,633
Gross loss
5,659
690
5,791
936
Operating expenses: Research and development
2,348
3,217
7,741
7,438
Selling, general, and administrative expenses
31,319
12,742
55,778
31,522
Impairment of goodwill
-
-
8,606
-
Loss from operations
(28,008
)
(15,269
)
(66,334
)
(38,024
)
Other (income) expense: Interest expense, net
2,122
14
2,141
35
Gain on extinguishment of debt
-
-
(4,527
)
-
Loss on asset disposal
771
24
755
45
Change in fair value of obligation to issue shares of common stock
(42
)
(532
)
(540
)
(18
)
Change in fair value of warrant liability
(646
)
(7,229
)
(5,146
)
(81,960
)
Change in fair value of interest rate swaps
(8,533
)
-
(8,533
)
-
Other Income
(94
)
(15
)
(123
)
(40
)
Net (Loss) Income
(21,586
)
(7,531
)
(50,361
)
43,914
Net (Loss) Income Attributable to Non-Controlling Interests
419
-
419
-
Net (Loss) Income Attributable to XL Fleet
$
(22,005
)
$
(7,531
)
$
(50,780
)
$
43,914
Net (loss) income attributable to XL Fleet per share, basic
$
(0.15
)
$
(0.05
)
$
(0.36
)
$
0.32
Net (loss) income attributable to XL Fleet per share, diluted
$
(0.15
)
$
(0.05
)
$
(0.36
)
$
0.30
Weighted-average shares outstanding, basic
142,895,483
139,392,170
142,142,971
138,082,355
Weighted-average shares outstanding, diluted
142,895,483
139,392,170
142,142,971
148,469,108
XL Fleet Corp.
Segment Results
For the Three and Nine Months
Ended September 30, 2022 and September 30, 2021
Three Months Ended September 30, Nine Months Ended
September 30, (In thousands)
2022
2021
2022
2021
As Reported Residential Solar Revenues
$
5,080
$
-
$
5,080
$
-
Loss from Operation
(1,190
)
-
(1,190
)
-
DriveTrain Revenues
$
858
$
555
$
2,264
$
2,512
Loss from Operation
(3,614
)
(4,857
)
(12,924
)
(12,368
)
XL Grid Revenues
$
2,422
$
2,645
$
8,789
$
5,057
Loss from Operation
(484
)
(1,648
)
(3,378
)
(2,137
)
Corporate Revenues
$
-
$
-
-
-
Loss from Operation
(22,720
)
(8,764
)
(48,841
)
(23,519
)
As Adjusted (1)
Residential Solar Revenues
$
5,080
$
-
$
5,080
$
-
Loss from Operation
(742
)
-
(742
)
-
DriveTrain Revenues
$
858
$
555
$
2,264
$
2,512
Loss from Operation
(3,614
)
(4,857
)
(11,203
)
(12,368
)
XL Grid Revenues
$
2,422
$
2,645
$
8,789
$
5,057
Loss from Operation
(484
)
(1,648
)
(3,378
)
(2,137
)
Corporate Revenues
$
-
$
-
$
-
$
-
Loss from Operation
(5,533
)
(8,191
)
(18,158
)
(22,021
)
(1) As adjusted adjusts for the following one-time charges:
Severance charges (including benefits) included in Corporate,
Inventory charge for obsolete inventory included in DriveTrain,
Goodwill impairment charge included in Corporate, Legal charges
related to SEC investigation and shareholder lawsuits included in
Corporate, Accreted contingent compensation obligation to sellers
of World Energy included in Corporate, Accelerated amortization of
right-of-use asset included in Corporate, Non-recurring acquisition
expenses included in Corporate, Non-recurring acquisition expenses
included in Residential Solar, Meter upgrade campaign costs
included in Residential Solar, Other one-time costs included in
Residential Solar.
XL Fleet Corp.
Reconciliation of Non-GAAP
Financial Measures
For the Three and Nine Months
Ended September 30, 2022 and September 30, 2021
Three Months Ended September 30, Nine Months Ended
September 30, (In thousands)
2022
2021
2022
2021
Reconciliation of Net (Loss) Income to EBITDA and Adjusted
EBITDA Net (Loss) Income Attributable to XL Fleet
$
(22,005
)
$
(7,531
)
$
(50,780
)
$
43,914
Interest Expense, net
2,122
14
2,141
35
Impairment of Goodwill
-
-
8,606
-
Depreciation and Amortization
1,707
473
2,911
1,074
EBITDA
(18,176
)
(7,044
)
(37,122
)
45,023
Gain on extinguishment of debt
-
-
(4,527
)
-
Restructuring charges (1)
-
-
2,898
Severance charges related to former President and Chief Financial
Officer (2)
-
-
705
-
Legal charges related to SEC investigation and shareholder lawsuits
2,632
-
5,744
Accreted contingent compensation obligation to sellers of World
Energy
(9
)
573
(113
)
1,000
Change in fair value of obligation to issue shares of common stock
(42
)
(532
)
(540
)
(18
)
Loss on disposal of assets
771
24
755
45
Change in fair value of interest rate swaps
(8,533
)
-
(8,533
)
-
Change in fair value warrant liabilities
(646
)
(7,229
)
(5,146
)
(81,960
)
Other one-time costs
116
-
116
-
Meter upgrade campaign
180
-
180
-
Non-recurring acquisition expenses (3)
14,716
-
14,716
498
Adjusted EBITDA
$
(8,991
)
$
(14,208
)
$
(30,867
)
$
(35,412
)
Three Months Ended September 30, Nine
Months Ended September 30, (In thousands)
2022
2021
2022
2021
Reconciliation of Net (Loss) Income to Adjusted Net Loss Net
(Loss) Income Attributable to XL Fleet
$
(22,005
)
$
(7,531
)
$
(50,780
)
$
43,914
Gain on extinguishment of debt
-
-
(4,527
)
-
Impairment of goodwill
-
-
8,606
-
Restructuring charges (1)
-
-
2,898
-
Severance charges related to former President and Chief Financial
Officer (2)
-
-
705
-
Legal charges related to SEC investigation and shareholder lawsuits
2,632
-
5,744
-
Accreted contingent compensation obligation to sellers of World
Energy
(9
)
573
(113
)
1,000
Change in fair value of obligation to issue shares of common stock
(42
)
(532
)
(565
)
(18
)
Loss on disposal of assets
771
24
755
45
Change in fair value of interest rate swaps
(8,533
)
-
(8,533
)
-
Change in fair value warrant liabilities
(646
)
(7,229
)
(5,146
)
(81,960
)
Other one-time costs
116
-
116
-
Meter upgrade campaign
180
-
180
-
Non-recurring acquisition expenses (3)
14,716
-
14,716
498
Adjusted Net Loss Attributable to XL Fleet
$
(12,820
)
$
(14,695
)
$
(35,944
)
$
(36,521
)
(1) Amount for the nine months ended September 30, 2022 consists
of (i) severance charges (including benefits) of $840 relating to
the termination of 51 employees relating to the restructuring of
the business; (ii) an inventory obsolescence charge of $1,721
relating to the Company's decision to discontinue the production
and sale of certain vehicle kits; and (iii) $337 of accelerated
amortization of the right of use asset relating to the Company's
Quincy, IL facility that it plans to close as of May 31, 2022.
(2) Amount consists of severance charges incurred with the
departure of the former president of $479 in March 2022 and the
departure of the former Chief Financial Officer of $226 in January
2022.
(3) Amounts for three and nine months ended September 30, 2022
consists of one-time expense related to the acquisition of Spruce
Power while the amount for the nine months ended September 30, 2021
consists of one-time expenses related to the acquisition of World
Energy in May of 2021.
XL Fleet Corp.
Unaudited Condensed
Consolidated Balance Sheets
As of September 30, 2022 and
December 31, 2021
September 30, December 31, (In thousands,
except share and per share amounts)
2022
2021
Assets Current assets: Cash and cash equivalents
$
239,512
$
351,676
Restricted cash
32,122
150
Accounts receivable
17,159
6,477
Inventory, net
14,101
15,262
Interest rate swap agreements, current
7,229
-
Prepaid expenses and other current assets
5,674
1,040
Total current assets
315,797
374,605
Solar systems, net
404,380
-
Property and equipment, net
1,655
3,495
Intangible assets, net
1,061
1,863
Right-of-use asset
7,635
4,564
Goodwill
158,636
8,606
Interest rate swap agreements, noncurrent
28,001
-
Other assets
466
88
Total assets
$
917,631
$
393,221
Liabilities, non-controlling interests, and stockholders' equity
(deficit) Current liabilities: Current portion of long-term
debt, net of debt discount and issuance costs
$
25,340
$
78
Accounts payable
6,806
3,799
Lease liability, current
1,462
900
Accrued expenses and other current liabilities
25,101
11,856
Total current liabilities
58,709
16,633
Long-term debt, net of current portion
485,030
21
Deferred revenue
1,458
691
Lease liability, non-current
7,003
3,599
Warrant liabilities
259
5,405
Contingent consideration
73
541
New market tax credit obligation
-
4,521
Other liabilities
10
-
Total liabilities
552,542
31,411
Redeemable non-controlling interests
38,900
-
Stockholders' equity Common stock, $0.0001 par value;
350,000,000 shares authorized at September 30, 2022 andDecember 31,
2021; 143,863,062 and 140,540,671 issued and outstanding
atSeptember 30, 2022 and December 31, 2021, respectively.
14
14
Additional paid-in capital
464,042
461,207
Non-controlling interests
12,324
-
Accumulated deficit
(150,191
)
(99,411
)
Total stockholders' equity
326,189
361,810
Total liabilities, noncontrolling interests and stockholders'
equity
$
917,631
$
393,221
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221109005890/en/
Investor Contact: investors@sprucepower.com
Media Contact: PR@sprucepower.com
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