Tue, Oct 15, 12:03 PM (79 days ago)
Advent Technologies Holdings, Inc. (ADN) reported significant financial challenges for Q2 2024, ending June 30, with a net loss of $11.3 million, a 48.4% improvement from the prior year's loss of $21.8 million. Revenue decreased by 27.6% to $805,000, primarily due to a shift from product sales to service contracts under Joint Development Agreements (JDAs). Cost of revenues plummeted by 91.9% to $155,000, reflecting reduced sales volume. The company also recorded $677,000 in grant income, slightly up from $660,000. Research and development expenses rose 24.4% to $3.6 million, while administrative costs decreased by 23.5% to $6.4 million due to staff reductions. Cash and cash equivalents were critically low at $682,000, leading to a working capital deficit of $8.9 million. The company faces uncertainties, including the bankruptcy of its subsidiary, Advent Technologies A/S, which could impact liquidity and operations. Future financing is essential, with a planned $1 million senior note issuance contingent on a successful public offering. The company’s ability to continue operations is in substantial doubt without immediate capital influx.