Advent Technologies Reports Q4 Results, Reveals Strong Demand

Advent Technologies Holdings Inc ADN reported fourth-quarter revenue of $2.90 million, increasing 714% year-over-year.
The revenue increase reflects customer demand for Advent's products across the board and through the acquisitions of UltraCell, SerEnergy, SerEnergy Philippines, Inc., and fischer eco-solutions.
The gross margin for the quarter was 5% versus 61% in 4Q20. The operating loss expanded to $(16.7) million from $(1.7) million a year ago.
Loss per share expanded to $(0.18) from $(0.07) in 4Q20. Adjusted net loss widened to $(15.91) million from $(1.70) million a year ago.
Adjusted EBITDA loss stood at $(15.57) million for the quarter, compared to $(1.65) million in 4Q20.
Net cash used in operating activities totaled $35.84 million for FY21, versus $1.43 million in FY20.
Cash and cash equivalents were $79.8 million as of December 31, 2021, a decrease of $12.7 million from September 30, 2021, driven by the increased R&D and administrative and selling expenses.
"We are seeing strong demand for our products across the portable and stationary off-grid power markets and remain confident that we are on a firm path for growth as we deliver efficient solutions for clean energy and decarbonization to various end markets. Our product pipeline is increasing month on month, and this will be reflected in future sales as we convert this pipeline to final supply contracts," commented Dr. Vasilis Gregoriou, Chairman and CEO.
Price Action: ADN shares are trading lower by 3.77% at $2.30 on the last check Monday.

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