BOSTON–Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent”), an innovation-driven company in the fuel cell and hydrogen technology space, today announced financial results for the full year ended December 31, 2020.
Advent has issued a letter to shareholders discussing its financial results and providing an overview of recent developments. The letter is available in the Investor Relations section of Advent’s website: https://ir.advent.energy/.
Dr. Vasilis Gregoriou, Advent’s Chief Executive Officer and Founder, said:
“Since our public listing, we have hit the ground running in our efforts to grow Advent’s business and expand our revenue streams. The transformation of energy production from one based on existing fossil fuel technology to a cleaner, renewable future is critical to not only the future of Advent but the future of our planet. This is the central mission that motivates the entire Advent team to operate responsibly in everything we do. Advent is at the cutting edge of the new energy economy and we believe this will benefit all of our stakeholders and allow us to create lasting value for our investors.”
Full Year 2020 financial highlights include:
- Revenue of $882,652 in 2020, an increase of 42.3% compared to revenue of $620,168 in 2019, primarily driven by increased demand from customers for Advent Technologies’ Membrane Electrode Assemblies (MEAs) and other products, as a result of Advent’s customers increasing their own testing and usage of Advent’s products.
- Total revenues including income from grants of $1,089,480 in 2020, a decrease of 10.8% compared to total revenue including income from grants of $1,222,113 in 2019, primarily driven to timing on the recognition of revenue from various grants and slower response times from various partners due to the COVID-19 pandemic.
- Gross Profit of $368,834 in 2020, an increase of 65.6% compared to gross profit of $222,775 in 2019, primarily driven by an increase in revenue and gross margins. Gross margins were higher for the year ended December 31, 2020, reflecting a more mature mix of revenues leading to more normalized pricing arrangements.
- Net loss of $4,184,840 in 2020 and Diluted EPS of ($0.09) in 2020.
Advent announced the following total company outlook for full year 2021:
- Net Cash Use
$15 million – $30 million
- Expenses and Capital Expenditures
$25 million – $40 million
About Advent Technologies Holdings, Inc.
Advent Technologies Holdings, Inc. is an innovation-driven company in the fuel cell and hydrogen technology space. Our vision is to accelerate electrification through advanced materials, components, and next-generation fuel cell technology. Our technology applies to electrification (fuel cells) and energy storage (flow batteries, hydrogen production) markets, which we commercialize through partnerships with Tier1s, OEMs, and System Integrators. For more information on Advent Technologies Holdings, Inc., please visit the company’s website at https://www.advent.energy/.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking statements”. Our forward-looking statements include, but are not limited to, statements regarding our or our management team’s expectations, hopes, beliefs, intentions or strategies regarding the future, including the Company’s ability to realize the benefits from the business combination; the Company’s ability to maintain the listing of the Company’s common stock on Nasdaq; future financial performance; public securities’ potential liquidity and trading; impact from the outcome of any known and unknown litigation; ability to forecast and maintain an adequate rate of revenue growth and appropriately plan its expenses; expectations regarding future expenditures; future mix of revenue and effect on gross margins; attraction and retention of qualified directors, officers, employees and key personnel; ability to compete effectively in a competitive industry; ability to protect and enhance our corporate reputation and brand; expectations concerning our relationships and actions with our technology partners and other third parties; impact from future regulatory, judicial and legislative changes to the industry; ability to locate and acquire complementary technologies or services and integrate those into the Company’s business; future arrangements with, or investments in, other entities or associations; and intense competition and competitive pressure from other companies worldwide in the industries in which the Company will operate.
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These forward-looking statements are based on current expectations and beliefs concerning future developments and their potential effects. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described under the heading “Risk Factors” in the definitive Proxy Statement/Prospectus included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 26, 2021. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Some of these risks and uncertainties may in the future be amplified by the COVID-19 outbreak and there may be additional risks that we consider immaterial or which are unknown. It is not possible to predict or identify all such risks. We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.