“A lot of customers are getting the first fuel cell vehicles they’ve ever seen in the next six to 12 months,” CEO Craig Knight said during the quarterly earnings conference call. “This is a real kind of technology validation process and customers need to feel comfortable that the vehicles will work well in their use case.”CFO Mark Gordon said the company was “on track” to deliver 85 fuel cell vehicles by the end of this year. He says the backlog of orders and letters of intent has risen from the equivalent of $55 million in April to now mark $83 million (the equivalent of 47 million to 70.5 million euros). Gordon does say though, that many of the letters of intent are still non-binding, such as the agreement with Austrian grocery chain MPreis for 70 H2 trucks.The first sales from the deliveries that have now taken place will then be booked in the third quarter. Hyzon itself states that it currently has “no significant revenues”. The net loss in the second quarter was 9.4 million dollars, the adjusted EBITDA was -9.1 million dollars. Research and development expenses alone amounted to $3.5 million in the second quarter.
