Q3 Revenue up 643% versus prior year to $1.7 million on increased customer demand for Advent product offerings and acquisitions of SerEnergy/fischer eco solutions and UltraCell
Income from grants of $0.5 million, on robust activity with research agencies
Net loss of $(11.3) million or $(0.23) per share
Company holds cash reserves of $92.5 million

BOSTON --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 September 30, 2021. All amounts are in U.S. dollars unless otherwise noted and have been prepared in accordance with U.S. generally accepted accounting principles (GAAP). Q3 2021 Financial Highlights (all comparisons are to Q3 2020 unless otherwise noted)

Revenue of $1.7 million, a 643% year-over-year increase, the result of increased customer demand for Advent’s products across the board and the acquisitions of SerEnergy/fischer eco solutions and UltraCell.
Income from grants of $0.5 million, on robust activity with research agencies.
Operating expenses of $13.9 million, a year-over-year increase of $13.0 million, primarily due to costs related to the August 31 acquisition of SerEnergy/fischer eco solutions, increased staffing and costs to operate as a public company, stock-based compensation expenses, and a non-recurring $2.4 million charge for executive severance.
Net loss was $(11.3) million, and adjusted net loss was $(10.4) million. Adjusted net loss excludes the offsetting impacts from the change in the fair value of outstanding warrants and the charge for executive severance, as well as acquisition-related costs.
Net loss per share was $(0.23).
Cash reserves were $92.5 million on September 30, 2021, a decrease of $23.6 million from June 30, 2021, driven by approximately $13.5 million (net of cash acquired) for the August 31 acquisition of SerEnergy and fischer eco solutions and the increased level of administrative and selling expenses.

“The solid revenue growth in the quarter demonstrates the growing interest in hydrogen fuel cell systems, as well as the immediate benefits from our acquisition of SerEnergy and fischer eco solutions,” said Dr. Vasilis Gregoriou, Chairman and CEO of Advent Technologies. “With the acquisitions now complete, we expect to see strong demand for our products across the portable and stationary off-grid power markets and remain confident that we are on a firm path for growth as we deliver efficient solutions for clean energy and decarbonization to a variety of end markets.” Q3 2021 Financial Summary

(in Millions of US dollars, except per share data)	Three Months Ended September 30,

	2021			2020			$ Change

Revenue, net	$	1.67		$	0.23		$	1.45
Gross Profit	$	0.03		$	0.13		$	(0.11	)
Gross Margin (%)		2	%		60	%

Operating Income/(Loss)	$	(13.71	)	$	(0.77	)	$	(12.93	)
Net Income/(Loss)	$	(11.28	)	$	(0.75	)	$	(10.53	)
Net Income/(Loss) Per Share	$	(0.23	)	$	(0.03	)	$	(0.20	)

Non-GAAP Financial Measures
Adjusted EBITDA – Excl Warrant Adjustment and Executive Severance	$	(9.86	)	$	(0.76	)	$	(9.10	)
Adjusted Net Income/(Loss) - Excl Warrant Adjustment and Executive Severance	$	(10.37	)	$	(0.75	)	$	(9.62	)

Cash and Cash Equivalents	$	92.5

The financial results include non-GAAP financial measures. These non-GAAP measures are more fully described and are reconciled from the respective measures determined under GAAP in “Presentation of Non-GAAP Financial Measures” and the attached appendix tables. Q3 2021 Business Updates:

Announced Projects White Dragon & Green HiPo (4.65GW Green Hydrogen & 400MW Fuel Cells), approved by Greek Government and submitted to EU: On September 7, 2021, Advent announced that two Greek Important Projects of Common European Interest (“IPCEI”) had been approved by the Greek Minister of Development and Investments and the Greek Minister of Environment, Energy, and Climate Change. The programs submitted by Advent and the White Dragon consortium of companies aspire to replace Greece’s largest coal-fired plants with renewable solar energy parks, which will be supported by green hydrogen production (4.65GW), and fuel cell heat and power production (400MW). The projects are part of the "Hydrogen Technologies" IPCEI and will now move towards approval at the European Union ("EU") level. As a next step, Advent will demonstrate before the European Commission the economic, environmental, financial, social, and technical feasibility of the projects and the positive spillover effects to the European economy and society. Advent hopes to receive final notification from the European Commission by mid-2022. The company is pleased to be the technology partner for an €8 billion project and to have received approval from the Greek government. Advent is committed to be part of the decarbonization efforts in Greece and throughout Europe.
Collaboration with the DOE: The efforts with the constellation of Department of Energy National Laboratories (Los Alamos National Laboratory, LANL; Brookhaven National Laboratory, BNL; National Renewable Energy Laboratory, NREL) continues to gain momentum. This group of leading scientists and engineers is working closely with Advent’s development and manufacturing teams and are furthering the understanding of breakthrough materials that will advance high-temperature proton exchange membrane (HT-PEM) fuel cells. This next generation HT-PEM is well suited for heavy duty transportation, marine, and aeronautical applications, as well as delivering benefits in cost and lifetime for stationary power systems used in telecom and other remote power markets. The next generation MEA, which will be scaled to manufactured form in 2022, is expected to be in products in 2023 and has drawn interest from several multi-national businesses.
Acquisition of the Fuel Cell Systems Businesses, SerEnergy A/S and fischer eco solutions GmbH, from fischer Group: On August 31, 2021, Advent successfully closed its acquisition of SerEnergy A/S (“SerEnergy”) and fischer eco solutions GmbH (“FES”), the fuel cell business of the fischer Group. SerEnergy, operating in Denmark and the Philippines, is a leading manufacturer of high-temperature fuel cell systems globally, with thousands shipped around the globe during its 15-year operation. FES, based in Germany, provides automated fuel cell stack assembly and testing, as well as the production of critical fuel cell components, including membrane electrode assemblies (“MEAs”), bipolar plates, and reformers. With the acquisition, Advent expanded its geographic footprint by three countries in Europe and Asia and grew its team by 92 employees, now employing over 170 people worldwide. The acquisition brings together some of the leading minds in the high-temperature fuel cell space, further builds Advent’s platform to meet the increasing demand for clean energy worldwide and significantly decreases the time to execution of our plan for stationary fuel cell systems. This transaction fully aligns with Advent’s “Any Fuel. Anywhere.” value proposition and this, together with the previously completed UltraCell acquisition, makes Advent a true global leader in the remote and off-grid power market for fuel cell production, with mobility, aviation, and maritime products on the horizon as well.

The Company is already realizing benefits from the acquisition. The SereneU system developed by the acquired businesses for the telecom sector has successfully started rollout in the Philippines and Thailand. In particular, Advent announced that with its partner, Smart Communications Inc. (”Smart”), it has successfully completed the first installation of its HG 5000 fuel cell systems in the Philippines. The delivery Agreement was made earlier this year between Smart in the Philippines and Advent Technologies A/S in Denmark (formerly SerEnergy A/S). In addition, Advent has received an initial order from Thailand-based partner Alright Combination Centric Co., Ltd. (ALCC). ALCC is a product distributor and service provider to Thailand’s Information and Communications Technology (“ICT”) industry. The 5kW fuel cell product will be used in the telecom sector in Thailand, as well as supporting ALCC’s government projects for microgrids on remote islands and for backup at the Marine Security Center of the Royal Thai Navy.

Advent Launches New Product Line, M-ZERØ™ Fuel Cells, to Significantly cut Methane Emissions in North America: The Advent M-ZERØ™ products, designed specifically to generate power in remote environments, will offer the ability to drop methane emissions to effectively zero where they replace methane polluting pneumatic injection technology. M-ZERØ™ will initially be deployed mainly in Canada and the United States with the ultimate goal of providing remote power to up to 185,000 oil and gas wellheads.

Dr. Gregoriou concluded, “We continue to build on the strength of our business with a focus on expanding and growing strategic initiatives. We have seen progress with the White Dragon and Green HiPo projects and believe they will have a significant impact on the implementation of green energy in southeastern Europe. The acquisitions of SerEnergy and fischer eco solutions expand our growing revenue base in full fuel cell stacks and systems and position Advent with the expertise to be a leader in the future of clean energy. I am confident in the potential for Advent and our technologies, and very optimistic that we will continue to increase market share as the world moves towards clean energy and decarbonization.” 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 100 patents issued for its fuel cell technology, Advent holds the IP for next-generation HT-PEM that enable various fuels to function at high temperatures under extreme conditions – offering a flexible “Any Fuel. Anywhere.” option for the automotive, aviation, defense, oil and gas, marine, and power generation sectors. For more information, visit www.advent.energy.

Advent Technologies Reports Q3 2021 Results