x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 001-39632 | 82-2726724 | ||||||||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
475 Quaker Meeting House Road Honeoye Falls, NY | 14472 | |||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||||
Common Stock, par value $0.0001 per share | HYZN | |||||||||||||||
Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50 per share | HYZNW |
Large accelerated filer | o | Accelerated filer | ||||||||||||||
Non-accelerated filer | x | Smaller reporting company | ||||||||||||||
Emerging growth company |
Page No. | |||||||||||||
4. | |||||||||||||
1A. | |||||||||||||
6. | |||||||||||||
March 31, 2022 | December 31, 2021 | ||||||||||
(As Restated) | |||||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash | $ | 407,333 | $ | 445,146 | |||||||
Accounts receivable | 812 | 2,956 | |||||||||
Related party receivable | 417 | 264 | |||||||||
Inventory | 28,397 | 20,927 | |||||||||
Prepaid expenses and other current assets | 28,914 | 26,852 | |||||||||
Total current assets | 465,873 | 496,145 | |||||||||
Property, plant, and equipment, net | 17,345 | 14,346 | |||||||||
Right-of-use assets | 10,961 | 10,265 | |||||||||
Investments in equity securities | 17,478 | 4,948 | |||||||||
Other assets | 5,292 | 4,575 | |||||||||
Total Assets | $ | 516,949 | $ | 530,279 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | 7,799 | $ | 7,980 | |||||||
Accrued liabilities | 10,220 | 6,770 | |||||||||
Related party payables | 648 | 3,695 | |||||||||
Contract liabilities | 8,178 | 10,925 | |||||||||
Current portion of lease liabilities | 2,409 | 1,886 | |||||||||
Total current liabilities | 29,254 | 31,256 | |||||||||
Long term liabilities | |||||||||||
Lease liabilities | 9,308 | 8,830 | |||||||||
Private placement warrant liability | 13,705 | 15,228 | |||||||||
Earnout liability | 100,520 | 103,761 | |||||||||
Deferred income taxes | 526 | — | |||||||||
Other liabilities | 1,142 | 1,139 | |||||||||
Total liabilities | 154,455 | 160,214 | |||||||||
Commitments and contingencies (Note 12) | |||||||||||
Stockholders’ Equity | |||||||||||
Common stock, $0.0001 par value; 400,000,000 shares authorized, 247,881,568 and 247,758,412 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively. | 25 | 25 | |||||||||
Additional paid-in capital | 401,862 | 400,826 | |||||||||
Accumulated deficit | (32,935) | (26,412) | |||||||||
Accumulated other comprehensive gain | 463 | 378 | |||||||||
Total Hyzon Motors Inc. stockholders’ equity | 369,415 | 374,817 | |||||||||
Noncontrolling interest | (6,921) | (4,752) | |||||||||
Total Stockholders’ Equity | 362,494 | 370,065 | |||||||||
Total Liabilities and Stockholders’ Equity | $ | 516,949 | $ | 530,279 |
June 30, 2021 (unaudited) | December 31, 2020 | |||||||
ASSETS: | ||||||||
Current assets: | ||||||||
Cash | $ | 167,284 | $ | — | ||||
Investment held in Trust Account | 225,734,427 | 225,727,721 | ||||||
Prepaid insurance | 769,425 | 1,062,000 | ||||||
Total current assets | 226,671,136 | 226,789,721 | ||||||
Total assets | $ | 226,671,136 | $ | 226,789,721 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accrued offering costs | $ | 175,000 | $ | 175,000 | ||||
Accounts payable—affiliate | 3,375,977 | 1,324,257 | ||||||
Accrued expenses | 3,533,899 | 3,572,935 | ||||||
Total Current Liabilities | 7,084,876 | 5,072,192 | ||||||
Warrant liabilities | 40,763,719 | 33,600,270 | ||||||
Deferred underwriting fee payable | 7,900,376 | 7,900,376 | ||||||
Total liabilities | 55,748,971 | 46,572,838 | ||||||
COMMITMENTS AND CONTINGENCIES | 0 | 0 | ||||||
Class A common stock subject to possible redemption, 16,592,216 and 17,521,688 shares at June 30, 2021 and December 31, 2020, respectively, at $10.00 per share | 165,922,160 | 175,216,880 | ||||||
Stockholders’ equity: | ||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; 0ne issued and outstanding | 0— | 0— | ||||||
Class A common stock, $0.0001 par value, 250,000,000 shares authorized; 5,980,286 and 5,050,814 shares, respectively, issued and outstanding (excluding 16,592,216 and 17,521,688 shares subject to possible redemption) at June 30 , 2021 and December 31, 2020, respectively | 598 | 505 | ||||||
Class B common stock, $0.0001 par value, 20,000,000 shares authorized, 5,643,125 s June 30 , 2021 and December 31, 2020 | 564 | 564 | ||||||
Additional paid-in capital | 36,135,858 | 26,841,231 | ||||||
Accumulated deficit | (31,137,015 | ) | (21,842,297 | ) | ||||
Total stockholders’ equity | 5,000,005 | 5,000,003 | ||||||
Total liabilities and stockholders’ equity | $ | 226,671,136 | $ | 226,789,721 | ||||
For the Three Months Ended June 30, 2021 | For the Three Months Ended June 30, 2020 | For the Six Months Ended June 30, 2021 | For the Six Months Ended June 30, 2020 | |||||||||||||
Operating expenses: | ||||||||||||||||
General and administrative expenses | $ | 1,361,853 | $ | 860 | $ | 2,137,975 | $ | 1,719 | ||||||||
Loss from operations | (1,361,853 | ) | (860 | ) | (2,137,975 | ) | (1,719 | ) | ||||||||
Other Income | ||||||||||||||||
Interest earned on marketable securities held in Trust Account | $ | 3,372 | $ | — | $ | 6,706 | $ | — | ||||||||
Change in fair value of warrant liabilities | (6,824,865 | ) | — | (7,163,449 | ) | — | ||||||||||
Net loss | $ | (8,183,346 | ) | $ | (859 | ) | $ | (9,294,718 | ) | $ | (1,719 | ) | ||||
Weighted average shares outstanding of Class A redeemable common stock, basic and diluted | 22,572,502 | — | 22,572,502 | — | ||||||||||||
Basic and diluted net income per common share, Class A redeemable common stock | $ | — | $ | — | $ | 0.00 | $ | — | ||||||||
Weighted average shares outstanding of Class B non-redeemable common stock, basic and diluted (1) (2) | 5,643,125 | 5,643,125 | 5,643,125 | 5,643,125 | ||||||||||||
Basic and diluted net loss per common share, Class B non-redeemable common stock | $ | 0 | $ | (0.00 | ) | $ | (1.65 | ) | $ | (0.00 | ) | |||||
Three Months Ended March 31, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
(As Restated) | |||||||||||||||||||||||
Revenue | $ | 2,888 | $ | — | |||||||||||||||||||
Operating expense: | |||||||||||||||||||||||
Cost of revenue | 653 | — | |||||||||||||||||||||
Research and development | 6,936 | 627 | |||||||||||||||||||||
Selling, general, and administrative | 19,752 | 3,146 | |||||||||||||||||||||
Total operating expenses | 27,341 | 3,773 | |||||||||||||||||||||
Loss from operations | (24,453) | (3,773) | |||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Change in fair value of private placement warrant liability | 1,523 | — | |||||||||||||||||||||
Change in fair value of earnout liability | 3,241 | — | |||||||||||||||||||||
Change in fair value of equity securities | 12,530 | — | |||||||||||||||||||||
Foreign currency exchange loss and other expense | (1,150) | (28) | |||||||||||||||||||||
Interest income (expense), net | 17 | (4,588) | |||||||||||||||||||||
Total other income (expense) | 16,161 | (4,616) | |||||||||||||||||||||
Net loss before income taxes | (8,292) | (8,389) | |||||||||||||||||||||
Income tax expense | 526 | — | |||||||||||||||||||||
Net loss | $ | (8,818) | $ | (8,389) | |||||||||||||||||||
Less: Net loss attributable to noncontrolling interest | (2,295) | (242) | |||||||||||||||||||||
Net loss attributable to Hyzon | $ | (6,523) | $ | (8,147) | |||||||||||||||||||
Comprehensive loss: | |||||||||||||||||||||||
Net loss | $ | (8,818) | $ | (8,389) | |||||||||||||||||||
Foreign currency translation adjustment | 211 | (29) | |||||||||||||||||||||
Comprehensive loss | $ | (8,607) | $ | (8,418) | |||||||||||||||||||
Less: Comprehensive loss attributable to noncontrolling interest | (2,169) | (233) | |||||||||||||||||||||
Comprehensive loss attributable to Hyzon | $ | (6,438) | $ | (8,185) | |||||||||||||||||||
Net loss per share attributable to Hyzon: | |||||||||||||||||||||||
Basic | $ | (0.03) | $ | (0.05) | |||||||||||||||||||
Diluted | $ | (0.03) | $ | (0.05) | |||||||||||||||||||
Weighted average common shares outstanding: | |||||||||||||||||||||||
Basic | 247,940 | 166,201 | |||||||||||||||||||||
Diluted | 247,940 | 166,201 |
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) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | — | $ | — | 247,758,412 | $ | 25 | $ | 400,826 | $ | (26,412) | $ | 378 | $ | 374,817 | $ | (4,752) | $ | 370,065 | ||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | 30,008 | — | 34 | — | — | 34 | — | 34 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 1,193 | — | — | 1,193 | — | 1,193 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting of RSUs | — | — | 64,815 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net share settlement of equity awards | — | — | — | — | (160) | — | — | (160) | — | (160) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued for the cashless exercise of warrants | — | — | 28,333 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of warrants | — | — | — | — | (31) | — | — | (31) | — | (31) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to Hyzon | — | — | — | — | — | (6,523) | — | (6,523) | — | (6,523) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to noncontrolling interest | — | — | — | — | — | — | — | — | (2,295) | (2,295) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation loss | — | — | — | — | — | — | 85 | 85 | 126 | 211 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 (As Restated) | — | $ | — | 247,881,568 | $ | 25 | $ | 401,862 | $ | (32,935) | $ | 463 | $ | 369,415 | $ | (6,921) | $ | 362,494 | ||||||||||||||||||||||||||||||||||||||||||||
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) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | 93,750,000 | $ | 94 | — | $ | — | $ | 29,045 | $ | (14,271) | $ | (16) | $ | 14,852 | $ | (91) | $ | 14,761 | ||||||||||||||||||||||||||||||||||||||||||||
Retroactive application of recapitalization | (93,750,000) | (94) | 166,125,000 | 17 | 77 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted balance, beginning of period | — | — | 166,125,000 | 17 | 29,122 | (14,271) | (16) | 14,852 | (91) | 14,761 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | 115,189 | — | 187 | — | — | 187 | — | 187 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 290 | — | — | 290 | — | 290 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
IP transaction - deemed distribution | — | — | — | — | (10,000) | — | — | (10,000) | — | (10,000) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to Hyzon | — | — | — | — | — | (8,147) | — | (8,147) | — | (8,147) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to noncontrolling interest | — | — | — | — | — | — | — | — | (242) | (242) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation loss | — | — | — | — | — | — | (38) | (38) | 9 | (29) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | — | $ | — | 166,240,189 | $ | 17 | $ | 19,599 | $ | (22,418) | $ | (54) | $ | (2,856) | $ | (324) | $ | (3,180) |
Class A Common Stock | Class B Common Stock | Additional Paid-in | Accumulated | Stockholders’ | ||||||||||||||||||||||||
Shares | Amount | Shares (1) (2) | Amount | Capital | Deficit | Equity | ||||||||||||||||||||||
Balances as of January 1, 2021 | 5,050,814 | $ | 505 | 5,643,125 | $ | 564 | $ | 26,841,231 | $ | (21,842,297 | ) | $ | 5,000,003 | |||||||||||||||
Common stock subject to possible redemptio n | 111,137 | 11 | — | — | 1,111,359 | — | 1,111,370 | |||||||||||||||||||||
Net loss | — | — | — | — | — | (1,111,372 | ) | (1,111,372 | ) | |||||||||||||||||||
Balances as of March 31, 2021 | 5,161,951 | $ | 516 | 5,643,125 | $ | 564 | $ | 27,952,590 | $ | (22,953,669 | ) | $ | 5,000,001 | |||||||||||||||
Common stock subject to possible redemptio n | 818,335 | 82 | — | — | 8,183,268 | — | 8,183,350 | |||||||||||||||||||||
Net loss | — | — | — | — | — | (8,183,346 | ) | (8,183,346 | ) | |||||||||||||||||||
Balances as of June 30, 202 1 | 5,980,286 | $ | 598 | 5,643,125 | $ | 564 | $ | 36,135,858 | $ | (31,137,015 | ) | $ | 5,000,005 |
Class A Common Stock | Class B Common Stock | Additional Paid-in | Accumulated | Stockholder’s | ||||||||||||||||||||||||
Shares | Amount | Shares (1) (2) | Amount | Capital | Deficit | Equity | ||||||||||||||||||||||
Balances as of January 1, 2020 | — | $ | — | 5,750,000 | $ | 575 | $ | 243,447 | $ | (219,422 | ) | $ | 24,600 | |||||||||||||||
Net loss | — | — | — | — | — | (859 | ) | (859 | ) | |||||||||||||||||||
Balances as of March 31, 202 0 | — | $ | — | 5,750,000 | $ | 575 | $ | 243,447 | (220,281 | ) | 23,741 | |||||||||||||||||
Net loss | — | — | — | — | — | (860 | ) | (860 | ) | |||||||||||||||||||
Balances as of June 30, 202 0 | — | $ | — | 5,750,000 | $ | 575 | $ | 243,447 | $ | (221,141 | ) | $ | 22,881 |
For the Six Months Ended June 30, 2021 | For the Six Months Ended June 30, 2020 | |||||||
Cash flow from operating activities: | ||||||||
Net loss | $ | (9,294,718 | ) | $ | (1,719 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Change in fair value of warrant liabilities | 7,163,449 | |||||||
Interest earned on marketable securities held in Trust Account | (6,706 | ) | — | |||||
Changes in operating assets and liabilities: | ||||||||
Accounts payable | 2,051,720 | 1,719 | ||||||
Accrued expenses | (39,036 | ) | — | |||||
Prepaid insurance | 292,575 | — | ||||||
Net cash used in operating activities | 167,284 | — | ||||||
Net increase in cash | 167,284 | — | ||||||
Cash at beginning of period | — | 315,600 | ||||||
Cash at end of period | $ | 167,284 | $ | 315,600 | ||||
Supplemental disclosure of non-cash financing activities: | ||||||||
Change in value of Class A common stock subject to possible redemption | $ | (9,294,720 | ) | $ | — | |||
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
(As Restated) | |||||||||||
Cash Flows from Operating Activities: | |||||||||||
Net loss | $ | (8,818) | $ | (8,389) | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Depreciation and amortization | 904 | 129 | |||||||||
Stock-based compensation | 1,193 | 290 | |||||||||
Deferred income tax expense | 526 | — | |||||||||
Noncash interest expense | — | 4,500 | |||||||||
Fair value adjustment of private placement warrant liability | (1,523) | — | |||||||||
Fair value adjustment of earnout liability | (3,241) | — | |||||||||
Fair value adjustment of value of equity securities | (12,530) | — | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | 2,164 | (191) | |||||||||
Inventory | (7,494) | (626) | |||||||||
Prepaid expenses and other current assets | (1,749) | (6,982) | |||||||||
Other assets | (68) | — | |||||||||
Accounts payable | (180) | 375 | |||||||||
Accrued liabilities | 3,404 | 316 | |||||||||
Related party payables, net | (56) | 811 | |||||||||
Contract liabilities | (2,637) | 297 | |||||||||
Other liabilities | 9 | — | |||||||||
Net cash used in operating activities | (30,096) | (9,470) | |||||||||
Cash Flows from Investing Activities: | |||||||||||
Purchases of property and equipment | (3,575) | (3,950) | |||||||||
Advanced payments for capital expenditures | (320) | — | |||||||||
Investment in equity securities | — | (123) | |||||||||
Net cash used in investing activities | (3,895) | (4,073) | |||||||||
Cash Flows from Financing Activities: | |||||||||||
Exercise of stock options | 34 | 187 | |||||||||
Payment of finance lease liability | (86) | (38) | |||||||||
Debt issuance costs | — | (59) | |||||||||
Proceeds from issuance of convertible notes | — | 45,000 | |||||||||
Net share settlement of equity awards | (160) | — | |||||||||
Payment for purchase of Horizon IP | (3,146) | — | |||||||||
Repurchase of warrants | (31) | — | |||||||||
Deferred transaction costs | — | (487) | |||||||||
Net cash (used in) provided by financing activities | (3,389) | 44,603 | |||||||||
Effect of exchange rate changes on cash | 216 | (26) | |||||||||
Net change in cash and restricted cash | (37,164) | 31,034 | |||||||||
Cash and restricted cash — Beginning | 449,365 | 17,139 | |||||||||
Cash and restricted cash — Ending | $ | 412,201 | $ | 48,173 | |||||||
Supplemental schedule of non-cash investing activities and financing activities: | |||||||||||
Horizon license agreement payable | — | 10,000 | |||||||||
Transaction costs included in accrued expenses | — | 2,978 |
As of March 31, 2022 | ||||||||||||||||||||||||||
As Previously Reported | Restatement Adjustment | Restatement References | As Restated | |||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||||
Cash | $ | 407,333 | $ | — | $ | 407,333 | ||||||||||||||||||||
Accounts receivable | 774 | 38 | 812 | |||||||||||||||||||||||
Related party receivable | 417 | — | 417 | |||||||||||||||||||||||
Inventory | 26,082 | 2,315 | (A) , (B) | 28,397 | ||||||||||||||||||||||
Prepaid expenses and other current assets | 29,951 | (1,037) | (A) | 28,914 | ||||||||||||||||||||||
Total current assets | 464,557 | 1,316 | 465,873 | |||||||||||||||||||||||
Property, plant, and equipment, net | 18,249 | (904) | 17,345 | |||||||||||||||||||||||
Right-of-use assets | 10,970 | (9) | 10,961 | |||||||||||||||||||||||
Investments in equity securities | 17,478 | — | 17,478 | |||||||||||||||||||||||
Other assets | 6,146 | (854) | (A) | 5,292 | ||||||||||||||||||||||
Total Assets | $ | 517,400 | $ | (451) | $ | 516,949 | ||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||||
Accounts payable | $ | 7,938 | $ | (139) | $ | 7,799 | ||||||||||||||||||||
Accrued liabilities | 9,034 | 1,186 | (A) , (B) | 10,220 | ||||||||||||||||||||||
Related party payables | 648 | — | 648 | |||||||||||||||||||||||
Contract liabilities | 11,063 | (2,885) | (B) | 8,178 | ||||||||||||||||||||||
Current portion of lease liabilities | 2,409 | — | 2,409 | |||||||||||||||||||||||
Total current liabilities | 31,092 | (1,838) | 29,254 | |||||||||||||||||||||||
Long term liabilities | ||||||||||||||||||||||||||
Lease liabilities | 9,249 | 59 | 9,308 | |||||||||||||||||||||||
Private placement warrant liability | 13,705 | — | 13,705 | |||||||||||||||||||||||
Earnout liability | 100,520 | — | 100,520 | |||||||||||||||||||||||
Deferred income taxes | 526 | — | 526 | |||||||||||||||||||||||
Other liabilities | 1,243 | (101) | (A) | 1,142 | ||||||||||||||||||||||
Total liabilities | $ | 156,335 | $ | (1,880) | $ | 154,455 | ||||||||||||||||||||
Commitments and contingencies | ||||||||||||||||||||||||||
Stockholders’ Equity | ||||||||||||||||||||||||||
Common stock, $0.0001 par value; 400,000,000 shares authorized, 247,881,568 and 247,758,412 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively. | 25 | — | 25 | |||||||||||||||||||||||
Additional paid-in capital | 404,992 | (3,130) | (C) | 401,862 | ||||||||||||||||||||||
Accumulated deficit | (37,182) | 4,247 | (32,935) | |||||||||||||||||||||||
Accumulated other comprehensive gain | 486 | (23) | 463 | |||||||||||||||||||||||
Total Hyzon Motors Inc. stockholders’ equity | 368,321 | 1,094 | 369,415 | |||||||||||||||||||||||
Noncontrolling interest | (7,256) | 335 | (6,921) | |||||||||||||||||||||||
Total Stockholders’ Equity | 361,065 | 1,429 | 362,494 | |||||||||||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 517,400 | $ | (451) | $ | 516,949 |
Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||
As Previously Reported | Restatement Adjustment | Restatement References | As Restated | |||||||||||||||||||||||
Revenue | $ | 356 | $ | 2,532 | (A) | $ | 2,888 | |||||||||||||||||||
Operating expense: | ||||||||||||||||||||||||||
Cost of revenue | 424 | 229 | (B) | 653 | ||||||||||||||||||||||
Research and development | 6,212 | 724 | 6,936 | |||||||||||||||||||||||
Selling, general, and administrative | 20,470 | (718) | 19,752 | |||||||||||||||||||||||
Total operating expenses | 27,106 | 235 | 27,341 | |||||||||||||||||||||||
Loss from operations | (26,750) | 2,297 | (24,453) | |||||||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||
Change in fair value of private placement warrant liability | 1,523 | — | 1,523 | |||||||||||||||||||||||
Change in fair value of earnout liability | 3,241 | — | 3,241 | |||||||||||||||||||||||
Change in fair value of equity securities | 12,530 | — | 12,530 | |||||||||||||||||||||||
Foreign currency exchange loss and other expense | (1,057) | (93) | (1,150) | |||||||||||||||||||||||
Interest income (expense), net | 17 | — | 17 | |||||||||||||||||||||||
Total other income (expense) | 16,254 | (93) | 16,161 | |||||||||||||||||||||||
Net loss before income taxes | $ | (10,496) | $ | 2,204 | $ | (8,292) | ||||||||||||||||||||
Income tax expense | 526 | — | 526 | |||||||||||||||||||||||
Net loss | (11,022) | 2,204 | (8,818) | |||||||||||||||||||||||
Less: Net loss attributable to noncontrolling interest | (1,957) | (338) | (2,295) | |||||||||||||||||||||||
Net loss attributable to Hyzon | $ | (9,065) | $ | 2,542 | $ | (6,523) | ||||||||||||||||||||
Comprehensive loss: | ||||||||||||||||||||||||||
Net loss | $ | (11,022) | $ | 2,204 | $ | (8,818) | ||||||||||||||||||||
Foreign currency translation adjustment | 254 | (43) | 211 | |||||||||||||||||||||||
Comprehensive loss | $ | (10,768) | $ | 2,161 | $ | (8,607) | ||||||||||||||||||||
Less: Comprehensive loss attributable to noncontrolling interest | (1,816) | (353) | (2,169) | |||||||||||||||||||||||
Comprehensive loss attributable to Hyzon | $ | (8,952) | $ | 2,514 | $ | (6,438) | ||||||||||||||||||||
Net loss per share attributable to Hyzon: | ||||||||||||||||||||||||||
Basic | (0.04) | $ | 0.01 | (0.03) | ||||||||||||||||||||||
Diluted | (0.04) | $ | 0.01 | (0.03) | ||||||||||||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||||||||||||
Basic | 247,940 | — | 247,940 | |||||||||||||||||||||||
Diluted | 247,940 | — | 247,940 |
Common Stock Class A | Retained Earnings (Accumulated Deficit) | Accumulative Other Comprehensive Income | Total Hyzon Motors Inc. Stockholders' Equity (Deficit) | Noncontrolling Interest | Total Stockholders' Equity | ||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Additional Paid-in Capital | |||||||||||||||||||||||||||||||||||||||||||||
BALANCE - March 31, 2022 (As Previously Reported) | 247,881,568 | $ | 25 | 404,992 | $ | (37,182) | $ | 486 | $ | 368,321 | $ | (7,256) | $ | 361,065 | |||||||||||||||||||||||||||||||||
Cumulative adjustments | — | — | (3,130) | 4,247 | (23) | 1,094 | 335 | 1,429 | |||||||||||||||||||||||||||||||||||||||
BALANCE - March 31, 2022 (As Restated) | 247,881,568 | $ | 25 | 401,862 | $ | (32,935) | $ | 463 | $ | 369,415 | $ | (6,921) | $ | 362,494 |
Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended | |||||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Class A Redeemable Common Stock | ||||||||||||||||
Numerator: Earnings allocable to Class A Redeemable Common Stock | ||||||||||||||||
Interest Income | 3,372 | — | 6,706 | — | ||||||||||||
Income and Franchise Tax | (3,372 | ) | — | (6,706 | ) | — | ||||||||||
Redeemable Net Loss | 0 | 0 | 0 | 0 | ||||||||||||
Denominator: Weighted Average Class A Redeemable Common Stock | ||||||||||||||||
Class A Redeemable Common Stock, Basic and Diluted | 22,572,502 | — | 22,572,502 | — | ||||||||||||
Income (Loss)/Basic and Diluted Class A Redeemable Common Stock | 0 | — | ||||||||||||||
Class B Non-Redeemable Common Stock | ||||||||||||||||
Numerator: Net Loss minus Class A Redeemable Net Loss | ||||||||||||||||
Net Loss | (8,183,346 | ) | (860 | ) | (9,294,718 | ) | (1,719 | ) | ||||||||
Class A Redeemable Net Loss | 0— | 0— | — | — | ||||||||||||
Class B Non-Redeemable Net Loss | (8,183,346 | ) | (860 | ) | (9,294,718 | ) | (1,719 | ) | ||||||||
Denominator: Weighted Average Class B Non-Redeemable Common Stock | ||||||||||||||||
Class B Non-Redeemable Common Stock, Basic and Diluted | 5,643,125 | 5,000,000 | 5,643,125 | 5,000,000 | ||||||||||||
Loss/Basic and Diluted Class B Non-Redeemable Common Stock | (1.45 | ) | (0.00 | ) | (1.65 | ) | (0.00 | ) |
Three Months Ended March 31, 2022 | ||||||||||||||||||||
As Previously Reported | Restatement Adjustments*** | As Restated | ||||||||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||||||||
Net loss | $ | (11,022) | $ | 2,204 | $ | (8,818) | ||||||||||||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||||||||||
Depreciation and amortization | 912 | (8) | 904 | |||||||||||||||||
Stock-based compensation | 2,133 | (940) | 1,193 | |||||||||||||||||
Deferred income tax expense | 526 | — | 526 | |||||||||||||||||
Fair value adjustment of private placement warrant liability | (1,523) | — | (1,523) | |||||||||||||||||
Fair value adjustment of earnout liability | (3,241) | — | (3,241) | |||||||||||||||||
Fair value adjustment of value of equity securities | (12,530) | — | (12,530) | |||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||
Accounts receivable | 1,839 | 325 | 2,164 | |||||||||||||||||
Inventory | (6,864) | (630) | (7,494) | |||||||||||||||||
Prepaid expenses and other current assets | (1,599) | (150) | (1,749) | |||||||||||||||||
Other assets | (65) | (3) | (68) | |||||||||||||||||
Accounts payable | (568) | 388 | (180) | |||||||||||||||||
Accrued liabilities | 3,003 | 401 | 3,404 | |||||||||||||||||
Related party payables, net | 8 | (64) | (56) | |||||||||||||||||
Contract liabilities | (165) | (2,472) | (2,637) | |||||||||||||||||
Other liabilities | (92) | 101 | 9 | |||||||||||||||||
Net cash used in operating activities | (29,248) | (848) | (30,096) | |||||||||||||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||
Purchases of property and equipment | (4,440) | 865 | (3,575) | |||||||||||||||||
Advanced payments for capital expenditures | (387) | 67 | (320) | |||||||||||||||||
Investment in equity securities | — | — | — | |||||||||||||||||
Net cash used in investing activities | (4,827) | 932 | (3,895) | |||||||||||||||||
Cash Flows from Financing Activities: | ||||||||||||||||||||
Exercise of stock options | 34 | — | 34 | |||||||||||||||||
Payment of finance lease liability | (86) | — | (86) | |||||||||||||||||
Net share settlement of equity awards | (160) | — | (160) | |||||||||||||||||
Payment for purchase of Horizon IP | (3,146) | — | (3,146) | |||||||||||||||||
Repurchase of warrants | (31) | — | (31) | |||||||||||||||||
Net cash (used in) provided by financing activities | (3,389) | — | (3,389) | |||||||||||||||||
Effect of exchange rate changes on cash | 300 | (84) | 216 | |||||||||||||||||
Net change in cash and restricted cash | (37,164) | — | (37,164) | |||||||||||||||||
Cash and restricted cash — Beginning | 449,365 | — | 449,365 | |||||||||||||||||
Cash and restricted cash — Ending | $ | 412,201 | $ | — | $ | 412,201 | ||||||||||||||
March 31, 2022 | December 31, 2021 | |||||||||||||
Raw materials | $ | 21,201 | $ | 16,099 | ||||||||||
Work in process | 7,196 | 4,828 | ||||||||||||
Total inventory | $ | 28,397 | $ | 20,927 |
March 31, 2022 | December 31, 2021 | |||||||||||||
Deposit for fuel cell components (Note 15) | $ | 5,905 | $ | 5,008 | ||||||||||
Vehicle inventory deposits | 10,021 | 10,171 | ||||||||||||
Production equipment deposits | 1,484 | 1,169 | ||||||||||||
Other prepaid expenses | 5,136 | 3,266 | ||||||||||||
Prepaid Insurance | 2,744 | 5,079 | ||||||||||||
VAT receivable from government | 3,624 | 2,159 | ||||||||||||
Total prepaid expenses and other current assets | $ | 28,914 | $ | 26,852 |
March 31, 2022 | December 31, 2021 | |||||||||||||
Land and building | $ | 2,818 | $ | 2,818 | ||||||||||
Machinery and equipment | 10,755 | 8,827 | ||||||||||||
Software | 1,087 | 507 | ||||||||||||
Leasehold improvements | 909 | 746 | ||||||||||||
Construction in progress | 3,038 | 2,139 | ||||||||||||
Total Property, plant, and equipment | 18,607 | 15,037 | ||||||||||||
Less: Accumulated depreciation and amortization | (1,262) | (691) | ||||||||||||
Property, plant and equipment, net | $ | 17,345 | $ | 14,346 |
March 31, 2022 | December 31, 2021 | |||||||||||||
Payroll and payroll related expenses | $ | 3,835 | $ | 2,250 | ||||||||||
Accrued professional fees | 4,093 | 2,450 | ||||||||||||
Other accrued expenses | 2,292 | 2,070 | ||||||||||||
Accrued liabilities | $ | 10,220 | $ | 6,770 |
March 31, 2022 | December 31, 2021 | ||||||||||
Total initial cost basis | $ | 4,948 | $ | 4,948 | |||||||
Adjustment: | |||||||||||
Cumulative unrealized gain | 12,530 | — | |||||||||
Carrying amount, end of period | $ | 17,478 | $ | 4,948 |
As of March 31, 2022 | ||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
Warrant liability – Private Placement Warrants | $ | — | $ | 13,705 | $ | — | $ | 13,705 | ||||||||||||||||||
Earnout shares liability | — | — | 100,520 | 100,520 |
As of December 31, 2021 | ||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
Warrant liability – Private Placement Warrants | $ | — | $ | 15,228 | $ | — | $ | 15,228 | ||||||||||||||||||
Earnout shares liability | — | — | 103,761 | 103,761 |
Description | Amount at Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||
June 30, 2021 | ||||||||||||||||
Assets: | ||||||||||||||||
Marketable securities held in Trust Account—U.S. Treasury Securities Money Market Fund | 225,734,427 | 225,734,427 | — | — | ||||||||||||
Liabilities: | ||||||||||||||||
Warrant Liability—Public Warrants | 25,845,515 | 25,845,515 | — | |||||||||||||
Warrant Liability—Private Placement Warrants | 14,918,205 | — | — | 14,918,205 | ||||||||||||
December 31, 2020 | ||||||||||||||||
Assets: | ||||||||||||||||
Marketable securities held in Trust Account—U.S. Treasury Securities Money Market Fund | 225,727,721 | 225,727,721 | — | |||||||||||||
Liabilities: | ||||||||||||||||
Warrant Liability—Public Warrants | 20,766,705 | 20,766,705 | — | |||||||||||||
Warrant Liability—Private Placement Warrants | 12,833,565 | — | — | 12,833,565 |
As of June 30, 2021 | As of December 31, 2020 | |||||||
Stock price | 10.31 | 10.60 | ||||||
Strike price | 11.50 | 11.50 | ||||||
Term (in years) | 5.1 | 5.4 | ||||||
Volatility | 30.0 | % | 27.8 | % | ||||
Risk-free rate | 0.9 | % | 0.4 | % | ||||
Dividend yield | 0.0 | % | 0.0 | % | ||||
Fair value of warrants | 2.29 | 1.97 |
March 31, 2022 | December 31, 2021 | ||||||||||
Stock price | $ | 6.39 | $ | 6.49 | |||||||
Risk-free interest rate | 2.4 | % | 1.2 | % | |||||||
Volatility | 90.00 | % | 90.00 | % | |||||||
Remaining term (in years) | 4.29 | 4.54 |
Placement (Level 3) | (Level 1) | Liabilities |
Fair value as of December 31, 2020 | 12,833,565 | 20,766,705 | 33,600,270 | |||||||||
Change in valuation inputs or other assumptions | 2,084,640 | 5,078,810 | 7,163,449 | |||||||||
Fair value as of June 30, 2021 | 14,918,205 | 25,845,515 | 40,763,719 | |||||||||
Private Placement Warrants | Earnout | ||||||||||
Balance as of December 31, 2021 | $ | 15,228 | $ | 103,761 | |||||||
Change in estimated fair value | (1,523) | (3,241) | |||||||||
Balance as of March 31, 2022 | $ | 13,705 | $ | 100,520 |
Stock Options | RSUs | |||||||||||||||||||||||||||||||||||||
Number of Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual (Years) | Aggregate Intrinsic Value (in 000s) | Number of RSUs | Weighted Average Grant Date Fair Value | |||||||||||||||||||||||||||||||||
Outstanding at December 31, 2021 | 19,311,140 | $ | 1.29 | 13.07 | 100,885 | 1,852,685 | $ | 6.14 | ||||||||||||||||||||||||||||||
Granted | 188,232 | $ | 6.29 | — | — | 107,310 | $ | 5.22 | ||||||||||||||||||||||||||||||
Exercised or released | (30,008) | $ | 1.13 | — | — | (95,576) | $ | 3.53 | ||||||||||||||||||||||||||||||
Forfeited/Cancelled | (38,984) | $ | 1.13 | — | — | — | $ | — | ||||||||||||||||||||||||||||||
Outstanding at March 31, 2022 | 19,430,380 | $ | 1.30 | 12.78 | 99,280 | 1,864,419 | $ | 6.22 | ||||||||||||||||||||||||||||||
Vested and expected to vest, March 31, 2022 | 13,892,880 | $ | 1.15 | 12.39 | 73,271 | 1,864,419 | $ | 6.22 | ||||||||||||||||||||||||||||||
Exercisable and vested at March 31, 2022 | 12,116,476 | $ | 1.13 | 13.15 | 63,749 | — |
Three Months Ended March 31, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Net loss attributable to Hyzon | $ | (6,523) | $ | (8,147) | |||||||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||
Basic | 247,940 | 166,201 | |||||||||||||||||||||
Effect of dilutive securities | — | — | |||||||||||||||||||||
Diluted | 247,940 | 166,201 | |||||||||||||||||||||
Loss per share attributable to Hyzon: | |||||||||||||||||||||||
Basic | $ | (0.03) | $ | (0.05) | |||||||||||||||||||
Diluted | $ | (0.03) | $ | (0.05) |
Three Months Ended March 31, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Restricted stock units | 1,864 | 872 | |||||||||||||||||||||
Stock options with service conditions | 12,121 | 12,525 | |||||||||||||||||||||
Stock options for former CTO | 1,772 | 1,772 | |||||||||||||||||||||
Stock options with market and performance conditions | 5,538 | 5,538 | |||||||||||||||||||||
Private placement warrants | 8,015 | — | |||||||||||||||||||||
Public Warrants | 11,286 | — | |||||||||||||||||||||
Earnout shares | 23,250 | — | |||||||||||||||||||||
Hongyun warrants | 31 | — | |||||||||||||||||||||
Ardour warrants | 230 | 326 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2022 | 2021 | $ Change | % Change | |||||||||||||||||||||||
Revenue | $ | 2,888 | $ | — | $ | 2,888 | N/M | |||||||||||||||||||
Operating expense: | ||||||||||||||||||||||||||
Cost of revenue | 653 | — | 653 | N/M | ||||||||||||||||||||||
Research and development | 6,936 | 627 | 6,309 | 1006 | % | |||||||||||||||||||||
Selling, general, and administrative | 19,752 | 3,146 | 16,606 | 528 | % | |||||||||||||||||||||
Total operating expenses | 27,341 | 3,773 | 23,568 | 625 | % | |||||||||||||||||||||
Loss from operations | (24,453) | (3,773) | (20,680) | 548 | % | |||||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||
Change in fair value of private placement warrant liability | 1,523 | — | 1,523 | N/M | ||||||||||||||||||||||
Change in fair value of earnout liability | 3,241 | — | 3,241 | N/M | ||||||||||||||||||||||
Change in fair value of equity securities | 12,530 | — | 12,530 | N/M | ||||||||||||||||||||||
Foreign currency exchange loss and other expense | (1,150) | (28) | (1,122) | 4007 | % | |||||||||||||||||||||
Interest income (expense), net | 17 | (4,588) | 4,605 | (100) | % | |||||||||||||||||||||
Total other income (expense) | 16,161 | (4,616) | 20,777 | (450) | % | |||||||||||||||||||||
Net loss before income taxes | (8,292) | (8,389) | 97 | (1) | % | |||||||||||||||||||||
Income tax expense | 526 | — | 526 | N/M | ||||||||||||||||||||||
Net loss | $ | (8,818) | $ | (8,389) | $ | (429) | 5 | % | ||||||||||||||||||
Less: Net loss attributable to noncontrolling interest | (2,295) | (242) | (2,053) | 848 | % | |||||||||||||||||||||
Net loss attributable to Hyzon | $ | (6,523) | $ | (8,147) | $ | 1,624 | (20) | % |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Net loss | $ | (8,818) | $ | (8,389) | |||||||
Interest (income) expense, net | (17) | 4,588 | |||||||||
Income tax expense | 526 | — | |||||||||
Depreciation and amortization | 904 | 129 | |||||||||
EBITDA | $ | (7,405) | $ | (3,672) | |||||||
Adjusted for: | |||||||||||
Change in fair value of private placement warrant liability | (1,523) | — | |||||||||
Change in fair value of earnout liability | (3,241) | — | |||||||||
Change in fair value of equity securities | (12,530) | — | |||||||||
Stock-based compensation | 1,193 | 290 | |||||||||
Regulatory and legal matters (1) | 2,730 | — | |||||||||
Adjusted EBITDA | $ | (20,776) | $ | (3,382) |
Three Months Ended March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
Net cash used in operating activities | $ | (30,096) | $ | (9,470) | ||||||||||
Net cash used in investing activities | (3,895) | (4,073) | ||||||||||||
Net cash (used in) provided by financing activities | (3,389) | 44,603 |
Exhibit | Description |
3.1 | ||||||||
3.2 | ||||||||
10.1 | ||||||||
10.7#† | ||||||||
31.1 | ||||||||
101.INS | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document. | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Hyzon Motors Inc. | |||||||||||||
Date: | By: | /s/ | |||||||||||
Name: | |||||||||||||
Title: | Chief |