0001716583FALSE00017165832024-05-132024-05-130001716583us-gaap:CommonStockMember2024-05-132024-05-130001716583us-gaap:WarrantMember2024-05-132024-05-13


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________
FORM 8-K
___________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): May 13, 2024
___________________________________
Hyzon Motors Inc.
(Exact name of registrant as specified in its charter)
___________________________________

Delaware001-396282-2726724
(State or other jurisdiction of
incorporation or organization)
(Commission File Number)
(I.R.S. Employer Identification Number)
599 South Schmidt Road
Bolingbrook, IL
60440
(Address of principal executive offices)(Zip Code)
(585)-484-9337
(Registrant's telephone number, including area code)
                                                                                       Not Applicable
(Former name or former address, if changed since last report)
___________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Class A common stock, par value $0.0001 per shareHYZN
NASDAQ Global Select Market
Warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 per shareHYZNW
NASDAQ Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02. Results of Operations and Financial Condition.

On May 13, 2024, Hyzon Motors Inc. (the “Company”) issued a press release announcing the financial results for the Company for the first quarter ended March 31, 2024. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information in this Item 2.02, including the Exhibit 99.1 attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

Item 7.01. Regulation FD Disclosure.

The Company's management team will host a conference call on May 13, 2024 during which they will make a presentation on the Company's financial results for the first quarter ended March 31, 2024. The presentation has been made available on the Company's website at https://investors.hyzonfuelcell.com/ and is furnished as Exhibit 99.2 to this Current Report on Form 8-K.

The information in this Item 7.01, including the Exhibit 99.2 attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.
Exhibit NumberDescription
99.1
99.2
104Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)





SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

HYZON MOTORS INC.
Date: May 13, 2024
By:
/s/ Parker Meeks
Name:
Parker Meeks
Title:
Chief Executive Officer




Exhibit 99.1    
image.jpg
 News release
HYZON ANNOUNCES FIRST QUARTER 2024 FINANCIAL AND OPERATING RESULTS

BOLINGBROOK, Ill., May 13, 2024 - Hyzon (NASDAQ: HYZN) (Hyzon or the Company), a U.S.-based manufacturer and global supplier of high-performance hydrogen fuel cell systems focused on providing zero-emission power to decarbonize the most demanding industries, today announced its first quarter 2024 financial and operating results:

Recent Highlights

•First quarter 2024 Revenue of $10.0 million as compared to no revenue in the prior-year period, demonstrating material progress in customer acceptance and completion of commercial cycle
•Announced Joint Development Agreement with New Way Trucks, North America’s largest private refuse manufacturer, and unveiled first hydrogen-powered refuse truck for U.S. market at WasteExpo in May; trials with major refuse collection fleets expected to begin summer 2024
•Completed five 200kW C-sample Fuel Cell Systems (FCS) in Q1 and five additional 200kW FCSs in April, remaining on track for Start of Production (SOP) of 200kW FCS in second half of 2024
•Successfully completed four-month refuse truck trial with REMONDIS Australia, converting to full vehicle sale
•Launched 200kW fuel cell system integrated in Australian heavy-duty cabover truck, with first SOP of Class 8 200kW Fuel Cell Electric Vehicle (FCEV) expected in second half of 2024
•R&D, SG&A, and net cash burn, excluding the first SEC settlement payment and the proceeds from the sale of the Rochester facility, all came in at or below the low-end of Company guidance ranges for the first quarter of 2024

"I am pleased with our start to 2024, during which we have built upon the commercial and technology inflection points we achieved in 2023," said Hyzon Chief Executive Officer Parker Meeks. "We've successfully completed the commercial cycle for vehicles deployed last year, evident in our quarterly revenue progression. We continue to receive positive data and feedback from initial vehicle deployments. Last week, we unveiled the first U.S. fuel cell refuse vehicle with New Way, and we eagerly anticipate commencing trials for this vehicle and the 200kW Class 8 fuel cell truck this summer. We remain on schedule for the SOP of our single stack 200kW fuel cell system in the latter half of this year, and are enhancing manufacturing efficiencies and expanding our facility capabilities. I am highly encouraged by the progress we have made and the strength of the Hyzon platform as we progress through the balance of 2024."

First Quarter 2024 Business Highlights

Commercial Progress
Hyzon unveiled the first fuel cell electric refuse truck for the U.S. market with New Way Trucks, the largest private refuse equipment manufacturer in North America, at the WasteExpo in Las Vegas, Nev. earlier this month. After seeing the strong operational performance of the Company’s Australian refuse truck over a four-month customer trial in the second half of 2023, Hyzon accelerated this vehicle development to bring the zero-emission platform to North America.

In Q1, Hyzon delivered one Class 8 fuel cell truck to a drayage customer at the Ports of Los Angeles and Long Beach, the largest port drayage fleet in the U.S.

Hyzon continues to receive positive feedback from Performance Food Group (PFG) in California as they gain operational experience through the four FCEVs delivered to them in December 2023. Pending a successful 200kW vehicle trial planned for summer 2024, Hyzon expects to work with PFG on an expanded agreement for 15 200kW FCEVs, as well as a potential option for 30 more FCEVs.

In March, Hyzon launched its single stack 200kW fuel cell system and powertrain, integrated into a heavy-duty cabover vehicle, a familiar design for fleets in Australia, New Zealand, and Europe. The Company expects to deploy 200kW cabover vehicles in Australia and New Zealand and 200kW conventional vehicles in the U.S. later this year.

Growing Government Support for Clean Energy Initiatives
The Inflation Reduction Act earmarks $2.6 billion for the Environmental Protection Agency’s Clean Ports Program. As initial examples, Hyzon is actively supporting two of the top ten ports in the country in their applications under the Clean Ports Program which have the ambition to deploy up to 100 trucks in a single application.

The Department of Energy also awarded $750 million funded by the Bipartisan Infrastructure Law (BIL) to companies advancing clean hydrogen technologies, including a project on which Hyzon is a partner. Hyzon has also recently submitted a concept paper as the lead applicant under an additional $425 million BIL funding program, which if selected, may provide up to $14 million to help fund future expansions of the Bolingbrook fuel cell facility.

Single Stack 200kW Fuel Cell System C-Sample Development Update
Hyzon continues to progress its C-sample development to meet all technical requirements to reach SOP for its single stack 200kW fuel cell system in the second half of 2024. The Company completed five C-sample systems in the first quarter using production tooling and an additional five systems in April, while continuing to advance rigorous durability testing to remain on track for SOP.

Concurrently, the Company has been working to drive greater efficiency in its manufacturing operations as it prepares for SOP at its Bolingbrook fuel cell facility. In the first quarter, it increased its daily single cell production rate by over 2.5 times.

Hyzon expects its 200kW FCS annual production capacity to be 700 systems on three shifts with less than $3 million of capital expenditures remaining to achieve SOP and the targeted initial capacity. Capital-efficient capacity expansions are planned as demand continues to grow.

First Quarter 2024 Financial Updates
"We recognized first quarter revenue of $10.0 million compared to no revenue in the comparable prior-year period. Hyzon believes that this reflects a significant customer and financial milestone for the Company – an amount this quarter approximately equal to the total revenue recorded prior to this quarter and since the Company’s inception," said Hyzon Chief Financial Officer Stephen Weiland. "While an important validator





hyzonfuelcell.com
image.jpg
and reflection of customer acceptance, we do expect near-term fluctuations in revenue recognition given the timing of deployments and contract terms. We were also pleased that R&D, SG&A, and net cash burn excluding the first SEC settlement payment and the proceeds from the sale of our Rochester facility, all came in at or below the low-end of our guidance ranges for the quarter."

As of March 31, 2024, unrestricted cash, cash equivalents, and short-term investments were $82.6 million, representing a net cash burn of $29.6 million from the December 31, 2024 balance of $112.3 million. Net cash burn, excluding the $8.5 million first SEC settlement payment and approximately $2.9 million in proceeds received from the sale of the Company's Rochester facility, came to $24.0 million for the first quarter of 2024. Excluding these items, and consistent with Company guidance for the quarter, this represented the lowest quarterly net cash burn over the last ten quarters and the fifth consecutive quarter of declining net cash burn.

Conference Call Information
The Hyzon management team will host a conference call to discuss its first quarter financial results on Monday, May 13, 2024 at 4:30 p.m. Eastern Time.

Participants can join the call at 1-888-800-7840 or international callers can use 1-646-307-1856 and enter the access code 5240234. To listen to the live audio webcast and Q&A, visit the Hyzon investor relations website at https://investors.hyzonfuelcell.com/.

About Hyzon

Hyzon is a global supplier of high-performance hydrogen fuel cell technology focused on providing zero-emission power to decarbonize demanding industries. With agile, high-power technology designed for heavy-duty applications, Hyzon is at the center of a new industrial revolution fueled by hydrogen, an abundant and clean energy source. Hyzon focuses on deploying its fuel cell technology in heavy-duty commercial vehicles across North America, Europe, and Australia/New Zealand today and in tomorrow's power generation and energy storage, mining, construction, rail, marine, and airport ecosystems. To learn more about how Hyzon partners across the hydrogen value chain to accelerate the clean energy transition, visit www.hyzonfuelcell.com.



Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, are forward-looking statements. When used herein, the words "aim,” "could," "should," "will," "may," "believe," "anticipate," "intend," "estimate," "expect," "project," "outlook," "guidance," the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Forward-looking statements are based on management's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Hyzon disclaims any duty to update any forward-looking statements, all of which are expressly qualified by events or circumstances after the date of this press release. Hyzon cautions you that forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Hyzon, including, but not limited to, the following: our ability to raise needed capital in sufficient time or amount; our ability to commercialize our products and strategic plans, including our ability to establish facilities to produce our fuel cells, assemble our vehicles or secure hydrogen supply in appropriate volumes, at competitive costs, or competitive emissions profiles; our ability to compete effectively in the heavy-duty transportation sector, and withstand intense competition and competitive pressures from other companies worldwide in the industries in which we operate; our ability to convert non-binding memoranda of understanding into binding orders or sales (including because of the current or prospective resources of our counterparties) and the ability of our counterparties to make payments on orders; our ability to invest in hydrogen production, distribution, and refueling operations to supply our customers with hydrogen at competitive costs to operate their fuel cell electric vehicles; disruptions to the global supply chain, including as a result of geopolitical events, and shortages of raw materials, and the related impacts on our third-party suppliers and assemblers; our ability to maintain the listing of our common stock on the Nasdaq Global Select Market; our ability to retain or recruit, or changes required in, our officers, key employees, or directors; our ability to protect, defend, or enforce our intellectual property on which we depend; and the impacts of legal proceedings, regulatory disputes, and governmental inquiries.

Contact:
IR@hyzonfuelcell.com

Media Contact:
Hyzon@teamavoq.com





hyzonfuelcell.com
image.jpg

HYZON MOTORS INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
(unaudited)
March 31,
2024		December 31,
2023
ASSETS
Current assets
Cash and cash equivalents $52,408 $112,280 
Short-term investments30,232 — 
Accounts receivable3,960 498 
Unbilled receivable52 1,599 
Inventory22,683 28,811 
Prepaid expenses and other current assets8,749 9,335 
Total current assets118,084 152,523 
Property, plant, and equipment, net15,809 18,569 
Right-of-use assets4,343 4,741 
Equity method investments8,353 8,382 
Investments in equity securities763 763 
Other assets6,360 6,157 
Total Assets$153,712 $191,135 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable$2,399 $1,479 
Accrued liabilities25,891 30,116 
Related party payables146 265 
Contract liabilities4,331 8,872 
Current portion of lease liabilities1,697 1,821 
Total current liabilities34,464 42,553 
Long term liabilities
Lease liabilities5,280 5,733 
Private placement warrant liability641 160 
Earnout liability5,552 1,725 
Accrued SEC settlement8,078 8,000 
Other liabilities1,106 2,964 
Total Liabilities$55,121 $61,135 
Commitments and contingencies
Stockholders’ Equity
Common stock, $0.0001 par value; 400,000,000 shares authorized, 245,214,777 and 245,081,497 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively.
25 25 
Treasury stock, at cost; 3,769,592 shares as of March 31, 2024 and December 31, 2023, respectively.
(6,446)(6,446)
Additional paid-in capital382,669 380,261 
Accumulated deficit(276,865)(242,640)
Accumulated other comprehensive loss(41)(514)
Total Hyzon Motors Inc. stockholders’ equity99,342 130,686 
Noncontrolling interest(751)(686)
Total Stockholders’ Equity 98,591 130,000 
Total Liabilities and Stockholders’ Equity$153,712 $191,135 







hyzonfuelcell.com
image.jpg
HYZON MOTORS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
March 31,
20242023
Revenue$9,983 $— 
Operating expense:
Cost of revenue7,816 838 
Research and development10,829 9,340 
Selling, general, and administrative21,528 30,857 
Restructuring and related charges501 — 
Total operating expenses40,674 41,035 
Loss from operations(30,691)(41,035)
Other income (expense):
Change in fair value of private placement warrant liability(481)641 
Change in fair value of earnout liability(3,827)6,420 
Foreign currency exchange gain (loss) and other expense, net(527)1,150 
Investment income and interest income, net1,224 2,566 
Total other income (expense)(3,611)10,777 
Loss before income taxes$(34,302)$(30,258)
Income tax expense— — 
Net loss$(34,302)$(30,258)
Less: Net loss attributable to noncontrolling interest(77)(10)
Net loss attributable to Hyzon$(34,225)$(30,248)
Comprehensive loss:
Net loss$(34,302)$(30,258)
Foreign currency translation adjustment485 (804)
Net change in unrealized gain (loss) on short-term investments— (297)
Comprehensive loss$(33,817)$(31,359)
Less: Comprehensive income (loss) attributable to noncontrolling interest(65)(17)
Comprehensive loss attributable to Hyzon$(33,752)$(31,342)
Net loss per share attributable to Hyzon:
Basic$(0.14)$(0.12)
Diluted$(0.14)$(0.12)
Weighted average common shares outstanding:
Basic245,127 244,541 
Diluted245,127 244,541 







hyzonfuelcell.com
Hyzon Q1 2024 Earnings May 13, 2024

 
Forward Looking Statements This presentation includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this presentation, are forward- looking statements. When used herein, the words "aim,” "could," "should," "will," "may," "believe," "anticipate," "intend," "estimate," "expect," "project," "outlook," "guidance," the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward- looking statements contain such identifying words. Forward-looking statements are based on management's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Hyzon disclaims any duty to update any forward-looking statements, all of which are expressly qualified by events or circumstances after the date of this presentation. Hyzon cautions you that forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Hyzon, including, but not limited to, the following: our ability to raise needed capital in sufficient time or amount; our ability to commercialize our products and strategic plans, including our ability to establish facilities to produce our fuel cells, assemble our vehicles or secure hydrogen supply in appropriate volumes, at competitive costs, or competitive emissions profiles; our ability to effectively compete in the heavy-duty transportation sector, and withstand intense competition and competitive pressures from other companies worldwide in the industries in which we operate; our ability to convert non-binding memoranda of understanding into binding orders or sales (including because of the current or prospective resources of our counterparties) and the ability of our counterparties to make payments on orders; our ability to invest in hydrogen production, distribution, and refueling operations to supply our customers with hydrogen at competitive costs to operate their fuel cell electric vehicles; disruptions to the global supply chain, including as a result of geopolitical events, and shortages of raw materials, and the related impacts on our third-party suppliers and assemblers; our ability to maintain the listing of our common stock on the Nasdaq Global Select Market; our ability to retain or recruit, or changes required in, our officers, key employees, or directors; our ability to protect, defend, or enforce our intellectual property on which we depend; and the impacts of legal proceedings, regulatory disputes, and governmental inquiries. Additional information on potential factors that could affect the financial results of Hyzon and its forward- looking statements is included in the "Risk Factors" section of Hyzon’s latest Annual Report on Form 10-K, for the year ended December 31, 2023 filed with the SEC on March 22, 2024, our Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 filed with the SEC on May 13, 2024, and other documents filed by Hyzon from time to time with the U.S. Securities and Exchange Commission (the “SEC”). These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Hyzon gives no assurances that Hyzon will achieve its expectations as may be described herein. 2

 
Q1 2024 Highlights 3 Key Commercial and Operational Highlights • Recognized revenue including vehicles delivered in 2023, demonstrating material progress with customer acceptance and completing commercial cycle • Announced Joint Development Agreement with New Way Trucks, North America’s largest private refuse manufacturer, and unveiled first hydrogen-powered refuse truck for U.S. market at Waste Expo in May; trials with major refuse collection fleets expected to begin summer 2024 • Completed five 200kW C-sample Fuel Cell Systems (FCS) in Q1 and five additional 200kW FCSs in April, remaining on track for Start of Production (SOP) of 200kW FCS in second half of 2024 • Successfully completed four-month refuse truck trial with REMONDIS Australia, converting to full vehicle sale • Launched 200kW fuel cell system integrated in Australian heavy-duty cabover truck, with first SOP of Class 8 200kW Fuel Cell Electric Vehicle (FCEV) expected in second half of 2024 Key Financial Highlights this Quarter • Cash & cash equivalents of $82.6 million on March 31, 2024 • $10.0 million of recognized revenue • R&D, SG&A, and net cash burn1 (excluding the first SEC settlement payment and the proceeds from the sale of our Rochester facility) all at or below the low- end of Q1 2024 guidance ranges • Excluding the SEC settlement payment and Rochester proceeds, an average monthly net cash burn in Q1 2024 representing the lowest quarterly burn over the last ten quarters and fifth consecutive quarterly decline 1. Net cash burn = Ending Cash & Equivalents and ST Investments as of March 31, 2024 - Beginning Cash & Equivalents and ST Investments as of December 31, 2023.

 
Parker Meeks Chief Executive Officer 4

 
Hyzon at a Glance Expanding IP Portfolio Foundational to Single Stack 200kW Fuel Cell System’s Economic Advantages 5 Growing IP Portfolio with 170 Patents1 • Doubled the total applied1 / granted patent count since 2021 with over 90 patents applied since 2021, with 10 patents granted • Patented areas include Membrane Electrode Assembly (MEA), bipolar plates (BPP), unit cell, fuel cell (FC) stack, fuel cell system (FCS), and hydrogen storage Benefits of Using 1x 200kW vs. 2x ~110 kW Fuel Cells in Heavy Duty Trucks • ~30% lower volume and weight • ~25% lower total FCS cost in truck BOM • ~20% improved miles per kg hydrogen2 Hyzon’s Technology-Led Value Proposition • U.S.-based manufacturing nearing start of production (SOP), expected in 2H 2024 • Cash-positive contribution margin fuel cell trucks deployed to large fleet customers in 2023 • Accelerating hydrogen fuel cell truck market powered by customer and government tailwinds • Significant technology option value in several fuel cell- advantaged, future market applications 1. Includes patents awarded and patents pending. Applied patents include both provisional and non-provisional patent applications. 2. 200 vs. 120kW at 120kW; Estimated based on early 200 kW truck testing at test track in similar simulated routes on flat road vs. similar use case performance with single 120 kW FCS.

 
1. Manufactured in the U.S. 2. Includes patents awarded and patents pending. Applied patents include both provisional and non-provisional patent applications. 6 Hyzon’s Technology-led Competitive Advantages 200kW Fuel Cell System Underpinned by Growing IP Portfolio • Only 200 kW + single stack FCS1 in mobility products • Protected by 170 patents, including over 90 applied since 2021, with 10 granted2 • Technology advantages driven by IP and design at each level of the FCS, including MEA, BPP, stack, and system Vertically Integrated Capital-Light FC Development and US Manufacturing • FC Manufacturing plant on track for 2024 SOP in US o Less than $3M Capex left through SOP and 700-unit annual capacity (3 shifts) o Continuous roll-to-roll MEA line installed with the potential to support 4k+ FCS annual production capacity with additional debottlenecking o Low Capex requirement to debottleneck through Cash Flow breakeven • Vertically integrated from catalyst/electrode and MEA forward Technology Enabled Business Model and Economic Advantages • Single stack 200kW FCS enabling cash-positive contribution margin fuel cell trucks • Vertical integration in IP and manufacturing enables product customization to each major market (e.g., mining, stationary power) • U.S. manufacturing plant & MEA line in place with low Capex scaling

 
Large Fleet Focus with Three-Step Ramp-up, Enabling 1,000 Trucks per Year with just 10 Large Fleet Customers 1. Based on 40kg of hydrogen consumption per day per FCEV Class 8 truck. 7 Example Large Fleet Customer Order Intention Ramp-Up Schedule w/ Hydrogen Fuel Requirements 1 Hyzon’s commercial model collaborates with customers through the FCEV ramp-up, starting with trials attached to confirmed pilots and milestone orders 2 Post-trial fleet ramp-up to 100 trucks per year over 3 to 4-year period 3 10 customers per region would lead to 1,000 trucks per year over multiple phases 4 Active trial and customer pipeline with anchor customers under agreements in US, Europe and Australia / New Zealand Public access or behind the fence based on interest and operational needs Number of Class 8 FCEV trucks Cumulative hydrogen consumption (tons/day)1 Hydrogen Fueling Solutions Cumulative Class 8 FCEV trucks in fleet Mobile refueler or existing public access 15-20 ~0.8 – 1.2 20-30 Implementation 30-50 ~2.0 – 3.2 50-80 Milestone 75-100 ~5.0 – 7.2 125-180 Ramp-up 5-10 ~0.2 – 0.4 5-10 Pilot

 
Steps to Revenue Recognition in Pilot Phase Order Ramp-Up Schedule - Large Fleet Customer Number of Class 8 FCEVs 15-20 Implementation 30-50 Milestone 75-100 Ramp-up 5-10 Trial Contract Deliver Accept Multi-week trial of Hyzon FCEV in customer operations, following multi-month development process Initial multi-year commercial agreement, including binding Pilot order and subsequent tranches to scale over time Hyzon delivers first tranche of vehicles under commercial agreement (e.g., Pilot Tranche Vehicles) to customer Customer accepts vehicles into operations according to commercial agreement structure, triggering revenue recognition Scale Progress to Implementation, Milestone, Ramp-Up Tranches of Commercial Agreement over multiple years Pilot

 
9 Significant Global Market Opportunity in Heavy Duty (HD) Trucking Alone, with Multiple Layers of Upside Optionality 1. Statista HD Truck Projections (2019). 2030 and 2050 TAM based on extrapolation of 2019 – 2026 CAGR of 2.57%. 2. Mordor Intelligence MD and HD Commercial Vehicles Market Research Report (2022). 2030 and 2050 TAM based on extrapolation of 2018 – 2028 CAGR of 8%. 3. Heavy Duty Mobility Applications consists of Locomotive, Agricultural Machinery, Construction Machinery, ATV markets. 4. Airport: The Business Research Company Commercial Aircraft Market Research Report (2023). 2030 and 2050 TAM based on extrapolation of 2023 – 2027 CAGR of 7.9%. Port: Skyquest Tech Consulting Marine Vessel Market Research Report (2022). 2030 and 2050 TAM based on extrapolation of 2022 – 2028 CAGR of 1.61%. 5. Markets and Markets Hybrid Power Solutions Market Research Report (2015). 2030 and 2050 TAM based on extrapolation of 2016 – 2021 CAGR of 8.13%. Scale = $100Bn Hydrogen Fuel Supply (via partner project investment rights) Core Focus Today: Heavy Duty Trucking1 3 core platforms in 3 core regions (US, EU, and ANZ) Medium Duty2 Remote & Off-Grid Power5 Airport/Port & Other Ecosystems4 Rail/Off-road and other HD3 Option Value End-Markets and Example Entry FC Applications Class 6 Regional Delivery; Vocational Trucks Construction & Mining Equipment w/ 200kW FCS Ground Support Equipment (e.g., aircraft tug) 500kW to 1 MW+ power

 
Commercial and Operational Updates 10 200kW Fuel Cell System: C-Samples built with Production Tooling • Began C-sample, with five 200kW FCS units completed in Q1 and five additional 200kW FCSs in April '24, using production tooling • Advanced facility capability and efficiency, along with durability testing program • On track for SOP in 2H 2024 Vehicle Updates • Launched Hyzon-manufactured 200kW fuel cell system and powertrain in heavy- duty cabover vehicle in Melbourne • Delivered one truck to drayage customer at Ports of LA/LB • Converted REMONDIS Australia refuse vehicle trial to sale • On track for SOP of 200kW FCEV in 2H 2024 Delivered 4 Trucks to Performance Food Group • Positive feedback from initial vehicle deployments with Performance Food Group in California • 350-mile expected range • 15-20 minute refueling time • 6-8,000 lbs. lighter than Battery Electric Vehicles (BEVs) • Second tranche of 15 200kW FCEVs pending a successful 200kW trial planned for 1H 2024, with an option for 30 more FCEVs FCEV Waste Collection Trucks Update • Signed Joint Development Agreement with New Way Trucks in February 2024 to develop FCEV refuse trucks in North America • Unveiled first FCEV refuse truck for U.S. market in May 2024 • Announced customer trial program launch with Recology • More than nine U.S. FCEV refuse truck trials scheduled or in planning; on track to begin summer 2024

 
2023 and 2024 Commercial and Operational Milestones 11 Timing 2023 Milestones Status 1H 2023 Europe cabover gen 1 4x2 customer launch with anchor customers  1H 2023 First 9 200kW B-sample fuel cell systems produced and tested  1H 2023 First U.S. customer order contracted  1H 2023 First 200kW FCEV truck in testing  2H 2023 Deliver first commercial Class 8 Hyzon FCEV to U.S. customer  2H 2023 200kW fuel cell C-sample declaration  2H 2023 25 200kW fuel cell prototypes produced / validated   - Completed Expected Timing 2024 Anticipated Milestones1 Status 1H 2024 Launch U.S. refuse truck trials 2H 2024 Initial commercial agreements from refuse truck trials 2H 2024 200kW fuel cell production facility SOP declared 2H 2024 200kW fuel cell truck SOP declared 2H 2024 New large fleet multi-year customer agreements 2H 2024 Large fleets advanced to second order tranche 2H 2024 20-40 fuel cell truck deployments under commercial agreements 1. Guidance is tied to progress in Hyzon's strategic capital raise, and may be adjusted pending outcomes this year.

 
Stephen Weiland Chief Financial Officer 12

 
Quarterly Financial Highlights Q1 2024 Highlights • $10.0 million Revenue recognition • Approximately equal to the total revenue recorded prior to this quarter and since the Company’s inception • Expect near-term fluctuations in revenue recognition given the timing of deployments and contract terms • R&D, SG&A, and net cash burn excluding the first SEC settlement payment and the proceeds from the sale of our Rochester facility2, all at or below the low-end of Q1 2024 guidance ranges ($ in thousands, except share and per share data) Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Revenue - - - 295 9,983 COR 838 2,410 3,286 9,122 7,816 R&D 9,340 12,597 10,857 10,935 10,829 SG&A 30,857 49,098 21,044 20,165 21,528 Restructuring & related charges - - 4,885 2,880 501 Loss from Operations (41,035) (64,105) (40,072) (42,807) (30,691) Net Loss Attributable to Hyzon (30,248) (60,248) (44,054) (49,492) (34,225) Basic and Diluted EPS (0.12) (0.25) (0.18) (0.20) (0.14) Weighted Avg Common Shares (Basic and Diluted) 244,541 244,628 244,885 245,035 245,127 Cash & Cash Equivalents + ST Investments 209,015 172,415 137,807 112,280 82,640 Net Cash Burn1 (46,314) (36,600) (34,608) (25,527) (29,640) Total Global Headcount (rounded) 330 380 370 360 340 1. Net cash burn = Ending Cash & Equivalents and ST Investments as of the end of the relevant quarter - Beginning Cash & Equivalents and ST Investments as of the immediately prior quarter. 2. Q1 2024 net cash burn of $29.6MM, excluding the first $8.5MM SEC settlement payment and proceeds of $2.9MM from sale of the Rochester facility results in $24.0MM excluding those items. 13

 
Quarterly Net Cash Burn1 $46.3 $36.6 $34.6 $25.5 $24.02 / $29.6 Average Monthly Net Cash Burn $15.4 $12.2 $11.5 $8.5 $8.02 / $9.9 Declining Average Monthly Net Cash Burn • Improving net cash burn driven by our strategic focus, cost management, and declining expenses relating to legal, consulting, and accounting fees • First SEC settlement payment and proceeds from the sale of the Rochester facility were explicitly not included in Q1 2024 net cash burn guidance range • Excluding those items, reflects the lowest quarterly net cash burn over the last ten quarters and five consecutive quarters of decline ($MM) 14 15.4 12.2 11.5 8.5 8.0 9.9 0.0 4.0 8.0 12.0 16.0 20.0 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 2 1. Net cash burn = Ending Cash & Equivalents and ST Investments as of the end of the relevant quarter - Beginning Cash & Equivalents and ST Investments as of the immediately prior quarter. 2. Q1 2024 net cash burn of $29.6MM, excluding the first $8.5MM SEC settlement payment and proceeds of $2.9MM from sale of the Rochester facility results in $24.0MM excluding those items and $8.0MM monthly average over the quarter.

 
Q2 2024 Guidance 15 Q2 2024 ($ in thousands) Low High SG&A 26,000 30,000 R&D 11,000 13,000 Total 37,000 43,000 Net Cash Burn1 27,000 30,000 • Remain focused on raising capital and prioritizing investments in fuel cell IP with levers to reduce cash burn depending on funding • Guidance reflects our current business operating model, which is subject to change based on our capital raise outcomes • Monthly average net cash burn below $10.0 million is representative of how we are currently operating • Slight uptick in Q2 net cash burn from Q1 driven by working capital and payroll timing 1. Net cash burn = Ending Cash & Equivalents and ST Investments as of the end of the relevant quarter - Beginning Cash & Equivalents and ST Investments as of the immediately prior quarter.

 
v3.24.1.1.u2
Cover
May 13, 2024
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date May 13, 2024
Entity Registrant Name Hyzon Motors Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 001-3962
Entity Tax Identification Number 82-2726724
Entity Address, State or Province IL
Entity Address, Postal Zip Code 60440
Entity Address, City or Town Bolingbrook
Entity Address, Address Line One 599 South Schmidt Road
Local Phone Number 484-9337
City Area Code 585
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company true
Entity Ex Transition Period false
Entity Central Index Key 0001716583
Amendment Flag false
Common Stock  
Entity Information [Line Items]  
Title of 12(b) Security Class A common stock, par value $0.0001 per share
Trading Symbol HYZN
Security Exchange Name NASDAQ
Warrant  
Entity Information [Line Items]  
Title of 12(b) Security Warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 per share
Trading Symbol HYZNW
Security Exchange Name NASDAQ
Hyzon Motors (NASDAQ:HYZNW)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024 Plus de graphiques de la Bourse Hyzon Motors
Hyzon Motors (NASDAQ:HYZNW)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024 Plus de graphiques de la Bourse Hyzon Motors