Advent Technologies Holdings Reports Significant Financial Decline, Pursues Additional Funding

Advent Technologies Holdings, Inc. reported significant financial changes in its latest 10-Q filing for the period ending June 30, 2024. The company experienced a decrease in total current assets, which fell to $6.9 million from $8.8 million at the end of 2023. Current liabilities increased to $15.8 million, up from $11.9 million, contributing to a working capital deficit of $8.9 million. Total assets also saw a substantial decline, dropping from $34.7 million to $14.4 million, while total liabilities decreased to $17.2 million from $21.3 million. Stockholders’ equity shifted from a positive $13.4 million to a deficit of $2.9 million.

In terms of revenue, Advent reported $805,000 for the three months ended June 30, 2024, a decrease of 27.6% from $1.1 million in the same period of 2023. However, revenue for the six months increased significantly to $4.3 million, compared to $2.1 million in the prior year, marking a 103.7% rise. Despite this revenue growth, the company reported a gross loss of $650,000 for the second quarter, an improvement from a loss of $793,000 in the same quarter of 2023. The operating loss for the three months was $8.6 million, down from $21.3 million year-over-year, while the net loss improved to $11.3 million from $21.8 million.

Advent's financial performance was impacted by strategic decisions, including the closure of its Boston facilities in June 2024 and the consolidation of operations in Germany and Greece. The company also ceased operations in Denmark and the Philippines following the bankruptcy of Advent Technologies A/S in July 2024. This bankruptcy has affected the company's access to accounting records, leading to estimates based on internal management reporting.

The company is actively pursuing additional fundraising to support operations, including a $1 million senior promissory note and a revolving line of credit of up to $2 million, both at an 18% interest rate. Management has expressed substantial doubt regarding the company's ability to continue as a going concern due to uncertainties in securing funding.

Advent's research and development expenses for the six months ended June 30, 2024, were approximately $5 million, down from $6 million in the same period of 2023. Administrative and selling expenses also decreased to $13.3 million from $16.8 million, attributed to staff reductions and cost-cutting measures. The company continues to focus on its core technology in fuel cell systems and is engaged in various joint development agreements to enhance its product offerings.