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Hyzon Motors Inc. (HYZN-0.59%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a revenue of $134,000, compared to no revenue in the same quarter the previous year. The revenue was primarily generated from sales of products and services.
Operating expenses for the quarter were $37.6 million, down from $40.1 million in the previous year. This decrease was due to lower research and development expenses and restructuring charges.
The company reported a net loss of $41.3 million for the quarter, compared to a net loss of $44.1 million in the previous year.
Cash used in operating activities was $87.9 million for the nine months ended September 30, 2024, compared to $112.1 million in the same period the previous year.
Hyzon Motors had $30.4 million in unrestricted cash and cash equivalents as of September 30, 2024. The company acknowledges substantial doubt about its ability to continue as a going concern due to insufficient financial resources to support planned operations beyond the next 12 months.
The filing details the company's efforts to realign its strategic priorities, focusing on the North American Class 8 and refuse truck markets, and winding down operations in the Netherlands and Australia.
The company raised $3.8 million net of fees and commissions through a registered direct offering and commenced an 'at the market' equity offering program, raising an additional $4.8 million net of commissions through October 31, 2024.
Hyzon Motors continues to face legal proceedings, including securities class action lawsuits and shareholder derivative lawsuits, as well as an SEC investigation resulting in a $25 million civil penalty.
The company is exploring strategic alternatives and may seek bankruptcy protection if financing efforts or other strategic alternatives are not successful.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Hyzon Motors Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.