Advent Technologies Update on Streamlining Operations
As part of the operational plan announced earlier this year in the investor presentation (https://ir.advent.energy/notices-and-presentations/default.aspx), Advent intends to:
-
reduce operational and facility expenses for 2024, with a target of total costs below
(including cost of goods)—a nearly$24 million 50% reduction from the previous year. -
achieve a combined income of
($13m from customer revenue and$11m from R&D grants) in 2024.$2m - achieve break-even by the end of 2025.
Following the acquisitions of Serenergy and Ultracell and the organic expansion, Advent had seven facilities around the world. In 2024, the Company decided to eliminate the
Advent has taken several steps to successfully reduce its cash burn. The Company expects government funding for 22 R&D and manufacturing programs, amounting to
Dr. Vasilis Gregoriou, Chairman and CEO of Advent, commented: "For the last six months, we have made a great effort to significantly reduce costs and streamline our strategy, aiming for a pragmatic yet ambitious outcome. We have delivered on our contractual agreements and milestones with Airbus, Hyundai, US Army, and Siemens Energy so far, increased our pipeline, and received new purchase orders for Serene systems. We are relocating our headquarters to
Furthermore, Advent Technologies anticipates publishing its financial results for 2023 within July 2024.
About Advent Technologies Holdings, Inc
Advent Technologies Holdings, Inc. is a
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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 Advent’s corporate reputation and brand; expectations concerning its relationships and actions with 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 Advent’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 31, 2023, as well as the other information filed with the SEC. Investors are cautioned not to place considerable reliance on the forward-looking statements contained in this press release. You are encouraged to read Advent’s filings with the SEC, available at www.sec.gov, 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 the Company undertakes no obligation to update or revise any of these statements. Advent’s 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.
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Advent Technologies Holdings, Inc.
Michael Trontzos
press@advent.energy
Source: Advent Technologies Inc.