Advent Technologies terminates Boston HQ lease, targets $24M cost reduction and break-even by 2025

ADVENT TECHNOLOGIES HOLDINGS, INC.

Terminated Boston HQ lease effective June 30, 2024; pays landlord $737,921.99; HQ moves to Livermore, CA.
Targets 2024 total costs below $24M (~50% reduction YoY); combined income of $13M ($11M revenue + $2M grants).
Expects $42M in government funding ($16M contracted, $26M under evaluation) for R&D and manufacturing programs.
Delivered on contracts with Airbus, Hyundai, US Army, Siemens Energy; new purchase orders for Serene systems.
Anticipates publishing 2023 financial results within July 2024.

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