 Welcome back to the independent investor channel. We just closed out 2021 here in an awesome fashion. I thought going out of 2021 on a high note was important, my expectations were low. I was very, very pleased on a lot of different fronts. And I wanted to release my reaction to these earnings but I tell you what, I'm gonna have to go back and review these a few times. There was so much jammed into this call that it's going to require some due diligence alone just on the call. And I don't mean to say that one way or the other to say, I'm past whether or not you wanna invest in this company or not, I'm looking to provide this from an awareness perspective and what's going on here is insane. It's insane. They've just booked revenue for the first time 200,000. Bears are like, that's stupid. They're gonna run out of money, blah, blah, blah. It's all wrong. I don't know if the opposing forces of work here with Hylian are becoming that much more glaring now but if Sherry Baker is calling for two to 3 million which a lot of people are like, how can they survive at the burn rate, blah, blah, blah. What does that represent for 200,000 total revenue in 2021 and anticipated revenue of two to 3 million? You're talking about a few hundred percent of increase year over year. That is enormous guys. And it wasn't just about the 200,000 of revenue that needed to be judged on its own, right? Is it high, is it low, is it below expected? None of that matters. What matters is that they generated revenue for the first time. Now we have a revenue metric to go upon going forward and Sherry Baker's just outlined what she expects. Let's say on the low end we're talking about 600,000 of revenue per quarter, let's say 400 on the low end, okay? That puts us at 1.2 for the year. Let's say on the high end we're talking about 612, 18, 24, 3 million, let's say we're 600,000 of revenue per quarter going into 2022. Look at the revenue increase year over year. This is enormous. This is not to be ignored. And it only lends itself to what I will articulate in this video when we jump into the actual presentation itself, what I consider to be a countdown from now until the end of 2023, 24 months from now, okay? We're talking about stepping up into mass scale, going from low volume production to ramping up the scale. Now, did we hear what we needed to hear during the Q4 call closing out 2021 enough to give us an indication that there is interest being garnered within the industry? I would say overwhelmingly yes, okay? And I'm not trying to be a cheerleader here. I was stoked on the call. My expectations were low. I'll explain that in the video, but I thought for me the tone and tenor was a lot different. I think listening to this call was a lot different. I think they were both speaking from, I don't know where the confidence came from. I think I have an inkling in that they're in touch with all of the interactions with industry and understanding where the vision may take them into the future. And I think that came through in the delivery. I do. I hardly recognized the confidence of the CEO. Sherri Baker was on point, but she was specifically on point during this call. I thought she was fabulous during the Q&A session. And I thought both of them together, but both from my perspective got an A. On the delivery, I thought the tone and tenor was absolutely spot on. I thought it was perfect. I thought it was wonderful. I thought they delivered exactly what they needed to to summarize what has been a tough year. I think if I'm going to compare 2021 to 2022, I want to say that we've left the worst year behind us. I really do. I look at 2022 as a bridge year. I do. I look at a bridge year and whether or not we remain in this, you know, range of four to $12, I think we end the year 2022 in the $12 range. I think that's fair. I think it could surprise and I think it should. I think it should. There was enough on the call. That's why I need to go back and really scrutinize that call because it was masterfully done. It was a masterful call. There was way too much that was turned out. Every single statement that was made, the Q&A session lasted half of the call. That was unprecedented. So the amount of interest in this, and of course you had Delaney and Fisher come out obviously offer, I think the downgrade came after it. There was a downgrade of some sort. None of that matters anymore. I hold no credibility to these analysts anymore, none. When it comes to these companies like this, this company is garnering way too much attention for a company by these analysts best estimation are just gonna continue to tread water and continue to struggle going forward. And they haven't woke up to the fact that this is a very real opportunity. Coming out of 2022, if they're able to garner the two to three million in revenue, it's gonna be huge, huge. I mean, you're talking got two million on the low end, right? Which is $500,000 per quarter. If they have a revenue increase from 200,000 to 500,000 quarter over quarter, if they just hold true on the low end of the projections from what Sherry Baker said that they're gonna garner in revenue here going through 2022, I don't see how the stock doesn't fly. I just don't. And I think I just came to the revolution or the conclusion based on those projections where a lot of people are like two to three million that's nothing. Oh, that's a far cry from nothing. That's hundreds of percent of increase year over year in projections. Now, if they're looking to do three million on the high side, right? You're talking about 750,000 per quarter. Oh my gosh, guys, that's huge. I mean, that's getting up close to a million dollars per quarter just on the EX product alone. That is the standalone, okay? There will be no revenue that is realized from any other product in the hybrid EX in 2022, none. And I think the two to $3 million mark represents a hell of a lot more than just on the surface. I think it's incredible to look at the quarter over quarter increases, the potential for, let's say they just come out and they double it in the first quarter of 2022, okay? And they boosted up to 400,000. And then the next one is getting up into, let's say 600,000. There's your million for the year right there. Tack on another 500,000 per quarter after that, you've got your 2 million. But if it continues to increase and you've got your four and you've got your six and then they end up doing a 650 or a $750,000 order book, right from the hybrid EXs. And then you turn out maybe a beat on top of that to go into 2023. You're talking about a revenue increase quarter over quarter over quarter sequentially in 2022. The stock cannot be denied. And it seemingly it will get no love in the stock market, that's for sure. But I thought the team build out was a highlight, absolutely. I thought Thomas talking for the first time against building out the reservation order book was huge. He got a fist pump from me few times when he said that. He got a fist pump from me when he talked about shareholder value. This was the first time in all of the interviews that I've ever watched Thomas Healy and mentioned shareholder value. First time he mentioned it one time during the call. And he got a fist pump out of me when he said it because I heard it and I speak pretty good English. And the last thing is the expectations for 2022 going into 2023 mass scale and buildup second half of 2023 and the certification, the NPSA, the CARB and the EPA certifications into 2023. We should have the fleet demos all complete. We should have the controlled fleet type of application where the Hylian solution is put into the fleets to run the routes just like they would under normal rigor. I think that's gonna be amazing. And I think the countdown starts now. So it's awesome to be on this journey with you guys. It's great to evolve. It's great to facilitate the discussion. No better than me to do it. I've been intimately involved with this company since it's been rolled out. It's been a pleasure to really evolve with the goings on at this company. And I think going into 2022, I think we're starting at about as low of a stock price as we could possibly get. And I'm not saying it can't go lower because it's proven that it can. But if you're talking about specifically that revenue growth quarter over quarter, there's no way that you can articulate that this stock goes lower and lower going into what I consider to be a bridge year, kind of a moderating year. Whereas we just came out of what hopefully for me and what I think it will be the worst year in the evolution of this company in 2021. It's nice to put a closure to that. And it's gonna be really nice to see some of the nuggets come to fruition that were alluded to on the call, guys. So we're gonna jump in. We're gonna cover the call together. I'm gonna walk you through. I'm gonna give you my insights. If you guys don't want this longstanding video, I did release a short video with all of the nuggets in line, there were 30 positives that I was able to extrapolate with the help of one of my colleagues in the community. I shared those during the short video. That's 15 minutes. You can kick over there, catch it. If you don't have the time to sit through the hour highly on video, which I need that. I need that to really give you my granular insight on where I think that, what it means on the call. What are some of the things that I picked up on? What it could potentially mean and where it could potentially mean going forward as we look to solidify the roadmap that was doubled down on by both Thomas and Sherry going forward with highly on holdings as we step into Q1 of 2022 guys. So we'll drop you into the presentation. We'll cover it together. So welcome everybody into the earnings call here for fourth quarter, closing out 2021, which in my humble opinion has been a fairly dismal year. There's no doubt about it. It's been dismal on the stock side of the house. I think if nothing else, this earnings call solidified for me, what I've been saying all along with regard to the disconnect between the stock market and what the company is doing, which is fabulous. So the disconnect is very real. It is still apparent that no matter what this company does they're not gonna get a nod until they start to turn out hundreds of millions of dollars if not billions of dollars of revenue and be the one company in the entire stock market that has no debt and is selling their product on a mass scale to the global markets before this gets any type of favor. But I do wanna highlight and go through the PowerPoint with you guys and discuss some of the takeaways, really some of the tie-ins from the call. My expectations going into this call were very dismal. I mean, it couldn't have been lower sentiment for me was very, very low. And I will just say right at the top of this, I have been monitoring since the call was released the sentiment across the social media landscape and it's been overwhelmingly positive. I'm not sure if I would put myself in the overwhelmingly positive camp. I hate to be the naysayer. I hate to be in any camp or be called upon with a group of people who feel more comfortable in group think rather than challenging what was actually released without which I thought was fraught with really good news on a lot of different fronts. I think in 2023, I think they're gonna have to do more. I think they're gonna have to step into and that's part of the reason why I sent my comments down with Jason with JMAC investing to address with Thomas directly with regard to the mod centers and the OEM hubs. I think that's gonna be critical. The company cannot continue to make anemic revenues which was a takeaway from 2021. They did post revenue, we'll talk about that but they cannot continue to operate at this burn rate indefinitely. Everybody in the highly on camp either has their perspectives on this one way or the other. I said that they could not operate indefinitely and they cannot. You can argue with me, there's some people who say but it's no problem, they can just continue to burn through cash with no problem without any type of sales rendering to fortify this book. And we're gonna take a look at the numbers, how they shook out. I'm gonna talk about the 200,000 in EX sales was great from the perspective that they broke through and they reported earnings for the first time. I think that's all great, okay. But in reality, until this company gets to that phase where they transition from low volume sales to high volume sales, which is looking like it's a couple of years out from even here. Which I don't necessarily look at that as a positive. It is what it is. I'm fairly neutral on it in so far as if that's what it is, then that's what it is. Some people might look at it and say, well, I'm not gonna invest in the company. That's your prerogative. But I think here at $4, this presents a fascinating, fascinating opportunity to look at this company that is seemingly turning out an awful lot of nuggets and casting a very, very wide net in garnering some incredible attention. So we're gonna talk about some of that feedback that was rendered on the call here. So let's cruise through here. I'm gonna roll past the disclaimer real quick and we're gonna get down into some of the highlights here. The achievements, Thomas Healy and Sherry Baker both did a fabulous job on the call. I gave them both A's. I thought it was the tone and tenor was different. I thought from a listener's perspective, I thought they spoke a lot more from a commanding position and that they understood the insides and outs of what they were doing. Where there was anemic numbers to be shared, they stated that. Where there was delay based on supply chain issues, they stated that. Stated it with confidence. It seemed to me that there was a lot more going on that they wanted to talk about behind the scenes and it really came to a head when Mark Delaney asked his question about getting any type of interest from the Innovation Council. He said, well, ironic that you've mentioned that. We just had an order come in yesterday. So I think more to follow. I think there was a couple takeaways for me that maybe the untrained ear would not have picked up on. There was a bunch of those that I picked up on. Those calls enough to where I actually gave kind of a right on. It was nice to hear Thomas Healy acknowledge shareholder value. He only said it once during the call if you picked up on it. I found that to be extremely, extremely nice to finally acknowledge that this is a publicly traded company and the goings on at the company will at some point reflect all this groundwork that they're putting in place and shareholders in the company understand that it's gonna be a tough, it's gonna be a tough go until they get to that point. But man, when they turn the corner and they start mass producing this product, it's lights out. And I'll probably stop covering Healy on with such a weekly frequency. I maybe go to a one month frequency or a quarterly frequency because it's gonna transition to a long term type of a project from there as these orders start to be pushed out to the fleets. And I really wanted to draw a disconnect between what Thomas Healy was continually doubling down on with regard to where he feels the industry is evolving to with range extenders, number one. And number two, I guess the threat of a BEV future and all electric future for these droughts. He did double and triple down on the 100 miles of range, which I don't understand why these BEV companies are getting such a pass. I don't know if they're so heavily scrutinized. I mean, on the Nikola report, they are estimating three to 500 orders on their tray truck. Well, what is it? Is it 300? Is it 500? And Healy on just doesn't do that. I think they're pretty right on with their numbers. And I do believe that their estimates are credible. They've provided us no reason as to why they shouldn't be credible. Whereas Nikola just putting a range out there to say, well, we're either gonna sell 300 or 500. Well, that makes a big difference to the bottom line. What is it? Are you garnering enough interest to make an educated decision on how many units you're gonna sell? I mean, Healy on was right down to the granular number on what they projected here. So the 2021 achievements to highlight here, the hyper truck ERX new orders and reservations, which to bring me to my second bullish thing that I took out of the call was Thomas Healy talked about solidifying the order backlog. I've been talking about this for all of 2021. I didn't understand why they weren't aggressively going at this, not only did they aggressively go at it, but they were able to garner and solidify that order book going forward. Now, I think going into 2023, when they're gonna start to ramp up production at the end of 2023, I think they're gonna have deposits on hand and they're gonna have a reservation order book where they've already defined and Thomas Healy went into intimate detail, talking about how a truck order of two trucks from a fleet doesn't represent a good or a bad order. He also articulated that an order of 50 hyper truck ERXs didn't represent a good or bad order. What it represented was the commitment from the fleets at the time that they're making the commitment to start the integration, to arrange extender type of a solution into their fleet rotation, okay? And he went on to talk about how it just makes sense and that's how these orders come to fruition, talking about these reservation slots being filled, highly on talking about their place in that opportunity to reserve those reserve slots into the future. He talked about that just being part of the industry and it's a part of the industry that I didn't understand as much as I did after the call because he added some color to that element of how this solution is going to be introduced into the fleets. But the hybrid ERX update and outlook were somewhat glem. They weren't good. This is one of those things that, you know, if we're gonna garner three million in revenues from the hybrid ERX, I think that's a token number and I don't put a lot of value to the bottom line to this. But on my units sales video that I did on highly on, I spoke about this very thing, okay? The very product that is gonna drive those hundreds of millions of dollars in revenue is gonna be the hyper truck ERX. And if by nature of the hybrid EX sales, we garner the knowledge Thomas talked about some electrical specifications that they found out through the learnings of having the EX in the hands of fleets out there and they're able to incorporate all of those learnings into the hyper truck ERX as it's turned out of the line. I think that's a net positive over the long term because I think what's gonna end up happening is the hyper truck ERX is gonna morph into two very specific products. Number one, the renewable natural gas side of the house and the fuel agnostic stepping into the hydrogen fuel cell offering. And I think those are gonna be two very attractive options or solutions for fleets out there. And I think holistically, if I'm looking at this guys between the lines, think about that what that does for the fleets. I don't think diesel is going away, okay? I think all of these solutions are stepping into a less reliant future on diesel. But look at where we are now with the diesel prices up above $3 a gallon. And we're looking at these solutions as a tangible reality in the future for fleets to deploy in their operations to be able to deploy down to the granular nature the most efficient solution for a specific route. Right now they're tethered to the price fluctuation of diesel and I don't think fleets like to be there. If I was running a business, I would love to have optionality in my business in running the fuel of choice if R and G is readily available along my route, then wonderful I can run that if I wanted to step into the potential of exploring new technology with hydrogen fuel cell, then that option is going to be available. And Hylion is really, they're just sitting in the driver's seat right here to really make a huge impact on the industry as a whole. And the interest that was garnered by the fleet feedback only suggests that these fleets are really, really hungry to get their hands on these products as they step into mass scale availability for these fleets to know that they can purchase these products after all of the validation and all of the certifications have been completed, okay? So the hybrid update, it is what it is the company is going to evolve. And I think that monitoring the competitive landscape which has been a continual theme of Thomas Healy, he talked about this on the call in that when he talks to fleets, fleets are interested in holding out until they can get an all electric or a range extender type of product rather than going with a hybrid product. I totally understand that on the side of the fleets the hybrid EX is only good for certain applications and where that application fits, it's a good product. It really is. But I think fleets are really holding out here for the bread and butter and that bread and butter being the hyper truck ERX, okay? So we scroll down here, financial updates were provided here but I do want to talk about the team a little bit. This was huge. The team was built out nicely. Jay Craig was added to the team. He was the former Meritor CEO. I thought that was positive. And then Sherry Lance from Meritoris well as the new chief strategic officer for Healy on is going to head up their hydrogen fuel cell division which was mentioned multiple times on the call. I thought the stock should have shot to $10. I really do. I mean, if Nicola is gonna have a favor for hydrogen fuel cell and they're going to be priced as being a leader in the industry then Healy on deserves that competitive metric going forward and they're not being awarded that metric as a matter of fact, of course, the analysts who I don't have a lot of respect for at all at all who are always on the Q and A. I was unavailable to offer my question. I was going to, I was gonna hop on the call and ask my questions directly to Thomas and Sherry. I didn't have a chance. I was actually very, very busy during the call and I did not have the chance. But the disconnect couldn't be more real and that disconnect is alive and well now with the stock holding true. It did pop a little bit going into earnings. It dove huge during the day where the invasion took place. I thought that was a little bit of a double whammy but look, I'm not investing in Healy on to be at the whims of geopolitical risk or not being able to circumvent supply chain issues. I need Healy on to be able to stand on their own two feet and they sure did that. They roared back above that $4 mark which I thought was big and I think if nothing else as we march toward that end of 2023 where winter validation is completed at the end of this year, certifications first half of 2023 and mass scale fleet production is supposed to roll out in 2023. That's the timeframe and we'll talk about it a little bit when we get to the timeframe slide but that's what we're working against and the stock is not gonna remain at $4 and not with all the positives that I heard on the call. It's not gonna remain there and I think people are gonna look back at this as an amazing, amazing time where the stock has held so low for so long because of the unique nature of this company coming public through the SPAC process, earning their funding and really just accelerating this product to market and I tell you what guys, if you wanna know my insight to this it seems as if they're doing it. If they're able to pull this sucker off which I was pleased after the call in what has been an absolutely dismal year with coffee cups and a stock price that has gone peaked to trough 90% down over the course of it. I thought this call blew it out of the water. I thought there was a lot to be really excited about and when you look at it from that perspective going public in 2020 and being able to go from 2020 to 2023 end of second half of 2023 to mass scale and production that's nothing short of remarkable. In the eyes of the stock market in the eyes of an evolution of the company they have the potential here to do exactly what they said they were going to do. Take that public funding through the SPAC process use that funding to their benefit and everything that I look at in their financials suggests that they're doing just that. I love the R&D figure, I love it. When I look at over 17 million of R&D spending I love it. When I look at the SGMAs budget that they've got going on I look at that as being very lean business. They're able to run this business on very little. A lot of people look at it and say, well Ryan they've only made 200,000 this year how can they make it if they're burning 135 million? Well they're going to be able to make it because as that cost of production goes up per year right now the company is running off of 125, 135 million is what they're projecting for 2022. But the thing about it is guys this company carries no debt. They do have a lot of cash, cash equivalents, short and long term investments around just shy of 600 million dollars in cash and cash equivalents on their balance sheet. We'll talk about that when we get to it but most companies that we invest in are heavily laden with debt. This company doesn't have any debt and it was doubled down on by Sherry Baker when she was pressed a little bit on the necessity to seek out new funding into the future and Sherry Baker just said no, we're good, we're good for now and they are, they certainly are. Any revenue and this is why the 200,000 although dismissed by the bears as being immaterial which it is by all intents and definitions but you have to look at it a little bit more broad spectrum than that in that this company has the ability now to earn revenue against that order book. It has the ability to earn revenue against that cash hoard and position. Guys, if they're able to do this and the time frames that they're suggesting they'll meet their time frames and it's just not my opinion, Sherry Baker said that they should have no problem realizing their strategic business plan going forward to get to mass scale and integration and guys, God dang, I tell you what the verdict was freaking out before the fourth quarter I listened to the fourth quarter call and I was like, God dang, these guys might actually do this. They might actually do it and there was a lot of those things that I talk about all the time with investing. A lot of people wanna look at the knowns and they wanna look at the knowns and they wanna make their decision on the knowns. I thought there was a lot of unknowns that you could not have been preppy to you would have had to have been an investor in the company to enjoy those unknowns that were rolled out on this call particularly but recognized companies first revenue I thought that was huge and I don't want you guys to focus so much on it and say, well, they only made 200,000 last year first time revenue earning. How are they gonna make it Ryan if they're burning 135 million? Guys, that is for the entire year. We have an entire year of this focused driven company with an industry out there that is hungry for this product. Don't be so short-sighted, okay? This is not a pre-revenue company anymore, okay? So that is a huge milestone in the evolution of this company that's trying to bring a solution to bear and is earmarking right now a very specific date in our near future. 24 months from now guys, we are going to be looking at a company with a completely different set of characteristics. We are gonna be looking at a company that has evolved in their R&D. These 17 million or so of quarterly spending in R&D these are not gonna go for nothing, okay? R&D is key for a company like this that yes, is an industrial company but I consider it to be an industrial technology company and I think that the metric that it's being provided right now is horrendously stupid. It really is. The order book that they're looking to build against right now with over 2,000 hyper truck ERX orders is not fair to award them a growth multiple of 20X. It's just not right. It's just not right. And Mark Delaney and Fisher, they're on this whole stream where they can play this vein because they've been right in the short term. Being right in the short term for a long-term investor means absolutely nothing. And there's two schools of thought here. These guys are gonna be right for an indefinite amount of time. The question is, how right are they gonna be for the following coming months as we step into and start to chip away against that 24 month timeline going into mass scale and production going into the back half of 2023. The verdict is still out. It's gonna happen. It's inevitable. And eventually these guys will be wrong and they'll have to revise to the upside and they will because that's their whole job. They can't conveniently go against the status quo like me and say, hey, I'm still holding true on my $24 price target. Very, very simple. We'll be halfway towards that latter half of 2023 goal by then and I believe that this company will be above $20 a share. I believe it will. If it ends 2022 at 12 bucks a share, no problem. I'll just reaffirm my price target for 2023 at 2024 at $24. But going into 2023, I'm gonna have to revise to the upside again because once the hint is out that this company is actually going to be able to enjoy that catalyst from low volume production to mass scale, that's what we're talking about right now guys. All this other crap, the 200,000 of EX, it's not gonna matter. It's not gonna matter. What's gonna matter is the domino effect that's going to take place when industry gets ahold of these hyper truck ERXs and wants to fly the flag of Hylian knowing that they're stepping into the potential for other solutions out there like hydrogen fuel cell and that they get to keep the OEMs that they've learned to love over the last 100 years. It's just that simple. It's just that simple. Completed major product development milestones for the hyper truck ERX. That's true. More than double the size of the Hylian team and expanded the board of directors. I've already kind of talked about that a little bit with the addition of Jay Craig and Sherry Lance as well as their sales team expanded to include four new veterans in the industry. And I thought that was huge. I thought the expansion of the team and the bears look at this as being a terrible thing. It takes an imagination to be a bear. I guess it takes an imagination to be a bull too. I guess time will be the very catalyst that proves one right over the other I guess. And both of the perspectives and opinions on Hylian from a bear or bull perspective, they're wonderful. They add to the robust nature of the discussions. Fascinating. This is a fascinating story. And we'll be interested. And when I look at it from a bull's perspective, I look at it like building out the team and bringing on this expertise, these industry leaders that these sales teams and doubling their team in 2021. This is not a company that believes that there isn't great things on the horizon. Companies just don't order trucks to order trucks for the fun of it. They don't do that. They especially don't put down deposits on orders that they don't have intention of following through with. And I thought that that was a huge part of the call. That I did not expect that Sherry Baker was gonna come out and define for the shareholding community and then investor community at large that orders and reservations will fall under two distinct categories. I thought that was huge. Orders are paid with deposits. Reservations are how many trucks a fleet could adopt. And I thought that that was huge as well. All right. I didn't really understand how these fleets secure their build slots with the OEMs and how they only have so many that's going to be up for eligibility to rotate out of the fleet. They're probably selling them to other countries, I would imagine. I don't know if they're keeping them here. But when the new fleet rotation comes in, then they just secure those build slots from the OEMs. Hylian is looking to secure those build slots. So when the integration comes from these companies, that is what a reservation is, is basically a pledge to Hylian to identify how many of those build slots can be eligible for upgrading to maybe potentially a Hylian solution rather than just going about it the traditional way with securing those build slots with new diesel trucks up the OEM. And you start to really look at this opportunity holistically and it's like, man alive, this is really exciting times. It really is, man. The ability to roll this solution down the road and I'm gonna talk a little bit more about the fleet feedback as we get a little bit deeper here into the slide bank. The man alive, the feedback that they received was overwhelming and I knew it was a good product, but man, if nothing else for me, it fortified it during the call. And again, the confidence that was demonstrated by the CEO, my hats go off to him. I think he knocked it out of the park. I think, you know, having Sherri Baker on the team, Sherri Baker is phenomenal. I've said that ever since she came on board, she is absolutely fantastic. She has command over the finances in this company and to align that strategic direction and understanding what this company could step into in the future is just awesome. It's great to be a part of it and it'll be exciting to see once they get to that breaking point where we're like, oh my goodness, Hylian's not only gonna do it, but the question is to what extent? Now that's gonna be the scary question and quite frankly, it's the to what extent that drives my bullish thesis and drives why I'm so convicted on this company going forward into the future. So the results of the fleet experience, the hyper truck ride along, drive events, so they talked about a few things on the call, I'll highlight them now. They could not tell when the generator kicks on. So imagine driving this thing down the road and it's silent, right? And the generator kicks on and the driver cannot tell when the generator kicks on to charge the batteries and then kicks off again, right? To when the generator kicks on and then it kicks off again to go to full electric. So this thing has the ability to go from a generator on and charging mode to a generator off, full electric mode without even any awareness to the driver when those goings on are happening, that they've made their transition from those two phases of full electric to a charging phase beautifully. And this is from the fleet, this isn't my opinion. These were shared on the call. And if you guys want to understand more about Hylion, I highly suggest that you listen to the call if you haven't already. I read the transcript first, then I listen to the call. I always do that. I force myself to do it. So I don't get lazy on the call specifically. But it shifts much smoother than a diesel truck and it's a lot quieter than most of the Bev trucks out there. So there was no range anxiety and then other Bev's tested have 100 miles before the recharge. So I thought this was key. And Thomas Healy mentioned it multiple times on the call that it was incredible when he talked about the 100 miles over and over again. I actually thought that some of the Bev applications were getting significantly more than that. And that must not be true. It must not be true for the reasons that I've stated in previous Hylion videos in that you imagine a battery. A battery doesn't allow it to be drawn upon equally because it's based on the demand that's put over the battery system. So you imagine a long haul trucking going up a hill. It's going to put more of a demand on that full electric battery, thus requiring it to be charged in less time. And this is what fleets are scared to death of. Fleets have to be assured that that truck can go out on its route and return back to receive its charge in a predictable manner. It's not predictable to put it out there on the open highway with the open questions that they have about real performance. And Thomas Healy chalked it up at 100 miles. I thought this was a pop shot and it was a good one. And good for Thomas for going on the offensive and saying, you know what? They're getting way too much favor in this gig. Try to scrutinize what they can actually do over the road. And you'll find that there's only a very few, if not the only solution out there, which is highly on the combust that 1,000 miles of extended range on their unit, okay? Requires no new infrastructure. That was one of the real feedbacks from the fleets. Remember, this isn't my opinion, this isn't Thomas Healy talking about what he's talked about over the last 20 months of the company. These are the fleets providing this feedback to Thomas Healy that's being demonstrated or communicated on the call. No new infrastructure necessary. This is huge from a fleet perspective, right? The truck keeps the same look. How many times have we said this, guys? How many times have we said this? And we're talking about it during a time where now where the stock is at $4. And a lot of people are like, okay, yeah, sure, Ryan, whatever, it's the same old song and dance. That's fine. If you think that the stock is gonna stay $4 for the next 10 years, no problem. You're entitled to your opinion. As asinine of an opinion as I believe that to be, you're entitled to your opinion. If you think that the stock is gonna go to zero, you're entitled to your opinion, no problem. But I just think that at some point you have to acknowledge the progress that's being made. And I'm actually trying to read between the lines here, guys. I'm trying to identify that I'm not doing back flips for $200,000 of revenue that was garnered in 2021. I'm not doing that. What I am suggesting is that maybe it's proof of much better times into the future in this company's ability to generate and garner interest in the industry and sell their products to that industry up in the end. Now the question is, can they ramp up in volume production? This slide speaks to that. This was a complete surprise to me. This blew me out of the water. And I don't know if some of you guys had the same reaction as me when I came to this slide. The orders for 100 units backed by deposits to secure hyper truck production slots. So I don't know if that was 100 on their existing 1,900 and 5,600 or 1,590 existing backlog. It would be nice to actually have at least 100 of those or if those were new orders, okay? It doesn't suggest that on the slide. It suggests that these 100, they were able to get security deposits put down on those production slots because they probably went to their hyper truck in a basin council and said, hey guys, great. Thank you so much for your interest. But here's the thing, if you're gonna put in orders, now is the time to start to receive your competitive edge and slot in the queue against the order backlog. Because if you're just a naked reservation, you're gonna get put to the bottom line, to the bottom of the queue if you don't have any money to pony up. Thomas Healy said that it was in the amounts of thousands of dollars to secure these slots. I believe them. I do. I believe that this was a significant amount of dollars that were garnered to secure these spots. And it just really represented the interest from the fleets out there that as to their commitment to the solution going forward. Now the additional 325 of future production slots, that was great too. Additional reservations for the future production slots. That was a huge catalyst here. And then finally the five fleets operating nearly 500 trucks. I didn't know any of these companies. If you're in the trucking industry, I'm sure that you do. I did not. This was a pleasant surprise to me. Five fleets operating nearly 500 trucks. I thought that was a huge, huge win for the company here. So as we cruise down here, the ride and drive events kind of already talked about the feedback, the strong performance, we knew that. The fleets are gonna get to increase the payload. These are gonna be some of the verifications. Thomas talked about this in that a fleet that picks up two or three trucks on the onset isn't a good or bad order. It's just a representative of the commitment that fleets are willing to take on and do the internal validation for themselves. Now if through the internal validation, the Hylion solution knocks it out of the park and they can find that they can tow more payload. They can find cost savings over the life of the truck through TCO and they can introduce an alternative solution to diesel into their application. This is gonna be a home run. And then those follow-on orders are going to come and the increase in order flow will come for each of the respective fleets. That's just how it's going to turn out. The powertrain viewed as a superior to competitors. That's huge. Ranks and anxiety we've talked about and no new infrastructure we've talked about and can be an effective tool for recruiting and retaining drivers we talked about. That a little bit in that this is new technology. What a wonderful way of attracting new talent to the industry to say, look, that the rigors of over the road trucking have to be rethought. And this is something that even Thomas Healy admitted that he overlooked as I did as a lot of people didn't really talk about, I mean, I give myself a little credit. I have been talking about the driver experience but I didn't wanna overstate my knowledge of over the road trucking because I'm not a driver but I do have a lot of drivers in my community that can maybe speak to the attractive nature of the driving a truck that is a little bit more quiet or a little bit easier on the body to drive. A little bit more taking into consideration the comforts the technology and the features and functionalities that are made available to the driver with the highly on solution. And so using that technology to attract new talent to the industry, I thought was a net positive. The timeline hasn't changed, that was good. They did not extend upon the timeline rather double down on it. They did earmark here the status completion of the hyper truck in the events that were run into fall and winter of last year going into the first of this year, those have continued and then the timeline as we start progressing forward toward that second half of 2023. I'm great, I can wait, I can be patient. I'm interested to see this right here. If you're looking at this here and you're saying, okay, well, it's not gonna happen for another 10 years which was a comment that I just received this morning on the channel, no problem. I've stopped disagreeing and agreeing with people because it seems like that's all people wanna do is just throw some random statement out there or opinion without any fact based behind it. You could be lucky, you could be right. It could take 10 years for this to come to fruition. Once this gets to this phase right here, you don't think with the interest in the industry to adopt these solutions isn't real at this point. I questioned the fleet's interest in adopting these solutions before the Q4 call. I don't anymore, I don't. I heard and I want that fortified every quarter from now on as a shareholder in this company that the fleets are still chomping at the bit to get a hold of these solutions and I believe that they are. I believe that the feedback has been positive. I believe they're ready. I believe everything we thought was going to transpire has to this point and I think we just need to get past this 2022 right here. The winter testing, the onboard, the validation and the road testing and validation within controlled test fleets. Thomas Healey has been steadfast on this as a critical milestone in the company and it is a must. And he said something during the call that just blew my mind. He said, we cannot enter into mass scale production without these test fleet verifications and making sure that we've got all the kinks worked out. He didn't say that to that extent but it's the first time I've heard him really identify why he's doing this, why he's doing what it is that he's doing and then the expanded fleet trials in the first half of 23 and then the certifications from NHTSA, EPA and the CARB, right? Which will allow them eligibility for the fuel credits which is gonna be huge, man. If they're eligible for credits against that, that's all earnings to the bottom line to highly on if they're eligible through the grant program to enjoy some of the ZEP credits that are available through the grant program. I think that's gonna be huge but we got a ways to go to get to that. We've got a lot of work to go through. I look at it more of being an evolution to that process and this is where the company really stands. The biggest chance of really re-identifying itself, re-imagining itself. Where can the prospects go? How can we expect to build out expected orders quarter after quarter? And then once those become a lot more predictable then we can start to assign metrics and we can't do it until then. I know Mark Fisher and Mark Delaney and Fisher wanna do that right now. Those two analysts, they drive me up the freaking wall. It's just insane where their motives lie. I just don't get it. It must be nice to just look at a company and say, well, the company's obviously going through some rough times and they're trying to evolve and then to just play into that and basically set their price targets off of the short term. It'll be interesting to see them evolve as highly on surprises to the upside. I'd love to see a buying frenzy on this company. I really would. I'd love to see some real buying interest from what was turned out because savvy investors are gonna look at this call and be like, I need to be in this company. It's that simple. I've been doing this a long, long time and this is now more of an investable company after the Q4 call than it was before, I believe. And it might just take a while to step in and say, you know what, I'm over it. I'm in. We've got two short years for the potential of what? 100, 125X on this company? It's insane what this thing could do. It is insane. And the opportunity here at $4, it's really quite amazing that we are now working against the next 24 months before we start ramp up and mass scale of the hyper truck solution. It's gonna be a lot of fun. And every month that goes by is one month down in the books toward that end. So let's start the countdown now, guys. I appreciate it. And I'm super glad to be there with you on this journey. Installed the first hybrid EX units in 2021. Of course, that was good. We know some of the companies that have enjoyed and put that to work. Talked about the competing 15 liter engine from Cummins. I don't agree with Thomas Healy on this. I don't. I think, and I hopefully highly on hybrid EX commercialization to continue based on fleet demand, isn't an opportunity for a cop out on the hybrid EX. I hope it's more defined as, hey, let's let the industry define where it is they have a place for the hybrid EX product. I just never really understood looking at the Cummins engine as, yes, direct competition. Yes, but not an end all be all to the solution. Okay, you can still run the hybrid product with the 15 liter engine. It's a CNG engine. If you want the additional horsepower, you can put the hybrid EX solution on with the 15 liter engine. So I'm not really sure if I understand the whole look if applications for CNG wanna take that engine and put it into a service that allows them the payload that is on it on the equivalent to what that 15 liter natural gas engine can do, right? Then so be it. But where those applications are for these other CNG engines that are on the market and need that additional horsepower, I think the hybrid EX absolutely has its place in the industry. And this is just where I see it different than Thomas Healy and honestly, I wish he would stop mentioning this because there's been a lot of questions garnered around this. Steve Fisher did ask about this. Do you just, do you consider all the R and D that went into the hybrid EX product to be null and void? Of course, Thomas gives the explanation that the information that has been garnered over the evolution of the EX product has segwayed nicely into the hyper truck ERX. But I think it's a standalone product. I think there is a lack of acknowledgement to the potential in the product. I mean, they're putting a $2 to $3 million earnings forecast on it for this year in 2022 and it's going to be solely driven by the hybrid EX. Sherry Baker talked about the potential for some of those revenues between the two and 3 million to come via retrofit and she said off of the OEM line as a new install. So it's hard to garner where those are going to come from but a retrofit is twice as expensive but less efficient in so far as it's harder to do. Whereas installing it off the OEM line is easy, right? You take the new product, you push it over to them, you install it right off the line, it's easy. You don't have any interference from any of the other products. It can be installed at the time that is most conducive to where it is on the OEM line when it's rolling off, right? As opposed to going into a dirty truck and perhaps maybe even modifying the truck in certain capacities or working around certain things that have been installed on the truck since it's been turned out new to put that hybrid EX product on their retrofit, okay? This is just where I differ. I wish you would stop talking about it. Nikola wouldn't do that. Nikola wouldn't say, hey, this product that we have is gonna be obsolete in two years because of a 15 liter engine. I just don't think the two really speak to each other. As much as Thomas Healy would like to admit, to suggest somehow that the hybrid EX solution is gonna suffer for it. Now, I do agree with Thomas Healy in the reception in industry, holding back a little bit and allowing this technology to move to more of a range extender program and understanding that probably a vast majority of the interest lies on the full electric or the range extender side of the house. I do understand that. And if that is the case and the consensus that's being turned back from the fleet, then so be it, right? The hybrid EX will suffer in its ability to garner interest in the industry, but who cares? The flagship product is the hyper truck ERX. That's where it's gonna be made in its hundreds of million dollars of revenue. I said that the figures that were forecasted on the onset for the hybrid sales anyway was not gonna garner enough sales to keep this ship afloat anyway. So it's not really gonna matter that much. The only thing that really matters is the products, the hyper truck ERX products both on the hydrogen fuel cell and the renewable natural gas side of the house, okay? Talked about the talent and the team expansion. Both Sherry and Jay joined the team both with Meritor pedigree. I've had a lot of people ask me about the Meritor Cummins deal. Why? Just listen to Thomas' response. Said they had a discussion with him, nothing is gonna change, nothing is gonna affect their ability to garner the axles that they need to turn out their product over the long term. I don't know if it sets highly on up better for a takeover into the future. If this stock gets up to 20, 25 bucks, 30, 35 bucks or whatever and they're able to really garner an interest and show that the industry really wants to shift in this direction. I don't see why they wouldn't be a takeover, a target at all if they're garnering that kind of interest. I think the interest for a takeover would be much earlier than that but there has been no discussion of that and we'll just have to monitor the progress that they make on their own going forward with the talent that they've brought on here for new industry veterans, I've mentioned that. So very cool, focused on both the HyperDX and the HyperTruck ERX solutions. So just fantastic here, here's the roadmap here that we've got to move into the fuel agnostic and HyperTruck, the fuel cell, the hydrogen fuel cell. They did mention the opportunity for some reoccurring revenue with the onboard monitoring system. I thought that was great, long-term opportunities with both their battery solutions and a multi-use application. I have no doubt that this will be put into a number of different applications as Hyalion expands. There's too many use cases for this, not too, but their focus in the short term is right here and the short term is over the next 24 months and I believe after 24 months, we'll be there and then the advanced software solutions here when they talked about that being a potential revenue driver into the future and it will be, it certainly will be. Here's the books as they shake out. Here is the selling general and administrative cost that I talked about here. This is the year ending, fourth quarter, 2021. They're kind of interesting here at 9.2 million of cost there for basically your administrative cost, just a double from Q4 of the same period before in Q4 of 20. So I thought that was interesting. That was an advance of 4.3 million year over year. So just a slight increase here. Guys, this is not, this works well for me. The increase here a quarter over year for basically 12.9 million, fourth quarter of 2024 and a half million to 17.4 million, the quarter ending 2021. This is awesome. We gotta see this, this is huge. They do not mind putting their money or their money where their mouth is in this regard. This is huge. This is a big expenditure. When you look at the 200,000 of revenue here in sales in the fourth quarter, 2021, it seems enemic when you're looking at an R&D budget of 17.4 million and I expect this to stay pretty consistent. I expect them to spend this much a quarter over quarter. I really do and it's a big part of their budget. There's no doubt it's a huge part of their budget. I mean, look at that, 58 million in 2021 and this is where you have to look at this and say, it's hard to put a tangible metric on this to say, God, they're burning through cash. Yeah, but where's the cash going? That 60 million right there of R&D burn is going to show up in spades when they start to turn this product out. It's just that simple. Guidance for 2022, two, three mil, not immaterial anymore. I'm going to do away with that. Sherry Baker did away with it, so I will as well. Two to three million is not immaterial. Fails in comparison to talk about the operating expense here, but what is going to take this revenue up to an amount to where this operating expense here is more than covered? This needs to step into the hundreds of millions of dollars of range, hundreds of millions. And if we're able to garner two and three million, I will suggest that that is what it is in 2022, but it's going to be that step from, this is low-scale volume production, guys. That's where this two to three million in revenue comes from. And to Sherry Baker's point, this is made up 100% from the hybrid EX sales. I would think that to be a positive, actually, for a solution that they're not really that excited about and communicating that maybe even the industry isn't that excited about as kind of a bridge solution to a full-range extender or a Bev solution into the future, but who's to say it's gonna be fun to monitor it and see how they leverage this product and then total operating expenses here with the expansion of the team and just the increase of expenditures and the research and development of budget increasing. But I did talk about the cash position here, 557 total of cash, cash equivalent, short and long-term investments, et cetera, et cetera. Short and long-term investments are a combination of investments that have a 36-month expiry no longer than 36 expiration. I find it interesting because we're about two years away, right? So some of those investments you might as well put away and 118 million and 180 million respectively in each of those categories really does solidify how wonderful of a financial position this company is in going forward. It's gonna be exciting. Different schools of thought look at this and they say, well, they're burning cash too fast. I don't really see how that rationale fits into this equation. I don't. It's a sentiment that I wholeheartedly disagree with. I think it's silly. I think if we didn't have any interest in any of the products, I think I would have to agree. But after that fourth quarter call, man, I was able to extract much more of a positive tone by both Sherry and Thomas in expressing how incredible of an opportunity that we are looking at here with the highly on opportunity as they step toward that milestone in 2023. And that's gonna be the big one. I'm not gonna sugarcoat this, guys. In summary, I was super, super stoked. My expectations were revenue for what were a million. They came up 800,000 short. It was on the low end of what I talked about for a unit sold. I was a little confused about that. Am I gonna say that it's just an absolute follow over yourself to go buy the stock because they generated 200,000? No, I think the real bullish conviction or the bullish sentiment around the company at this point is their ability to generate revenue and their ability to build on that revenue going forward. The train doesn't stop. Once it's set in motion for a company like this, it doesn't go backwards. They're gonna go through revenue light and they're gonna go through revenue heavy quarters as this company evolves. But does the company have the pedigree necessary to step into 2023, especially the back half in a position that has everything firing on all cylinders? How's the team or the team is good? How's the product? Product is good based on the industry feedback. How is the cash position? Are they well positioned to step into what they're forecasting in 2023 after all approvals are met, after all certifications are met, after all the controlled fleet demonstrations and fleet integrations are done and they're able to really scrutinize the product under the rigors of actual fleet application? Thomas Healy talked about this. There was so many granular nuggets on this Q4 call closing out of 2021 that it was hard to articulate. That's why I came out with a short video and a long video on this because I wanted to discuss a little bit more my insights on what I took away from the call and on the short video. I know there's just a lot of people who wanna know the granular nuggets. So I thought there was 30 positives that came from the call. So I just fired away at those 30 and provided those in a short video for those folks that didn't want my insight because honestly, all I'm doing is just reacting to what I felt like was a very, very positive call and we needed it. We needed to go out of 2021 on a high note, enter into 2022. This is gonna be the bridge year. This is gonna be tough. I don't think it's gonna be as tough as 2021. I thought 2021 probably has the potential to go into the books. That's the toughest year in the history of Ileon. And I'm saying it now and I'm saying it loud and proud. 2021 was horrible. It was horrible. I mean, it drove me to frustration to banter on Twitter in a way that doesn't make me happy to do. Periods of silence when I felt like Ileon was not being as forthcoming as they needed to be. Whether those criticisms were warranted or not, I chalked 2021 up as being an extremely difficult year. And I thought Q4 was a good culmination in the face of a very dismal year to go out on a high note going into 2022. Now this is a bridge year. If this stock remains at $4 a share all the way through 2022, I will be extremely surprised. I think we're gonna see a slow drift up and I think there's gonna be a few gap ups. The only way that you're going to enjoy those gap ups in Ileon is to own the stock. I've said this many, many times. You're not gonna be able to time the stock. No way. Thomas Healy did a great job of forecasting that there was going to be a lot of orders and they were gonna be aggressively going after this backlog in their order book. This is huge, guys. I've said this for many, many times. The question is, what is that number gonna be at when we step into ladder 2023? Is it gonna be 1,590? Is it gonna be 2,500? Is it gonna be 5,000? Could it be 8,500 as some might suggest? I don't know, but it certainly could be. And if they get to work right now in solidifying that backlog in the order book, it's just gonna fortify their position as they step into 2023 and look to ramp up and start to fill those orders and get this product out on a mass scale so that these fleets can finally realize what we've realized for the last two years in this opportunity, in that this solution is very, very real. The feedback is very, very real. The opportunity is very, very real. And it's gonna run out of time here, guys, when we start to close the gap between this stock price and the goings on and highly on holdings as they really start to fortify some of their vision to be the leading powertrain provider, electrified powertrain solution for their fleets going forward and the clock starts now. We're less than 24 months out and realizing that vision. And I say get on board or get out of the way at this point, honestly. If you wanna continue to wait, continue to wait. If you wanna wait 10 years to invest in the company, 10 years down the line, you may be paying $100 plus for this company, not $4 a share. Guys, I appreciate you joining the message, leave your comments at the bottom of the video. Really appreciate your support as we footstomp this message on a very frequent basis every week. I'll continue to do that until I deem it necessary not to in providing transparency on the evolution of this company, a lot to unpack in this call, a lot. Anybody who watched it, who's covered this company would agree with me. And that is why I was really looking forward to this one. This was a very important video to get all of the insights, all of the granular nuggets, everything that was turned out during the call as we step toward a brighter future with highly on holdings. Guys, thank you so much for tuning in to the message and good luck in your investment future.