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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.
Logotype for Hyzon Motors Inc
Q3 2024 earnings summary13 Nov, 2024

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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Frequently asked questions

Hyzon Motors Inc. specializes in the development and manufacture of hydrogen-powered commercial vehicles, including heavy-duty trucks and buses. The company focuses on providing zero-emission transportation solutions primarily for the logistics and distribution sectors. It is headquartered in Rochester, New York, and its shares are listed on the NASDAQ.

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