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Hyzon Motors (NASDAQ:HYZN) reported Q4 earnings and updated on its 2023 progress on Friday.
The company highlighted that it deployed 19 vehicles under commercial agreements to customers during the year, which was a mark that landed towards the upper end of its annual guidance range of 15 to 20 vehicles. Of the vehicles deployed, five were utilized in the U.S. to both drayage and large fleet customers, three in Europe, and 11 in Australia. As a part of the deployments, Hyzon Motors (HYZN) also announced the commercial trial deployment of its first fuel cell electric waste collection truck to Remondis Australia. The company noted that the four-month trial completed successfully, and Hyzon is working with Remondis to transfer ownership of the truck to it under the existing commercial agreement.
On the balance sheet, Hyzon Motors (HYZN) ended the quarter with a cash position of $112.3M vs. $137.8M at the end of Q3. The net cash burn of $25.5M during the quarter represented the lowest quarterly net cash burn over the last nine quarters and the fourth consecutive quarter of declining net cash burn.
CFO update: "We are pleased with the continued progress we have made on reducing our net cash burn through focused operational efficiencies, cash management, lower legal and professional services expenses, and strategic focus."
Shares of Hyzon Motors (HYZN) moved up 9.23% in premarket trading to $0.71 vs. the 52-week trading range of $0.45 to $2.17. The market cap on HYZN stands at about $167M. Short interest on the stock is down to 7.97% after being much higher last year.