Advent Technologies Shares Slip On Missing Q2 Estimates

Advent Technologies Holdings Inc ADN reported second-quarter revenue of $1 million, an increase of 400% year-over-year, missed the consensus of $2.25 million.
Revenues increase reflects increased customer demand and the acquisition of UltraCell.
The gross profit stood at $0.33 million, with a gross margin of 33%.
Loss per share of $(0.07) missed the consensus of $(0.04).
The operating loss widened to $(6.79) million from $(0.41) million a year ago.
Advent's cash used in operating activities year-to-date was $16.23 million, compared to $0.69 million a year ago.
Adjusted EBITDA loss increased to $(6.8) million, compared to $(0.4) million in 2Q20.
The company's cash reserves were $116.11 million on June 30, 2021.
"Our sales of MEAs and redox flow battery components remain strong, and we expect to see both revenues and bookings increase as we move through the remainder of 2021. In addition, the pending acquisition of the fuel cell systems businesses, Serenergy and FES, from Fischer Group will help us execute on our business plan," commented Dr. Vasilis Gregoriou, Chairman and CEO.
Price Action: ADN shares closed lower by 5.54% at $7.85 on Thursday.

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