Zhège xiàngmù qǔxiāo le, yějiùshìshuō wǒmen bái máng le.
The project was canceled — that is to say, we worked for nothing.
Tips
grammar
也就是说 is used mid-sentence or at the start of a clause to rephrase, clarify, or draw a conclusion from what was just said. It's the Chinese equivalent of 'i.e.' or 'in other words.'