Advent Q1 revenue $1.5M total, net loss $12M; Hyundai JDA and Hood Park facility opened

ADVENT TECHNOLOGIES HOLDINGS, INC.

2023-Q1 EPS reported -$0.23 revenue$977,000

Revenue $1.0M plus grants $0.5M for $1.5M total; net loss $(12.0)M or $(0.23)/share.
Unrestricted cash $19.5M at March 31, 2023, down $13.4M from Dec 31, 2022, due to R&D and capex.
Entered Joint Development Agreement with Hyundai after successful HT-PEM MEA technology assessment.
Collaboration with Siemens Energy for maritime fuel cell; initial order for 20 Serene systems.
Opened Hood Park R&D/manufacturing facility in Boston; agreement with BASF for closed-loop supply chain.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

ADVENT TECHNOLOGIES HOLDINGS, INC. reported the three months ended March 31, 2023 results: revenue $1.0 million, net income $(12.0) million, EPS $(0.23) per share.

Period: the three months ended March 31, 2023
Revenue: $1.0 million
Net income: $(12.0) million
EPS: $(0.23) per share
Result: reported results

Exact text from the filing

Q1 2023 Financial Highlights (All comparisons are to Q1 2022, unless otherwise stated) ● Revenue of $1.0 million and income from grants of $0.5 million, for a total of $1.5 million. ● Operating expenses of $11.6 million, a year-over-year decrease of $1.0 million, as administrative cost reductions implemented throughout 2022 were partially offset by an increase in research and development expenses. ● Net loss in Q1 of $(12.0) million or $(0.23) per share.

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Source: SEC EDGAR

accession 0001829126-23-003359

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