Hyzon Motors reports full year and fourth quarter 2021 results, delivers fuel cell vehicles, playing a pivotal role in the transition to hydrogen.
Recent Business Highlights
- Increased backlog1,2 to $287M up 246% from our last update in July 2021
- Membrane Electrode Assembly (“MEA”) production line in Illinois being commissioned
- “Made in USA” heavy-duty truck fuel cell production on track for the second half of 2022
- First North America trial with Total Transportation Services (“TTSI”) kicked off at the Port of Long Beach
- Received an order to supply 18 Hyzon trucks in Europe, to a leading global logistics group as the anticipated end user
- Established Hyzon’s Australian headquarters in partnership with Royal Automobile Club of Victoria (“RACV”) to develop a purpose-built facility expected to generate over 100 localized engineering and manufacturing jobs by 2025
2021 Highlights
- Exceeded vehicle delivery guidance with 87 Hyzon fuel cell electric vehicles (“FCEVs”) delivered; total contract value for these deliveries was $19.6 million3
- Total headcount across global operations increased to approximately 200 employees
- Established U.S operations, laying the foundation for leading manufacturing capability of high-powered Proton-Exchange Membrane (“PEM”) fuel cells, with full vertical integration on local MEA production
- Expanded our global footprint with facilities in four continents, providing access to markets and vital international talent and technological developments
- Advanced our vehicle deployment and hydrogen infrastructure strategy globally through investments in Raven SR and partnerships with Mpreis, Ark Energy, Superior Pak, Coregas, Geesinknorba, Woodside Energy, TC Energy, ITOCHU, ReCarbon, TotalEnergies and MiTAC Synnex
- Deployed Hyzon vehicles in four continents for internal validation, use in real-world demonstrations, trials, and commercial operations
- Reported a cash balance of $445.1 million as of December 31, 2021, which includes proceeds from the Business Combination with Decarbonization Plus Acquisition Corporation that was completed in July 2021
1Backlog is defined as orders and non-binding MoUs through 2025 and are subject to cancellation. Backlog as of 3/22/2022 consists of $224M non-binding MoUs and $63M firm orders; includes $92M MoU and $9M firm order with Shanghai HongYun and $115M MoU from Geesink
2MoUs in which number of units and commercial terms have not yet been agreed upon are excluded from our backlog
3Includes $13.6 million of contract value to be collected over 5 years
ROCHESTER, N.Y., March 23, 2022 /PRNewswire/ — Hyzon Motors, Inc. (NASDAQ: HYZN) (“Hyzon” or the “Company”), a leading global supplier of zero-emission fuel cell electric heavy-duty vehicles, announced fourth quarter and full year 2021 financial and operational results.
Craig Knight, Hyzon Chief Executive Officer, said:
2021 was a transformative year for Hyzon.
“We successfully completed our business combination in July and worked steadfastly to position Hyzon to be a key player in the energy transition, as the world increasingly turns to hydrogen to address climate and energy challenges.”
“In spite of widely recognized disruptions throughout the global supply chain, we delivered 87 fuel cell electric vehicles, with heavy and medium duty trucks now being validated in real world operations.”
“Furthermore, our state-of-the-art fuel cell assembly facility in the United States is on track and will include fully integrated production capabilities of our advanced proprietary MEA – this is where the magic really happens in fuel cells and is a major determinant of cost structure in fuel cell trucks.”
Mr. Knight, said:
We continued to build and foster a clean hydrogen supply ecosystem with strategic partnerships.
“Our team demonstrated agility and commitment to exceed previously announced delivery targets. Hyzon is at the forefront of the Hydrogen Economy with our leading proprietary fuel cell technology, first mover position in heavy vehicles in real world settings, and our low-cost, sustainable clean hydrogen supply strategy.”
“Hyzon is well positioned to be ‘The Key to the Hydrogen Economy’.”
2022 Business Outlook
- Expect to deliver 300-400 vehicles with deliveries heavily weighted towards the back half of the year as the industry navigates supply chain challenges and global uncertainties
- Expect to commence assembling vehicles using our flagship, made in the USA, high power-density fuel cells during the second half of 2022
- In North America, we expect to have 10-15 Hyzon fuel cell demonstration trucks deployed to multiple trial customers by year end
- In Europe, Australia, and China, expect to ramp up deliveries and streamline assembly processes to meet increasing demand
- Anticipate a Hyzon / Raven gas-to-hydrogen hub and waste-to-hydrogen hub online by year end
Fourth Quarter and Full Year 2021 Financial and Operational Results
For the fourth quarter ending December 31, 2021, the Company reported revenue of $5.1 million. Total operating expenses of $43.8 million and net loss attributable to Hyzon of $28.6 million, resulting in basic and diluted loss per share of $0.12.
Net income included non-cash gain from the change in fair value of earnout liability of $11.0 million and non-cash loss from the change in fair value of private placement warrant liability of $3.4 million.
Fourth quarter operating expenses were comprised of $7.5 million in research and development and $16.1 million in selling, general and administrative expenses. For the prior year fourth quarter ending December 31, 2020, the Company reported a net loss attributable to Hyzon of $13.4 million, resulting in loss per share of $0.08. Thanks for staying up to date with Hydrogen Central.
For the twelve months ended December 31, 2021, the Company reported total revenue of $6.0 million. The Company also reported total operating expenses of $107.4 million and net loss attributable to Hyzon of $13.8 million resulting in basic and diluted loss per share of $0.07.
Net income included non-cash gains from the change in fair value of earnout liability of $84.6 million and private placement warrant liability of $4.2 million. Full year operating expenses were comprised of $16.4 million in research and development and $69.8 million in selling, general and administrative expenses.
For the prior year period from January 21, 2020 (inception) through December 31, 2020, the Company reported a net loss attributable to Hyzon of $14.3 million, resulting in loss per share of $0.09.
As of December 31, 2021, the Company had $445.1 million in cash and had approximately 247.8 million shares of Class A common stock outstanding.
Non-GAAP Financial Measures
The Company reported EBITDA of $(31.8) million and $(12.9) million for the three and twelve months ended December 31, 2021, respectively. The Company reported Adjusted EBITDA of $(36.7) million and $(63.8) million for the three and twelve months ended December 31, 2021, respectively.
For the year ended December 31, 2021, Adjusted EBITDA adjustments are primarily driven by (a) non-cash items from change in fair value of earnout liability of $84.6 million and private placement warrant liability of $4.2 million, for a total of $88.8 million; (b) charges from an executive transition arrangement of $13.9 million and Business Combination transaction expenses of $6.5 million, (c) non-cash items from stock-based compensation of $15.8 million and (d) regulatory and legal expense of $1.1 million.
For the three months ended December 31, 2021, Adjusted EBITDA adjustments are primarily driven by (a) non-cash items from change in fair value of earnout liability of $11.0 million and private placement warrant liability of $3.4 million, for a net total of $7.6 million; (b) non-cash items from stock-based compensation of $1.1 million and (c) regulatory and legal expense of $1.0 million.
These non-GAAP financial measures have been reconciled to the nearest GAAP measure in the tables under “Non-GAAP Financial Measures” within this press release.
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Hyzon Motors Inc. reports full year and fourth quarter 2021 results, delivers fuel cell vehicles, playing a pivotal role in the transition to hydrogen, March 23, 2022
