Shares of Hyzon Motors Inc. HYZN, +0.69% slid 15% premarket Wednesday, after the supplier of hydrogen-powered commercial vehicles reported fourth-quarter earnings showing a wider-than-expected loss and revenue that fell far short of estimates. The Rochester, New York-based company posted a net loss of $28.6 million, or 12 cents a share, for the quarter, wider than the loss of $13.4 million, or 8 cents a share, posted in the year-earlier period. Revenue came to $5.1 million. The company had no revenue in the year-earlier quarter. The FactSet consensus was for a loss of 11 cents a share and revenue of $21.4 million. The company’s operating costs exceeded revenue at $78.5 million for R&D and $16.1 million in selling, general and administrative expenses. The company said it had a backlog of $287 million at quarter-end, although it defines backlog as orders and non-binding MOUs through 2025 that 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,” the company said in a statement. The company delivered 87 fuel cell electric vehicles in 2021, said the statement. It now expects to deliver 300 to 400 vehicles in 2022, heavily weighted toward the back end of the year. Shares have fallen 10% in the year to date, while the S&P 500 SPX, +1.13% has fallen 5%.
