Hyzon Motors shares fall 15% before market after company loss widens and revenue falls short

Shares of Hyzon Motors Inc. HYZN,
+0.69%
slid 15% premarket on Wednesday after the hydrogen utility vehicle provider reported fourth-quarter results showing a bigger-than-expected loss and revenue, well below estimates. The Rochester, New York-based company reported a net loss of $28.6 million, or 12 cents per share, for the quarter, higher than the loss of $13.4 million, or 8 cents per share , recorded during the period of the previous year. Revenues were $5.1 million. The company had no revenue in the prior year quarter. The FactSet consensus had forecast a loss of 11 cents per share and revenue of $21.4 million. The company’s operating costs exceeded revenues at $78.5 million for R&D and $16.1 million for selling, general and administrative expenses. The company said it had an order backlog of $287 million at the end of the quarter, although it defines the order backlog as orders and non-binding memorandums of understanding through 2025 that are likely to be cancelled. “Order backlog as of 03/22/2022 consists of $224 million non-binding memoranda of understanding and $63 million firm orders; includes $92 million memorandum of understanding and one firm order of $9 million with Shanghai HongYun and a $115 million memorandum of understanding with Geesink,” the company said in a statement. The company delivered 87 fuel cell electric vehicles in 2021, the statement said. It now expects to deliver 300 to 400 vehicles in 2022, heavily weighted towards the end of the year. Stocks have fallen 10% since the start of the year, while the S&P 500 SPX,
+1.13%
fell 5%.

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