XL Fleet Shares Plunge As Q2 Earnings Disappoint

XL Fleet Corp XL reported second-quarter FY21 sales growth of 94.2% year-on-year, to $3.69 million, missing the analyst consensus of $4.40 million.
The revenue increase was driven by the addition of World Energy in mid-May 2021.
Revenue from the sale of drive systems fell 31.6% Y/Y due to the microchip shortage and lack of new fleet chassis.
Gross profit for the quarter was $0.96 million with a profit margin of 26%.
The operating loss expanded to $(12.7) million. Adjusted EBITDA loss widened to $(11.4) million.
EPS of $(0.08) missed the analyst consensus of $(0.05).
The company held $384.8 million in cash and equivalents as of June 30, 2021.
"We believe market interest in commercial fleet electrification solutions remains strong, however, supply chain issues and wide scale shortages of key materials, especially microchips, continue to impact the global automotive industry, significantly interrupting the ability of fleet customers to secure new vehicles on which our electrified drive systems are installed," said CEO Dimitri Kazarinoff.
Price Action: XL shares are trading lower by 12.8% at $6.191 on the last check Friday.