Executive Summary

Q2 2023: Revenue $1.11M and income from grants $0.66M (total $1.80M); net loss $(21.83)M or $(0.41) per share; $9.76M impairment charges drove GAAP loss .
Liquidity tightened: unrestricted cash fell to $10.10M; management cautioned current cash and projected operating cash flows are insufficient for the next 12 months, but highlighted a $50M equity line and a $50M ATM as funding options .
No 2023 revenue/grants outlook: management withdrew plans to give guidance, citing contract timing uncertainty and pending Greek state review of the Green HiPo funding; expectations shifted from “outlook next call” (Q1) to “no outlook” (Q2) .
Strategic wins: BASF supply-chain agreement, Safran MoU (aerospace), and a $1.1M MEA contract for fuel cell trucks in Asia support commercialization narrative despite near-term revenue pressure .

What Went Well and What Went Wrong

What Went Well
- BASF agreement to scale MEA production and cooperate on Celtec-Z and Ion Pair MEA, strengthening supply chain and cost competitiveness .
- Safran Power Units MoU to advance HT‑PEM fuel cells for aerospace; supported by a high-profile EU research consortium and Horizon Europe funding (NIMPHEA project) .
- Secured $1.1M MEA contract for fuel cell trucks in Asia following successful customer testing, reinforcing mobility traction .
What Went Wrong
- Revenue contraction vs prior year: Q2 revenue fell to $1.11M vs $2.23M in Q2 2022; total revenue+grants $1.80M vs $2.43M a year ago .
- Non-cash impairment of $9.76M (goodwill/intangibles) exacerbated GAAP loss; adjusted metrics still negative (Adj. EBITDA $(10.53)M) .
- Liquidity and outlook: unrestricted cash dropped to $10.10M; management explicitly stated cash and projected operating cash flows are insufficient to fund 12 months; guidance withheld due to uncertainty in contract timing and Greek state review of Green HiPo .

Financial Results

Metric	Q4 2022	Q1 2023	Q2 2023
Revenue ($USD Millions)	$1.957	$0.977	$1.112
Income from Grants ($USD Millions)	$0.449	$0.534	$0.660
Total Revenue + Grants ($USD Millions)	$2.400	$1.500	$1.800
Operating Expenses ($USD Millions)	$11.700	$11.600	$11.200
Net Loss ($USD Millions)	$(47.625)	$(11.988)	$(21.831)
EPS ($USD)	$(0.92)	$(0.23)	$(0.41)
EBITDA ($USD Millions)	$(46.95)	$(10.81)	$(20.19)
Adjusted EBITDA ($USD Millions)	$(12.53)	$(11.20)	$(10.53)
Adjusted Net Loss ($USD Millions)	$(13.21)	$(12.38)	$(12.17)
Unrestricted Cash ($USD Millions)	$32.90	$19.50	$10.10

Segment breakdown: Not disclosed in filings; business mix commentary centers on stationary power, maritime and mobility markets, plus components (electrochemistry) .

KPIs

KPI	Q4 2022	Q1 2023	Q2 2023
Monthly spend run-rate (OpEx+CapEx)	N/A	N/A	$2.5–$3.0M (H2’23 expected)
Equity line of credit capacity	N/A	$50M facility signed (Apr)	$50M; $3.4M drawn in June
ATM capacity	N/A	N/A	$50M program established; not used in Q2
MEA contract (mobility)	N/A	N/A	$1.1M signed in Q2
Hood Park facility progress	Commissioned	Opened	$0.4M build‑out spend in Q2

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue & Income from Grants	FY 2023	Expected to provide outlook on next call (Q1)	Not providing outlook due to uncertainty (Q2)	Lowered (withheld)
Liquidity/Monthly Spend	H2 2023	N/A	Spend expected at $2.5–$3.0M per month	New disclosure
Funding (Green HiPo)	2023 timing	Working actively with Greek State to sign contract	Greek State reviewing IPCEI Hy2Tech financing; timing uncertain	Timing uncertain

Earnings Call Themes & Trends

Topic	Q4 2022 (Prev-2)	Q1 2023 (Prev-1)	Q2 2023 (Current)	Trend
Green HiPo status	EU ratified (€782.1M); working with Greek State; job creation and capacity goals outlined	CEO elected Chair of Hy2Tech facilitation group; site in Western Macedonia; active work to sign contract	Greek State reviewing financing; CEO pressing EU; land purchased; planning office in Kozani	Progress with administrative delays
OEM collaboration (Hyundai)	JDA announced; focus on HT‑PEM advantages	Concluded technology assessment; signed JDA; MEA focus	Reiterated collaboration; target power metrics; uses Hyundai catalyst	Advancing technical work
Supply chain/BASF	N/A	BASF agreement closed-loop MEA supply chain; Greece factory scale-up	Agreement progressing; Celtec‑Z, Ion Pair MEA co‑development	Deepening partnership
Maritime (Siemens, marine)	Marine projects incl. Alfa Laval; initial 20 Serene units ordered	Collaboration for 50–500kW solution; 20 units initial order	Progress update; methanol/e‑methanol path for maritime	Execution continuing
Stationary telecom	Philippines tower ownership changes caused delays; impairment linked	Vantage Towers PoC in Greece	Limited update in Q2 PR; strategy focused on stationary/mobility	Mixed; rebuilding pipeline
Liquidity & funding	Not sufficient for 12 months; exploring capital raise	$50M ELOC signed; considering capital options	$3.4M drawn; $50M ATM; monthly spend plan	Funding optionality in place
R&D/Hood Park	Commissioned	Opened; detailed capabilities	Expenses tied to build‑out	Operational ramp

Management Commentary

“OEMs are increasingly showing interest in our HT‑PEM technology due to its functional applicability and adaptability with a range of non‑fossil fuel sources” — Dr. Vasilis Gregoriou, CEO .
“Our existing cash balances and projected operating cash flows are not expected to be sufficient to support planned operations for the next 12 months…[we] finalized an agreement…for an equity line of credit…up to $50 million…and implemented an ATM…up to $50 million” — Kevin Brackman, CFO .
“We are very keen to officially launch Green HiPo…we purchased the land…entered strategic agreements with BASF…The delay is solely with the Greek state, and we expect this to be resolved very, very soon” — CEO (Q&A) .

Q&A Highlights

Green HiPo funding timing: CEO emphasized active engagement with EU and Greek authorities; reiterated land purchase and readiness; delay attributed to Greek state review, with confidence in resolution .
Hyundai JDA milestones: MEA integration targeting automotive power goals; collaboration includes Hyundai catalyst; non‑exclusive nature implied with other OEM discussions .
Maritime pathway: Siemens and Sanlorenzo collaborations reinforce e‑methanol + HT‑PEM architecture advantages (simpler reformation vs LT‑PEM’s high‑purity hydrogen requirement) .
Liquidity plan: CFO outlined $2.5–$3.0M monthly spend expectation and use of facilities to bridge until project funding/other capital arrives .

Estimates Context

Wall Street consensus from S&P Global for Q2 2023 revenue and EPS was unavailable during this session due to access limits; therefore, we cannot provide a beat/miss analysis. Expected approach: compare actual revenue $1.11M and EPS $(0.41) to S&P Global consensus when available, and adjust narrative accordingly .

Metric	Q2 2023 Actual	Q2 2023 Consensus	Outcome
Revenue ($USD Millions)	$1.112	N/A	N/A
EPS ($USD)	$(0.41)	N/A	N/A

Key Takeaways for Investors

Liquidity is the near-term swing factor: unrestricted cash $10.10M and explicit 12‑month funding gap put focus on capital access (ELOC/ATM) and timing of Green HiPo state aid .
Non‑cash impairments masked underlying operating trajectory; adjusted EBITDA improved vs Q4 2022 but remains negative, highlighting need for scale and cost reduction .
Strategic partnerships are maturing: BASF supply chain, Safran aerospace, and the Asian MEA contract support credibility in mobility/aerospace roadmaps, potentially accelerating commercialization as Ion Pair MEA rolls out .
Guidance uncertainty persists: absence of a 2023 outlook and contract timing variability increases earnings volatility; monitor contract conversions and grant income pacing .
Execution watch‑items: Hood Park ramp, monthly spend adherence ($2.5–$3.0M), and incremental capital usage/dilution risk vs balance sheet preservation .
Green HiPo is the key medium‑term catalyst: state funding clarity could de‑risk scaling plans (electrolyzers + fuel cells) and shift narrative to growth and capacity build‑out .

Appendix: Additional Quantitative Comparisons

Year-over-year reference points (Q2 2023 vs Q2 2022):

Revenue: $1.11M vs $2.23M .
Income from grants: $0.66M vs $0.21M .
Net loss: $(21.83)M vs $(11.15)M .
Adjusted EBITDA: $(10.53)M vs $(10.07)M .

Quarter-over-quarter (Q2 2023 vs Q1 2023):

Revenue: $1.11M vs $0.98M .
Total revenue+grants: $1.80M vs $1.50M .
Operating expenses: $11.20M vs $11.60M .
Unrestricted cash: $10.10M vs $19.50M .

ADVENT TECHNOLOGIES HOLDINGS, INC. (ADN)·Q2 2023 Earnings Summary