Dollar Amounts
USD (Millions)
Balance sheet data in USD (millions)
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Over 2021–2023 the company expanded its asset base from $990m to about $1.275bn, but in 2024 total assets plunged to $596m — a roughly 53% decline from the 2023 peak. Total liabilities rose sharply from $296m in 2021 to a peak of $710m in 2022, then eased to $556m in 2023 and fell further to $489m in 2024. Stockholders’ equity moved from a strong position of $694m (≈70% of assets) in 2021 down to $526m in 2022, recovered to $719m in 2023 (≈56% of assets), then collapsed to $107m in 2024 (≈18% of assets). These shifts produce a marked increase in leverage by 2024: liabilities represented about 82% of assets that year versus roughly 30% in 2021. The pattern — rapid asset growth through 2023, then large asset write‑downs or disposals and a simultaneous erosion of equity in 2024 — is consistent with significant impairments, asset sales, or sustained operating losses and/or restructuring (or large dividend/repayment actions) that materially weakened the balance sheet. The 2023 rebound in equity could reflect capital raises or revaluations that were largely reversed the following year. For a capital‑intensive, development‑stage company like an electric/hydrogen vehicle manufacturer, these swings often reflect project cancellations, technology or regulatory setbacks, or inventory/receivables impairments. Note that the 2025 row showing zeros likely indicates missing/unreported data or cessation of reporting and should be treated with caution; further disclosure (notes to the financials) would be needed to identify the precise drivers and assess near‑term solvency and financing needs.
This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.