Hyzon Motors Stock Surges On Q3 Results, Records First Vehicle Revenues

Hyzon Motors Inc HYZN reported third-quarter revenue of $0.962 million and EPS of $0.13. The company had recorded first vehicle revenues during the quarter.
The company reported total operating expenses of $50.6 million and a loss from operations of $(49.61) million.
Hyzon recorded net income attributable of $32.4 million, including non-cash gains from the change in fair value of earnout liability of $73.6 million and private placement warrant liability of $7.6 million.
Adjusted EBITDA loss was $(15.16) million.
As of September 30, 2021, the company had $498 million in cash.
Recently, Hyzon announced a new strategic partnership with TC Energy Corp TRP.
Business Outlook: Hyzon reaffirmed its forecast for 85 vehicles shipped before December 31, 2021, and expects to have Hyzon vehicles on the road in Asia, Australia, Europe, and North America by the year-end.
It also expects Rochester, NY and Bolingbrook, IL facilities to be in full production by the end of the first half of 2022.
"During the third quarter of 2021, the company generated revenue of $1 million and continues to mobilize its teams across Europe, Asia and North America to capture the increasing momentum for hydrogen in the commercial vehicle market," commented CEO Craig Knight.
Price Action: HYZN shares are trading higher by 20.4% at $7.56 during the market session on Friday.