Advent Technologies Q4 2023 net loss $25.7M; revenue down 3.6% YoY; strategic pivot to MEA licensing

ADVENT TECHNOLOGIES HOLDINGS, INC.

2024-Q2 EPS reported -$7.91 revenue$4,256,000

Q4 2023 revenue + grants of $2.3M, down 3.6% YoY; full year revenue + grants $7.4M, down 20.9% YoY.
Net loss of $25.7M ($12.04/share); adjusted net loss $22.1M ($10.32/share); operating expenses $44.6M.
Unrestricted cash $3.6M at Dec 31, 2023; CEO reports 70% cost reduction from restructuring.
Closed non-profitable subsidiaries in Boston, Denmark, Philippines; pivoting to MEA manufacturing and licensing.
Partnerships include Airbus $13M JDA, US DoD $5M contracts, and Hyundai JDA for fuel cell tech.

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