Hyzon Motors FY23 Revenue Plunges, Losses Widen Despite Vehicle Deployments

Zinger Key Points
  • Hyzon Motors reports decline in FY23 revenue and widening losses, with increased deployment of vehicles.
  • CEO Parker Meeks highlights progress in advancing 200kW fuel cell technology and operational efficiencies to reduce cash burn.

Hyzon Motors Inc HYZN reported FY23 revenue of $0.30 million vs. $3.7 million a year ago

Loss from operations stood at $(188.0) million vs. $(172.8) million the prior year.

Adjusted EBITDA stood at $(134.2) million vs. $(125.5) million in 2022. EPS loss was $(0.75) versus $(0.13) a year ago.

As of December 31, 2023, Hyzon deployed 19 vehicles under commercial agreements to customers in 2023, towards the upper end of its annual guidance range of 15-20 vehicles. 

Of those vehicles, five were deployed in the U.S. to drayage and large fleet customers, three in Europe, and 11 in Australia.

As of December 31, 2023, the company had unrestricted cash, cash equivalents, and short-term investments of $112.3 million. Net cash burn stood at $25.5 million in fourth-quarter FY23.

Parker Meeks, Chief Executive Officer, said, “Operationally, we took steps to drive efficiencies and significantly reduce our monthly cash burn rate while accelerating our leading 200kW fuel cell system technology and FCEV commercialization.” 

Investors can gain exposure to Hyzon Motors via Global X Hydrogen ETF HYDR and Carbon Collective Climate Solutions U.S. Equity ETF CCSO.

Price Action: HYZN shares are trading lower by 4.12% at $0.6232 on the last check Friday.

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