The following is a summary of the Hyzon Motors Inc. (HYZN) Q4 2023 Earnings Call Transcript:
Financial Performance:
Hyzon Motors reported Q4 2023 revenue of $0.3 million and a cost of revenue of $15.7 million.
The company recorded R&D expenses of $43.7 million and SG&A of $121.2 million for 2023.
The end-of-year cash balance for 2023 was $112.3 million.
Hyzon managed to reduce their net cash burn to $143 million for the year, lower than their guidance range of $148 million to $156 million.
The company recorded its lowest quarterly net cash burn over the past nine quarters, which was $25.5 million in Q4 2023.
A sum of $16.5 million is to be paid by the company by January 2026.
Business Progress:
Hyzon Motors is progressing with the development and distribution of zero-emission heavy-duty fuel cell vehicles.
Hyzon aims to begin production of a single stack 200-kilowatt fuel cell system in the second half of 2024.
The company deployed 19 heavy-duty fuel cell electric vehicles under commercial agreements across three continents in 2023.
Initial refuse truck trials were started in Australia and U.S trials are expected to be launched in 2024.
The company aims for deploying 20 to 40 fuel cell truck deployments globally in 2024.
By continuing to prioritize fuel cell technology, Hyzon anticipates significant commercial progress and foresees limited capital expenditure requirements for reaching the center production of its 200-kilowatt fuel cell system in 2H 2024.
The company foresees positive trends for hydrogen truck adoption triggered by President Biden's support for hydrogen infrastructure.
Hyzon has entered into an agreement with Schlumberger to explore potential markets beyond trucks.
More details: Hyzon Motors IR
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