Breaking Down Hyzon Motors Inc. (HYZN) Financial Health: Key Insights for Investors

You're looking at Hyzon Motors Inc. (HYZN) and trying to reconcile the promise of hydrogen fuel cell electric vehicles (FCEVs) with a stock price that has plummeted, and honestly, the financial picture is dire and requires defintely a look at the hard numbers.

The headline takeaway is this: while some analysts projected a massive revenue jump to $102.00 million for the 2025 fiscal year, the company faced a far more immediate and existential crisis, culminating in its delisting and a proposed Plan of Dissolution as of early 2025. This move came after the company's cash and cash equivalents, which stood at $30.4 million in September 2024, reportedly dropped to approximately $14.0 million by January 2025, signaling an unsustainable cash burn against an estimated annual Earnings Per Share (EPS) of -$26.01 for FY 2025. The market capitalization is now tiny, hovering around $4.86 million. That's the reality of a disruptive technology company running out of runway.

Revenue Analysis

You need to look past the dramatic percentage swings with Hyzon Motors Inc. (HYZN); the core takeaway is that the company's revenue has been volatile, driven by lumpy vehicle sales, and the entire financial picture is complicated by the company's move toward dissolution in early 2025. As a seasoned analyst, I focus on the final, tangible figures, not just the forecasts.

The latest available Trailing Twelve Months (TTM) revenue, which captures the most recent performance up to November 2025, stood at approximately $10.72 million USD. This number, while a huge leap from the prior year, must be viewed through the lens of a company that has ceased primary operations.

Core Revenue Streams and Geographic Shift

Hyzon Motors Inc.'s revenue primarily comes from the sale of Fuel Cell Electric Trucks (FCETs)-heavy-duty commercial vehicles powered by hydrogen. This is a capital-intensive, project-based business, so the revenue is naturally 'lumpy,' meaning it comes in large, irregular chunks instead of a smooth flow.

The revenue breakdown shows a significant strategic shift that was underway even before the dissolution process began:

• Primary Product: Fuel Cell Electric Truck (FCET) sales.
• Winding Down: Operations in the Netherlands and Australia.
• New Focus: North American Class 8 and refuse truck markets.

For example, a major chunk of the recent revenue came from a single deal: the delivery of 10 coach buses to Fortescue Metals Group in Australia, contributing $10 million in Q1 2024. This single transaction highlights how one large order can skew the entire revenue profile for a quarter or even a year, making trend analysis defintely tricky.

The Volatile Growth Picture and 2025 Forecast

When you look at the year-over-year (YoY) growth, you see extreme volatility, which is typical for an early-stage manufacturer reliant on a few large deployments. In 2023, Hyzon Motors Inc.'s annual revenue was only $0.29 million USD. The TTM revenue of $10.72 million USD as of late 2025 represents a massive increase of over 3,500% from that 2023 base.

Here's the quick math on the historical volatility and the analyst's final outlook:

What this estimate hides is the fundamental reality: the analyst forecast of $5.10 million for the full 2025 fiscal year is likely a reflection of winding-down activities and final contract fulfillments, not a sustainable operating run rate. The most significant change in revenue streams is the cessation of new vehicle manufacturing and the focus on managing the company's dissolution process. If you want to dive deeper into who was betting on this volatile stock, you should consider Exploring Hyzon Motors Inc. (HYZN) Investor Profile: Who's Buying and Why?

Profitability Metrics

You need a clear, unvarnished look at Hyzon Motors Inc. (HYZN) profitability, and the blunt truth is that the company's financial health deteriorated to the point of dissolution in early 2025. The final available metrics show a company operating at an extreme loss, which is the key takeaway for any investor.

Looking at the Trailing Twelve Months (TTM) data ending September 2024-the most recent, concrete financial information before the company's delisting and proposed dissolution in January/March 2025-the numbers paint a severe picture of unprofitability. Here's the quick math on the margins based on TTM revenue of $10.73 million:

• Gross Profit Margin: -232.34%
• Operating Profit Margin: -1,260%
• Net Profit Margin: -1,638.68%

A positive margin is what you want. These are defintely not positive.

Gross, Operating, and Net Profit Margins

The negative margins are a direct red flag, indicating that the cost of goods sold (COGS) and operating expenses far outstripped the revenue generated. The Gross Profit for the TTM period was -$24.93 million on revenue of $10.73 million, resulting in a -232.34% gross margin. This means for every dollar of sales, the company was spending over two dollars just to produce the product, a completely unsustainable model.

The situation worsened significantly down the income statement. After factoring in substantial Selling, General & Administrative (SG&A) and Research & Development (R&D) costs, the Operating Income (or EBIT, Earnings Before Interest and Taxes) was -$135.17 million, leading to a staggering -1,260% Operating Profit Margin. The Net Income loss was even deeper at -$175.83 million, translating to the -1,638.68% Net Profit Margin. This immense loss ultimately led to the company's proposed Breaking Down Hyzon Motors Inc. (HYZN) Financial Health: Key Insights for Investors dissolution, which was approved by stockholders in early 2025.

Comparison and Operational Efficiency

To put Hyzon Motors Inc.'s performance into context, consider the broader electric vehicle (EV) and fuel cell industry in 2024. While many emerging EV companies are still unprofitable as they scale, Hyzon's negative margins were in a league of their own. For instance, a pure-play EV peer like Lucid Group recorded a highly negative but comparatively better operating margin of -374% in 2024. Hyzon's -1,260% TTM Operating Margin was nearly four times worse, signaling a catastrophic failure in operational efficiency and cost management.

The trend in profitability was a steep decline in financial viability, even as the company achieved operational milestones like the Start of Production (SOP) for its 200kW fuel cell system in late 2024. The high Cost of Revenue (COGS) of $35.65 million against minimal revenue is the clearest indicator of poor operational efficiency. This suggests a lack of scale, high component costs, and potentially significant write-downs, which the company was unable to overcome before running out of financial runway.

Here's a quick snapshot of the financial reality leading into 2025:

The decisive action here is to recognize that the company's profitability analysis is now a post-mortem. The extreme negative margins confirm that the business model, in its final form, was not economically viable.

Debt vs. Equity Structure

You might look at Hyzon Motors Inc.'s (HYZN) balance sheet and see a low debt-to-equity (D/E) ratio and think the company is financially conservative. Honestly, this is a classic case where a ratio alone doesn't tell the whole story; the low debt is a consequence of its business model and, ultimately, its corporate dissolution in 2025.

As of early 2025, the company's total debt stood at a remarkably low $1.7 million USD. This total debt includes both short-term and long-term obligations, and it's a tiny figure for a manufacturing firm. For context, the Debt-to-Equity ratio was around 0.14.

Here's the quick math on why that D/E ratio is misleadingly low:

• The D/E ratio of 0.14 is far below the 0.92 average for the broader Auto Manufacturers industry.
• It suggests the company was primarily equity-funded, which is true, but that equity was severely impaired, leading to a negative stockholders' equity position over time.
• The company's cash reserves were approximately $14.0 million in January 2025, meaning the company technically held more cash than debt, a seemingly healthy position that masks a severe cash burn rate and operational failure.

The company's financing strategy was heavily skewed toward equity funding-issuing shares-rather than taking on significant debt. This is common for early-stage, high-growth, pre-revenue technology companies, but it leads to substantial shareholder dilution. The lack of major debt issuances or credit ratings in 2025 is less about financial strength and more about the company's critical status.

The most crucial financial event of the 2025 fiscal year is the approval of the Plan of Dissolution and an Assignment for the Benefit of Creditors in March 2025. This action, which followed the delisting from Nasdaq in February 2025, means the company is in the process of winding down and liquidating its assets. The low debt level actually simplifies this process, as there are fewer creditor claims to navigate compared to a heavily leveraged peer like Plug Power, which carries total debt of nearly $1 billion.

The balance of debt and equity is no longer a question of financing growth, but of maximizing recovery for stakeholders. The low debt-to-equity ratio, in this case, is a sign of a company that failed to secure traditional, large-scale debt financing needed for capital-intensive manufacturing, relying instead on equity that ultimately evaporated as the business model failed to achieve scale. This is a defintely a lesson in capital structure risk for the entire hydrogen sector.

If you want to understand who was left holding the bag as the company dissolved, you should read Exploring Hyzon Motors Inc. (HYZN) Investor Profile: Who's Buying and Why?

Liquidity and Solvency

You need to look past the surface-level liquidity ratios at Hyzon Motors Inc. (HYZN); while the short-term figures look okay, the underlying cash burn and the company's strategic direction tell a much riskier story. The real takeaway is that the balance sheet is rapidly deteriorating, moving toward a proposed dissolution, which is the ultimate liquidity failure.

Honestly, the traditional liquidity metrics for Hyzon Motors Inc. appear stable, but that's defintely misleading. As of the most recent quarter data in early 2025, the Current Ratio stood at roughly 1.76, meaning the company had $1.76 in current assets for every dollar of current liabilities. Plus, the Quick Ratio (or acid-test ratio), which strips out inventory, was around 1.27. Both figures are well above the 1.0 benchmark, suggesting Hyzon Motors Inc. could meet its immediate obligations.

Here's the quick math on working capital trends: The actual cash position is the critical issue. Cash and cash equivalents dropped dramatically from $30.4 million as of September 30, 2024, to approximately $14.0 million by January 2025. What this estimate hides is that the cash runway is getting very short, a clear sign of negative working capital momentum despite the healthy ratios.

• Current Ratio (MRQ): 1.76
• Quick Ratio (MRQ): 1.27
• Cash (Jan 2025): ~$14.0 million

The Cash Flow Statement overview confirms the dire need for capital. The Trailing Twelve Months (TTM) Operating Cash Flow, ending September 30, 2024, was a significant negative at approximately -$111.5 million. This massive cash outflow from core business activities is the root cause of the liquidity strain.

To be fair, management has focused on reducing this cash burn, bringing the average monthly net cash burn down from over $15 million in early 2023 to an estimated $6.5 million by the end of 2024. Still, even at the lower rate, the remaining cash of $14.0 million only offers a few months of runway before more capital is needed-or, in this case, before the proposed dissolution.

The biggest liquidity concern isn't the ratios; it's the proposed Plan of Dissolution, which was set for a stockholder vote in February 2025, and the expected NASDAQ delisting. This is the ultimate liquidity event, where the company is actively pursuing liquidation. Any investment decision must start with this fact, as it overrides all other financial analysis. You can find more details on the financial situation in Breaking Down Hyzon Motors Inc. (HYZN) Financial Health: Key Insights for Investors.

The company's continued existence is dependent on its ability to obtain additional financing, but the move toward dissolution suggests that path has been exhausted. Your action here is simple: factor in the near-term risk of a complete wind-down, which makes the stock a speculative bet on the liquidation value, not a bet on future operations.

Valuation Analysis

When we look at Hyzon Motors Inc. (HYZN), the valuation picture is complex, and frankly, it screams caution. You cannot simply look at the ratios in a vacuum. The direct takeaway is that while some ratios might suggest a deep discount, the overall financial health-and recent corporate actions-point to extreme risk.

The core valuation ratios for Hyzon Motors Inc. as of late 2025 paint a picture typical of a distressed growth company, or one facing significant operational headwinds. The Price-to-Earnings (P/E) ratio, which compares the stock price to its earnings per share (EPS), is sitting at approximately -0.02 as of November 10, 2025. This negative figure isn't a surprise; it just confirms the company is currently unprofitable and generating losses. For a hydrogen fuel cell company in the commercial vehicle market, this isn't unusual, but the low magnitude of the negative number suggests a very low share price relative to the losses, which can be a sign of market pessimism.

Here's the quick math on other key metrics:

• The Price-to-Book (P/B) ratio is around 0.27. A P/B below 1.0 typically means the stock is trading for less than the value of its net assets (Shareholders' Equity), which could signal undervaluation.
• The Enterprise Value-to-EBITDA (EV/EBITDA) ratio is approximately 0.15 as of November 10, 2025. What this estimate hides is that both the Enterprise Value (EV) and the trailing twelve-month (TTM) Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) are negative, making this ratio unreliable for a standard comparison. It's defintely a classic sign of a pre-profit, high-burn business model.

In terms of shareholder returns, Hyzon Motors Inc. does not pay a dividend. The dividend yield is 0%, and there is no payout ratio to calculate, which is common for companies focused entirely on reinvesting capital for growth, but in this case, it's also due to the lack of profitability.

Stock Performance and Analyst Sentiment

The stock price trend over the last 12 months is brutal. The price has decreased by about -98.36% over the past 52 weeks, with a 52-week trading range of $0.42 to $1.99 as of November 2025. That kind of performance is a clear signal of significant investor flight and a massive erosion of market capitalization. The last recorded trade price was around $0.6399 on January 30, 2025, before the company announced its delisting from NASDAQ pending dissolution on February 20, 2025.

This is where things get tricky. Despite the dire price action and news of dissolution, the analyst consensus is still listed as a Strong Buy from at least one firm, with an aggressive 12-month price target of $80.00. To be fair, this target was last updated in March 2024, and it's likely a legacy figure that hasn't caught up to the reality of the delisting and dissolution process. You have to treat that $80.00 target as an artifact of a different era for the company, not a current, actionable forecast. Always check the date on those analyst reports; context is everything.

The true valuation is less about the technical ratios and more about the existential risk. If you are looking at Hyzon Motors Inc., you are looking at a speculation on a potential restructuring or a significant, unforeseen turnaround, not a standard value play. For a deeper dive into the company's long-term vision, you can review their Mission Statement, Vision, & Core Values of Hyzon Motors Inc. (HYZN).

Risk Factors

Honestly, when we look at Hyzon Motors Inc. (HYZN) in 2025, the risk profile isn't just about market volatility; it's about the very existence of the company. The direct takeaway is that the primary risk-liquidation-has already been set in motion by the board and shareholders, making all other operational risks secondary.

The most critical strategic risk is the Plan of Dissolution. On March 25, 2025, stockholders approved the proposal to transfer substantially all company assets through an assignment for creditor benefit, which also approves the company's liquidation and dissolution. This action, approved by approximately 56% of the voting power, signals the end of the company as a going concern. This isn't a turnaround story; it's an orderly winding down.

Operational and Financial Instability

The dissolution decision followed a period of severe financial distress and operational contraction. The company's cash reserves were rapidly eroding. By January 2025, cash and cash equivalents had fallen to approximately $14.0 million, a sharp drop from the $30.4 million reported just a few months earlier at the end of Q3 2024. Here's the quick math: that's a cash burn that the company was trying to manage down from an average monthly net cash burn of over $15 million in 2023 to a target of $6.5 million by year-end 2024. Still, the cash drain was too fast.

The operational risks were highlighted by the workforce reduction, which was expected to complete by February 2025, following a Worker Adjustment and Retraining Notification (WARN) Act notice issued in late 2024. This was a direct result of funding difficulties and uncertainty around key government subsidies, such as the California Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project. You can't sell high-cost, nascent technology without that regulatory tailwind.

• Liquidity Crisis: Cash reserves were insufficient to sustain operations beyond the near term.
• Restructuring Failure: The initial strategic realignment to focus on North American Class 8 and refuse trucks, while winding down Australian and Dutch operations, did not secure the necessary capital to avoid dissolution.
• Delisting Risk: The stock was suspended from trading on the Nasdaq Stock Market on January 30, 2025, and subsequently delisted, with trading expected to move to the OTC Markets. This drastically reduces liquidity and investor interest.

External and Market Risks

The broader market environment for Hyzon Motors Inc. (HYZN) was brutal, which amplified the internal financial stress. The stock's volatility is extreme, with a high beta of 2.91, reflecting significant market sensitivity. Over the year leading up to January 2025, the stock value had eroded dramatically, culminating in a staggering 1-year change of -98.52%. That's a total loss for most investors.

The hydrogen fuel cell electric vehicle (FCET) sector is nascent, and Hyzon Motors Inc. (HYZN) faced intense scrutiny and investor skepticism toward the clean energy sector generally. The mitigation strategies, such as the strategic realignment and the approval of retention incentives for key executives, were ultimately insufficient to overcome the fundamental capital constraints. If you're interested in the players who were still holding on, you may want to check out Exploring Hyzon Motors Inc. (HYZN) Investor Profile: Who's Buying and Why?

The table below summarizes the core financial risks that led to the 2025 dissolution decision:

The clear action for investors is to recognize that the company's path is now governed by the liquidation process, not by future growth projections.

Growth Opportunities

You need to look past the headlines and see what Hyzon Motors Inc. (HYZN) is actually building, but you must also be a trend-aware realist about the near-term risk. The company's future growth hinges on a sharp, painful strategic pivot: cutting international exposure to focus exclusively on its core North American heavy-duty market and the refuse industry. This is a survival strategy, not a pure growth play yet.

The core growth driver is product innovation, specifically the Start of Production (SOP) of its Class 8 200kW Fuel Cell Electric Truck (FCET). This single-stack, high-power density system is a game-changer for heavy-duty applications. Here's the quick math: this system is about 30% lighter and smaller, plus 25% more cost-efficient than combining two older 110kW systems. That's a defintely a measurable advantage in a market obsessed with total cost of ownership (TCO).

• Focus on North American Class 8 and refuse trucks.
• Start production of the single-stack 200kW FCET.
• Secure ISO 9001 certification for quality management.

The market expansion is now a focused contraction. Hyzon Motors Inc. is exploring the divestiture of its Europe and Australia/New Zealand businesses to concentrate financial resources on the U.S. and Canadian markets. This pivot is designed to capitalize on the inherent advantages of hydrogen fuel cell electric vehicles (FCEVs) over battery electric vehicles (BEVs) in the Class 8 segment: FCEVs offer a significantly longer range, can handle heavier payloads (the FCEV powertrain is over 2 tons lighter for a 500-mile range truck), and boast faster refueling times-minutes, not hours.

Revenue and Earnings Reality Check

To be fair, the financial picture for the 2025 fiscal year is extremely challenging, reflecting the strategic realignment and significant capital needs. Analyst consensus projects a 2025 revenue of around $5.10 million, a steep decline from prior estimates, which shows how much the company is pulling back to stabilize. The earnings estimates are equally sobering, with a projected Earnings Per Share (EPS) of -$26.01 for 2025. This isn't a profit story; it's a technology validation and market consolidation story.

What this estimate hides is the potential for an inflection point if the strategic initiatives pay off. The company secured its first North American refuse FCET order from waste industry pioneer GreenWaste after a successful trial. Plus, they completed ten successful Class 8 and refuse FCET trials since July 2024, with over twenty more trials scheduled through February 2025. These trials are the pipeline for future commercial agreements, which is the only way to turn the revenue projection around.

Mapping Risks to Action

The most crucial near-term risk is the company's ability to continue as a going concern (a business term for having enough cash to operate). News from early 2025 indicated a plan of dissolution and an expected delisting from Nasdaq. Your investment decision must weigh the high-quality, high-power density technology against this existential capital risk. They are actively exploring strategic options, including a potential sale of the company or a divestiture of non-core assets, to raise capital.

Action: Monitor SEC filings for updates on their capital raise efforts and the status of the Nasdaq listing. If the capital structure improves, the technology advantage becomes a real opportunity. You can read more about their core strategy here: Mission Statement, Vision, & Core Values of Hyzon Motors Inc. (HYZN).