Hyzon Motors Shares Slide After Q2 Results, Misses Profit Estimate

Hyzon Motors Inc HYZN reported a second-quarter FY23 net loss attributable of $(60.2) million, compared to a net income of $41.99 million in 2Q22.

EPS fell to $(0.25) from $0.16 a year ago, missing the consensus of $(0.18).

Total operating expenses doubled to $64.10 million in the quarter from $31.92 million a year ago.

HYZN's cash flow used in operating activities for six months ended June 30, 2023, totaled $(82.06) million, compared to $(68.88) million in 2022. Free cash outflow was $(84.74) million.

The company's adjusted EBITDA loss expanded to $(33) million for the quarter from $(27.99) million in 2Q22.

As of July 31, 2023, HYZN's cash and equivalents were ~$158 million.

HYZN's U.S. 110kW truck program moved from prototype to production.

"Looking ahead to the remainder of the year, we are excited by the continued advancement of our commercial pipeline across our focused FCEV platforms, with commercial deployments ongoing toward our 10-20 vehicle goal this year. We believe our intense focus and disciplined execution of our operational milestones as well as significant improvements to streamline our business have positioned Hyzon well in the accelerating hydrogen industry," commented Parker Meeks, Hyzon's Chief Executive Officer   

Price Action: HYZN shares are trading lower by 13.1% at $1.2599 during the market session on Tuesday.