Investors, analysts and other interested parties may access Acadian Timber Corp.’s 2024 Second Quarter Results conference call and webcast on Thursday, August 1, 2024 at 1:00PM ET. Please register here or follow the link on our website at www.acadiantimber.com/presentations_and_webcasts, to receive your unique PIN. For those unable to participate, a recorded rebroadcast will be available until 4:00PM ET August 1, 2025.  EDMUNDSTON, New Brunswick, July 31, 2024 (GLOBE NEWSWIRE) -- Acadian Timber Corp. (“Acad ...

NEW YORK, July 25, 2024 (GLOBE NEWSWIRE) -- Apollo (NYSE: APO) today announced that Apollo-managed funds (the “Apollo Funds”) have entered into a definitive agreement with Advent International to acquire Evri, one of the UK’s largest parcel delivery companies. Since relaunching as Evri in 2022, the company has grown to become a key leader in parcel delivery, with a strong national network purpose-built for third-party e-commerce parcels and a differentiated last-mile delivery model. Today, Evri reaches near ...

WINDSOR, Conn., July 22, 2024 /PRNewswire/ -- SS&C Technologies Holdings, Inc. (Nasdaq: SSNC) today announced releases across its full line of SS&C Advent and Eze solutions, including Geneva®, Genesis, Eze OEMS, Eze Eclipse, and other related platforms."A major initiative this year is continuing to build on our successful collaborations between SS&C Advent, SS&C Eze, and other teams within SS&C Technologies, particularly SS&C GlobeOp. These projects are already delivering exciting new solutions and capabili ...

BOSTON--(BUSINESS WIRE)--Advent Technologies Holdings, Inc. (NASDAQ: ADN), an innovation-driven leader in the fuel cell and hydrogen technology space (the “Company” or “Advent”), is pleased to announce that its subsidiary, Advent Technologies A/S, has received approval for funding for its latest research and development project, RiverCell 3. This project aims to develop a maritime fuel cell system resulting in an auxiliary power unit with a total capacity exceeding 500kW. This will be accomplished by utiliz ...

BOSTON--(BUSINESS WIRE)--Advent Technologies, an innovation-driven leader in the fuel cell and hydrogen technology sectors, is pleased to announce that its wholly owned subsidiary, Advanced Energy Technologies S.A., has received the formal invitation from the Greek Ministry of Economy and Finance to immediately submit the requested documentation for its Green HiPo Important Project of Common European Interest (“IPCEI”) project. After Advent submits the requested documentation, the Greek Ministry of Economy ...

BOSTON--(BUSINESS WIRE)--Advent Technologies Holdings, Inc. (NASDAQ: ADN), an innovation-driven leader in the fuel cell and hydrogen technology space, announced today the appointment of Naiem Hussain as its new Chief Financial Officer pending the completion of the company’s hiring protocols. Formerly serving as Advent’s Chief Investment Officer, Mr. Hussain brings extensive expertise in corporate finance, with a focus on IPOs, fundraisings, and mergers and acquisitions within the energy technology and fuel ...

BOSTON--(BUSINESS WIRE)--Advent Technologies Holdings, Inc. (NASDAQ: ADN), an innovation-driven leader in the fuel cell and hydrogen technology space, is delighted to announce that its subsidiary, Advent Technologies, A/S, has secured funding approval for its latest research and development project from the Danish Energy Technology Development and Demonstration Program (“EUDP”). The project, titled 'Modular Efficient Power Generation with Advanced Fuel Cell Power Converters', has secured total funding of a ...

Advent Technologies Holdings, Inc. (NASDAQ:ADN) Q3 2023 Earnings Conference Call November 14, 2023 9:00 AM ET Company Participants Vasilis Gregoriou - Chairman and CEO Kevin Brackman - CFO Conference Call Participants Sean Urquhart - Hannam & Partners Roger Bell - Hannam & Partners Operator Good morning, everyone. I will be your conference operator today. At this time, I would like to welcome everyone to Advent Technologies Third Quarter Earnings Conference Call. [Operator Instructions] On the call today, w ...

PART I—FINANCIAL INFORMATION [Item 1. Unaudited Condensed Consolidated Financial Statements](index=6&type=section&id=Item%201.%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) The company reported significant asset and revenue declines, wider losses, and a going concern warning due to insufficient cash and funding uncertainty - Management concluded **substantial doubt exists** regarding the Company's ability to continue as a going concern for one year, citing **insufficient cash ($3.7 million)** and funding uncertainty[51](index=51&type=chunk)[52](index=52&type=chunk) [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets significantly decreased due to sharp reductions in cash and goodwill impairment, while total liabilities slightly decreased Condensed Consolidated Balance Sheet Highlights (in USD thousands) | Account | Sep 30, 2023 (Unaudited) | Dec 31, 2022 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $3,661 | $32,869 | | Total current assets | $23,518 | $49,500 | | Goodwill | $0 | $5,742 | | Intangibles, net | $1,789 | $6,062 | | Total assets | $55,397 | $89,588 | | **Liabilities & Equity** | | | | Total current liabilities | $12,815 | $13,666 | | Total liabilities | $22,815 | $25,440 | | Total stockholders' equity | $32,582 | $64,148 | [Condensed Consolidated Statements of Operations](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Revenue declined significantly, leading to a wider gross loss and a substantial increase in net loss, exacerbated by impairment charges Consolidated Statements of Operations Summary (in USD thousands) | Metric | Q3 2023 (Unaudited) | Q3 2022 (Unaudited) | 9 Months 2023 (Unaudited) | 9 Months 2022 (Unaudited) | | :--- | :--- | :--- | :--- | :--- | | Revenue | $1,264 | $2,399 | $3,353 | $5,880 | | Gross loss | $(1,192) | $60 | $(2,492) | $(246) | | Impairment losses | $0 | $0 | $(9,763) | $0 | | Operating loss | $(11,657) | $(11,092) | $(44,641) | $(35,343) | | Net loss | $(11,846) | $(11,468) | $(45,665) | $(26,712) | | Basic loss per share | $(0.20) | $(0.22) | $(0.83) | $(0.52) | [Condensed Consolidated Statements of Cash Flows](index=14&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow showed a significant burn, with increased cash used in investing activities, partially offset by financing activities Cash Flow Summary (Nine Months Ended Sep 30, in USD thousands) | Cash Flow Activity | 2023 (Unaudited) | 2022 (Unaudited) | | :--- | :--- | :--- | | Net Cash used in Operating Activities | $(26,338) | $(32,166) | | Net Cash used in Investing Activities | $(6,345) | $(3,985) | | Net Cash provided by (used in) Financing Activities | $5,488 | $(41) | | **Net decrease in cash** | **$(27,195)** | **$(36,192)** | [Notes to Unaudited Condensed Consolidated Financial Statements](index=15&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Notes detail significant accounting policies, including goodwill and intangible asset impairments, and capital-raising agreements - In Q2 2023, impairment testing resulted in a **full impairment of goodwill ($5.7 million)** and **additional impairment charges on intangible assets totaling $3.7 million**[97](index=97&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk) - The company established two financing facilities: a **$50 million equity purchase agreement** with Lincoln Park Capital and a **$50 million At The Market (ATM) offering agreement**; **$5.5 million** net proceeds raised from Lincoln Park as of September 30, 2023[129](index=129&type=chunk)[137](index=137&type=chunk)[138](index=138&type=chunk) - The company is involved in an arbitration proceeding with F.E.R. fischer Edelstahlrohre GmbH, asserting a claim of approximately **€4.5 million** related to the 2021 acquisition of Serenergy and FES[170](index=170&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=39&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses significant revenue decline, key business developments, and capital-raising efforts, reiterating going concern risk - The EU ratified the Green HiPo project, making up to **€782.1 million** in funding available over six years for HT-PEM fuel cells and electrolysers in Greece[189](index=189&type=chunk)[52](index=52&type=chunk) - Recent strategic collaborations include projects with **Airbus** for aviation fuel cells, **Hyundai** for Ion Pair™ MEA, and **Siemens** for maritime fuel cell solutions[190](index=190&type=chunk)[202](index=202&type=chunk)[208](index=208&type=chunk) - The company secured a new **$2.2 million contract** with the U.S. Department of Defense to optimize its Honey Badger 50™ portable fuel cell system[216](index=216&type=chunk) Reconciliation of Net Loss to Adjusted EBITDA (in USD millions) | Metric | Q3 2023 (Unaudited) | Q3 2022 (Unaudited) | 9 Months 2023 (Unaudited) | 9 Months 2022 (Unaudited) | | :--- | :--- | :--- | :--- | :--- | | Net loss | $(11.85) | $(11.47) | $(45.67) | $(26.71) | | EBITDA | $(10.79) | $(10.96) | $(41.67) | $(24.85) | | Net change in warrant liability | $0.13 | $0.91 | $(0.36) | $(7.25) | | Impairment losses | $0.00 | $0.00 | $9.76 | $0.00 | | **Adjusted EBITDA** | **$(10.66)** | **$(10.05)** | **$(32.27)** | **$(32.10)** | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=60&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces limited interest rate and inflation risk but is exposed to unhedged foreign exchange risk from international operations - The company's primary market risks are related to **foreign exchange fluctuations** (EUR, DKK, PHP), with no current hedging activities[308](index=308&type=chunk) [Item 4. Controls and Procedures](index=60&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective with no material changes to internal control over financial reporting - As of September 30, 2023, the company's management concluded that its **disclosure controls and procedures were effective**[309](index=309&type=chunk) PART II—OTHER INFORMATION [Item 1. Legal Proceedings](index=61&type=section&id=Item%201.%20Legal%20Proceedings) The company reports one material legal proceeding: an arbitration claim of approximately €4.5 million related to a 2021 acquisition - The company is facing an arbitration claim for approximately **€4.5 million** from F.E.R. fischer Edelstahlrohre GmbH concerning the 2021 acquisition of Serenergy and FES[312](index=312&type=chunk) [Item 1A. Risk Factors](index=61&type=section&id=Item%201A.%20Risk%20Factors) The company highlights significant risk regarding non-compliance with Nasdaq's minimum bid price requirement, potentially leading to delisting - The company received a Nasdaq notice on May 24, 2023, for failing to meet the **$1.00 minimum bid price**, with a compliance deadline of November 20, 2023[314](index=314&type=chunk) - Failure to regain compliance and delisting from Nasdaq would adversely affect stock liquidity, capital raising, and investor confidence[317](index=317&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=62&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales of equity securities were reported for the period [Item 5. Other Information](index=62&type=section&id=Item%205.%20Other%20Information) No other information was reported under this item [Item 6. Exhibits](index=63&type=section&id=Item%206.%20Exhibits) The report lists several exhibits filed, including financing agreements and officer certifications

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 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 June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 001-38742 Advent Technologies Holdings, Inc. (Exact name of registrant as specified in its charter) Delaware 83- ...