- Agreement with BASF to establish end-to-end supply chain for
hydrogen fuel cell systems in Europe.
- Signed MoU with Safran Power Units to advance HT-PEM fuel cell
technology for the aerospace sector.
- Secured $1.1 million contract to supply HT-PEM MEAs for fuel
cell-powered trucks in Asia.
- Working actively with the Greek State for the timely signing of
Advent’s Green HiPo project, following official ratification from
the European Commission under the Important Projects of Common
European Interest (“IPCEI”) Hy2Tech Program.
Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent” or
the “Company”), an innovation-driven leader in the fuel cell and
hydrogen technology space, today announced consolidated financial
results for the three months ended June 30, 2023. All amounts are
in U.S. dollars unless otherwise noted and have been prepared in
accordance with U.S. generally accepted accounting principles
(“GAAP”).
Q2 2023 Financial Highlights
(All comparisons are to Q2 2022, unless otherwise stated)
- Revenue of $1.1 million and income from grants of $0.7 million,
for a total of $1.8 million.
- Operating expenses of $11.2 million, a year-over-year increase
of $0.6 million, primarily related to an increase in research and
development costs, as well as expenses related to our new Hood Park
facility in Charlestown, MA.
- Recognized $9.8 million of asset impairment charges, mostly
related to the assessment of goodwill and other intangible assets
from the Company’s acquisitions in 2021.
- Net loss in Q2 of $(21.8) million or $(0.41) per share.
- Unrestricted cash reserves were $10.1 million as of June 30,
2023, a decrease of $9.5 million from March 31, 2023, which
includes $3.4 million of cash raised from the Company’s equity line
of credit with Lincoln Park Capital, $1.9 million paid to complete
the acquisition of the fuel cell systems business in Denmark,
Germany and the Philippines, $0.8 million paid to acquire land in
Kozani, Greece for the Green HiPo project, and $0.4 million paid
for the build-out of the Hood Park facility.
“The consolidation of our operations continued apace during Q2
2023, which has increased focus towards securing commercial
contracts across our core energy markets of stationary and
mobility. This has also resulted in our cash burn becoming
gradually reduced, and as various non-core fixed costs decline, we
will continue to drive efficiencies wherever possible,” said Dr.
Vasilis Gregoriou, Chairman and CEO of Advent Technologies. “OEMs
are increasingly showing interest in our HT-PEM technology due to
its functional applicability and adaptability with a range of
non-fossil fuel sources. We are confident that our technology can
provide the means for our core markets to move to an
environmentally cleaner and large-scale sustainable model. We shall
remain focused on successfully developing innovative fuel cell
systems and expanding our collaboration agreements with world-class
partners.”
Business Updates
BASF and Advent Sign Agreement to Establish End-to-End Supply
Chain for Hydrogen Fuel Cell Systems in Europe: BASF
Environmental Catalyst and Metal Solutions, a global leader in
precious metals and catalysis, and Advent concluded the terms of a
new agreement to join efforts in building a full-loop component
supply chain for fuel cells.
For the past 20 years, BASF Environmental Catalyst and Metal
Solutions has been a leader in membrane and membrane electrode
assembly (“MEA”) technology for high temperature proton exchange
membrane (“HT-PEM”) fuel cells with a strong foundation in precious
metal services and catalysis. Advent is a significant manufacturer
of HT-PEM fuel cell systems, targeting emerging markets in the
field of sustainable and decentralized energy such as stationary
power that can replace diesel generators, maritime power from
e-methanol fuel cells, and heavy-duty mobility.
HT-PEM fuel cells operate at 120°C to 180°C, offer a broad
operating window and can tolerate impurities in the hydrogen fuel
gas. The fuel cells also enable simplified cooling and do not
require humidification. Advent offers competitive fuel cell systems
for stationary and portable applications based on methanol and
on-site reforming. Looking ahead, HT-PEM fuel cells will also
become available for heavy-duty mobility and maritime power.
The scope of the agreement includes BASF’s role in scaling-up
MEA production at Advent’s planned state-of-the-art manufacturing
facility in Western Macedonia, Greece, while offering Advent its
full portfolio of products and services to enable circularity in
key materials. Both companies will cooperate on BASF’s latest
membrane development, Celtec®-Z, and the new Ion Pair™ MEA by
Advent, aiming for improved performance, lifetime and cost
competitiveness.
Advent Technologies and Safran Power Units Sign MoU to
Advance HT-PEM Fuel Cell Technology for the Aerospace Sector:
Advent signed a memorandum of understanding (“MoU”) with Safran
Power Units, a leader in auxiliary power systems and turbojet
engines. Leveraging Advent’s proprietary Ion Pair™ MEA technology,
and Safran’s aerospace knowledge and capabilities, this new
collaboration seeks to advance the development of next-generation
HT-PEM fuel cell technology, specifically for the aerospace
sector.
HT-PEM enables more efficient heat management versus low
temperature-PEM (“LT-PEM”). HT-PEM is more adapted for applications
requiring high amounts of power combined with strong integration
constraints such as aviation. HT-PEM is also more robust and can
withstand tougher operating conditions, such as extreme
temperatures and pollution, versus LT-PEM.
The collaboration is further supported by a strong research
consortium including Safran Tech (the Research & Technology
Center of Safran Group), the French Alternative Energies and Atomic
Energy Commission, Fraunhofer Institute, the French National Centre
for Scientific Research, the University of Strasbourg, and the
IMDEA Energy Institute. Led by Safran Power Units and with the
support of Advent, the consortium has secured a grant for the Clean
Hydrogen Partnership TC3-08 NIMPHEA Project. Running from 2023 to
2026, the project is funded by Horizon Europe. NIMPHEA Project’s
main objective is to develop an aircraft-compatible,
next-generation HT-PEM MEA. This involves optimizing and enhancing
various components such as the catalyst layer, membrane, and gas
diffusion layer. Advent’s Ion Pair™ MEA technology serves as the
foundation for these advancements.
As part of the MoU, Advent and Safran Power Units are exploring
a joint development agreement for the advancement of HT-PEM fuel
cells in aviation and for enhancing Advent’s supply capability.
Advent Technologies Secures $1.1 Million Contract to Supply
its HT-PEM MEAs for Fuel Cell-Powered Trucks in Asia: Advent
announced a contract with a prominent fuel cell manufacturer
specializing in truck applications in the East Asian market. Under
this contract, Advent will supply MEAs to support the development
of advanced fuel cell solutions for trucks. The contract, which was
signed in the second quarter of 2023 with a combined value of $1.1
million, comes after a highly successful testing phase of Advent’s
proprietary MEA technology conducted by its customer. Advent will
deliver HT-PEM MEAs with a projected continuation of deliveries
aligned to the customer’s specified timeframe.
The use of Advent’s MEA technology in fuel cell-powered trucks
is a critical and substantial enhancement to EV technology,
effectively tackling the challenges associated with charging
infrastructure and the limited range of pure EVs. MEAs are the
critical component of fuel cell systems and have a pivotal role in
determining the overall performance, durability, efficiency,
weight, and cost-effectiveness of the electrochemical products they
empower.
Advent’s electrochemistry components business includes
electrodes, membranes, and MEAs. These components are critical for
fuel cells, electrolysers, and for long-duration energy storage
such as flow batteries.
European Electrolyser Summit: Advent participated in the 2nd
European Electrolyser Summit held in Brussels. Dr. Vasilis
Gregoriou, Advent’s Chairman and CEO, was part of a group of 30
CEOs representing the European electrolyser manufacturing sector in
a meeting with European Commissioner Thierry Breton. The primary
purpose of the meeting was to discuss and address the objectives
outlined in the Joint Declaration of the May 2022 EU Electrolyser
Summit. The meeting, jointly organized by the European Commission
and Hydrogen Europe as part of the Electrolyser Partnership,
brought together approximately 44 companies actively involved in
the European electrolyser supply chain.
Following the 2nd European Electrolyser Summit, the industry
remains steadfast in its commitment of achieving the ambitious
goals set out in the REPowerEU communication. The objective is to
accomplish 10 million tons (“Mt”) of domestic hydrogen production
and import 10Mt of hydrogen by 2030. As part of this commitment,
the industry is planning to significantly increase electrolyser
production in the EU, aiming to ramp-up capacity by a factor of
seven within three years. This will involve scaling-up from the
current 3GW production capacity to approximately 21GW by 2025.
In a recently published document, the partnership members and
the European Commission provided an update on the progress that has
been made one year after the signing of the Joint Declaration. The
document highlights the industry’s continued efforts to expand its
European footprint as the regulatory framework moves closer to
completion. Notable developments include the Renewable Energy
Directive, Delegated Acts on Additionality, and the Hydrogen
Bank.
Update on Green HiPo Project: On May 26, 2023, Advent
provided an update on the implementation of the Green HiPo project
under the framework of IPCEI Hy2Tech. This update highlighted the
recent milestones achieved in the project as described below,
emphasizing the collective dedication of the entire Advent team
towards decarbonization, and the transformation of the clean energy
landscape in Greece and Europe.
- Acquisition of Land: Advent successfully acquired the
ownership rights to a prime parcel of real estate located in
Kozani, Greece, where its planned state-of-the-art facility for its
Green HiPo IPCEI project is expected to be located. This land
acquisition underscores Advent’s unwavering dedication to
establishing a robust infrastructure that will effectively and
strategically support the objectives of the Green HiPo IPCEI
project. Advent has also set-up a coordination and planning office
in the center of Kozani which will serve as the operational hub for
the Green HiPo IPCEI project.
- Recruitment Process and Hiring of Key Professionals:
Advent has initiated the process of identifying and hiring key
professionals – scientists, engineers, and managers who will play
integral roles at the new state-of-the-art facility in Kozani.
These individuals will drive critical functions such as research
and development, first industrial deployment, and supply chain
management. Their expertise will be instrumental in the
development, design, and manufacture of innovative fuel cell
systems and electrolyser systems. Advent’s careful selection
process will ensure that top-tier talent is recruited to support
the successful execution of the Green HiPo IPCEI project, thereby
ensuring the project’s success and innovation.
On August 4, 2023, Advent was informed by the Ministry of
National Economy and Finance that the Greek State is currently
reviewing the financing for IPCEI Hy2Tech. Accordingly, and as a
pre-requisite for unlocking the State Aid funding for Green HiPo,
the Greek State is examining and planning ways to implement actions
and to strengthen initiatives that will contribute to the
transition of the productive and growth model of the Greek economy
towards climate neutrality. Parameters for the planning of such
actions include implementing projects at specific times, the
viability of the completed proposed plans, as well as compliance
with regulatory obligations and guidelines regarding the management
of European funds.
Dr. Gregoriou concluded, “Advent continues to make significant
progress in both the stationary and mobility power sectors. We will
continue to consolidate our business with a view to maximizing
efficiency and effectiveness throughout our global operations, and
to focus on core markets and significant projects. The Greek State
is progressing with its review of the Green HiPo project, and we
await the finalization of all necessary procedures. I am confident
in the potential of Advent and our technology, and I am very
optimistic that we will continue to increase market share as
economies embrace clean energy and decarbonization.”
Conference Call
The Company will host a conference call on Friday, August 11,
2023, 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
August 25, 2023, 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,
maritime, 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, 2023, 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
June 30, 2023
(Unaudited)
December 31, 2022
Current assets:
Cash and cash equivalents
$
10,052
$
32,869
Restricted cash, current
1,996
-
Accounts receivable, net
1,020
979
Contract assets
51
52
Inventories
15,164
12,620
Prepaid expenses and Other current
assets
3,185
2,980
Total current assets
31,468
49,500
Non-current assets:
Goodwill
-
5,742
Intangibles, net
1,909
6,062
Property and equipment, net
20,507
17,938
Right-of-use assets
3,829
4,055
Restricted cash, non-current
750
750
Other non-current assets
5,113
5,221
Available for sale financial asset
326
320
Total non-current assets
32,434
40,088
Total assets
$
63,902
$
89,588
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Trade and other payables
$
6,545
$
4,680
Deferred income from grants, current
990
801
Contract liabilities
951
1,019
Other current liabilities
2,321
4,703
Operating lease liabilities
2,385
2,280
Income tax payable
187
183
Total current liabilities
13,379
13,666
Non-current liabilities:
Warrant liability
177
998
Long-term operating lease liabilities
9,036
9,802
Defined benefit obligation
86
72
Deferred income from grants,
non-current
421
50
Other long-term liabilities
744
852
Total non-current liabilities
10,464
11,774
Total liabilities
23,843
25,440
Commitments and contingent
liabilities
Stockholders’ equity
Common stock ($0.0001 par value per share;
Shares authorized: 500,000,000 and 110,000,000 at June 30, 2023 and
December 31, 2022, respectively; Issued and outstanding: 58,420,207
and 51,717,720 at June 30, 2023 and December 31, 2022,
respectively)
6
5
Preferred stock ($0.0001 par value per
share; Shares authorized: 1,000,000 at June 30, 2023 and December
31, 2022; nil issued and outstanding at June 30, 2023 and December
31, 2022)
-
-
Additional paid-in capital
183,908
174,509
Accumulated other comprehensive loss
(2,274
)
(2,604
)
Accumulated deficit
(141,581
)
(107,762
)
Total stockholders’ equity
40,059
64,148
Total liabilities and stockholders’
equity
$
63,902
$
89,588
ADVENT TECHNOLOGIES HOLDINGS,
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(Amounts in USD thousands,
except share and per share amounts)
Three months ended June
30, (Unaudited)
Six months ended June 30,
(Unaudited)
2023
2022
2023
2022
Revenue, net
$
1,112
$
2,225
$
2,089
$
3,481
Cost of revenues
(1,905
)
(2,270
)
(3,389
)
(3,787
)
Gross loss
(793
)
(45
)
(1,300
)
(306
)
Income from grants
660
209
1,194
717
Research and development expenses
(2,883
)
(2,642
)
(6,024
)
(4,791
)
Administrative and selling expenses
(8,331
)
(7,956
)
(16,820
)
(18,454
)
Sublease income
138
-
265
-
Amortization of intangibles
(188
)
(718
)
(409
)
(1,417
)
Credit loss – customer contracts
(127
)
-
(127
)
-
Impairment losses
(9,763
)
-
(9,763
)
-
Operating loss
(21,287
)
(11,152
)
(32,984
)
(24,251
)
Fair value change of warrant liability
99
(217
)
489
8,159
Finance income / (expenses), net
8
1
118
(9
)
Foreign exchange gains / (losses), net
159
(1
)
118
(18
)
Other income / (expenses), net
(806
)
(218
)
(760
)
(221
)
Loss before income tax
(21,827
)
(11,587
)
(33,019
)
(16,340
)
Income taxes
(4
)
439
(800
)
1,096
Net loss
$
(21,831
)
$
(11,148
)
$
(33,819
)
$
(15,244
)
Net loss per share
Basic loss per share
(0.41
)
(0.22
)
(0.64
)
(0.30
)
Basic weighted average number of
shares
53,417,230
51,476,822
52,714,105
51,365,823
Diluted loss per share
(0.41
)
(0.22
)
(0.64
)
(0.30
)
Diluted weighted average number of
shares
53,417,230
51,476,822
52,714,105
51,365,823
ADVENT TECHNOLOGIES HOLDINGS,
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Amounts in USD
thousands)
Six months ended June 30,
(Unaudited)
2023
2022
Net Cash used in Operating
Activities
$
(18,899)
$
(29,356)
Cash Flows from Investing
Activities:
Purchases of property and equipment
(2,348)
(2,673)
Purchases of intangible assets
-
(121)
Advances for the acquisition of property
and equipment
(1,214)
-
Acquisition of available for sale
financial assets
-
(328)
Acquisition of subsidiaries
(1,864)
-
Net Cash used in Investing
Activities
$
(5,426)
$
(3,122)
Cash Flows from Financing
Activities:
Proceeds of issuance of common stock and
paid-in capital
3,410
-
Net Cash provided by Financing
Activities
$
3,410
$
-
Net decrease in cash, cash equivalents,
restricted cash and restricted cash equivalents
$
(20,915)
$
(32,478)
Effect of exchange rate changes on cash,
cash equivalents, restricted cash and restricted cash
equivalents
94
(750)
Cash, cash equivalents, restricted cash
and restricted cash equivalents at the beginning of the period
33,619
79,764
Cash, cash equivalents, restricted cash
and restricted cash equivalents at the end of the period
$
12,798
$
46,536
Reconciliation to Condensed
Consolidated Balance Sheets:
Cash and cash equivalents
$
10,052
$
45,786
Restricted cash, current
1,996
-
Restricted cash, non-current
750
750
Cash, cash equivalents, restricted cash
and restricted cash equivalents
$
12,798
$
46,536
Supplemental Cash Flow
Information
Cash activities
Interest paid
$
16
$
7
Non-cash Investing and Financing
Activities:
Assets acquired under operating leases
$
-
$
1,594
Issuance of common stock and paid-in
capital
$
769
$
-
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
Advent’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 items such as one-time
transaction costs, asset impairment charges, and fair value changes
in the warrant liability.
The following tables show a reconciliation of net loss to EBITDA
and Adjusted EBITDA for the three and six months ended June 30,
2023 and 2022.
EBITDA and Adjusted EBITDA
Three months ended June
30, (Unaudited)
Six months ended June 30,
(Unaudited)
(in Millions of US dollars)
2023
2022
$ change
2023
2022
$ change
Net loss
$
(21.83
)
$
(11.15
)
(10.68
)
$
(33.82
)
$
(15.24
)
(18.58
)
Depreciation of property and equipment
$
0.81
$
0.36
0.45
$
1.21
$
0.78
0.43
Amortization of intangibles
$
0.19
$
0.72
(0.53
)
$
0.41
$
1.42
(1.01
)
Finance income / (expenses), net
$
(0.01
)
$
-
(0.01
)
$
(0.12
)
$
0.01
(0.13
)
Other income / (expenses), net
$
0.81
$
0.22
0.59
$
0.76
$
0.22
0.54
Foreign exchange differences, net
$
(0.16
)
$
-
(0.16
)
$
(0.12
)
$
0.02
(0.14
)
Income taxes
$
-
$
(0.44
)
0.44
$
0.80
$
(1.10
)
1.90
EBITDA
$
(20.19
)
$
(10.29
)
(9.90
)
$
(30.88
)
$
(13.89
)
(16.99
)
Net change in warrant liability
$
(0.10
)
$
0.22
(0.32
)
$
(0.49
)
$
(8.16
)
7.67
Impairment losses
$
9.76
$
-
9.76
$
9.76
$
-
9.76
Adjusted EBITDA
$
(10.53
)
$
(10.07
)
(0.46
)
$
(21.61
)
$
(22.05
)
0.44
Adjusted Net Loss
This supplemental non-GAAP measure is provided to assist readers
in determining our financial performance. We believe this measure
is useful in assessing performance and highlighting trends on an
overall basis. Adjusted Net Loss differs from the most comparable
GAAP measure, net loss, primarily because it does not include
one-time transaction costs, asset impairment charges and warrant
liability changes. The following table shows a reconciliation of
net loss to Adjusted Net Loss for the three and six months ended
June 30, 2023 and 2022.
Adjusted Net Loss
Three months ended June
30, (Unaudited)
Six months ended June 30,
(Unaudited)
(in Millions of US dollars)
2023
2022
$ change
2023
2022
$ change
Net loss
$
(21.83
)
$
(11.15
)
(10.68
)
$
(33.82
)
$
(15.24
)
(18.58
)
Net change in warrant liability
$
(0.10
)
$
0.22
(0.32
)
$
(0.49
)
$
(8.16
)
7.67
Impairment losses
$
9.76
$
-
9.76
$
9.76
$
-
9.76
Adjusted Net Loss
$
(12.17
)
$
(10.93
)
(1.24
)
$
(24.55
)
$
(23.40
)
(1.15
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230811644657/en/
Advent Technologies Holdings, Inc.
Naiem Hussain nhussain@advent.energy
Chris Kaskavelis press@advent.energy
Advent Technologies (NASDAQ:ADN)
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