# EDGAR Filing Document

**Accession Number:** 0001744494
**File Stem:** 0001829126-23-002464
**Filing Date:** 2023-3
**Character Count:** 37597
**Document Hash:** 54e795c7da47b34d33110c025b27dd76
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-23-002464.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001829126-23-002464

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230331

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ADVENT TECHNOLOGIES HOLDINGS, INC.
- **CENTRAL INDEX KEY:** 0001744494
- **STANDARD INDUSTRIAL CLASSIFICATION:** MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES [3690]
- **IRS NUMBER:** 830982969
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38742
- **FILM NUMBER:** 23783142

**BUSINESS ADDRESS:**
- **STREET 1:** 500 RUTHERFORD AVENUE
- **STREET 2:** SUITE 102
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02129
- **BUSINESS PHONE:** 857-264-7035

**MAIL ADDRESS:**
- **STREET 1:** 500 RUTHERFORD AVENUE
- **STREET 2:** SUITE 102
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02129

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMCI Acquisition Corp.
- **DATE OF NAME CHANGE:** 20180622

?xml version="1.0" encoding="utf-8"?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): March 31, 2023**

**Advent Technologies Holdings, Inc.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-38742** | **83-0982969** |
| (State or other jurisdiction<br> of incorporation) | (Commission<br> File Number) | (IRS Employer<br> Identification No.) |

---

**500 Rutherford Avenue, Suite 102**

**Boston, MA 02129**

(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: **(617) 655-6000**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ 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))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol** | **Name of each exchange on which registered** |
| Common stock, par value $0.0001 per share | ADN | The Nasdaq Capital Market |
| Warrants to purchase one share of common stock, each at an exercise price of $11.50 | ADNWW | The Nasdaq Capital Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

---

| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition.** |

---

On March 31, 2023, Advent Technologies Holdings, Inc., a Delaware corporation (the "Company"), issued a press release (the "Earnings Release") reporting its financial results for the three months and year ended December 31, 2022. As noted in the Earnings Release, management will host a conference call on Friday, March 31, 2023, at 9:00 a.m. Eastern time to discuss such financial results. Instructions on how to participate in the conference call are contained in the Earnings Release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information in this Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as expressly set forth by specific reference in such filing.

---

| | |
|:---|:---|
| **Item 7.01** | **Regulation FD Disclosure.** |

---

The information contained in Item 2.02 of this Current Report on Form 8-K is incorporated herein by reference.

The information included in this Item 7.01 and Exhibit 99.1 of this Current Report on Form 8-K is not deemed to be "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall this item and Exhibit 99.1 be incorporated by reference into the Company's filings under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such future filing.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

---

(d) Exhibit.

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | [Press Release of Advent Technologies Holdings, Inc. dated March 31, 2023.](adventtechnologies_ex99-1.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Dated: March 31, 2023 |  |  |
|  | **Advent Technologies Holdings, Inc.** | **Advent Technologies Holdings, Inc.** |
|  | By: | /s/ Vassilios Gregoriou |
|  | Name: | Vassilios Gregoriou |
|  | Title: | Chairman and Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**Advent Technologies Reports Q4 2022 Results**

● Q4 2022 revenue of $2.0 million and income from grants of $0.4 million.

● Full year 2022 revenue of $7.8 million and income from grants of $1.5 million.

● Net loss in Q4 of $47.6 million or $(0.92) per share, including an impairment charge of $38.9 million. Adjusted net loss in Q4 of $13.2 million or $(0.26) per share.

● Company holds unrestricted cash reserves of $32.9 million as of December 31, 2022.

● After official ratification from the European Commission of the European Union for funding of €782.1 million under the Important Projects of Common European Interest ("IPCEI") Hydrogen – Technology for Advent's Green HiPo project, Advent has been working with the Greek State to establish the mechanism and timing schedule for the funding facility.

● Commissioning of new Hood Park R&D and manufacturing facility in Boston, Massachusetts. This facility will enable Advent to scale-up and deliver on the increasing global demand for its electrochemical products.

BOSTON, MA. – March 31, 2023 – Advent Technologies Holdings, Inc. (NASDAQ: ADN) ("Advent" or the "Company"), an innovation-driven leader in the fuel cell and hydrogen technology space, today announced its consolidated financial results for the three months and year ended December 31, 2022. All amounts are in U.S. dollars unless otherwise noted and have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP").

**Q4 2022 Financial Highlights**

*(All comparisons are to Q4 2021, unless otherwise stated)*

● Revenue of $2.0 million and income from grants of $0.4 million. The total of $2.4 million is down 22% year-over-year, due to a decline in orders for the Company's stationary fuel cell systems primarily driven by a change in tower ownership by certain Philippines telecom operators.

● Full year 2022 revenue of $7.8 million and income from grants of $1.5 million. The total of $9.3 million is an increase of 18% year-over-year, primarily due to a full year of results from the Company's fuel cell systems businesses, compared to a partial year post-acquisition in 2021.

● Operating expenses of $11.7 million, a year-over-year decrease of $4.6 million, primarily due to a reduction in incentive and stock-based compensation expenses.

● Net loss in Q4 of $47.6 million or $(0.92) per share. Adjusted net loss of $13.2 million or $(0.26) per share. Adjusted net loss excludes a $2.1 million gain from the change in the fair value of outstanding warrants, a $2.4 million gain from an acquisition purchase price adjustment, and a $38.9 million goodwill and intangible asset impairment charge.

● Asset impairment charge primarily relates to goodwill from the Company's stationary fuel cell systems business in Denmark, Germany, and the Philippines, which was acquired in August 2021.

● Unrestricted cash reserves were $32.9 million as of December 31, 2022, a decrease of $9.5 million from September 30, 2022. In the fourth quarter of 2022, the Company received $0.4 million in tenant improvement allowances for the Hood Park R&D and manufacturing facility in Charlestown, MA, which is net of additional spending for the build-out of the facility.

"Advent continued to make progress in the last quarter, despite global recession and inflationary pressures. Subsequent to ratification by the EU for Advent's IPCEI Green HiPo project, we have been working with the Greek State on the mechanism and timing schedule for the funding facility. It is our goal to finalize these discussions as soon as possible and proceed with the roll-out of the program," said Dr. Vasilis Gregoriou, Chairman and CEO of Advent Technologies. "With our focus on operational efficiency and the drive for growth, we have now commissioned our new R&D and manufacturing facility at Hood Park, Massachusetts. This will operate alongside our planned facility in Western Macedonia, Greece, by virtue of Green HiPo, allowing for both facilities to efficiently target different geographies and specialized markets. We remain confident that we are on a path for growth, and we look forward to keeping you apprised of future developments."

**Business Updates**

**Green HiPo Project:** After official ratification from the European Commission of the European Union for funding of €782.1 million under the IPCEI Hydrogen – Technology for Advent's Green HiPo project, Advent has been working with the Greek State to establish the mechanism and timing schedule for the funding facility. These meetings have included visits by Greek State officials to the Company's research and production facilities in Patras, Greece. The next steps towards implementation of Advent's Green HiPo Project have been discussed and highlight the Company's intention to create approximately 600 direct jobs for qualified scientific and technical personnel and up to 4,600 indirect jobs over a period of six years. Green HiPo will be based in Western Macedonia, Greece, and will involve the development, design, and manufacture of HT-PEM fuel cells and electrolysers for the production of power and green hydrogen, respectively.

**New Hood Park R&D and Manufacturing Facility:** In March 2023, Advent announced that it had opened its new R&D and manufacturing facility at Hood Park in Boston, Massachusetts. Located at the heart of one of Boston's newest innovation and R&D communities, the Hood Park facility will enable Advent to scale-up and deliver on the increasing global demand for electrochemical components in the clean energy sector by including state-of-the-art coating machines to support the seamless transition from prototypes to production runs for advanced membranes and electrodes; a fully analytical facility dedicated to quality control, performance analysis, and improving product lifetime; fuel cell test stations for statistical process control and development of next-generation membrane electrode assembly ("MEA") materials, and, a mechanical engineering lab for developing automated processes for MEAs. One of the products to be manufactured at Hood Park is the ion-pair Advent MEA which is currently being developed within the framework of L'Innovator, the Company's joint development program with the U.S. Department of Energy. Advent intends that its proprietary fuel cell products, such as Serene and Honey Badger 50™, will use the ion-pair Advent MEAs beginning in 2024. The Company expects the introduction of the ion-pair Advent MEA will significantly reduce the cost of our Serene flagship product suite and thus expand the immediately addressable market. Furthermore, the expected system increase in power density and lifetime will highly differentiate Advent's fuel cells in the heavy-duty mobility industry.

**Joint Development Agreement with Hyundai Motor Company ("Hyundai"):** On March 22, 2023, Advent and Hyundai announced a successful technology assessment. The assessment evaluated Advent's proprietary MEA technology for supplying Hyundai's high-temperature fuel cell needs, and following its success, the two companies have entered into a Joint Development Agreement ("JDA"). The agreement solidifies the interest of one of the world leaders in fuel cell technology to further develop the HT-PEM technology in collaboration with Advent. The first step of the JDA focuses on the MEA. Advent's goal is to provide its MEAs and its HT-PEM fuel cell development expertise to co-develop with automotive manufacturers the next generation of fuel cells for heavy-duty mobility. The HT-PEM fuel cell technology is highly differentiated compared with the current LT-PEM technology because it allows a vehicle to operate with efuel such as eMethanol, biofuels, and low-purity hydrogen; it allows higher impurity in the hydrogen or air intake, a case which is very common in practice and has repeatedly hampered LT-PEM deployments in real-world conditions; it has built-in resilience, as the HT-PEM fuel cell does not rely on water for conductivity, therefore eliminating the problems of operating in extreme heat, cold, or humid conditions; and it has a higher efficiency resulting from the high-temperature operation, which allows for optimized cooling, a critical performance parameter for heavy-duty trucks and aircraft. Based on the aforementioned, Advent will pursue strategic joint development agreements to achieve its goal of supplying key MEA components and technology to the mobility market.

**Vantage Towers Greece ("Vantage Towers"):** On December 19, 2022, Advent launched a proof of concept ("PoC") project with Vantage Towers to replace diesel generators with fuel cells. Vantage Towers Greece is the largest and only independent tower infrastructure company in Greece, operating more than 5,250 towers for Vodafone Greece and Wind Hellas. By replacing diesel generators with fuel cells at non-permanent sites that are not connected to the power grid, they can be supplied with environmentally friendly electricity. Under the PoC, Vantage Towers Greece, a subsidiary of Vantage Towers Group, one of Europe's leading tower companies, will explore the applicability of Advent's Serene biomethanol-powered fuel cell systems as back-up and primary power sources for its telecom towers. This new collaboration is particularly aligned with the overall strategy of Vantage Towers, which aims to drive sustainable digitalization in Europe by reducing carbon emissions across its network by using clean energy solutions. Following the successful completion of the PoC project in Greece, Advent and Vantage Towers could consider wider deployments. Advent has already installed approximately 1,000 methanol-powered Serene fuel cell systems worldwide, primarily used as a back-up power source for the telecommunications sector.

**Collaboration with Alfa Laval:** On January 10, 2023, Advent announced a collaboration with Alfa Laval, a global provider of heat transfer, separation, and fluid handling products, on a project to explore applications of Advent's methanol-powered HT-PEM fuel cells in the marine industry. Funded by the Danish Energy Technology Development and Demonstration Program, the project is a joint effort between Advent, Alfa Laval and a group of Danish shipowners. The project will focus on testing Advent's methanol-powered HT-PEM fuel cells as a source of marine auxiliary power. During the course of the project, the fuel cell system will undergo a risk assessment by a leading international classification society. At the same time, the project aims to integrate the next generation of Advent's fuel cells. These fuel cells will be based on Advent's next-generation MEA. Aiming to meet the ever-growing power requirements of the maritime industry, Advent's next-generation fuel cells are expected to demonstrate a significant increase in lifetime, efficiency, and electrical output.

**Marine Fuel Cell Solution for Superyachts:** On February 9, 2023, Advent announced a new marine collaboration with a globally renowned energy technology company, offering sustainable solutions across the entire energy value chain. Advent and its partner will work together to develop a 50kW–500kW marine fuel cell solution for a range of superyachts, which will provide a sustainable and reliable source of auxiliary power and offer improved power density. This marine fuel cell solution is initially expected to be used as a hybrid power source, enabling clean electricity generation instead of using conventional diesel engines and generators for procedures such as anchoring and maneuvering. As part of the agreement, Advent's partner has placed an initial order for 20 of Advent's methanol-powered Serene fuel cell systems. Following the completion of this project, the two parties will explore the potential of developing similar solutions for a wider range of business applications beyond marine, such as industrial power solutions.

**Honey Badger Fuel Cell for U.S. Department of Defense:** Advent continued with the development efforts of the Honey Badger 50™, the portable power generator for the Defense market, funded by the U.S. Department of Defense. The Company expects the production version to be finalized in 2023, and our goal is to receive production orders in 2024 increasing to higher volumes in 2025. We consider the Department of Defense programs a very important part of our innovation portfolio, as they demand performance under extreme conditions and prove the resilience of the HT-PEM technology. The portable fuel cell application market is also a potential target for growth, where we intend to seek synergies with established market leaders that require a fuel cell product suite.

**Conference Call**

The Company will host a conference call on Friday, March 31, 2023, at 9:00 AM ET to discuss its results.

To access the call please dial (888) 660-6182 from the United States, or (929) 203-0891 from outside the U.S. The conference call I.D. number is 3273042. Participants should dial in 5 to 10 minutes before the scheduled time.

A replay of the call can also be accessed via phone through April 14, 2023, by dialing (800) 770-2030 from the U.S., or (647) 362-9199 from outside the U.S. The conference I.D. number is 3273042.

**About Advent Technologies Holdings, Inc.**

Advent Technologies Holdings, Inc. is a U.S. corporation that develops, manufactures, and assembles complete fuel cell systems, and the critical components for fuel cells in the renewable energy sector. Advent is headquartered in Boston, Massachusetts, with offices in California, Greece, Denmark, Germany, and the Philippines. With more than 150 patents issued, pending, or licensed worldwide for fuel cell technology, Advent holds the IP for next-generation HT-PEM that enable various fuels to function at high temperatures and under extreme conditions – offering a flexible option for the automotive, aviation, defense, oil and gas, marine, and power generation sectors. For more information, please visit <u>www.advent.energy</u>.

**Cautionary Note Regarding Forward-Looking Statements**

This press release includes forward-looking statements. These forward-looking statements generally can be identified by the use of words such as "anticipate," "expect," "plan," "could," "may," "will," "believe," "estimate," "forecast," "goal," "project," and other words of similar meaning. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, the Company's ability to maintain the listing of the Company's common stock on Nasdaq; future financial performance; public securities' potential liquidity and trading; impact from the outcome of any known and unknown litigation; ability to forecast and maintain an adequate rate of revenue growth and appropriately plan its expenses; expectations regarding future expenditures; future mix of revenue and effect on gross margins; attraction and retention of qualified directors, officers, employees, and key personnel; ability to compete effectively in a competitive industry; ability to protect and enhance our corporate reputation and brand; expectations concerning our relationships and actions with our technology partners and other third parties; impact from future regulatory, judicial and legislative changes to the industry; ability to locate and acquire complementary technologies or services and integrate those into the Company's business; future arrangements with, or investments in, other entities or associations; and intense competition and competitive pressure from other companies worldwide in the industries in which the Company will operate; and the risks identified under the heading "Risk Factors" in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 31, 2022, as well as the other information we file with the SEC. We caution investors not to place considerable reliance on the forward-looking statements contained in this press release. You are encouraged to read our filings with the SEC, available at <u>www.sec.gov</u>, for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this document, and we undertake no obligation to update or revise any of these statements. Our business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.

**Presentation of Non-GAAP Financial Measures**

In addition to the results provided in accordance with U.S. GAAP throughout this press release, the Company has provided non-GAAP financial measures - Adjusted Net Income / (Loss) and Adjusted EBITDA - which present results on a basis adjusted for certain items. The Company uses these non-GAAP financial measures for business planning purposes and in measuring its performance relative to that of its competitors. The Company believes that these non-GAAP financial measures are useful financial metrics to assess its operating performance from period-to-period by excluding certain items that the Company believes are not representative of its core business. These non-GAAP financial measures are not intended to replace, and should not be considered superior to, the presentation of the Company's financial results in accordance with GAAP. The use of the terms Adjusted Net Income / (Loss) and Adjusted EBITDA may differ from similar measures reported by other companies and may not be comparable to other similarly titled measures. These measures are reconciled from the respective measures under GAAP in the appendix below.

**Contacts**

Advent Technologies Holdings, Inc.

Naiem Hussain

<u>nhussain@advent.energy</u>

Chris Kaskavelis

<u>press@advent.energy</u>

###

**ADVENT TECHNOLOGIES HOLDINGS, INC.**

**CONSOLIDATED BALANCE SHEETS**

(**Amounts in USD thousands, except share and per share amounts)**

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **December 31,<br> 2022**<br> (Unaudited) | **December 31,<br> 2021** |
| **ASSETS** | | |
| **Current assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $32869 | $79764 |
| &nbsp;&nbsp;&nbsp;Accounts receivable | 979 | 3139 |
| &nbsp;&nbsp;&nbsp;Contract assets | 52 | 1617 |
| &nbsp;&nbsp;&nbsp;Inventories | 12620 | 6958 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and Other current assets | 2980 | 5873 |
| **Total current assets** | **49500** | **97351** |
| **Non-current assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Goodwill | 5742 | 30030 |
| &nbsp;&nbsp;&nbsp;Intangibles, net | 6062 | 23344 |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 17938 | 8585 |
| &nbsp;&nbsp;&nbsp;Right-of-use assets | 4055 |  |
| &nbsp;&nbsp;&nbsp;Other non-current assets | 5971 | 2475 |
| &nbsp;&nbsp;&nbsp;Deferred tax assets |  | 1246 |
| &nbsp;&nbsp;&nbsp;Available for sale financial asset | 320 | - |
| **Total non-current assets** | **40088** | **65680** |
| **Total assets** | $**89588** | $**163031** |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| **Current liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Trade and other payables | $4680 | $4837 |
| &nbsp;&nbsp;&nbsp;Deferred income from grants, current | 801 | 205 |
| &nbsp;&nbsp;&nbsp;Contract liabilities | 1019 | 1118 |
| &nbsp;&nbsp;&nbsp;Other current liabilities | 4703 | 12515 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | 2280 |  |
| &nbsp;&nbsp;&nbsp;Income tax payable | 183 | 196 |
| **Total current liabilities** | **13666** | **18871** |
| **Non-current liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Warrant liability | 998 | 10373 |
| &nbsp;&nbsp;&nbsp;Deferred tax liabilities |  | 2500 |
| &nbsp;&nbsp;&nbsp;Long-term operating lease liabilities | 9802 |  |
| &nbsp;&nbsp;&nbsp;Defined benefit obligation | 72 | 90 |
| &nbsp;&nbsp;&nbsp;Deferred income from grants, non-current | 50 |  |
| &nbsp;&nbsp;&nbsp;Other long-term liabilities | 852 | 996 |
| **Total non-current liabilities** | **11774** | **13959** |
| **Total liabilities** | **25440** | **32830** |
| **Commitments and contingent liabilities** |  |  |
| **Stockholders' equity** |  |  |
| &nbsp;&nbsp;&nbsp;Common stock ($0.0001 par value per share; Shares authorized: 110,000,000 at December 31, 2022 and December 31, 2021; Issued and outstanding: 51,717,720 and 51,253,591 at December 31, 2022 and December 31, 2021, respectively) | 5 | 5 |
| &nbsp;&nbsp;&nbsp;Preferred stock ($0.0001 par value per share; Shares authorized: 1,000,000 at December 31, 2022 and December 31, 2021; nil issued and outstanding at December 31, 2022 and December 31, 2021) |  |  |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 174509 | 164894 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (2604) | (1273) |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (107762) | (33425) |
| **Total stockholders' equity** | **64148** | **130201** |
| **Total liabilities and stockholders' equity** | $**89588** | $**163031** |

---

**ADVENT TECHNOLOGIES HOLDINGS, INC.**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

**(Amounts in USD thousands, except share and per share amounts)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended<br> December 31,<br> (Unaudited)** | **Three months ended<br> December 31,<br> (Unaudited)** | **Years Ended<br> December 31,** | **Years Ended<br> December 31,** |
|  | **2022** | **2021** | (Unaudited)<br> **2022** | **2021** |
| Revenue, net | $1957 | $2903 | $7837 | $7069 |
| Cost of revenues | (2455) | (2744) | (8581) | (5406) |
| **Gross profit / (loss)** | **(498)** | **159** | **(744)** | **1663** |
| &nbsp;&nbsp;&nbsp;Income from grants | 449 | 197 | 1460 | 829 |
| &nbsp;&nbsp;&nbsp;Research and development expenses | (2458) | (1980) | (9796) | (3541) |
| &nbsp;&nbsp;&nbsp;Administrative and selling expenses | (9258) | (14318) | (35915) | (41877) |
| &nbsp;&nbsp;&nbsp;Amortization of intangibles | (651) | (717) | (2764) | (1185) |
| &nbsp;&nbsp;&nbsp;Credit loss – customer contracts | (1116) |  | (1116) |  |
| &nbsp;&nbsp;&nbsp;Gain from purchase price adjustment | 2370 |  | 2370 |  |
| &nbsp;&nbsp;&nbsp;Impairment loss - intangible assets and goodwill | (38922) | - | (38922) | - |
| **Operating loss** | **(50084)** | **(16659)** | **(85427)** | **(44111)** |
| &nbsp;&nbsp;&nbsp;Fair value change of warrant liability | 2127 | 6909 | 9375 | 22743 |
| &nbsp;&nbsp;&nbsp;Finance income / (expenses), net | 61 | (24) | 52 | (51) |
| &nbsp;&nbsp;&nbsp;Foreign exchange gains / (losses), net | (40) | (42) | (91) | (43) |
| &nbsp;&nbsp;&nbsp;Other income / (expenses), net | 4 | (62) | (216) | 16 |
| **Loss before income tax** | **(47932)** | **(9878)** | **(76307)** | **(21446)** |
| &nbsp;&nbsp;&nbsp;Income taxes | 307 | 872 | 1970 | 923 |
| **Net loss** | $**(47625)** | $**(9006)** | $**(74337)** | $**(20523)** |
| **Net loss per share** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Basic loss per share** | **(0.92)** | **(0.18)** | **(1.44)** | **(0.45)** |
| &nbsp;&nbsp;&nbsp;**Basic weighted average number of shares** | **51717720** | **51253591** | **51528703** | **45814868** |
| &nbsp;&nbsp;&nbsp;**Diluted loss per share** | **(0.92)** | **(0.18)** | **(1.44)** | **(0.45)** |
| &nbsp;&nbsp;&nbsp;**Diluted weighted average number of shares** | **51717720** | **51253591** | **51528703** | **45814868** |

---

**ADVENT TECHNOLOGIES HOLDINGS, INC.**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(Amounts in USD thousands)**

---

| | | |
|:---|:---|:---|
|  | **Years Ended<br> December 31,** | **Years Ended<br> December 31,** |
|  | (Unaudited)<br> **2022** | **2021** |
| **Net Cash used in Operating Activities** | $**(32125)** | $**(35837)** |
| **Cash Flows from Investing Activities:** |  |  |
| Proceeds from sale of property and equipment | 0 | 7 |
| Purchases of property and equipment | (11527) | (3920) |
| Purchases of intangible assets | (117) | (18) |
| Advances for the acquisition of property and equipment | (2557) | (2200) |
| Acquisition of a subsidiary, net of cash acquired |  | (19425) |
| Acquisition of available for sale financial assets | (316) | - |
| **Net Cash used in Investing Activities** | $**(14517)** | $**(25556)** |
| **Cash Flows from Financing Activities:** |  |  |
| Business Combination and PIPE financing, net of issuance costs paid |  | 141121 |
| Proceeds of issuance of common stock and paid-in capital from warrants exercise |  | 262 |
| State loan proceeds |  | 118 |
| State refundable deposit repayment | (40) | - |
| **Net Cash (used in) provided by Financing Activities** | $**(40)** | $**141501** |
| **Net (decrease) / increase in cash, cash equivalents, restricted cash and restricted cash equivalents** | $**(46682)** | $**80108** |
| Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents | 537 | (860) |
| Cash, cash equivalents, restricted cash and restricted cash equivalents at the beginning of year | 79764 | 516 |
| **Cash, cash equivalents, restricted cash and restricted cash equivalents at the end of year** | $**33619** | $**79764** |

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**Supplemental Non-GAAP Measures and Reconciliations**

In addition to providing measures prepared in accordance with GAAP, we present certain supplemental non-GAAP measures. These measures are EBITDA, Adjusted EBITDA and Adjusted Net Income / (Loss), which we use to evaluate our operating performance, for business planning purposes and to measure our performance relative to that of our peers. These non-GAAP measures do not have any standardized meaning prescribed by GAAP and therefore may differ from similar measures presented by other companies and may not be comparable to other similarly titled measures. We believe these measures are useful in evaluating the operating performance of the Company's ongoing business. These measures should be considered in addition to, and not as a substitute for net income, operating expense and income, cash flows and other measures of financial performance and liquidity reported in accordance with GAAP. The calculation of these non-GAAP measures has been made on a consistent basis for all periods presented.

**EBITDA and Adjusted EBITDA**

These supplemental non-GAAP measures are provided to assist readers in determining our operating performance. We believe this measure is useful in assessing performance and highlighting trends on an overall basis. We also believe EBITDA and Adjusted EBITDA are frequently used by securities analysts and investors when comparing our results with those of other companies. EBITDA differs from the most comparable GAAP measure, net income / (loss), primarily because it does not include interest, income taxes, depreciation of property, plant and equipment, and amortization of intangible assets. Adjusted EBITDA adjusts EBITDA for one-time transaction costs, asset impairment charges, changes in warrant liability, and executive severance.

The following tables show a reconciliation of net income / (loss) to EBITDA and Adjusted EBITDA for the three months and years ended December 31, 2022 and 2021.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **EBITDA and Adjusted EBITDA** | **Three months ended<br> December 31,<br> (Unaudited)** | **Three months ended<br> December 31,<br> (Unaudited)** | **Three months ended<br> December 31,<br> (Unaudited)** | **Years Ended<br> December 31,** | **Years Ended<br> December 31,** | **Years Ended<br> December 31,** |
| *(in Millions of U.S. dollars)* | **2022** | **2021** | **$ change** | (Unaudited)<br> **2022** | **2021** | **$ change** |
| **Net loss** | $**(47.63)** | $**(9.00)** | **(38.63)** | $**(74.34)** | $**(20.52)** | **(53.82)** |
| Depreciation of property and equipment | $0.36 | $0.38 | (0.02) | $1.49 | $0.56 | 0.93 |
| Amortization of intangibles | $0.65 | $0.71 | (0.06) | $2.76 | $1.18 | 1.58 |
| Finance income / (expenses), net | $(0.06) | $0.02 | (0.08) | $(0.05) | $0.05 | (0.10) |
| Other income / (expenses), net | $0.00 | $0.06 | (0.06) | $0.22 | $(0.02) | 0.24 |
| Foreign exchange differences, net | $0.04 | $0.04 |  | $0.09 | $0.04 | 0.05 |
| Income taxes | $(0.31) | $(0.87) | 0.56 | $(1.97) | $(0.92) | (1.05) |
| **EBITDA** | $**(46.95)** | $**(8.66)** | **(38.29)** | $**(71.80)** | $**(19.63)** | **(52.17)** |
| Net change in warrant liability | $(2.13) | $(6.91) | 4.78 | $(9.38) | $(22.74) | 13.36 |
| Gain from purchase price adjustment | $(2.37) | $- | (2.37) | $(2.37) | $- | (2.37) |
| Impairment loss – intangible assets and goodwill | $38.92 | $- | 38.92 | $38.92 | $- | 38.92 |
| One-Time Transaction Related Expenses (1) | $- | $- |  | $- | $5.87 | (5.87) |
| One-Time Transaction Related Expenses (2) | $- | $- |  | $- | $0.89 | (0.89) |
| Executive severance (3) | $- | $- | - | $- | $2.44 | (2.44) |
| **Adjusted EBITDA** | $**(12.53)** | $**(15.57)** | **3.04** | $**(44.63)** | $**(33.17)** | **(11.46)** |

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(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.

**Adjusted Net Income / (Loss)**

This supplemental non-GAAP measure is provided to assist readers in determining our financial performance. We believe this measure is useful in assessing performance and highlighting trends on an overall basis. Adjusted Net Loss differs from the most comparable GAAP measure, net income / (loss), primarily because it does not include one-time transaction costs, asset impairment charges, changes in warrant liability, and executive severance. The following table shows a reconciliation of net income / (loss) for the three months and years ended December 31, 2022 and 2021.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Adjusted Net Loss** | **Three months ended<br> December 31,<br> (Unaudited)** | **Three months ended<br> December 31,<br> (Unaudited)** | **Three months ended<br> December 31,<br> (Unaudited)** | **Years Ended<br> December 31,** | **Years Ended<br> December 31,** | **Years Ended<br> December 31,** |
| *(in Millions of U.S. dollars)* | **2022** | **2021** | **$ change** | (Unaudited)<br> **2022** | **2021** | **$ change** |
| **Net loss** | $**(47.63)** | $**(9.00)** | **(38.63)** | $**(74.34)** | $**(20.52)** | **(53.82)** |
| Net change in warrant liability | $(2.13) | $(6.91) | 4.78 | $(9.38) | $(22.74) | 13.36 |
| Gain from purchase price adjustment | $(2.37) | $- | (2.37) | $(2.37) | $- | (2.37) |
| Impairment loss – intangible assets and goodwill | $38.92 | $- | 38.92 | $38.92 | $- | 38.92 |
| One-Time Transaction Related Expenses (1) | $- | $- |  | $- | $5.87 | (5.87) |
| One-Time Transaction Related Expenses (2) | $- | $- |  | $- | $0.89 | (0.89) |
| Executive severance (3) | $- | $- | - | $- | $2.44 | (2.44) |
| **Adjusted Net Loss** | $**(13.21)** | $**(15.91)** | **2.70** | $**(47.17)** | $**(34.06)** | **(13.11)** |

---

(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.