QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
(Address of principal executive offices) |
(Zip Code) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||||
Non-accelerated filer |
☒ | Smaller reporting company | ||||||
Emerging growth company |
Page No. |
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1 |
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1 |
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21 |
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37 |
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37 |
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39 |
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39 |
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39 |
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39 |
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39 |
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39 |
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39 |
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40 |
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41 |
September 30, 2021 |
December 31, 2020 |
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ASSETS |
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Current assets |
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Cash |
$ | |
$ | |||||
Accounts receivable |
— | |||||||
Inventory |
— | |||||||
Prepaid expenses and other current assets |
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Total current assets |
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Property, plant, and equipment, net |
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Right-of-use |
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Deferred merger transaction costs |
— | |||||||
Restricted cash and other assets |
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Total Assets |
$ |
$ |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities |
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Accounts payable |
$ | $ | ||||||
Accrued professional fees |
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Other accrued expenses |
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Related party payables |
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Horizon IP agreement payable |
— | |||||||
Contract liabilities |
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Current portion of lease liabilities |
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Total current liabilities |
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Long term liabilities |
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Lease liabilities |
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Private placement warrant liability |
— | |||||||
Earnout liability |
— | |||||||
Other liabilities |
— | |||||||
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Total liabilities |
$ |
$ |
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Commitments and contingencies (Note 1 1 ) |
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Stockholders’ Equity |
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Common stock, $ |
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Additional paid-in capital |
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Retained earnings (accumulated deficit) |
( |
) | ||||||
Accumulated other comprehensive loss |
( |
) | ( |
) | ||||
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|||||
Total Hyzon Motors Inc. stockholders’ equity |
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Noncontrolling interest |
( |
) | ( |
) | ||||
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Total Stockholders’ Equity |
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|||||
Total Liabilities and Stockholders’ Equity |
$ |
$ |
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|
|
|
Three Months Ended September 30, |
Nine Months Ended September 30, 2021 |
For the period January 21, 2020 (Inception) – September 30, 2020 |
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2021 |
2020 |
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Revenue |
$ |
$ |
— | $ |
$ | — | ||||||||||
Operating expense: |
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Cost of revenue |
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|
|
|
|
— |
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|
|
|
|
|
|
— |
|
Research and development |
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Selling, general and administrative |
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Total operating expenses |
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Loss from operations |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
|
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|
|
|
|
|
|
|||||||||
Other income (expense): |
||||||||||||||||
Change in fair value of private placement warrant liability |
— | — | ||||||||||||||
Change in fair value of earnout liability |
— | — | ||||||||||||||
Foreign currency exchange loss and other expense |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Interest expense , |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
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Total other income (expense) |
( |
) |
( |
) | ||||||||||||
|
|
|
|
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|
|
|
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Net income (loss) |
$ |
$ |
( |
) |
$ |
$ |
( |
) | ||||||||
Net loss attributable to noncontrolling interest |
( |
) | — | ( |
) | — | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income (loss) attributable to Hyzon |
$ |
$ |
( |
) |
$ |
$ |
( |
) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Comprehensive income (loss): |
||||||||||||||||
Net income (loss) |
$ |
$ |
( |
) |
$ |
$ |
( |
) | ||||||||
Foreign currency translation adjustment |
( |
) | — | ( |
) | — | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Comprehensive income (loss) |
$ |
$ |
( |
) |
$ |
$ |
( |
) | ||||||||
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|
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Comprehensive loss attributable to noncontrolling interest |
( |
) | — | ( |
) | — | ||||||||||
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Comprehensive income (loss) attributable to Hyzon |
$ |
$ |
( |
) |
$ |
$ |
( |
) | ||||||||
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Net income (loss) per share attributable to Hyzon: |
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Basic |
$ | $ | — | $ | $ | ( |
) | |||||||||
D iluted |
|
$ |
|
|
|
$ |
— |
|
|
$ |
|
|
|
$ |
( |
) |
Weighted average common shares outstanding: |
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Basic |
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Diluted |
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Legacy Common Stock |
Common Stock Class A |
Additional Paid-in Capital |
Retained Earnings (Accumulated Deficit) |
Accumulated Other Comprehensive Loss |
Total Hyzon Motors Inc. stockholders’ Equity (Deficit) |
Noncontrolling Interest |
Total Stockholders’ Equity (Deficit) |
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Shares |
Amount |
Shares |
Amount |
|||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 |
$ |
— |
$ |
— |
( |
) |
( |
) |
( |
) |
$ |
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Retroactive application of recapitalization |
( |
) | ( |
) | $ | — |
— |
— | — | — | ||||||||||||||||||||||||||||||
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Adjusted beginning of period |
— |
— |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||
Exercise of stock option s |
— | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Stock-based compensation |
— | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
IP transaction – deemed distribution |
— | — | — | — | ( |
) |
— | — | ( |
) | — | ( |
) | |||||||||||||||||||||||||||
Net loss attributable to Hyzon |
— | — | — | — | — | ( |
) |
— | ( |
) | — | ( |
) | |||||||||||||||||||||||||||
Net loss attributable to noncontrolling interest |
— | — | — | — | — | — | — | — | ( |
) | ( |
) | ||||||||||||||||||||||||||||
Foreign currency translation loss |
— | — | — | — | — | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||
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Balance 30, 2021 |
— |
— |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||||||||||
Reverse recapitalization transaction, net (Note 3) |
— |
— |
— | — | — | |||||||||||||||||||||||||||||||||||
Vesting of RSU s |
— |
— |
— | — | — |
— |
— |
— |
— |
|||||||||||||||||||||||||||||||
Exercise of stock option s |
— | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Stock-based compensation |
— | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Net income (loss) attributable to Hyzon |
— | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Net loss attributable to noncontrolling interest |
— | — | — | — | — | — | — | — | ( |
) | ( |
) | ||||||||||||||||||||||||||||
Foreign currency translation loss |
— | — | — | — | — | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||
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Balance as of September 30, 2021 |
— |
— |
( |
) |
( |
) |
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|
Legacy Common Stock |
Common Stock Class A |
Additional Paid-in Capital |
Accumulated Deficit |
Accumulated Other Comprehensive Loss |
Total Hyzon Motors Inc. stockholders’ Equity (Deficit) |
Noncontrolling Interest |
Total Stockholders’ Equity (Deficit) |
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Shares |
Amount |
Shares |
Amount |
|||||||||||||||||||||||||||||||||||||
Balance as of January 21, 2020 (Inception) |
$ |
— |
$ |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||
Retroactive application of recapitalization |
( |
) | ( |
) | $ | — |
— |
— | — | — | ||||||||||||||||||||||||||||||
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Adjusted balance, beginning of period |
— |
— |
— |
— |
— |
|||||||||||||||||||||||||||||||||||
Net loss attributable to Hyzon |
— | — | — | — | — | ( |
) | — | ( |
) | — | ( |
) | |||||||||||||||||||||||||||
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Balance at June 30, 2020 |
— |
— |
( |
) |
— |
( |
) |
— |
( |
) | ||||||||||||||||||||||||||||||
Net loss attributable to Hyzon |
— | — | — | — | — | ( |
) | — | ( |
) | ( |
) | ||||||||||||||||||||||||||||
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Balance as of September 30, 2020 |
— |
— |
( |
) |
— |
( |
) |
( |
) | |||||||||||||||||||||||||||||||
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Nine Months Ended September 30, 2021 |
For the period January 21, 2020 (Inception) - September 30, 2020 |
|||||||
Cash Flows from Operating Activities: |
||||||||
Net income (loss) |
$ | $ | ( |
) | ||||
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
||||||||
Depreciation and amortization |
||||||||
Reduction in the carrying amount of right of use assets |
||||||||
Stock-based compensation |
— | |||||||
Loss on extinguishment of convertible notes |
— |
|||||||
Noncash interest expense |
— | |||||||
Fair value adjustment of private placement warrant liability |
|
|
( |
) |
|
|
— |
|
Fair value adjustment of earnout liability |
|
|
( |
) |
|
|
— |
|
Changes in operating assets and liabilities: |
||||||||
Accounts Receivable |
( |
) | — | |||||
Inventory |
( |
) | — | |||||
Prepaid expenses and other current assets |
( |
) | — | |||||
Other assets |
( |
) | ( |
) | ||||
Accounts payable |
— | |||||||
Accrued professional fees and other current liabilities |
||||||||
Operating lease liabilities |
( |
) | — | |||||
Related party payables |
||||||||
Contract liabilities |
— | |||||||
Other liabilities |
— |
|||||||
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|
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Net cash (used in) provided by operating activities |
( |
) | ||||||
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|
|||||
Cash Flows from Investing Activities: |
||||||||
Purchases of property and equipment |
( |
) | ( |
) | ||||
Advanced payments for capital expenditures |
( |
) | — | |||||
Investment in equity securities |
( |
) | ||||||
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|
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Net cash used in investing activities |
( |
) | ( |
) | ||||
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Cash Flows from Financing Activities: |
||||||||
Proceeds from issuance of common stock |
— |
|||||||
Proceeds from Business Combination, net of redemption and transaction costs (Note 3) |
— | |||||||
Exercise of stock options |
— | |||||||
Payment of finance lease liability |
( |
) | ( |
) | ||||
Debt issuance costs |
( |
) | — | |||||
Proceeds from issuance of convertible notes |
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Net cash provided by financing activit i es |
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Effect of exchange rate changes on cash |
( |
) | ||||||
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Net change in cash and restricted cash |
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Cash—Beginning |
— | |||||||
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Cash and restricted cash —Ending |
$ |
$ |
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Supplemental schedule of non-cash investing activities and financing activities: |
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Lease assets obtained in exchange for lease obligations: |
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Operating leases |
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— |
|
Finance leases |
|
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— |
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Conversion of Legacy Hyzon common stock |
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— |
|
Recognition of earnout liability in Business Combination |
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— | ||
Recognition of private placement warrant liability in Business n |
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|
— |
| |
Horizon license agreement payable |
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— |
|
Conversion of convertible notes for common stock |
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— |
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Shares |
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Common stock of DCRB |
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DCRB founders |
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Total DCRB |
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Conversion of Ascent Options (post-cashless exercise) |
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Legacy Hyzon shares after conversion |
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Conversion of convertible notes |
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PIPE shares |
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Total shares of common stock immediately after Business Combination |
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(in thousands) |
Recapitalization |
|||
Cash – DCRB trust and cash, net of redemptions and liabilities recorded by DCRB of $ |
$ | |||
Cash – PIPE Financing, net of transaction costs of $ |
||||
Less: transaction costs allocated to equity |
( |
) | ||
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|
|||
Effect of Business Combination, net of redemption and transaction costs |
$ |
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|
|
|
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(in thousands) |
Recapitalization |
|||
Cash – DCRB trust and cash, net of redemptions and liabilities recorded by DCRB of $ |
$ | |||
Cash – PIPE Financing, net of transaction costs of $ |
||||
Conversion of convertible notes into common stock |
||||
Recognize earnout liability |
( |
) | ||
Recognize private placement warrants liability |
( |
) | ||
Recapitalization of Legacy Hyzon common shares |
||||
Less: transaction costs allocated to equity |
( |
) | ||
|
|
|||
Effect of Business Combination, net of redemption and transaction costs |
$ |
|||
|
|
|
|
|
(in thousands) |
September 30, 2021 |
December 31, 2020 |
||||||
Deposit for fuel cell components (Note 14) |
$ | $ | — | |||||
Vehicle inventory deposits |
||||||||
Production equipment deposits |
— | |||||||
Other current deposits |
||||||||
Prepaid Insurance |
— | |||||||
|
|
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|
|||||
Total prepaid expenses and other current assets |
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(In thousands) |
September 30, 2021 |
December 31, 2020 |
||||||
Land and building |
$ | $ | — | |||||
Machinery and equipment |
||||||||
Software |
— | |||||||
Leasehold improvements |
— | |||||||
Construction in progress |
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|
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Total Property, plant, and equipment |
|
|
|
|
|
|
|
|
Less: Accumulated depreciation and amortization |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Property, plant and equipment, net |
$ | $ | ||||||
|
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|
|
• |
Level 1 inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. |
• | Level 2 inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. |
• | Level 3 inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date. |
Fair Value Measurements on a Recurring Basis |
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(In thousands) |
Level 1 |
Level 2 |
Level 3 |
Total |
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Warrant l iability – Private Placement Warrants |
— | — | $ | $ | ||||||||||||
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Earnout shares liability |
— | — | ||||||||||||||
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|
September 30, 2021 |
July 16, 2021 |
|||||||
Stock price |
$ | $ | ||||||
Exercise price (strike price) |
$ | $ | ||||||
Risk-free interest rate |
% | % | ||||||
Volatility |
% | % | ||||||
Remaining term (in years) |
Balance as of July 16, 2021 |
$ | |||
Change in estimated fair value |
( |
) | ||
|
|
|
|
|
Balance as of September 30, 2021 |
$ | |||
|
|
|
|
|
September 30, 2021 |
July 16, 2021 |
|||||||
Stock price |
$ | $ | ||||||
Risk-free interest rate |
% | % | ||||||
Volatility |
% | % | ||||||
Remaining term (in years) |
Balance as of July 16, 2021 |
$ | |||
Change in estimated fair value |
( |
) | ||
|
|
|
|
|
Balance as of September 30, 2021 |
$ | |||
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|
• | in whole and not in part; |
• | at a price of $ |
• | upon a minimum of 30 days’ prior written notice of redemption, which the Company refers to as the “ redemption period”; and |
• | if, and only if, the last reported sale price of the Company’s common stock has been at least $ |
• | in whole and not in part; |
• | at a price of $ |
• | upon a minimum of |
• | if, and only if, the last reported sale price of the Company’s common stock equals or exceeds $ |
• | if the last sale price of the Company’s common stock on the trading day prior to the date on which the notice of redemption is given is less than $ |
Three Months Ended September 30, | Nine Months Ended September 30, |
Inception (January 21, 2020) to September 30, |
||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Net income (loss) attributable to Hyzon |
$ | $ | ( |
) | $ | $ | ( |
) | ||||||||
Weighted average shares outstanding: |
||||||||||||||||
Basic |
||||||||||||||||
Effect of dilutive securities |
— | — | ||||||||||||||
Diluted |
||||||||||||||||
Earnings (loss) per share attributable to Hyzon: |
||||||||||||||||
Basic |
$ | $ | — | $ | $ | ( |
) | |||||||||
Diluted |
$ | $ | — | $ | $ | ( |
) |
Three Months Ended September 30, |
Nine Months Ended September 30, |
Inception (January 21, 2020) to September 30, |
||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
Stock options and restricted stock units |
||||||||||||||||
Stock options with market and performance conditions |
||||||||||||||||
Private placement warrants |
||||||||||||||||
Public Warrants |
||||||||||||||||
Earnout shares |
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
• |
our ability to commercialize our strategic plans, including our ability to establish facilities to produce our vehicles or secure hydrogen supply in appropriate volumes, at competitive costs or with competitive emissions profiles; |
• |
our ability to effectively compete in the heavy-duty transportation sector, and intense competition and competitive pressures from other companies worldwide in the industries in which we operate; |
• |
our ability to maintain the listing of our common stock on Nasdaq; |
• |
our ability to raise financing in the future; |
• |
our ability to retain or recruit, or changes required in, our officers, key employees or directors; and |
• |
our ability to protect, defend or enforce intellectual property on which we depend |
• | Our workforce COVID-19, we established new protocols to help protect the health and safety of our workforce. We will continue to stay up-to-date |
• | Operations and Supply Chain. |
Three Months Ended September 30, |
||||||||
(In thousands) |
2021 |
2020 |
||||||
Net income (loss) |
$ |
31,253 |
$ |
(556 |
) | |||
Interest expense, net |
254 |
15 |
||||||
Income tax expense (benefit) |
— |
— |
||||||
Depreciation and amortization |
223 |
75 |
||||||
|
|
|
|
|||||
EBITDA |
$ |
31,730 |
$ |
(466 |
) | |||
Change in fair value of private placement warrant liability |
(7,614 |
) |
— |
|||||
Change in fair value of earnout liability |
(73,615 |
) |
— |
|||||
Stock-based compensation |
13,827 |
— |
||||||
Executive transition charges (1) |
13,860 |
— |
||||||
Business combination transaction expenses (2) |
6,533 |
— |
||||||
Regulatory and legal matters (3) |
111 |
— |
||||||
|
|
|
|
|||||
Adjusted EBITDA |
$ |
(15,168 |
) |
$ |
(466 |
) | ||
|
|
|
|
(1) | Executive transition charges include stock-based compensation costs of $13.4 million and salary expense of $0.5 million related to former CTO’s retirement. |
(2) | Transaction costs of $6.4 million attributable to the liability classified earnout shares and $0.1 million of write-off of debt issuance costs. |
(3) | Regulatory and legal matters include legal, advisory, and other professional service fees incurred in connection with the short-seller analyst article from September 2021, and investigations and litigation related thereto. |
Nine Months Ended |
For the period January 21, 2020 (Inception) – |
|||||||
(In thousands) | September 30, 2021 |
September 30, 2020 |
||||||
Net income (loss) |
$ | 13,154 | $ | (854 | ) | |||
Interest expense, net |
5,249 | 20 | ||||||
Income tax expense (benefit) |
— | — | ||||||
Depreciation and amortization |
518 | 99 | ||||||
|
|
|
|
|||||
EBITDA |
$ |
18,921 |
$ |
(735 |
) | |||
Change in fair value of private placement warrant liability |
(7,614 | ) | — | |||||
Change in fair value of earnout liability |
(73,615 | ) | — | |||||
Stock-based compensation |
14,704 | — | ||||||
Executive transition charges (1) |
13,860 | — | ||||||
Business combination transaction expenses (2) |
6,533 | — | ||||||
Regulatory and legal matters (3) |
111 | — | ||||||
|
|
|
|
|||||
Adjusted EBITDA |
$ |
(27,100 |
) |
$ |
(735 |
) | ||
|
|
|
|
(1) | Executive transition charges include stock-based compensation costs of $13.4 million and salary expense of $0.5 million related to former CTO’s retirement. |
(2) | Transaction costs of $6.4 million attributable to the liability classified earnout shares and $0.1 million of write-off of debt issuance costs. |
(3) | Regulatory and legal matters include legal, advisory, and other professional service fees incurred in connection with the short-seller analyst article from September 2021, and investigations and litigation related thereto. |
• | Fair Value of Common Stock. |
• | Expected Term. |
• | Expected Volatility. |
• | Risk-Free Interest Rate. zero-coupon securities with maturities consistent with the estimated expected term. |
• | Expected Dividend Yield. |
• | Recent arms-length transactions involving the sale or transfer of our common stock; |
• | Our historical financial results and future financial projections; |
• | The market value of equity interests in substantially similar businesses, which equity interests can be valued through nondiscretionary, objective means; |
• | The lack of marketability of our common stock; |
• | The likelihood of achieving a liquidity event, such as the business combination, given prevailing market conditions; |
• | Industry outlook; and |
• | General economic outlook, including economic growth, inflation and unemployment, interest rate environment and global economic trends. |
Item 3. |
Quantitative and Qualitative Disclosures About Market Risk |
Item 4. |
Controls and Procedures |
Item 1. |
Legal Proceedings |
Item 1A. |
Risk Factors |
Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds |
Item 3. |
Defaults Upon Senior Securities |
Item 4. |
Mine Safety Disclosures |
Item 5. |
Other Information |
Item 6. |
Exhibits |
* | This information is furnished and not filed for purposes of Sections 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act |
# | Indicates management contract or compensatory arrangement. |
Hyzon Motors Inc. | ||||||
Date: November 12, 2021 | By: | /s/ Mark Gordon | ||||
Name: | Mark Gordon | |||||
Title: | Chief Financial Officer (Principal Financial Officer) |