Advent Technologies Holdings Inc (ADN)

[WeTheMarket]

Advent Technologies Reports Q1 2021 Results https://seekingalpha.com/pr/18326460-advent-technologies-reports-q1-2021-results
May 20, 2021 7:45 AM ETBusiness WireAdvent Technologies Holdings, Inc. (ADN)

Q1 Revenue of $1.49 million exceeds total fiscal year 2020 revenue
Net income of $2.91 million and Adjusted Net Loss of $0.99 million excluding one-time acquisition-related charges and net warrant valuation adjustment
Company holds cash reserves of $124.97 million
Strong market interest reflected in high level of commercial activity
BOSTON--(BUSINESS WIRE)-- Advent Technologies Holdings, Inc. (ADN) (“Advent”) today announced consolidated financial results for the three months ended March 31, 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).

Q1 2021 Financial Highlights

(all comparisons are to Q1 2020 unless otherwise noted)

Total revenue was $1.49 million, a year-over-year increase of $1.39 million, the result of increased demand for our products across the board. Total Revenue for Q1 2021 exceeded the Total Revenue for all of Fiscal Year 2020, due to:
Increased demand for HT-PEM based fuel cell materials;
Increased demand for redox flow battery components;
Increased shipments of our IoT sensors; and
Addition of Advent’s UltraCell business solid revenue contribution.
Gross Profit of $1.14 million, a year-over-year increase of $1.11 million primarily due to higher revenues and a favorable business mix.
Operating costs of $8.14 million, a year-over-year increase of $7.79 million, due to One-Time Transaction Related Expenses as well as increased staffing, and public company costs.
Net income and adjusted net loss were $2.91 million and ($0.99) million. Adjusted net loss excludes the impact from the change in the fair value of outstanding warrants as well as the one-time transaction-related expenses.
Net income per share was $0.08.
Cash reserves were $124.97 million on March 31, 2021, an increase of $124.45 million from December 31, 2020 driven by net $140.17 million of cash raised in the quarter from our business combination, including the $65.0 million PIPE, with AMCI that was consummated on February 4, 2021.
“Following our successful business combination with AMCI Acquisition Corp. and the subsequent acquisition of UltraCell LLC, we saw strong demand for our products from existing and new customers,” said Dr. Vasilis Gregoriou, Chairman and CEO of Advent Technologies. “The substantial increase in revenue in the quarter demonstrates a surge of market interest in high-temperature proton exchange membrane (HT-PEM) based products. We are confident that many of our customers are on a fast growth trajectory, and we are working closely with them to provide MEAs and fuel cell technology systems to serve their needs.”