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- ...

Financial Data and Key Metrics Changes - The company reported revenue of $1.1 million in Q2 2023, with total income from grants amounting to $0.7 million, leading to a total of $1.8 million [21] - R&D expenses were $2.9 million, while administrative and selling expenses reached $8.3 million, resulting in total operating expenses of $11.2 million, a year-over-year increase of $0.6 million [21] - The net loss for Q2 was $21.8 million, equating to $0.41 per share [21] - Unrestricted cash reserves decreased to $10.1 million as of June 30, 2023, down by $9.5 million from March 31, 2023 [22] Business Line Data and Key Metrics Changes - The company is focusing on the production of advanced fuel cell materials and systems, with a significant emphasis on high-temperature PEM technology for mobility and stationary power sectors [6][7] - A joint development agreement with BASF aims to build a full component supply chain for fuel cells, enhancing Advent's capabilities in high-temperature PEM fuel cell systems [8][9] Market Data and Key Metrics Changes - The company is targeting emerging markets in sustainable and decentralized energy, including stationary power and heavy-duty mobility [8][9] - The collaboration with Safran Power Systems aims to advance high-temperature PEM fuel cell technology for the aerospace sector, indicating a strategic move into high-demand markets [10][11] Company Strategy and Development Direction - Advent is consolidating its operations and focusing on core sectors, with plans to scale production capacity through the Green HiPo project [6][7] - The company aims to establish long-term licensing and supply agreements through joint development with OEMs, enhancing its market position [7][8] - The Green HiPo project is positioned to support the transition to a green economy, with significant investments in infrastructure and talent acquisition [16][17][18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future demand for high-temperature PEM technology and the company's ability to capitalize on partnerships [7] - The company is currently facing delays in funding for the Green HiPo project, which management is actively addressing with the Greek state and European authorities [27][28][30] - Due to uncertainties in the pipeline and the ongoing review of the Green HiPo project, the company is not providing revenue and income guidance for 2023 [24] Other Important Information - The company has established an equity line of credit with Lincoln Park Capital, allowing access to up to $50 million over three years, which provides a financial buffer [23] - Advent's participation in the European Electrolyser Summit highlights its commitment to the hydrogen production goals set by the EU [14][15] Q&A Session Summary Question: Update on the Green HiPo project and expected timing for funding - Management indicated that they are keen to launch the Green HiPo project and have made significant progress, including land acquisition and strategic agreements [27][28] Question: Update on the Hyundai joint development agreement - The collaboration with Hyundai is focused on developing fuel cell systems, with both companies integrating their technologies to meet automotive power targets [31] Question: Progress on collaboration with Siemens Energy for maritime fuel cell solutions - The partnership with Siemens is advancing, with a focus on methanol as a key fuel for maritime applications, leveraging high-temperature PEM technology [32] Question: Establishing the end-to-end supply chain in Europe with BASF - The BASF agreement is crucial for fortifying the supply chain and endorsing Advent's technology, which is expected to accelerate the Green HiPo project [34] Question: Current cash position and burn rate for funding the Green HiPo project - The CFO provided insights on liquidity, indicating that the current cash reserves and recent fundraising efforts are sufficient to cover operational expenses in the near term [36]

Advent Technologies Holdings, Inc. (NASDAQ:ADN) Q1 2023 Earnings Conference Call May 15, 2023 9:00 AM ET Company Participants Vasilis Gregoriou - Chairman, CEO Kevin Brackman - CFO Conference Call Participants Sanjay Jha - Panmure Gordon Jeff Grampp - Alliance Global Partners Operator Good morning, everyone. I will be your conference operator today. At this time, I would like to welcome everyone to Advent Technologies First Quarter Earnings Conference Call. All lines have been placed on mute to prevent any ...