- Q3 revenue of $2.4 million, a 43% increase from the prior year
third quarter. Income from grants was $0.3 million, and the total
of revenue and income from grants was $2.7 million.
- Net loss in Q3 of $11.5 million or $0.22 per share.
- Company holds cash reserves of $42.4 million as of September
30, 2022.
Summary of Operational Highlights
- Official ratification received from the European Commission of
the European Union for funding of €782.1 million under the
Important Projects of Common European Interest (“IPCEI”) Hydrogen –
Technology for Advent’s Green HiPo project.
- Three-year agreement with the German State of Brandenburg for
the supply of methanol-powered fuel cell systems, which will be
installed in select critical communication sites in the
region.
- The successful delivery of Advent’s portable fuel cell products
to the Hellenic Army’s Special Operations Units.
- Launch of Honey Badger 50™, a compact portable fuel cell system
and quiet power supply for use in off-grid field applications.
- Memorandum of Understanding with DEPA Commercial S.A., the
leading importer of pipeline gas and liquefied natural gas in
Greece, for the strategic collaboration on hydrogen projects of
common interest.
- Memorandum of Understanding with the New York State Energy
Research and Development Authority and more than 60 clean hydrogen
ecosystem partners, to develop a proposal that will enable the
Northeastern United States to become one of at least four regional
clean hydrogen hubs designated through the federal Regional Clean
Hydrogen Hubs program, included in the bipartisan Infrastructure
Investment and Jobs Act.
- Memorandum of Understanding with Hydrogen Systems, Inc., a
hydrogen energy solutions company based in Riyadh, Saudi Arabia, to
provide integrated hydrogen solutions and value-added support to
industrial and renewable energy markets in the Middle East.
Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent” or
the “Company”), an innovation-driven leader in the fuel cell and
hydrogen technology space, today announced its consolidated
financial results for the three months ended September 30, 2022.
All amounts are in U.S. dollars unless otherwise noted and have
been prepared in accordance with U.S. generally accepted accounting
principles (“GAAP”).
Q3 2022 Financial Highlights
(All comparisons are to Q3 2021, unless otherwise stated)
- Revenue of $2.4 million, a 43% year-over-year increase.
- Operating expenses of $10.8 million, a year-over-year decrease
of $3.2 million, primarily due to $2.4 million of executive
severance recognized in the prior year third quarter, as well as a
year-over-year reduction in stock-based compensation expenses of
$0.6 million.
- Net loss was $11.5 million, and adjusted net loss was $10.6
million. Adjusted net loss excludes a $0.9 million loss from the
change in the fair value of outstanding warrants.
- Net loss per share was $0.22.
- Cash reserves were $42.4 million as of September 30, 2022, a
decrease of $4.1 million from June 30, 2022. In the third quarter
of 2022, the Company received $3.8 million in tenant improvement
allowances for the Hood Park R&D and manufacturing facility in
Charlestown, MA, which is net of additional spending for the
build-out of the facility.
“Advent continued to make significant progress in the last
quarter. Our Green HiPo project was ratified by the EU in July,
which now clears the way for the Greek State to provide the
appropriate funding,” said Dr. Vasilis Gregoriou, Chairman and CEO
of Advent Technologies. “Advent has also made significant progress
entering into several MoUs for new business globally. We have
continued to streamline our operations which has resulted in a
clear focus on core technical excellence in our key market sectors,
and this has enabled us to gain commercial traction from global
OEMs. Advent will actively pursue this commercial strategy, which
will augment our pipeline with quality opportunities and
partnerships. Along with Green HiPo, we remain confident that we
are on a firm path for growth, and we look forward to keeping you
appraised of future developments.”
Q3 2022 Business Updates
Inaugural Investor Day: On July 7, 2022, Advent hosted
its 2022 Investor Day, where Advent’s executives and senior
leadership discussed the Company’s most recent advancements with
its fuel cell products and systems, hydrogen development projects,
and business activities in markets across the U.S., Europe and
Asia. The key areas that were addressed were:
- The Company’s Green HiPo Project, with planned funding of
€782.1 million over six years from the Greek State, aimed at
producing HT-PEM fuel cells and electrolysers to decarbonize global
power production via hydrogen.
- R&D partnerships and collaborations with OEMs, the U.S.
Department of Energy and the U.S. Department of Defense.
- Innovations in HT-PEM MEAs and water electrolysis.
- Advent’s commercial activities in global markets aimed at
replacing existing power systems with hydrogen alternatives.
Green HiPo Receives Ratification from the EU: On July 18,
2022, Advent announced that its Green HiPo project under the
framework of the Important Projects of Common European Interest
(“IPCEI”) Hydrogen – Technology, received official ratification
from the European Commission (“EC”) of the European Union. The
ratification of Green HiPo was among 41 projects under the umbrella
“IPCEI Hy2Tech” jointly prepared and notified by fifteen Member
States: Austria, Belgium, Czechia, Denmark, Estonia, Finland,
France, Germany, Greece, Italy, Netherlands, Poland, Portugal,
Slovakia, and Spain. The Member States will provide up to €5.4
billion in public funding, which is expected to unlock an
additional €8.8 billion in private investments. As part of this
IPCEI, 35 companies with activities in one or more Member States,
including small and medium-sized enterprises (“SMEs”) and
start-ups, will participate in these 41 projects. Advent is one of
only eight SMEs to have received ratification. The direct
participants will closely cooperate with each other through
numerous planned collaborations and also with more than 300
external partners, such as universities, research organizations,
and SMEs across Europe. The IPCEI will cover a wide part of the
hydrogen technology value chain, including: (i) the generation of
hydrogen, (ii) fuel cells, (iii) storage, transportation, and
distribution of hydrogen, and (iv) end-users’ applications, in
particular the mobility sector. Advent participates in both the
generation of hydrogen and fuel cells.
According to a press release issued by the Hellenic Ministry of
Development and Investments, the EC approved State Aid for Greece
up to the amount of €800 million public expenditure, including
€782.1 million for Green HiPo. In making its assessment, the EC
determined that the Green HiPo project satisfied its requirements,
which include that:
- The project contributes to a common objective by supporting a
key strategic value chain for the future of Europe, as well as the
objectives of key EU policy initiatives such as the Green Deal, the
EU Hydrogen Strategy, and REPowerEU;
- The IPCEI is highly ambitious, as it is aimed at developing
technologies and processes that go beyond what the market currently
offers and will allow major improvements in performance, safety,
environmental impact as well as cost efficiencies;
- The IPCEI also involves significant technological and financial
risks, and public support is, therefore, necessary to provide
incentives to companies to carry out the investment; and
- The results of the project will be widely shared by
participating companies benefitting from the public support with
the European scientific community and industry beyond the companies
and countries that are part of the ICPEI. As a result, positive
spill-over effects will be generated throughout Europe.
Over the initial funding period and in accordance with Green
HiPo’s parameters, Advent will innovatively develop, design, and
manufacture fuel cell systems and electrolyser systems in Greece’s
Western Macedonia region.
Launch of the Honey Badger 50™ Fuel Cell System: On
August 4, 2022, Advent announced the launch of its Honey Badger 50™
(“HB50”), a compact portable fuel cell system and quiet power
supply for use in off-grid field applications such as military and
rescue operations. The launch of Advent’s portable power system
coincided with the Company’s fulfilment of its first shipment order
from the U.S. Department of Defense. The HB50 power system can be
fuelled by biodegradable methanol, allowing near silent generation
of up to 50W of continuous power with clean emissions. Designed for
covert operations, HB50 can easily power radio and satellite
communications gear, remote fixed and mobile surveillance systems,
and laptop computers along with more general battery charging
needs. HB50 is a unique technology that can provide 65% of weight
savings versus batteries over a typical 72-hour mission. The weight
savings benefit increases further for longer missions.
HB50’s unique design allows it to be used in soldier-worn
configurations or operated inside a portable backpack or vehicle
while charging batteries and powering soldier systems, while its
thermal features allow it to operate within an ambient temperature
range of -20°C to +55°C. Aside from its optimized compatibility
with Integrated Visual Augmentation System (“IVAS”), HB50 can also
power devices such as high frequency radios like the model 117G, as
well as B-GAN and StarLink terminals. HB50’s durability allows it
to be easily deployed in challenging conditions and climates while
supporting mission mobility for three to seven days without the
need to re-supply.
Since Honey Badger’s fuel cell technology can run on hydrogen or
liquid fuels, the system can operate at a fraction of the weight of
traditional military-grade batteries to meet the U.S. Department of
Defense’s continuously evolving needs for ‘on-the-go’ electronics.
As military adoption and use of IVAS equipment continues to evolve,
the highly portable lightweight power solutions like Honey Badger
will become a mission critical necessity.
Memorandum of Understanding (“MoU”) with DEPA Commercial
S.A.: On August 8, 2022, Advent announced the signing of a MoU
with DEPA Commercial S.A., the leading importer of pipeline gas and
liquefied natural gas (“LNG”) in Greece, to enter into a strategic
collaboration on hydrogen projects of common interest. The MoU sets
out the framework for a forthcoming mutually binding agreement. The
parties have preliminarily agreed to the following actions:
- Collaborate on the production of environmentally friendly
hydrogen as a fuel with the participation of other major industrial
partners.
- Co-develop a proprietary and highly differentiated CHP system
ready for mass production with efficiency approaching 90% and with
multi-fuel operating capabilities (such as hydrogen, natural gas,
efuels) that can address the key current, future, and on-grid,
off-grid operation modes and business cases.
- Create an innovation hub for the Greek hydrogen and fuel cell
industry and develop synergies for promoting hydrogen and related
technologies.
Delivery of Advent’s Portable Fuel Cell Products to the
Hellenic Army’s Special Operations Units: On August 17, 2022,
Advent announced the successful delivery of Advent’s portable fuel
cell products to the Hellenic Army’s Special Operations Units.
Advent’s fuel cell technology powers a highly sophisticated,
incredibly portable battery charger designed to meet the rugged
off-grid power needs in performance-demanding settings, such as
those regularly faced by the Hellenic Army’s Special Operations
Units and other military divisions. The portable fuel cell can be
quickly and efficiently utilized by remote military units to power
off-grid radio, surveillance gear, and other mobile electronic
military equipment by operating under even the most challenging
combat conditions. Advent’s portable fuel cell uses the Company’s
proprietary methanol reformation technology to deliver premium
performance alongside a significant reduction in size and
weight.
Being lightweight and compact, the portable fuel cell fits in
soldier plate carrier systems and rucksacks, maximizing efficiency
and portability across a full range of military operations. The
portable fuel cell delivers up to 50W of continuous power and up to
85W of peak power, ensuring a reliable charging experience to a
wide variety of the high-power electronic devices regularly used by
the Hellenic Army’s Special Operations Units in deployment.
Advent’s portable fuel cell operates silently and can run
uninterrupted off-grid for up to two weeks with a single
hot-swappable fuel tank. The portable fuel cells have been deployed
successfully within the framework of PARMENION National large-scale
Joint Exercise.
Memorandum of Understanding with the New York State Energy
Research and Development Authority (“NYSERDA”): On August 31,
2022, Advent announced that it co-signed a MoU with the NYSERDA and
more than 60 clean hydrogen ecosystem partners. Under the MoU, the
parties will collaborate to develop a proposal that will enable the
Northeastern United States to become one of at least four regional
clean hydrogen hubs designated through the federal Regional Clean
Hydrogen Hubs program, included in the bipartisan Infrastructure
Investment and Jobs Act.
The coalition of six states (Connecticut, Massachusetts, Maine,
New Jersey, New York, and Rhode Island), along with more than 60
clean hydrogen ecosystem partners, are laying the groundwork for a
proposal for the U.S. Department of Energy funding opportunity,
with up to $8 billion in total funding available. After the initial
announcement in March 2022, New York has continued to add strategic
partners that now include 14 private sector industry leaders, 12
utilities, 20 hydrogen technology original equipment manufacturers,
10 universities, seven non-profit organizations, five other states,
two transportation companies, and three state agencies.
Consortium partners have committed to collaborate with the
NYSERDA, New York Power Authority, and Empire State Development for
the development of the proposal to advance clean hydrogen projects.
At the same time, partnering states will also coordinate with their
respective state entities to help align the consortium’s efforts
with each state’s climate and clean energy goals, such as
Massachusetts goal of reaching net-zero carbon emissions by 2050.
With the execution of these agreements, the partners will work
together to:
- Define the shared vision and plans for the regional clean
hydrogen hub that can advance safe, clean hydrogen energy
innovation and investment and address climate change while
improving the health, resiliency, and economic development of the
region’s residents.
- Advance a hydrogen hub proposal that makes climate and
environmental concerns central to its strategy, which will deliver
opportunities and improve the quality of life for under-resourced
areas in the region.
- Perform research and analysis necessary to support the hydrogen
hub proposal and to quantify the reduction of greenhouse gas
emissions resulting from this project.
- Develop a framework to ensure the ecosystem for innovation,
production, infrastructure, and related workforce development is
shared across all partner states.
- Support environmentally responsible opportunities to develop
clean hydrogen in accordance with the participating states’
policies.
The coalition will continue to focus on the integration of
renewables – such as onshore and offshore wind, hydropower, and
solar PV – and nuclear power into clean hydrogen production and the
evaluation of clean hydrogen for use in transportation, including
for medium and heavy-duty vehicles, heavy industry, power
generation applications, and other appropriate uses consistent with
decarbonization efforts.
Memorandum of Understanding with Hydrogen Systems, Inc.
(“Hydrogen Systems”): On September 15, 2022, Advent
announced the signing of an MoU with Hydrogen Systems, a hydrogen
energy solutions company based in Riyadh, Saudi Arabia, to provide
integrated hydrogen solutions and value-added support to industrial
and renewable energy markets in the Middle East. Under the MoU,
Hydrogen Systems aims to utilize a vast number of its existing
relationships in the telecom and hydrogen energy marketplace in the
Kingdom of Saudi Arabia, and elsewhere throughout the Middle East
to market, sell, distribute, install, and service Advent’s full
line of high-temperature proton exchange membrane (“HT-PEM”) fuel
cells and hydrogen production products. Simultaneously, Advent and
Hydrogen Systems intend to collaborate and explore potential
large-scale development opportunities for hydrogen fuel cell power
applications across the region.
Advent’s family of products, including the Serene and M-ZERO®
fuel cell systems, realize a significant carbon advantage over
conventional diesel remote power generation technology. HT-PEM fuel
cells can operate with a range of low or zero-carbon hydrogen fuels
and enable more efficient heat management. Such fuel cells can
produce power in extreme ambient temperatures (from -40°C to up to
+55°C) and conditions such as high air pollution and low humidity,
resulting in a longer lifetime and lower total cost of
ownership.
Agreement with the German State of Brandenburg: On
September 19, 2022, Advent announced the signing of a three-year
agreement with the German State of Brandenburg for the supply of
methanol-powered fuel cell systems, which will be installed in
select critical communication sites in the region. Advent’s
methanol-powered fuel cell systems will be used as a back-up power
source for Brandenburg’s BOS digital radio network, replacing the
diesel-driven emergency power systems at several sites over the
next three years. Germany’s old public safety and security
infrastructure relied on an outdated analogue radio system for
communication. BOS is a digital, encrypted, and secure means of
communication. The new BOS network allows first responders and
other public safety officials to communicate easily and securely.
The BOS network now covers 99.2% of German territory.
Advent’s solution was selected as part of a tender launched by
the German State of Brandenburg, which requested that fuel cell and
hydrogen technology companies submit proposals for sustainable and
reliable emergency power supply solutions. Prior to Advent’s
selection, the performance of the Company’s methanol-powered fuel
cells was tested at a site of the BOS digital radio network in
Brandenburg, providing further proof of concept for the use of
HT-PEM fuel cells as an efficient back-up power source for critical
infrastructure applications. Advent’s methanol-powered fuel cells
deliver reliable power in an environmentally friendly way –
reducing CO2 emissions and operating near silently – while having a
low impact on the surroundings. Methanol, as a carrier of hydrogen,
allows simpler storage than pure hydrogen and enhances the safety
of operations.
Conference Call
The Company will host a conference call on Monday, November 14,
2022, at 9:00 AM ET to discuss its results.
To access the call please dial (888) 660-6182 from the United
States, or (929) 203-0891 from outside the U.S. The conference call
I.D. number is 3273042. Participants should dial in 5 to 10 minutes
before the scheduled time.
A replay of the call can also be accessed via phone through
November 28, 2022, by dialing (800) 770-2030 from the U.S., or
(647) 362-9199 from outside the U.S. The conference I.D. number is
3273042.
About Advent Technologies Holdings, Inc.
Advent Technologies Holdings, Inc. is a U.S. corporation that
develops, manufactures, and assembles complete fuel cell systems,
and the critical components for fuel cells in the renewable energy
sector. Advent is headquartered in Boston, Massachusetts, with
offices in California, Greece, Denmark, Germany, and the
Philippines. With more than 150 patents issued, pending, or
licensed worldwide for fuel cell technology, Advent holds the IP
for next-generation HT-PEM that enable various fuels to function at
high temperatures and under extreme conditions – offering a
flexible option for the automotive, aviation, defense, oil and gas,
marine, and power generation sectors. For more information, please
visit www.advent.energy.
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. 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
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 31, 2022, 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.
Presentation of Non-GAAP Financial Measures
In addition to the results provided in accordance with U.S. GAAP
throughout this press release, the Company has provided non-GAAP
financial measures - Adjusted Net Income / (Loss) and Adjusted
EBITDA - which present results on a basis adjusted for certain
items. The Company uses these non-GAAP financial measures for
business planning purposes and in measuring its performance
relative to that of its competitors. The Company believes that
these non-GAAP financial measures are useful financial metrics to
assess its operating performance from period-to-period by excluding
certain items that the Company believes are not representative of
its core business. These non-GAAP financial measures are not
intended to replace, and should not be considered superior to, the
presentation of the Company’s financial results in accordance with
GAAP. The use of the terms Adjusted Net Income / (Loss) and
Adjusted EBITDA may differ from similar measures reported by other
companies and may not be comparable to other similarly titled
measures. These measures are reconciled from the respective
measures under GAAP in the appendix below.
ADVENT TECHNOLOGIES HOLDINGS,
INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Amounts in USD thousands,
except share and per share amounts)
As of
ASSETS
September 30, 2022
(Unaudited)
December 31, 2021
Current assets:
Cash and cash equivalents
$
42,446
$
79,764
Accounts receivable
1,987
3,139
Contract assets
914
1,617
Inventories
10,933
6,958
Prepaid expenses and Other current
assets
5,065
5,873
Total current assets
61,345
97,351
Non-current assets:
Goodwill
30,030
30,030
Intangibles, net
21,338
23,344
Property and equipment, net
9,745
8,585
Other non-current assets
2,918
2,475
Deferred tax assets
1,827
1,246
Available for sale financial asset
291
-
Total non-current assets
66,149
65,680
Total assets
$
127,494
$
163,031
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Trade and other payables
$
3,630
$
4,837
Deferred income from grants, current
906
205
Contract liabilities
1,221
1,118
Other current liabilities
8,097
12,515
Income tax payable
168
196
Total current liabilities
14,022
18,871
Non-current liabilities:
Warrant liability
3,125
10,373
Deferred tax liabilities
2,159
2,500
Defined benefit obligation
96
90
Deferred income from grants,
non-current
95
-
Other long-term liabilities
600
996
Total non-current liabilities
6,075
13,959
Total liabilities
20,097
32,830
Commitments and contingent
liabilities
Stockholders’ equity
Common stock ($0.0001 par value per share;
Shares authorized: 110,000,000 at September 30, 2022 and December
31, 2021; Issued and outstanding: 51,717,720 and 51,253,591 at
September 30, 2022 and December 31, 2021, respectively)
5
5
Preferred stock ($0.0001 par value per
share; Shares authorized: 1,000,000 at September 30, 2022 and
December 31, 2021; nil issued and outstanding at September 30, 2022
and December 31, 2021)
-
-
Additional paid-in capital
171,842
164,894
Accumulated other comprehensive loss
(4,313)
(1,273)
Accumulated deficit
(60,137)
(33,425)
Total stockholders’ equity
107,397
130,201
Total liabilities and stockholders’
equity
$
127,494
$
163,031
ADVENT TECHNOLOGIES HOLDINGS,
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(Amounts in USD thousands,
except share and per share amounts)
Three months ended September
30, (Unaudited)
Nine months ended September
30, (Unaudited)
2022
2021
2022
2021
Revenue, net
$
2,399
$
1,674
$
5,880
$
4,167
Cost of revenues
(2,339)
(1,646)
(6,126)
(2,663)
Gross profit / (loss)
60
28
(246)
1,504
Income from grants
294
508
1,011
632
Research and development expenses
(2,547)
(893)
(7,338)
(1,561)
Administrative and selling expenses
(8,203)
(13,041)
(26,657)
(27,558)
Amortization of intangibles
(696)
(310)
(2,113)
(467)
Operating loss
(11,092)
(13,708)
(35,343)
(27,450)
Fair value change of warrant liability
(911)
2,422
7,248
15,833
Finance income / (expenses), net
-
(14)
(9)
(27)
Foreign exchange gains / (losses), net
(33)
(15)
(51)
(2)
Other income / (expenses), net
1
(16)
(220)
78
Loss before income tax
(12,035)
(11,331)
(28,375)
(11,568)
Income taxes
567
51
1,663
51
Net loss
$
(11,468)
$
(11,280)
$
(26,712)
$
(11,517)
Net loss per share
Basic loss per share
(0.22)
(0.23)
(0.52)
(0.26)
Basic weighted average number of
shares
51,660,133
48,325,164
51,465,004
43,982,039
Diluted loss per share
(0.22)
(0.23)
(0.52)
(0.26)
Diluted weighted average number of
shares
51,660,133
48,325,164
51,465,004
43,982,039
ADVENT TECHNOLOGIES HOLDINGS,
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Amounts in USD
thousands)
Nine months ended September
30, (Unaudited)
2022
2021
Net Cash used in Operating
Activities
$
(32,166)
$
(24,690)
Cash Flows from Investing
Activities:
Purchases of property and equipment
(3,549)
(2,659)
Purchases of intangible assets
(117)
-
Advances for the acquisition of property
and equipment
-
(1,918)
Acquisition of subsidiaries, net of cash
acquired
-
(19,425)
Acquisition of available for sale
financial assets
(319)
-
Net Cash used in Investing
Activities
$
(3,985)
$
(24,002)
Cash Flows from Financing
Activities:
Business Combination and PIPE financing,
net of issuance costs paid
-
141,121
Proceeds of issuance of common stock and
paid-in capital from warrants exercise
-
262
State loan proceeds
-
113
State refundable deposit repayment
(41)
-
Net Cash (used in) provided by
Financing Activities
$
(41)
$
141,496
Net increase / (decrease) in cash and
cash equivalents
$
(36,192)
$
92,804
Effect of exchange rate changes on cash
and cash equivalents
(1,126)
(828)
Cash and cash equivalents at the beginning
of the period
79,764
516
Cash and cash equivalents at the end of
the period
$
42,446
$
92,492
Supplemental Cash Flow
Information
Cash activities
Interest paid
$
16
$
-
Non-cash Investing and Financing
Activities:
Stock-based compensation
$
7,747
$
4,079
Supplemental Non-GAAP Measures and Reconciliations
In addition to providing measures prepared in accordance with
GAAP, we present certain supplemental non-GAAP measures. These
measures are EBITDA, Adjusted EBITDA and Adjusted Net Income /
(Loss), which we use to evaluate our operating performance, for
business planning purposes and to measure our performance relative
to that of our peers. These non-GAAP measures do not have any
standardized meaning prescribed by GAAP and therefore may differ
from similar measures presented by other companies and may not be
comparable to other similarly titled measures. We believe these
measures are useful in evaluating the operating performance of the
Company’s ongoing business. These measures should be considered in
addition to, and not as a substitute for net income, operating
expense and income, cash flows and other measures of financial
performance and liquidity reported in accordance with GAAP. The
calculation of these non-GAAP measures has been made on a
consistent basis for all periods presented.
EBITDA and Adjusted EBITDA
These supplemental non-GAAP measures are provided to assist
readers in determining our operating performance. We believe this
measure is useful in assessing performance and highlighting trends
on an overall basis. We also believe EBITDA and Adjusted EBITDA are
frequently used by securities analysts and investors when comparing
our results with those of other companies. EBITDA differs from the
most comparable GAAP measure, net income / (loss), primarily
because it does not include interest, income taxes, depreciation of
property, plant and equipment, and amortization of intangible
assets. Adjusted EBITDA adjusts EBITDA for transactional gains and
losses, asset impairment charges, finance and other income and
acquisition costs.
The following tables show a reconciliation of net income /
(loss) to EBITDA and Adjusted EBITDA for the three and nine months
ended September 30, 2022 and 2021.
EBITDA and Adjusted EBITDA
Three months ended September
30, (Unaudited)
Nine months ended September
30, (Unaudited)
(in Millions of US dollars)
2022
2021
$ change
2022
2021
$ change
Net loss
$
(11.47)
$
(11.28)
(0.19)
$
(26.71)
$
(11.52)
(15.19)
Depreciation of property and equipment
$
0.35
$
0.15
0.20
$
1.13
$
0.18
0.95
Amortization of intangibles
$
0.69
$
0.31
0.38
$
2.11
$
0.47
1.64
Finance income / (expenses), net
$
0.00
$
0.01
(0.01)
$
0.01
$
0.03
(0.02)
Other income / (expenses), net
$
0.00
$
0.02
(0.02)
$
0.22
$
(0.08)
0.30
Foreign exchange differences, net
$
0.03
$
0.02
0.01
$
0.05
$
0.00
0.05
Income taxes
$
(0.56)
$
0.00
(0.56)
$
(1.66)
$
0.00
(1.66)
EBITDA
$
(10.96)
$
(10.77)
(0.19)
$
(24.85)
$
(10.92)
(13.93)
Net change in warrant liability
$
0.91
$
(2.42)
3.33
$
(7.25)
$
(15.83)
8.58
One-Time Transaction Related Expenses
(1)
$
-
$
-
-
$
-
$
5.87
(5.87)
One-Time Transaction Related Expenses
(2)
$
-
$
0.89
(0.89)
$
-
$
0.89
(0.89)
Executive Severance (3)
$
-
$
2.44
(2.44)
$
-
$
2.44
(2.44)
Adjusted EBITDA
$
(10.05)
$
(9.86)
(0.19)
$
(32.10)
$
(17.55)
(14.55)
(1) Bonus awarded after consummation of the Business Combination
effective February 4, 2021. (2) Transaction costs related to the
acquisition of SerEnergy/FES. (3) Former Financial Officer
resignation.
Adjusted Net Income / (Loss)
This supplemental non-GAAP measure is provided to assist readers
in determining our financial performance. We believe this measure
is useful in assessing our actual performance by adjusting our
results from continuing operations for changes in warrant liability
and one-time transaction costs. Adjusted Net Loss differs from the
most comparable GAAP measure, net income / (loss), primarily
because it does not include one-time transaction costs and warrant
liability changes. The following table shows a reconciliation of
net income / (loss) for the three and nine months ended September
30, 2022 and 2021.
Adjusted Net Loss
Three months ended September
30, (Unaudited)
Nine months ended September
30, (Unaudited)
(in Millions of US dollars)
2022
2021
$ change
2022
2021
$ change
Net loss
$
(11.47)
$
(11.28)
(0.19)
$
(26.71)
$
(11.52)
(15.19)
Net change in warrant liability
$
0.91
$
(2.42)
3.33
$
(7.25)
$
(15.83)
8.58
One-Time Transaction Related Expenses
(1)
$
-
$
-
-
$
-
$
5.87
(5.87)
One-Time Transaction Related Expenses
(2)
$
-
$
0.89
(0.89)
$
-
$
0.89
(0.89)
Executive Severance (3)
$
-
$
2.44
(2.44)
$
-
$
2.44
(2.44)
Adjusted Net Loss
$
(10.56)
$
(10.37)
(0.19)
$
(33.96)
$
(18.15)
(15.81)
(1) Bonus awarded after consummation of the Business Combination
effective February 4, 2021. (2) Transaction costs related to the
acquisition of SerEnergy/FES. (3) Former Financial Officer
resignation.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221114005527/en/
Advent Technologies Holdings, Inc.
Naiem Hussain nhussain@advent.energy
Chris Kaskavelis press@advent.energy
Advent Technologies (NASDAQ:ADN)
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