HYZN - Hyzon Motors to exit China as part of narrowed focus
2023-06-08 06:49:51 ET
Hyzon Motors ( NASDAQ: HYZN ) announced Q1 financial results and provided a business update on Thursday,
The company highlighted that is has refocused its core mission on the development and production of single stack 200kW fuel cell systems, commercialized via streamlined heavy-duty vehicle platforms.
During the quarter, Hyzon Motors ( HYZN ) produced and tested three single stack 200kW hydrogen fuel cell systems in U.S., with first 200kW prototype FCEV under testing. Hyzon also signed the first commercial agreement in U.S. with Performance Food Group with the potential for up to 50 trucks upfit with Hyzon's proprietary fuel cell system, as well as commercially activated key customers in Europe with initial vehicle deployments into trials with Hylane in Germany and Juve in Austria.
On the financial front, Hyzon ( HYZN ) disclosed net loss of $30.3M for the quarter and adjusted EBITDA of -$27.3M. On the balance sheet, Hyzon ( HYZN ) had a cash position of $185M at the end of the quarter.
CEO update: "As we look to the balance of 2023, we aim to deliver our first commercial Class 8 FCEV to a major U.S. fleet customer, produce and validate 25 200kW fuel cell system prototypes, and declare C-sample of the 200kW fuel cell system."
Looking ahead, Hyzon Motors ( HYZN ) said it determined that the U.S. (California, port drayage), Europe (Germany, Austria and Netherlands), and Australia-New Zealand are the most prudent markets to focus on, due to government mandates, commercial appetite for clean-energy alternatives and attractive financial opportunities. The decision was made to exit the commercial market in China, and acquire the remaining 49.5% equity interest of Hyzon Motors Europe B.V. from the prior joint venture partner.
Shares of Hyzon Motors ( HYZN ) shot up 5.80% in premarket trading to $0.78.
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Hyzon Motors to exit China as part of narrowed focus