Advent Technologies Shares Slip Post Q4 Results; Revenue Down 22% Hit By Sliding Orders

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  • Advent Technologies Holdings Inc ADN reported fourth-quarter FY22 revenue of $1.96 million, down 22% year-over-year.
  • The revenue decrease reflects a decline in orders for the company’s stationary fuel cell systems primarily driven by a change in tower ownership by certain Philippines telecom operators.
  • Adjusted loss per share was $(0.26), missing the consensus of $(0.03).
  • The company recorded a gross loss of $(498) thousand, compared to a profit of $159 thousand a year ago.
  • Operating loss expanded to $(50.08) million, compared to $(16.66) million in 4Q21.
  • Net cash used in operating activities for FY22 totaled $(32.13) million versus $(35.83) million a year ago.
  • Adjusted EBITDA loss improved to $(12.35) million for the quarter, compared to $(15.57) million in 4Q21.
  • Cash and cash equivalents were $32.87 million as of December 31, 2022, a decrease of $9.5 million from September 30, 2022.
  • "Advent continued to make progress in the last quarter, despite global recession and inflationary pressures. Subsequent to ratification by the EU for Advent’s IPCEI Green HiPo project, we have been working with the Greek State on the mechanism and timing schedule for the funding facility. It is our goal to finalize these discussions as soon as possible and proceed with the roll-out of the program,” commented Dr. Vasilis Gregoriou, Chairman and CEO of Advent Technologies. 
  • The company commissioned a new Hood Park R&D and manufacturing facility in Boston, Massachusetts. This facility will enable Advent to scale up and deliver on the increasing global demand for its electrochemical products.
  • On March 22, 2023, Advent and Hyundai entered into a Joint Development Agreement.
  • Price Action: ADN shares are trading lower by 14.5% at $1.00 on the last check Friday.
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