I have the utmost confidence in her as our new Senior Vice President of Finance and Accounting. We are excited about the continued growth and experience and depth of our board and management team, who bring expertise in our near-term priorities of commercialization, cash, and capital management. We’re also proud to show a continued track record of attracting top talent to Hyzon’s management team, board, and staff, reflective of the technology, value, and opportunity people see in Hyzon. Turning to our financial performance this quarter, we are pleased to have delivered the lowest quarterly cash burn in the last eight quarters, driven by our operational focus, lower headcount, and lower legal and professional services expenses. We will comment further on the quarter and outlook, but these results give us confidence to keep our cash burn guidance unchanged for both the second half of 2023 and the full year of 2024.
We also demonstrated our ability to drive below $10 million per month core cash burn in the month of October 2023. We continue to remain focused on raising capital, and the resolution of the SEC investigation removed a significant obstacle. We believe Hyzon has a significant strategic value with leading technology, minimal remaining capital spending requirements through SOP, and increasing customer agreements and deliveries. We are engaging with a further focus set of potential strategics and evaluating additional financing alternatives. While remaining opportunistic, we need to balance alternatives against our belief that today’s valuation does not reflect the intrinsic value of the company. We continue to focus on executing our strategy with the goal of continuing to meet and possibly exceed our expected targets and guidance.
I’m confident our differentiated technology, strong IP, and in-house US-based fuel cell production, the growing commercial momentum, and our significantly streamlined organization all positioned us well in this accelerating market. With that, I will hand over the discussion to JiaJia who will go over our third quarter results, and then to Steve, who will cover our plans going forward. JiaJia?
JiaJia Wu : Thank you, Parker, and good morning, everyone. First of all, I would like to thank Parker and the board of directors for allowing me to serve as Interim Chief Financial Officer for the last six months. I’m excited to partner closely with Steve at Hyzon going forward. For this call, I will go over the numbers that Hyzon is reporting for the third quarter of 2023, and then transition to Steve for further comments. During this quarter, we incurred $3.3 million in cost of sales, primarily due to $2.7 million inventory net-realizable value write downs in Europe. Our loss from operations amounted to $40.1 million in Q3 2023 compared to $64.1 million in Q2 2023. The primary driver for this reduction is because we included $22 million legal loss contingency accrual related to the SEC investigation in Q2 2023.
In this quarter, we reached a final resolution with SEC subject to a court approval and recorded additional $3 million accrual to increase the amount to the agreed $25 million. Additionally, in July 2023, our board of directors approved a restructuring program to improve operational effectiveness and cost reduction, including our workforce. As part of the restructuring program, we expect to rationalize our global footprint, implement a shared service model for procurement and engineering, and transition to a third-party assembly model for FCEV assembly services. The restructuring program is expected to be completed by the end of the third quarter of 2024. This led to nearly $4.6 million impairment charges in this quarter, primarily relating to Europe, which should be viewed as a nonrecurring item.
Net loss attributable to Hyzon for Q3 amounted to $44.1 million from $60.2 million in Q2. Basic loss per share stood at negative $0.18 in Q3 2023 versus negative $0.25 in Q2 2023. Moving to our non-GAAP measures, we believe adjusted EBITDA provides a better view of our recurring operational performance. Our adjusted EBITDA for Q3 2023 amounted to negative $32.3 million compared to negative $33 million in Q2 2023. The largest add-back item in this quarter related to $4.9 million in restructuring and impairment charges as discussed earlier. Turning to cash, we ended this quarter with $137.8 million in unrestricted cash, cash equivalents, and short-term investments. We ended October with a cash balance of approximately $129 million, bringing our monthly cash burn to below $10 million for the month of October.
This keeps us on track for the second half of 2023 cash burn guidance that we had previously provided during our last quarter’s earnings call. We are very proud of our financial discipline in this quarter. To reiterate those accomplishments during this quarter, our cash burn came to $34.6 million, representing three consecutive quarters of declining cash burn since Q4 2022. And the lowest quarterly burn over the last eight quarter. This clearly demonstrated we can and we are able to reduce our monthly cash burn below $10 million. I again want to thank individual employees at Hyzon and our board for their faith in my leadership as I served as the Interim Chief Financial Officer. It was my honor to support our company through this important time.
With that, I will now transition this call to Steve.
Steve Weiland : Thank you, JiaJia and to everyone at Hyzon for a warm welcome. I’m grateful to the executive team and board for this opportunity to serve Hyzon. I also want to recognize JiaJia and her team’s leadership and dedication during this time. The critical accomplishments of getting our financials current and strengthening our processes reflect their tireless work and dedication. As I approached this opportunity, I discovered that Hyzon’s differentiated technology and intellectual property strongly position us in one of the most promising energy transition markets, hydrogen. I joined Hyzon convinced that our strategy is the right one to seize upon this large and growing commercial opportunity. Before I joined, Hyzon had disclosed that it was actively pursuing strategic investment opportunities.
