Executive Summary

HYZN reported Q3 2024 revenue of $0.13M, net loss of $41.3M, and EPS of $(7.74); operating expenses were driven by SG&A of $29.7M including an $11.1M non-cash impairment .
Commercial execution advanced materially: SOP for the single-stack 200kW fuel cell system and Class 8 200kW FCET, ISO 9001 certification, and North America’s first refuse FCET order (12 trucks) with GreenWaste following successful trials; hydrogen pricing availability improved to ~$10–$12/kg for 2025 .
Trials exceeded expectations: 10 completed (5 Class 8, 5 refuse), near-100% uptime; fuel efficiency advantage vs diesel of 25%–50% (Class 8) and 230%–300% (refuse), demonstrating routes many BEV trucks could not complete .
Liquidity: cash and short-term investments of $30.4M at 9/30; ATM raised ~$5M post-quarter; average monthly net cash burn decreased to $8.2M in Q3 and is targeted to ~$6.5M by year-end. Stock responded positively to the GreenWaste order announcement, creating an opportunity to use equity fundraising tools tactically .
Estimate comparisons: S&P Global consensus estimates were unavailable for HYZN; note that formal beat/miss vs Wall Street cannot be assessed this quarter (S&P Global data unavailable).

What Went Well and What Went Wrong

What Went Well

Secured first-ever North American refuse FCET order (12 trucks) with GreenWaste following a two-week trial; deliveries expected as early as Q4 2025, validating product-market fit in a hard-to-decarbonize application .
Achieved SOP for single-stack 200kW fuel cell system (Bolingbrook facility, integrated MEA through system) and SOP for Class 8 200kW FCET; obtained ISO 9001 certification, reinforcing quality and readiness for scaled commercialization .
Trials beat expectations: “performance has been exceptional and far beyond both our expectations and the customers’” with Class 8 trucks completing up to 500-mile days and showing up to 50% better fuel efficiency vs diesel; refuse trucks showing up to 3x better fuel efficiency than diesel and >1,300 bin lifts/day achieved on a single fill .

What Went Wrong

Financials remain subscale: Q3 revenue $0.13M (primarily operating lease recognition), net loss $(41.3)M, operating loss $(37.4)M; SG&A elevated due to $11.1M non-cash impairment and higher legal fees .
Continued capital needs: company executed a small equity raise and ATM; management highlighted focus on raising capital and potential strategic investment, with forward-looking risk disclosures referencing going-concern and bankruptcy protection risks in filings .
Hydrogen pricing and availability have been a headwind historically (quotes >$40/kg six months ago), though conditions have improved recently to ~$10–$12/kg for 2025 dispatch supply .

Financial Results

Income Statement and EPS across periods (oldest → newest)

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024
Revenue ($USD Thousands)	$0	$295	$9,983	$313	$134
Cost of Revenue ($USD Thousands)	$3,286	$9,122	$7,816	$18,415	$301
R&D ($USD Thousands)	$10,857	$10,935	$10,829	$9,817	$8,074
SG&A ($USD Thousands)	$21,044	$20,165	$21,528	$25,516	$29,677
Restructuring ($USD Thousands)	$4,885	$2,880	$501	$2,663	$1,604
Gain on Lease Termination ($USD Thousands)	—	—	—	—	$(2,096)
Loss from Operations ($USD Thousands)	$(40,072)	$(42,807)	$(30,691)	$(56,098)	$(37,426)
Net Loss Attributable to Hyzon ($USD Thousands)	$(44,054)	$(49,492)	$(34,225)	$(50,790)	$(41,319)
Basic & Diluted EPS (recast for 1-for-50 split)	$(8.99)	$(10.10)	$(6.98)	$(10.29)	$(7.74)

Liquidity and Cash Burn

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024
Cash & ST Investments ($USD Thousands)	$137,807	$112,280	$82,640	$55,138	$30,428
Quarterly Net Cash Burn ($USD Thousands)	$(34,608)	$(25,527)	$(29,640)	$(27,502)	$(24,710)
Avg Monthly Net Cash Burn ($USD Thousands)	$11,536	$8,509	$9,880	$9,167	$8,237

Notes: ATM raised ~$5M post-quarter; 9/30/24 cash $30.4M; target average monthly net cash burn ~$6.5M by year-end .

Operational KPIs (Q3 2024 highlights)

KPI	Q3 2024
Trials completed (Jul–Nov)	10 (5 Class 8; 5 refuse)
Trials scheduled through Feb 2025	>30 fleets (avg ~4,200 trucks/fleet; 10 fleets >5,000 trucks)
Uptime	Near 100% in customer operations
Class 8 FCET fuel efficiency vs diesel	+25% to +50%
Refuse FCET fuel efficiency vs diesel	+230% to +300%
Refuse FCET bin lifts/day achieved	>1,300 on single fill; projected >1,500
Hill climbs	Up to 27% grade (refuse); 3,000-ft climbs at 6%–8% grades (Class 8)
FCS SOP capacity	700 systems/year (3 shifts)
Hydrogen price quotes (2025 dispense)	~$10–$12/kg (vs >$40/kg ~6 months ago)

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Avg monthly net cash burn	FY 2024 YE	~$6.5M target by YE (Q2 commentary)	On track to ~$6.5M by YE (Q3 reiteration)	Maintained
Fuel cell system SOP	H2 2024	SOP expected H2 2024	SOP achieved Oct 8, 2024	Achieved
Class 8 200kW FCET SOP	H2 2024	SOP expected H2 2024	SOP achieved Sept 16, 2024	Achieved
Trials pipeline scale	Through Jan 2025	25 trials planned	Expanded to >30 fleets through Feb 2025	Raised
GreenWaste refuse FCET deliveries	Initial tranche	Not previously guided	Begin as early as Q4 2025	New

Earnings Call Themes & Trends

Topic	Q1 2024 (Prior-2)	Q2 2024 (Prior-1)	Q3 2024 (Current)	Trend
Commercial traction (orders)	Revenue recognized $10.0M from prior deliveries; preparing trials; PFG expansion plan contingent on 200kW trials	Launched Class 8 trials; refuse trials to start; 25 trials planned	First refuse FCET order (12) with GreenWaste; majority of completed trials in negotiations	Improving; first commercial order secured
Technology SOP	Advancing 200kW FCS C-sample; increased single-cell throughput	21 C-sample FCS built in 1H; SOP expected H2	SOP achieved for 200kW FCS and Class 8 FCET; ISO 9001 certification	Achieved milestones
Trial performance	Early data showing Class 8 completing diesel-equivalent days; ~6 mpg eq vs diesel ~4 mpg	Program launched; BEV trucks failing certain routes	Near-100% uptime; 25%–50% (Class 8) and 230%–300% (refuse) fuel-efficiency advantages; >1,300 bin lifts/day	Strong execution
Hydrogen supply/pricing	Supportive US programs (Clean Ports, HVIP, 45W)	Continued gov’t tailwinds; exploring grants	Pricing improved materially to ~$10–$12/kg for 2025; availability improving	Improving economics
Strategic/capital	Working on SOP capacity; exploring funding; shelf effectiveness led to capital raise	Registered direct offering ($4.5M gross); retained advisor for strategic options	ATM in place; ~$5M raised post-Q3; pursuing strategic partnerships alongside order pipeline	Tools in place; focus on commercialization

Management Commentary

“We achieved these goals and more during the quarter, and have importantly transitioned to the next phase of growth, commercialization, and with it another significant inflection point.” — Parker Meeks, CEO .
“Our refuse collection vehicle has shown fuel efficiency that is 2.3x to 3x better than diesel… fleets can absorb a $10 to $12 per kilogram price of fuel… and still be at the same operating cost as diesel.” — Parker Meeks .
“Our average monthly recurring net cash burn… target of approximately $6.5 million by year-end… our average monthly net cash burn in the first quarter of 2023 was $15.4 million.” — Stephen Weiland, CFO .
“We are now seeing fuel pricing quotations for 2025 dispense supply that is, in some cases, as low as $10 per kilogram dispense…” — Parker Meeks .
“We now put in place the tools… an at-the-market program… having raised approximately $5 million in proceeds.” — Stephen Weiland .

Q&A Highlights

Performance exceeded expectations: Class 8 trials included up to 500-mile days with 20-minute refuels and up to 50% better fuel efficiency vs diesel; refuse trials achieved >1,300 bin lifts/day and up to 300% better fuel efficiency vs diesel, enabling diesel-like operating cost at hydrogen $10–$15/kg .
Order conversion timeline: Two remaining 2024 milestones (new large fleet agreement and advancing to second order tranches) are “in negotiations”; Parker highlighted optimism given trial performance and subsidy environment .
Revenue potential per 100 trucks: Prior 110kW truck at ~$500,000 headline price implies ~$50M per 100-truck sale; 200kW truck expected to be higher but “not dramatically so”; deposits may be pursued though uncommon in U.S. truck markets .
Strategic partners and financing: Stronger position with fuel providers and OEM ecosystem given first order and trials; customer negotiations not including financing contingencies; tactical use of ATM/equity when stock/liquidity move on news .

Estimates Context

S&P Global consensus estimates for HYZN were unavailable this quarter; therefore, formal beat/miss vs Wall Street consensus cannot be assessed (S&P Global data unavailable).
Given negligible revenue and operating-stage investments, we expect Street models (where available) to focus on commercialization milestones, liquidity runway, and order conversion pace rather than near-term P&L.

Key Takeaways for Investors

Commercial validation accelerated: First refuse FCET order, SOPs for core tech and vehicle platform, and ISO certification collectively de-risk execution toward scaled commercialization; narrative shift from R&D to deployment .
Trials as leading indicator: Near-100% uptime and clear fuel-efficiency advantages versus diesel/BEV underpin potential for multi-year agreements; watch for conversions from >30 fleet trials into backlog in Q4/Q1’25 .
Hydrogen economics improving: 2025 pricing indications of ~$10–$12/kg suggest operating cost parity potential in refuse now and a path for Class 8; a key catalyst for customer commitments .
Liquidity management: Cash $30.4M at quarter end; ATM raised ~$5M; net cash burn trending toward ~$6.5M monthly by YE; equity optionality tied to commercialization news flow .
Risk profile: Continued operating losses and capital needs; forward-looking filings highlight going-concern risks; strategic partner engagement and order pipeline are critical mitigating factors to watch .
2025 milestones: Refuse truck SOP and early deliveries to GreenWaste as soon as Q4 2025; durability/cost optimization updates for next-gen 200kW system planned in 2025 .
Trading implications: Stock is likely sensitive to announcements on order conversions, hydrogen supply/pricing agreements for fleets, and strategic capital/partner developments; near-term catalysts include additional multi-year agreements and trial conversion updates .

Appendix: Additional Relevant Press Releases and Prior Quarter Summaries

Q2 2024: Launched Class 8 trials; planned 25 trials; average monthly net cash burn $9.2M; strategic realignment to North America; capital raise and advisor engagement .
Q1 2024: Recognized $9.983M revenue; unveiled first U.S. refuse FCET with New Way; progressed 200kW FCS C-sample development and manufacturing efficiency .

View original Q3 press release and 8-K materials for full financial statements and milestones .

Hyzon Motors Inc. (HYZN)·Q3 2024 Earnings Summary