 Throughout the year in 2021, I spent a good amount of time covering highly on holdings. It was a pleasure to do so. It was really one of those companies that when it came forward with the idea and the concept of revolutionizing the Class 8 vehicle space and looking to add more options really out there other than what is the underutilized option for C&G and the dominant option for diesels, for fleets. And I think we're at an impasse here in history where companies, big companies are starting to buy into the idea whether or not they go with a Tesla product or a Nikola product or, you know, Hyzon's doing some really good things abroad and highly on is really with that pack. All of the companies are very different in their application. And in my covering of Hyzon, it really, my bullish thesis is surrounded around its capital lean business structure in that they're not trying to reinvent the world here. I've seen a number of different photos with the Hyzon system, whether it be the EX solution or the hyper truck ERX, which is going to run from Peter built the OEM, but a lot of different EXs on a lot of different chassis, Freightliner, Volvo, Penta, across. They are really just able to be installed using all the OEMs, but I thought it'd be prudent to come up with my opinions and assessment of 2021. There has been no shortage of scrutiny on this specific company, where they're at pre revenue. Therefore, you can't touch it. I beg differ. I do. This is a game that you need to acknowledge. If you if you want to value invest, go ahead and do that. This is not. This is not value investing. And there are certain schools of thought that would put highly on in a category of industrial technology. I agree with that. I think as of late here, we've had a few insights highly on facility and talk about how state of the art the facility is. I've heard this few times over and it's impressive. It speaks to the use case of the highly on system, especially the battery management system, which was one of the announcements of many in 2021 that were extremely bullish to charge time of eight minutes, you know, stock pop close to $20 on that news only to digress over time here and to be overshadowed by being out of favor really for the majority of 2021. It was a dismal gear stock sentiment. They don't think can go any lower. When anybody says that in the market, usually you're proven wrong. But I actually think we're probably putting in a very, very long base here with six as the floor. If I'm wrong, I'm wrong. Wonderful. There's nothing really that's going to solve the stock sentiment. Then highly on stepping forward and doing some of the things that they said that they would do on the onset to revolutionize and be a leader in in class eight electrification. To do that, they need to make sales. So it is really all talk until then. And I know they're doing everything that they can possibly do to march toward that end. But I think they and all shareholders and everybody that are involved with and following this story understand how important it is to drive that sentiment somewhere other than where it's been in 2021. And that's the sentiment is extremely negative, extremely bearish on the space. We've had fits and starts there with infrastructure coming through. The push for EV just can't come quick enough. And then the supply chain shortage as well. Not only that, but the entire SPAC space and the EV space, whether it be, got hammered for reasons that were justified and potentially being targets for shorts to put on some heavy short positions and really drive these companies down, really just didn't make it easy at all in 2021. It was a dismal year. Stock sentiment was pretty poor. So the first thing in 2021 review was just that. I think Kylian, from my perspective, gets a no score. I mean, if you want me to score it a zero out of 10, I can. But as far as stock performance, I can provide no credit whatsoever for the dismal performance this year. It's just been absolutely atrocious. And I don't know if the company came to public markets too early. I don't know. I don't know if they could have avoided this train wreck. I don't know if they forecasted this train wreck. I don't know if they offloaded shares because they knew the company was going down. It seems like most of the executives that have offloaded some shares have done so around the $10 mark or below anyway. Of note, Thomas Healy, the CEO, liquidated a lot of shares in 2021 on a pre-assigned or pre-scheduled type of a process. And I was okay with that. It didn't bother me as much as it bothered a lot of people out there. I thought being that it was pre-planned actually kind of reduced some of the scrutiny that he may have received had he unloaded shares or was able to unload some shares at the higher price. You notice how a lot of the share liquidations sales took place with the stock pretty recessed. So stock sentiment really, really poor. And I'll talk about going into 2022 what we need to do to kind of improve upon that. The second is the order book continues to grow and it has grown in 2021. I thought this was a positive, not only from public companies but non-public companies like Debtmark who's really kind of an amazing advocate for Healy on. And I'll tell you what the value proposition of acknowledging how important it is in what they're doing in the frack sands business down there and running the EX solution got their order in for 300 additional hyper truck ERXs. It's going to be a lot of fun to see some of these orders and how highly on deals with this backlog now, which is what it is. It's a backlog of an order book. I've said many, many times, I think over the next 2022, look if they can't make sales until the supply chain really shakes out and gets a better indication that they can really start to expand and deliver this product that needs time for validation anyway could really be a blessing in disguise. I know there's a lot of stock owners out there that don't want me to say that but is Healy on prepared for a 10,000 order from Amazon? The answer is no, it's going to go backlogged anyway. So I think it's in Healy on's best interest to get this product as fine tuned and as perfect as it possibly can be for the time to ramp up. In the meantime, what they can do is that they can backlog these orders and I'd like to see multiple thousand HyperTruck ERX 500s, the 250s. I liked the Monet order of 40. It just, for each of these fleets that are putting these placeholders in the line for the HyperTruck ERX, it's one strategic look at each of these companies and Healy on will, of course, sit down with each of these companies and understand what out of those committed orders or pledged orders do they want to put final and go ahead and start in their fleet rotation. In other words, are they going to take delivery or agree upon delivery of five, 10 trucks on the onset with multiple orders being backlogged into future years so that all of the fleets can have a nice shot at that initial integration into the rotation of their their fleets as they're looking to rotate out the older trucks and replace some of those and start the data collection on the electrified powertrain Healy on brings to the table and start those cross comparisons themselves because there will be. There will be internal scrutiny. Each and every one of these units that are sold to each of these fleets are going to be a data driven type of initiative on each of these companies. I don't care how big or how small each and every one of them are going to track the amount saved potentially on the fuel side, the amount saved on the payload side, the ease of drivership, a lot of different topics when you're looking to evaluate this product when it gets integrated. Are they all going to be good? I hope so. But there's going to be a multi-point type of evaluation once these hyper truck ERX's are introduced to the fleets and it's going to be a lot of fun to see those validated. Can they carry more payload? Can they make that thousand miles plus of range? Is it a better truck to drive? Are there benefits to not having so many mechanics? In other words, a transmission to maintenance, oil changes to make diesel fuel costs, etc., and down the line as those costs are being evaluated to the bottom line. Once they're integrated into the fleet, then they can really make that educated call for follow-on orders into the future and look to really build up and say, you know what? We could see our entire fleet going full electrification. Evidently, Matt Depmar has already seen enough to say, look, I want my entire fleet electrified. That is the goal that we're looking to get to, to say, look, a fleet like an Amazon could say, look, we want a goal by 2027 to say, we want 50% of our fleet electrified. Well, Hylian can step in and make that a reality. But until they get that product verified, 2022 is going to be a touch and go year for sure. I'd love to see a couple bits of appreciation just to get the stock price to a respectable level, because right now it's just not. It's not even respectable. I mean, they're being laughed off in so far as the technology isn't going to sell. It's not going to be integrated. Somehow, all these other companies are just going to dominate the world, and this company is going to go by the wayside. I think that's contrary to everything that I've done on my deep dive and understanding what Hylian brings to the table. And I think it's really an oversight if that's the perspective to not put any type of value in the prospects of the company going forward. 2021 saw the team expanding highly on a lot of high profile board of directors additions. A lot of people think that this is no big deal. I beg to differ, okay, until we have a product that is tried and true, verified, ready to go, ready to to break down and put into assembly line style and make sure that the product is really perfect, those connections cannot be leveraged. And once they are leveraged, that's going to be the key right there when those directors who know people and they're brought on these boards of director for their connections and their guidance and their experience in their respected industries. You read the dossier on these boards of directors, and it's fantastic. Gostanski, Elaine Chao, and many others, really impressive. They've done a great job in 2021 in building out not only their executive team, but their board of governance as well. It's been really fun to watch. And these will pay dividends down the line. These are small strategic pieces that in a day the stock pops a little bit when Elaine Chao was added to the board. The stock popped only to digress back lower than levels that had previously seen. I mean, the stock's at all time low right now. So any type of good news that has come out in 2021 has been discounted in the eyes of the market. And if that's fair in the short term, no problem. The question you need to ask yourself is whether or not that's fair over the long term and whether or not these folks have the ability to step in and offer their strategic vision at those right times in the company's evolution, which it's very, very new. But those people are going to pay off in the long run as they are leaned against when making critical decisions about the strategic direction of the company. I think it's going to be fun to watch. 2021 was the year that the hybrid EX was finalized. Million miles of road validation. Many different pockets of validation. The Northwest validation comes to my mind. Depmar and what they're doing strategically actually provides me a ton of different validation and that they are running the trucks and they love them. It does provide everything that they needed. The improved EX version so they were able to leverage that time that they put into the product to make sure that it was a better product than initially what they came to market with. The idea was wonderful but they needed to clean up some of the install things, the ease of install. They've done that. So that product is finalized and I would love to see on the Q4 report here a little bit more in-depth on the EX and not an admission to just rolling over and allowing Cummins to dominate them. There's no reason to do that. You have to show strength in the product that you've devoted this much time and effort and research and development to bring to market. I don't see how the hybrid EX product to be honest with you is a direct competition to the Cummins CNG engine. I just don't see it. Now if you want to make the argument that the additional 120 horsepower that the hybrid EX on the CNG side was aimed at supplementing, certainly I would hear that out but the difference is that you have to buy an entire unit from Cummins as opposed to take an existing vehicle whether it be an existing or a new and just add that extender or in this case the horsepower improvement to it through the CNG hybrid EX and it works wonderful. I don't even fail to see how the competition is really there and especially when the CNG engine is only aimed at 10 percent of the total overall market. If 90 percent of the total overall fleet is running diesel anyway, wouldn't it be beneficial to actually look at that hybrid EX product as a game changer for those existing fleets and even new fleets that have seen how awesome those EX hybrids are in going full natural gas and being able to either go full natural gas or to supplement with the cost savings on the diesel side by adding that hybrid EX to that product and I just have a hard time understanding why we keep doubling down on this. I've heard Thomas Healy talk about it twice now and I wish he would focus a little bit more on how that product does have its place in the market whether or not it's accepted in the market is yet to be seen but I'd really like to see a surprise to the upside on the hybrid EX which was finalized in 2021. Something that was again discounted by the markets the zero emissions credits and the 75 miles above these were released at the same time when they talked about the different versions of the hybrid truck ERX and putting them into strategic applications specifically California and the New York markets that are having to accommodate for the inner city driving use and the strict emissions guidelines in that they're wanting these trucks to be able to go full electric and that 75 miles of range will allow them to qualify for the zero emissions credits I thought this was huge again to be discounted by the markets I said this a lot in 2021 it just a really really double down on the disconnect between the company and the announcements that they were making I thought they were firing on a lot of cylinders I thought they tailed off at the end of the year for whatever reason I thought they entered into kind of a dry spell a little bit doing a little bit more outreach through the road show that's totally understandable but I think in 2021 I think that was a positive as well to get to that point where they had the hyper truck ERX ready to showcase and they have been through their demo units it's really nice they had four more demo units that look like delivered toward the tail end of the year few late deliveries for endpoint to depth mar logistics for the hybrid EX so both of the products are slowly gaining traction here I think in 2021 there would have been no way for them to finalize and get to a point to really be excited about because all of this groundwork and all of this preliminary verification of the products is absolutely necessary before the company takes that next step into the mass scale up and integration into the fleets out there but I thought the last thing for 2021 in summary was the outreach there was a few councils that were sat by Tomasili and Sherry Baker the CFO highly on they were all very good trying to get the word out to the company to say hey look we're a player in this space as well I thought they did a great job of doing that their public outreach as far as that goes the forums the expo's the ACT expo some of the investor conferences I thought those were fantastic I thought they did everything they needed to do to say hey here we are you know I just think they're in a bit of a quandary right now little bit of a flux period right now and that's why chalk up 2022 as being kind of a critical year and acknowledging that you know they're going to need to bridge the gap to those first initial sales at least that hint that there is going to be some real demand some real demand where that real demand puts the stock price is going to be anybody's guess the stock market is going to throw fits on this company if if they start to place hundreds of orders back to back to back multiple companies companies that could not be foreseen on the onset or into the start of 2022 those are going to be some of the catalysts that are really going to take hold some of the additional catalysts could be larger whale investors not institutions representing indexes stepping into the company and making huge share purchases in these companies just like as of late hyzon has enjoyed those are going to be some of the catalysts as well that that could accelerate the stock but in 2022 looking forward here the first thing I'm looking forward to is the February Q4 earnings report I'm overdue quite frankly and I speak on behalf of most of the investors out there I don't know if the institutions would really care to hear my opinion or not but I know that there's a pretty good sample size of retail investors that do enjoy my commentary on this topic and we are chomping at the bit here to see some proof because putting a donut in the revenue category for this many quarters even though it was forecasted it was to be expected certainly I think the last Q3 I think there was some maybe some false impressions that Q3 latter half of the year would actually mean that the revenue was recognized on the Q3 report and it just wasn't it was some accounts receivable obviously that showed up there on the balance sheet that maybe hinted to some of the either some old or new hybrid orders whether it be the new EX system you know 380,000 I think is what hit the books on the Q3 I would love to see improvement on that category and then actually realize some of that revenue I do come back to Sherry Baker's point about earnings all the way into 2022 being immaterial so my expectations are very low very low and if there's any catalyst at all on the Q4 I'm ripe to surprise because I'm not expecting anything I don't expect the Q4 is going to somehow speak positively about what has been a very very dismal year for the company it's been atrocious it's been horrendous like I said I gave him a zero on the stock score as far as the company goes fantastic strides on all on all facets improving on multiple categories you cannot expect that this company is going to go from 1 billion to 10 billion overnight it's just not going to happen I think what you need to look at is the deeper potential for the company to really start to cash in on some of these catalysts that they have product team addressable market right hyper truck innovation council right they're doing it right on all fronts and these are big fronts each and every one of these categories they're huge and every now and then they'll put in a small little taster of progress in each one of these categories it's just that through 2022 and going into 23 and 24 these pieces are going to have to really start to get come together and gel into a lot more of an efficient machine here with highly on and the stock will follow there won't be any type of anything left really to hang their hat on with highly on to say look if they're going to continue to make no sales then the stock is worth well zero let's just drive it into the ground and hopefully they shut their doors and fire everybody and they sell off the hyper truck ERX's that they have to tesla and everybody goes home and that was a great three years of effort I don't see that happening I don't see that happening at all and the q4 I'm going to be monitoring for whatever revenue they're able to to provide whether or not it's 150,000 bucks I mean you know I can't imagine that that half of those accounts receivable aren't going to come in way of payment you know I'd be hot on the phone to try to get those accounts receivable at least 50 paid up so I could at least report some bottom line earnings on the q4 report we'll see how it happens like I said my hopes are super low as a matter of fact my soup my hopes on the stock right now are just about as beat down as they can possibly be so when that typically happens the only direction that you can head is is up and that's what I'm hoping for is to see some of these catalyst or a collection of catalyst through 22 22 give us enough to bridge us into that that scale up which is the direction that we all know that we're marching in and will inevitably be there at some point in the future and we're close we are if we're a matter of 12 months with supply chain issues no problem it is what it is there's there's nothing you can do to speed up the process and you just have to wait until that finalization and verification of the product is is complete and highly unfills 100 confident before they start to ramp up and introduce these into the fleets that the the problems that can be foresaw could have been potentially prevented and mitigated during the validation stage that they're in right now the number two thing I'm going to be watching into 2022 is going to be the subscription based monitoring something that does not get talked about at all subscription based businesses are fantastic and highly on has one they sure do and they don't talk about it a lot either in that a lot of fleets have been have been really quick to acknowledge how knowledgeable the highly on staff is with regard to their trucks in some cases that they know more about the trucks than the companies that own the trucks and I think that speaks to another sub market here in that what if through preventative monitoring highly on could forecast potentially when the new batteries needed to go in when certain components on the solutions needed to be changed out wouldn't that take a lot of the logistics piece off of these companies that are shipping goods and and to be taken on by highly on through a subscription based mono monitoring system if in fact they're running the highly on solution anyway the software engineers are the perfect ones to be familiar with the onboard systems the data that's being stored in the cloud how to extrapolate that data how how really to provide that as a presentation back to the companies themselves as to hey we recommend that this particular product is in the yellow it's just a warning you know it'll it'll enter into the red and then you'll have kind of a critical stage where it needs to be changed out otherwise you could have problems that you know we're trying to prevent and and avoid that downtime I really think the subscription based model is going to be huge and I remember the CEO of Dana logistics many years ago actually a couple even before the SPAC it became public as a SPAC talked about the real value in highly on actually being this element of the business itself and be just awesome to be able to provide that as a service to these fleets and and really integrate that if there's some level of pedigree that I've taken from highly on it seems that they're really looking to establish themselves with their customers and not just sell them a product and then forget them well the onboard monitoring system allows them to do that it allows them to partner with for a lack of better terms and really establish that monitoring and logistics capability on behalf of their customers of course getting paid for it and I think highly on will benefit to the bottom line for initiating this robust monitoring process and really kind of integrating with their customers in the manner that I think they want to anyway so I'm going to I'm going to closely be monitoring throughout 2022 when this is going to happen how this is going to happen I don't know but I have a feeling that this is going to play a critical part in partially writing the success of the highly on story going forward okay it's the technology piece of this company that it doesn't get a lot of credit for a lot of the time I even sometimes make the error in thinking about this as strictly an industrial company and I think that's an error in doing so I really think that there's more to the story than this and it'd be fun to see how they roll that out number three going into 2022 this is the big one I mean the hyper truck ERX verification process I can't really justify why it is that certain phases of the verification process couldn't have happened sooner I know that there's shareholders out there I'm one of them that are the fried for patients they're done the patients are gone they're gone and highly on as a company is easy to invest in the problem is to be able to invest in highly on company you got to invest in highly on stock which is absolutely a train wreck it's horrible if there's really if highly on is going to do half of the things that we talk about in their potential in meeting some of their goals whether it be 50% of their goals whether it be 25% whether or not they blow the goals out of the water in any of those situations the stock price should not be trading at $6.50 there's just no way in hell there are companies on the pink sheets that get the favor all the time there are companies in the major markets New York Stock Exchange the NASDAQ and alike they get all the favor with regard to where they could potentially go into the future and having to pay a healthy premium to pay into some of those companies I mean Nvidia trades at 100 times earnings many of the companies are trading in triple digit PEs right now with the promise that those businesses are just going to continue to rip out those earnings and drive those catastrophic multiples for the company right now highly on is trading at just about one and a half times cash and that to me is extremely discounted if you just want to give them credit for the cash which this is the stock market guys companies don't get valued in that manner okay nobody gets just valued by the cash they have on the on the hands we'd be talking about a $3 and 50 cent stock what what is the difference really between 6 and 350 honestly I mean this thing has come from 58 all the way down sub 10 350 I guess that would make the talking heads happy if it would just valued at cash and the rest of the business everything that I've just discussed with regard to 2021 announcements that were discounted in the face of the market will not be given any type of credit at all in other words the BMS system is no good the board of directors is not existent the executive management there is no value the expertise the expertise of the team is not existent the ex hybrid doesn't work the hyper truck ERX doesn't work the Bev and Zev credits they they don't none of those are none existent you see what I mean I'm cash is cash it's the only thing tangible within a business but there's going to be a catalyst where all of this pedigree that's put into the highly on project as as it goes toward this commercialization there's going to be a realization that hey maybe some of this stuff does work and maybe there is a pent up demand on behalf of industry to actually start to drive a quantifiable metric when we're talking about highly on holdings even into as early as 2022 okay but the hyper truck validation process needs to continue in whatever capacity I know it's difficult by their admission I guess it's impossible orders for the hyper truck ERX demo models have been delivered if those were the demo models that were delivered well then that forex is their ability to kind of show and tell to the fleet and really show them what it's all about my my charge to highly on is stop accommodating to sell side analysts I don't understand that you don't need to bring them down to Austin to show them those those folks you advertise them on your website as well if this is me off I don't understand it one bit you don't need to show what analysts are covering your company I think you're doing that so one day you can say see I told you so these these folks were sell side now and now they're strong by conviction by for the foreseeable future but you don't need to try to sell them right now their conviction is not going to change they have basically put the charge to you to say look we have a sell rating on the stock and unless highly on can sell product that they're not going to get any higher of evaluation than what they are at right now and that is a one billion dollar company that's it so you don't need to try to sell them I heard there was a small snippet that there was a sell side analyst that got the royal treatment down there and got to ride in the hyper truck ERX yeah I I'm not cool with that at all you know the real champions of highly on it a bag holders in the retail community that did not get sweetheart deals at the at the onset of this this thing coming to a SPAC and coming to public markets as a matter of fact anybody who's invested in this company 100% across the board has not made money and that that that is an embarrassing statistic and I think a lot of it is because of a lot of the negative sentiment that has been derived in the open marketplace for your inability to deliver product in a way that the market expected it to be delivered and if you can't do that no problem you just don't have you we don't have to cater to sell side analysts and bring them down verify the hyper truck ERX get it ready for sale get it through all of the internal verification that you need and the rest will fall into place number four going into 2022 something that I'm going to monitor is to continue to ramp up that backlog I've put a nice round number of 10,000 why not have a backlog of 10,000 going into 2023 when you're anticipating being able to roll out the initial hyper truck ERX is to the fleets and put them into into service wouldn't that be lovely whether or not they've taken their foot off the throttle whether or not the sales department is is is chomping at the bit is is only only speculation on my part but that there is only one answer as far as I'm concerned is putting the aggressive press on making sure that they're doing everything they can do to not only fortify the backlog of uncommitted orders but to follow through with those uncommitted orders and make sure that none of those companies want to go ahead and jump in line with an LOI for 10 hyper truck ERX is and and and I know there's companies out there that would probably be willing to do that even in an unverified state Thomas Healy speaks all the time about industry having to have it validated yeah I don't know I don't know they were good enough to pony up a thousand uh hyper truck ERX orders from Agility, ANG I think they're ready to go I think if they're willing to put 250 of an unreserved out there to the public markets and let people know that they were willing to walk side by side in this solution with Hylian I don't think it's too much as an innovation council to to go ahead and solidify 10 or 15 uh hyper truck ERX isn't really start the ball rolling on that second phase okay you've got 250 of of reservations but how many are we looking to take delivery of in year one is it five is it 10 is it 12 you know there's got to be a number on it so to get those LOIs in place to make sure that hey that relationship with ANG is continuing to be fortified here's what we're going to do here's the anticipated long-term plan here's the total overall fleet with ANG here's why we're doing 12 we expect to ramp it up to 15 the next year we expect to ramp it up to 20 and 50 and so on so we can fill out that order reservation book and that order of reservation book doesn't have to be set it can be 250 now in the onset only to be expanded upon as those orders are delivered and checked off then they can expand and making sure that they're electrifying the fleet in a strategic manner in a manner that the fleets want to introduce that electrification to their specific fleets so to continue the backlog is big in 2022 number five in 2022 I'd like to see it can improve stock performance I've got a price target at $24 I don't think that that's too far-fetched I don't I would be the only one certainly a laughing stock no doubt about it that's fine too laugh it up it's no big deal man that's what makes me independent see I don't have to answer to somebody that's paying me to somehow put a token $5 price target on there on a company that receives an awful lot of scrutiny for a company that by that token is said to be probably going out of business and not existing not to mention that if Hylian actually succeeds it's going to be better for the planet so I'm not really sure I understand the motives of some of these folks other than the fact that my presumptions that I've continued to call out in 2021 and I'll continue to do that into 2022 I'm the only analyst out there see that's the thing is I don't put a whole lot of value in the word analyst I don't put a whole lot of value in the word fiduciary I don't put a whole lot of value in financial planner specialist I don't put a lot of value in any of that crap because a lot of it pays credence to people who have motives not in the best interest of the people that they serve in other words who does that benefit when the stock is trading at $7 and somebody comes out and says I'm coming out with a brand new bearish price target on the company and I'm putting it at $5 now I've said this many times had you done that and the stock was trading at 20 and you put a $5 price target now you've got my attention but nobody has the ability to do that furthermore nobody does that without any type of objective and the irony in the whole thing in 2021 is the big companies big institutions so we're accumulating shares of highly unholdings it's just that simple they accumulated shares in 2021 even as specific as the the executives at highly on the upper management cherry baker specifically Robert Knight as well accumulating large positions with internal buys so where is the conviction is it to the sell side and and that was some of the scrutiny that I also offered in 2021 but something I'm going to be monitoring here closely and I don't care I don't care if we close 2022 at a stock price of $12 $11 anything above 10 15 17 if it blows my target out of the water which it absolutely could do with the right catalyst $24 is my price target before it reaches there when it gets 12 I'll adjust mine I'll adjust mine up to 42 because this thing is going to 100 eventually going to 100 and so it's really simple and all the analysts they'll follow suit as well when it's convenient for them to do so and they have the greatest percentage of being right and they can conveniently put that out there for the benefit of people when the when the tide has changed and the momentum has changed on the stock but in 2022 the stock performance at highly on has to improve and I earmark this all the time they have to drive shareholder value they're driving shareholder value in the wrong direction it went in the wrong direction for the entirety of 2021 in 2022 they cannot continue to do that and expect to navigate and have any type of investor confidence going into these years of 2023 and 2024 I'm not saying it needs to be roses I'm not saying that what I'm saying is they need to do everything and I'm talking everything in their power to try to really put this out there and let investors understand that yes they in fact believe in the solution in what they're doing at the road map that they've paved going forward as a strategic direction to shareholders to instill that confidence in the shareholder base and a lot of people might be thinking now they're doing everything they need to do Ryan you don't have a right to know you don't have a right to scrutinize bullshit if the company wants to go private they can go private no problem this is a publicly traded company and they are absolutely absolutely at the whim and scrutiny of investors in this company the investors own this company okay there are institutions that own this company and our there are executives all the way at the top Mr. Thomas Healy the CEO of the company we own all own a piece of the company okay the shares dictate the level of opinion of strategic direction that you may have at the company yes but shareholders have a place in the company as well if you don't like that arrangement then go private it's just that simple but as a publicly traded company there has to be demanded answers and those answers have to be provided to satisfy the strategic direction of where this company is going and driving shareholder value something I'm going to be monitoring in 2022 number six you know in 2022 they've mentioned the path to hydrogen fuel cell going fuel agnostic which means I guess you can go go with both I'd like to see a little bit more on this it seemed like 2021 I would give the nod to Nicola as far as eating highly on lunch now all of the EVs got crushed Hyzon and Nicola seem to do a better job of selling their story and it all seemed to surround what was the more acceptable story through hydrogen fuel cell now if the solution is as good as they say it is and all it requires is just supplementing the RNG with the hydrogen fuel cell to fuel the solution and highly on this should be a slam dunk and I don't know why they don't start flying the flag of hydrogen fuel cell right now change change change this leaf and I'm going to point in the right direction change this leaf to blue I don't know what else to say because seemingly and this is just my impression is that the the RNG that is that is put out there as a solution for highly on is one that is not necessarily in the most of favor in my opinion and it seems like everything that is mentioned with hydrogen fuel cell gets the nod it's more expensive than diesel there is no current infrastructure in place to actually put this this thing in play and and that's the misery of it is watching highly on with a more applicable solution right now is actually getting the the disfavor in the market which I think is really really a disconnect but I'm not the one who makes the rules the open stock market does all right number seven EPA certification needs to be met needs to be obtained from the hyper truck ERX that's going to be fun once that gets done and put in place then it can be sold as a product to these these fleets knowing that it meets all the rigors of the environmental protection agency very cool I don't see any of the other EV companies talking about any of this I guess they're not subject to said scrutiny or they've already made it through certification I don't know because they don't say anything about it evidently highly on has mentioned this at least on the last Q3 earnings call and the transcript as well doubled down on the importance of achieving this over the road certification and and I have to agree they're the experts in the field but to gaining all of those approvals whether it be certificate engineering certifications and I think this is maybe where FEV has helped out immensely in the highly on story is the EPA certification be something that I I'm listening for in 2022 I don't expect it until latter 2022 if at all but it will be something that has been previously mentioned and therefore is an open action item and once we receive closure on that it'll just be another checkbox that's on the way to mass scale up which is where we need to go the last and final thing I'll mention into 2022 is OEM integration this is something that I talk about all the time and in let me break it down to you really really simple highly on is not going to be able to produce a thousand or 2000 units sold per year and expect to do anything other than keep the lights on that's it okay for this company to make it they need to partner with OEMs to my knowledge they have partners with one I hope I'm wrong I hope that there are relationships that are pending I hope there's robust discussions with bubble penta with Mac with Freightliner all of them because if they cannot bin those OEMs that represent their respected fleets and customers and have been solidified for decades this story remains a story of providing electrified solutions but not being a leader by any means providing solutions and limping by as a three or four billion dollar company and that is it if they cannot produce orders in the upwards of 10 to 15,000 and that is to get them to a respectable mark respectable doable absolutely once this company gets it nailed down in the US let's just say that the US market is capable of contributing to the bottom line five to 7500 of those initial hyper truck ERX orders right represented across all OEMs and it will absolutely Peter belt cannot do it all they can't it has to be a representative sample of each of the OEMs producing X number of units per year for the respective customers but to get the stock respectable that's the bare minimum that's going to be required and we're not there there's been no talk at all about how the OEM hubs are going to be utilized to integrate are the OEMs willing to actually take them on for what the benefit of offering the solution to their customers I don't know what the incentive is there for the OEMs I don't know because it hasn't been discussed and I think through 2022 I think it's just as good a time as any to really start to put the crimp down if the idea is to deliver to customers first and then allow those customers to put the pressure on the OEMs I like that strategy I do because then there's not going to be any selling that's necessary it's going to be like hey we prefer Mac or we prefer you know Peter built to be easy it's already there but freight liner we prefer freight liner and we want 10 of these highly on hyper truck ERX solutions to be honored how can you make that happen for us well we can't okay then we'll switch OEMs and go to Peter built that can because it's that good of a solution okay hold on time out wait a second we'll go ahead and oblige request that's going to be the domino effect that's really going to help with the the OEM manufacturers and the mass integration that I think that needs to happen when I say mass integration when it gets to 5000 to 7500 units per year which is half half of what the projections were on the original investor presentation for 2023 and then for 2024 I think they need to do at least 15 000 perhaps maybe 25 to 30 000 units and that's where the global scale which is where the 800 billion to 1 trillion dollar addressable market comes from in the first place if they can't turn out 15 000 to 20 to 30 000 units this stock is not going to be a 10 to 15 billion dollar company it's going to remain a 1 to 3 billion dollar company piecing together hybrid ERXs at 5 to 10 a clip and maybe potentially doing 40 50 100 500 ERX orders per year that's it unless they can mass scale up we are not talking about a company that's going to revolutionize class 8 trucking we are not talking about a company that's going to be a leading powertrain solution in the class 8 space we are not talking about that we are talking about a larger than an arts and crafts project that has went to public markets on a lot of SPAC dollars raised through the issuance of warrants and stock sales to come to public markets to provide a solution that works on a very very small scale so unless we can take this solution and mass scale up the dream and vision of seeing highly on solution on the road which can happen with proper execution it absolutely can happen but the clear catalyst for me is any type of progress that's being made and it just has to happen the pillars have to fall we have to see some news releases and some some progress being made and those things can be happening right now there's no there's no need to wait until the hyper truck ERX is perfect and ready to roll out in 2023 all of those relationships can be solidified right now and I think that's where the hyper truck ERX demo models play an extremely important role in giving the innovation council enough taste of the potential within their fleets to help bridge the gap toward those mass orders guys I appreciate you tuning in not only to this video but throughout the totality of 2021 do my very best absolutely a lot of self-study on my part to be able to talk off the cuff on highly on holdings easy company to invest in stock downright difficult hoping things improve into 2022 guys if you're new to the channel make sure and subscribe to the channel definitely leave your comments man if I've missed something on expectations going into 2022 leave those comments in the comment section man love to strike up a dialogue on this video these videos it's a lot of fun to cover this company remember we are ground floor investors on a company that I do believe can revolutionize the class 8 space in electrifying the powertrains for many of these companies in the shift from a diesel era into more of an electrified fuel agnostic and even hydrogen fuel self future or RNG whatever it is that the fleets need as far as their solution goes to transport goods in this country and abroad highly on absolutely has that solution and it'll be fun to actually monitor the progress going forward so if you know anybody that's interested in the topic bring them onto the channel man tune them on appreciate you guys tuning in to the message and as always good luck in your investment future