On Tuesday, Roth/MKM maintained a positive stance on Hyzon Motors Inc (NASDAQ:HYZN), reiterating a Buy rating and a $1.60 price target for the company's stock. The decision follows Hyzon's first-quarter 2024 earnings report, which highlighted a revenue of $10 million.
This revenue primarily resulted from the delivery and acceptance of 10 units to Fortescue in the previous year. The company's earnings per share (EPS) exceeded expectations, coming in at $0.03, which was $0.06 ahead of the consensus. Hyzon's operating burn for the quarter was reported at $24 million, notably lower than the anticipated $30 million.
During the first quarter of 2024, Hyzon achieved a milestone by delivering one drayage truck to the Port of Long Beach. This delivery is part of the company's broader efforts to expand its presence in the heavy-duty vehicle market.
Management at Hyzon has set a delivery target for the year 2024, aiming to deliver between 20 to 40 units. This forecast is considered robust in comparison to the unchanged estimate of 25 units that was previously modeled.
The company is also making progress with its C-Sample activity involving the 200kW stack, which indicates that the start of production (SOP) is on track for the second half of 2024. This development is significant as it underscores Hyzon's commitment to advancing its technology and expanding its product offerings in the hydrogen fuel cell vehicle sector.
The analyst's reiteration of the Buy rating and the $1.60 price target reflects confidence in Hyzon's ability to meet its delivery targets and advance its product development.
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