Advent Technologies reports Q1 EPS ($3.62) vs ($6.92) last year

Reports Q1 revenue $3.45M vs $977,000. “The consolidation of our global operations continued during Q1 2024, which has driven efficiencies and contributed to the reduction of our cash burn. We will concentrate our efforts toward the development and manufacturing of the Advent MEA which is the core component of HT-PEM fuel cells, and on developing fuel cell stacks and licensing out fuel cell system technology through technology transfer agreements,” said Dr. Vasilis Gregoriou, Chairman and CEO of Advent Technologies. “Our HT-PEM technology is ideal for the stationary and portable power sector (including backup and primary power, data center power, and portable power for construction and other off-grid markets). The transportation sector has also shown great interest, as evidenced by the maritime, aviation, and automotive Joint Development Agreements and Technology Assessments underway. Our goal is to forge strong partnerships with OEMs, which will provide financial support and accelerate market adoption of the HT-PEM technology at a large scale. These partnerships will actively support our R&D and investment efforts and provide a clear path to commercialization.”