|
|
|
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
Soliciting material pursuant to Rule 14a−12 under the Exchange Act (17 CFR 240.14a−12)
|
Pre−commencement communications pursuant to Rule 14d−2(b) under the Exchange Act (17 CFR 240.14d−2(b))
|
Pre−commencement communications pursuant to Rule 13e−4(c) under the Exchange Act (17 CFR 240.13e− 4(c))
|
Title of each class
|
Trading Symbol
|
Name of each exchange on which registered
|
||
|
|
|
||
|
|
|
Item 2.02 |
Results of Operations and Financial Condition.
|
Item 7.01 |
Regulation FD Disclosure.
|
Item 9.01 |
Financial Statements and Exhibits.
|
(d) |
Exhibit.
|
Exhibit No.
|
Description
|
Press Release of Advent Technologies Holdings, Inc. dated March 28, 2022.
|
Dated: March 28, 2022
|
||
Advent Technologies Holdings, Inc.
|
||
By:
|
/s/ Vassilios Gregoriou
|
|
Name:
|
Vassilios Gregoriou
|
|
Title:
|
Chairman and Chief Executive Officer
|
• |
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.
|
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