Hyzon Motors Stock Declines On Wider-Than-Expected Q2 Loss

Hyzon Motors Inc HYZN reported a loss per share of $(0.10) in the second quarter of FY21, missing the analyst consensus of $(0.08).
Loss from operations widened to $(9.27) million, and net loss deepened to $(9.7) million.
Operating expenses of $9.27 million comprised $3.5 million in research and development and $5.8 million in selling, general and administrative expenses.
The company held $32.4 million in cash and equivalents as of June 30, 2021.
Adjusted EBITDA loss widened to $(8.6) million.
Last month, Hyzon Motors USA completed its planned business combination with Decarbonization Plus Acquisition Corp.
Hyzon signed a trial agreement with Total Transport Services Inc (TTSI). It will provide a Class 8 heavy-duty fuel cell electric truck to TTSI for a 30-day trial in Q4.
Hyzon's fuel cell electric vehicles are now on the road in Rochester, NY. Hyzon Class 8 truck is planned to be at the Advanced Clean Technology Expo at the end of August 2021.
Outlook: Hyzon reaffirmed FY21 guidance, including 85 vehicles shipped globally. It expects the first vehicle revenues forecast to occur in Q3 2021.
Price Action: HYZN shares traded lower by 17.1% at $6.62 on the last check Wednesday.

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