Advent Technologies Holdings Inc (ADN) 2023 Q3 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' third-quarter earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session open to Advent's analysts. On the call today, we are joined by Dr. Vasilis Gregoriou, Advent's Chairman and CEO; and Kevin Brackman, Advent's CFO.

大家早安，今天我是你們的會議操作員。此時此刻，我謹歡迎大家參加 Advent Technologies 第三季財報電話會議。所有線路均已靜音，以防止任何背景噪音。演講者發表演說後，Advent 分析師將舉行問答環節。 Advent 董事長兼執行長 Vasilis Gregoriou 博士也參加了今天的電話會議。和 Advent 財務長凱文布拉克曼 (Kevin Brackman)。

Before we begin the prepared remarks, we would like to remind you that Advent issued a press release announcing its third-quarter 2023 financial results shortly before market opened today. You may access the materials in the investor relations section of the company's website www.advent.energy. I would also like to remind everyone that during 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.

在我們開始準備好的發言之前，我們想提醒您，Advent 在今天開盤前不久發布了一份新聞稿，宣布了其 2023 年第三季的財務業績。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。我還想提醒大家，在這次電話會議中，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，這些陳述旨在安全港範圍內1995 年《私人證券訴訟改革法案》中關於前瞻性陳述的規定。

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.

雖然這些陳述代表了管理層目前對未來業績和業績的預期和預測，但安宏資本的實際表現受到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 Advent 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之後以任何理由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 and with knowledge of such industry end markets with which it believes to be reasonable.

最後，本次電話會議討論的有關該公司在其經營市場中的行業競爭地位的信息基於來自獨立行業和研究組織、其他第三方來源以及管理層的估計的信息。管理層的估計來自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，並基於審查這些數據和了解其認為的行業終端市場而做出的假設。要合理。

These assumptions are subject to uncertainties and risks, which could cause results to differ materially from those expressed in the estimates. Please note that this call is being recorded and kicking off the call will be Dr. Vasilis Gregoriou. Dr. Gregorio, I'll now turn the call over to you.

這些假設存在不確定性和風險，可能導致結果與估計中表達的結果有重大差異。請注意，本次通話正在錄音，由瓦西利斯·格雷戈里奧 (Vasilis Gregoriou) 博士主持。格雷戈里奧博士，我現在把電話轉給你。

Thank you, operator. Good morning to everyone listening in and thank you for joining us on Advent's third-quarter 2023 earnings call. For today's call, I will provide an update on the business. I will then hand over to Kevin, who will review our financial performance and outlook in more detail.

謝謝你，接線生。大家早安，感謝您參加 Advent 2023 年第三季財報電話會議。在今天的電話會議中，我將提供有關業務的最新情況。然後我將把工作交給凱文，他將更詳細地審查我們的財務表現和前景。

In my last update, I highlighted that Advent was consolidated its business operations and was focusing on its core sector, where our high numbers of [and] technology is particularly well suited. Through implementing this strategy, we achieved the number of milestone and contract wins since the start of the third quarter and I will discuss shortly. We remain focused on expanding and executed our commercial pipeline with a view to embedding our technology and portfolio in this key power sectors.

在我上次的更新中，我強調 Advent 整合了其業務運營，並專注於其核心部門，我們的大量[和]技術特別適合該部門。透過實施這項策略，自第三季開始以來，我們實現了里程碑和合約的數量，我將很快討論。我們仍然專注於擴大和執行我們的商業管道，以期將我們的技術和產品組合嵌入到這一關鍵電力領域。

We believe that the future demand for Advent's high-temperature PEM technology and related products will create significant opportunity and we believe Advent will be ideally positioned to capitalize on this through suitable partners. We look forward to growing our commercial activities and achieving long-term profitable growth. I will now give an overview of our recent business updates.

我們相信，未來對 Advent 高溫 PEM 技術和相關產品的需求將創造重大機遇，並且我們相信 Advent 將處於有利地位，能夠透過合適的合作夥伴充分利用這一機會。我們期待發展我們的商業活動並實現長期盈利增長。我現在概述一下我們最近的業務動態。

Last week, we were excited to announce the signing of a term sheet with Airbus, a global leader in aeronautics space and related services, for a joint benchmark project regarding an optimized Ion Pair Membrane Electrode Assembly for hydrogen fuel cells. Airbus will provide financial support to the project in its extended knowledge of the aviation industry. Advent will invest in people, materials, hardware, and third-party research centers, to contribute to the goal of the project. The multimillion-dollar collaboration will take place over two years.

上週，我們很高興地宣布與航空航太及相關服務領域的全球領導者空中巴士簽署了一份關於氫燃料電池優化離子對膜電極組件聯合基準項目的條款清單。空中巴士將以其對航空業的廣泛了解為該專案提供財務支援。 Advent 將投資於人員、材料、硬體和第三方研究中心，為該專案的目標做出貢獻。這項耗資數百萬美元的合作將在兩年內進行。

A contract based on the signed term sheet is expected to be signed by the end of 2023 and the project will commence immediately thereafter in 20204. The goal of the project is to accelerate the development of Advent's MEA and benchmark the Ion Pair MEA against aviation requirements and current and expected technological limits. High-temperature PEM MBAs operated at temperature higher than a 180 degrees aim solve one of the largest challenges in aviation fuel use, which is thermal management. High-temperature fuel cells allow increased performance, increased passenger carrying capability, and increased range compared to low temperature fuel cell technology.

基於已簽署條款清單的合約預計將於 2023 年底簽署，該項目將於 20204 年立即啟動。該項目的目標是加速 Advent MEA 的開發，並根據航空需求對離子對 MEA 進行基準測試以及當前和預期的技術限制。高溫 PEM MBA 在高於 180 度的溫度下運行，旨在解決航空燃料使用中最大的挑戰之一，即熱管理。與低溫燃料電池技術相比，高溫燃料電池可提高效能、提高載客能力並增加續航里程。

Advent believes that high-temperature PEM is a superior option, not only for aviation, but also for heavy duty trucks, the automotive industry, and maritime use. In September, through our wholly-owned subsidiary in Livermore, California, we secured a new $2.2 million contract with the US Department of Defense for portable power system. This milestone achievement comes under the General Technical Services prime contract and will play a crucial role in supporting the demanding mission requirements of the US Army.

Advent 相信高溫質子交換膜不僅對於航空業，而且對於重型卡車、汽車工業和海運業來說都是優越的選擇。 9 月，透過我們位於加州利弗莫爾的全資子公司，我們與美國國防部簽訂了一份價值 220 萬美元的便攜式電源系統新合約。這項里程碑式的成就來自通用技術服務主合同，並將在支援美國陸軍苛刻的任務要求方面發揮至關重要的作用。

This contract is a continuation of a series of past contracts with the US Department of Defense, and its primary objective is to further optimize Advent's proprietary HB50 portable fuel cell systems by integrating our innovative Ion Pair MEA technology. On the completion of this new 12-month contract, Advent and the US Department of Defense aim to reinforce their long-term collaboration by focusing on the manufacturing process of the enhanced HB50 fuel cell system that will enable high volume production manufacturing capacity. MEA from the heart of this (technical difficulty), the heart of the fuel cells and their performance determine the lifetime efficiency, weight, and to a lesser extent, the cost of beyond electrochemical point of problem.

該合約是過去與美國國防部簽訂的一系列合約的延續，其主要目標是透過整合我們創新的離子對 MEA 技術來進一步優化 Advent 專有的 HB50 便攜式燃料電池系統。在這份為期 12 個月的新合約完成後，Advent 和美國國防部旨在透過重點關注增強型 HB50 燃料電池系統的製造流程來加強長期合作，該系統將實現大批量生產的製造能力。 MEA 是燃料電池的核心（技術難度），其性能決定了燃料電池的壽命、效率、重量，以及在較小程度上超出電化學問題點的成本。

Advent Ion Pair MEA technology is anticipated to significantly enhance HB50's performance, as a resulting in higher power density and improved compact packaging, making it ideal for off-grid applications, including military and rescue operations. Since 2020, we've been actively refining the HB50 fuel cell system to create a highly portable and efficient power supply, suitable for the on-the-move battery charging and direct power supplies for various US Army applications. Through rigorous development efforts, the size and weight of the original 50-watt fuel cell systems has been significantly reduced, culminating in successful field test in '22 and '23, with the final technical report enforcing its operations suitability. The HB50 power system can be fueled by biodegradable methanol, provide them near silent power generation with clean emissions.

Advent 離子對 MEA 技術預計將顯著增強 HB50 的性能，從而提高功率密度並改進緊湊型封裝，使其成為離網應用（包括軍事和救援行動）的理想選擇。自2020年以來，我們一直在積極改進HB50燃料電池系統，以打造高度便攜、高效的電源，適用於美國陸軍各種應用的行動電池充電和直接供電。經過嚴格的開發工作，原50瓦燃料電池系統的尺寸和重量已顯著減小，最終於'22'和'23年成功進行了現場測試，最終技術報告證實了其運行適用性。 HB50電力系統可以使用可生物降解的甲醇作為燃料，為它們提供近乎無聲的發電和清潔的排放。

Its compact design allows you to simulate power radio and satellite communication of our IP, remote surveillance systems, laptops, and other battery charger needs. The system's unique thermal feature enables it to operate within a wide ambient temperature range from considerably below freezing to at least 40 degrees celsius, therefore, ensuring reliability in challenging conditions and climates. HB50's adaptability to run on methanol as a hydrogen carrier, allows it to operate at a fraction of the weight of the additional military grade batteries. This factor is aligned with the US Department of Defense pursuit of lightweight and highly portable power solutions for their electronic needs.

其緊湊的設計使您能夠模擬我們的 IP、遠端監控系統、筆記型電腦和其他電池充電器需求的電力無線電和衛星通訊。該系統獨特的熱功能使其能夠在從遠低於冰點到至少 40 攝氏度的寬環境溫度範圍內運行，從而確保在具有挑戰性的條件和氣候下的可靠性。 HB50 能夠以甲醇作為氫載體運行，使其運行時的重量僅為額外軍用級電池的一小部分。這一因素與美國國防部追求輕量級和高度便攜式電源解決方案以滿足其電子需求相一致。

Also in September, having secured a significant expression order contract with a prominent fuel cell integrator operating in the Asian market. Under the terms of this agreement, Advent will provide its innovative eFuel-powered fuel cell stacks for incorporation and power application within the leisure section sector in the region. The contract has a total initial value of $1.3 million. The supply chain is projected to remain active throughout 2024, in accord with the customer's specific timeline.

同樣在 9 月，我們與亞洲市場上一家著名的燃料電池整合商簽訂了重要的快速訂單合約。根據該協議的條款，Advent 將提供其創新的 eFuel 驅動燃料電池堆，用於該地區休閒部門的整合和電力應用。該合約初始總價值為130萬美元。根據客戶的具體時間表，供應鏈預計將在 2024 年保持活躍。

The primary application of Advent's fuel cell stacks is to sell as a sustainable prime and backup power source for small cabins, working in conjunction with batteries. The utilization of Advent's Serene fuel cell stacks using liquid methanol as a hydrogen carrier fuel, offers advantages in terms of transportation, logistics, and storage efficiency compared to gaseous hydrogen, therefore, enhancing operational safety. Advent's Serene fuel cell stands out with their small footprint, occupying only about a third of the space required by a typical comparable diesel generator. Beyond their environmental advantages in terms of reduced emissions, Serene fuel cells provide an uninterrupted power supply across diverse environmental conditions in geographical locations.

Advent 燃料電池堆的主要應用是作為小型客艙的可持續主要和備用電源進行銷售，與電池配合使用。 Advent的Serene燃料電池堆使用液態甲醇作為氫載體燃料，與氣態氫相比，在運輸、物流和儲存效率方面具有優勢，因此提高了操作安全性。 Advent 的 Serene 燃料電池以其佔地面積小而脫穎而出，僅佔據典型同類柴油發電機所需空間的三分之一左右。除了減少排放方面的環境優勢外，Serene 燃料電池還可以在不同地理位置的不同環境條件下提供不間斷的電力供應。

Also in September at the Monaco Yacht Show, Advent unveiled its range of certain power systems resulted from the synergy of the company's high temperatures proton exchange membrane fuel cells, with a compact battery unit designed to fulfill both primary and auxiliary power requirements for maritime vessels. Serene Power Systems integrate a compact battery to deliberately smaller than traditional battery on solutions with a small fuel cell configuration operating on methanol, biomethanol or emethanol. This combination not only serves as a primary power source for smaller vessels include the leisure boats, sail boats, ferries and inland river vessels, but also replaces conventional diesel generators, providing a clean and efficient power alternative for a wide range of maritime application.

同樣在 9 月的摩納哥遊艇展上，Advent 推出了一系列由該公司高溫質子交換膜燃料電池協同作用的某些動力系統，以及旨在滿足海船主要和輔助動力需求的緊湊型電池單元。 Serene Power Systems 將緊湊型電池整合到比傳統電池更小的解決方案中，並採用以甲醇、生物甲醇或乙醇為燃料的小型燃料電池配置。這種組合不僅可以作為休閒船、帆船、渡輪和內河船舶等小型船舶的主要動力源，而且可以取代傳統的柴油發電機，為廣泛的海上應用提供清潔、高效的動力替代方案。

Additionally, Serene Power Systems offer robust power capacity for supporting auxilary loads on larger vessels and supply convenient short power solutions for vessels and ports. Leveraging Advent's patent high-temperature technology, Serene Power Systems are purpose-built for optimum performance with various fuels. Operate in high temperatures, they efficiently generate electricity while producing heat, significantly boosting overall efficiency, which can reach up to 85%. Methanol is a standout in terms of delivery installments, medium and excels as a superior hydrogen carrier, releasing hydrogen catalytically through a fuel reformer. Moreover, methanol offers the advantage of efficient storage and wide upgradability for existing infrastructure, with a distribution network comparable to conventional fuels, establishing it as a safe and cost-effective maritime fuel option.

此外，Serene Power Systems 還提供強大的電力容量，支援大型船舶上的輔助負載，並為船舶和港口提供便利的短電力解決方案。 Serene Power Systems 利用 Advent 的專利高溫技術，專為各種燃料的最佳性能而設計。在高溫下運行，它們可以在高效發電的同時產生熱量，顯著提高整體效率，最高可達85%。甲醇在輸送裝置、介質方面表現出色，並且作為優質氫載體表現出色，可透過燃料重整器催化釋放氫氣。此外，甲醇具有高效儲存和現有基礎設施廣泛升級的優勢，其分銷網路可與傳統燃料相媲美，使其成為安全且具有成本效益的海上燃料選擇。

Let me now provide an update on the Green HiPo project. I turn to call the national group for the important Projects of Common European Interest in hydrogen technology. And in October, at the European Commission's Clean Transition Dialogue, I had the opportunity to bring President of the European Commission, push him over the line on the progress of projects endorsed by the EU under the IPCEI Hyprotech. I also addressed the length of time that is taken for the Greek state finalized funding fragments the EU ratified in Green HiPo project, reiterated Advent's resolute commitment to executing the projects efficiently.

現在讓我介紹一下 Green HiPo 專案的最新情況。我現在請歐洲共同利益氫技術重要計畫國家小組發言。 10 月份，在歐盟委員會的清潔轉型對話中，我有機會邀請歐盟委員會主席，推動他了解歐盟在 IPCEI Hyprotech 下認可的計畫的進展。我還談到了希臘政府最終確定歐盟批准的 Green HiPo 專案資金片段所需的時間，重申了 Advent 對高效執行專案的堅定承諾。

The Green HiPo project is among the 41 initiatives under IPCEI Hyprotech, collectively prepared and reported by 15 member states. In July 2022, the European Commission officially ratified the Advent Green HiPo project, following notification by the Greek state in June 2022, securing total state aid funding of up to and EUR782.1 million over the length of the project. The Green HiPo project focuses on the development, design, and production of high-temperature PEM fuel cells, electrolyzer systems for the production of power and green hydrogen, respectively. Located in Kozani, Greece, the project is expected to play a crucial role in transitioning the Western Macedonia region from a coal-based economy to a more sustainable economic model.

Green HiPo 計畫是 IPCEI Hyprotech 下的 41 項措施之一，由 15 個成員國共同準備和報告。繼希臘政府於 2022 年 6 月發出通知後，歐盟委員會於 2022 年 7 月正式批准了 Advent Green HiPo 項目，確保在該項目期間獲得高達 7.821 億歐元的國家援助資金總額。 Green HiPo 專案專注於開發、設計和生產高溫質子交換膜燃料電池、分別用於生產電力和綠色氫氣的電解槽系統。該計畫位於希臘科扎尼，預計將在西馬其頓地區從煤炭經濟轉型為更永續的經濟模式中發揮關鍵作用。

The state-of-the-art facility in Kozani is intended to serve as a production hub for fuel cells and electrolyzers, contributing significantly to the reduced economic development. Advent has already installed over 1,200 high-temperature PEM fuel cell system worldwide, replacing environmentally harmful diesel generators and providing clean energy sectors such as telecommunications and critical communications infrastructure. Moreover, Advent is expected to lead the way in electrifying the transportation sector with PEM fuel cell systems that will be producing in the Kozani region as part of the Green HiPo project. Advent is working closely with the Greek state to help finalize its internal processes and procedures so that the Green HiPo project can commence.

科扎尼最先進的設施旨在作為燃料電池和電解槽的生產中心，為經濟發展的放緩做出重大貢獻。 Advent 在全球安裝了 1,200 多個高溫 PEM 燃料電池系統，取代了對環境有害的柴油發電機，並為電信和關鍵通訊基礎設施等行業提供清潔能源。此外，Advent 預計將透過 PEM 燃料電池系統引領交通運輸領域的電氣化，該系統將在 Kozani 地區生產，作為 Green HiPo 計畫的一部分。 Advent 正在與希臘政府密切合作，協助最終確定其內部流程和程序，以便 Green HiPo 計畫能夠啟動。

We will provide further updates on Green HiPo at an appropriate time. Advent is well positioned to take advantage of the ever-increasing focus on clean energy. We're continuing advancements in our technologies and consolidate our operations to address new and key opportunity. Finally, we have a highly advanced product portfolio that's focused on enabling green economy, one that can help reduce the reliance on fossil fuels and provide far greater energy security to communities and economies. So with that, I would like to hand over to our CFO, Kevin Brackman. Kevin?

我們將在適當的時候提供有關 Green HiPo 的進一步更新。 Advent 已做好充分準備，充分利用人們對清潔能源日益關注的機會。我們正在不斷改進我們的技術並鞏固我們的業務，以抓住新的關鍵機會。最後，我們擁有高度先進的產品組合，專注於實現綠色經濟，有助於減少對化石燃料的依賴，並為社區和經濟體提供更大的能源安全。因此，我想將工作交給我們的財務長凱文布拉克曼 (Kevin Brackman)。凱文？

Thank you, Vassillos, and good morning, everyone. Turning to our financials, we delivered revenue of $1.3 million in the third quarter and income from grants of $0.5 million for a total of $1.8 million. R&D expenses were $2.1 million in the third quarter, primarily related to R&D costs incurred in each of our businesses, as well as our cooperative research and development agreement with the Department of Energy. Administrative and selling expenses were $8.9 million in the third quarter. Combined with R&D expenses, total operating expenses were $11 million, a year-over-year increase of $0.3 million, primarily related to an increase in expenses for our new head Park facility in Charlestown, Mass.

謝謝瓦西洛斯，大家早安。談到我們的財務狀況，我們第三季的收入為 130 萬美元，贈款收入為 50 萬美元，總計 180 萬美元。第三季研發費用為210萬美元，主要與我們每個業務產生的研發成本以及我們與能源部的合作研發協議有關。第三季的管理和銷售費用為 890 萬美元。加上研發費用，總營運費用為 1,100 萬美元，年比增加 30 萬美元，主要與我們位於馬薩諸塞州查爾斯敦的新總部 Park 設施的費用增加有關。

Net loss in Q3 was $11.8 million, or $0.2 per share. Unrestricted cash reserves were $3.7 million as of September 30, 2023, a decrease of $6.4 million from June 30, which includes $2.1 million of cash raised from the company's equity line of credit with Lincoln Park Capital and a final payment of $0.7 million for the build-out of the Hood Park facility. Our existing cash balances and projected operating cash flows are not expected to be sufficient to support planned operations for the next 12 months. In addition to the potential funding from the pending Green Hipo project, we continue to seek other sources of capital.

第三季淨虧損為 1,180 萬美元，即每股虧損 0.2 美元。截至2023 年9 月30 日，非限制性現金儲備為370 萬美元，較6 月30 日減少640 萬美元，其中包括從公司與林肯公園資本的股權信貸額度籌集的210 萬美元現金以及建設的最終付款70 萬美元-胡德公園設施外。我們現有的現金餘額和預計的營運現金流預計不足以支援未來 12 個月的計畫營運。除了懸而未決的 Green Hipo 項目的潛在資金外，我們還將繼續尋求其他資金來源。

We finalized an agreement in April this year for an equity line of credit with Lincoln Park, which gives us access up to $50 million of capital over the three-year term. However, their utilization of this equity line of credit is prohibited if our stock price closes below $0.5 per share. As I mentioned earlier, we raised $2.1 million in the third quarter using this equity line of credit. We also set up an at-the-market equity program with H.C. Wainwright as sales agents, under which we may sell up to 50 million of the company's common stock through the agent.

今年 4 月，我們與 Lincoln Park 達成了一項股權信貸額度協議，這使我們能夠在三年期限內獲得高達 5000 萬美元的資本。然而，如果我們的股價收盤價低於每股 0.5 美元，他們就禁止使用該股權信貸額度。正如我之前提到的，我們在第三季使用該股權信貸額度籌集了 210 萬美元。我們也與 H.C. 共同製定了一項市場股權計劃。 Wainwright作為銷售代理，根據該代理，我們可以透過代理出售最多5000萬股的公司普通股。

We began utilizing this ATM facility during the month of October and intend to continue utilizing this this facility moving forward. In October, we collected a $1 million prepayment under the new defense contract and finished the month of October with $3.1 million of available cash compared to the $3.7 million of available cash as of September 30. We will continue to manage our cost structure closely and capitalize on any opportunities to reduce costs where possible.

我們從 10 月開始使用該 ATM 設施，並打算今後繼續使用該設施。 10 月份，我們根據新的國防合約收取了100 萬美元的預付款，並在10 月份結束時擁有310 萬美元的可用現金，而截至9 月30 日的可用現金為370 萬美元。我們將繼續密切管理我們的成本結構並資本化盡可能降低成本的機會。

Let me now turn to our outlook. Advent has a strong pipeline of opportunities 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. Due to the long-term contract nature of our business model, the timing of our revenue can also be difficult to predict.

現在讓我談談我們的前景。眾所周知，Advent 擁有強大的機會管道，但是，由於 Advent 無法控制的因素，並非頻道中的每個機會都會發生。機會可能不會實現或可能被推遲。由於我們業務模式的長期合約性質，我們的收入時間也很難預測。

Due to these factors and because state aid funding for Green Hippo has not yet commenced, we are not providing an outlook for revenue and income from grants for 2023 on this call. With that, I will hand back to Vassillios for closing remarks.

由於這些因素，並且由於對 Green Hippo 的國家援助資金尚未開始，我們不會在本次電話會議上提供 2023 年收入和贈款收入的前景。接下來，我將請瓦西里奧斯發表閉幕詞。

Thank you, Kevin. Advent have significant opportunities for its High Temperature-PEM technology, advanced materials, and fuel cell system products. Advent is a clean energy technology company, developing innovative products for key sectors that require clean energy. We look forward to growing the business and we'll keep you informed of developments. I would like to thank you all for joining us today. I will now turn back to the operator to open the line for questions from the comments of analyst. Thank you very much.

謝謝你，凱文。安宏資本的高溫質子交換膜技術、先進材料和燃料電池系統產品擁有巨大的機會。 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創新產品。我們期待業務的發展，並將隨時向您通報進度。我要感謝大家今天加入我們。我現在將返回接線員，以聽取分析師評論中的問題。非常感謝。

(Operator Instructions) Sean Urquhart, Hannam & Partners.

（操作員說明）Sean Urquhart，Hannam & Partners。

Hi, thanks for the presentation, Dr. Gregoriou. And just from our side, I think what would be interesting to understand is given the capital constraints and going into next year, does this impact the strategic allocation in terms of how you look at your projects in different regions, EU versus US? And does it also impact looking at the product mix that you're currently looking at across different segments of the market? Are you honing down into specific areas or is it impacted by that?

您好，謝謝格雷戈里奧博士的介紹。就我們而言，我認為有趣的是考慮到資本限制和進入明年，這是否會影響您如何看待不同地區（歐盟與美國）的項目的戰略分配？這是否也會影響您目前在不同市場領域關注的產品組合？您是否正在專注於特定領域，或是否受到該領域的影響？

Yes, something for the question. As you know, and we already said that we've been working very diligently and we have blue-chip organizations that they are close to us now in very key sectors. And these sectors are also very consolidated, if you will, all right? So we're going to grow these relationships, these very recent relationship with Airbus. But for us, it's very, very important.

是的，有一些問題。如你所知，我們已經說過，我們一直在非常努力地工作，我們擁有藍籌組織，他們現在在非常關鍵的領域與我們關係密切。這些部門也非常整合，如果你願意的話，好嗎？因此，我們將發展這些關係，這些最近與空中巴士的關係。但對我們來說，這非常非常重要。

Because with our technology, we have great chance to really fly the hydrogen plane. Now, pretty much the same technologies used in automotive and maritime, and I say the same for the general audience, obviously, there are many differences when you go down to the technological level. The most -- the thing that will make the difference and we have talked about in our presentation here the contribution from the IPCEI project, which, it's been going slower than we thought.

因為憑藉我們的技術，我們有很大的機會真正駕駛氫飛機。現在，汽車和航海領域使用的技術幾乎相同，我對一般觀眾也是如此，顯然，當你深入技術層面時，會有很多差異。最重要的是，最重要的是，我們在演講中談到了 IPCEI 專案的貢獻，它的進展比我們想像的要慢。

However, we've done everything we have to do. And keep in mind, we're dealing with the state, we don't deal with the customer. So we purchased the site, we have scheduled the R&D work, we have the strategic agreements with the base set that have announced and with some others that we will announce at the appropriate time. And we're waiting for the Greek state to actually go through the process. And we have to show the patience and resolute that's needed in a situation like this.

然而，我們已經做了我們該做的一切。請記住，我們是在與國家打交道，而不是與客戶打交道。因此，我們購買了該場地，我們已經安排了研發工作，我們與已經宣布的基地組達成了戰略協議，我們將在適當的時候宣布與其他一些協議。我們正在等待希臘政府真正完成這個過程。在這種情況下，我們必須表現出所需的耐心和決心。

For sure, we're not going to walk away from a big ground like that. So that will, in a way, determine very much when we're going to go cash flow positive. But overall, we're moving in the right direction. I think we've done a tremendous job and we need to bring the cash in now to continue the operations at a level that was here. Basically finish this partnerships in a very good way.

當然，我們不會離開這樣的大地。因此，在某種程度上，這將在很大程度上決定我們何時實現正現金流。但總體而言，我們正朝著正確的方向前進。我認為我們已經做了巨大的工作，我們現在需要投入現金以繼續保持現有水準的營運。基本上很好地完成了這次合作。

Thank you very much. Just to follow up on that, I think, looking at the purchase orders and going through into next year, just given the difficult environment around supply chains that tends to focusing on the hydrogen sector specifically, how do you see the key mitigants for Advent to make sure that you can deliver against those orders and make sure that you can execute?

非常感謝。為了跟進這一點，我認為，看看採購訂單並展望明年，鑑於供應鏈周圍的困難環境往往特別關注氫行業，您如何看待 Advent 的關鍵緩解措施確保您可以交付這些訂單並確保您可以執行？

Yeah, it is true that there is cost increases and the stuff that we've made, I think primarily to get tail from COVID and all the uncertainties with the geopolitical situation and also the cost of capital. But you know, we've got to do what we have to do in order to, as you say, deliver the products to the customer. So I think there is an affect, but it's not going to be, in my opinion, the right determined step. We have to do the stuff that I've mentioned in our OpEx part of the question part. And then we'll take care of problems as they arrive.

是的，確實成本增加了，我們製造的東西，我認為主要是為了從新冠疫情以及地緣政治局勢和資本成本的所有不確定性中獲得線索。但你知道，我們必須做我們必須做的事情，以便如你所說，將產品交付給客戶。所以我認為這是有影響的，但在我看來，這不會是正確的決定性步驟。我們必須做我在問題部分的營運支出部分提到的事情。然後我們會在問題出現時解決它們。

Thank you very much.

非常感謝。

You're welcome.

不客氣。

(Operator Instructions) Roger Bell, Hannam & Partners.

（操作員說明）Roger Bell，Hannam & Partners。

Apologies, I was on mute. Yeah, thank you very much for the call and congratulations again on the project with Airbus. I just wanted to ask about the Green HiPo project and the draw on the funding from IPCEI. So when you do commence a project and start drawing fund, what's the timeframe to bring that into production and start generating revenue from that project?

抱歉，我當時處於靜音狀態。是的，非常感謝您的來電，並再次祝賀與空中巴士的專案。我只是想問 Green HiPo 專案以及 IPCEI 資金的使用情況。那麼，當您啟動專案並開始籌集資金時，將其投入生產並開始從該專案中產生收入的時間範圍是多少？

Yeah. You're right. I mean, I guess we chose to go from, let's say, when the time zero, right? When we signed, how fast we can scale up, if you will? Very fast because we're waiting for it now, we're waiting for it for almost a year. So we're ready.

是的。你說得對。我的意思是，我想我們選擇從時間為零的時候開始，對嗎？當我們簽約時，如果您願意的話，我們可以多快擴大規模？非常快，因為我​​們現在就在等待，我們已經等了快一年了。所以我們準備好了。

So with this, not the cash flow, so we'll follow. So as I said, we're dealing with the state, we'll have to show the necessary respect to the process, if you will. But the whole mood is positive, I must say that overall. We will move fast after we have the signature.

因此，有了這個，而不是現金流，所以我們將遵循。正如我所說，我們正在與國家打交道，如果您願意的話，我們必須對這一過程表示必要的尊重。但我必須說，整體情緒是正面的。簽字後我們會迅速行動。

Thanks. And then just a follow-up in general on the structure of your partnerships with potential golden stream customers? Are you [deep three] or equity holder in those partnerships? And would you like to find funding if basically move forward or are the partners providing the cash and you're providing expertise and potentially taking some technology royalty further down the track? Is that how you would see those relationships working in general?

謝謝。然後只是對您與潛在黃金流客戶的合作夥伴關係結構進行整體跟進？您是這些合作關係中的[深三]或股東嗎？如果基本上是向前推進，您是否希望找到資金，或者合作夥伴提供現金，而您提供專業知識，並可能進一步收取一些技術使用費？您認為這些關係大致上是這樣運作的嗎？

Yeah, all of the above. I'll tell you where we're at right now and, obviously, where we'd like to be and I think you said that where the right track is. Right now, we bring the technology, okay? And since we'll bring the technology with big partners that have tremendous knowledge of their particular markets, we both want to accelerate what we do. Okay. So instead of taking us X amount of time, it should take us much less.

是的，以上都是。我會告訴你我們現在所處的位置，顯然，我們想要達到的目標，我想你已經說過正確的軌道在哪裡。現在，我們帶來了技術，好嗎？由於我們將與對其特定市場擁有豐富知識的大型合作夥伴一起提供技術，因此我們都希望加快我們的工作。好的。因此，我們不應該花費 X 時間，而應該花費更少的時間。

Because keep in mind that they have a lot of people and a lot of capital tied to these big projects themselves, all right? We're talking about automotives, we're talking about aerospace, we're talking about marine. These are big consolidated markets, okay, huge markets. Now, a company like us, right now, as you've seen, in addition to this, we sell complete systems.

因為請記住，他們自己有很多人和很多資本與這些大項目相關，好嗎？我們正在談論汽車、我們正在談論航空航天、我們正在談論海洋。這些是大型綜合市場，好吧，巨大的市場。現在，像我們這樣的公司，正如您所看到的，除此之外，我們還銷售完整的系統。

And, basically, we try to do it through major distributors and resellers, things like that. Eventually, and I think you alluded to it, for us, we need to license the top manufacturers, okay? And that's our model and I think we are and true to our model so far. We say we're going to do JDAs, we did them. We say we're going to have license tomorrow; I hope we'll do it sooner than later. But we know what the path is.

基本上，我們嘗試透過主要分銷商和經銷商之類的方式來做到這一點。最終，我想你也提到過，對我們來說，我們需要向頂級製造商授予許可，好嗎？這就是我們的模型，我認為到目前為止我們確實忠於我們的模型。我們說我們要做 JDA，我們就這麼做了。我們說明天就能拿到執照；我希望我們能盡快做到這一點。但我們知道那條路是什麼。

And I think starting from telecom, starting from construction, start from marine where the final products you've seen, we partnering with [serenity] for the large-scale systems, we have the salaried so important that everybody is waiting to see in the next month or so we're very proud of it. So keep our fingers crossed that we get everything right. The same thing with the telecom, we have a lot of installation, not only in Asia, but also the German police. And then, of course, Smart and Globe in the Philippines.

我認為從電信開始，從建築開始，從你所看到的最終產品的海洋開始，我們與 [serenity] 合作開發大型系統，我們的薪水如此重要，以至於每個人都在等待看到下個月左右，我們對此感到非常自豪。因此，請祈禱我們一切順利。與電信一樣，我們有很多安裝，不僅在亞洲，而且在德國警方。當然還有菲律賓的 Smart 和 Globe。

So we're moving along this route, if you will. And not very well, but in the end, we definitely would like to license the technology in automotive or aerospace giant and we will get a lot of revenue from that. Because if you look at the margins, the license margin is very, very big and the gross margins for the fuel cell systems are as much modern, which is understandable. So that's our plan.

所以如果你願意的話，我們正在沿著這條路線前進。雖然不是很好，但最終，我們肯定希望向汽車或航空航太巨頭授權該技術，我們將從中獲得大量收入。因為如果你看一下利潤率，你會發現許可利潤率非常非常大，燃料電池系統的毛利率也同樣現代，這是可以理解的。這就是我們的計劃。

Thank you. And that does conclude Advent Technologies' third-quarter conference call. Thank you for your participation today, everyone, and you may now disconnect.

謝謝。 Advent Technologies 第三季電話會議到此結束。感謝大家今天的參與，現在可以斷開連結了。