Hyzon Announces Fourth Quarter 2023 Financial and Operating Results

• Advanced single stack 200kW fuel cell technology from B-sample to C-sample development phase
• Completed first deliveries in the United States, including four fuel cell electric vehicles (FCEVs) to Performance Food Group (PFG) at its Vistar facility in Fontana, California
• Commenced trial deployment of a fuel cell electric waste collection truck with REMONDIS Australia, a global recycling, service, and water company
• Deployed 19 FCEVs in 2023 at the high-end of 15-20 FCEV guidance range, including PFG deliveries and REMONDIS commercial trial vehicle
• Accelerated refuse program in North America through a recently announced Joint Development Agreement with New Way Trucks, the largest private refuse equipment manufacturer in North America
• Unrestricted cash, cash equivalents, and short term investments of $112.3 million as of December 31, 2023, from $137.8 million as of September 30, 2023

As of December 31, 2023, Hyzon deployed 19 vehicles under commercial agreements to customers in 2023, towards the upper end of its annual guidance range of 15-20 vehicles. Of those vehicles, five were deployed in the U.S. to both drayage and large fleet customers, three in Europe, and 11 in Australia.

In Q4 2023, as a part of the 19 deployments, the Company also announced the commercial trial deployment of its first fuel cell electric waste collection truck to REMONDIS Australia. The four month trial completed successfully, and Hyzon is working with REMONDIS to transfer ownership of the truck to REMONDIS under the existing commercial agreement.

The Company announced sale and delivery of a heavy-duty FCEV in the United States to a U.S. drayage customer operating at the ports of Los Angeles and Long Beach, California, marking Hyzon's entry into the U.S. drayage market in Q4 2023.

Hyzon also delivered four FCEVs to leading food distributor and supplier, PFG, in December 2023. Contingent upon a successful trial with Hyzon's 200kW FCEV, Hyzon and PFG plan to collaborate on an agreement for 15 200kW FCEVs, with an option for an additional 30 FCEVs.

Hyzon entered into a revised commercial agreement with TR Group, New Zealand's largest heavy-duty truck fleet owner, for up to 20 FCEVs upfit with Hyzon's single stack 200kW fuel cell system. Following the initial commercial trial, TR Group has an option to purchase the two trial trucks as well as to upfit another 18 trucks with Hyzon's 200kW fuel cell systems.

Single Stack 200kW Fuel Cell System Advances to C-Sample Development Phase

Hyzon completed its B-sample development phase of the 200kW Fuel Cell System (FCS) in Q4 2023, and advanced to C-sample development phase. In Hyzon's C-sample phase, FCSs are built with production tooling to meet all technical requirements. This step precedes Start of Production (SOP), which is currently on track for the second half of 2024.

The Company develops and builds key components for its 200kW FCSs in-house at its fuel cell production facility in Bolingbrook, Ill., including proprietary electrode formulations and Hyzon's roll-to-roll, Membrane Electrode Assembly manufacturing line. Hyzon has less than $5 million in estimated remaining capital expenditures to reach SOP, with an expected capacity at SOP of 700 200kW fuel cell systems over three shifts.

In December 2023, Hyzon announced the appointment of Dr. Christian Mohrdieck as Chief Technology Officer. Mohrdieck joins Hyzon with extensive C-Suite experience, most recently serving as Chief Commercial Officer of cellcentric GmbH & Co. KG, a joint venture between Daimler Truck AG and the Volvo Group AB. Prior to his role at cellcentric, Mohrdieck was Chief Executive Officer of Mercedes-Benz Fuel Cell GmbH since 2015, before it merged into Daimler Truck Fuel Cell GmbH & Co. KG.

As of December 31, 2023, unrestricted cash, cash equivalents, and short-term investments were $112.3 million, approximately $25.5 million lower than the September 30, 2023 balance of $137.8 million. Net cash burn of $25.5 million during the quarter represented the lowest quarterly net cash burn over the last nine quarters and the fourth consecutive quarter of declining net cash burn.

"We are pleased with the continued progress we have made on reducing our net cash burn through focused operational efficiencies, cash management, lower legal and professional services expenses, and strategic focus. Our quarterly net cash burn in Q4 came to $25.5 million representing a fourth consecutive quarter of declining burn, showing our continued focus on prudent cash and capital management while driving our technology and commercialization progress forward," said Hyzon Chief Financial Officer Stephen Weiland.

The Hyzon management team will host a conference call to discuss its fourth quarter financial results on Friday, March 22, 2024 at 8:30 am Eastern Time.

Participants may access the call at 1-888-800-7840, international callers may use 1-646-307-1856 and enter the access code 5240234. To listen to the live audio webcast and Q&A, visit the Hyzon investor relations website at https://investors.hyzonfuelcell.com/.