Shares of Hyzon Motors, Inc. (HYZN) fell 2.23% on Friday after the company posted disappointing Q4 revenues. Hyzon Motors supplies zero-emissions hydrogen fuel cell powered commercial vehicles, including heavy-duty trucks, buses and coaches.
The company reported earnings of $0.12 per share, in line with analysts’ expectations. It posted revenue of $5.1 million, which significantly lagged the consensus estimate of $23.9 million.
Hyzon Motors said that its backlog increased to $287 million, up 246% from the last update in July 2021. It added that its heavy-duty truck fuel cell production was on track for the second half of 2022.
The CEO of Hyzon Motors, Craig 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 Motors expects to deliver 300-400 vehicles in the second half of 2022, as the industry gradually overcomes supply chain challenges and global uncertainties.
Also, it anticipates having 10-15 Hyzon Motors fuel cell demonstration trucks deployed to multiple trial customers by year-end in North America. Whereas, In Europe, Australia, and China, the company expects to ramp up deliveries and streamline assembly processes to meet increasing demand.
Based on two Buys and two Holds, the stock has a Moderate Buy consensus rating. Hyzon Motors’ average price target of $12.67 implies 117.3% upside potential from current levels. Shares have tanked 43.4% over the past year.
TipRanks’ Stock Investors tool shows that investors currently have a Very Positive stance on Hyzon Motors, as 1% of investors on TipRanks increased their exposure to HYZN stock over the past seven days.
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