By Sam Boughedda
Investing.com — Hyzon Motors Inc (NASDAQ:HYZN) shares rallied 19% Friday after investors reacted positively to its third quarter earnings report.
Shares climbed to $7.50.
The hydrogen fuel cell electric mobility firm posted an EPS of 13 cents on revenue of $962,000. Analysts had expected a per-share loss of 8 cents on revenue of $1.95 million. Total operating expenses were $50.6 million.
The company focused on building its business globally during the quarter and received the first two purchase orders for 62 trucks with Shanghai Hydrogen Hongyun Automotive.
"During the third quarter we continued to execute on our long-term strategy and build momentum across our entire platform," said Mr. Craig Knight, chief executive officer of Hyzon. "The Hyzon strategy remains unchanged: we are squarely focused on being at the forefront of the rapidly expanding hydrogen mobility industry."
Hyzon reaffirmed its forecast for 85 vehicles dispatched and expects to have vehicles on the road in Asia, Australia, Europe and North America by the end of the year.
With the focus squarely on expanding, the company's U.S. manufacturing facilities are well underway, and Hyzon predicts the Rochester, N.Y., and Bolingbrook, IL, facilities will be in full production by the end of the first half of 2022.
In October, Hyzon got a neutral rating at Goldman Sachs, with analyst Jerry Revich stating that the key constraint for the hydrogen market will be the pace of infrastructure build. Revich set a $7 price target on Hyzon shares.