• |
Q4 revenue up 714% versus prior year to $2.9 million, on increased customer demand for fuel cell components, and, fuel cell systems from UltraCell (now Advent LLC), SerEnergy (now Advent Technologies A/S), SerEnergy Philippines, Inc. (now Advent Green Energy Philippines, Inc.), and fischer eco solutions (now Advent Technologies GmbH). The Company also collected $3.0 million from SerEnergy customers during Q4 related to pre-acquisition revenue.
|
• |
Full year 2021 revenue of $7.1 million; on a pro forma basis as if SerEnergy and fischer eco solutions had been acquired at the beginning of the year, 2021 revenue would have been $16.0 million.
|
• |
Net loss in Q4 of $(9.0) million or $(0.18) per share.
|
• |
Company holds cash reserves of $79.8 million as of December 31, 2021.
|
• |
Revenue of $2.9 million, a 714% year-over-year increase, the result of increased customer demand for Advent's products across the board and through the acquisitions of UltraCell, SerEnergy, SerEnergy Philippines, Inc. and fischer eco solutions.
|
• |
Operating expenses of $16.3 million, a year-over-year increase of $14.4 million, primarily due to costs related to the accelerated growth of the Company from the acquired businesses; increased staffing and costs to operate as a public company; higher R&D costs; and incentive and stock-based compensation expenses.
|
• |
Net loss was $(9.0) million, and adjusted net loss was $(15.9) million. Adjusted net loss excludes a $6.9 million gain from the change in the fair value of outstanding warrants.
|
• |
Net loss per share was $(0.18).
|
• |
Cash reserves were $79.8 million as of December 31, 2021, a decrease of $12.7 million from September 30, 2021, driven by the increased level of R&D and administrative and selling expenses.
|
(in Millions of US dollars, except per share data)
|
Three Months Ended December 31,
| |||||||||||
2021
|
2020
|
$ Change
| ||||||||||
Revenue, net
|
$
|
2.90
|
$
|
0.36
|
$
|
2.55
| ||||||
Gross Profit
|
$
|
0.16
|
$
|
0.22
|
$
|
(0.06
|
)
| |||||
Gross Margin (%)
|
5
|
%
|
61
|
%
| ||||||||
Operating Income/(Loss)
|
$
|
(16.66
|
)
|
$
|
(1.66
|
)
|
$
|
(15.00
|
)
| |||
Net Income/(Loss)
|
$
|
(9.01
|
)
|
$
|
(1.70
|
)
|
$
|
(7.30
|
)
| |||
Net Income/(Loss) Per Share
|
$
|
(0.18
|
)
|
$
|
(0.07
|
)
|
$
|
(0.11
|
)
| |||
Non-GAAP Financial Measures
| ||||||||||||
Adjusted EBITDA - Excl Warrant Adjustment
|
$
|
(15.57
|
)
|
$
|
(1.65
|
)
|
$
|
(13.92
|
)
| |||
Adjusted Net Income/(Loss) - Excl Warrant Adjustment
|
$
|
(15.91
|
)
|
$
|
(1.70
|
)
|
$
|
(14.21
|
)
| |||
Cash and Cash Equivalents
|
$
|
79.8
|
As of
| ||||||||
ASSETS
|
December 31, 2021
(Unaudited) |
December 31, 2020
| ||||||
Current assets:
| ||||||||
Cash and cash equivalents
|
$
|
79,764,430
|
$
|
515,734
| ||||
Accounts receivable, net
|
3,138,603
|
421,059
| ||||||
Due from related parties
|
-
|
67,781
| ||||||
Contract assets
|
1,617,231
|
85,930
| ||||||
Inventories
|
6,957,776
|
107,939
| ||||||
Prepaid expenses and Other current assets
|
5,872,758
|
496,745
| ||||||
Total current assets
|
97,350,798
|
1,695,188
| ||||||
Non-current assets:
| ||||||||
Goodwill
|
30,030,498
|
-
| ||||||
Intangibles, net
|
23,343,586
|
-
| ||||||
Property, plant and equipment, net
|
8,584,988
|
198,737
| ||||||
Other non-current assets
|
2,475,346
|
136
| ||||||
Deferred tax assets
|
1,245,539
|
-
| ||||||
Total non-current assets
|
65,679,957
|
198,873
| ||||||
Total assets
|
$
|
163,030,755
|
$
|
1,894,061
| ||||
LIABILITIES AND STOCKHOLDERS' EQUITY/(DEFICIT)
| ||||||||
Current liabilities:
| ||||||||
Trade payables
|
$
|
4,837,369
|
$
|
881,394
| ||||
Due to related parties
|
-
|
1,114,659
| ||||||
Deferred income from grants, current
|
205,212
|
158,819
| ||||||
Contract liabilities
|
1,118,130
|
167,761
| ||||||
Other current liabilities
|
12,513,770
|
904,379
| ||||||
Income tax payable
|
195,599
|
201,780
| ||||||
Total current liabilities
|
18,870,080
|
3,428,792
| ||||||
Non-current liabilities:
| ||||||||
Warrant liability
|
10,373,264
|
-
| ||||||
Deferred tax liabilities
|
2,499,920
|
-
| ||||||
Defined benefit obligation
|
90,066
|
33,676
| ||||||
Deferred income from grants, non-current
|
-
|
182,273
| ||||||
Other long-term liabilities
|
995,634
|
42,793
| ||||||
Total non-current liabilities
|
13,958,884
|
258,742
| ||||||
Total liabilities
|
32,828,964
|
3,687,534
| ||||||
Commitments and contingent liabilities
| ||||||||
Stockholders' equity / (deficit)
| ||||||||
Common stock ($0.0001 par value per share; Shares authorized: 110,000,000 at December 31, 2021 and December 31, 2020; Issued and outstanding: 51,253,591 and 25,033,398 at December 31, and December 31, 2020, respectively)
|
5,125
|
2,503
| ||||||
Preferred stock ($0.0001 par value per share; Shares authorized: 1,000,000 at December 31, 2021 and December 31, 2020; nil issued and outstanding at December 31, 2021 and December 31, 2020
|
-
|
-
| ||||||
Additional paid-in capital
|
164,894,039
|
10,993,762
| ||||||
Accumulated other comprehensive (loss) / income
|
(1,291,037
|
)
|
93,256
| |||||
Accumulated deficit
|
(33,406,336
|
)
|
(12,882,994
|
)
| ||||
Total stockholders' equity / (deficit)
|
130,201,791
|
(1,793,473
|
)
| |||||
Total liabilities and stockholders' equity
|
$
|
163,030,755
|
$
|
1,894,061
|
Three months ended December 31,
(Unaudited)
|
Years Ended December 31,
| |||||||||||||||
(Unaudited) | ||||||||||||||||
2021
|
2020
|
2021
|
2020
| |||||||||||||
Revenue
|
$
|
2,902,088
|
$
|
356,620
|
$
|
7,068,842
|
$
|
882,652
| ||||||||
Cost of revenue
|
(2,743,740
|
)
|
(139,759
|
)
|
(5,406,216
|
)
|
(514,189
|
)
| ||||||||
Gross profit
|
158,348
|
216,861
|
1,662,626
|
368,463
| ||||||||||||
Income from grants
|
197,420
|
47,646
|
829,207
|
206,828
| ||||||||||||
Research and development expenses
|
(1,979,491
|
)
|
(21,265
|
)
|
(3,540,540
|
)
|
(102,538
|
)
| ||||||||
Administrative and selling expenses
|
(14,318,499
|
)
|
(1,907,179
|
)
|
(41,876,741
|
)
|
(3,548,242
|
)
| ||||||||
Amortization of intangible assets
|
(717,383
|
)
|
-
|
(1,184,830
|
)
|
-
| ||||||||||
Operating loss
|
(16,659,605
|
)
|
(1,663,937
|
)
|
(44,110,278
|
)
|
(3,075,489
|
)
| ||||||||
Fair value change of warrant liability
|
6,909,723
|
-
|
22,743,057
|
-
| ||||||||||||
Finance income / (expenses), net
|
(24,600
|
)
|
(793
|
)
|
(51,561
|
)
|
(5,542
|
)
| ||||||||
Foreign exchange losses, net
|
(40,567
|
)
|
511
|
(42,708
|
)
|
(26,073
|
)
| |||||||||
Other expenses, net
|
(62,508
|
)
|
(40,544
|
)
|
15,638
|
(15,696
|
)
| |||||||||
Loss before income tax
|
(9,877,557
|
)
|
(1,704,763
|
)
|
(21,445,852
|
)
|
(3,122,800
|
)
| ||||||||
Income tax
|
871,575
|
-
|
922,510
|
-
| ||||||||||||
Net loss
|
$
|
(9,005,982
|
)
|
$
|
(1,704,763
|
)
|
$
|
(20,523,342
|
)
|
$
|
(3,122,800
|
)
| ||||
Net loss per share
| ||||||||||||||||
Basic loss per share
|
$
|
(0.18
|
)
|
$
|
(0.07
|
)
|
$
|
(0.45
|
)
|
$
|
(0.15
|
)
| ||||
Basic weighted average number of shares
|
51,253,591
|
25,033,398
|
45,814,868
|
20,518,894
| ||||||||||||
Diluted loss per share
|
$
|
(0.18
|
)
|
$
|
(0.07
|
)
|
$
|
(0.45
|
)
|
$
|
(0.15
|
)
| ||||
Diluted weighted average number of shares
|
51,253,591
|
25,033,398
|
45,814,868
|
20,518,894
|
Years Ended December 31,
| ||||||||
(Unaudited) | ||||||||
2021
|
2020
| |||||||
Net Cash used in Operating Activities
|
$
|
(35,837,000
|
)
|
$
|
(1,425,068
|
)
| ||
Cash Flows from Investing Activities:
| ||||||||
Proceeds from sale of property and equipment
|
6,970
|
-
| ||||||
Purchases of property and equipment
|
(3,920,470
|
)
|
(122,508
|
)
| ||||
Purchases of intangible assets
|
(17,747
|
)
|
-
| |||||
Advances for the acquisition of property and equipment
|
(2,200,158
|
)
|
-
| |||||
Acquisition of subsidiaries, net of cash acquired
|
(19,425,378
|
)
|
-
| |||||
Net Cash used in Investing Activities
|
$
|
(25,556,783
|
)
|
$
|
(122,508
|
)
| ||
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
|
-
|
21,756
| ||||||
Repurchase of shares
|
-
|
(69,431
|
)
| |||||
Proceeds of issuance of common stock and paid-in capital from warrants exercise
|
262,177
|
-
| ||||||
State loan proceeds
|
118,274
|
-
| ||||||
Repayment of convertible promissory notes
|
-
|
(500,000
|
)
| |||||
Net Cash provided by Financing Activities
|
$
|
141,501,302
|
$
|
882,330
| ||||
Net increase / (decrease) in cash and cash equivalents
|
$
|
80,107,519
|
$
|
(665,246
|
)
| |||
Effect of exchange rate changes on cash and cash equivalents
|
(858,823
|
)
|
(18,035
|
)
| ||||
Cash and cash equivalents at the beginning of year
|
515,734
|
1,199,015
| ||||||
Cash and cash equivalents at the end of year
|
$
|
79,764,430
|
$
|
515,734
|
EBITDA and Adjusted EBITDA
|
Three months ended December 31,
(Unaudited)
|
Years Ended December 31,
| ||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
(in Millions of US dollars)
|
2021
|
2020
|
$ change
|
2021
|
2020
|
$ change
| ||||||||||||||||||
Net loss
|
$
|
(9.00
|
)
|
$
|
(1.70
|
)
|
(7.30
|
)
|
$
|
(20.52
|
)
|
$
|
(3.12
|
)
|
(17.40
|
)
| ||||||||
Depreciation of property and equipment
|
$
|
0.38
|
$
|
0.00
|
0.38
|
$
|
0.56
|
$
|
0.02
|
0.54
| ||||||||||||||
Amortization of intangibles
|
$
|
0.71
|
$
|
0.00
|
0.71
|
$
|
1.18
|
$
|
0.00
|
1.18
| ||||||||||||||
Finance (income) costs, net
|
$
|
0.02
|
$
|
0.01
|
0.01
|
$
|
0.05
|
$
|
0.01
|
0.04
| ||||||||||||||
Other (income) expenses, net
|
$
|
0.06
|
$
|
0.04
|
0.02
|
$
|
(0.02
|
)
|
$
|
0.02
|
(0.04
|
)
| ||||||||||||
Foreign exchange differences, net
|
$
|
0.04
|
$
|
0.00
|
0.04
|
$
|
0.04
|
$
|
0.03
|
0.01
| ||||||||||||||
Income tax
|
$
|
(0.87
|
)
|
$
|
0.00
|
(0.87
|
)
|
$
|
(0.92
|
)
|
$
|
0.00
|
(0.92
|
)
| ||||||||||
EBITDA
|
$
|
(8.66
|
)
|
$
|
(1.65
|
)
|
(7.01
|
)
|
$
|
(19.63
|
)
|
$
|
(3.04
|
)
|
(16.59
|
)
| ||||||||
Net change in warrant liability
|
$
|
(6.91
|
)
|
$
|
0.00
|
(6.91
|
)
|
$
|
(22.74
|
)
|
$
|
0.00
|
(22.74
|
)
| ||||||||||
One-Time Transaction Related Expenses (1)
|
$
|
0.00
|
$
|
0.00
|
0.00
|
$
|
5.87
|
$
|
0.00
|
5.87
| ||||||||||||||
One-Time Transaction Related Expenses (2)
|
$
|
0.00
|
$
|
0.00
|
0.00
|
$
|
0.89
|
$
|
0.00
|
0.89
| ||||||||||||||
Executive severance (3)
|
$
|
0.00
|
$
|
0.00
|
0.00
|
$
|
2.44
|
$
|
0.00
|
2.44
| ||||||||||||||
Adjusted EBITDA
|
$
|
(15.57
|
)
|
$
|
(1.65
|
)
|
(13.92
|
)
|
$
|
(33.17
|
)
|
$
|
(3.04
|
)
|
(30.13
|
)
|
(1) |
Bonus awarded after consummation of the Business Combination effective February 4, 2021.
|
(2) |
Transaction costs related to the acquisition of SerEnergy/fischer eco solutions.
|
(3) |
Former Financial Officer resignation.
|
Adjusted Net Loss
|
Three months ended December 31,
(Unaudited)
|
Years Ended December 31,
| ||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
(in Millions of US dollars)
|
2021
|
2020
|
$ change
|
2021
|
2020
|
$ change
| ||||||||||||||||||
Net loss
|
$
|
(9.00
|
)
|
$
|
(1.70
|
)
|
(7.30
|
)
|
$
|
(20.52
|
)
|
$
|
(3.12
|
)
|
(17.40
|
)
| ||||||||
Net change in warrant liability
|
$
|
(6.91
|
)
|
$
|
0.00
|
(6.91
|
)
|
$
|
(22.74
|
)
|
$
|
0.00
|
(22.74
|
)
| ||||||||||
One-Time Transaction Related Expenses (1)
|
$
|
0.00
|
$
|
0.00
|
0.00
|
$
|
5.87
|
$
|
0.00
|
5.87
| ||||||||||||||
One-Time Transaction Related Expenses (2)
|
$
|
0.00
|
$
|
0.00
|
0.00
|
$
|
0.89
|
$
|
0.00
|
0.89
| ||||||||||||||
Executive severance (3)
|
$
|
0.00
|
$
|
0.00
|
0.00
|
$
|
2.44
|
$
|
0.00
|
2.44
| ||||||||||||||
Adjusted Net Loss
|
$
|
(15.91
|
)
|
$
|
(1.70
|
)
|
(14.21
|
)
|
$
|
(34.06
|
)
|
$
|
(3.12
|
)
|
(30.94
|
)
|
(1) |
Bonus awarded after consummation of the Business Combination effective February 4, 2021.
|
(2) |
Transaction costs related to the acquisition of SerEnergy/FES.
|
(3) |
Former Financial Officer resignation.
|
Attachments
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Disclaimer
Advent Technologies Holdings Inc. published this content on 28 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 March 2022 11:30:05 UTC.