- Q2 revenue of $2.2 million, plus income from grants of $0.2
million, for a total of $2.4 million. This compares to $1.1
million in the equivalent prior year period, representing a 124%
increase.
- Net loss in Q2 of $11.1 million or $0.22 per share.
- Company holds cash reserves of $46.5 million as of June 30,
2022.
- Notification from the Greek State for funding of €782.1 million
under the Important Projects of Common European Interest (“IPCEI”)
Hydrogen – Technology for Advent’s Green HiPo project. The
notification was submitted from the Greek State to the European
Union under the IPCEI framework and subsequently ratified by the
EU.
- Agreement with Hyundai Motor Company for a technology
assessment, sales, and development partnership.
- An additional technology assessment agreement with another
large global automotive manufacturer.
- New orders from Safran Power Units, a leader in auxiliary power
systems and turbojet engines, for Advent’s proprietary MEAs.
- Memorandum of Understanding with Neptune Lines Shipping to
jointly conduct a pilot program to explore the application of a
fuel cell-based auxiliary power system.
- Memorandum of Understanding with Laskaridis Shipping Company
Ltd, where Advent will supply its SereneU methanol-powered fuel
cells.
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, 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”).
Q2 2022 Financial Highlights
(All comparisons are to Q2 2021, unless otherwise stated)
- Revenue of $2.2 million, a 122% year-over-year increase.
- Operating expenses of $10.6 million, a year-over-year increase
of $3.4 million, primarily due to costs related to the accelerated
growth of the Company from the acquired businesses, higher R&D
costs, and stock-based compensation expenses.
- Net loss was $11.1 million, and adjusted net loss was $10.9
million. Adjusted net loss excludes a $0.2 million loss from the
change in the fair value of outstanding warrants.
- Net loss per share was $0.22.
- Cash reserves were $46.5 million as of June 30, 2022, a
decrease of $12.8 million from March 31, 2022, driven by the
increased level of R&D and administrative and selling expenses,
as well as $2.8 million of spending in the second quarter for the
build-out of the Hood Park R&D and manufacturing facility in
Charlestown, MA. In the second half of 2022, the Company expects to
receive approximately $5 million in tenant improvement allowances
for the Hood Park facility, which is net of additional spending for
the build-out.
“The last quarter was a very exciting time for Advent, when the
Greek State notified the EU for IPCEI funding for our Green HiPo
project, which has now been subsequently ratified by the EU. This
will enable Advent to innovatively develop and mass produce fuel
cell systems and electrolyser systems in Greece,” said Dr. Vasilis
Gregoriou, Chairman and CEO of Advent Technologies. “Advent has
also made significant progress in the automotive and marine
sectors, as well as securing nearer-term revenue from the
telecommunications sector. The consolidation of our operations has
resulted in concentrations of technical excellence in our key
market sectors, and this has enabled us to gain commercial traction
from global OEMs. Advent will actively pursue this clear and
focused 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.”
Q2 2022 Business Updates
Notification from the Greek State for funding of
€782.1 million under the Important Projects of Common European
Interest (“IPCEI”) Hydrogen – Technology for Advent’s Green HiPo
Project: On June 16, 2022, Advent announced that it had
received notification from the Greek State for funding under the
IPCEI Hydrogen – Technology. The notification from the Greek State
was submitted to the European Union (“EU”) under the IPCEI
framework and was subsequently ratified by the EU. Advent’s Green
HiPo project was originally among five projects out of twenty
candidates from Greece for IPCEI funding. These five projects were
then subject to detailed review and due diligence by the EU,
resulting in two projects being notified by the Greek State. The
notification in the first wave of IPCEI Hydrogen – Technology
projects is a testament to the world-class innovation that Advent
Technologies possesses and the commitment that Greece and the EU
have in Advent’s ability to deliver such an important project. The
scope of Green HiPo, over the initial period of six years, is to
innovatively develop and manufacture fuel cell systems and
electrolyser systems. Advent is aiming for cumulative capacity of
118MW of fuel cells and 1.5GW of electrolysers over that time. The
production of these systems will take place in Greece in the region
of Western Macedonia.
Agreement with Hyundai Motor Company (“Hyundai”): On
April 6, 2022, Advent announced the signing of a technology
assessment, sales, and development agreement with Hyundai, a
leading multinational automotive manufacturer offering a range of
world-class vehicles and mobility services in over 200 countries.
Advent and Hyundai aim to deliver green energy solutions to current
high carbon applications, using fuel cell technology. Under the
agreement, Hyundai will provide catalysts to Advent for evaluation
in its proprietary Membrane Electrode Assemblies (“MEAs”), while
Advent intends to support Hyundai in fulfilling its fuel cell
project needs, through:
- Developing inks and structures using Hyundai catalysts, which
will then be evaluated by Hyundai. Following evaluation, Hyundai
will determine whether their own catalysts, or standard catalysts,
will be used for this project.
- Supplying MEAs throughout the development/commercialization
cycle (“Advent MEAs”) for testing, evaluation, and optimization
under conditions set by Hyundai.
- Assisting Hyundai with the use and specifications of MEAs as
well as their implementation into Hyundai’s designs.
Following the completion of the first phase of the project,
Hyundai and Advent will collaborate closely to set out specific
product requirements, collaborative product goals, as well as
milestones for achieving established goals and plans for the second
phase, which shall also include Advent’s stack cooling technology.
The new Advent MEAs to be tested by Hyundai are currently being
developed within the framework of L’Innovator, Advent’s joint
development program with the U.S. Department of Energy’s Los Alamos
National Laboratory, Brookhaven National Laboratory, and National
Renewable Energy Laboratory. MEAs are the most important components
of a fuel cell as they greatly define the performance, lifetime,
weight, and cost of the end system. Advent MEAs operate at a high
temperature (80oC to 240oC) compared to the incumbent low
temperature PEM (“LT-PEM”) technology, which is restricted to an
operating temperature of below 100oC. The ability to operate at a
high temperature confers significant advantages such as the
efficient heat removal in heavy-duty mobility applications, making
Advent’s high temperature PEM an ideal technology for trucks,
aviation and marine applications. Advent’s MEAs can operate
effectively with fuels such as impure hydrogen which can be
reformed on-board from methanol, natural gas, and other renewable
fuels. Advent MEAs are also resilient to extreme temperature
variations, humidity, and air quality conditions.
New Orders from Safran Power Units: On April 7, 2022,
Advent announced that it received new orders for its proprietary
MEAs from Safran Power Units, a leader in auxiliary power systems
and turbojet engines. The MEAs are based on Advent’s proprietary
high temperature-proton exchange membrane technology (“HT-PEM”).
The supply of Advent MEAs started in the first quarter of 2022, and
deliveries continued through the second quarter of 2022. The MEAs
will support Safran Power Units’ R&D efforts. HT-PEM technology
has applications across multiple industries because it:
- can operate with almost any low-carbon or zero-carbon
fuel,
- enables more efficient heat management versus LT-PEM, where the
former is more adapted for applications such as heavy-duty
automotive and aviation, and,
- can withstand extreme temperatures, pollution, and humidity,
leading to a longer lifetime and lower total cost of ownership
versus LT-PEM.
Safran Power Units constantly innovates and develops new power
unit solutions, featuring higher performances with lower
environmental footprint and operating costs, relying on its
expertise in hybridization and fuel cells. Safran Power Units has
been a long-term customer of Advent, having tested and deployed
Advent’s state-of-the-art MEAs in a variety of applications in the
past.
European Electrolyser Summit in Brussels: On May 5, 2022,
Advent’s Chairman and CEO, Dr. Vasilis Gregoriou, participated in
the European Electrolyser Summit in Brussels. This event was
organized by the European Commission in cooperation with Hydrogen
Europe and took place under the auspices of the European Clean
Hydrogen Alliance. Commissioner for the Internal Market, Thierry
Breton, CEO of Hydrogen Europe, Jorgo Chatzimarkakis, and 20 other
CEOs and executives met and signed a Joint Declaration,
establishing a clear goal of paving the way towards achieving the
objectives of the REPowerEU’s proposed Hydrogen Accelerator, which
sets out a strategy to double the previous EU renewable hydrogen
target to 10 million tons of annual domestic production and an
additional 10 million tons of annual hydrogen imports. Under the
Joint Declaration, Europe’s leading electrolyser manufacturers
agreed to increase their manufacturing capacity in an effort to
have, by 2025, a combined annual electrolyser manufacturing
capacity of 17.5GW, as well as to further increase that capacity by
2030 in line with projected demand for renewable and low-carbon
hydrogen. Furthermore, the Joint Declaration features the following
three objectives:
- Regulatory framework: Ensuring a supportive regulatory
framework through adequate permitting rules and a commitment to
stand up for the ambitious targets included in the revision of the
Renewable Energy Directive and the Alternative Fuels Infrastructure
Regulation Proposal.
- Access to financing: Facilitating adequate access to
financing by revamping the Innovation Fund to be inclusive of
innovative zero and low-carbon equipment manufacturing such as
electrolysers. In addition, accessing state aid to de-risk
investments and putting in place Carbon Contracts for Difference to
further incentivize the large-scale deployment of clean hydrogen
technologies.
- Supply chain integration: Integrating supply chains by
expanding Research and Development and ensuring the availability of
required components and materials at the required scale.
Technology Assessment Agreement for Automotives: On May
9, 2022, Advent announced the signing of a second technology
assessment agreement with another large global automotive
manufacturer. With a common goal of sustainability and the faster
decarbonization of the U.S. automotive industry, Advent is
supporting efforts to advance innovative fuel cell technology as a
sustainable and efficient option for achieving carbon neutrality.
More specifically, Advent will provide assistance, through:
- Supplying MEAs for testing, evaluation, and optimization under
the collaborator’s conditions.
- Providing support on MEA operational parameters while the
collaborator supplies feedback to Advent on performance and
durability.
- Sharing technical know-how for fuel cell stacks, proprietary
HT-PEM technology, and leveraging HT-PEM for advanced cooling
systems.
One of the primary objectives will be to conduct a detailed
assessment of Advent’s proprietary HT-PEM technology and newly
launched MEAs for consideration of future opportunities. Contingent
upon the successful execution of the first phase of the project,
the companies will work to establish a Joint Development Agreement
governing specific product requirements, goals, milestones, and
plans. The new Advent MEAs to be tested as part of this project,
are currently being developed within the framework of L’Innovator.
MEAs are the most important components of a fuel cell as they
greatly define the performance, lifetime, weight, and cost of the
end system.
Memorandum of Understanding (“MoU”) with Neptune Lines
Shipping and Managing Enterprises S.A. (“Neptune Lines”): On
June 1, 2022, Advent announced the signing of a MoU with Neptune
Lines, a leading vehicle logistics provider operating 18 Pure Car
and Truck Carrier vessels (owned or chartered), with a cargo
capacity ranging between 1,500-4,600 cars.
Neptune Lines and Advent agreed to jointly conduct a pilot
program to explore the application of a fuel cell-based auxiliary
power system. This application will be tested by Neptune Lines’
highly experienced team, who will evaluate its performance as a
sustainable source of power generation. After the evaluation stage,
the parties will consider a broader collaboration. Advent fuel
cells are a reliable source of on-demand power generation across
various applications and industries, including shipping, power
generation, and in general heavy-duty mobility. The fuel cells can
deliver direct power without power loss from additional converters,
offering a sustainable and highly efficient solution.
MoU with Laskaridis Shipping Company Ltd. (“Laskaridis
Shipping”): On June 3, 2022, Advent announced the signing of a
MoU with Laskaridis Shipping, a renowned ship management company
based in Athens, Greece, with a fleet of 90 vessels, which includes
55 mid-sized or large dry bulk vessels. Under the terms of the MoU,
Laskaridis Shipping and Advent have agreed to jointly conduct a
pilot program, under which Advent will supply Laskaridis Shipping
with its SereneU methanol-powered fuel cells. Laskaridis Shipping
will install these systems on selected dry bulk vessels to assess
their overall performance as auxiliary, back-up, or emergency power
sources.
Following the successful completion of the pilot program,
Laskaridis Shipping and Advent will collaborate on manufacturing
and testing the next generation of Advent’s fuel cells. These
collaboratively tested fuel cells are expected to be based on
Advent’s next-generation MEA, which is currently being developed
within the framework of L’Innovator.
Advent is a vertically integrated manufacturer. Its portfolio
includes advanced HT-PEM fuel cell systems, covering the range from
25W to 90kW. Serene methanol-powered fuel cells deliver critical
and reliable power in an environmentally friendly way, reducing CO2
emissions and operating silently, while having a low impact on
surroundings. Methanol as a carrier of hydrogen allows simpler
storage (such as handling and logistics) compared to pure hydrogen,
and, enhances the safety of operations.
Conference Call
The Company will host a conference call on Tuesday, August 9,
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
August 23, 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
June 30, 2022
(Unaudited)
December 31, 2021
Current assets:
Cash and cash equivalents
$
46,536
$
79,764
Accounts receivable
2,556
3,139
Contract assets
996
1,617
Inventories
10,248
6,958
Prepaid expenses and Other current
assets
10,690
5,873
Total current assets
71,026
97,351
Non-current assets:
Goodwill
30,030
30,030
Intangibles, net
22,041
23,344
Property and equipment, net
9,648
8,585
Other non-current assets
2,696
2,475
Deferred tax assets
1,605
1,246
Available for sale financial asset
311
-
Total non-current assets
66,331
65,680
Total assets
$
137,357
$
163,031
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Trade and other payables
$
4,929
$
4,837
Deferred income from grants, current
203
205
Contract liabilities
934
1,118
Other current liabilities
7,523
12,515
Income tax payable
179
196
Total current liabilities
13,768
18,871
Non-current liabilities:
Warrant liability
2,214
10,373
Deferred tax liabilities
2,258
2,500
Defined benefit obligation
96
90
Deferred income from grants,
non-current
127
-
Other long-term liabilities
710
996
Total non-current liabilities
5,405
13,959
Total liabilities
19,173
32,830
Commitments and contingent
liabilities
Stockholders’ equity
Common stock ($0.0001 par value per share;
Shares authorized: 110,000,000 at June 30, 2022 and December 31,
2021; Issued and outstanding: 51,631,509 and 51,253,591 at June 30,
2022 and December 31, 2021, respectively)
5
5
Preferred stock ($0.0001 par value per
share; Shares authorized: 1,000,000 at June 30, 2022 and December
31, 2021; nil issued and outstanding at June 30, 2022 and December
31, 2021)
-
-
Additional paid-in capital
169,980
164,894
Accumulated other comprehensive loss
(3,132)
(1,273)
Accumulated deficit
(48,669)
(33,425)
Total stockholders’ equity
118,184
130,201
Total liabilities and stockholders’
equity
$
137,357
$
163,031
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)
2022
2021
2022
2021
Revenue, net
$
2,225
$
1,003
$
3,481
$
2,493
Cost of revenues
(2,270)
(669)
(3,787)
(1,017)
Gross profit / (loss)
(45)
334
(306)
1,476
Income from grants
209
86
717
124
Research and development expenses
(2,642)
(639)
(4,791)
(668)
Administrative and selling expenses
(7,956)
(6,596)
(18,454)
(14,517)
Amortization of intangibles
(718)
29
(1,417)
(158)
Operating loss
(11,152)
(6,786)
(24,251)
(13,743)
Fair value change of warrant liability
(217)
3,646
8,159
13,412
Finance income / (expenses), net
1
(3)
(9)
(13)
Foreign exchange (losses) / gains, net
(1)
(10)
(18)
13
Other (expenses) / income, net
(218)
10
(221)
94
Loss before income tax
(11,587)
(3,143)
(16,340)
(237)
Income taxes
439
-
1,096
-
Net loss
$
(11,148)
$
(3,143)
$
(15,244)
$
(237)
Net loss per share
Basic loss per share
(0.22)
(0.07)
(0.30)
(0.01)
Basic weighted average number of
shares
51,476,822
46,126,490
51,365,823
42,041,473
Diluted loss per share
(0.22)
(0.07)
(0.30)
(0.01)
Diluted weighted average number of
shares
51,476,822
46,126,490
51,365,823
42,041,473
ADVENT TECHNOLOGIES HOLDINGS,
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Amounts in USD
thousands)
Six months ended June
30,
(Unaudited)
2022
2021
Net Cash used in Operating
Activities
$
(29,356)
$
(16,231)
Cash Flows from Investing
Activities:
Purchases of property and equipment
(2,673)
(948)
Purchases of intangible assets
(121)
-
Advances for the acquisition of property
and equipment
-
(2,529)
Acquisition of subsidiaries, net of cash
acquired
-
(5,923)
Acquisition of available for sale
financial assets
(328)
-
Net Cash used in Investing
Activities
$
(3,122)
$
(9,400)
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
-
117
Net Cash provided by Financing
Activities
$
-
$
141,500
Net increase / (decrease) in cash and
cash equivalents
$
(32,478)
$
115,869
Effect of exchange rate changes on cash
and cash equivalents
(750)
(276)
Cash and cash equivalents at the beginning
of the period
79,764
516
Cash and cash equivalents at the end of
the period
$
46,536
$
116,109
Supplemental Cash Flow
Information
Cash activities
Interest paid
$
7
$
-
Non-cash Investing and Financing
Activities:
Stock-based compensation
$
5,086
$
703
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 six months
ended June 30, 2022 and 2021.
EBITDA and Adjusted EBITDA
Three months ended June
30, (Unaudited)
Six months ended June 30,
(Unaudited)
(in Millions of US dollars)
2022
2021
$ change
2022
2021
$ change
Net loss
$
(11.15)
$
(3.14)
(8.01)
$
(15.24)
$
(0.24)
(15.00)
Depreciation of property and equipment
$
0.36
$
0.02
0.34
$
0.78
$
0.03
0.75
Amortization of intangibles
$
0.72
$
(0.03)
0.75
$
1.42
$
0.16
1.26
Finance income / (expenses), net
$
-
$
-
-
$
0.01
$
0.01
-
Other income / (expenses), net
$
0.22
$
(0.01)
0.23
$
0.22
$
(0.09)
0.31
Foreign exchange differences, net
$
-
$
0.01
(0.01)
$
0.02
$
(0.01)
0.03
Income taxes
$
(0.44)
$
-
(0.44)
$
(1.10)
$
-
(1.10)
EBITDA
$
(10.29)
$
(3.15)
(7.14)
$
(13.89)
$
(0.14)
(13.75)
Net change in warrant liability
$
0.22
$
(3.65)
3.87
$
(8.16)
$
(13.41)
5.25
One-Time Transaction Related Expenses
(1)
$
-
$
-
-
$
-
$
5.87
(5.87)
Adjusted EBITDA
$
(10.07)
$
(6.80)
(3.27)
$
(22.05)
$
(7.68)
(14.37)
(1) Bonus awarded after consummation of the Business Combination
effective February 4, 2021.
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 six months ended June 30,
2022 and 2021.
Adjusted Net Loss
Three months ended June
30, (Unaudited)
Six months ended June 30,
(Unaudited)
(in Millions of US dollars)
2022
2021
$ change
2022
2021
$ change
Net loss
$
(11.15)
$
(3.14)
(8.01)
$
(15.24)
$
(0.24)
(15.00)
Net change in warrant liability
$
0.22
$
(3.65)
3.87
$
(8.16)
$
(13.41)
5.25
One-Time Transaction Related Expenses
(1)
$
-
$
-
-
$
-
$
5.87
(5.87)
Adjusted Net Loss
$
(10.93)
$
(6.79)
(4.14)
$
(23.40)
$
(7.78)
(15.62)
(1) Bonus awarded after consummation of the Business Combination
effective February 4, 2021.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220809005556/en/
Advent Technologies Holdings, Inc. Naiem Hussain
nhussain@advent.energy
Chris Kaskavelis press@advent.energy
Advent Technologies (NASDAQ:ADN)
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