• |
Q3 Revenue up 643% versus prior year to $1.7 million on increased customer demand for Advent product offerings and acquisitions of SerEnergy/fischer eco solutions and UltraCell
|
• |
Income from grants of $0.5 million, on robust activity with research agencies
|
• |
Net loss of $(11.3) million or $(0.23) per share
|
• |
Company holds cash reserves of $92.5 million
|
• |
Revenue of $1.7 million, a 643% year-over-year increase, the result of increased customer demand for Advent's products across the board and the acquisitions of SerEnergy/fischer eco solutions and UltraCell.
|
• |
Income from grants of $0.5 million, on robust activity with research agencies.
|
• |
Operating expenses of $13.9 million, a year-over-year increase of $13.0 million, primarily due to costs related to the August 31 acquisition of SerEnergy/fischer eco solutions, increased staffing and costs to operate as a public company, stock-based compensation expenses, and a non-recurring $2.4 million charge for executive severance.
|
• |
Net loss was $(11.3) million, and adjusted net loss was $(10.4) million. Adjusted net loss excludes the offsetting impacts from the change in the fair value of outstanding warrants and the charge for executive severance, as well as acquisition-related costs.
|
• |
Net loss per share was $(0.23).
|
• |
Cash reserves were $92.5 million on September 30, 2021, a decrease of $23.6 million from June 30, 2021, driven by approximately $13.5 million (net of cash acquired) for the August 31 acquisition of SerEnergy and fischer eco solutions and the increased level of administrative and selling expenses.
|
(in Millions of US dollars, except per share data)
|
Three Months Ended September 30,
| |||||||||||
2021
|
2020
|
$ Change
| ||||||||||
Revenue, net
|
$
|
1.67
|
$
|
0.23
|
$
|
1.45
| ||||||
Gross Profit
|
$
|
0.03
|
$
|
0.13
|
$
|
(0.11
|
)
| |||||
Gross Margin (%)
|
2
|
%
|
60
|
%
| ||||||||
Operating Income/(Loss)
|
$
|
(13.71
|
)
|
$
|
(0.77
|
)
|
$
|
(12.93
|
)
| |||
Net Income/(Loss)
|
$
|
(11.28
|
)
|
$
|
(0.75
|
)
|
$
|
(10.53
|
)
| |||
Net Income/(Loss) Per Share
|
$
|
(0.23
|
)
|
$
|
(0.03
|
)
|
$
|
(0.20
|
)
| |||
Non-GAAP Financial Measures
| ||||||||||||
Adjusted EBITDA - Excl Warrant Adjustment and Executive Severance
|
$
|
(9.86
|
)
|
$
|
(0.76
|
)
|
$
|
(9.10
|
)
| |||
Adjusted Net Income/(Loss) - Excl Warrant Adjustment and Executive Severance
|
$
|
(10.37
|
)
|
$
|
(0.75
|
)
|
$
|
(9.62
|
)
| |||
Cash and Cash Equivalents
|
$
|
92.5
|
• |
Announced Projects White Dragon & Green HiPo (4.65GW Green Hydrogen & 400MW Fuel Cells), approved by Greek Government and submitted to EU: On September 7, 2021, Advent announced that two Greek Important Projects of Common European Interest ("IPCEI") had been approved by the Greek Minister of Development and Investments and the Greek Minister of Environment, Energy, and Climate Change. The programs submitted by Advent and the White Dragon consortium of companies aspire to replace Greece's largest coal-fired plants with renewable solar energy parks, which will be supported by green hydrogen production (4.65GW), and fuel cell heat and power production (400MW). The projects are part of the "Hydrogen Technologies" IPCEI and will now move towards approval at the European Union ("EU") level. As a next step, Advent will demonstrate before the European Commission the economic, environmental, financial, social, and technical feasibility of the projects and the positive spillover effects to the European economy and society. Advent hopes to receive final notification from the European Commission by mid-2022. The company is pleased to be the technology partner for an €8 billion project and to have received approval from the Greek government. Advent is committed to be part of the decarbonization efforts in Greece and throughout Europe.
|
• |
Collaboration with the DOE: The efforts with the constellation of Department of Energy National Laboratories (Los Alamos National Laboratory, LANL; Brookhaven National Laboratory, BNL; National Renewable Energy Laboratory, NREL) continues to gain momentum. This group of leading scientists and engineers is working closely with Advent's development and manufacturing teams and are furthering the understanding of breakthrough materials that will advance high-temperature proton exchange membrane (HT-PEM) fuel cells. This next generation HT-PEM is well suited for heavy duty transportation, marine, and aeronautical applications, as well as delivering benefits in cost and lifetime for stationary power systems used in telecom and other remote power markets. The next generation MEA, which will be scaled to manufactured form in 2022, is expected to be in products in 2023 and has drawn interest from several multi-national businesses.
|
• |
Acquisition of the Fuel Cell Systems Businesses, SerEnergy A/S and fischer eco solutions GmbH, from fischer Group: On August 31, 2021, Advent successfully closed its acquisition of SerEnergy A/S ("SerEnergy") and fischer eco solutions GmbH ("FES"), the fuel cell business of the fischer Group. SerEnergy, operating in Denmark and the Philippines, is a leading manufacturer of high-temperature fuel cell systems globally, with thousands shipped around the globe during its 15-year operation. FES, based in Germany, provides automated fuel cell stack assembly and testing, as well as the production of critical fuel cell components, including membrane electrode assemblies ("MEAs"), bipolar plates, and reformers. With the acquisition, Advent expanded its geographic footprint by three countries in Europe and Asia and grew its team by 92 employees, now employing over 170 people worldwide. The acquisition brings together some of the leading minds in the high-temperature fuel cell space, further builds Advent's platform to meet the increasing demand for clean energy worldwide and significantly decreases the time to execution of our plan for stationary fuel cell systems. This transaction fully aligns with Advent's "Any Fuel. Anywhere." value proposition and this, together with the previously completed UltraCell acquisition, makes Advent a true global leader in the remote and off-grid power market for fuel cell production, with mobility, aviation, and maritime products on the horizon as well.
|
• |
Advent Launches New Product Line, M-ZERØ™ Fuel Cells, to Significantly cut Methane Emissions in North America:The Advent M-ZERØ™ products, designed specifically to generate power in remote environments, will offer the ability to drop methane emissions to effectively zero where they replace methane polluting pneumatic injection technology. M-ZERØ™ will initially be deployed mainly in Canada and the United States with the ultimate goal of providing remote power to up to 185,000 oil and gas wellheads.
|
As of
| ||||||||
ASSETS
|
September 30, 2021
(Unaudited)
|
December 31,
2020
| ||||||
Current assets:
| ||||||||
Cash and cash equivalents
|
$
|
92,492,367
|
$
|
515,734
| ||||
Accounts receivable
|
5,569,801
|
421,059
| ||||||
Due from related parties
|
-
|
67,781
| ||||||
Contract assets
|
936,259
|
85,930
| ||||||
Inventories
|
5,598,574
|
107,939
| ||||||
Prepaid expenses and Other current assets
|
3,767,096
|
496,745
| ||||||
Total current assets
|
108,364,097
|
1,695,188
| ||||||
Non-current assets:
| ||||||||
Goodwill and intangibles, net
|
54,281,798
|
-
| ||||||
Property and equipment, net
|
7,883,042
|
198,737
| ||||||
Other non-current assets
|
2,155,156
|
136
| ||||||
Deferred tax assets
|
1,279,969
|
-
| ||||||
Total non-current assets
|
65,599,965
|
198,873
| ||||||
Total assets
|
$
|
173,964,062
|
$
|
1,894,061
| ||||
LIABILITIES AND STOCKHOLDERS' EQUITY/(DEFICIT)
| ||||||||
Current liabilities:
| ||||||||
Trade and other payables
|
$
|
5,522,624
|
$
|
881,394
| ||||
Due to related parties
|
30,000
|
1,114,659
| ||||||
Deferred income from grants, current
|
1,098,019
|
158,819
| ||||||
Contract liabilities
|
28,832
|
167,761
| ||||||
Other current liabilities
|
7,595,619
|
904,379
| ||||||
Income tax payable
|
1,135,199
|
201,780
| ||||||
Total current liabilities
|
15,410,293
|
3,428,792
| ||||||
Non-current liabilities:
| ||||||||
Warrant liability
|
17,282,987
|
-
| ||||||
Deferred tax liabilities
|
3,756,859 |
-
| ||||||
Deferred income from grants, non-current
|
171,995
|
182,273
| ||||||
Other long-term liabilities
|
1,209,336
|
76,469
| ||||||
Total non-current liabilities
|
22,421,177
|
258,742
| ||||||
Total liabilities
|
37,831,470
|
3,687,534
| ||||||
Commitments and contingent liabilities
| ||||||||
Stockholders' equity / (deficit)
| ||||||||
Common stock ($0.0001 par value per share; Shares authorized: 110,000,000 at September 30, 2021 and December 31, 2020; Issued and outstanding: 51,253,591 and 25,033,398 at September 30, 2021 and December 31, 2020, respectively)
|
5,125
|
2,503
| ||||||
Preferred stock ($0.0001 par value per share; Shares authorized: 1,000,000 at September 30, 2021 and December 31, 2020; nil issued and outstanding at September 30, 2021 and December 31, 2020
|
-
|
-
| ||||||
Additional paid-in capital
|
161,263,673
|
10,993,762
| ||||||
Accumulated other comprehensive (loss) / income
|
(717,328
|
)
|
111,780
| |||||
Accumulated deficit
|
(24,418,878
|
)
|
(12,901,518
|
)
| ||||
Total stockholders' equity / (deficit)
|
136,132,592
|
(1,793,473
|
)
| |||||
Total liabilities and stockholders' equity / (deficit)
|
$
|
173,964,062
|
$
|
1,894,061
|
Three months ended September 30,
(Unaudited)
|
Nine months ended September 30,
(Unaudited)
| |||||||||||||||
2021
|
2020
|
2021
|
2020
| |||||||||||||
Revenue, net
|
$
|
1,673,998
|
$
|
225,412
|
$
|
4,166,754
|
$
|
526,032
| ||||||||
Cost of revenues
|
(1,645,781
|
)
|
(90,477
|
)
|
(2,662,476
|
)
|
(374,430
|
)
| ||||||||
Gross profit
|
28,217
|
134,934
|
1,504,278
|
151,602
| ||||||||||||
Income from grants
|
507,606
|
16,076
|
631,787
|
159,182
| ||||||||||||
Research and development expenses
|
(893,215
|
)
|
(37,640
|
)
|
(1,561,049
|
)
|
(81,273
|
)
| ||||||||
Administrative and selling expenses
|
(13,040,649
|
)
|
(886,629
|
)
|
(27,558,242
|
)
|
(1,641,063
|
)
| ||||||||
Amortization of intangibles
|
(309,734
|
)
|
-
|
(467,447
|
)
|
-
| ||||||||||
Operating loss
|
(13,707,773
|
)
|
(773,258
|
)
|
(27,450,673
|
)
|
(1,411,552
|
)
| ||||||||
Finance costs
|
(13,542
|
)
|
(1,712
|
)
|
(26,961
|
)
|
(4,749
|
)
| ||||||||
Fair value change of warrant liability
|
2,421,874
|
-
|
15,833,334
|
-
| ||||||||||||
Foreign exchange differences, net
|
(15,256
|
)
|
(8,005
|
)
|
(2,141
|
)
|
(26,584
|
)
| ||||||||
Other (expenses) / income, net
|
(15,960
|
)
|
31,058
|
78,146
|
24,848
| |||||||||||
Loss before income tax
|
(11,330,657
|
)
|
(751,917
|
)
|
(11,568,295
|
)
|
(1,418,037
|
)
| ||||||||
Income tax
|
50,935
|
3,101
|
50,935
|
-
| ||||||||||||
Net loss
|
$
|
(11,279,722
|
)
|
$
|
(748,816
|
)
|
$
|
(11,517,360
|
)
|
$
|
(1,418,037
|
)
| ||||
Net loss per share
| ||||||||||||||||
Basic loss per share
|
(0.23
|
)
|
(0.03
|
)
|
(0.26
|
)
|
(0.07
|
)
| ||||||||
Basic weighted average number of shares
|
48,325,164
|
23,182,817
|
43,982,039
|
21,180,639
| ||||||||||||
Diluted loss per share
|
(0.23
|
)
|
(0.03
|
)
|
(0.26
|
)
|
(0.07
|
)
| ||||||||
Diluted weighted average number of shares
|
48,325,164
|
23,182,817
|
43,982,039
|
21,180,639
|
Nine months ended September 30,
(Unaudited)
| ||||||||
2021
|
2020
| |||||||
Net Cash used in Operating Activities
|
$
|
(24,690,329
|
)
|
$
|
(1,045,004
|
)
| ||
Cash Flows from Investing Activities:
| ||||||||
Purchases of property and equipment
|
(2,658,584
|
)
|
(89,123
|
)
| ||||
Advances for the acquisition of property and equipment
|
(1,917,856
|
)
|
-
| |||||
Acquisition of subsidiaries, net of cash acquired
|
(19,425,378
|
)
|
-
| |||||
Net Cash used in Investing Activities
|
$
|
(24,001,818
|
)
|
$
|
(89,123
|
)
| ||
Cash Flows from Financing Activities:
| ||||||||
Business Combination and PIPE financing, net of issuance costs paid
|
141,120,851
|
-
| ||||||
Proceeds of issuance of preferred stock
|
-
|
1,430,005
| ||||||
Proceeds from issuance of non-vested stock awards
|
-
|
21,736
| ||||||
Repurchase of shares
|
-
|
(69,430
|
)
| |||||
Proceeds of issuance of common stock and paid-in capital from warrants exercise
|
262,177
|
-
| ||||||
State loan proceeds
|
113,377
|
-
| ||||||
Repayment of convertible promissory notes
|
-
|
(500,000
|
)
| |||||
Net Cash provided by Financing Activities
|
$
|
141,496,405
|
$
|
882,311
| ||||
Net increase / (decrease) in cash and cash equivalents
|
$
|
92,804,258
|
$
|
(251,815
|
)
| |||
Effect of exchange rate changes on cash and cash equivalents
|
(827,624
|
)
|
(17,918
|
)
| ||||
Cash and cash equivalents at the beginning of the period
|
515,734
|
1,199,015
| ||||||
Cash and cash equivalents at the end of the period
|
$
|
92,492,367
|
$
|
929,283
| ||||
Supplemental Cash Flow Information
| ||||||||
Non-cash Operating Activities:
| ||||||||
Recognition of stock grant plan
|
$
|
4,078,513
|
$
|
413,396
|
EBITDA and Adjusted EBITDA
|
Three months ended September
30, (Unaudited)
|
Nine months ended September 30,
(Unaudited)
| ||||||||||||||||||||||
(in Millions of US dollars)
|
2021
|
2020
|
$ change
|
2021
|
2020
|
$ change
| ||||||||||||||||||
Net loss
|
$
|
(11.28
|
)
|
$
|
(0.75
|
)
|
(10.53
|
)
|
$
|
(11.52
|
)
|
$
|
(1.42
|
)
|
(10.10
|
)
| ||||||||
Depreciation of property and equipment
|
$
|
0.15
|
$
|
0.01
|
0.15
|
$
|
0.18
|
$
|
0.02
|
0.16
| ||||||||||||||
Amortization of intangibles
|
$
|
0.31
|
$
|
0.00
|
0.31
|
$
|
0.47
|
$
|
0.00
|
0.47
| ||||||||||||||
Finance costs
|
$
|
0.01
|
$
|
0.00
|
0.01
|
$
|
0.03
|
$
|
0.00
|
0.02
| ||||||||||||||
Other income / (expenses), net
|
$
|
0.02
|
$
|
(0.03
|
)
|
0.05
|
$
|
(0.08
|
)
|
$
|
(0.02
|
)
|
(0.05
|
)
| ||||||||||
Foreign exchange differences, net
|
$
|
0.02
|
$
|
0.01
|
0.01
|
$
|
0.00
|
$
|
0.03
|
(0.02
|
)
| |||||||||||||
EBITDA
|
$
|
(10.77
|
)
|
$
|
(0.76
|
)
|
(10.01
|
)
|
$
|
(10.91
|
)
|
$
|
(1.39
|
)
|
(9.52
|
)
| ||||||||
Net change in warrant liability
|
$
|
(2.42
|
)
|
$
|
-
|
(2.42
|
)
|
$
|
(15.83
|
)
|
$
|
-
|
(15.83
|
)
| ||||||||||
One-Time Transaction Related Expenses (1)
|
$
|
-
|
$
|
-
|
-
|
$
|
5.87
|
$
|
-
|
5.87
| ||||||||||||||
One-Time Transaction Related Expenses (2)
|
$
|
0.89
|
$
|
-
|
0.89
|
$
|
0.89
|
$
|
-
|
0.89
| ||||||||||||||
Executive severance (3)
|
$
|
2.44
|
$
|
-
|
2.44
|
$
|
2.44
|
$
|
-
|
2.44
| ||||||||||||||
Adjusted EBITDA
|
$
|
(9.86
|
)
|
$
|
(0.76
|
)
|
(9.10
|
)
|
$
|
(17.54
|
)
|
$
|
(1.39
|
)
|
(16.15
|
)
|
Adjusted Net Loss
|
Three months ended
September 30, (Unaudited)
|
Nine months ended
September 30, (Unaudited)
| ||||||||||||||||||||||
(in Millions of US dollars)
|
2021
|
2020
|
$ change
|
2021
|
2020
|
$ change
| ||||||||||||||||||
Net loss
|
$
|
(11.28
|
)
|
$
|
(0.75
|
)
|
(10.53
|
)
|
$
|
(11.52
|
)
|
$
|
(1.42
|
)
|
(10.10
|
)
| ||||||||
Net change in warrant liability
|
$
|
(2.42
|
)
|
$
|
-
|
(2.42
|
)
|
$
|
(15.83
|
)
|
$
|
-
|
(15.83
|
)
| ||||||||||
One-Time Transaction Related Expenses (1)
|
$
|
-
|
$
|
-
|
-
|
$ |
5.87
|
$
|
-
|
5.87
| ||||||||||||||
One-Time Transaction Related Expenses (2)
|
$
|
0.89
|
$
|
-
|
0.89
|
0.89
|
$
|
-
|
0.89
| |||||||||||||||
Executive severance (3)
|
$
|
2.44
|
$
|
-
|
2.44
|
$
|
2.44
|
$
|
-
|
2.44
| ||||||||||||||
Adjusted Net Loss
|
$
|
(10.37
|
)
|
$
|
(0.75
|
)
|
(9.62
|
)
|
$
|
(18.15
|
)
|
$
|
(1.42
|
)
|
(16.73
|
)
|
Attachments
- Original document
- Permalink
Disclaimer
Advent Technologies Holdings Inc. published this content on 15 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 November 2021 12:21:16 UTC.