Hyzon Motors FY23 Revenue Plunges, Losses Widen Despite Vehicle Deployments
Portfolio Pulse from Lekha Gupta
Hyzon Motors Inc (NASDAQ:HYZN) reported a significant drop in FY23 revenue to $0.30 million from $3.7 million the previous year, with losses widening as operational loss reached $(188.0) million from $(172.8) million and adjusted EBITDA at $(134.2) million from $(125.5) million. Despite deploying 19 vehicles, EPS loss worsened to $(0.75) from $(0.13). The company ended the year with $112.3 million in unrestricted cash and investments, with a Q4 net cash burn of $25.5 million. Hyzon Motors is also part of the Global X Hydrogen ETF (NASDAQ:HYDR) and Carbon Collective Climate Solutions U.S. Equity ETF (NASDAQ:CCSO).
March 22, 2024 | 4:13 pm
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NEGATIVE IMPACT
Carbon Collective Climate Solutions U.S. Equity ETF, which includes Hyzon Motors, may see an impact on its performance due to Hyzon's FY23 financial results.
Hyzon Motors' disappointing FY23 results could negatively influence CCSO's performance, given Hyzon's inclusion in the ETF. The impact magnitude will depend on Hyzon's portfolio weight within CCSO.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
Global X Hydrogen ETF includes Hyzon Motors in its portfolio, potentially impacting its performance due to Hyzon's reported financial results.
Given Hyzon Motors' poor financial performance, as an included asset in HYDR's portfolio, there could be a negative impact on the ETF's performance, although the extent depends on Hyzon's weight within the ETF.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
Hyzon Motors reported a significant drop in FY23 revenue and widening losses, with a notable increase in operational loss and adjusted EBITDA loss. The company deployed 19 vehicles and ended the year with substantial cash reserves.
The significant drop in revenue and widening losses, despite vehicle deployments, indicate a challenging financial performance for Hyzon Motors, likely leading to negative investor sentiment and a potential decrease in stock price in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100