 Love to welcome everybody back to the Independent Investor Channel for what I would probably presume that there's a lot of people awaiting my reaction to the Q3 earnings call by Hylian Holdings here. My expectations were negligible. I shared my expectations with the Discord group. I was frequenting the group all up until the time of expected release at 8 o'clock Eastern Standard Time. Hylian failed to deliver on that. Was a little late for the release and I picked up on the release the next morning. With that said, my initial reaction was somewhat muted. I was able to get the numbers before I had to step off for work. And then as I always do, I await the actual address from the company, the actual discussion with John Panzer, who's the new CFO, was brought on this quarter, as well as another product where John Panzer and Thomas Healy, the CEO, addressed some additional questions on YouTube. And that was probably the most disappointing piece to the whole thing. It was about eight minutes, a lot of redundancy in that segment. However, one of the most important takeaways to the entire Q3 call came out of that when John Panzer was talking about the expectations for upfront margin costs when they're rolling out the initial batch of hyper-truck ERXs, which are going to be installed at the Austin facility, as well as with the assistance of the Mod Centers a little bit closer to the OEMs. And in the same breath in that eight minutes, I felt like the most important insight to OEM integration came if you were paying attention. And this is why you guys tune in to me. You get my unique perspective. I put a lot of due diligence into evaluating these calls as they're rolled out from quarter to quarter to help would be investors who potentially did not catch the calls. The way I do it is I read the transcript to start, then I listen to it, then I go back and I read it again. That's what works for me. You guys can do whatever you want. You can not read it at all. There was a lot of good tidbits if you are intimately following the story as either an investor or a patron of the message and the initiative that these guys are trying to follow through with and their vision. But let me recap the Q3 just before we get started in the highlights in accordance with Hylion. And then I'm going to give you my personal twist on what I picked up on both during the address, as well as some of the section in the Q&A, which was very, very telling. I thought the Q&A was probably the most telling section of this Q3 earnings call. And then finally, some of the specifics that were actually given by John, who is very straightforward. I was actually very encouraged by his delivery. And we'll talk about that and what's Hylion deems to be the actual highlights from the quarter. On a scale of zero to 10, my expectations for Q3 were zero. It's very, very simple. I'm not trying to be hard over on the company. I'm not trying to downplay what they're doing. My expectations were zero. And they delivered a two out of 10 for me. Okay, long way to go. The company can't continue to just wag along with capital expenditures that are so far disconnected from revenues and so many questions surrounding what this MSRP is going to shake out to be, what the rigor is going to look like, what the ROI is going to talk, what it's going to shake out. And that was probably another nugget that was given away this time around. We'll talk about that very important nugget that was dropped as well as some of the comparative analysis, which I thought was the home run, talking about the BEV being at the same fleet as the RX and actually having fleet's feedback to Hylion discussing their displeasure with the BEVs actually running out of charge out in the field and having to be towed back to the facility. I thought that was a very, very telling moment in the information. This quarter was chucker blocked full of information. So the last couple of Hylion deliveries that I've had for the greater independent investor group and the Hylion heirs that cover this story intimately with me was fairly lean leading up into this quarter. But I've adjusted my acceptance of the quarter from a 2 out of 10 here. Much improvement will need to be made and I believe that they will. And they'll be given due credit in due time when we can really sink our teeth into these numbers to expect when the transition from the Hylion installs and the full recognition of revenues for full truck orders and they can digress back to what they initially set out to be. And that's a powertrain company. The sweet spot is going to be delivering those powertrains to the actual OEMs. And I'm just going to give you the nuggets right up front. That way you guys can have my pulse of what I felt was the most important. The absolute most important comment that Thomas Healy made during his multiple platform addresses to shareholders during this was when he was talking about the evolution to the OEM line. This really helped me understand and it's something that I've spoke about and really been hard on understanding why they've been so secretive about this. But there was one comment that was made with regard to the transition into the OEM line and it's not like you just take your product and you say, hey, OEM, I need you to install this at your line. It does not work that way. The natural progression is to do exactly what they shed color on, on this particular call. Hadn't proven anything in quarters past, hadn't talked about any of this. They had mentioned the OEM, the mod centers that was going to assist with this. But Thomas talked about the integration into the OEM, being a stepped in process and what they're going to have to do on the onset to actually get these first 200 trucks to their customers as they segue into the OEM. The real bread and butter for Hylian is going to be the introduction of the fleet orders to the OEM and then ship the powertrain to the OEM and have those OEM installed. It was mentioned one time, one time during the entire delivery of all of what I reviewed for this Q3 call in that they are continuing to engage in discussion with further OEMs, but double down on the fact that PACCAR, Peter built will be the initial roll out of that, but keeping a forward vision and understanding that they don't have to be OEM specific. They can be OEM agnostic, and that's going to be the real factor in duplicating these multiple product skews across their customer base by going OEM agnostic. But to start, we've got some real headwinds. That's the reason for the two out of 10. I know that's going to piss a lot of people off. That's fine. Come on, Ryan. It was a nine out of 10. No, it was not. It was not a nine out of 10. I'm going to tell you some of the things that I heard. John Panzer, I think he's an honest guy, but he doubled down two times and discussed upside down margins. For you guys that need a little bit of schooling up on business education 101, upside down margins on the onset are not only anticipated, but they are not good. They are going to generate top end revenue, but if they can't drive margins in the positive territory, then we're just going to have to wait on that bottom end profit line for a little bit longer until they start to get those batch orders in, perhaps maybe even segue and look to really, really chop costs down and take those margins where we need them to be. That's in between 20 and 35%, which is the sweet spot for really driving down those prices. But when John's talking about upside down margins, i.e., losing money, they're going to realize revenue on it, but they're not going to make a dime on the initial. They're not going to get credit for me as far as congratulations for the corridor. They're not going to get that from me. Quite frankly, I've been a little bit testy on Hylian, appearing as if they're making some of the stuff up on the fly. I understand there's some business dynamics that will really allow Hylian some strategic flexibility from back and forth, but we've done a creative shift to the right again. We are in March of 2024 to complete deliveries of the first 200 trucks. When Thomas Healy was pressed by Cantor, Fitzgerald in understanding why the numbers were not quantified, Thomas Healy gave a politically correct answer in anticipation of being asked that question. They didn't garner orders. He asked the sales team to focus in on the 200. Yeah, right. Yeah, right. And I think we're in a sweet spot here where the fleets, in accordance with what Thomas Healy has talked about, has demanded fleet trials, which is interesting in comparison. You look at a company like Nikola, you're looking at Tesla, and you ask yourself how much of this has just been initiated by Nikola and Tesla and Hyzon and the like, just to suggest, hey, and presume that the industry wants these solutions insofar as not even really engaging with their customers and understanding what it is that they need before going on this whole building their own OEMs, which they both are, and pressing these products out there only to falter in the eyes of what I consider to be real world application, drawing dead into the field, not getting the specific range that they have declared that they can get. And then, you know, with those anticipated pricings being over and above what we expect, there was a real dagger that was dropped here in Q3. And it was a dagger insofar as did Thomas Healy just completely kill BEV? Could have been. I think BEV is given way, way too much credit. I do. And I've said this for the last two years. I opt for plug in power tools, because I get sick and tired of going and, oh, my goodness, I forgot to plug my power tool in and when I need it, my drill, I can't use it. Yes, I tell you what, it is awful convenient to have that plug in lithium battery and having the portability of it. And it saves me the headache of untangling the extension cord, which takes me about 20 seconds and plugging it in to have consistent, reliable and durable service when it is that I plug that in. Okay, now I'm restricted to the cord, but my mentality has shifted. I've used portable battery power tools. I've used portable blowers. I've looked at those crazies trying to use the electric lawnmowers, which is just an absolute disaster. Initially, they're great. Look at me, honey, this is awesome. I can drink my lemonade, and I can push my battery electric to mow my grass. But it's not so fun in three or four months when that battery does nothing but degrade on you. And you have to go back and you have to try to find the lake like make and model to replace. And oh, by the way, the technology in four to six months has advanced so much that you can't even buy the battery for the unit that you were so excited about six months earlier, right? And it's this very reality check that is going on right now. And Thomas Healy talked about it, man, it was incredible. I can't remember the actual here it is rated range, not the same as the actual range, which is what you go buy a Tesla and it tells that you can get 668 miles per per, 668 miles per per, you know, per charge or whatever it is. You're not going to get 668 miles. You're going to get 175 because you're that one out there that thinks I'm a bad ass. I have a Tesla. I'm going to race this guy with this Toyota Tacoma and kick his ass. Well, the problem is if I want to take a view right and go up snowboarding, you can't follow me anyway. So the utility of my vehicle whips that ass anyway, as you're on your way back to your house with your tail between your legs, looking to charge your unit. I thought that was a real dagger from this quarter. And that feedback is coming from the fleets, guys, it's not coming from me. Okay, you're going to have a lot of YouTubers out there saying, hey, no, it's Tesla all the way. It's Tesla because it's fun to say an Elon Musk is bad ass and they can't explain anything beyond that. But the range of comparison here, it was mentioned, not at 500, not at 400, rather 300 miles tops 300 miles. Okay, now the consistent average amongst these bev trucks is around 200 figuratively. And that's the figure that they used in the upfront cost for the bev to be purchased by the fleets. And dare I might suggest, and this isn't coming from me and it's coming from Thomas Healy to suggest that the fleets who are not going to get the ROI benefit, we already know that we're going to talk about that in that call because that was another big, big takeaway here. So it wasn't almost that Hylion just completely kicked ass over the quarter. It was that the competition fell on its freaking face, fell on its face. Hylion still continuing to chug along. What does not get talked about and what doesn't be given credit for Hylion is their fleet trials. Why is Hylion doing that? Is it because Hylion wants to do it just to do it? It is what customers are demanding. You have to put it into the rigor. Let us feel it. Let us taste. Let our drivers, right? I'm a pincer pusher in the office. You put it behind you sell my driver. I'm good to go. I want to hear what my driver has to say, but we need to introduce it in the fleets. Okay, before we absolutely commit to this and commit to a long-term type of commitment to Hylion, you have to allow us the ability to test it. Okay, and they're doing a fabulous job of that. There was incredible fleet trials will enter into the winter validation. I expect that the stock will probably cool off. The unexpected run up in the stock surprised me. I've been covering the stock intimately and this company intimately. And the last run up, I actually presumed that we would be at $1.50 here, not over $3. So go figure. If you're one of those people out there that think you've got this thing licked and, oh, Ryan, it's going to 50 cents or it's going to a dollar, I'm going to buy it then. No problem. I'll just kind of sneak into my shares of Hylion. I would caution you. You are not going to be able to game this thing out and it's going to jump and it's going to jump quickly like it did this week. And if nothing else, mark my words, my friend, it should be an inherent lesson to you guys. If you want to invest in the company, invest in the company. If you don't and you've come up with a bearish thesis enough to get your mind and your thesis off of the stock, so be it. Make an educated decision about what's good for you and what's going to be good for your financial situation. But don't try to be wishy-washy on this deal. You're going to get crushed. Either own it or don't own it. There is nothing in between on this deal. The highlights in accordance with the Q3 Hylion quarter, the acquisition and closure of the Carnot generator, which I think is going to be huge. I will just mention the takeaway on the Q&A. John Panzer talked about the R&D spending for the Carnot generator to actually bring that along. Anticipated is around $80 to $100 million. That was a takeaway. If you guys picked up on it, great. If not, that was a key takeaway in understanding what it's going to take. Now that initial cost to acquire the technology is one thing, but to get it to scale and get that Carnot generator, which has strategically put itself in the middle of what used to be that agnostic type of hyper-truck ERX solution, the Carnot generator is in fact that solution. Hylion has given zero credit, zero. As a matter of fact, to come to another downgrade by our friends, I think it was Mark Delaney with Goldman Sachs, who stuttered through his question, downgraded the stock from $3 to $2.25. What a great job. Good job, Mark. You've been intimately involved with this freaking project since the beginning. If you think it's going to $2 and you ask the questions that you did without actually listening to what is going on here, it speaks to me to wreak of motivation. It speaks to me to wreak of motivation. Mine wreaks of motivation too, right? What did I do? I upped my price target to $32, because here's the thing. Who's going to benefit more? Is it going to be those people who sell the stock now on Mark Delaney's advice only to be picked up by Goldman Sachs at, let's say, $2.50? Let's say he makes his price target. Let's say it goes to $2.25, okay? Do you think there's more chance of that happening at this particular juncture when we have an inevitable here within the next year, year and a half of timeframe finalizing certification, getting that NHTSA CARB EPA certification signed off on, and the stock not going up 100%. 100% from here puts it at $4 or $5, $6 tops piece of cake, right? It's my assessment that the very opportunity analysts, these professionals, and they're, I'm getting a little bit of heat too, right? Through social media. You're not an analyst, really? To hell with them. They're not either. To hell with them. I'm so sick and tired of people dubbing people, professionals, and therefore whatever they say, people have to listen and not scrutinize, all right? Pull your head out of your ass and wake up, okay? There's so many people in this generation now that want to consider themselves the woke generation. You guys are the most idiotic walking around like zombies generation that I've ever, ever seen, all right? I just want to punch your generation in the freaking face and slap you around and wake you up and understand to have an independent thought about the situation is fine. Don't just jump on and say, I agree with this individual because he's a professional. Give me a break. It's been easy over the course of the last year, year and a half, 18 months since the company's come public to downplay the company. Why? Because the momentum on the stock side has been there. We know exactly that the hybrid revenues through 2023 are going to hold consistent. Two million bucks 2023 irrespective of what we don't know and know now. We are looking at a projection for 2023 right now of high hybrid sales at two. Let's say the surprise and they double out 100%. We're talking about four million bucks. So we've known that now double down on this call. We know the revenues are going to be an absolute disaster through 2023. But what is funny about that is as we peek around the corner, we have what? We probably have an $80 million bill to be coming in on the top end revenue, 80 to 100 million depending on what the MSRP is for the highly unhypertruck ERX. I figured 400,000 for the unit. That's what I think it's going to shake out to be. I had to listen to it twice and I still could not get my answer as to whether or not the declared figures of high 300s is going to include that 40,000. My my interpretation of that was that those figures did include that 40,000. If you guys heard that different, please correct me in the comments below. But I think I heard it correctly. I played it back over and over and again because he said it one time, Thomas Healy said it one time and said that the figures were inclusive of the expected 40,000 of credit. Now, I don't know if the 40,000 of credit was actually applied to the other two metrics that were being compared against the BEV and the FCEV, right? But that's what I heard. So we're talking about a price of let's just say 400,000 for the Hypertruck ERX. I think it's a good round number. 400,000 of $400,000 of top end revenue per unit sold times 200 puts it at what 80 million bucks, right? Nothing to shake a stick at. So while I'm talking about onesies and twosies, right? Okay, revenue is going to hold true through 2023. Therefore, I'm going to downgrade the stock because I'm putting more value in what is known as opposed to what is known on the top end revenue when Hypertruck ERX sales start to ramp up. I just put more value in the Hypertruck ERX. And that's why they own stock in the company. And that's why Mark Delaney and all these other analysts are on this Q&A intimately, like frothing at the freaking mouth, like there's foam coming out of their freaking face, right? Again, we have Mark Delaney from Goldman Sachs to offer his six questions. You're only allowed to, but he's going to offer his six questions because he uses the word um in front of each and every one of his words because he can't put together a collective thought. This guy's supposed to be an analyst, a professional, right? I just cannot put credence and he owes people an apology. When this thing starts to turn to the north and it starts to approach my price target, mine, okay, mine, which inevitably is going to move through six and it's going to move through 12 and it's going to move through 24. People are going to owe a big, big apology for misguiding people and suggesting that you're more benefited from selling the stock now actually at the time, right? The stock's up 30% since his brilliant downgrade go figure, okay? And I'm not one of those guys that believes that there are analysts out there that have enough of a handle on a specific stock, especially one like this, where there's so many complex moving parts going on to actually have enough gumshoe to put a value on the company enough to suggest that, yep, right now I'm rest assured to put this out and say it is absolutely in investors best interest or reaffirm a sell rating and a price target of $2.25. And that's how I interpret it. I don't get it. I think it's idiotic and I think he's going to probably owe a lot of people an apology. He will have done his job for Goldman Sachs. Goldman is a huge stakeholder in the company, right? Makes a lot of sense, right? They know this inevitable turn down the line is going to happen, okay? So downgrading the stock, I look at it this way, their clock is running out on their, on their downgrade ability, their convenient downgrade because nobody's going to question them except me, right? I call bullshit. I call bullshit last time. I'll call it again. It's complete bullshit. All of it, right? It is an attempt to arbitrarily move the stock down. If they think it's going to two or one or 150 or 50 cents or 25 cents, why are they so intimately involved in the stock every quarter? They're right there on the Q&A. It's because this story has credence. It has merit. And the financials is such that we are going to get a first look first part of 2024 as to whether or not this hyper truck ERX is worth the weight. And it's been worth the buildup to enter into mass commercialization that we think that it is. I'm just saying, okay, that'd be interesting how things play out. All right. So I increased my price target from 24 to 32. Why? Because I can. I increased my price target from 24 to 32. Why? Because I can reaffirmed a strong buy at $3 or 250 or six or 10 or wherever you can pick it up some $10 because down the line, when this company starts to reiterate what it is that they want to do for the Class 8 space, and that is to electrify the Class 8 powertrain in a way that can allow them to be OEM agnostic and provide that solution along that hyper truck ERX vertical, which they talked briefly about the Carnot generator vertical. I don't know if this is a pie in the sky thing. It makes conceptual sense to me. But in the interim, if they can't turn out hundreds of millions of dollars of revenue with this vertical that we've all been waiting, let's just call it three years for. Highly on should just cease to exist because this is a waste of everybody's freaking time. Even Mark Delaney's, it's a waste of time. Yep. Yep. I think they could do a bill, bill and a half a revenue by this. And that's on the initial onset. As you start to get into the rotation of these fleets, spread your OEM reach out. We could be talking about multiple billions of dollars of top end revenue. That's when the margin expansion can be expected and we can move off of these upside down margins and start to approach that 22% on the low end and potentially 35% on the high end of the margins that could be realized to actually carve out that bottom line profit for the company. All right. The Founder's Program was mentioned during the quarter. This is for the first 200 ERXs. Thomas Healy gave some explanation that the sales team was tasked with filling these 200 slots, yada, yada, yada. You get a two on that, Thomas. That's great. It's just going to take a whole hell of a lot more and that's great with the reservations holding true. Reservations for me don't mean squat at this point unless they can convert them to orders. That's simple. Unless these fleets can have some certainty that they've been able to test and validate the unit themselves, feel comfortable with stepping into what was previously a reservation, then it's a fort in the wind as far as I'm concerned. There was no progress on there and I think Cantorfen's Gerald's question was actually quite a good one in understanding what did not transpire over the quarter and that's to grow their order book because they were set on some sort of tasking to bring a white glove program into what I consider a very dirty industry. So go figure. My initial reaction on the white glove program, I felt like going and throwing up into the toilet, then I've come full circle and I'm actually of the belief that Hylian has made a strategic decision here based on geographic location and to be able to really look to focus on that Dallas area, that fleet hub basically that Thomas Healy talked about. There was one channel creator that I want to give a shout out Excalibur 1787 I believe, 1787 I believe, 1787. So Excalibur 1787. I want to give a specific shout out to him. Very cool guy. Very cool guy. We need more of that. We need more calm heads that are doing some of that independent research to understand maybe this white glove thing, there's a little bit more strategically to it. And I think the way I think. So I watched Excalibur's video and I was like, this is awesome. This is a really interesting thesis. And the conversations kind of kicked up in the discord group, which also give a plug to the discord group. There's multiple channel creators and a silent alert is putting out a lot of short videos. Those are fun to watch and catch. He's super level headed. He's got a really, really good handle on the competition. And he can be edgy in a good way. He's really good at it. So those content creators out there give them those shout outs, but Excalibur I just subscribed to. And so if anybody that's covering these videos, take a chance, take a moment, go over there. Give them a few hundred subscriber boosts, please. It's the least you can do. It's a favor to me. And I know he would appreciate that because he's earned it. Very level head, very cool perspective on telling the highly on story from a different perspective. And we need more and more of that in the social media realm. All right. The fleet testing over Q3 with green path logistics, Wegman and Detmar were ongoing. The learnings were positive. The driver feedback was positive. And I think it was more so predicted from the highly on pursuit of the fleet trials that were neutral in my mind. It's everything that I thought we were going to get. And then some with regard to some positives. I think some of the overwhelming positive feedback that we've got on the hyper truck story was good. I think the driver feedback was good. I think the X factor for me was the comparison to the BEV failures. So, so highly on slow and steady going forward. I give them credit for the progress toward a specific end. When that end is going to be, we had a strategic shift to the right again, end of 2024. I kind of jokingly said, yeah, Thomas is going to push this inevitably until he gets it right. And, you know, what's to keep highly on from not just continuing to do that and continuing to take this story where it needs to go, however long it's going to take. I mean, I have my expectations, right? I'd like to have them do it tomorrow. Is that realistic? No. Is it realistic early next year? No. Is it realistic middle of next year? No. And according to Thomas Healy, we're not going to be talking about, you know, any type of top end revenues generated organically from the sales of the highly on HyperCheck ERX vertical until the beginning of 2024. That's what we have, right? So if we're sitting on an opportunity right now at $3 a share, the disconnect couldn't be any wider between a share price that is completely and utterly broken and disconnected from the opportunity that I see in the company. And we'll inevitably get there. We'll have our know. We'll understand whether or not this company is a yes or a no when they're turning out those, you know, expected units of shipping to the OEMs, multiple OEMs down the line. Is it going to happen? Thomas Healy seems to think that it's going to happen. And right now we are based on that expectation of the business plan that's been put out in front of us. And I have no reason to believe that that's not going to play out into the future. All right. 30% tax credit. It's 30% total for up to a 40,000 cap. All right. So they're going to be eligible for the full 40,000 if they're charging 400 grand per truck. I would expect that 440 takes them down to 400. Okay. If I was interpreting that correctly, if you guys with the discord group fact check me and want to challenge my interpretation of that, well, then we start at 400 and we knock off 40 to 360. I didn't hear that. I heard those comparative data points to be as is, including that 40,000 that they know the hyper truck is going to account for, which, you know, was a little bit baked into the cake a little bit. 40 grand is nothing to shake a stick at. That helps with that a little bit higher on cost on the onset, which is the major cost to entering into the solutions that are on the landscape right now. Okay. Highly on can't even boast a like similar to diesel until they start putting the unit into rigor and then saving them upwards of one third to a quarter of the cost to diesel, which is incredible a third to a quarter. That's fantastic fuel savings when compared to the diesel equivalent. And that's what drives the cost of ownership over time. And that's what gets them to that three year payback, which is one of those takeaways from this earnings call. Okay. 500,000 half a million in revenues for the hybrid EX. I knew that I called it right on the head. For you guys that watch me, I called it without being even released. I said it's going to be 500,000 of revenues. I was right on the money. All right. Nothing to get too crazy. 1.3 million a backlog. That is positive news slightly only to be muted by the unfortunate news about the supply chain issues still playing havoc with these hybrid installs. That's what's going on right now. So when they're going to be able to realize this 1.3, look, if they're calling for 2 million next year in hybrid sales 500 per quarter, that 1.3 has to play through and they have to garner new business. So anemic immaterial, like Rick Schnellman says, who's the boss in the discord group, he doesn't care. Neither do I. The hybrid EX, I feel like feels a more important niche in the industry than it's given credit for. But as far as a project that has driven nothing but headache and capital expenditure to drive for every $37 of earnings or dollars that they're putting into developing the product, they've returned about a dollar of revenue for the hybrid EX and all intensive purposes. It's been a failed product. Now, with that said, the intangibles of building new relationships, providing a bridge into electrification, establishing new relationships with clientele, those aren't things that show up in the balance sheet. Those are those intangibles. So the intangible benefit I would push back and suggest that the hybrid EX from a non-quantifiable basis would probably be considered a little bit more successful than what I or Rick give them credit for. But if nothing else, it's bridging a very anemic time in the company's top end revenue projections to actually put something on the books in way of revenue and help to supplement that cash burn at 130 per year that was projected. John Panzer appointed to CFO. I was very satisfied with John's deliveries. The first time I got to meet, listen to his delivery, it was very, very good. I thought he dealt with questions really good. I thought he delved into questions and actually answered them very honestly to a point where I was like, damn, John, did you need to say that? But he seems like an honest guy to me. And he's going to kind of tell it like it is. And he actually said that during one of his deliveries. He said, look, I don't want to sugarcoat it. And he's talking about the margins. And he said it twice when he was talking about the initial margins being suppressed for for good reason, right? Anybody in business understands why that is, all right? 455 million in cash and cash equivalents to close out the quarter. We expect the full year revenue to be 2 million, which was an adjustment down, which is like kind of embarrassing to be honest with you. I mean, they could double it next year to four. It would be a non-starter. The stock would probably take a little pop from it because they've, you know, beat projections by 100%. But, you know, it's immaterial to really put any type of value on this. I like the Hybrid EX product. That's my thing to take an existing truck and kind of transform it into more of a hybrid to get more of a benefit on the diesel saving side and potentially more horsepower to assist on the CNG routes to transition some of those tandem loads that require more horsepower to go from, you know, a CNG route single load to more of with the hybrid, the ability to actually tow more freight and provide those payoffs quicker for them. So that's it for the highly on highlights. Okay, now let's get into my commentary. Some of the things that I took away, the controlled fleet trials. For you guys's takeaway on this, I have come full circle in really understanding the desire of the fleet trials to be conducted by the fleets, by the fleets. This isn't a highly on thing to say we're doing this to piss off our shareholders. We're not doing that. Okay, we're not doing it to validate a product that we already know is good. Okay, we're also not doing this to uncover learnings. Okay, but the biggest takeaway from the fleet trials that I want you guys to understand is that fleets are demanding it. Okay. And I think it's really what separates highly on once we've traversed through this fleet trial, summer has just concluded, we will be entering into winter validation this winter. I'm gearing up my armor to waltz into an ice age with you guys with regard to the stock you think the stock price is going to hold. It's anybody's guess. I'm willing to walk whatever road is placed in front of me going forward until I get my first look in 2024. And I can tell you guys, no matter what tweet I put out through Twitter, no matter what you think my tone and tenor is on this company, whether or not you think I'm an asshole for awarding them a two out of 10, and I'm right. And I'm right. I will rest assured be there for that first look in 2024. You bet your ass on that. Okay. So for you guys that tune into my message, I'm really trying to parse through this garbage. Look, I can put on a skirt and come on and dance around for you and cheerlead for the company, which I've been accused of doing, which is interesting, because my tone does not speak to that. It is not my intention to do that. My intention is to help pay this story forward from a different perspective, not John Pancer's perspective, not Thomas Healey's perspective. Okay. My perspective, you can get differing perspectives by tuning into some of these other YouTubers that I talked about Excalibur, Silent Alert, some very few others out there doing a really, really good job sober trades. Another one does a very, very good job in telling the story, in kind of seeing it from the perspective that I see it, in that are we really building up for this hyper truck ERX first look to fall on deaf ears and go through anemic interest? Thomas Healey, he left us with a comment to suggest that demand remains strong and continues to increase. Is he a liar or is he given an indication of what is to come? It's my presumption to be the latter. Was it just their most difficult time to fill these slots for the 200, the Founders program? Or did he give a little bit of color to understand that there could have been a lot more added to the Founders program because the interest oversubscribed interest to use Thomas Healey's word was offered. Okay. So is it safe to suggest that potentially once that $80 million of top end is realized by the full sale of the trucks, that's all going to be a wash. Every single bit of that is going to go into components. I don't think Hylian will make a dime off of that money. The Discord group is probably like, ooh, did he just say that? Yeah, I did. They're not going to make a dime. That's not coming from me. That's coming from the CFO guys. Okay. And it doesn't damn matter. It does not matter. What matters is to get that initial push via 200. That's the degree of push into the industry and get those first fleet runnings of the truck and starting the clock on what Thomas Healey considered to be about a five year to seven year life of the truck. And he also mentioned within that five years and below just under three years, getting to that critical mass of payback for the fleets. Right. Now, Hylian stands alone in this. Okay. There is no promise of payback for BV. There is no promise of payback for fuel cell technology at this point. Okay. A lot of what these guys are basing their thesis on is a pipe dream. I think that they've watched Alice in Wonderland way too many times and have actually bought into that in that if they just think about it hard enough, maybe Alice in Wonderland isn't a good analogy, but Tigertown is if you just think hard enough about Nicola Motors, it'll all make sense to you the harder you think about it. Okay. The reality is fleets do not benefit from a payback through ROI. Paul's probably pulling his hair out because I guarantee he reviews my videos. I don't watch his shit anymore. He pissed me off. Take my comments off of his video. That's just childish. That's just childish. And for a guy that comes on and professes to be above all and a cut above, I challenge that and I call bullshit. I call bullshit by taking my tweets out of context with both responses to questions that I got. He took my question and actually retweeted it as if it was a statement and not an answer to somebody's well posed question to me. Very, very distasteful and just speaks to the frustration. I mean, highly on just surpassed Nicola and share price with a much less market cap. Get used to it, mother effort, because that's going to be the way it is. The smartest thing you could do is just buy 100 shares because best I can tell over the last couple of years of actually understanding the real skin in the game. I think you want people to understand that you're a bigger player than you actually are. Yeah, I've actually heard him slip up and talk about, you know, a position and highly on being 100 shares. No kidding, really? And you're a big baller that has all this network of answers and you come on to share that specialized network. Nana, I call bullshit. I throw a red flag on you all day. I can see right through you and the people who watch me, they're like, damn, Ryan's intense. Yeah, I am. Why? Because you can see it. You can see it. I'm a horrible poker poker player because you can know I'm pissed or you can know when I'm happy or you can know when I'm passionate about it. Or when you know that rest assured, Ryan owns 13,200 shares of the company right now. It's a big position. It's big. I'm super stoked on it. I'm closely monitoring the company. If I need to buy more in it, I absolutely will. Well, I'm good. I'm not. I don't go back and forth every single quarter and be like, hey, I like highly on they're doing great things. And oh, no, I hate the company. And oh my goodness, because I hate the company, I'm going to change the name of my YouTube channel. Oh my goodness. I love Nicola. Now I'm going to change the name of my channel to Nicola Corporation. Oh my goodness. Yeah, I'm great. Now the stock price is falling the way that I called it to fall. And now what do you do? Now you now you digress and go back to to neutral again. Get your shit together, man. Get your shit together and just talk straight to people. People will either like you or or not like you. But who the hell do we know what personality we're going to get from day to day with me and never changes. Never, never. All right. Yeah, sometimes Hank comes out on Twitter and that speaks to my displeasure with the information that is brought to bear from the company. That's my only displeasure. Okay, you cannot bring silence to the line and expect not to get scrutiny from me. You are a publicly traded company. Want to go private? Be as private as you want. No problem with your golden parachutes. Go buy an island for all I care. All right. But what there are shareholders involved, you have to keep people informed. You have to. All right. There's Barris and bullish shareholders out there, both that would equally disagree with me that oh my goodness, they're always providing the right number of transparency or the right level of transparency. Wrong. Wrong. Okay. There's no place to be naive in this game and not think that you have a voice in scrutinizing when you think that something is not being held to a specific standard of transparency for the share owners of the company. That's simple. All right. Plug in failures. I mentioned that through the course of the delivery here and that was a takeaway from the Thomas Healy address to shareholders on the call itself, talking about the companies themselves, talking about specific instances. And I guess the bears could say, well, it was only one instance. Really? Really? You mean all the rest of the trucks are rated a 500 and they're getting 500 of range? Really? That's just not, that's not true. It's not what's happening in reality. Okay. That's not what's happening in reality. The draw on the grid is going to cost so much more that how are you expecting to drive down the cost for these very fleets you're looking to serve? You're not looking to serve them. Why? Because you were tunnel visioned in going on a politically correct avenue of going full electric without once thinking about what the cost of the electricity from the grid is going to be and what that ROI, that return on investment for your very customers was going to be and shame on you. That's business 101. Business 101. Come up with a product that people want to buy. Do people want to buy your product if it's going to cost them double to run that unit? They're not going to buy your product. Jack, it ain't going to happen. Okay. Very, very simple. That I thought was huge, right? The plug in and the cost of it was released this quarter in the high 300s. Let's just call it 400,000 for the hyper truck ERX unit, a far cry from the original investor presentation that was rolled out. I think with inflation, supply chain issues, we've all incurred whether or not you go buy a pack of gum at the store which is now triple what it was just two years ago. Prices have gone up on everything and the hyper truck is not immune to that. But the one third to one fourth of the cost of diesel fuel, that's incredible. That is incredible. That's really where the savings goes is that they can really drive that freight across the country in a way that is more economical than diesel and in some cases up to 75% more efficient. You wonder how they get to that just shy of three years of ROI. This was declared on this three years. Here's the thing. I challenged my friends with Tesla and I challenged my friends with Nikola Paul. I'd like you to do this for me. I'd like you to do this and I'm sure you'll come up with some gorilla math to prove me wrong as to how ROI is driven for the fleets out there. You won't be able to in reality because mathematics going all the way back to Plato and Aristotle is what it is. It's like if you get it right, it's right in a pool of infinite wrong answers. But how is it that your product, no matter what it is, is going to drive a return on investment for fleets? That's the question that I want answered. People get pissed off at me when I go back to Tesla, owners, operators, etc. I don't know what Pepsi looked at. I don't know if they're looking at it as a research and development product. I have no doubt. Maybe they're willing to lose that money on the upfront with what they'll get in learnings from running the trucks and the fleets. I don't know. Maybe they wanted the educated decision to say, look, we tried, it failed. Tesla is the biggest name in the industry and it failed to do what it is that we asked it to do. We asked it to deliver on you know, six to seven class and it can't even run our regional routes or we've had to digress and instead of go with class eight routes, we've had to digress and go to regional routes and it's working quite well for that. Wonderful. Wonderful. I'm all about it. Can the ROI be driven irrespective of the route that that truck is being introduced to? That is the question that I want answered and I challenge you to give me that answer on those other products, Nikola and Tesla specifically. All right. The ERX installs, I talked about the clarity from Thomas Healy, which was a big home run for me on a step into the eventual introduction to the powertrain to the OEM line. That's huge. Right. That's where inevitably this company needs to go when we cannot kind of enter into a phase of the company and it'll be what I consider to be a moderation phase. That moderation phase is going to take years, years of enjoyment where their orders come in at a few thousand powertrains maybe per year, per quarter, whatever it is. If they're able to do five or six hundred powertrains per quarter on the onset, grow those number quarter over quarter year over year and we can start to track the growth of the powertrain ship to the OEMs across all the spectrum of OEMs and expect that those powertrains are being installed, enjoyed by the fleets, ROI is being enjoyed. That's going to be that moderation highly on that I talk about when it starts to really creep up into that stock price of valuation and that's what it's going to enter into that mid cap category. It's not going to take a whole lot for it to go from this half a billion dollar market cap to three billion dollars. It's not going to take that much. The numbers that I discussed a few hundred per quarter up to 1200, 1500, 2500 units per year shipped. It's not going to take that long. That's going to drive that top end revenue and allow for that margin expansion when we know that those batch orders are coming through to allow for that bottom line profit to realize at least on the hyper truck vertical. Very cool stuff. That color was very appreciated by me. The Dallas, Texas rollout with the founders program that was awesome. Thomas Healy discussed oversubscribed interest in it. I spoke to the demand being strong and the demand continuing to increase from the fleets. We're almost going on about an hour, 60 minutes on this Q3. There was too much information to talk about. I believe I've hit on the highlights of everything. It was a jam packed quarter. My rating was two out of 10. There's very specific reasons for that. It is quantified basically on the anemic revenues, the delays in the supply chain issues, which is not highly on fault. The comments from John Panzer to discuss the initial hyper trucks being that big initial order and push to the fleets, but it's going to take a long, long time to realize the benefits of those as the snowball effect in the fleet takes place. Dare I suggest if you're not making any margins on the product, then you're paying to produce the product for free. You're making that revenue to keep the machine going and hopefully that provides enough momentum to generate new clients and return clients based on their experience with that initial rollout. That is going to be key. That is a critical milestone that highly on made butt up against and fail to achieve. It's that simple. I can appreciate Thomas Healy talking about, Hey, we told you guys that we were going to take one step forward and then checking it off with a neon green checklist checkbox and saying, look, we've taken one little step forward. I don't put a lot of credit in that because the real milestones are going to be next year. Okay, certification and then this ability to scale the business, their ability to scale the business is the largest looming question with highly on it is with either the bears or the bowls. The naive bulls who think that they're just going to sell hundreds of thousands of units every year. I feel bad for those people because as bullish as I am on this company, I'm a little bit more below the surface in understanding what they need to do in way of real numbers. Okay, once this initial shot of 200,000 is realized and that 80 million is realized, they'll be able to cover expenses for 2024. All right, that's about 75% of the total cap X for the year for 2024. That's huge. But my friends, what comes after that? Okay, if they cannot garner new interest, which is the biggest catalyst for the company, this company will go unsolvent and somebody will acquire them at 25 cents a share. Okay, it's happened before it can happen again. All right, so be opportunistic. Yes, be opportunistic, but also be realistic with your application. All right, the Q&A session. If you did not catch that, go to highlyon.com, go to the investors tab, go down. It's the very first one. You'll have to register to listen to the Q3 call. I thought it was fantastic. The Bev range anxiety versus the hyper truck ERX. That was my big takeaway. All right, margin pressure initially on the roll out will come down. Eventually it will go up, but on the onset, it will be in John Panzer's words upside down. Okay, that is not positive. They're not going to make any money off of these ERXs. Again, the highly on discord group is probably like they're crunching the numbers right now and they're like, no, no, Ryan, they're going to make X and no, they're not. They're not going to make shit on them. All right, if the CFO is telling you that the margins are upside down, it's going to tell you that the upfront cost to get all of these things in to basically build the truck from scratch. They said that they're getting the chassis from pack air from pack R, right? But they're going to have to build the entire truck. Okay, they're not going to make a dime doing that. That's not what highly on does, but on the initial rollout, that's what they're doing. And that's what they've chosen to do on this initial decision. Okay, do I agree with it? I don't have a choice. That's what they decided to do on its strategic direction going forward. All right, the ROI statistics that I highlighted in this video were key. The payback to break even the ROI talks to an ROI within three years, under three years, average life cycle of a truck five to seven years total, big, big takeaway. And it's the only company out there that can actually boast that type of ROI payback. Again, I charged my friends out there, Paul, in the investing community that's just hell bent on downplaying highly on, which I don't understand. I'd love to see Nicholas succeed. I just don't see how they're going to do it because I've looked at it and I don't understand how it is that they spent all this money to bring a product to the forefront that, yeah, I guess does what it is that they say it's going to do, but cannot provide any type of incentive to the fleets that they're introduced to to provide them a payback over time and fleets are not going to opt for that. These people are smarter than that. They are smarter than that. And highly on seems to have the back and forth kind of dialed in with the fleets in understanding what the fleets are asking for. The fleets are saying, look, you're a small company in all fairness. I want to validate your product. Is that not fair? Makes total sense, which kind of doubles down on the validation that I was able to enjoy with the success of the fleet trials in Q3. All right. Not looking to recoup costs on the BEV and fuel cell. That's what I've talked about here. Scary proposition. And this what I thought I had this circled in my notes. I was like, in one fail comment, did Thomas Healy just kill the BEV and fuel cell market? I'm not looking to be an asshole, but you got to give me some substance to make me a believer. All right. And I just don't see it, my friends, but please help me. If it's my deficiency, I'll take full responsibility for my deficiencies and seeing how Nicola is going to be the solution of the world into the future. I just don't see it. And I've been doing this a long enough to at least be acknowledged in my opinion, at least be acknowledged. Okay. Either I'll be right or wrong. Give me at best a 50 50 chance of being right or wrong. Me personally in my arrogant mind, I'm 100% right 100% unless these other companies can step forward with an ROI. The only one that I see on an island with a solution that they can take to work right now is highly on holdings. That's just what I see. Okay. It's my most humble opinion that I can give you with a shift in bias to bullish because I'm very, very bullish on this company in what they're going to be able to turn out in 2024 and beyond. Okay. A little bit more time is necessary in this. If we can spend the next 18 months or 12 months or so into 2023 answering that question on behalf of Nicola and Tesla, I'm all ears. Okay. I'm all ears. If I have this wrong now, please let me know. All right. The last thing here, the rated range is not the same as the actual range. Okay. What can the Nicola truck actually do? And in all fair and love and war, there's the bears out there would say, what is the highly untruck actually do? If it's rated to a thousand by Thomas Healy's own admission, it's never what its rating is. So what can it do 800 900? Is he going to surprise and actually provide that this sucker can actually get above a thousand mile range? This blows any competition out of the water, which range anxiety is the biggest thing right now. If you're going to put a driver in it and say, here you go. Your responsibility is to drive from here to here and it's on you to get that done. But the very tool, the tool that I'm providing you to get that done is going to be close to needing a charge close to your destination. And it's going to be on you to actually engage the truck in a way to not go up hills in a way, to not draw electricity off the battery in such a way that our computers are telling me you should be able to enter into that route and make the route. But if you fail to do that, then you failed in your tasking to take this tool that we're providing you, this BEV electric truck and engaging in that route. Think about how these drivers feel. Range anxiety is a real thing. It is a real thing. And this is what this Bev community does not understand. They just don't understand it. They don't want to talk about it. They don't want to acknowledge it. Thomas Healy has doubled down on this many, many times. Oh, that's biased. Fine. Go find your own independent research and come back and tell me what I need to know in three little letters. R O I make it happen. I'm done. Thank you so much for tuning into the message. I appreciate it. Leave your comments at the bottom of the video. We're going to continue to whip that ass here. We will enter into the ice age here together. No doubt about it. Stock took a crazy pop this week. I don't know what that was about. I have no idea. I'll take it. I have no problem with that. Either own the stock or you don't. It's that simple. If you want to come on, give pop shots to me. That's totally fine too. That makes you feel better. No problem. I already feel good enough for myself. I have rhino skin for anybody who comes on and thinks that they've got this thing licked better than I do. All right. So go ahead and take your chances. All right. Roll the dices and take your chances. I bid you all the best of luck. But for those highly on out there that read this quarter, the way that I did, it was chucker blocked full two out of 10. That's my rating. I came into it with an expectation of zero. Nothing zero. I upped that to two for good reason. I did not give credit and say congratulations on a quarter because we are leading up to something that at some point will absolutely warrant a congratulations. I just don't think we're there yet, guys. Thank you so much for tuning into the message and good luck in your investment future.