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Hyzon Motors (HYZN) investor relations material
Hyzon Motors Q3 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved start of production for U.S.-produced single-stack 200kW fuel cell system and Class 8 truck, both lighter and more cost-efficient than prior models.
Secured North America's first order for 12 hydrogen-powered refuse trucks from GreenWaste, marking entry into the refuse collection market.
Completed 10 successful fleet trials, demonstrating superior performance and fuel efficiency over diesel and battery electric alternatives.
Transitioned strategic focus to North America, winding down Australia and Europe operations to reduce costs.
Obtained ISO 9001 certification for fuel cell manufacturing, design, and R&D activities.
Financial highlights
Q3 2024 revenue was $0.1 million, primarily from operating leases of previously delivered trucks.
Net loss for Q3 2024 was $41.3 million, with basic and diluted EPS of $(7.74).
Cash, equivalents, and short-term investments stood at $30.4 million as of September 30, 2024.
Average monthly net cash burn reduced to $8.2 million in Q3 2024, with a target of $6.5 million by year-end.
SG&A expenses, excluding $11.1 million in non-cash impairment charges, declined year-over-year.
Outlook and guidance
On track to further reduce average monthly net cash burn to $6.5 million by year-end through cost management and operational focus.
Refuse FCET deliveries to GreenWaste expected to begin as early as Q4 2025, supporting commercialization and revenue generation.
Expanding trial program to over 30 fleets through February 2025, with a strong commercial pipeline and active negotiations.
Pursuing additional capital market and strategic investment opportunities to support commercial advancement.
Anticipates existing cash resources will be depleted by end of 2024 without additional funding.
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