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Advent Technologies Holdings Inc. (ADN+4.19%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The company reported a net loss of $18.5 million for the quarter, compared to a net loss of $11.8 million in the same period the previous year. The increase in net loss was primarily due to a loss from discontinued operations.
Revenue for the quarter was $128,000, slightly up from $112,000 in the previous year. The revenue increase was attributed to services provided under Joint Development Agreements and Technology Assessment Agreements.
Cost of revenues decreased to $336,000 from $807,000 in the prior year, reflecting a shift in focus from product sales to service agreements.
Research and development expenses were $411,000, down from $1.2 million, due to reduced internal research costs.
Administrative and selling expenses decreased to $3.1 million from $8 million, reflecting cost reduction measures and staff departures.
The company reported a gross loss of $208,000, compared to a gross loss of $695,000 in the previous year.
Advent Technologies Holdings Inc. reported $1.4 million in income from grants for the nine months ended September 30, 2024, an increase from $788,000 in the previous year.
The company highlighted ongoing financial challenges, including a working capital deficit of $23 million as of the end of the quarter.
Advent Technologies Holdings Inc. is pursuing additional funding to address liquidity needs and continue operations.
The company acknowledged material weaknesses in its internal controls over financial reporting and is implementing remediation plans to address these issues.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Advent Technologies Holdings Inc. quarterly 10-Q report dated December 27, 2024. To report an error, please email earnings@qz.com.