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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 20, 2024
Advent Technologies Holdings, Inc.
(Exact name of registrant as specified in its charter)
Delaware |
|
001-38742 |
|
83-0982969 |
(State or other jurisdiction
of incorporation) |
|
(Commission File Number) |
|
(IRS Employer Identification No.) |
5637 La Ribera St., Suite A
Livermore, CA 94550
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (925) 455-9400
Check the appropriate box below if the Form 8−K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting material pursuant to Rule 14a−12 under the Exchange Act (17 CFR 240.14a−12) |
|
|
☐ |
Pre−commencement communications pursuant to Rule 14d−2(b) under the Exchange Act (17 CFR 240.14d−2(b)) |
|
|
☐ |
Pre−commencement communications pursuant to Rule 13e−4(c) under the Exchange Act (17 CFR 240.13e−4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
|
Trading Symbol |
|
Name of each exchange on which registered |
Common stock, par value $0.0001 per share |
|
ADN |
|
The Nasdaq Stock Market LLC |
Warrants to purchase one share of common stock, each at an exercise price of $345.00 |
|
ADNWW |
|
The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 |
Results of Operations and Financial Condition. |
On August 20, 2024, Advent Technologies Holdings, Inc., a Delaware corporation (the “Company”), issued a press release (the “Earnings Release”) reporting its financial results for the three months and fiscal year ended December 31, 2023. As noted in the Earnings Release, management will host a conference call on Tuesday, August 20, 2024, at 9:00 a.m. Eastern time to discuss such financial results. Instructions on how to participate in the conference call are contained in the Earnings Release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The information in this Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 7.01 |
Regulation FD Disclosure. |
The information contained in Item 2.02 of this Current Report on Form 8-K is incorporated herein by reference.
The information included in this Item 7.01 and Exhibit 99.1 of this Current Report on Form 8-K is not deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall this item and Exhibit 99.1 be incorporated by reference into the Company’s filings under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such future filing.
(d) Exhibits
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
Dated: August 20, 2024 |
Advent Technologies Holdings, Inc. |
|
|
|
|
By: |
/s/ Vassilios Gregoriou |
|
Name: |
Vassilios Gregoriou |
|
Title: |
Chairman and Chief Executive Officer |
Exhibit 99.1
Advent Technologies Reports Q4 2023 Results
Livermore, CA – Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent” or the “Company”), an innovation-driven leader in the fuel cell and hydrogen technology space, announced on Tuesday, August 13, 2024 its consolidated financial results for the three months and year ended December 31, 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”).
Q4 2023 Financial Highlights
(All comparisons are to Q4 2022, unless otherwise stated)
|
● |
Revenue of $1.5 million and income from grants of $0.8 million, totaling $2.3 million, which represents a decrease of (3.6)% year-over-year. |
|
● |
Full year 2023 revenue of $4.9 million and income from grants of $2.5 million, totaling $7.4 million. This represents a decrease of (20.9)% year-over-year. |
|
● |
Operating expenses of $44.6 million, representing a year-over-year decrease of $1.1 million. |
|
● |
Net loss in Q4 of $(25.7) million or $(12.04) per share, and adjusted net loss of $(22.1) million or $(10.32) per share. Adjusted net loss excludes a $0.03 million gain from the change in the fair value of outstanding warrants, and a
$3.71 million goodwill and intangible asset impairment charge. |
|
● |
Unrestricted cash reserves were $3.6 million as of December 31, 2023, a decrease of $0.1 million from September 30, 2023. |
“Our product development efforts center around a common core technology: a fuel cell
and MEA (membrane electrode assembly) designed to address heavy-duty automotive applications
and large-scale stationary systems. Success with our MEA technology is key to unlocking
these markets with the right OEM partnerships,” said Dr. Vasilis Gregoriou, Advent’s Chairman and CEO. “Our recent restructuring initiatives have been pivotal in significantly reducing costs.
We have already achieved a 70% cost reduction compared to the same time last year.
As a result of our strategic shift and a reduction in direct sales efforts, particularly
in remote regions, we experienced a decrease in revenue in 2023, which we view as
a temporary adjustment. We believe it is prudent to demonstrate this short-term revenue
reduction rather than overextend our financial resources. Our goal is to operate as close as possible to break-even relying on the strategic
OEM partnership funds and R&D government funds and to have the maximum runway until
the inflection point. The partnering OEMs plans for mass production will determine
the inflection point timing. We appreciate your ongoing support and patience and look forward to updating you on our progress.”
Company Updates
Technology Update
The Advent Fuel Cell platform, based on our new Ion Pair™ Membrane Electrode Assembly
(MEA), offers superior heat management and the ability to operate with liquid eFuels
and biofuels. These unique properties, combined with the MEA’s increased power density, form the basis for breakthrough innovation in the fuel
cell industry. Our partnerships with industry leaders such as Airbus, the US Army,
Hyundai Motor Company, and Siemens Energy not only validate our technological achievements
but also highlight the potential of our technology. Our HT-PEM fuel cell technology is ideal for marine and off-grid power applications,
both of which are increasingly adopting methanol. Additionally, our high-temperature
operation results in superior efficiency, reaching up to 85% when heat is utilized.
This positions HT-PEM as optimal for a wide range of applications, including aviation and heavy-duty trucks. The Ion Pair MEA technology has achieved in 2024 approximately double the power of
previous state of the art fuel cells per cm². We also have concrete data that we will achieve double the lifetime of competing
HT-PEM fuel cell systems. Our fuel cells convert approximately 400 grams of methanol
into 1kWh of electrical power, (equivalent to a battery with a power density of 2,500
Wh/kg)—exceeding by a factor of 10 the power density of lithium-ion batteries. Moreover,
unlike batteries or hydrogen-based systems, our fuel cells utilize the existing global
infrastructure for transporting and dispensing liquid fuels. This advantage is especially
beneficial for developing regions. The Ion Pair MEA technology overcomes the prior limitations of
the HT-PEM technology.
Operations Update
In the past year, our journey has been marked by a blend of both encouraging and challenging
developments. On a positive note, there has been an unprecedented surge in interest
across various markets for methanol fuel cells and clean power solutions. However, the financial landscape for clean energy investments has been less favorable, pushing
us to seek support through EU infrastructure loans and grants and a private loan from a US-based institutional investor. These processes are typically accompanied by extended bureaucratic processes. Over the years, particularly after our acquisition of Serenergy (Denmark), we have
advanced our hardware technology, selling 1,200 systems mainly to the telecom industry.
This expertise provides a solid foundation for accelerating partnerships through technology
transfer and licensing. However, we have chosen not to remain an end-product OEM across
multiple markets, as achieving this would require very significant investment and
considerable time. As a result, we have discontinued operations of certain subsidiaries that focused on end-system production, which demanded
increasing capital for low-margin or negative-margin revenues.
We have closed non-profitable subsidiaries and facilities in Boston and Denmark, and the Philippines. The Danish subsidiary, in particular, was producing fuel cells with older HT-PEM
technology at a cost exceeding $2,000 per kW. In contrast, with our Ion Pair MEA technology,
we anticipate that OEMs can develop systems at a cost approaching $500 per kW at scale.
Advent is now focusing on advancing MEA innovation, expanding intellectual property
footprint, and scaling manufacturing in the future primarily through technology licensing
and Joint Development Agreements. This strategic pivot enables us to reduce capital
expenditures while maintaining high margins and a sustainable business model.
Business Update
Our new approach involves forming joint ventures and technology transfer agreements
with major local integrators, Tier 1 suppliers, and OEMs. By focusing on manufacturing
the MEA and potentially the fuel cell stack, we are establishing a scalable, low-capex,
and high-margin operational framework.
Global Market Expansion and Partnerships
In the automotive industry, our MEA technology is currently evaluated by four of the
top ten global automakers. In addition, our collaboration with Hyundai Motors has
progressed to a Joint Development Agreement, and we aim to secure similar agreements
with other major automakers by the end of 2024. Our high-temperature fuel cells offer
exceptional benefits for trucks and heavy-duty vehicles, particularly in regions with
extreme heat.
In aerospace, we have established a $13-million strategic partnership with Airbus
to develop our Ion Pair MEA for aviation applications. This two-year Joint Development
Agreement is designed to meet aviation performance standards, paving the way for test
flights and hardware systems in the near future, with the ultimate goal of enabling
fuel cell-powered aircraft.
In the defense sector, we signed in September and December 2023 two contracts (representing total value to the Company of $5 million), with the U.S. Department of Defense. These contracts refer to the HB50
product, a human-portable fuel cell that delivers power for military missions. We
are integrating our Ion Pair MEA technology to enhance the HB50’s performance and scale up production by 2026. The objective is to facilitate the
shift from low-prototype volume to manufacturing-scale volume. The program is advancing
steadily, with daily collaboration with the U.S. Department of Defense. Significant milestones to date have been successfully achieved.
Our technology is already deployed in Sanlorenzo’s 50Steel methanol fuel cell superyacht, Almax. We believe methanol, including biomethanol
and e-methanol, is crucial for decarbonizing the marine industry. With over 130 methanol
projects globally, we anticipate significant adoption in both retrofitted and new
yachts.
We are also pursuing collaborations with OEMs in the data center off-grid power market,
where we believe our fuel cell technology presents distinct advantages. Data centers currently account
for 1-2% of global power usage, a figure expected to rise to 3-4% by 2030 (1000TWhs
per year). We anticipate that this increase will drive substantial growth in electricity demand, particularly in
the US and Europe, and could double carbon emissions from data centers by 2030.
We believe that our fuel cells can reduce capex and accelerate deployment by eliminating the need for
grid upgrades and extensive permits. Our technology’s multifuel capability allows for immediate deployment with methanol (on green eMethanol),
biogas and the option to switch to hydrogen or other fuels We are actively engaging
with companies interested in leveraging our HT-PEM technology for large-scale data
center projects.
R&D Programs
Our teams are actively engaged in a comprehensive portfolio of 13 research and development
programs, with total funding amounting to approximately $10 million. These programs
receive support from notable sources, including the European Union and key European institutions such as Horizon Europe and the Clean Hydrogen Partnership.
In addition to these ongoing initiatives, we are also forming strategic partnerships
and submitting proposals for new programs with substantial funding opportunities,
such as the European Innovation Fund. These efforts are designed to further advance
our technology and expand our collaborative network with leading industry partners.
This extensive network not only enhances our technological capabilities but also ensures
that we remain at the forefront of innovation in our field.
Conference Call
The Company will host a conference call on Tuesday, August 20, 2024, at 9:00 AM ET to discuss its results. To access the call please dial (800) 715-9871 from the United States, or +1 (646)
307-1963 from outside the U.S. The conference call I.D. number is 9909908. Participants
should dial in 5 to 10 minutes before the scheduled time. Participants can also attend
the call virtually by visiting the homepage of Advent’s Investor Relations (IR) website, where they can register for the event under the “Latest Events” section.
A replay of the call can also be accessed via phone through September 3, 2024, by dialing (800) 770-2030 from the U.S., or +1(609) 800-9909 from outside
the U.S. The conference I.D. number is 9909908. An archived version will be available
after the event on the homepage of Advent’s Investor Relations (IR) website, under the “Latest Events” section.
About Advent Technologies Holdings, Inc
Advent Technologies Holdings, Inc. is a U.S. corporation that develops, manufactures,
and assembles complete fuel cell systems as well as supplying customers with critical
components for fuel cells in the renewable energy sector. Advent is headquartered
in California and holds the IP for next-generation HT-PEM that enables various fuels
to function at high temperatures and under extreme conditions, suitable for the automotive,
aviation, defense, oil and gas, marine, and power generation sectors. For more information,
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 Advent’s corporate reputation and brand; expectations concerning its relationships and actions
with 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 Advent’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”)
on August 13, 2024, as well as the other information filed with the SEC. Investors are cautioned
not to place considerable reliance on the forward-looking statements contained in
this press release. You are encouraged to read Advent’s 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 the
Company undertakes no obligation to update or revise any of these statements. Advent’s 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.
Michael Trontzos
press@advent.energy
ADVENT TECHNOLOGIES HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in USD thousands, except share and
per share amounts)
| |
December 31, 2023 | | |
December 31, 2022 | |
ASSETS | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 3,562 | | |
$ | 32,869 | |
Restricted cash, current | |
| 100 | | |
| - | |
Accounts receivable, net | |
| 191 | | |
| 979 | |
Contract assets | |
| 21 | | |
| 52 | |
Inventories | |
| 2,707 | | |
| 12,620 | |
Prepaid expenses and Other current assets | |
| 2,254 | | |
| 2,980 | |
Total current assets | |
| 8,835 | | |
| 49,500 | |
Non-current assets: | |
| | | |
| | |
Goodwill | |
| - | | |
| 5,742 | |
Intangibles, net | |
| 79 | | |
| 6,062 | |
Property and equipment, net | |
| 21,549 | | |
| 17,938 | |
Right-of-use assets | |
| 3,216 | | |
| 4,055 | |
Restricted cash, non-current | |
| 750 | | |
| 750 | |
Other non-current assets | |
| 308 | | |
| 5,221 | |
Available for sale financial asset | |
| - | | |
| 320 | |
Total non-current assets | |
| 25,902 | | |
| 40,088 | |
Total assets | |
$ | 34,737 | | |
$ | 89,588 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Trade and other payables | |
$ | 5,087 | | |
$ | 4,680 | |
Deferred income from grants, current | |
| 530 | | |
| 801 | |
Contract liabilities | |
| 2,015 | | |
| 1,019 | |
Other current liabilities | |
| 1,916 | | |
| 4,703 | |
Operating lease liabilities | |
| 2,186 | | |
| 2,280 | |
Income tax payable | |
| 179 | | |
| 183 | |
Total current liabilities | |
| 11,913 | | |
| 13,666 | |
Non-current liabilities: | |
| | | |
| | |
Warrant liability | |
| 59 | | |
| 998 | |
Long-term operating lease liabilities | |
| 8,230 | | |
| 9,802 | |
Defined benefit obligation | |
| 83 | | |
| 72 | |
Deferred income from grants, non-current | |
| 320 | | |
| 50 | |
Other long-term liabilities | |
| 684 | | |
| 852 | |
Total non-current liabilities | |
| 9,376 | | |
| 11,774 | |
Total liabilities | |
| 21,289 | | |
| 25,440 | |
| |
| | | |
| | |
Commitments and contingent liabilities | |
| | | |
| | |
| |
| | | |
| | |
Stockholders’ equity | |
| | | |
| | |
Common stock ($0.0001 par value per share; Shares authorized: 110,000,000 at December 31, 2023 and December 31, 2022; Issued and outstanding: 2,580,159 and 1,723,924 at December 31, 2023 and December 31, 2022, respectively) | |
| 8 | | |
| 5 | |
Preferred stock ($0.0001 par value per share; Shares authorized: 1,000,000 at December 31, 2023 and December 31, 2022; nil issued and outstanding at December 31, 2023 and December 31, 2022) | |
| - | | |
| - | |
Additional paid-in capital | |
| 194,933 | | |
| 174,509 | |
Accumulated other comprehensive loss | |
| (2,334 | ) | |
| (2,604 | ) |
Accumulated deficit | |
| (179,159 | ) | |
| (107,762 | ) |
Total stockholders’ equity | |
| 13,448 | | |
| 64,148 | |
Total liabilities and stockholders’ equity | |
$ | 34,737 | | |
$ | 89,588 | |
ADVENT TECHNOLOGIES HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in USD thousands, except share and per share amounts)
| |
Three months ended
December 31,
(Unaudited) | | |
Years Ended
December 31, (Unaudited) | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Revenue, net | |
$ | 1,506 | | |
$ | 1,957 | | |
$ | 4,859 | | |
$ | 7,837 | |
Cost of revenues | |
| (12,442 | ) | |
| (2,455 | ) | |
| (18,287 | ) | |
| (8,581 | ) |
Gross profit / (loss) | |
| (10,936 | ) | |
| (498 | ) | |
| (13,428 | ) | |
| (744 | ) |
Income from grants | |
| 814 | | |
| 449 | | |
| 2,504 | | |
| 1,460 | |
Research and development expenses | |
| (3,957 | ) | |
| (2,458 | ) | |
| (12,112 | ) | |
| (9,796 | ) |
Administrative and selling expenses | |
| (6,732 | ) | |
| (9,258 | ) | |
| (32,468 | ) | |
| (35,915 | ) |
Sublease income | |
| 139 | | |
| - | | |
| 543 | | |
| - | |
Amortization of intangible assets | |
| (116 | ) | |
| (651 | ) | |
| (642 | ) | |
| (2,764 | ) |
Credit loss – customer contracts | |
| (1,207 | ) | |
| (1,116 | ) | |
| (1,270 | ) | |
| (1,116 | ) |
Gain from purchase price adjustment | |
| - | | |
| 2,370 | | |
| - | | |
| 2,370 | |
Impairment losses | |
| (3,705 | ) | |
| (38,922 | ) | |
| (13,468 | ) | |
| (38,922 | ) |
Operating loss | |
| (25,700 | ) | |
| (50,084 | ) | |
| (70,341 | ) | |
| (85,427 | ) |
Fair value change of warrant liability | |
| 39 | | |
| 2,127 | | |
| 394 | | |
| 9,375 | |
Finance income / (expenses), net | |
| (44 | ) | |
| 61 | | |
| 74 | | |
| 52 | |
Foreign exchange gains / (losses), net | |
| (9 | ) | |
| (40 | ) | |
| 97 | | |
| (91 | ) |
Other income / (expenses), net | |
| (19 | ) | |
| 4 | | |
| (902 | ) | |
| (216 | ) |
Loss before income tax | |
| (25,733 | ) | |
| (47,932 | ) | |
| (70,678 | ) | |
| (76,307 | ) |
Income taxes | |
| 1 | | |
| 307 | | |
| (719 | ) | |
| 1,970 | |
Net loss | |
$ | (25,732 | ) | |
$ | (47,625 | ) | |
$ | (71,397 | ) | |
$ | (74,337 | ) |
Net loss per share | |
| | | |
| | | |
| | | |
| | |
Basic loss per share | |
| (12.04 | ) | |
| (27.63 | ) | |
| (37.24 | ) | |
| (43.28 | ) |
Basic weighted average number of shares | |
| 2,136,840 | | |
| 1,723,924 | | |
| 1,917,179 | | |
| 1,717,623 | |
Diluted loss per share | |
| (12.04 | ) | |
| (27.63 | ) | |
| (37.24 | ) | |
| (43.28 | ) |
Diluted weighted average number of shares | |
| 2,136,840 | | |
| 1,723,924 | | |
| 1,917,179 | | |
| 1,717,623 | |
ADVENT TECHNOLOGIES HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in USD thousands)
| |
Years Ended
December 31,
(Unaudited)
| |
| |
2023 | | |
2022 | |
Net Cash used in Operating Activities | |
$ | (32,115 | ) | |
$ | (32,125 | ) |
| |
| | | |
| | |
Cash Flows from Investing Activities: | |
| | | |
| | |
Proceeds from sale of property and equipment | |
| 256 | | |
| - | |
Purchases of property and equipment | |
| (3,371 | ) | |
| (11,527 | ) |
Purchases of intangible assets | |
| - | | |
| (117 | ) |
Advances for the acquisition of property and equipment | |
| (1,255 | ) | |
| (2,557 | ) |
Acquisition of a subsidiary, net of cash acquired | |
| (1,864 | ) | |
| - | |
Acquisition of available for sale financial assets | |
| - | | |
| (316 | ) |
Net Cash used in Investing Activities | |
$ | (6,234 | ) | |
$ | (14,517 | ) |
| |
| | | |
| | |
Cash Flows from Financing Activities: | |
| | | |
| | |
Issuance of common stock and paid-in capital, net of issuance costs paid | |
| 9,059 | | |
| - | |
Repayments of debt | |
| - | | |
| (40 | ) |
Net Cash (used in) provided by Financing Activities | |
$ | 9,059 | | |
$ | (40 | ) |
| |
| | | |
| | |
Net (decrease) / increase in cash, cash equivalents, restricted cash and restricted cash equivalents | |
$ | (29,290 | ) | |
$ | (46,682 | ) |
| |
| | | |
| | |
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents | |
| 83 | | |
| 537 | |
Cash, cash equivalents, restricted cash and restricted cash equivalents at the beginning of year | |
| 33,619 | | |
| 79,764 | |
Cash, cash equivalents, restricted cash and restricted cash equivalents at the end of year | |
$ | 4,412 | | |
$ | 33,619 | |
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 one-time transaction costs, asset impairment charges, changes in warrant liability, and executive severance.
The following tables show a reconciliation of net income / (loss) to EBITDA and Adjusted
EBITDA for the three months and years ended December 31, 2023 and 2022.
EBITDA and Adjusted EBITDA | |
Three
months ended December 31,
(Unaudited) | | |
Years Ended December 31,
(Unaudited)
| |
(in Millions of U.S. dollars) | |
2023 | | |
2022 | | |
$ change | | |
2023 | | |
2022 | | |
$
change | |
Net loss | |
$ | (25.73 | ) | |
$ | (47.63 | ) | |
| 21.90 | | |
$ | (71.40 | ) | |
$ | (74.34 | ) | |
| 2.94 | |
Depreciation of property and equipment | |
$ | 0.91 | | |
$ | 0.36 | | |
| 0.55 | | |
$ | 3.01 | | |
$ | 1.49 | | |
| 1.52 | |
Amortization of intangibles | |
$ | 0.11 | | |
$ | 0.65 | | |
| (0.54 | ) | |
$ | 0.64 | | |
$ | 2.76 | | |
| (2.12 | ) |
Finance income / (expenses), net | |
$ | 0.05 | | |
$ | (0.06 | ) | |
| 0.11 | | |
$ | (0.07 | ) | |
$ | (0.05 | ) | |
| (0.02 | ) |
Other income / (expenses), net | |
$ | 0.02 | | |
$ | 0.00 | | |
| 0.02 | | |
$ | 0.90 | | |
$ | 0.22 | | |
| 0.68 | |
Foreign exchange differences, net | |
$ | 0.01 | | |
$ | 0.04 | | |
| (0.03 | ) | |
$ | (0.10 | ) | |
$ | 0.09 | | |
| (0.19 | ) |
Income taxes | |
$ | - | | |
$ | (0.31 | ) | |
| 0.31 | | |
$ | 0.72 | | |
$ | (1.97 | ) | |
| 2.69 | |
EBITDA | |
$ | (24.63 | ) | |
$ | (46.95 | ) | |
| 22.32 | | |
$ | (66.30 | ) | |
$ | (71.80 | ) | |
| 5.50 | |
Net change in warrant liability | |
$ | (0.03 | ) | |
$ | (2.13 | ) | |
| 2.10 | | |
$ | (0.39 | ) | |
$ | (9.38 | ) | |
| 8.99 | |
Gain from purchase price adjustment | |
$ | - | | |
$ | (2.37 | ) | |
| 2.37 | | |
$ | - | | |
$ | (2.37 | ) | |
| 2.37 | |
Impairment loss – intangible assets and goodwill | |
$ | 3.71 | | |
$ | 38.92 | | |
| (35.21 | ) | |
$ | 13.47 | | |
$ | 38.92 | | |
| (25.45 | ) |
Adjusted EBITDA | |
$ | (20.95 | ) | |
$ | (12.53 | ) | |
| (8.42 | ) | |
$ | (53.22 | ) | |
$ | (44.63 | ) | |
| (8.59 | ) |
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 performance and highlighting trends
on an overall basis. Adjusted Net Loss differs from the most comparable GAAP measure, net income / (loss),
primarily because it does not include one-time transaction costs, asset impairment charges, changes in warrant liability, and executive severance. The following table shows a reconciliation of net income / (loss) for the three months
and years ended December 31, 2023 and 2022.
Adjusted Net Loss | |
Three months ended December 31,
(Unaudited) | | |
Years Ended December 31,
(Unaudited)
| |
(in Millions of U.S. dollars) | |
2023 | | |
2022 | | |
$
change | | |
2023 | | |
2022 | | |
$
change | |
Net loss | |
$ | (25.73 | ) | |
$ | (47.63 | ) | |
| 21.90 | | |
$ | (71.40 | ) | |
$ | (74.34 | ) | |
| 2.94 | |
Net change in warrant liability | |
$ | (0.03 | ) | |
$ | (2.13 | ) | |
| 2.10 | | |
$ | (0.39 | ) | |
$ | (9.38 | ) | |
| 8.99 | |
Gain from purchase price adjustment | |
$ | - | | |
$ | (2.37 | ) | |
| 2.37 | | |
$ | - | | |
$ | (2.37 | ) | |
| 2.37 | |
Impairment loss – intangible assets and goodwill | |
$ | 3.71 | | |
$ | 38.92 | | |
| (35.21 | ) | |
$ | 13.47 | | |
$ | 38.92 | | |
| (25.45 | ) |
Adjusted Net Loss | |
$ | (22.05 | ) | |
$ | (13.21 | ) | |
| (8.84 | ) | |
$ | (58.32 | ) | |
$ | (47.17 | ) | |
| (11.15 | ) |
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Advent Technologies (NASDAQ:ADN)
過去 株価チャート
から 7 2024 まで 8 2024
Advent Technologies (NASDAQ:ADN)
過去 株価チャート
から 8 2023 まで 8 2024