Advent Technologies Provides Business Update
May 17 2021 - 9:00AM
Business Wire
Delivers Record First Quarter 2021 Results with
Revenue of $1.49 million, Exceeding Total FY 2020 Revenue and
Demonstrating Increased Demand Across All Sectors
Company Continues to Work Expeditiously to
Complete Previously Announced Financial Restatement and File its
Amendment No. 1 to Form 10-K
Files Form 12b-25 to Extend Filing Date for
First Quarter 2021 Form 10-Q
Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent” or
the “Company”), today provided a business update as it works to
complete its previously announced financial restatement and file
its Amendment No. 1 to Form 10-K for the year ended December 31,
2020. The Company also announced that it has filed a Form 12b-25 to
extend the filing date of its Quarterly Report on Form 10-Q for the
quarter ended March 31, 2021.
Advent continues to execute on its business plan to lead the
market in the high temperature proton exchange membrane (HT-PEM)
based fuel cell components and systems sector. This progress
follows the successful business combination with AMCI Acquisition
Corp. and Advent’s subsequent acquisition of UltraCell in the first
quarter of 2021. The Company expects to report $1.49 million in
revenue in the first quarter of 2021, which is a material increase
to revenue reported for fiscal 2020. Additionally, Advent remains
well capitalized with $124 million of cash on the balance sheet,
which will allow it to continue to execute on its strategic and
operational priorities. The Company expects the balance of the year
to remain strong as it continues to receive interest and demand for
its existing and developing technology.
Vasilis Gregoriou, Advent’s Chief Executive Officer, said: “As a
public company we are moving forward at a rapid pace, bringing our
HT-PEM products to new and existing markets. The fundamentals of
our business remain strong and the progress that our team has made
over the last three months is truly incredible. Following the
successful close of our business combination with AMCI Acquisition
Corp. in the first quarter, we have worked diligently to build on
our efforts to grow Advent’s business and expand our revenue
streams. This helped us deliver $1.49 million in revenue in the
quarter – well ahead of our revenue performance for all of fiscal
2020 – driven by a strong pipeline of new business. We look forward
to building on this momentum and continue with our mission to
become a leading provider of fuel cell technology, helping to
enable the hydrogen economy.”
The Company’s business momentum is further reinforced by recent
announcements, including:
- Significant demand increase for MEAs (Membrane Electrode
Assemblies) from fuel cell developers in the mobility and
stationary application markets, redox flow battery materials and
engineering fees for electrochemical sensor development.
- Increased demand for our wearable fuel cell products. Advent
subsidiary, UltraCell continues its leading position in providing
portable solutions to the defense and national security
markets.
- Continued development of our next-generation HT-PEM technology
along with the Department of Energy. Advent, along with our
partners at Los Alamos National Laboratory, Brookhaven National
Laboratory and National Renewable Energy Laboratory are advancing a
number of breakthrough materials for the HT-PEM market.
- Opened its new global headquarters in Boston, a preeminent
center of innovation and technology development.
- Began plans for the construction of its new R&D and
manufacturing facility in Charlestown, MA.
Financial Restatement
As previously announced on May 7, 2021 the Company has
determined to restate its 2019 and 2020 financial statements in
light of the U.S. Securities and Exchange Commission’s (the “SEC”)
recently issued “Staff Statement on Accounting and Reporting
Considerations for Warrants Issued by Special Purpose Acquisition
Companies (“SPACs”)” (the “Staff Statement”). This Staff Statement
issued on April 12, 2021 informed market participants that warrants
issued by SPACs and former SPACs may need to be reclassified as
liabilities with non-cash fair value adjustments recorded in
earnings at each reporting period. The Company had previously
classified its issued warrants as equity. The Company currently
expects that the reclassification of the warrants will have no
impact on its historical liquidity, cash flows or revenues.
The Company is working diligently with its auditors in order to
finalize and to file an amendment to its Annual Report on Form 10-K
for the year ended December 31, 2020 (the “Form 10-K/A”) reflecting
the reclassification of the warrants for the Non-Reliance Periods
as soon as practicable. The adjustments to the financial statement
items for the Non-Reliance Periods will be set forth through
disclosures in the financial statements included in the Form
10-K/A.
Given the time and focus dedicated to the restatement process
and the completion and filing of the Company’s Form 10-K/A, the
Company requires additional time to complete its customary
quarterly review and reporting process and the filing of its Form
10-Q for the first quarter ended March 31, 2021. As a result, the
Company has filed a Form 12b-25 with the U.S. Securities and
Exchange Commission to extend the Form 10-Q filing due date from
May 17, 2021 to May 24, 2021.
About Advent Technologies Holdings, Inc.
Advent Technologies Holdings, Inc. is a U.S. corporation that
develops, manufactures, and assembles critical components for fuel
cells and advanced energy systems in the renewable energy sector.
Advent is headquartered in Boston, Massachusetts, with offices in
the San Francisco Bay Area and Europe. With 120-plus patents
(issued and pending) for its fuel cell technology, Advent holds the
IP for next-gen high-temperature proton exchange membranes (HT-PEM)
that enable various fuels to function at high temperatures under
extreme conditions – offering a flexible ‘Any Fuel. Anywhere’
option for the automotive, maritime, aviation and power generation
sectors.
Cautionary Note Regarding Forward-Looking Statements
This press release includes forward-looking statements. These
forward-looking statements generally can be identified by the use
of words such as “anticipate,” “expect,” “plan,” “could,” “may,”
“will,” “believe,” “estimate,” “forecast,” “goal,” “project,” and
other words of similar meaning. These forward-looking statements
address various matters including the Company’s plans and
expectations with respect to its operating and financial
performance for the remainder of 2021, the increased demand for its
wearable fuel cell products, the continued development of its
next-generation HT-PEM technology alongside the Department of
Energy, the advancement of potential breakthrough materials for the
HT-PEM market, the opening of its new manufacturing facility and
headquarters in Boston, the expected impact of the accounting
changes and the restatement on the Company’s prior and future
financial statements, financial position and results of operations,
and the Company’s expected ability and timing of its filing of its
Form 10-K/A and its Form 10-Q for the first quarter ended March 31,
2021 with the SEC. Each forward-looking statement contained in this
press release is subject to risks and uncertainties that could
cause actual results to differ materially from those expressed or
implied by such statement. Applicable risks and uncertainties
include, among others, the Company’s ability to realize the
benefits from the business combination; the Company’s ability to
maintain the listing of the Company’s common stock on Nasdaq;
future financial performance; public securities’ potential
liquidity and trading; impact from the outcome of any known and
unknown litigation; ability to forecast and maintain an adequate
rate of revenue growth and appropriately plan its expenses;
expectations regarding future expenditures; future mix of revenue
and effect on gross margins; attraction and retention of qualified
directors, officers, employees and key personnel; ability to
compete effectively in a competitive industry; ability to protect
and enhance our corporate reputation and brand; expectations
concerning our relationships and actions with our technology
partners and other third parties; impact from future regulatory,
judicial and legislative changes to the industry; ability to locate
and acquire complementary technologies or services and integrate
those into the Company’s business; future arrangements with, or
investments in, other entities or associations; and intense
competition and competitive pressure from other companies worldwide
in the industries in which the Company will operate; and the risks
identified under the heading "Risk Factors" in our Annual Report on
Form 10-K filed with the Securities and Exchange Commission on
March 26, 2021, as well as the other information we file with the
SEC. We caution investors not to place considerable reliance on the
forward-looking statements contained in this press release. You are
encouraged to read our filings with the SEC, available at
www.sec.gov, for a discussion of these and other risks and
uncertainties. The forward-looking statements in this press release
speak only as of the date of this document, and we undertake no
obligation to update or revise any of these statements. Our
business is subject to substantial risks and uncertainties,
including those referenced above. Investors, potential investors,
and others should give careful consideration to these risks and
uncertainties.
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version on businesswire.com: https://www.businesswire.com/news/home/20210517005522/en/
Advent Technologies Holdings, Inc. Elisabeth Maragoula
emaragoula@advent.energy
Sloane & Company Joe Germani / James Goldfarb
jgermani@sloanepr.com / jgoldfarb@sloanepr.com
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