XL Fleet’s Revenue by Segment (2020-2022)

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This statistic highlights XL Fleet’s Revenue by Segment, split between direct sales to consumers and through channel partner segments, reported on a quarterly basis from Q1 2020 onwards.
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This statistic highlights XL Fleet’s Revenue by Segment, split between direct sales to consumers and through channel partner segments, reported on a quarterly basis from Q1 2020 onwards.

XL Fleet Corp. is a pioneer in providing fleet electrification solutions for commercial vehicles in North America. It has expanded into fleet customers throughout the U.S and Canada through sales either directly to customers or through its channel partners.

XL Fleet’s Revenue by Segment

Segment Q1 2020 Q2 2020 Q1 2021 Q2 2021 Q3 2021 Contribution in Q3 2021
Direct to end customers $0.225 $0.863 $0.111 $0.662 $0.366 65.94%
Through channel partners $1.007 $1.050 $0.564 $0.620 $0.189 34.06%
Total $1.232 $1.913 $0.675 $1.282 $0.555 100%

(All figures in millions, except percentages)

The total revenue generated during Q3 2021 is $0.555 million which is 56.7% down from the total revenue generated in its last quarter(Q2 2021) when the revenue was $1.282 million. The total revenue also fell 17.7% from Q1 2021 when the revenue generated by company from the sale of its fleet electrification solutions was $0.675 million. The total revenue in Q3 2021, fell from $1.232 million and $1.913 million in Q1 2020 and Q2 2020 respectively, amounting to a fall of 54.95% and 70.98% respectively.

Revenue from direct sale to customers
Revenue from direct sale to customers is the revenue generated from customers who purchase the company’s solution from upfitters and OEM dealerships.

The revenue from this segment amounted to $0.366 million in Q3 2021, forming a 65.94% share in the total revenue of Q3 2021. It was down by almost 44.71% from the revenue generated in this segment in the previous quarter (Q2 2021) which amounted to $0.662 million. The revenue in this segment, however, witnessed a growth of 229.7% from Q1 2021 when the revenue was $0.111 million.

Revenue from sale through channel partners
This segment includes indirect sales through the company’s two largest channels-sales and installations partners, and fleet management companies(leasing and consulting organizations).

In this segment, the revenue generated was the remaining 34.06% of the total revenue in Q3 2021, which amounted to $0.189 million. The company’s revenue from this segment fell 69.51% from the previous quarter when the revenue was $0.620 million. It also fell  68.26% from the revenue of $0.564 million in Q1 2021.

About XL Fleet Corp

The company is a leading provider of fleet electrification solutions for commercial vehicles in North America, with an excess of 4,300 electrified powertrain systems sold and driven over 140 million miles by approx. 200 fleets as on December 31, 2020. The vision of the company is to become a global leader in fleet electrification solutions, with a mission of accelerating the adoption of fleet electrification systems through budget, customized, comprehensive, and extensive solutions. While the industry moves toward sustainable drive system vehicles that are easily available, affordable, and better suited for commercial operations, the company’s current drive systems enable commercial vehicle fleet operators to make immediate progress toward sustainability goals.

The addressable market for the company’s products and solutions is estimated to be over $1 trillion, considering the present global market scenario of electric commercial vehicles, fuel consumptions, equipment, and other operating expenses. This market includes 29 million prospective customers of the company’s services in the US alone. The company also aims to leverage its cloud-based data and strong industry relations to offer extensive, all-in-one solutions that include electric vehicles, charging equipment and points, and data-based fleet management and energy services.

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