Core Insights - Advent Technologies Holdings, Inc. has been awarded a grant from the EU Innovation Fund for its Greek subsidiary, Advanced Energy Technologies SA, with grant agreements expected to be signed in Q1 2025 [1][5]. Group 1: Project Overview - The Advent Renewable Hydrogen Innovative Technologies (RHyno) project aims to establish infrastructure for developing and manufacturing innovative fuel cells and electrolysers at a megawatt scale, focusing on enhancing power density and lifespan while reducing weight and volume [2]. - The state-of-the-art manufacturing facility is designed to optimize production processes and industrialize fuel cell and electrolyser technologies, which are crucial for decarbonizing carbon-intensive industries such as aviation, maritime, and heavy-duty automotive sectors [3]. Group 2: Innovation Fund Details - The Innovation Fund is one of the largest funding programs globally for the commercial demonstration of innovative low-carbon technologies, aiming to support Europe's transition to climate neutrality [4]. - In the 2023 Call, the EU Commission selected 85 innovative net-zero projects to receive €4.8 billion in grants, marking the largest funding round since the fund's inception in 2020, increasing total support to €12 billion and the number of projects by 70% [5]. Group 3: Company Background - Advent Technologies Holdings, Inc. specializes in fuel cell, methanol, and hydrogen technology, focusing on developing and manufacturing Membrane Electrode Assembly (MEA) and fuel cell stacks, which are critical components of fuel cells [6]. - The company holds over 100 patents related to its HT-PEM fuel cell technology, which enables the use of green eFuels, renewable natural gas, or hydrogen, and is applicable in various markets including stationary, portable, and heavy-duty mobility [6].

Core Viewpoint - Advent Technologies Holdings, Inc. has undergone significant leadership changes, appointing Gary Herman as Interim CEO and introducing new executives to enhance its strategic direction and operational capabilities [1][2][3][4]. Leadership Changes - Vasilis Gregoriou and Chris Kaskavelis have been removed from their positions as Chairman/CEO and Chief Strategy Officer, respectively [1]. - Gary Herman, an experienced turnaround executive, has been appointed as Interim CEO, emphasizing the need for change and the untapped potential of the company [2]. - Dr. Steven Rock has been appointed as the new Chief Strategy Officer, bringing expertise in automation and a focus on improving High Temperature PEM Fuel Cells [3]. New Appointments - Konstantinos Ferderigos has been appointed as General Manager for Greek Operations, leveraging his extensive experience in IT and management to drive technology strategy [2]. - The leadership team is expected to enhance operational excellence and unlock business value through their combined expertise [2][4]. Company Vision and Goals - The company aims to position its HT-PEM fuel cell technology as a key player in global decarbonization efforts, targeting net-zero emissions across various sectors [4]. - The leadership changes are seen as a pivotal step towards achieving Advent 2.0, focusing on growth and innovative solutions in the clean energy sector [4]. Company Overview - Advent Technologies is a U.S. corporation specializing in the development and manufacturing of fuel cell systems and components for the renewable energy sector [5]. - The company holds over 150 patents related to fuel cell technology, particularly in high-temperature applications suitable for multiple industries [5].

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Revenue and Contracts - Advent's revenue primarily comes from Joint Development Agreements (JDAs) and Technology Assessment Agreements (TAAs) with leading OEMs, focusing on the development of joint products [191]. - A new $2.2 million contract with the U.S. DOD aims to optimize the Honey Badger 50™ portable fuel cell system, integrating advanced Ion Pair MEA technology [210]. - In December 2023, Advent secured a $2.8 million contract with the U.S. DOD to develop advanced manufacturing processes for the HB50 system, increasing production capacity [211]. - The company entered a term sheet with Airbus for a joint benchmarking project on an optimized Ion Pair™ MEA for hydrogen fuel cells, with financial support from Airbus [195]. - Total revenue increased by approximately $2.2 million from $2.1 million in the six months ended June 30, 2023, to $4.3 million in the six months ended June 30, 2024, driven by services under Joint Development Agreements (JDAs) and Technology Assessment Agreements (TAAs) [249]. Financial Performance - Revenue decreased by approximately $0.3 million from $1.1 million in Q2 2023 to $0.8 million in Q2 2024, driven by a reduction in product sales [236]. - Cost of revenues decreased by approximately $1.8 million from $1.9 million in Q2 2023 to $0.2 million in Q2 2024, related to the shift towards services under JDAs and TAAs [237]. - Research and development expenses increased to approximately $3.6 million in Q2 2024 from $2.9 million in Q2 2023, primarily due to internal R&D costs [239]. - Administrative and selling expenses decreased to approximately $6.4 million in Q2 2024 from $8.3 million in Q2 2023, due to staff departures and cost reductions [240]. - Advent expects revenues to increase materially over time, with a focus on JDAs and TAAs [218]. - The Adjusted Net Loss for the six months ended June 30, 2024, was $(20.69) million, an improvement of $3.86 million from $(24.55) million in the same period of 2023 [298]. - The company’s Adjusted EBITDA for the six months ended June 30, 2024, was $(11.82) million, compared to $(21.61) million for the same period in 2023, reflecting a positive change of $9.79 million [298]. Grants and Funding - Advent received a €24 million grant for the Green HiPo project, but due to delays and funding uncertainties, no disbursement is expected soon [194]. - Income from grants remained consistent at $0.7 million in both Q2 2024 and Q2 2023 [238]. - Income from grants increased by approximately $0.9 million from $1.2 million in the six months ended June 30, 2023, to $2.1 million in the six months ended June 30, 2024, attributed to services in Denmark and Greece [251]. Impairment and Liabilities - Advent recognized impairment losses of $9.8 million in Q2 2023, primarily related to goodwill and intangible assets from acquisitions [242]. - The net change in warrant liability for the three months ended June 30, 2024, was $(0.10) million, while for the six months it was $(0.49) million, indicating a decrease in liability [298]. - As of June 30, 2024, Advent recognized contract liabilities of $2.2 million, an increase from $2.0 million as of December 31, 2023 [271]. Operational Changes and Cost Management - The company abandoned its Hood Park facility to reduce costs, releasing a $750,000 letter of credit to the landlord [200]. - The company is actively seeking alternative supplies to mitigate inflation-related cost increases, demonstrating proactive cost management strategies [302]. - Cash flows from financing activities were approximately $0.8 million for the six months ended June 30, 2024, down from $3.4 million in the same period of 2023, a decrease of 75.9% [267]. Bankruptcy and Future Outlook - Advent Technologies A/S was declared bankrupt in July 2024, with no residual assets expected for the parent company [213]. - Advent anticipates substantial increased demand for its fuel cell systems and MEAs as it scales up production facilities and testing capabilities [215]. Technology and Innovation - The company has over 150 patents related to HT-PEM technology, which enhances fuel cell efficiency and performance in extreme conditions [189]. - The successful development of the next generation MEA technology is anticipated to deliver up to three times the power output of the current MEA product [216]. - The collaboration with the Department of Energy National Laboratories is focused on advancing HT-PEM fuel cell technology for various applications [201]. Cash Flow and Working Capital - Net cash used in operating activities was approximately $(4.8) million for the six months ended June 30, 2024, compared to $(18.9) million for the same period in 2023, reflecting a change of 74.5% [264]. - The company had a working capital deficit of $(8.9) million as of June 30, 2024, with $0.7 million in cash and cash equivalents [259]. - As of June 30, 2024, the company held an unrestricted cash balance of approximately $0.7 million, indicating limited exposure to interest rate risk due to minimal debt financing [301]. Accounting and Taxation - The company accounts for 878,985 warrants as liabilities, with fair value adjustments made at each reporting period [291]. - Advent follows the asset and liability method for income taxes, recognizing deferred tax assets and liabilities based on temporary differences [284]. - The company adopted ASU No. 2014-09 for revenue recognition on January 1, 2019, using a modified retrospective approach [275]. - Revenue is recognized when control of goods is transferred to customers, typically at the point of shipment [281]. - Grants received are recognized as other income when all conditions are fulfilled, with related costs incurred being eligible [282].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.0001 per share ADN The Nasdaq Capital Market Warrants ADNWW The Nasdaq Capital Market FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 193 ...

Operational Highlights Started work on the Joint Project with Airbus to benchmark HT-PEM fuel cell MEAs in aviation.Continued work with the U.S. Department of Defense on two previously awarded contracts for portable power systems.Continued Technology Assessment Work for four of the largest 15 automotive manufacturers in the world.Continued streamlining of operations process to significantly reduce OPEX and non-R&D development costs, primarily associated with overhead, facilities, and administrative personne ...

Financial Data and Key Metrics - Q4 2023 revenue was $1.5 million, down from $2 million in the prior year quarter, primarily due to a decline in orders for stationary fuel cell systems [23] - Net loss in Q4 2023 was $25.7 million or $12.04 per share, with an adjusted net loss of $22.1 million or $10.32 per share, excluding a $0.03 million gain from warrant valuation changes and a $3.71 million goodwill impairment charge [24] - R&D expenses were $4 million in Q4 2023, while administrative and selling expenses totaled $6.7 million, resulting in total operating expenses of $10.7 million, a year-over-year decrease of $1 million [23] - Restricted cash reserves were $3.6 million as of December 31, 2023, a decrease of $0.1 million from September 30, 2023 [24] Business Line Performance - The company has shifted its business model to focus exclusively on MEA (Membrane Electrode Assembly) innovation, IP, and manufacturing scale, reducing operational expenses and future CapEx needs [11][13] - The Danish subsidiary, which was developing High-Temperature PEM systems, was closed due to high production costs exceeding $2,000 per kilowatt, compared to the expected $500 per kilowatt at scale with Ion Pair MEA technology [13] - The company has successfully sold 1,200 hardware systems, primarily to the telecom industry, leveraging post-acquisition know-how from Serenergy [12] Market Performance - In the maritime market, the company's technology is installed in San Lorenzo's 50Steel methanol fuel cell superyacht, with expectations of significant adoption in both retrofitted and newly built yachts [20] - The defense market has seen progress with the Honey Badger 50 project, which aims for high-volume production by 2026, following $5 million contracts with the US Department of Defense [19] - The aerospace market is supported by a $13 million strategic partnership with Airbus to develop Ion Pair MEA for aviation applications, with milestones achieved and test flights anticipated in the coming years [17] Strategic Direction and Industry Competition - The company is focusing on strategic partnerships with OEMs and Tier 1 manufacturers, leveraging its Ion Pair MEA technology for applications in heavy-duty mobility, off-grid power, and data centers [11][15] - Advent's High-Temperature PEM fuel cells are positioned as a low-cost solution for off-grid and backup markets, with a levelized cost of electricity projected at $0.20 to $0.30 per kilowatt hour [8] - The company is targeting collaborations in the data center market, where its fuel cells can reduce infrastructure investments and optimize energy use, particularly during peak demand periods [21] Management Commentary on Operating Environment and Future Outlook - Management highlighted the challenges in the financial markets for clean energy investments, leading to reliance on infrastructure loans and grants from the UN and US [12] - The company has streamlined operations by closing unprofitable subsidiaries and reducing operational expenses, targeting total costs below $20 million in 2024, a 70% reduction from 2023 [22] - Advent is not providing revenue guidance for 2024 due to the long-term contract nature of its business model and market uncertainties [25] - The company anticipates significant market adoption of its High-Temperature PEM and MEA technology by 2026, driven by partnerships with global OEMs and the demand for methanol-based fuel cells [27] Other Key Information - The company is exploring opportunities to raise additional capital as existing cash reserves are insufficient to support operations for the next 12 months [24] - Management has restructured compensation to lower levels and remains committed to achieving EBITDA-positive operations by 2025 [26][28] - Advent is in discussions with multiple companies for technology transfer and licensing agreements, particularly in the automotive and data center markets [15][21] Q&A Session Summary - No questions were asked during the Q&A session [29]

Exhibit 99.1 Advent Technologies Reports Q4 2023 Results Livermore, CA – Advent Technologies Holdings, Inc. (NASDAQ: ADN) ("Advent" or the "Company"), an innovation-driven leader in the fuel cell and hydrogen technology space, announced on Tuesday, August 13, 2024 its consolidated financial results for the three months and year ended December 31, 2023. All amounts are in U.S. dollars unless otherwise noted and have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). Q4 2 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Advent Technologies Holdings, Inc. (Exact name of Registrant as specified in its Charter) | --- | --- | --- | |------------------------------|--------------|--- ...