Operating Activities $(2,876) $(11,448) $ 8,572 (74.9)%
Cash Flows from
Investing Activities:
Purchases of property
and equipment (29) (911) 882 (96.8)%
Advances for the
acquisition of property
and equipment - (976) 976 N/A
------ ------- ------- --------
Net Cash used in
Investing Activities $ (29) $ (1,887) $ 1,858 (98.5)%
------ ------- ------- --------
Cash Flows from
Financing Activities:
Issuance of common stock
and paid-in capital 126 - 126 N/A
------ ------- ------- --------
Net cash provided by
Financing Activities $ 126 $ - $ 126 N/A
------ ------- ------- --------
Net decrease in cash,
cash equivalents,
restricted cash and
restricted cash
equivalents $(2,779) $(13,335) $ 10,556 (79.2)%
------ ------- ------- --------
Effect of exchange rate
changes on cash, cash
equivalents, restricted
cash and restricted
cash equivalents (11) 11 (22) (200.0)%
Cash, cash equivalents,
restricted cash and
restricted cash
equivalents at the
beginning of year 4,412 33,619 (29,207) (86.9)%
------ ------- ------- --------
Cash, cash equivalents,
restricted cash and
restricted cash
equivalents at the end
of period $ 1,622 $ 20,295 $(18,673) (92.0)%
====== ======= ======= ========
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 Advent'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 items such as one-time transaction costs, asset impairment charges, and fair value changes in the warrant liability.
The following tables show a reconciliation of net loss to EBITDA and Adjusted EBITDA for the three months ended March, 2024 and 2023.
Three months ended
EBITDA and Adjusted March 31,
EBITDA (Unaudited)
----------------------
(in Millions of US
dollars) 2024 2023 $ change
------------------------- ----------- -------- --------
Net loss $ (9.36) $ (11.99) 2.63
Depreciation of property
and equipment $ 0.72 $ 0.40 0.32
Amortization of
intangibles $ - $ 0.22 (0.22)
Finance income /
(expenses), net $ 0.23 $ (0.11) 0.34
Loss contingency $ 4.91 $ - 4.91
Other income /
(expenses), net $ 0.02 $ (0.17) 0.19
Foreign exchange
differences, net $ 0.01 $ 0.04 (0.03)
Income taxes $ (0.06) $ 0.80 (0.86)
------- ------- --------
EBITDA $ (3.53) $ (10.81) 7.28
------- ------- --------
Net change in warrant
liability $ (0.06) $ (0.39) 0.33
------- ------- --------
Adjusted EBITDA $ (3.59) $ (11.20) 7.61
------- ------- --------
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 loss, primarily because it does not include one-time transaction costs, asset impairment charges and warrant liability changes. The following table shows a reconciliation of net loss to Adjusted Net Loss for the three months ended March 31, 2024 and 2023.
Three months ended
March 31,
Adjusted Net Loss (unaudited)
----------------------
(in Millions of US
dollars) 2024 2023 $ change
-------------------------- ----------- -------- --------
Net loss $ (9.36) $ (11.99) 2.63
Net change in warrant
liability $ (0.06) $ (0.39) 0.33
------- ------- --------
Adjusted Net Loss $ (9.42) $ (12.38) 2.96
------- ------- --------
Advent Technologies Holdings, Inc.
Dr. Vasilis Gregoriou press@advent.energy
Source: Advent Technologies Holdings, Inc.
(END) Dow Jones Newswires
October 15, 2024 07:00 ET (11:00 GMT)
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