Hyzon Motors Inc.

Thank you for standing by. My name is Krista and I will be your conference operator today. At this time, I would like to welcome everyone to the HIAZON first quarter 2024 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during that time, simply press star followed by the number one on your telephone keypad. And if you'd like to withdraw that question, again, press star 1. I will now turn the conference over to Tom Cook, Managing Director with ICR. Tom, you may begin your conference.

Thank you, Operator, and good afternoon, everyone. Welcome to Hyzon's first quarter 2024 earnings call. With me on the call today are Parker Meeks, Chief Executive Officer, and Steve Weiland, Chief Financial Officer. As a reminder, you can find a press release detailing our financial results and the presentation accompanying today's call in the investor relations section of our website. Today's discussions include forward-looking statements regarding future plans and expectations. Actual results might differ materially from those stated, and factors that could cause actual results to differ are explained in the forward-looking statements at the end of the press release and page two of our earnings presentation. Forward-looking statements speak only as of the date on which they are made. You are cautioned not to put undue reliance on forward-looking statements. With that, I'll turn the call over to our CEO, Parker Meeks.

Good afternoon, everyone, and thank you for joining our first quarter 2024 earnings call. I am pleased to share our financial results and progress made during the quarter with you, a quarter in which Hyzon is proud to have built upon the commercial and technology inflection points we initiated in 2023 as a leader in the hydrogen mobility ecosystem. I'll start with a brief recap of our results before providing more color on our commercial updates, technology manufacturing, and demand environment. Steve will then review our financials in more detail. We recognized first quarter 2024 revenue of $10 million, compared to no revenue in the comparable prior year period. This revenue was primarily driven by customer acceptance of 10 coach buses deployed to Fortescue Metals Group in Australia last year, completing the commercial cycle we have described on previous calls, trial, contract, deliver, and accept, with scale as the targeted next phase of the commercial cycle with our customers. We do want to remind investors that we expect lumpiness in our revenue recognition in the near term, as the majority of our commercial agreements have some form of risk share, such as a buyback guarantee, which impacts timing and treatment of revenue recognition. From a balance sheet and capital perspective, we delivered another quarter of improved net cash burn, excluding the impacts of our first SEC settlement payment and the proceeds from the sale of our Rochester facility, similar to prior guidance for the quarter. This reflects our continued focus on cost control, which Steve will comment on further. Additionally, we have continued to advance our capital raise, working with a financial advisor on potential investment and strategic alternatives to support our commercialization. with a focus on strategic investors, as we have previously discussed. Importantly, Hyzone continues to progress as a technology leader in the global transition to clean energy. Our proprietary, high-power, zero-emission fuel cell technology is reducing emissions from heavy-duty trucking today. As the hydrogen ecosystem grows, we see opportunities to deploy our existing and future-generation fuel cell technology to decarbonize heavy-duty industrial applications, such as rail, mining, aviation, and stationary power in the future. We believe 2024 will show Hyzon continues to lead in the commercialization of our technology, which our progress this quarter supports.