 All right, guys, love to welcome everybody back to the channel. This is gonna be the bear case for Hylian. And for you guys that are bullish and have your conviction, have been with me for a while, you'll understand that I too am a bull on Hylian holdings. And it's reflected in my current share price. I wanted to disclose to everybody, I am a share owner in this company. I follow it from an active perspective and I am long on the company. But I think all too often we look at an opportunity like this and we take sides. And I think it can be really dangerous in that as an individual investor, and I know there's gonna be some people that watch this and they're uncomfortable by the notion of actually looking at the other side of the argument. I don't really care. I've been doing this a long, long time, guys. And it'd be interesting to see the level of share. I know there's a lot of people out there in the community that are sticky investors on this company. I think it's great, okay? But I know there's a lot of different camps out there. I know there's a lot of different communities out there, some a little bit more holistically accepted of contrary opinion. And I don't want this to be opinion-based. I'd like it to be fact-based from my perspective. And I think you guys are going to benefit immensely understanding that when you see my angst on Twitter and you want to deem me as bipolar, no problem. I'm actually a significantly different away from social media. Insofar as I work a regular job, I raise a family, I am a coach and I'm a pretty darn good guy. But when I talk about stock market investing, it is all about business, right? I very rarely deploy emotion. And when I come out with a critical piece on highly on holdings or any other publicly traded company, you have to understand that it is not coming from an untrained perspective. It is coming from a very holistic perspective of an investor that has decades under his belt as an investor. And I think it is incumbent and almost a requirement of investors out there to look at both sides of the coin and ask the age old question, is there a possibility that I might have this wrong? It makes you a better investor to challenge your own biases about a specific holding. We all have them. There's no doubt in my mind. And by running through this exercise of looking at the bear case, it will allow you to formulate a more holistic application here that way when the company does evolve. You can kind of start to scratch some of these things off the list. Some of these things that I'm going to identify are in my opinion, fact-based, okay? There's an oxymoron for you, but I tried not to look at it from the perspective of I don't like the company and I'm going to come on and just bash the company because I think you'll find in a lot of these observations and fact-based on where we sit here and how this opportunity has unfolded thus far over the course of the last couple of years going through the SPAC process, entering into the IPO and turning into the publicly traded company that it is now. It's been quite a ride. It's been quite an evolution. And I think it is absolutely incumbent upon the investor community to continually, constructively, critically take a look at this company from all sides, not just one and allow the facts to drive your observations rather than your biases to drive your observations, okay? Number one, the bear's been right with regard to the stock price, okay? Now there is a separation between the stock and the company itself but in so far as the money game the bears have got this thing right 100%. Pre-revenue company comes to market in a capacity through the SPAC vehicle that in all actuality has been a debacle. Most of these companies will not survive in public markets, highly honest part of that group. And I think unfortunately it's been subject to many of the holistic criticisms of those companies that have come via SPAC process and have not had the financials scrutinized to the level of what would have been an IPO process. Now it's really unfortunate that that has happened but I think some of that scrutiny is reflected in the stock price and rightly so. Look, you can say one way or the other if it's too low or if it's been pressed down or it's been manipulated in any particular manner. Right now the stock sub-four is where it is. And the bears would say, look, the stock price is going to absolutely reflect the goings on at a specific company at any given time, okay? The stock market does a horrible job in a lot of different capacities in awarding future profits, okay? Future potential, especially for a company like this that does not have any quantifiable fundamental metrics especially on the predictability side. In other words, what's going to keep this company afloat in so far as when the revenue starts to increase that they can maintain those revenues going forward we can draw upon those earnings and start to forecast some quantifiable metrics and get some sort of an idea of where we look to value this company. And the bears would look and say, well, the stock price right now is valued at about $700 or so million dollars which is resting right up against what I consider to be that hard line in the sand, i.e. their cash position. Remember this company is sitting on a mass of cash, cash equivalents, short and long-term investments to rest against but as of now, companies typically don't trade so deep toward their intrinsic value, their book value, okay? And the bears would say, look, the company has done nothing to provide any type of quantifiable metrics going forward. Yes, they have a slight order book, whatever that means, okay? They've done a pretty good job of defining that order book and separating reservations from orders. I thought that that was pretty smart because before the bears owned this argument in that is agility really going to see a thousand orders into the future, all right? That on the onset generated a lot of hype and I think a lot of people were like, well, we're gonna see companies fall in line with thousand orders, boom, boom, one after the other, okay? But what gives, what progress has been made on the agility order? Have they revisited agility and looked to transition some of those reservations to orders in way of deposits? The bears would say absolutely not. It's reflected in the stock price, okay? And the stock price as of now in the short-term reflects absolutely where the stock market is trying to value the company, number one. Number two, it speaks to the investor sentiment. Who's buying this company now, right? What type of buying conviction is happening right now? I don't see it. Volumes are holding true in between 2.2 to 2.5 million. It creeps up close to 3 million in volume per day. That's fairly anemic. You look at the volume on Nikola and it's four times that amount on a day-to-day basis. There's not a lot of churn going on with the stock and I think there's not a lot of buying interest. Why? You look at the charts and it's horrendous. The bears have owned this argument and there's really no counter to that from the bulls to say it's good, it's not, it's horrible. The stock is in the basement right now. And I think in the short-term, it's one of those things to where you have to look at from the perspective of, okay, the bear thesis has been right. It's actually been the right call to short this stock. If you had shorted this stock from 58 all the way to now, you would have made a fortune. And in this investing game, the money estimate is the game itself, okay? And it's fair to sit back and say, look, we've been wrong on this thing. We've been wrong from the perspective in the short-term and the stock price is having a very, very difficult time pricing this. Analysts are having a hard time pricing it. Even after what I would say was a pretty positive close out to 2021, the analysts still came out upgraded in some capacities from sell to neutral because it's embarrassing to put a sell rating on a stock that's already trading at $4 a share that has no debt and has this level of cash on the books. But at the same time, some of those upgrades came with reduced price targets, which reflects to me the inability of even analysts to put any type of quantifiable metrics. And there was some bullish sentiment put around the interest, perhaps that was demonstrated on the last Q4, close out of 2021, the last Q4 quarter that was reported, which again, I thought reflected a lot more industry interest in putting actual deposits down on it. What has that meant for the stock price? Absolutely nothing. Price is trading in the gutter, there's no doubt about it. There's seemingly no end in sight and the bears are gonna rest on that until there's a catalyst, until there's some buying interest, until there's buying interest in this company, why buy the company? Why buy it? Now I have another perspective about this, but from a bear perspective, up until now, how things have transpired and providing this video from the bear's perspective right now, they've been right. And they'll continue to be right for a lot of the number of reasons that I'm gonna talk to you guys about here in this video. Stay back and listen, sit back and listen, okay? You can disagree or agree with me or not, but what I tried to do is discuss facts and the fact of the matter is, the company right now is trading at sub four. I actually have been accumulating some shares here because my bullish conviction is different insofar as I heard something on that call that was very interesting to me with regard to, I thought they knocked it out of the park, okay? But the stock market did not see it that way and the company is back at levels that it was trading at before, it went into this really good Q4 report. So what gives, okay? The market will be right until it's proven wrong and up until now with highly unholy things, it has been absolutely right on the money, all right? Transparency with the company. This is when some folks have taken some pop shots with me for being bipolar and Ryan, you're angry and one day you're bullish or one day bearish. Yeah, I'm gonna do both in the same day today. Put on your seatbelt. It's no problem. It's a free country. I can say what I want. Am I happy with the level of transparency going into the end of 2021? They went silent on the line. It appears as if they were looking to juice the report a little bit and why weren't those orders put forward before the earnings report? Were they trying to jam that full knowing that they were gonna go into a 2022, knowing that that was gonna be a bridge year before mass production is scheduled to go into effect later 2023? I don't know. That's a presumption on my part. Well, what's not a presumption is there has been a number of different shareholders alike who have reached out to the company during the tail end of 2021 was really the straw that broke the camel's back from May when a couple of community members, and I will not name names, provided some extremely elegant letters too highly on only to be lost and dissolved the way. They never received any type of acknowledgement of receipt, a canned acknowledgement of receipt or any type of response at all. Maybe they're busy. Maybe they missed the email. I do it sometimes at work. I miss an email. Okay, great. But you are a publicly traded company. There is really no excuse not to get an acknowledgement of receipt at the very least. And if I asked Thomas Healy about this, he would agree with me. He would agree with me. Does the company owe it to provide that response? Some would say no. I say that's garbage as a publicly traded company. And if you have somebody that's taken the time to produce a letter of those calibers and they were quite good and the questions were quite good. I'm not asking for somebody to take the time. God forbid somebody actually take the time and read and respond to each of the points that were being made in that. But to provide zero transparency, it starts to exacerbate some of the other criticisms of the company that I'm gonna talk about here in this list. In other words, it starts to allow investors to make certain speculations on the company to say, look, if you don't care about this, maybe you don't care about this, this and this, right? Maybe you're busy focusing on other things. When we see executives taking payouts of stock ownership of stock that they picked up for pennies on the dollar on the onset of the deal. And it was the very nature of that financing that allowed Healy on holdings to come to public markets in the first place. That right there is very, very difficult to swallow when all we're asking for is a response through transparency that I thought was lacking going into 2021. Certainly, different sides to this argument. Does it matter, Ryan? I'm okay with whatever Healy on does, no matter what. They get a pass, no matter what. That's fine. You're entitled to your opinion. But latter 2021, I thought was horrible. I thought they've taken steps to actually improve that going into 2022. And I think that's great. I think they needed to. I think that there's been some clean out of the investor relations department and rightfully so. I think those are good initiatives because I tell you what, I was getting into combative conversations on legitimate questions that I was posing to the company that I never got responded to. Instead, I was being challenged as to why it is that I'm asking the questions. Really? I'm asking the questions because they're justified. I'm not looking for you to defend the company. I'm asking you to give me some response to my questions. And I was one of those that actually asked one of those valid questions that I still have not received a response to to this day with regard to once you take a new chassis and you start to augment that chassis with new equipment, does it compromise the warranty that's been turned out from the manufacturers of said chassis because they've already been put through racking tests to test the integrity of the welds that all fall under a certain level of specification when they are turned out. My question was very valid. Could it have been off base because I'm not an engineer? I don't know how the OEM works, certainly, but does it need to come with no response? I think not. And I think from a Bayer's perspective, you would say, look, you've got a CEO and a top heavy board, which I'm gonna talk about. And at the very least, you can't even provide some level of transparency. And I thought that that was fairly rampant going into latter 2021. And I think going into 2022, I think they've improved upon that. But look, I don't think that they've helped their case in any regard. Watching the stock really suffer beyond what I feel like is even a fair market value for this company. Right now it's being priced at liquidation value. And I think that's somewhat embarrassing for Hylian to be honest with you. I think the give take and the push pull, the tug of war that's going on between the prospects of this company and the stock price as it's trading now at the time of this video really does set up for a very, very dynamic impasse at some point because something's got to give. It's got to give. There's no way that this tension that is going on right now can continue to persist with the observed progress of the company and the continued downward pressure on the company. Anytime it catches a little bit of momentum, it goes right back down again. And I think transparency really hurt the company into ladder 2021. Could it be growing pains? Yes, I think it could be. But was it up to par or was it substandard? It is my assessment that at that time period that they entered into the latter half, the back half of 2021, it was extremely, extremely substandard in my opinion. And I think it hurt the company. Maybe they just didn't have a lot to talk about. I don't know, but the lack of transparency certainly falls squarely in the bear camp. Timelines, folks, they've missed timelines bad. And you start to formulate the bear case and it's easy to do on a company like this that is scrutinizable, okay? The original investor presentation, bulls hate when I bring it up. Why? It was put out with Hylian's letterhead on the top of it. It gave very in-depth discussions about how those projections could come to fruition when the company was looked to garner a lot of interest in public markets as a spec and it did. It certainly did. When you start to couple those pre-orders that came in from agility and you start to couple that with a two or two or three year time horizon to jump up to 8 million. Remember they were supposed to do 8 million in revenue in 2021, okay? Now there's been delays to that in a couple of different capacities. Number one, there's been some additional products that have been put forward by Nate by way of the Discord group which is probably the most core group of intimate due diligence on Hylian. That's about the highest compliment that I can pay. But I do want to premise that when you start to generate products outside of the company umbrella, it's a very, very dangerous proposition to state that on the high end they could do this and on a midline they could do this and on the low end they could do this. I think you have to be very, very careful of that because whether or not you like it or not, you don't know what's going on on the internals of the company. You do not know what some of those delays are being incurred on some of the critical products in a number of the different subsystems in their overall systems that they are suffering from right now in the supply chain issue, all right? So when you start to talk about timelines missed we're starting to talk about winter validation pushing. Why? Why does it need to push? There are schools of thought that would say why can't they do it now? Hylian probably has a justified reason for this, okay? But the bears are gonna say, that's garbage. Why delay it? You're in a position of convenience where you're sitting on a fat wad of cash made possible by public markets and public financing by nature of the issuance of the warrants that were called right away for redemption. To put that cash on the books, where is the sense of urgency? And I think these pushes in timeline although they are common, especially in the industrial community is absolutely scrutinizable in that, here we go again. And it really takes away from the credibility of the company to state where they are on specific timelines and have the investor community look at that with a lens of confidence and a lens of assurance that they're gonna meet those timelines. There's been an augmented timeline that has come up that has been aggressively pushed forward. Me as a bullish shareholder, I would like to see them beat or exceed those timelines. In other words, turn back some results prior to those because they've been so aggressively pushed out into the forward community. When you talk about starting the ramp up in 2023, this is when they were gonna start to generate hundreds of million dollars of revenue. And so we're stuck here with a disconnect between 2022 that has been chalked up at an anemic revenue of two to three million. And the disconnect of burning through 135 to $145 million per year, which in comparison is a huge cash burn. They have it to burn, yes, but it is a finite timeline. And you guys have to understand they're playing a little bit of a dangerous game here in that these timelines that have been aggressively pushed forward, let's say latter 2023, we're talking about the entire year in 2022, that's 135 million. When you talk about pushing it forward that far, you're talking about over a quarter million dollars of cash burn of the company to generate in the first year, three million on the top end and whatever they can generate in 2023, which is seemingly gonna be just another validation year. So these timelines that were put forward on the onset that were going to generate a real top line revenue. I'm not talking about bottom line profit, which was forecasted in that original investor presentation in 2024 and 2025 respectively. But you're talking about turning out these trucks in 2023, is it low scale production? Is it mass scale production? What type of relationships do they have with the OEM hubs, which I'll talk about here shortly. But when you talk about these missed timelines, it only hurts a company like this that is a pre-profit. Now it is turning out some revenue as anemic as it might be, but it is not a pre-revenue company anymore. They've proved that they can generate some profit as excuse me, some revenues as anemic as it is. It's important to identify that this company has had a fairly tough go at it when they've been asked to meet critical timelines and the rollout of this product in what I would state to be a very, very hungry and very, very competitive landscape so far. Change gears a little bit. We'll talk about something that's extremely unpopular amongst the highly on community. I wanna separate my personal opinion from this, okay? My personal opinion, I don't care. I don't care. And the CEO selling shares seems to get under people's skin like no tomorrow, okay? Now, I say I don't care tongue and cheek. There's no way that I can spin this in a positive light. Do I think Thomas Healy means ill will? No. Do I think Thomas Healy is selling shares at a horrible time? Absolutely. Do I think that he anticipated that the company would be trading at $4 a share? Nope, I sure don't. So I get a lot of benefit of the doubt when I sit back and I think, look, here's a guy with over 33 million shares of the company. I don't know what his portfolio looks like. I would dare to say that my small $500,000 portfolio is more diversified than Thomas Healy's. He's certainly overweight and highly on no doubt about it. And the stock sells that have been pre-arranged going into this is just kind of a give back for a company and a CEO that has made it. He's brought this company to the public markets and he's putting it into the rigor of long haul transportation to not only have the internal validation which is complete through FEV, but also to subject those internal validations to external validations when it's put into the hands of the police. But when you have a CEO, the top guy, selling shares in the company, it is a net negative for the company. I will say it again. It is a net negative for the company and bulls are going to argue with me up and down and say, oh, it's okay, Ryan. It's just part of doing business. No, it's the optics of a company that when you look at holistically and you look out from a bearish perspective, it's not like Thomas Healy is selling into strength. He's selling into weakness, okay? Stock is weak right now. It's at its lowest levels ever, okay? Selling shares right now cannot be viewed as a positive. It can't. You can spin it any way you want, okay? Spin it any way you want. I've already offered that this is a topic and a point of contention within the community that it doesn't bother me. It doesn't bother me that the man has taken some profit off of the table. I think it's too bad that he's selling shares this low in the game. I think these prearranged sales are unfortunate because they subject him to liquidating shares at a stock price that has outside his control. I think that's unfortunate. Look how hard the guys work to bring this to bear. I don't think Thomas Healy is a bad guy. As a matter of fact, it's the latter. I watched Thomas Healy's demeanor in every interview that he's turned out over for public consumption. I think the guy's a great guy. I think he's a wonderful guy I think it's unfortunate that although I do believe that there's some real merit to the stock sale and I do think there's integrity surrounding the stock sales, there's no way that I can spin it in a positive manner. It does provide a negative context in the company, especially when you have an investor community that for the most part 99th percentile the investor community are down and they're down big in the company right now. So to see the top guy selling shares into weakness is a net negative as far as I'm concerned with regard to Healy on holdings. Next on the list is an interesting one and I can look at it from two different facets and that's the whole point of this video is to look at things from two different angles. I learned to do this in college during speech and debate. You'd be given a topic and you get to argue one way or the other. Now your biases and your upbringing and your tendencies with regard to your emotional application would gravitate toward one or the other. In other words, I would like to be pro on this particular topic or I would like to debate against it, okay? It's one that I'm emotionally charged on. I'm coming to the table with an indefinite amount of knowledge on the particular topic, but when you talk about the build out of the team this was one of the questions that I had for Thomas Healy because I think the disconnect between what he sees with regard to industry interest in the Healy on holding solution and his aggressive build out of the team doesn't sit well in the eyes of investors. Now I do wanna premise that my personal opinion does not play into this as far as an argument that the bears would render as a net negative against this company. And I wanna go a little bit further in this appointing the board and building out that board of governance and the upper management and the sales team and all that stuff. The bears are looking at it to say, what is you produced? Okay, and I wanna talk about the board of governance for just a second. The board of directors that sit on this company you have ties directly to the government. What has come out of it? Zero. What has Mr. Knight done? Perhaps maybe he's working very hard behind the scenes. I don't mean to presume that he's not. I don't mean to suggest that he's not but what results have been turned out by that appointment? Zero. What connections to the government has been turned out? Zero. Is there a potential to have certain government incentives or even at the state and local level? The state and local level of the TURP program with regard to what type of outreach they're providing as far as their ability to provide certain products under the grant program and allow a net positive to both entities, highly on holdings and the net customer of these products who don't want to take 100% of the risk on in taking on a new solution. They wanna make sure that they can put it through the rigor of construction sites or heavy hauling or specific applications that they've got this machine replaced in. But you look at Elaine Chao and I was extremely bullish when she got brought on what has been rendered up to this point. Right along what type of contacts are being made with her connections with Kroger? Zero to this point, zero. Now are these appointments going to render benefits down the line? Is it too premature to expect that those renderings are going to happen now? I believe that they are. That's why this argument sits solely in the bear camp in that you've appointed all these board of directors. You've given away shares for free as part of the compensation, 3,400 on the low end to some of the ones that I've seen. And you've got investors out there that have taken harder in dollars and maybe about 500 shares in the company and they're suffering. And here you've appointed these board of directors that as of now, the perspective and the perception of the board of directors is that they have provided zero underlying benefit. Now this is going to be a point of contention amongst the bull community. And I totally get that. I totally understand. This is business, okay? Toughen up a little bit. Don't be such a bitch, okay? Until I start to hear real results come out of all these appointments that are being made from a company that's been able to garner an anemic $200,000 of revenue in 2021, I'll continue to scrutinize. Now this is part of my bullish observation with regard to Hyliad. I'm not making this up, okay? I share in this sentiment. I'm not just providing this to generate churn, okay? If you'd like to debate me and leave your comments at the bottom, tell me how I'm wrong. Tell me how this all-star board of directors has seemingly taken this seat at the board and garnered some level of results in the marketplace. I'm sorry, I look and I'm scrutinizing and I don't see. And do I believe that they will provide that benefit into the future? I do, I do. But you wanna look at a stock price that's sub $4 right now and you want to be happy about all the goings on at the company, absolutely. They're just turning out all kinds of results. That's just not the truth of it. At least in the eyes of the public markets. Is this work going on behind the scenes? I don't know. The only time I've seen Elaine Chao since appointment is taking a nice ride in the hyper truck, the RX. I believe I provide more of a public service every single week on highly on holdings than Elaine Chao. That's a fact, Jack. You don't like it. It's fine. Nobody knows me, no problem. I don't mind being an insignificant nobody. I don't mind. But the impact that's being made is huge on an awareness to a company that should have ties to those opportunities out there. And we know that those opportunities are out there. We know that there's other supermarkets. Wegmans is not the only one. Kroger is one of the largest supply chains, one of the largest supermarkets in the United States with Fred Meyer on the West Coast and Kroger in the Midwest, South and East Coast. We know Albert Sins is number one. Where are some of the connections being made with some of these folks? So when we start to see the sales team being emboldened we start to see some of the trickle of the sales come through as indicated on the Q4 report. Those are great. But from a bear perspective, you're building out this team. What is being garnered from building out this team? Are you building the framework for future potential or is there potential to garner some of those connections and realize some of the fruits of some of those appointments now? Maybe premature, but the bears are gonna continue to footstomp this argument. And unfortunately for the bear camp, for the bull camp the bears have been right on this particular front, okay? The bears are going to suggest, as suggested by Mark Fisher, excuse me, Stephen Fisher and Mark Delaney are two all-star analysts who seemingly have made their life's work covering Hylian and doing their due diligence to suggest perhaps maybe that the product itself will not generate the interest that Hylian is saying that they will. It is a he said, she said, okay? Now, the analysts from a position of convenience, both of the firms that they represent have huge, huge positions in this company. Huge positions in this company. I don't work for the man. I was challenged on my live stream on Friday. I work for me. I have no ties. I'm not provided any type of compensation. I don't get to fly the flag of a large institution like Goldman Sachs or UBS. I don't get to do that. There's no problem. I can come out with my due diligence and communicate that due diligence on a company that is very, very difficult to price with regard to its fair value, okay? You can run it through traditional metrics and you can put a fair value of $3.54 on the company, if that's what you choose to do. It speaks nothing of the prospects of the company going forward, nothing, okay? But the analysts and the marketplace in general would suggest that Hylian will not meet the market demand as they've projected. Now, we're talking about a $1 trillion addressable market, okay? Two years ago, it was about $800 billion suggested projections in penetrating that market was around 2% on the projections of look if the Hylian solution can be integrated to a one or a 2% interest clip that they will do just fine. They will get to profitability and they'll be able to scale up the business with no problem, okay? But because trucks are always being rotated in and out of the fleet, the very bare argument is that and this is just where the bull and the bear argument really do come into contrast with each other. Is the company gonna make it or not? Right? Are they gonna sell product or not? Really? So if you're bearish on the company, you would suggest perhaps maybe they're gonna continue to turn out low volume or anemic numbers in the tens, 20s and hundreds and that's not gonna do it, okay? For this company to generate hundreds of millions even a billion, billion and a half of revenue which will put them up to about a market cap on the low end of about 10 billion, I would say 15 billion if they do reach that mark, they get over a billion in revenue, man, we're at a 15 billion on our market cap. It's just that simple. We got a $100 stock. It's that simple. It's not difficult. It's very, very simple. That what becomes more difficult in looking at the bear argument is the disconnect between 100 hybrid EX sales in 2022 and $3 million of revenue and $1 billion of revenue, bottom line profits of 300 or 400 million which is gonna more than cover the cost of operations and allow some surplus capital to be put back into work into the business and start to gain some of that idle cash on the sides, cash on the books, right? It's gonna take that bill, bill and a half to make that happen, okay? The bear camp. And I think a lot of Mark Delaney and Stephen Fisher's approach to Hylian is they're gonna take a bear perspective on it because they're governed in what that they can speculate on. See, I can speculate all I want. I was challenged on my $24 price target and people don't really understand that I think this company should be valued right now at 12, I think it's completely oversold. I think it's completely misunderstood in the market. I think I can think as much as I want. The reality is the stock is below $4, right? So I can argue all I want. I can yell on screen all I want. The price is what it is. And this is something that you guys have got to grasp. The stock market is gonna price a particular offering where it sees in the short-term where it sees that value. It's gonna take these analysts and it's gonna take their recommendations at face value. That when you're talking about garnering the ample market interest going forward, the bear camp would say, they're not gonna do that. And it suggests that the anemic price targets that they have on the stock right now would suggest that they're not gonna meet those numbers in the future. Therefore validating those low price targets, $6, it's a token amount, it doesn't matter. It just does not matter. You can call it what you want, okay? This is just what is required for speculative investing. Now it became a little less speculative when they turned out that revenue, okay? I don't mean to discredit the 200,000 that was turned out last year. As anemic as it was, it signified something a little bit different for highly on holdings going forward in that they can generate revenue, okay? And they can generate it on a lot of different fronts. If you paid attention, you would have picked up on that. We'll talk about it in the poll video, all right? But the talking heads right now it's just in the short term that there's too much of a bridge to gap to that bill, bill and a half of revenue going forward. And we're just not gonna meet that one to 2% market penetration going forward. There's no real use case right now in suggesting that the bears are wrong on this. It is just the very critical question that the bulls and the bears have to ask right now. Bulls will believe that they are gonna make the mark. Bears would suggest that they're not gonna make the mark. And it's just that simple. Unfortunately, both of those are somewhat opinionated and somewhat presumptuous into the future. But from a bear perspective, market interest is one of those things that is talked about all the time. From the bear perspective, this is an interesting one. And it's one that I have generated from my own perspective to come up with a bear thesis on the specs and durability of the highly on product. The specifications are of interest to me. 30% fuel savings on the original hybrid EX was put out there. Numbers to challenge that all the way down in the Benita investigation on Hylian would suggest that it only saves them 6%. Some positive turnbacks in industry from the hybrid product, the first product to suggest that it does add more horsepower to the CNG offering. And it does provide some bottom line fuel savings on the bottom line, depending on the rigor that it's put into service. So it could be along the lower lines if you're talking about hilly terrain. It could be a little bit higher on that spectrum if you're talking about a little bit more of a flat terrain but the cost savings fluctuates. And the bears would say, what is the bottom line benefit? Is it really worth bolting this equipment to an existing truck or even believing so much in the technology and the spec specifications that are declared so much to put the hybrid EX product on this new chassis coming off the line and really taking this commitment on the hybrid side of the house knowing that I'm gonna get some sort of return on my investment. Does this investment have an opportunity to pay itself off into the future? Dettmar is a great example of one of those companies that has said absolutely yes. Here's the thing, the numbers as far as I can speculate on have been somewhat thrown out there and not have been validated, at least from my perspective. And the one number that's scrutinized all the time is on the hyper truck ERX side, okay? There's 2,700 miles on the current prototype hyper truck ERX that is at Hylian headquarters right now. Why? Why has it not been put under the rigor across the road? Maybe it's premature and the bulls would say, ah, Ryan, come on, you just, you're making shit up, man. It's not, we're not at that time right now. You can't do that. Why not? My question is scary and I'll throw it out there for you guys to think about. I think, man, this is uncomfortable, man. I'm invested in this company. This sucks, Ryan, you suck. Boost the company, hit the stock price up. I don't believe in any of that. This is aimed at providing awareness on a company that I think needs to validate that 1,000 hyper truck ERX miles, I do. I'd like to understand whether or not this hyper truck ERX can actually do 1,000 miles on one specific tank of RNG, CNG, whatever the fuel to the generator to power the batteries. I wanna know the degradation over time. In other words, is year one gonna be the same as year seven? It's the very durability question that I would ask Thomas Healy to comment on. He's an engineer for crying out loud. He can answer this question and I think he would have a field day. I think he would love to answer that question but nobody talks about it and it's irritating as hell for me but from a bare perspective, what is to suggest that this hyper truck ERX is only capable of doing 650 miles? Why is that such a unfair criticism of the hyper truck ERX when in the face of almost doing away with the hybrid EX, we'll talk about that shortly. We're looking to rely on this products and the specs that's been disclosed to the public on what this hyper truck ERX is capable of doing. Where is the validation behind that? Where did this number come from? You've been working for the last year and a half just to assemble a prototype, the bears would say, right? What type of guarantee do we have to drive that TCO number, okay? To suggest that this hyper truck can haul morph rate for a thousand miles. These are pretty lofty expectations of a truck that is just blowing out the Bev community on their specifications. For the long haul, 1,000 miles per tank of fuel, C and G, R and G, okay? 1,000 miles and what is the durability? That's really my question from a bear's perspective on how durable this product is. How that DC direct drive to the drive motor to the drive axle going to wear on the mechanics of that drive axle in the future. How is it that they've governed this power down to allow these axles to turn with more power when compared to the diesel application and not provide such a wear and tear on the products over time that these components are having to be changed out, okay? So the durability of those products from a systems perspective and from a subsystems perspective, the batteries, how long can they be forecasted the last? The only thing that I've read with my lens is that they'll outlast the truck, okay? They'll outlast the truck really? Has that been proven, okay? And these are all validations that should be turned out when the fleets get their hands on the hyper truck ERX, but until then is a very, very legitimate bear argument for this particular company. Next on the line, this is one that really, really bothers me. It's probably number one on my list, the HyperDX. It bothers me bad, okay? And I would love the bull community and I know Rick and some of the folks that represent in the Discord community would probably come up with a counter argument to this and I would offer that. Please leave your comments at the bottom. We usually churn some hella discussion on this topic, but I think the HyperDX has been a real disappointment. Now, I will speak about the HyperDX during my bull video and I will offer the complete contrary because I understand that there's contrary learnings that have gone millions of miles of validation, et cetera, et cetera. All those learnings have been segwayed into the hyper truck ERX, but can I get it guys? God damn it, just stay with me for a second, all right? But the HyperDX has not garnered the industry interest. This is concerning. If they can turn 3 million of revenue out of the HyperDX in 2022, I will do mother F and back flips. Okay, I will. Thomas Healy has tripled down on his concern with the HyperDX product. He has discussed the lack of industry interest in the product, certain applications that can work, et cetera, et cetera. I'm speaking from a bare perspective. Now it's looking as if the HyperDX product may be on the road to decommissioning. Yeah, very disappointing. Millions of dollars of R&D to go in and improve the product from the first version to the HyperDX product. Millions of dollars in R&D has gone into the improvements of the packaging and the ease of installation of said product. And this was a real misstep on Healy on's part. They misunderstood the industry interests that could be garnered or would be garnered in the product in that they miscalculated that industry is looking to go either full electric or full hydrogen fuel cell. They need to allow the technology to develop. They're not interested so much in providing a hybrid bridge and the hybrid bridge for you guys that don't understand the bridge is meant to supplement the horsepower on the CNG side of the house and meant to put into a diesel application that is meant to help on the bottom line cost savings for diesel, the diesel's at $4 a gallon. Should this product be a slam dunk? In my opinion, yes. And this is why this is such a point of contention with me because I think if they are able to garner $3 million of sales in 2022, it would suggest that perhaps maybe tie up Thomas Healy is maybe has a little bit of an ace up his sleeve in that there might be more of an interest that could be garnered by the hybrid EX than what he's led on, but that's not what he says. What he says is in sitting down with these companies they would rather wait. They would rather wait for the full electric solution which is provided by the hyper truck ERX solution and move completely away from the diesel application altogether, this is what it allows you to do. Stay CNG, if that's what you wanna do but you can do that with the hyper truck ERX. Now with the Cummins 15L engine, if you wanted to just go CNG without the additional horsepower or the horsepower that's complimentary to a diesel truck, well then it kind of takes away the need in industry for that additional 120 horsepower of oomph which adds a little bit more payload and a little bit more to the payback over time for the hybrid EX CNG application, okay? Been a real disappointment for me, really has. It's a setback as far as I'm concerned. Two schools of thought on this tug push and pull for sure. There's a tug of war on this topic. I totally get it. If you think I've missed something with regard to the hybrid EX application leave it in the comments section. I enjoy reading your guys' commentary. I really do. This is just from my perspective and trying to give a bear twist on what I feel like unfortunately is the days are numbered for the hybrid EX product. I think we all know that. I hope I'm wrong. I really do. I hope I'm wrong. I hope there's enough industry interest garnered to where we can turn out three, four, five, six, $8 million of revenue to the bottom line because here's the thing from a bear perspective, you said that half of those units into the future was gonna be the hybrid EX product. And now you're saying that that product is gonna all that go away. Where are those numbers going to be supplemented into the future? Highly on that. That's a question that I'll ask Thomas Healy because if we're looking to fill those orders with what hydrogen fuel cell, no problem. But when you're looking at doing away with a major piece of the cell on the onset with the hybrid EX product and now looking at that the days being numbered on the hybrid EX product. I don't mean to suggest that but Thomas Healy has suggested it three times on the last three calls. I have no reason to believe that he doesn't have concerns and will be monitoring the competitive landscape going forward as technology advances and the need amongst fleets to adopt a hybrid solution when they're looking to go full electric, full Bev, okay? Or hydrogen fuel cell into the future, okay? The spec process in general has been a real black eye for highly on and from the Bayer perspective it absolutely lends into the criticism that highly on came to public markets too soon. There is a Bayer perspective and a full perspective on this. I'm gonna offer a Bayer perspective and I'm gonna be somewhat skating, okay? So I apologize if this hurts your feelings, okay? Highly on could not have went IPO, okay? They did not have the financial book to meet the requirements the audit scrutiny to go public via markets. There wouldn't have been the opportunity for pre-investors to invest in highly on because there wouldn't have been any possibility that they came public through the IPO process. The SPAC momentum provided an end for highly on. There was a lot of opportunities for original shareholders on the onset to make exuberant amounts of money on this company that turned up to be once introduced through this back process to be incredibly, incredibly exciting only to fall on its ear and become almost the laughing stock of the stock market right now and it is at $4.00. This is, it's laughable. And I could laugh from the bull perspective in that I'm accumulating shares right now from the Bayer perspective this thing has fallen on hard times. There's no doubt about it. The SPAC process is allowed for the company to go to public markets on the basis of a lot of public funding. It's gone public basis on a lot of the issuance of warrants that were redeemed right at the onset. I lost a fortune with my warrants. I thought for sure they would wait because they had so much momentum, so much garnered in the industry that they went ahead and just put that war chest to capital to work right away and just went ahead and called those warrants for redemption. And I thought at the time it was a questionable decision. I was personally hurt by the decision because my investments suffered because anybody who bought warrants didn't make money. They, all that public funding went to highly on directly and investors who were looking at the potential of buying shares at 1050 down the line they lost 100% of the warrant holders lost. And when bears look at this and they say, good grief, you've got a company that issued warrants with the idea that they were just gonna redeem that. I believe that there was no intention at all of not redeeming those on the onset and putting that war chest to capital to work for them. Okay, did they come to public markets too early? Are they using public time to validate a product that is unvalidated at this point? It is yet to reach carb certification, EPA and NIPSA certifications. It is an uncertified product at this point. It is not suitable for mass scale and production. It is not meant now, it's not suitable to break down the prototypes and understand how the OEM integration can happen at this particular juncture. What gives? What gives? Is it fair to scrutinize that this company has come public during a time when a SPAC process has been nothing but a black eye. Most of these companies have dissolved away and I don't think they'll ever recover. I think this SPAC process through the initial wave of rollout in 2020 really did provide more visibility from the SEC to scrutinize this process in general. And now I do believe that the processes are more difficult. So did Hylion seek an opportunity through a less scrutinizing process to come to public markets? And the answer is yes, they did. They sure did. And I know bulls are gonna, they're gonna disagree with me on this. I have my own bull perspective on this, but the whole intent of this exercise is to look at things from different perspectives. When you have executives that are flying out of Hylion on their neon green parachutes with an enormous amount of capital that they've sold Hylion shares for market value when they've been provided cheap shares in the company at seven to nine cents. I think there's content there to be scrutinized. I certainly do. And pinning our hopes on the prospects of this company going forward will not be the nature of stepping into public markets in a clean sense. I think they've left a lot of ashes behind them. And I think 2021 spoke to that. I've chalked 2021 up as being the potential for the very worst year in the evolution of this company. And I hope I'm right, I really do. But scrutinizing how this company came to public markets, they will always be deemed as a company that came public during SPAC. And it will be that much more of a lofty accomplishment if they do end up making it because the odds are stacked squarely against them, stacked squarely against them. They are on a timeline. They have a war chest of capital, yes. But they are using that timeline to justify and validate a product that in my opinion should have been a lot more along the lines of validation before coming to public markets. That I honestly feel like is a fair evaluation of this company going forward, all right? The last thing I'll talk about is competition. Meritor has just been acquired by Cummins. I think they paid about three billion, I believe. Is this good for Hylian? Well, they got a five year contract with Meritor. Do we stand the risk of not being continued with that contract? Or is Cummins looking at this as an opportunity to identify with the opportunity with Hylian, let them do the hard work on this niche type of transition to full electric solutions and they'll benefit from those. Only time will tell. But Cummins is big enough to where they can put the press on and bears would say that there is competition out there. And while Hylian is seemingly doing what it is that they are needing to do on validation, but some schools of thought would suggest maybe they're taking their sweet ass time. There's no sense of urgency. Those presumptions are perhaps off base, but I'll tell you what, the optics around this company would suggest that. What are we gonna do? Are we gonna wait till this timeline runs out? Are we gonna wait at this burn rate at 135 to 145 million a year to start putting some sense of urgency around the demand over pushing this product out as hard as they can over the next two years and really trying to integrate and garner that industry interest in the product. Only time will tell, but competition is only suggesting to get fierce. I looked at this and I thought, man Cummins is making a move here. I thought for a short time that they would look at the potential of acquiring Hylian. And I don't think there's any benefit to that at all for Cummins. Why? When you start looking at the major components in the Hylian systems, an AP unit you can pick up anywhere, okay? Hylian has theirs, but I believe that they're picking that up by a third party either. The only thing really that's proprietary to Hylian as far as I'm concerned, yeah, they've got a patents book that's rather large, but their battery management system, does that mean that other companies cannot invent their own battery management system by using different cells, different than Toshiba? That could be a possibility, right? Companies don't have that much protection through patents. Why is it so much to suggest that Hylian owns the world on this technology, okay? This is the bare perspective I'm looking at Hylian as more of a component company rather than a total systems and solutions company. And I think there's two schools of thought on this. Mine lay more in the bull camp. I look at more on the Hylian solutions being a lot more individual to Hylian and a lot more exclusive than the bearers would provide with regard to their credit that they give Hylian. They would suggest that the company is just a company that outsources all of their components and they just bolt it onto a truck and then go run it on the over the road application to garner a thousand miles of VRX performance. And I think that the truth probably lies somewhere in the middle, but it's hard to look at the competition like Cummins acquiring the Meritor E-Axel which is a critical component in this. There's been some certainties put on the books that Cummins will continue to honor that agreement between Hylian and Meritor, but for how long? That's of interest to me. And I think this falls squarely in the bear camp. I cannot suggest somehow that Cummins acquiring Meritor is a net positive for Hylian holdings, especially five years plus going forward. And I will just end on this. The last thing that I will mention and it's my biggest conviction and I'm waiting on the JMAC interview to hear Hylian and CEO Thomas Healy's response to my question on progress being made on OEM integration. If we win the OEMs, none of this talk is gonna matter. It's all gonna be futile because the OEMs will help in ramping up and providing on a mass scale the Hylian solution to the fleets. And that's a fact, Jack, okay. Now from the bear camp, they're not there. What progress is being made on this front? What OEMs aside from Peterbilt are being approached? What type of OEMs out there are providing any type of interest in the product if any on integrating it and providing this opportunity to establish a mod center and an OEM hub to the benefit of Hylian. How does that benefit the OEM itself? Is there a give back? Is there some costs sharing? Is there some profit sharing type of incentives to the OEM? We don't know this. And until we start to understand some of these progresses that are being made with the OEM and mod centers going forward, this will continue to rust solely in the bear camp and that is a fair acknowledgement from a 100% bull on this Hylian opportunity. Guys, I appreciate you tuning in to this bear perspective on Hylian holdings. It's important guys. I don't do this. I could come on and have fun and just boost up the company and make wild speculations and presumptions about the company on the bull camp. I choose not to do that. And I think it takes an intelligent investor to challenge yourself to maybe ask those questions. What are we missing? Well, until you ask those questions of what you're missing, you will fail to identify those potential pockets of observations on a company that are absolutely justified in evaluating this company and any company out there. Guys, leave the comments at the bottom of the video as you always do. Hit the like and subscribe button if you enjoy the content coming through. This is removed from my fundamental investing and wealth building perspective. This is specific on a company, falls squarely in the active investment camp. I love doing it. I'll continue to do it until what I consider to be this timeline from now early 2022 into latter 2023, the developments are going to be real and they are going to be exciting and they are going to be dynamic. That, no matter what camp you're in from the bull or the bear perspective is a fact. And as we evolve with this company over the next two years, the countdown starts now from low or volume production into a mass scale production getting these units certified through the certifying entities. I think this is going to be a huge step and I'm going to be around every step of the way. These milestones met. I will continue to be a share owner in the company. So you do understand my perspective. I'm putting out this content for the good of the community. Guys, I really appreciate you joining me in this bear perspective. I'm highly on holdings. Guys, thank you so much for tuning in and good luck in your investment future.