Hyzon Motors Inc (NASDAQ:HYZN) Stock Rallies 145% In a Month: What Next?
Over the course of the past month there have been a number of stocks that have managed to clock considerable gains and one of those is Hyzon Motors Inc (NASDAQ:HYZN). The stock has been in the middle of a rollicking rally in the past month and managed to clock gains of as much as 145% amidst considerable action.
Hence, it may be a good time for investors to take a closer look at the company, its business aims and also some of the recent events which may have influenced the rally. The company is a global supplier of fuel cell electric mobility and its United States operations are based out of Rochester, Detroit and Chicago. The international operations of Hyzon are based out of China, Netherlands and Australia.
The company is essentially a technology innovator and transition accelerator involved in coming up with solutions for the transport sector. It is mainly focused on the hydrogen supply space and commercial vehicles. Through the use of its technology, the company seeks to supply North American, European and other markets with zero-emission heavy-duty trucks.
On July 10 Hyzon had come into the news cycle after it announced that it had been successful in completing the factory acceptance testing of its fire nine single stack 200 kW fuel cell system B Samples. The testing had been accomplished at the company’s production and innovation center located in Bolingbrook Illinois. The company went on to note that it was on course to announce the state of production and commercialization of its novel fuel cell system next year.
The company further pointed out that it was a significant new milestone since it demonstrated that progress toward eventual commercialization remained on track. The company is currently working on boosting its fuel cell system manufacturing rate through the installation of further full and semi-automation equipment in the assembly and inspection procedures.
The Chief Executive Officer of the company Parker Meeks spoke about the development as well. He noted that the company’s goal was to speed up the clean energy transitioning process by providing hydrogen fuel cells for powering mobility with zero emission.
The company had announced its financial results for the first fiscal quarter of 2023 on June 8. Hyzon announced that the cost of revenues for the quarter stood at $0.8 million, research and development expenses came in at $9.3 million and the selling, general and administrative costs came up to $30.9 million.
The net loss attributable to the company was $30.2 million and the loss per basic and diluted share for the quarter was $0.12 for the quarter. In the prior year period, Hyzon had suffered a loss of $6.5 million, and the loss per basic and diluted share was $0.03. The cash and short-term investments with Hyzon at the end of the quarter were $209 million. However, that was lower than the same overhead at the end of the fourth quarter of 2022 by $46.3 million.
