Advent Technologies Reports Solid Q3 Revenue Growth

Advent Technologies Holdings Inc ADN reported third-quarter revenue of $1.67 million, an increase of 643% year-over-year.
Revenues increase reflects increased customer demand for Advent product offerings and acquisitions of SerEnergy/fischer eco-solutions and UltraCell.
The gross profit stood at $0.03 million, with a gross margin of 2%, compared to $0.13 million, with a margin of 60% a year ago.
Loss per share widened to $(0.23) from $(0.03) last year.
The operating loss widened to $(13.71) million from $(0.77) million a year ago.
The company incurred operating expenses of $13.9 million primarily due to costs related to the acquisition of SerEnergy/fischer eco solutions, increased staffing and expenses, stock-based compensation expenses, and a non-recurring $2.4 million charge for executive severance.
Adjusted EBITDA loss increased to $(9.86) million, compared to $(0.76) million in 3Q20.
Advent's cash used in operating activities year-to-date was $24.69 million, compared to $1.05 million a year ago. It held cash and equivalents of $92.5 million as of September 30, 2021.
"The solid revenue growth in the quarter demonstrates the growing interest in hydrogen fuel cell systems, as well as the immediate benefits from our acquisition of SerEnergy and fischer eco solutions," said Vasilis Gregoriou, Chairman and CEO.
Price Action: ADN shares traded higher by 1.73% to $9.42 on the last check Monday.

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