Executive Summary

Q3 2023 revenue was $1.26M with $0.50M income from grants (total $1.76M), down year over year; net loss was $(11.85)M or $(0.20) per share. Management cited continued consolidation and Hood Park-related expenses, and did not provide 2023 revenue/grants guidance .
Liquidity was the central theme: unrestricted cash fell to $3.7M at quarter-end; the company began utilizing a $50M ATM in October and highlighted limits on its $50M equity line if the stock closes below $0.50 .
Strategic wins included an Airbus term sheet for a multi-year HT-PEM MEA project, a new $2.2M DoD contract, and a $1.3M order in Asia for Serene stacks—potential commercialization catalysts across aviation, defense, and leisure marine .
Estimates context: S&P Global consensus data was unavailable at the time of retrieval; therefore, no beat/miss assessment versus Street expectations can be made. Management withheld formal guidance due to funding timing uncertainty for Green HiPo and long sales cycles .

What Went Well and What Went Wrong

What Went Well

Secured Airbus term sheet to launch joint benchmarking of Advent’s Ion Pair MEA for aviation, a multi‑million collaboration expected to commence in 2024: “The goal of the project is to accelerate the development of Advent’s MEA and benchmark the Ion Pair MEA against aviation requirements” .
Won new $2.2M U.S. DoD contract to optimize HB50 portable fuel cell and received $1M prepayment in October, reinforcing defense commercialization path .
Booked a $1.3M expansion order with an Asian integrator for Serene methanol fuel cell stacks and unveiled Serene Power Systems at the Monaco Yacht Show, broadening marine and leisure applications .

What Went Wrong

Revenue declined year over year in Q3; gross loss widened and EBITDA remained negative, reflecting early-stage commercialization and cost structure pressures including the Hood Park facility .
Liquidity constraints: unrestricted cash fell to $3.7M; management emphasized reliance on equity facilities and pending Green HiPo state aid, and noted the $0.50 closing price constraint on the Lincoln Park equity line .
No formal revenue/grants guidance for FY2023 due to uncertainty in opportunity timing and state aid funding commencement, limiting investor visibility on near-term trajectory .

Financial Results

Quarterly Progression

Metric	Q1 2023	Q2 2023	Q3 2023
Revenue ($USD Millions)	$0.98	$1.11	$1.26
Income from Grants ($USD Millions)	$0.53	$0.66	$0.50
Total Revenue + Grants ($USD Millions)	$1.50	$1.77	$1.76
Gross Profit/(Loss) ($USD Millions)	$(0.51)	$(0.79)	$(1.19)
Operating Expenses ($USD Millions)	$11.6	$11.2	$11.0
EBITDA ($USD Millions)	$(10.81)	$(20.19)	$(10.79)
Adjusted EBITDA ($USD Millions)	$(11.20)	$(10.53)	$(10.66)
Net Income (Loss) ($USD Millions)	$(11.99)	$(21.83)	$(11.85)
EPS (Basic) ($)	$(0.23)	$(0.41)	$(0.20)

Notes:

Operating expenses reflect continued consolidation and Boston Hood Park costs .
Adjusted EBITDA removes non‑core items (e.g., warrant liability change, impairments), showing more comparable operating trend .

Year-over-Year Comparison (Q3)

Metric	Q3 2022	Q3 2023	YoY Change
Revenue ($USD Millions)	$2.40	$1.26	Down $1.14M
Income from Grants ($USD Millions)	$0.29	$0.50	Up $0.21M
Gross Profit/(Loss) ($USD Millions)	$0.06	$(1.19)	Down $1.25M
Operating Expenses ($USD Millions)	$10.75 [approx. sum of R&D $2.55 + Admin $8.20]	$11.00	Up ~$0.25M
EBITDA ($USD Millions)	$(10.96)	$(10.79)	Improved $0.17M
Adjusted EBITDA ($USD Millions)	$(10.05)	$(10.66)	Declined $0.61M
EPS (Basic) ($)	$(0.22)	$(0.20)	Improved $0.02

KPIs and Balance Sheet/Liquidity

KPI	Q1 2023	Q2 2023	Q3 2023
Unrestricted Cash Reserves ($USD Millions)	$19.5	$10.1	$3.7
Cash & Cash Equivalents ($USD Millions)	$19.55	$10.05	$3.66
Inventory ($USD Millions)	$14.86	$15.16	$13.91
Operating Cash Flow (YTD) ($USD Millions)	$(11.45)	$(18.90)	$(26.34)
Shares (Basic Wtd Avg, Millions)	52.00	53.42	60.37

Segment breakdown: Not disclosed in earnings materials; company reports consolidated results .

Actuals vs Street Estimates

Metric	Q3 2023 Actual	Q3 2023 Consensus	Surprise
Revenue ($USD Millions)	$1.26	Unavailable	N/A
EPS ($)	$(0.20)	Unavailable	N/A

Consensus estimates via S&P Global were unavailable at the time of retrieval; therefore beat/miss cannot be assessed.

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue & Income from Grants	FY 2023	Not provided	Not provided	Maintained
Capital Access Facilities	N/A	ELOC up to $50M (Lincoln Park)	ELOC up to $50M; utilization prohibited if stock closes < $0.50; ATM up to $50M and began using in Oct	Expanded disclosure

Management reiterated no formal 2023 revenue/grants outlook due to funding timing and contract timing factors .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q1 2023)	Previous Mentions (Q2 2023)	Current Period (Q3 2023)	Trend
HT-PEM technology & Ion Pair MEA	JDA with Hyundai; Ion Pair expected to reduce Serene cost and boost performance; Hood Park capability	MoU with Safran; EU consortium; BASF agreement to scale MEA; Asia truck MEA contract	Airbus term sheet for aviation MEA; reiterated HT-PEM advantages at >180°C	Expanding OEM partnerships
Defense HB50 portable fuel cell	Highlighted HB50 rollout plans for 2024 pending approvals	Liquidity actions to bridge until funding; defense pipeline reiterated	New $2.2M DoD contract; $1M prepayment in Oct; focus on manufacturing scale-up	Execution momentum
Green HiPo (IPCEI funding)	Site purchased; staffing; awaiting Greek State contract; €782.1M ratified by EU	Greek State reviewing financing; continued updates planned	Continued emphasis on state process; CEO optimistic but timing uncertain	Still pending; critical to scaling
Marine/Serene systems	Siemens Energy collaboration; 20 Serene systems order	Ongoing maritime focus	Serene Power Systems unveiled; $1.3M Asian expansion order	Commercial traction building
Liquidity & funding	ELOC with Lincoln Park up to $50M	ELOC and ATM in place; Q2 raise $3.4M	ELOC constraint if price < $0.50; ATM used in Oct; cash tight	Tight; actively raising

Management Commentary

“The consolidation of our global operations continued during Q3 2023, which has driven efficiencies and contributed to the reduction of our cash burn… Our goal is to forge partnerships like the ones announced with Hyundai and Airbus” — Dr. Vasilis Gregoriou, CEO .
“We delivered revenue of $1.3 million… Net loss in Q3 was $11.8 million or $0.20 per share. Unrestricted cash reserves were $3.7 million… Our existing cash balances and projected operating cash flows are not expected to be sufficient to support planned operations for the next 12 months.” — Kevin Brackman, CFO .
“High temperature fuel cells allow increased performance… Advent believes that High‑Temperature PEM is a superior option not only for aviation but also for heavy‑duty trucks, the automotive industry and maritime use.” — CEO prepared remarks .

Q&A Highlights

Capital allocation under constraints: Management emphasized growing blue-chip partnerships (Airbus, Hyundai) while awaiting Green HiPo state aid; cash timing likely determines path to cash-flow positive .
Supply chain and cost inflation: Acknowledged cost increases post‑COVID and geopolitical uncertainty; committed to delivery execution despite pressures .
Green HiPo timing and revenue impact: Upon funding, company plans rapid scale-up with positive tone from stakeholders; revenue expected to follow commencement .
Partnership structures: Near-term model centers on technology contribution with large OEMs; longer term intent to license to top manufacturers for higher-margin royalties .

Estimates Context

S&P Global consensus estimates for revenue and EPS were unavailable at the time of retrieval; as a result, no beat/miss analysis versus Street expectations is provided. Management did not issue formal guidance due to funding and timing uncertainties .

Key Takeaways for Investors

Liquidity is the near-term swing factor: unrestricted cash of $3.7M at Q3-end and utilization of ATM/ELOC suggest active capital raising until Green HiPo funding or commercial scaling improves cash flow .
Strategic OEM alignment is deepening: Airbus term sheet, Hyundai JDA, and Safran MoU point to potential multi‑year technology validation and eventual licensing pathways—key for medium-term margin uplift .
Defense provides nearer-term revenue visibility: $2.2M DoD contract and $1M prepayment support HB50 productization and scale-up; monitor execution milestones through 2024 .
Marine and leisure power are emerging commercial niches: Serene unveiling and $1.3M Asian order indicate growing demand for methanol-based HT-PEM solutions; watch for backlog and repeat orders .
No FY2023 guidance reinforces timing risk: revenue/opportunity conversion remains lumpy due to long contract cycles and state aid timing; position sizing should reflect funding and execution uncertainty .
Cost discipline continues, but gross losses highlight early commercialization: EBITDA improved sequentially versus Q2, yet gross loss widened; Hood Park expenses will be offset as production ramps .
Catalysts: Green HiPo funding start, Airbus contract finalization, defense manufacturing milestones, and additional OEM licensing agreements could re-rate the equity upon visibility and capital inflows .

ADVENT TECHNOLOGIES HOLDINGS, INC. (ADN)·Q3 2023 Earnings Summary