Why Hyzon Motors Shares Are Shooting Up Today

Hyzon Motors Inc HYZN shares are shooting higher after the company reported Q3 FY23 results. 

Comprehensive net loss attributable stood at $(41.1) million, compared to $(25.0) million in the prior year.

Loss per share widened to $(0.18) from $(0.10) a year ago, missing the consensus of $(0.16).

Total operating expenses were $40.07 million in the quarter vs. $53.55 million a year ago.

The company delivered its first revenue-generating fuel cell electric vehicle (FCEV) to a customer in North America in Q3, marking the commercial entry to the drayage market.

Also, HYZN deployed 14 FCEVs under commercial agreements and collected around $3.6 million in cash year-to-date. 

The company has 14 vehicles deployed to date and revised the deployed vehicle guidance to 15-20 by year-end, from 10-20 projected earlier.

HYZN's North American trial program continued to expand, with 18 trials completed since March 2022, of which 10 tests were conducted in 2023.

As of October 31, 2023, HYZN had unrestricted cash, cash equivalents, and short-term investments of about $129 million.

In September, HYZN disclosed a final resolution of the investigation by the SEC, subject to court approval, and has agreed to pay a civil monetary penalty of $25 million in three installments.

Parker Meeks, CEO, said, "We are pleased to have delivered this quarter the lowest cash burn in the last eight quarters, driven by operational efficiencies, cash management, lower legal and professional services expenses and managing personnel levels to support the business. These results give us confidence to share that our cash burn guidance is unchanged for both the second half of 2023 and the full year of 2024."

In November, HYZN appointed Stephen Weiland as Chief Financial Officer.

Price Action: HYZN shares are up 35.75% at $1.07 on the last check Tuesday.