Advent Technologies Holdings Inc (ADN) 2022 Q1 法說會逐字稿

Good morning, everyone. I will be your conference operator today. At this time, I would like to welcome everyone to Advent Technologies First Quarter Earnings Conference Call. (Operator Instructions)

大家早安。今天我將擔任您的會議主持人。現在，我歡迎大家參加 Advent Technologies 第一季財報電話會議。 （操作員指令）

On the call today, we are joined by Dr. Vassilios Gregoriou, Advent's Chairman and CEO; and Kevin Brackman, Advent's CFO.

在今天的電話會議上，我們邀請了 Advent 董事長兼執行長 Vassilios Gregoriou 博士；以及 Advent 財務長 Kevin Brackman。

Before we begin the prepared remarks, we would like to remind you that Advent issued a press release announcing its first quarter 2022 financial results shortly before market opened today. You may access the materials on the Investor Relations section of the company's website, www.advent.energy.

在我們開始準備好的發言之前，我們想提醒您，Advent 在今天市場開盤前不久發布了一份新聞稿，宣布了其 2022 年第一季的財務業績。您可以在公司網站 www.advent.energy 的投資者關係部分存取這些資料。

I would also like to remind everyone that during the course of this conference call, Advent's management will discuss forecasts, targets and other forward-looking statements regarding the company's future, customer orders and the company's business outlook that are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 for forward-looking statements.

我還想提醒大家，在本次電話會議中，Advent 管理層將討論有關公司未來、客戶訂單和公司業務前景的預測、目標和其他前瞻性陳述，這些陳述旨在受到《1995 年私人證券訴訟改革法》關於前瞻性陳述的安全港條款的保護。

While these statements represent management's current expectations and projections about future results and performance as of today, Advent's actual results are subject to many risks and uncertainties that could cause actual results to differ materially from those expectations. In addition to any risks highlighted during this call, important factors that may affect Advent's future results are described in its most recent SEC reports filed with the Securities and Exchange Commission, including today's earnings press release. Except as required by applicable law, the company undertakes no obligation to update any of these forward-looking statements for any reason after the date of this call.

雖然這些聲明代表了管理層目前對未來結果和業績的預期和預測，但 Advent 的實際結果受許多風險和不確定性的影響，可能導致實際結果與這些預期有重大差異。除了本次電話會議中強調的任何風險之外，Advent 向美國證券交易委員會提交的最新 SEC 報告（包括今天的收益新聞稿）中還描述了可能影響其未來業績的重要因素。除適用法律要求外，本公司不承擔在本次電話會議召開之日後因任何原因更新任何這些前瞻性聲明的義務。

Lastly, information discussed on this call concerning the company's industry competitive position in the market in which it operates, is based on information from independent industry and research organizations, other third-party sources and management estimates. Management estimates are derived from publicly available information released by independent industry analysis and other third-party resources as well as data from the company's internal research and are based on assumptions made upon reviewing such data in this experience and in knowledge of such industries and markets, which is pleased to be reasonable. These assumptions are subject to uncertainties and risks which could cause results to differ materially from those expressed in the estimates. Please note this call is being recorded.

最後，本次電話會議中討論的有關公司在其營運市場中的行業競爭地位的資訊是基於來自獨立行業和研究機構、其他第三方來源和管理層估計的資訊。管理層的估計來自於獨立行業分析和其他第三方資源發布的公開資訊以及公司內部研究的數據，並基於在本經驗和對此類行業和市場的了解下審查此類數據後做出的假設，這些估計是合理的。這些假設受不確定性和風險的影響，可能導致結果與估計結果有重大差異。請注意，本次通話正在錄音。

Kicking off the call will be Dr. Vasilis Gregoriou. Dr. Gregoriou, I'll turn it over to you.

此次電話會議將由 Vasilis Gregoriou 博士主持。 Gregoriou 博士，我將把這個任務交給您。

Thank you, operator. Good morning to everyone listening in and thank you for joining us on Advent's First Quarter 2022 Earnings Call. I'm joined today by Advent's CFO, Kevin Brackman.

謝謝您，接線生。各位聽眾早安，感謝您參加 Advent 2022 年第一季財報電話會議。今天與我一起參加的是 Advent 的財務長 Kevin Brackman。

On today's call, I will provide comments regarding our first quarter results, followed by an update on the business. I will then hand over to Kevin, who will give a review of our financial performance and outlook in more detail.

在今天的電話會議上，我將對我們的第一季業績發表評論，然後介紹業務的最新進展。然後我將把麥克風交給凱文，他將更詳細地回顧我們的財務表現和前景。

During my last update on March 28, I concluded by remarking that 2021 was a very significant and progressive year for Advent and that we have built the foundation for growth. This foundation is already bearing fruit and is providing to be a catalyst exemplified by the agreements that we have put in place in the first quarter of 2022. As a clean energy technology company, we will continually improve and leverage from our technology and expertise and focus on market needs. We hold around 190 issued license and [pending] partners worldwide for our fuel cell technology and have 38 R&D programs allowing Advent to offer a spectrum of products to the energy market from [advanced materials] fuel cell.

在 3 月 28 日的上次更新中，我總結道，2021 年對 Advent 來說是非常重要且進步的一年，我們已經奠定了成長的基礎。這項基礎已結出碩果，並將成為我們在 2022 年第一季達成的協議的催化劑。我們的燃料電池技術在全球擁有約 190 個已頒發許可證和 [待批准] 合作夥伴，並且擁有 38 個研發項目，這使得 Advent 能夠向能源市場提供從 [先進材料] 燃料電池的一系列產品。

Our global reach includes Boston, Massachusetts as our headquarters. We're building state-of-the-art membrane [electrode] manufacturing facilities in (inaudible) in Livermore, California, with design to manufacture lightweight systems. Denmark and Germany sales develop

我們的業務範圍遍佈全球，總部位於麻薩諸塞州波士頓。我們正在加州利弗莫爾（聽不清楚）建造最先進的薄膜[電極]製造工廠，設計用於製造輕量級系統。丹麥和德國的銷售發展

(technical difficulty)

（技術難度）

And it appears we've lost Dr. Gregoriou. Mr. Brackman, if you would go ahead, I'll dial back out.

看來我們失去了格雷戈里烏博士。布拉克曼先生，如果您可以繼續，我就撥回去。

Sure. Thank you.

當然。謝謝。

In Denmark and Germany, the (inaudible) development and the assembly responsibilities for Advent's 5 kilowatts to 15 kilowatts SereneU systems. In the Philippines, we service the telecom market through sales, service and site preparation. And in Greece, we have expanded our MEA production and polymer synthesis capacity including polymer for the next-generation Advent MEA.

在丹麥和德國，Advent 負責 5 千瓦至 15 千瓦 SereneU 系統的開發和組裝。在菲律賓，我們透過銷售、服務和場地準備服務電信市場。在希臘，我們擴大了 MEA 生產和聚合物合成能力，包括用於下一代 Advent MEA 的聚合物。

During 2022, we will continue to consolidate our business to make operations more efficient and effective and to concentrate activities on our key markets. Our business focus is on the production of advanced fuel cell materials leading to direct sales and the development of advanced fuel cell systems in collaboration with OEMs, which will enable us to enter into long-term licensing arrangements. The latter is expected to deliver revenue consisting of milestone payments and royalties which will provide the upside to our business.

2022 年，我們將繼續整合業務，使營運更有效率、更有效，並將活動集中在我們的關鍵市場。我們的業務重點是生產先進的燃料電池材料並進行直接銷售，以及與 OEM 合作開發先進的燃料電池系統，這將使我們能夠達成長期許可協議。後者預計將帶來由里程碑付款和特許權使用費組成的收入，這將為我們的業務帶來好處。

We continue to have strong cash reserves totaling $59.3 million at March 31. Overall, our performance this quarter leaves us confident about the long-term growth and earnings potential of the company.

我們繼續擁有強勁的現金儲備，截至 3 月 31 日總額達 5,930 萬美元。

I will now give an overview of our key achievements during the quarter. In March, Advent announced the availability of its next-generation MEA. These MEAs are already undergoing testing and validation by select strategic partners. The Advent MEA technology...

現在我將概述我們本季的主要成就。今年 3 月，Advent 宣布推出下一代 MEA。這些 MEA 已經由選定的策略合作夥伴進行測試和驗證。 Advent MEA 技術...

I'm back in now, sorry.

我回來了，抱歉。

Vasilis, I'm on the paragraph talking about the next-generation MEA technology.

瓦西里斯，我正在討論下一代 MEA 技術。

Yes, yes, I see it. Apologies, somehow my connection is not good, it was good before. So I'll take over and then we'll go back to you, Kevin.

是的，是的，我看到了。抱歉，不知怎麼的，我的連接不太好，之前一直很好。所以我會接手，然後我們會回到你身邊，凱文。

So basically, the milestones already achieved -- because you were there on the U.S. Department of Energy collaboration. The milestone already achieved include accelerated stress testing that has confirmed the potential for a greater than 5x improvement in lifetime versus current high-temperature PEM MEAs, a strong potential for 2 to 3x the power density versus current high-temperature PEM MEA. Advent is now in various discussions for joint development agreements in the genset, heavy-duty automotive, marine and aviation markets. Advent intends to scale up the production capacity of the Advent MEA in the order of hundreds of kilowatts per month in mid-2023 and megawatts per month in the end of 2023. Advent also intends that its own products such SereneU, Honey Badger and MZERØ as well as third-party products will be able to use the new Advent MEA in mass production as soon as 2024. Due to the high temperature operation, Advent MEAs can work within pure hydrogen that can be reformed onboard from methanol. Now

所以基本上，里程碑已經實現——因為您參與了美國能源部的合作。已實現的里程碑包括加速壓力測試，該測試已證實與目前的高溫 PEM MEA 相比，其使用壽命有可能提高 5 倍以上，與目前的高溫 PEM MEA 相比，其功率密度有可能提高 2 至 3 倍。 Advent 目前正在就發電機組、重型汽車、船舶和航空市場等多種聯合開發協議進行洽談。 Advent 計劃在 2023 年中期將 Advent MEA 的生產能力擴大到每月數百千瓦，並在 2023 年底擴大到每月兆瓦。現在

(technical difficulty)

（技術難度）

And again, we've lost Dr. Gregoriou's connection. I'll dial back out to him.

我們再次失去了與 Gregoriou 博士的聯繫。我會再撥給他。

Okay. I'll pick it up. Advent's MEAs can work with impure hydrogen that can be reformed onboard from methanol, natural gas and other renewable fuels. The new Advent MEA is expected to redefine the MEA market globally and further validate Advent's leading position in the electrochemistry components business.

好的。我去把它撿起來。 Advent 的 MEA 可處理由甲醇、天然氣和其他可再生燃料在船上重整而成的不純氫氣。新款 Advent MEA 預計將重新定義全球 MEA 市場，並進一步驗證 Ad​​vent 在電化學組件業務中的領先地位。

In February, we announced new contracts with manufacturers of clean power generation and energy storage solutions for the delivery of advanced electrochemistry components. These contracts have a combined value of $2.2 million. Advent began delivering electrochemistry components in the fourth quarter of 2021, and deliveries are expected to continue to September 2022. The vast majority of the new business is from customers based in North America.

今年 2 月，我們宣布與清潔發電和儲能解決方案製造商簽訂新的合同，以交付先進的電化學組件。這些合約的總價值為220萬美元。 Advent 於 2021 年第四季開始交付電化學組件，預計交付將持續到 2022 年 9 月。

Advent's electrochemistry components business includes electrodes, membranes and MEAs. These components are critical for fuel cells, electrolyzers and long-duration energy storage such as flow batteries. The performance of these components defines the lifetime, efficiency, weight and ultimately a substantial portion of the cost of the end electrochemistry products. Advent is continuously innovating in the area of electrochemical components. Advent’s electrochemistry materials R&D team is primarily based in Boston, Mass with synthesis and manufacturing capabilities in Europe.

Advent 的電化學元件業務包括電極、膜和 MEA。這些組件對於燃料電池、電解器和液流電池等長時儲能至關重要。這些組件的性能決定了最終電化學產品的壽命、效率、重量以及相當一部分成本。 Advent 在電化學元件領域不斷創新。 Advent 的電化學材料研發團隊主要位於麻薩諸塞州波士頓，在歐洲擁有合成和製造能力。

In January...

一月份…

I'll take over. Apologies again. And this time, I don't think we'll drop off because we changed the line completely. So apologies, everybody for this.

我來接手。再次道歉。而這一次，我認為我們不會落後，因為我們徹底改變了路線。因此，我向各位表示歉意。

In January, we announced that we have entered into distribution and service agreement with Calscan Solutions, a Canadian-based industrial service company focused in the oil field industry. The agreement allows Calscan to market, resell, install and service the Advent M-Zero, the SereneU fuel cell products to meet the demand for electric systems in the oil and gas sector. Current regulatory pressure is focused on targets. We will be aggressively reduce oil and gas industry methane emissions throughout Canada. Advent’s diverse family of products, including the M-Zero and SereneU fuel cell products aim to significantly reduce wellhead methane emissions where they replace methane polluting pneumatic injection technology, increase well productivity and safety and decrease maintenance cost in well sites based in North America.

今年 1 月，我們宣布與專注於油田行業的加拿大工業服務公司 Calscan Solutions 簽訂了分銷和服務協議。該協議允許 Calscan 行銷、轉售、安裝和維修 Advent M-Zero 和 SereneU 燃料電池產品，以滿足石油和天然氣行業對電力系統的需求。目前的監管壓力集中在目標上。我們將積極減少整個加拿大石油和天然氣產業的甲烷排放。 Advent 的多樣化產品系列，包括 M-Zero 和 SereneU 燃料電池產品，旨在大幅減少井口甲烷排放，以取代甲烷污染氣動注入技術，提高油井的生產率和安全性，並降低北美油井場的維護成本。

Advent's products emit significantly less carbon compared to conventional diesel remote power generation technologies and can be deployed in more extreme environments than solar panels and electric battery systems. The Advent M-Zero products can also integrate with current systems to enhance the reliability and ensure that these systems continue to operate creating additional value opportunities for customers. The Advent M-Zero products are designed specifically to generate power in remote environment. The overall methane emissions related to wellhead [Canada] approaches 40 million tons of carbon dioxide emissions per year, which is equivalent to a carbon footprint of more than 8 million passenger cars. M-Zero will initially be featured mainly in Canada and the United States with the aim of providing remote power to up to 185,000 oil and gas wellheads.

與傳統柴油遠端發電技術相比，Advent 產品的碳排放量明顯減少，並且可以在比太陽能板和電池系統更極端的環境中部署。 Advent M-Zero 產品還可以與當前系統集成，以提高可靠性並確保這些系統持續運行，為客戶創造額外的價值機會。 Advent M-Zero 產品專為在遠端環境中發電而設計。與井口[加拿大]相關的整體甲烷排放量接近每年4000萬噸二氧化碳排放量，相當於800多萬輛乘用車的碳足跡。 M-Zero 最初主要在加拿大和美國推出，旨在為多達 185,000 個油氣井口提供遠端電力。

Also in January, we announced that Advent will be upgrading various sites of Globe Telecom in the Philippines with 10 kilowatts SereneU fuel cell systems, enabling Globe to reach its ambitious targets for reducing CO2 emissions. By deploying Advent SereneU fuel cells, Globe aims to reduce carbon emissions across its network, consume cleaner fuel in smaller quantities, achieve lower emissions and maintain energy-efficient heat removal. Advent SereneU fuel cells produce fewer emissions than traditional generator sets and also generate less noise, thereby providing a system with a low footprint to surrounding areas and communities.

此外，在 1 月份，我們宣布 Advent 將使用 10 千瓦 SereneU 燃料電池系統升級菲律賓 Globe Telecom 的各個站點，幫助 Globe 實現其減少二氧化碳排放的雄心勃勃的目標。透過部署 Advent SereneU 燃料電池，Globe 旨在減少其整個網路的碳排放，消耗更少量的更清潔的燃料，實現更低的排放並保持節能的散熱。 Advent SereneU 燃料電池比傳統發電機組產生的排放量更少，噪音也更小，從而為週邊地區和社區提供了低碳環保的系統。

Depending on the fuel use, the system can be close to CO2 neutral, as will being easier to store and transport. Advent SereneU systems also have higher temperature and environmental conditions tolerance ensuring uninterrupted back-up power and stronger resilience against extreme environment, such as typhoons, monsoon rain and even long dry seasons.

根據燃料的使用情況，該系統可接近二氧化碳中性，並且更易於儲存和運輸。 Advent SereneU 系統還具有更高的溫度和環境條件耐受性，可確保不間斷的備用電源，並具有更強的抵禦極端環境的能力，如颱風、季風雨甚至漫長的旱季。

By using fuel cells for its green transition, Globe complies not only with regulation and its own ambitions for best environmental practices but also secures several competitive advantages. Globe's commitment to establish a science-based target and net 0 emissions by 2050 are in line with the Paris Agreement and #RacetoZero. The Paris Agreement aims to limit global warming to 1.5 degrees Celsius compared to pre-industrial levels. #RacetoZero is the UN backed global campaign, rallying non-state stakeholders to take rigorous and immediate action to halve global emissions by 2030 and deliver a healthier, fairer zero-carbon world by 2050. All of Globe's initiatives in the green transition reflect its commitment to the UN Sustainable Development Goals and also to (inaudible) economic growth for environmental degradation, increased resource efficiency and promoting sustainable lifestyles by changing the way people produce and consume (inaudible) resources.

透過使用燃料電池實現綠色轉型，Globe 不僅遵守了法規並實現了自身對最佳環境實踐的追求，而且還確保了多項競爭優勢。 Globe 承諾設立以科學為基礎的目標並在 2050 年實現淨零排放，這符合《巴黎協定》和#RacetoZero 倡議。 《巴黎協定》的目標是將全球暖化控制在比工業化前水準高出 1.5 度以內。 #RacetoZero 是聯合國支持的全球運動，號召非國家利益攸關方採取嚴格和立即的行動，到 2030 年將全球排放量減少一半，到 2050 年實現更健康、更公平的零碳世界。 。

In February, Advent announced the signing of an MoU with Electric Ship Facilities, or ESF, a Dutch based business with over 15 years of experience in electric and hybrid propulsion systems and energy system. Under the agreement, ESF commits to becoming a future distributor of Advent SereneU fuel cell products, further strengthening its portfolio of innovative CO2 reducing technologies.

今年 2 月，Advent 宣布與 Electric Ship Facilities（ESF）簽署諒解備忘錄，ESF 是一家荷蘭企業，在電力和混合動力推進系統和能源系統方面擁有超過 15 年的經驗。根據協議，ESF 承諾成為 Advent SereneU 燃料電池產品的未來分銷商，進一步加強其創新二氧化碳減排技術組合。

ESF offers demonstrations and state-of-the-art components, helping its customers significantly reduce emissions and achieve energy efficiency. This new collaboration will enable Advent to facilitate trial processes and fuel cell configurations for both land-based and maritime applications with the initial geographic focus being Benelux, Germany, Switzerland and Austria. Advent SereneU fuel cells are currently being used for demonstrations within the framework of the Green Shipping Wadden Sea Program. This program aims to accelerate innovation in the field of CO2 neutral and fossil-free shipping for the Wadden Sea fleet, as well as to develop the associated port facilities and infrastructure and to secure governmental pathways promoting the transition towards innovative CO2-reducing technologies.

ESF 提供演示和最先進的組件，幫助其客戶大幅減少排放並實現能源效率。這項新的合作將使 Advent 能夠促進陸地和海上應用的試驗流程和燃料電池配置，最初的地理重點是比荷盧三國、德國、瑞士和奧地利。 Advent SereneU 燃料電池目前正在綠色航運瓦登海計畫框架內進行展示。該計畫旨在加速瓦登海艦隊在二氧化碳中性和無化石燃料航運領域的創新，以及開發相關港口設施和基礎設施，並確保政府促進向創新二氧化碳減排技術轉變的途徑。

In March, Advent announced that it entered into preliminary strategic agreement with Daiden, a leading power generation and industrial equipment provider in Malaysia. Daiden has declared its intention to become a distributor of Advent SereneU fuel cell products. This will enhance the promotion of Daiden's clean power generation sources and actively support the ongoing green energy transition effort in Malaysia. Advent has already shipped units of its SereneU fuel cell products to Daiden for test and evaluation. Once these tests are complete, Daiden and Advent will determine the best strategic approach for the introduction of Advent's methanol-based fuel cell to the Malaysian market.

今年3月，Advent宣布與馬來西亞領先的發電和工業設備供應商Daiden達成初步戰略協議。 Daiden 已宣布有意成為 Advent SereneU 燃料電池產品的經銷商。此舉將加強大電清潔發電源的推廣，並積極支持馬來西亞正在進行的綠色能源轉型努力。 Advent 已將其 SereneU 燃料電池產品運送至 Daiden 進行測試和評估。這些測試完成後，Daiden 和 Advent 將確定將 Advent 的甲醇燃料電池引入馬來西亞市場的最佳策略方針。

During the first quarter, we have continued to progress with the White Dragon and Green HiPo projects in Southeastern Europe, which are subject to EU approval. While the approval timing is not within our control, we anticipate formal notification from EU during Q2 or Q2 of this year with the final ratification by the EU or (inaudible) thereafter. In parallel, Advent started to put in place an operational structure that will deliver on these very significant projects with Advent being ideally poised to commence immediately upon final ratification. We look forward to providing more information around EU approval and the final scope of the projects over the coming months.

第一季度，我們繼續推動東南歐的白龍計畫和Green HiPo項目，這些計畫均需獲得歐盟的批准。雖然批准時間不在我們的控制範圍內，但我們預計歐盟將在今年第二季或第二季正式通知，並在此後獲得歐盟的最終批准。同時，Advent 開始建立一個營運架構，用於實施這些非常重要的項目，一旦項目獲得最終批准，Advent 將立即開始實施。我們期待在未來幾個月內提供更多有關歐盟批准和專案最終範圍的資訊。

Advent is well positioned to take advantage of the growing focus on clean energy. We are continuously developing our technologies and consolidating our operations to address new (inaudible) opportunities. We have a product portfolio that's focused to enable green economy, one that will abate the resilience on fossil fuels and will (inaudible) the entire supply market, therefore, providing energy security to communities and economies. Our (inaudible) flow pipeline is getting stronger, and we're looking forward to reporting on future progress.

Advent 佔據有利位置，可以利用人們對清潔能源日益增長的關注。我們正在不斷發展我們的技術並鞏固我們的業務以應對新的（聽不清楚）機會。我們擁有專注於實現綠色經濟的產品組合，它將減輕對化石燃料的依賴，並將（聽不清楚）整個供應市場，從而為社區和經濟體提供能源安全。我們的（聽不清楚）流程管道越來越強大，我們期待著報告未來的進展。

With that, I would like to hand over to our CFO, Kevin Brackman.

接下來，我想將權力移交給我們的財務長 Kevin Brackman。

Thank you, Vasilis.

謝謝你，瓦西里斯。

Turning to our financials. We delivered revenue of $1.3 million in the first quarter compared to $1.5 million in the prior year quarter. The decline resulted from the timing of revenue recognition under certain of our long-term customer contracts. However, there was a significant increase in income from grants of $0.5 million compared to the prior year quarter. Gross profit decreased $1.4 million year-over-year in the first quarter due to the mix of products and customers included in revenue, a higher fixed cost base resulting from the acquired businesses and supply chain cost pressure in the first quarter of 2022.

談到我們的財務狀況。我們第一季的營收為 130 萬美元，而去年同期的營收為 150 萬美元。收入下降的原因是我們的某些長期客戶合約中收入確認的時間問題。然而，與去年同期相比，贈款收入大幅增加了 50 萬美元。由於收入中包含的產品和客戶組合、收購業務導致的固定成本基礎較高以及 2022 年第一季的供應鏈成本壓力，第一季毛利年減 140 萬美元。

R&D expenses were $2.1 million in the first quarter, primarily related to our cooperative research and development agreement with the Department of Energy as well as the R&D costs at Serenergy and fischer eco solutions.

第一季的研發費用為 210 萬美元，主要與我們與能源部的合作研發協議以及 Serenergy 和 fischer eco solutions 的研發成本有關。

Administrative and selling expenses were $10.5 million in the first quarter, a year-over-year increase of $2.6 million primarily due to increased staffing and costs resulting from the acquisitions of Serenergy and fischer eco solutions and operating as a public company and from stock-based compensation expenses.

第一季的管理和銷售費用為 1,050 萬美元，比去年同期增加了 260 萬美元，這主要是由於收購 Serenergy 和 fischer eco solutions 以及作為上市公司營運導致的員工和成本增加以及股票薪酬費用。

Net loss totaled $4.1 million in the quarter and adjusted net loss was $12.5 million. I should note that our adjusted net loss excludes an $8.4 million gain from the change in the fair value of outstanding warrants. Our net loss per share was $0.08 in the first quarter.

本季淨虧損總計 410 萬美元，調整後淨虧損為 1,250 萬美元。我應該指出，我們的調整後淨虧損不包括未償還認股權證公允價值變動帶來的 840 萬美元收益。我們第一季的每股淨虧損為 0.08 美元。

Advent remains well capitalized with $59.3 million in cash reserves on the balance sheet at March 31, which provides us with the flexibility to be agile in executing on our strategic and operational priorities. This is a decrease of $20.5 million from December 31, 2021, driven by the increased level of R&D and administrative and selling expenses as well as annual insurance renewals and incentive compensation payouts during the quarter. Our existing cash reserves and projected cash flows are anticipated to be sufficient to support our planned operations for the next 12 months.

Advent 的資本仍然充足，截至 3 月 31 日的資產負債表上有 5,930 萬美元的現金儲備，這為我們提供了靈活性，可以迅速執行我們的策略和營運重點。這比 2021 年 12 月 31 日減少了 2,050 萬美元，原因是本季研發、行政和銷售費用以及年度保險續保和激勵薪資支出增加。預計我們現有的現金儲備和預計現金流足以支持我們未來 12 個月的計畫營運。

I will now turn to our outlook. Advent developed significantly during 2021, and we entered 2022 with a more advanced product range, a dedicated technical sales team focused on key sectors and geographies, and potentially large infrastructure projects. We, therefore, have a strong pipeline. As we all know, however, not every opportunity in the pipeline will transpire due to factors that may be beyond Advent's control. Opportunities may not materialize or could be delayed. Advent will use its expertise and resources to bring opportunities to fruition, which will translate into revenue. Due to the long-term contract nature of our business model, the timing of our revenue can also be difficult to predict.

現在我來談談我們的展望。 Advent 在 2021 年取得了長足的發展，並將在 2022 年迎來更先進的產品系列、專注於關鍵行業和地區的專業技術銷售團隊以及潛在的大型基礎設施項目。因此，我們擁有強大的管道。然而，眾所周知，由於超出 Advent 控制範圍的因素，並非所有機會都會實現。機會可能不會實現或可能會被延遲。 Advent 將利用其專業知識和資源將機會變為現實，並將其轉化為收入。由於我們的業務模式屬於長期合約性質，因此我們的收入時間也很難預測。

Having said that, we anticipate revenue and income from grants for 2022 to be approximately $23 million, which will be heavily weighted towards the second half of the year. This estimate does not include contribution from the White Dragon and Green HiPo projects in Southeastern Europe because these projects are still pending EU approval.

話雖如此，我們預計 2022 年的收入和贈款收益約為 2,300 萬美元，這將主要集中在下半年。該估算不包括東南歐白龍計畫和Green HiPo計畫的貢獻，因為這些計畫仍在等待歐盟批准。

In closing, we believe that Advent is well positioned to be the provider of clean energy solutions across a variety of end markets. The company has built a solid foundation for the business and continues to execute on its strategic initiatives.

最後，我們相信 Advent 有能力成為各種終端市場的清潔能源解決方案提供者。該公司已為業務奠定了堅實的基礎，並繼續執行其策略計劃。

With that, I will hand back to Vasilis for closing remarks.

最後，我將把發言權交給瓦西里斯，請他作最後發言。

Thank you, Kevin.

謝謝你，凱文。

Advent has significant opportunities for its technology, advanced materials and fuel cell system products. During the first quarter of 2022, we've seen a material increase in the number and frequency of queries for our technology and products. In addition, the geographical spread and potential scale of these opportunities have also increased but most importantly, the size and strategic importance of OEMs that they are in discussions [with] are significant. We see these trends as continuing. Advent is a clean energy technology company, developing technology and products for key sectors that require clean energy. We look forward to growing the business and to keep you abreast of development.

Advent 的技術、先進材料和燃料電池系統產品具有重大機會。在 2022 年第一季度，我們發現針對我們的技術和產品的查詢數量和頻率大幅增加。此外，這些機會的地理分佈和潛在規模也有所增加，但最重要的是，他們正在討論的原始設備製造商的規模和戰略重要性非常重要。我們認為這些趨勢將會持續下去。 Advent 是一家清潔能源技術公司，為需要清潔能源的關鍵產業開發技術和產品。我們期待業務的成長，並讓您及時了解發展情況。

I would like to thank you all for joining us today, and we're now ready to answer questions. Thank you very much.

我感謝大家今天的參與，現在我們準備好回答問題了。非常感謝。

(Operator Instructions) And we do have a question from Adam Forsyth with Longspur Capital.

(操作員指示) 我們確實有來自 Longspur Capital 的 Adam Forsyth 的一個問題。

Just a question on the new electrochemical contract, the $2.2 million. Are those from existing customers? Is this follow-on business or is this with new customers?

我只想問一下關於新的電化學合同，價值 220 萬美元。這些都是來自現有客戶嗎？這是後續業務還是針對新客戶？

Kevin, do you want to take that?

凱文，你想拿著這個嗎？

Yes. Those are with existing customers.

是的。這些都是現有客戶的。

Okay. So it's a follow-on business. And then if I could, just a quick follow-up. Were they -- were those customers the source of most of the revenue in this quarter or are you seeing any revenue from any of the new sources of business, Calscan, Global Telecom, ESF, et cetera? And if not, when do you expect to see initial revenue from those sources, might we see anything in Q2?

好的。所以這是一項後續業務。如果可以的話，我再快速跟進。他們是否——這些客戶是本季大部分收入的來源，或者您是否看到任何來自新業務來源的收入，Calscan、Global Telecom、ESF 等等？如果沒有，那麼您預計何時能從這些來源獲得初始收入，我們可能會在第二季看到任何收入嗎？

Yes, I would say -- I would not say it was the majority of that the electrochemistry contracts. I would not say that, that was the majority of our revenue in Q1. I would say it was spread across all of our products and businesses. We have experienced delays in the Philippines with the installation of some of the fuel cell systems there. So we're -- as I said in my comments, we're really expecting revenue to ramp up in the second half of the year.

是的，我想說——我不會說這是電化學收縮的大部分原因。我不會這麼說，這是我們第一季的大部分收入。我想說它遍布我們所有的產品和業務。我們在菲律賓安裝一些燃料電池系統時遇到了延誤。所以，正如我在評論中所說，我們確實預計今年下半年收入會增加。

Second half, yes.

是的，下半場。

Yes.

是的。

(Operator Instructions) And at this time, we have no further questions. That does conclude the question-and-answer session and today's conference call. Thank you for your participation. You may now disconnect.

（操作員指示）目前，我們沒有其他問題。問答環節和今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。