Recent HYZN transcripts
Associated HYZN filings
| Parker Meeks | executive |
| Stephen Weiland | executive |
| Steven Fox | analyst |
| Robert Wertheimer | analyst |
Good morning, and welcome to Hyzon's Third Quarter 2024 Earnings Call. [Operator Instructions] As a reminder, this conference call is being recorded. I would now like to turn the call over to Tom Cook, Managing Director at ICR. Thank you. Please, go ahead.
good and operator, you, morning, everyone. Thank Hyzon's to third quarter call. earnings XXXX Welcome me are Weiland, and today the Chief Meeks, Officer. With call Officer; Parker on Chief Executive Financial Steve
forward-looking our can call Actual today's the and forward-looking Investor our press reminder, statements presentation of in find materially section our are Page discussions could differ a might the at and the cause you release As explained expectations. from detailing differ results website. Today's to X financial and of that Relations results end those factors regarding actual results accompanying in plans a in the earnings include future statements the release stated, press presentation. of
only Forward-looking which the are as on date of statements made. speak they
that, CEO, the over You are cautioned Meeks. not Parker to put will statements. With to call I our undue forward-looking Parker? reliance turn on
showcase customers a successful production you X Good both our and orders joining year, milestone both updates on continued start-up out call. the core several Class advancement, third cell truck highlighted XXXX. I milestones sharing quarter and our today X we we the these Hyzon including remain X to XXXX on With of pleased point. We XXXX on back commercial quarter growth, on earnings being am as will would Class proud trials. I in for X tremendous past accomplishing those sit our phase with more launching date significant and another and their transitioned cell with by stated and years. of next leading platforms, behalf to XXX-kilowatt to objectives the milestones the which the the goals during securing the XXXX with show beginning be and technology those, Hyzon and electric year-end, truck we strong over fuel said system it our confidence, of from and major achieved do, that done morning. fleets achieving final quarter, all fuel single-stack in have execution, what to of am significant of you commercialization, both some our we technology, nature. before of XXXX inflection publicly the XXXX, we programs laid to Among team significant trial our we of back successful importantly Thank and achievements. At the committed in has to for commercial major complete refuse
both and the key Additionally, quarter shows of market advancement and the Hyzon's maturation evidenced significant in customer in landscape commercialization performance Hyzon third X and in areas.
First, commercial Hyzon on commitments financial. technical, our continues deliver to across and
leadership. large market has proving Hyzon's fleet trial clear that tractor to to the refuse perform fuel ready our today Class expectations, with cell exceeded electric Second, X are trucks program customers and
world's and just levels Third, latest operating the now hydrogen be our they electric ever first improving truck. commercially is our collection. What cycles collection of fuel duty this significantly first the GreenWaste's operating performance industry collection all Valley trials demonstrated agreement due made fuel by Seven fourth, the exceptional allow that supply side-loading competitively cost throughout makes record Hyzon's full-sized is electric in at with fuel across partnership demanding fuel truck, sustainability, our particularly North electric purchase sustainable commercialization. collection proof America's successful for our refuse hydrogen-powered recently now critical metrics, We where momentum vehicles. a including GreenWaste, capacity, payload announced fuel the America with for elements refuse first leader lifts track our waste that, clear and innovation. North compelling point. Beginning electric follow the vehicles cell XX and ago, Area cell essential of market advantages. This And order our in GreenWaste, to for for efficiency leadership trucks range recycling years a Silicon building Bay refuse with commercial can history to cell requirements, in is waste and trucks in agreement
North refuse ideal first application to Now our the without vehicle. The operation under commercially company run represents or they capabilities high-performance full-day technology deploy the an demands cell system hydrogen-powered power, refueling sector America payload in refuse for cell shift fuel with to contract fuel powertrain for align XXX-kilowatt and are a reliable the where our of recharging. and
Trucks, Hyzon August, in partnership a industry of might recognition combined significant our the for purchase validation completion the waste is trucks we showcases cells as is adds on our truck more shown to the management historically GreenWaste's deep as commercial requiring you with offer and first-mover operators leading capture refuse combined but the look combining decarbonize. We at positions growing to yet in executing application. and advantage real-world waste first order, showing to are successful advantages refuse which that trial in proof deliveries zero-emission in the body further that industry, alternatives technology technology. Together, California sectors truck North hydrogen economy, we services. This refuse commercial proven us with a a approach, to strong growing demanding and program where on constraints. Moreover, its market As face as the sector, Way in RFPs begin soon duty county technology, difficult prove our solutions. embarked sectors a forefront management it and another to back trial, truck the single to believe we additional well to ability with American with refuse with customers a fuel recall, evidenced are program It's XXXX, of their technology, of their the with in scheduled essential fleet order. our just a our this solutions more battery demonstrates representing our transition partnership each expertise zero-emission this that to to opportunities, agreements pioneer the momentum many crucial industry heavy trial. With zero-emission the an and GreenWaste for of zero-emission New manufacturer, milestone city given our innovation solution viability hard-to-decarbonize represents end positions of substantial for upcoming than technology agreement operational electric It QX opportunity compelling believe collection
announced our our on fuel second electric quarter As X truck. our call, XX fuel had for we both and scheduled cell electric Class truck trials cell refuse
and trials set been them. the XX completed the X have forth months the customers all have a these of success, trialing deemed program based We objectives on in the of by first
fronts have for diesel some managers of trial, as competitors. And factors, component cost X with have speed Class potential on and the of the Noting with in truck's the as end fleet from zero-emission our experience lightweight, technology executives our is XXX-kilowatt the as compromise, revenue approval drive pounds and and typically these response safety with after including the order, weeks diesel pricing step we source $XX both of key executives. zero-emission positive steep fuel beyond of has by XXX contracts. Feedback development improvements, cell performance hill of by as availability, X Drivers when the traffic months, who that the are fleets. From their passenger can partners fuel and market trial, where for climb truck's refuse with to the our combustion to most load, timing our past buying both our truck's improved of trucks truck that our and potential work with move performance an operating with duration with for fleets, in X,XXX up and the in situations revenue-generating driven to Hyzon's from customers have Class all that In a as latest full negotiations with range along fuel along which typically but and share at feedback, operation hope process trucks a reminder, fleets low-vibration on counties, a our and or of and range only materially Hyzon is when in lighter with As high-risk X lightest strong of experience positive upcoming miles truck's grades a high expectations with trucks. to XXX% combination in overwhelmingly per and is also pricing RFPs been communities added trials often improved ability agreement the refuse and to efficiency processes. the is trucks. Fleet proposed fuel fleet in combination kilogram, and efficiency commercial in which reach conditions positive including and at prices vary drivers, providing ability at negotiations advantage, also quiet, what situation, for electric parallel, and perspective, length, into to zero-emission even and our such power potential least and truck, customers' competitive is the generation X noted final climbing X fuel fuel far availability, odor-free noted large to car cities a citizens range, uptime than fleet providing trucks managers internal such have along particularly from parity with freeway of X without decision part operating collection a perform entering fuel for services. full near market and been have the a we not its activation. Commercial zero-emission
years testing Our different over variety the over a cell cases XXXX. X optimization, and development, The fuel for use since performance experience and and of of Hyzon result on which globally trucks on-road situations. of executing powertrain been and now miles technology powertrain is includes have uptime XXX,XXX a well of strong
far routes bin day performance tons day of only recharge or neighborhoods, truck's which electric match and trash, trucks to our beyond of high along of more well hauling to XX before inclines bins battery battery without go XX% is of single refuse trash refuse akin trash truck range waste, cell to fuel stop XX%, stellar the through work any our with overnight. perform truck today, XX% a refueling. These diesel's needing example, can yard counts electric the on includes operating where per For up perform day collection market significant daily most of heavy results in both electric picking a and with performance can over refuse the up over in to with X,XXX
Our strong have to meaning and performance operations schedules fleets to XX% refuse for fuel vehicles. completed to Hyzon are trial fleet cell trucks comparatively need Hyzon refuse work truck. Reliability electric deployed battery paramount, to more some and we the a buy has same seen X XX% would without full-day as refuse range truck in our refuel, having do
loads, days customer performing fuel X across customer range trials, been full tackling and and customer cases, at cases, trucks, shown electric well truck tested some keeping XXX-kilowatt including safety X with with over in traffic, able challenging routes fully has least and of diesel a has complete. been Our up climbing has routes, in up before. The OEM results other Class days has as significant full as Class use keeping cell passenger performed inclines benefit, battery that X,XXX-foot XXX-kilowatt and diesel all car truck impressive in a similarly mentioned operating as XXX-mile cases, including major to no with
and efficiency, zero-emission fuel total for metric expectations. critical trucks, cost our has economic Additionally, outperformed viability ownership of of a
fuel, X.Xx refuse of a which has trucks. operating $XX than diesel, means the that is as available efficiency fuel and to today shown diesel Our which absorb better still Xx can is cost $XX collection kilogram per fleets same be vehicle at price to
direct to trucks Class the and efficiency years. are can performance fuel meeting better fuel as total ownership This customers economics in in benefits trucks our real available, date. than cost operations today to with diesel of and operating scale efficiency Our material to we XX% of XXX-kilowatt provides in showing costs cost parity trials the a also diesel with customer operating XX% over fleet confidence path X that our manufacturing cost subsidies and with coming customer diesel meet and have
in leadership Hydrogen we're and technology, Bolingbrook, significant integrated largest Day, of several our the fuel X, cell start Hyzon's moment National production for we achievement United that to Fuel SOP to at a marks and Moving heavy-duty or of establishing October fully milestones cell States. in our facility. journey, pivotal single-stack our system transportation zero-emission Cell technology announced specifically. On one the announce This thrilled revolutionary XXX-kilowatt cell production fuel the fuel facilities in Illinois, underscore
heavy-duty technology, production including industries. in-house to enables our proprietary of of the manufacture fuel at volume, accelerating Electrode X-layer cell Membrane Our or design us decarbonization standardized Assembly, systems and the MEA,
another completed to and milestone XX this worked point. This to and have facility testing A and validation XX. cell We design B-sample our on Fontaine of for prototype collaboration units, announced supply to the in C-sample fuel crucial truck falls additional production Through chain from finally reach XXX-kilowatt of heels electric bring production. we've our XX with closely preproduction and Carolina, tirelessly and this Class online Charlotte, development, North innovative units, start X Modification successfully durability on September transitioned
our and research to is Our a systems that X highest have and that quality cost that development development this, production we're compact efficiency requirements recognized international quality XXX-kilowatt smaller standards and to been vehicle fuel road hydrogen XXXX:XXXX the cutting-edge proud has XX% XXX-kilowatt allows advantages delivering system, safe, commitment efficient fuel quality. significant report of reliable all lighter adding that fuel This the and XX% It than meet the mentioned. Underpinning with validates reflects for fuel certification heavy-duty cell our for solutions which and demanding design, yet to our that excellence meets for processes of the manufacturing, previously operational more dedication cell combined, certification and transport, expect. our activities. customers highest while our are powerful cell ISO and
positions supply of power stationary OEM those Additionally, in a truck our Hyzon and at level path quality well cell and the require. new represent heavy-duty the to for to on systems future Hyzon primary for of strategic These it decarbonization the partners collectively chapter achievements partners projects industries. fuel
X-shift of per operation, over passing end-of-line capable cell tests. quality systems XXX year now fuel rigorous through a is and facility all gates Bolingbrook Our producing
transportation. leader manufacturing we just future scale in We're high-performance zero-emission solutions technology setting a a products. As sustainable in These for zero-emission United States. underscore production, we're new reinforce milestones heavy-duty not up position cleaner, commitment more standards and to the for our our building as
for a beyond, balance Before wrapping to of like up the expect I'd and with we the on year what the market. minute spend broader
agreement, U.S. awarded over hydrogen Hub to hydrogen credits DOE's billion California's has clean with supporting actively project include among funding could clean million see trucks place. These $XX,XXX supporting a in federal including and the to awarded projects Ports up We been X to $XX.X that with programs engaging opportunities, California's IRA $X.X that drayage market regional several of remains commercial funding supportive Clean XXW. The the the notable now reached. Hyzon just hubs programs. agreements for Ports across continue $X.X-billion grant Hydrogen a billion in EPA's to X program Clean significant and funding which ARCHES energy Section are initiatives in under being fleets landmark the hydrogen-powered fueling, other ecosystem program these applications $XXX ports, has with vehicle lead that substantial and and subsidy including tax orders the HVIP begun several Program,
commitment collection Additionally, large contract by we refuse industry, in are from who counties demand services. Many for and seeing driven cell other electric the refuse those Class strengthening trucks fuel their customers, trucks refuse responses zero-emission are the cities, fleets, future end decarbonization either entities particularly bidder contracts X including zero-emission to collection if entities or are included. of and scoring and/or have requirements a for trucks in higher strong
as customers a Hyzon's materially a decarbonization and truck Hyzon's and Given several market cell the cell market not electric battery and fuel technology Hyzon's in outperforming trucks revenue collection truck trucks refuse cell only trucks refuse enabler, today, electric that fuel fuel see just electric are the share enabler. is
commented brief past enabler we challenge, Finally, on economics. availability which our over critical pathway, been on Hydrogen the update and year. fuel a has a for fuel commercial a significant have
fleet to and potential we finalize the work hydrogen agreements our customers in truck both seen cell fueling with hydrogen availability fuel same seeing contracts alongside are them progress and have We with pricing, fuel our partners. as fuel very positive
comes which now available to absorb that kilogram quotations as While supply structures additional is, enables looking today, to can dispense, as lower declines fuel per $XX that recently as fuel pricing as dispense per X spiked while cases, cost above in are months cost kilogram $XX we for online. forward pricing low many supply ago, price as XXXX fleets further seeing some
to to over and call the balance I'd XXXX. of Steve, year some handing on thoughts Before into the like provide the
trial the We seek commercial on continued to to make firm commercial turn expect progress success we as orders. into front
to commercial total backlog XX front, agreement and building. more the executing expect the back Class of On trials, of negotiations a XX-plus refuse we than an continue opportunities X commercial the each for major driving commercial to trials, those remaining truck trial opportunity and providing on
truck XX-plus we with agreements fleets. large reminder, a target As multiyear
QX scale in So a success XXX-plus order contracts XXXX. a even truck lead that XX% to converting to book of in rate trials of potential could
side, continue programs, half powertrain, on optimizations ongoing Class will first for cell and planning technology continuous in a including year. From Fontaine. the will system cell manufacturing the XXX-kilowatt trial we design and our quarter, into from expanding and system fourth testing fuel the we continue On our and improvement product of customer the the next the X incorporation we'll XXXX. We our results of activities drive execution durability plan activities with learnings updates fourth perspective, quarter, for our to provide advancing in fuel truck next-generation durability, cost XXX-kilowatt for and
to better fuel range its fuel cell XXX-kilowatt are a better better production that system. SOP. than diesel and even intent truck tremendous expect which XXX-kilowatt of Additionally, refuse we development next-generation collection production combustion platform fuel refuse performance SOP. The efficiencies refuse is truck cell the fuel truck have electric intent materially refuse at to achieves fuel launched will line its including see cell with truck, the Xx of with up efficiency it we be XXX-kilowatt performance, results once and And already the our in from achieving
appropriately that, it to our this manage shareholders to financial to remain resources always, longevity. With detail. ensure investment business on I'll hand our and an over be our in attractive we for positioning As Steve to discuss to are to laser-focused cash Steve? results more continue going
you, Thank Parker.
to to revolutionary electric to milestones and reaching were able system we that for within personally and budget. These we the single-stack our reiterate, truck important come customers. I'm SOP on in milestones time focus U.S.-manufactured what's these for Class program contracts industry. about Just on to are the support our the collection our trial platform after fuel X we XXX-kilowatt cell commercialization complete cell refuse enthusiastic into fuel active FCET, XXX-kilowatt and also excited one converting with our as only transition unique new very XXX-kilowatt
Our trial us significantly it also performance fuel it than other is unmatched but partners zero-emission that by are delivering delivering not vehicles, only telling is that diesel. better efficiency
substantial During in the operations made Europe. we quarter, the progress our Australia of and on wind-down
terms average focus of the reaching burn our strategic year-end. $X.X monthly In largely of million To for cost status, average reduction recurring market support an of target wind-down in these previously the on our net in of first cash operations American monthly complete remain of cash in now the that on North stated our was of million. track is $XX.X and XXXX net approximately burn quarter perspective, by put goals. We
journey of and finance from reduction I in proud difficult, our very entire been professionals accounting, and has see cost IT our I'm team our especially leadership the this While forward. driving
the to revenue Now third year turning XXXX quarter our million results X compared to in the XXXX, $X.X was quarter prior of for our third revenue period.
platform $XX.X efforts. SG&A reduction XXXX impairment operating to to quarter $X.X $XX.X the year in in of purposes. Cost reflecting million lease spend period. in transition million came quarter $XX primarily as was Cost of advancement prior the general by the Europe given an and the lower program. prior million the versus recognition in third primarily year $X.X noncash to the this in our year million quarter inventory revenue XXX-kilowatt R&D R&D current $XX.X XXXX includes third year quarter $X.X the period. of at period prior charge. X the in versus of million million under quarter of in million revenue for previously revenue prior versus third in in the came cell accounting and trial of elevated are restructuring came to write-downs a the fuel delivered continued treated period, on in spend SG&A that XXXX SOP our activities trucks reflected expenses XXXX activity, Given the
the quarter approximately the in a $X.X partially current the the Excluding SEC by year-ago charge legal fees SG&A by impairment in charge, year-over-year, declined quarter. for offset incurred taken driven million higher by primarily settlement,
million quarter, charges quarter and recognized this programs of During in consist retention new the alignment we to charges $X.X versus period. third drive million with prior focus. restructuring year $X.X related the Hyzon's of primarily Restructuring strategic
lease settlement third on negotiated with gain million from termination a and the XXXX. arises European the of of recognized quarter in gain closure facilities landlord. also The our a $X.X of We the
premium for raise, monthly Australia million Europe reflects wind-down, million from cost legal $XX.X $X significant cash nonoperating XXXX in and July proceeds of of the such D&O spend quarter. the This and Our net benefits total spend and net burn for from second elevated in average discipline, the as a items $X.X annual the million for quarter quarter. by some the and was continued the offset approximately insurance capital consulting initial
anticipate that monthly year-end. million we earlier, reach mentioned $X.X to approximately continue cash net will burn our average by As recurring
As investments cash, equivalents and at of stood cash September million. XXXX, XX, our $XX.X short-term
critical catalyst. been place selectively before have funding it using position, just approximately quarter to to runway shelf last better having efforts, at-the-market in in filing, execute June, put in support quarter. laying a Moving primarily us the shelf liquidity, program worked capital enabling for into extend and the put eligible quickly market. Subsequently, potential place This this critical fourth million in a the to in we on end, begin cash raise in the a to $X helps and small mentioned our for us to for our raised groundwork call, commercial after and agreements, program element as became also trading to our we convert raising proceeds, equity trial a an we
commercialization. With we the raising closing We strategic investment, on it capital that, as continue Parker remarks. only gets on for we focused for continue which and to I'll also to remain potential believe stronger hand
Thank you, Steve.
are electric is cell and zero-emission that us. recent about future material fuel for the do work in Hyzon's advantages and Class refuse over fuel trucks like X of progress showing clearly of battery performance. trucking the demand ahead industries and competitors truck range by they can truck excited in with significant There weight, electric and solutions invigorated cell are combustion We with overall the
today, driving to Our building hand. I we excited that to on in major continue are activation major over industry-leading would dedication. platforms first commercialization, XX are agreements the trials whole and actively commercial trials their in to to like successful continued and date, fleet come thank our with fleets commercial XX Hyzon team for
would Finally, heavy-duty and operator, partnership now goal across for I emissions like for to hydrogen our for stakeholders continued technology. With fuel and we sharing through ready of our their customers questions. thank reducing are cell industries that,
comes question first Our Advisors. Fox Steven Instructions] from Fox [Operator from
had a I if few I could. questions,
is of your you I of or relative trials I give what these doing to sort sense your And that a I trials prepared Parker, follow-ups. during then was think the to First the mentioned is for expectations of better one customers'? a all, had of either point, if the exceeding estimates. couple at us you remarks in performance curious could And
trials fleets the And with. we've can on all every cases, with the most some Class the shorter, right? and the on Across that beyond delivery out set may some if XX, wide part, route, X to because, these and both need. And been the imagine, as the you this, for a X, our truck, joining some XX they you zero-emission We do far warehouse every what every several going when same the compromise. facility part, have been you some X what's work when understand, standard exceptional truck understand, load, in in in on you're for longer variance CNG you trucks in that on have instance, that been of trialed do essentially and trialed our truck the far, you're the of combustion lighter we completed X And performance thus trucks, customers a without Basin, They truck love miles, dive actually from you're for for performance, performance. And you're warehouse-based most route us, expectations refuse particularly in obviously, for XXX, Class trials, given customers' That's XXX-kilowatt has Class for X that pretty they a talk instance, to Steve, understand XXX-kilowatt that truck for is those what's XXX our question. about have as think to has they in truck, truck tell the for facility of replacement performance those some So load. But if complete right? great that thanks about goal diesel performance. a mentioned, that, our from which L.A. and routes, they XX business, longer, can hills. that miles XX expectation, than, does. facility their and the some the steep going these the climbing it every a trucks or goals anywhere for probably radius is trial, say, for facility, day heavier XX,
they have expectations that have do to with double So they we they load, the with we have which during to do with range, with operate our with accept, shifts. set, to a day. In have to doing long some how do that performance customers they cases, set do they
work XXX For from a to, can some can instance, close typical And miles with carrying do. permit all cases, to And climbing loads. can we're climbs, X% do in to diesel miles We be be in trials. day to X,XXX-foot anywhere from that these on if pounds to XX,XXX cases, some the anywhere carrying Class pounds super-heavy X% XXX for XX,XXX again, grades. loads they're trial X, the the is across goal
in to it On waste do on the it all the depends that picking the route, you're refuse up. depends the on refuse, of of type combustion truck, work
and pickup, the bin typically X,XXX X,XXX lifts day. lifts per or between neighborhood classic is bin standard you're If a can trash somewhere
few critical And some the standards up in overall even comes standard the to the that is that on meet, of are comes of XX down cost zero-emission we fuel. those of day, waste very more and that to vehicle, tons these to routes, efficiency, set down single a the of top you're which which on operate right? So fuel of some picking trucks it can to XX the cost
So efficiency date before, in the right? Because if trials X% at between X% total half up with fuel grades, a all showing up our diesel, they're of is days to XX-minute the cost single of those miles refueling day is to fuel, X, to XXX XX% X,XXX-foot X tackled critical, than with you and Class have in base completed take climbs, which for some to across ownership have instance, as many trucks of up to truck. for X times a mentioned shifts, better the we've Class
not this cost diesel, to X on a but when customer a that's do the So per to also work, $X diesel and $X that's you're can getting getting can our competitive it, the gallon X kilo. only let's gallon call better the gallon a -- equivalent, XX% truck per per be truck proving to price miles at than of, truck hydrogen sorry, miles miles diesel X significant say impact
On it's even truck, the refuse better.
to per waste I So trash X,XXX in from collection, can lifts mentioned on day. the refuse neighborhood you're X,XXX truck, again, anywhere
we having top-up actual combustion range, left work per again, had that's And anxiety bins all consistently done. on operation every they much that how look X,XXX have do the work we bin And -- longer to over project having extremely put trials, of completed much on to on day's or only during battery avoid trucks multiple X,XXX how which than can that refuel. over in truck day, what showing achieved Our potential they've day work trucks completing could truck of of days. day tremendous. Compare per front consistently does. We've trucks, most the some every without have across in full lifts range fuel to bin the we're about either at to a them battery operating our route Consistently day XXX in refuel long cases day. without over, routes lifts having per are did is based been only the to
X,XXX can the a X range up XX-minute way, day, trucks then the bin to fill. XX been tremendous. battery an bins hours. And to it's better multiple for reason, basically route day, electric trucks efficiency from minutes, to if half battery for in We're pick diesel. in Whereas the have seeing typically lifts of up doubling a about there's efficiency these to get a just to a does electric. literally refuse So rate fuel XXX% times up back single extreme refill some we're on have truck, by X,XXX you because X can we in coming are with where base fuel we a And to those work, for than anywhere so finally, charge day's work
San XXX% hills fuel the means the up think Francisco, has that price than in better about a efficiency support in now, exact lifts to average diesel tackling trials it It's I of can't city are the available routes. Having North cell-powered it in other X.Xx been bin to trucks same as truck fuel we've U.S. the refuse showing day. close. XX% of now, can doing is we fuel some $XX only of great with showing having cost do come just can we're a hydrogen, per truck multiple road which zero-emission in is carry advantaged kilogram route efficiency up a North better refuel. It to day, X,XXX without all truck can to our work operating the battery same in So the up XX right? days diesel for trucks that the versus that the America seen. there single tremendously trash and out structures, in per on of America really tons And with
completed, and platform, time, we efficiency the the work do expected zero-emission actually they've given us gotten our better the the some on for as So excited first customers we've and each fleet proven, it's that of showing. fuel half that's than have it's tried that first so trials actually that economics the these XX they for why are them, and very are can truck advantages
and missing done along ever for And year? follow-ups. trucks only opportunity that, kind or That's the around really then rest for very of handicap there's helpful. of X preview 'XX of agreements just with a term? to just ability of interesting it order tranches. Can get the couple On second fleet checkmarks and sort Slide you mean? And just that of the X, advancing gauge end XXX longer just the any remind can to the what then that how by on could you the sort And per on revenue want you of us us quick
toughest anything, have we're and showing powertrain can Hyzon fuel And in the that in be Steven. at that if we're jobs cell the market longest and cell ways. fuel that the And again, heaviest technology backdrop to -- the running we is Hyzon a do believe thrilled the where proving in the is, Thanks, stage field we're zero-emission. with Absolutely. we in customers many today trucks the accelerating
we West funded continuing of the see like state that in programs and for trucks. California are funding that So are well out zero-emission
that customers, and or put as our whether programs excited Ports being awarded services. others the the in the particularly are Clean in of supporting, the collection We to who refuse have HXHubs have zero-emission programs alongside forward. And now Act now just their refuse, port that were trucks part award counties cities requiring a and RFPs we're be it's to that, are under Program that application several federal and DOE Reduction the Inflation
you're of fleets, actually and other of if part particular, they're small, RFP to an don't lose garbage a how opportunity contract California, city it's a well for So they to trucks our times, large want in to and performing. large some XX-year XXXX, step that given it's that X- response many win fleets, for contract advantaged incumbent them is truck includes where where in for zero-emission and an large awarding in contracts, and XXXX, the
the the some the of in on just enabler, defensive market in or ESG that order actively but majority counties. We're either in enabler that enabler the goals, with the negotiations first refuse, their of the cases, backdrop not on be opportunity RFPs been revenue coming to some completed cases, backdrop a have and decarbonization from a view and given and a are also our cities So out offensive the accelerating for of strong market customer or trucks. XX second a in our trials contracts share trucks have that for
of second subsidy a we Slide a new I can X, show we fleet trucks and get large say of work. to the performance both place we are to economics to truck the while multiyear today that place they those we a get in optimistic are our timing given customer order fleet when the can't today's those on deployed advanced everything large are the There's negotiations. And see to customers in You work tell have are agreement done, and show goals, support in to the might can you going. that put trucks, being excited exactly
we've And appropriate haven't price by feel to released headline we course, truck us updating across we round able to on checkmarks market truck of So where that these what as a good potential, last that on XXX-kilowatt, and powertrain as X. To of the roughly XXX-kilowatt point economics today certainly to to the the varies can $XXX,XXX customers question look final that comment in forward again, line. commented next price. are from view. the we year customer. push about will your that we revenue said a putting publicly previously, we're of And those on we the figures The I was
XXX-kilowatt imagine bit not more so. is dramatically a expensive it's can a than You XXX-kilowatt, although
trucks potential then to or GreenWaste that, of the able than give per cash agreement those refuse what of take, there to a under do the be a potential, hopefully, given the contracts, the trials XXXX, if revenue with cash $XX excited revenue pay what's $XXX,XXX, generation is are how million to, put talking generation announced arrangement, to recognized. In a have to companies and bit deposits in our in you're the talking story not before there's It's from These may that as to restrictions normal deployed openly long holdbacks, the contract buyback land. potential did truck they some attached Hyzon, if to in more generation of are as may for our it translating no is commercially well. And to a to is on full there is stop, now be cash to where in no performance being that at be you guarantee, how talk cash a different trucks. But also XXX may we concepts show more U.S. of the The hoping including economics and cash conversion it you're full expensive a about XXX-kilowatt to. But are that truck sale, out body about revenue are concerns be be deposits can about total profile. what's contracts potential we're if it, Tough XXXX, like we this truck. these finance understand we whole truck market. is a team call back a other trucks, trials a clause, So first that different technology to revenue, the customers our there XXXX potential it to that that that for accounting company? no with speak lease on today, that's do cases, short, for
forward more push talk to in we are that concepts those on and all QX program of trial and we're terms detail this back So in XXXX. about as hopefully excited the
next Our from question Craig from comes Irwin ROTH Capital.
Craig, Andrew [ and ] on progress. the is This congrats on for operational
for those see orders? seems one for me, quickly does out from you It accelerated Is we after very order an ready mean First guys your trial for an timeline this What received GreenWaste. there and were other waiting. with trials? guys possible customers it like
there. commercializing the the that's dig you a out aspect these prioritize are zero-emission much try of how truck, truck performance and critical clearly because so comfortable pipeline, look there's to the and with trial, most for the at you truck. of how its your joining, to quality in that trucks, a fleets great a Because want is thanks are ability topic of of once the Andrew, to that you the into, lot perform fleets
it into If doing get of the truck the lot in you look Hyzon's the trial which get at a to out XXX-kilowatt to there back environment started program, we learn. trials truck to just with history were XXXX,
road your There's difference to proposition sustainability goal. of a making see their change an It's based you carbon what fleets that be -- about a their it's leader, the the customers fleet, the of all to core our fleet with or capability also either for value what's their powertrain, trucks pipeline. These size. Now cell sort of, of just buying over size the not of that a to you we're from driving years transitioning about a size. of together, company very ambition? there's Hyzon fleet in globally -- focused and a typically is less. And certainly opportunity but their buying as which their what's rough ESG X by learning their of typically core indicator to part that business their of the a GreenWaste, fuel the these What's and just we're on be ranking decision? Certainly, picture view part may miles put fleets employees, are like fleet to based confident XXX,XXX fleet when in a commitment on performance that on clear motivation, are on buying these they that good is their that
about looking Coast, size. But excited Valley a such a that in very Jose touched a market as to we the in during they active refuse the trial, in and who Bay is getting trying expand. And a cities So they're active if Area to you San and the focused eager how that has their them you're quite based hands number truck been that grow the to top because of Alto the our of see their is have have on list they centered Palo Portola in where of a have customers to zero-emission sustainability. their real GreenWaste and group not putting hundreds, put and contracts to trucks, to being great but on innovator forward. willing to example They're the business, fleet, ownership they that they on would They're that. the West a put their refuse Atherton, the at the their never leader are trucks trucks they're citizens that screen, into the On means and into sustainability, in and fleet in out a Woodside fleet for the invest on both community is that focused most also sell thousands. pure RFPs on put
that a great customer of of one kind motivated in we to one they example exactly goals is that GreenWaste in is focus on the pipeline, has and driven be need achieve that sustainability, our real So leader a to stakeholders and one will most work them based do importantly zero-emission leading on that that react sees their how to in their front can the commercial being customers the opportunity into their and of to put fleet. trucks able
fleets our fleets rest trial fleet trucks. program in has trucks. We've average of program in large many the over before. our it There's X,XXX certainly So is trial are X,XXX in it. that the The updated XX XX-plus size across now fleets
program, have Hyzon in of in why some fleets So are several how at example our we that we trial our to trials. America, and But move can prioritization customer hopeful are certainly completed looks it's North of largest a great a if the just to moves sense fleets could as them. that works, contracts. as GreenWaste trying it how quickly make as why Because for to with are thesis fleets a real aren't it works, they're this truck see these
you guys so of still truck. through kind production the talk what quick a for the far production? of of stack the We're days And follow-up me. XXX-kilowatt learned early in you early just about Can have
the cell On itself? system fuel
Yes.
XXX-kilowatt the Sorry, just system. on
Perfect. Yes.
Nasdaq, importantly Hyzon, our a certification, is forward. And team many X.X our culminated fuel we've we're working today. The and MEA company process government is U.S. the highest our and is kind of system, counties that's XXXX to were believe, like one customers XXXX cell of mobile it accomplishment but achieve manufacturing is cities, of plants facility fuel also production chain our SOP in this system. that power here for XXX-kilowatt only cert the post was designing assembly to have fully ISO we we the have our We our a fuel shows with well and just output, that system compact largest of of Illinois, our cell in technology federal we public the into that think, assembly, parts single-stack declaring partners for So an system been process. achieve believe aligns, goals who which milestone a take listing not cell ISO of quite with system on time thrilled fuel receiving to tremendous and that the in are years complete designing Bolingbrook, type in through integrated most in proud, one quality again, some cell to commercial the in we trucks supply that the us the sort
that we lot. that that And a the So produced B-sample, process, was produced. XX A-sample, through had about we XX units that preproduction to things performance from we preproduction A can sample in units phases, a through performance learned We different units of and all both close here. and factors we C-sample observed stronger said, in were variants number those that we different that components design actually improve
at at that system the -- we at level. process durability the to were as good scale, and to testing the through that there right stack doing short you're all XX process A-sample well, it think level the went at single making comfortable I be a that from stack that design cell that can And at you at your thoroughly both sort testing, over production. level, testing full changes major levels, you're design changes that's you're level, the you're the significant When thing. of
to post-SOP a we in fuel first-generation durability. the the leads and that us all XXX-kilowatt quality of design have confidence So lot cell that a
curve, opportunities working cost that design for curve to getting XXXX XXX-kilowatt of for outside as others durability driving X the the they right? at the we're years single-stack that X the have of system some plus while do cost that us to we've come XXX-kilowatt the have We to all and into system, system step single-stack a we China already to even finally curve have next-generation And years better we're believe stationary And additional trucks, durability for ahead hopefully down we're plus identified when that and plus X down with start working XXX-kilowatt in first edge. to maintain is will we we're in our that again, point on X that already well. Because, up market we power. single-stack a
very an efficient edge. and of going lot advancements, maintain a path lot to great a that of focused to learnings, on our keep So we're
last Our Melius Robert Instructions] [Operator question from comes Wertheimer Research. from
just delivery you've you here steps? there's Congrats I a the and further issues. few progress testing, have GreenWaste don't to and from made. on get there's time line Could obviously, about you that. convert I purchase of if are around the I I What questions talk had trucks the know know them. don't the order? to mean, if fuel the
the timeline hoped orders? or future there? would typical And what timeline potential a for what's any be Just on
better refuse truck performing to truck about to we'd voice. it Rob, love sister great for is is to truck. Australia talk basically the the U.S. your the market. the Yes, first the for based about much hear And we hoped would in question. that, truck expect, for it X powertrain, years Class came the so performance, what for testing refuse X just the Thanks this alpha/beta ago. This a very It strong X.X deployed to of forward an path far, truck. the a This result of nearly in Obviously, on builds is than powertrain that's you we're years even truck, best XXX% availability right? and major which starting on trials in thus basically had the because quality think I on the it is on prototype you now if has think development basis, right, about don't basis case, is at X. been a which B-sample in market
better truck from to refuse it's a And efficiency XXX-kilowatt XX in without that the that cell and XXX-kilowatt up bigger and with now right? battery efficiency the a even gets the able truck, it. to the be electric is And showing we up fuel to day's in this tons gets it, XX% refuse Additionally, better believe of even separation that perform fuel truck performance XXX% full right trucks. has XXX-kilowatt existing a diesel fuel in haul, -- the work, grade than
already production XXX-kilowatt part The the developing So the refuse in time refuse X start its announced start its So Class which truck line, has is we're September. of we completed in, that production, similar a of that right? be towards now. Class design. adopting to on components. the It process set SOP a of It that we're XXX-kilowatt will has than X, truck given go building through the that that very faster into include of will
we display a the of of for available trial look in XXX-kilowatt milestone to intent, big truck be our when some for out the for have XXXX, So us. first will production milestones
that's may them as obviously finalize quarter we trial as fast XXXX, XXXX. contract, to did process, milestones soon design XXXX. deliver it and will but committing the fourth initial the commercially into and customer we end SOP fourth of for final that the that We're BOM into vehicles the could quarter go, this towards be the GreenWaste the As could announcement not the the to the and of putting how truck of big of we're in we slip as us SOP XXXX. And mention theoretically in pieces
to much X be of powertrain at XXXX, point of point the some truck XXX-kilowatt. for we Class the to on out next truck, obviously, that, on on on with process that we're as And with timing the as the refuse XXXX in quite refuse The back SOP our a production in Class building in year. that do XXX-kilowatt can, excited market we're excited some commercially what at we majority put for update So an the will that of accelerate start X.
of -- where financing you're your if it? going may a are. And out them I'm you're potential finance for they're more understand partners about with partners? on could they the you in comment partner strategic lots potential conversations curious obtaining stand of But whether waiting there's potentially or And you active I I'm any I explore if making potentially comment potential orders in much of feel you could not. to customers how more then contingent don't sure making so or discussion any orders where financing, or mean and want to us. know with if you're on options any not you when come or to this, I there, on
for topics Rob. us. No, Both critical Yes. thanks,
lease about potential dispensing the their both of place as or in those on customer could past, in can when trials. the with pipeline, So partners, ecosystem, what back But we've which also our capital, their be the or the say back truck a the capital who part it's as we strategic base whether a is value both I trucks of announcing their chassis better, fleets to trial we're part partners, chain base as our in in of strategic or it's talked the several has of fuel partners only negotiating supplying the possibly -- successful we're on around trials, also the with provide GreenWaste load back the and gotten contract now proven of and right, of in now relationship. that first capital on
we for complete, commercial we as time, proof that a the positioning of With a transact, right? clearly, than potentially your even as success position in and XX today, first announced in a of stronger our our foundation in can So the for a fuel The OEM trials a truck and as typically advantaged where we and foundation be they months to terms partners are on successful with very serviced all X they that's can zero-emission works speak chassis capital certainly with have were to all So partnership order experienced providing are a back, we cell even those that point, And that. And look they very truck uncertain a truck a well. that commercial that's know to they part have a we're excited all right? ways well are the aware have customers that that our customers our they a that actually company. a of that it. truck as clearly a legacy powertrain in based that is
sign side ever -- clearly, providers able side, in to the sell provide strongest So at customers sign view having a truck we've fuel right? to the place as come It's been partners. have contract say So the be position order. fuel understood. the the to potential is trucks, same from. fuel going continues are to going not on have the partnership with pricing that to they lead, without can The generally these truck to fuel But see not a to with clear we're they what is I going in when have order who's time, to fuel they're to the that where is
trying larger saw has to So We're months now XXXX. the $XX all way. dramatically a many $XX forge down supply in $XX fuel in the to players their getting some that bids fuel we in customers the trucks. with from to putting the cost newer we're a mentioned kilogram the are of soon as as X our come disruptions as These comfortable, for ago fuel their our that providers range companies my very and proposals are alongside in of that of include space I comments, that the kilogram
given viable few commit. so these that hopefully, larger to trials build sign leads July happens we QX. more an target do partners of see between that them the to for trucks most that's path, contract success potential that soft need that for so rate, fleets, right? So these XX our as this hopeful as of partners confirmed conducting XX the and to where XX% XXX-plus we're minimum backlog to of February, contracts contracts with provides and And a we're that the And commercially that is soon that a XX environment once that XX a middle to pipeline the be see even per with a could
a participate create we value going that that So in means them, if that's show can and partners happens, that to hope that Hyzon's for of foundation lot they're to all these a success. going
a see some your back more I'll wanting for front, make financing and our comment can to based on on reason I to progress over from Steve. say to standpoint. us the On holding hand it question What customers financing
process. We customers we open are their very our it's diligence on are. part Obviously, where of with
contracts, You most those good we have seriously. customers who conservative announce where customers, very these Those we are. see comfortable are take That's with If customers companies gotten clearly, a things right? contracts. more sign, signing of
So to with that our cash to see hopeful similar continue the also and they are we're them our fuel capital and also on opportunities things we and make going manage financial capital. very strategies going part plan. capital that how have we open are this where partners is markets raise we're that to understand that stage, understand sense. with to They they to proposing companies these through ability do about that. to who understand to obviously, our our and other hope to that, are plans, We're we of should how And strategic raise recently, them
want So succeed. say, we are thus understanding our or customers with I our can to terms and generally, holdbacks have to all our given we're But And add you on to financing make like sure contracts transparent that? negotiations included we our based and them that do like to things far, plans very frankly, that. do on can not supportive Steve,
Yes.
our the Parker what think just opportunities first I'd the think market down when really main fantastic technical do our ability the capabilities, on when place our we being saw that really we operational that reacts. day. our points. it the I the our order and in the commercial hit refuse, the with proven add, the volume and fundraising think equity price day, and we announced now with to of convince on in put And capitalize partner to saw we've And stock end customers through I able now at prior GreenWaste, we tools contracts. of recently to I comes the actions
that I So in from lot standpoint. only Parker the said, feel on in that of that, that, pretty strategy of balance believe, commercial And we to attractiveness progress, then raising think being terms tools to strategic that. also the place as back in got increases do we near-term that capital with we've a able comfort of good a our
customers, very fully large asset fleets we're of the producer with a integrated fuel have are only believe us, we cells We advance can unique that imagine I you and as here, lot the up ecosystems U.S. large our that see strategic OEM system for may pop opportunities actively with vendors, things OEM become example, provider, through fuel a to the and preferred their interesting system stated pathway attached we're a to of and that pursuing. here. And
further Meeks the We closing Parker I'd remarks. back over call turn questions. to for like have no to
and us. you operator, all joining for you, Thank thank
Hyzon we you months. so and to I updating much, continue Thanks progress commercialization so all forward take to And drive technology leading goals, coming our certainly at achieve our the our on look in forward to care.
you This call. Thank concludes conference your today's participation. for
You may now disconnect.
We use cookies on this site to provide a more responsive and personalized service. Continuing to browse, clicking I Agree, or closing this banner indicates agreement. See our Cookie Policy for more information.