ADNH
ADVENT TECHNOLOGIES HOLDINGS, INC.
In its 2025 annual report the company says: “We are an advanced materials and technology development company operating in the fuel cell and hydrogen technology space, including liquid hydrogen carriers such as methanol. We are a world-leading company in the development of HT-PEM (High Temperature Proton Exchange Membrane) technology (with approximately 150 patents issued, pending, or licensed worldwide).”4 It is headquartered in Boston, Massachusetts.1
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Last updated Oct 21, 2026.
Overview
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- TickerADNH1
- IndustryMiscellaneous Electrical Machinery, Equipment & Supplies1
- HeadquartersBoston, Massachusetts1
- Incorporated inDE2
- Business address500 Rutherford Avenue, Suite 102, Boston, Ma 021292
- Filer categoryNon-accelerated filer, Smaller reporting company2
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We are an advanced materials and technology development company operating in the fuel cell and hydrogen technology space, including liquid hydrogen carriers such as methanol. We are a world-leading company in the development of HT-PEM (High Temperature Proton Exchange Membrane) technology (with approximately 150 patents issued, pending, or licensed worldwide). The HT-PEM fuel cell technology enables off-grid power systems to produce clean power from various green fuels (hydrogen, methanol, bio and e-Methanol, and renewable natural gas) and to function with higher efficiency at extreme ambient temperatures and in general extreme environmental conditions (humidity, air pollution). Advent’s main operations focus on developing and manufacturing the Membrane Electrode Assembly (MEA) and the fuel cell stack, which is the core electrochemical element and the most critical component of the fuel …4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2024
Where the money goes
Where each dollar of revenue went, fiscal 2024
- Cost of revenue8¢$1.5M
- Research and development17¢$3.2M
- Selling, general and admin75¢$14.3M
- Income tax0¢$55.0K
Out of $3.3M in revenue.5 The company lost money this year.
Where each dollar of operating cash went, fiscal 2024
- Kept or used elsewhere100¢$1.4M
Out of $1.4M of cash from operations.5
Financial statements
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|
| Revenue | $882.7K6 | $7.1M7 | $7.8M8 | $1.5M5 | $3.3M5 | ||
| Cost of revenue | $513.8K6 | $5.4M7 | $8.6M8 | $7.0M5 | $1.5M5 | ||
| Gross profit | $368.8K6 | $1.7M7 | -$744.0K8 | -$5.4M5 | $1.8M5 | ||
| Research and development | $102.5K6 | $3.5M7 | $9.8M8 | $7.6M5 | $3.2M5 | ||
| Selling, general and admin | $3.5M6 | $41.9M7 | $35.9M8 | $28.8M5 | $14.3M5 | ||
| Operating income | -$696.6K9 | -$3.1M6 | -$44.1M7 | -$85.4M8 | -$50.7M5 | -$18.4M5 | |
| Income before tax | -$21.4M7 | -$76.3M8 | -$51.0M5 | -$30.1M5 | |||
| Income tax | $1.1M9 | $06 | -$923.0K7 | -$2.0M8 | -$82.0K5 | -$55.0K5 | |
| Net income | $21.5M9 | -$3.1M6 | -$20.5M7 | -$74.3M8 | -$71.4M5 | -$41.0M5 | |
| Earnings per share | -$0.156 | -$0.457 | -$43.288 | -$37.245 | -$15.655 | ||
| Earnings per share (diluted) | -$0.156 | -$0.457 | -$43.288 | -$37.245 | -$15.655 | ||
| Shares (weighted, basic) | 45.8M shares7 | 1.7M shares8 | 1.9M shares5 | 2.6M shares5 | |||
| Shares (weighted, diluted) | 45.8M shares7 | 1.7M shares8 | 1.9M shares5 | 2.6M shares5 |
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|
| Cash | $886.3K9 | $1.2M6 | $515.7K6 | $79.8M7 | $32.9M8 | $3.2M5 | $381.0K5 |
| Receivables | $3.1M7 | $979.0K8 | $63.0K5 | $962.0K5 | |||
| Inventory | $7.0M7 | $12.6M8 | $195.0K5 | $8.0K5 | |||
| Current assets | $1.0M13 | $577.5K9 | $1.7M6 | $97.4M7 | $49.5M8 | $8.8M5 | $2.7M5 |
| Property, plant and equipment | $8.6M7 | $17.9M8 | $20.8M5 | $4.6M5 | |||
| Goodwill | $30.0M7 | $5.7M8 | |||||
| Intangible assets | $23.3M7 | $6.1M8 | $79.0K5 | $85.0K5 | |||
| Total assets | $222.1M13 | $226.0M9 | $1.9M6 | $163.0M7 | $89.6M8 | $34.7M5 | $8.0M5 |
| Accounts payable | $4.8M7 | $4.7M8 | $4.0M5 | $16.7M5 | |||
| Current liabilities | $247.4K13 | $1.3M9 | $3.4M6 | $18.9M7 | $13.7M8 | $11.9M5 | $28.8M5 |
| Long-term liabilities | $14.0M7 | $11.8M8 | $9.4M5 | $530.0K5 | |||
| Total liabilities | $8.0M13 | $19.2M9 | $3.7M6 | $32.8M7 | $25.4M8 | $21.3M5 | $29.3M5 |
| Retained earnings | -$33.4M7 | -$107.8M8 | -$179.2M5 | -$220.2M5 | |||
| Shareholders’ equity | $5.0M9 | -$833.8K6 | -$1.8M7 | $130.2M8 | $64.1M5 | $13.4M5 | -$21.3M5 |
| Shares outstanding | 25.0M shares6 | 51.3M shares7 | 1.7M shares8 | 2.6M shares5 | 2.6M shares5 |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
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Corporate structure
ADVENT TECHNOLOGIES HOLDINGS, INC. sits at the top of its group. 2 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of ADVENT TECHNOLOGIES HOLDINGS, INC.
- LMR Partners LLP Filed SC 13G/A on ADVENT TECHNOLOGIES HOLDINGS, INC., latest Feb 12, 2024 (2 filings since Feb 9, 2023)
- BNP Paribas Asset Management UK Ltd Filed SC 13G/A on ADVENT TECHNOLOGIES HOLDINGS, INC., latest Jan 10, 2024 (5 filings since Jan 31, 2022)
- F.E.R. fischer Edelstahlrohre GmbH Filed SC 13G/A on ADVENT TECHNOLOGIES HOLDINGS, INC., latest Apr 4, 2023
- Invesco Filed SC 13G/A on ADVENT TECHNOLOGIES HOLDINGS, INC., latest Feb 8, 2023 (2 filings since Feb 14, 2022)
- FMR LLC Filed SC 13G/A on ADVENT TECHNOLOGIES HOLDINGS, INC., latest Feb 9, 2022
- ADVENT TECHNOLOGIES HOLDINGS, INC. Boston, Massachusetts
- Advent Technologies GmbH Subsidiary · Germany
Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What ADVENT TECHNOLOGIES HOLDINGS, INC. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Property and equipment, before depreciation | $7.1M5 Dec 31, 2024 | $26.9M5 Dec 31, 2023 | −73.5% |
| Accumulated depreciation | $102.0K5 Dec 31, 2024 | $3.7M5 Dec 31, 2023 | −97.2% |
| Property and equipment, net | $4.6M5 Dec 31, 2024 | $20.8M5 Dec 31, 2023 | −77.7% |
| Operating-lease assets (leased space) | $274.0K5 Dec 31, 2024 | $3.2M5 Dec 31, 2023 | −91.3% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $381.0K5 Dec 31, 2024 | $3.2M5 Dec 31, 2023 | −88.1% |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Intangible assets, net (excluding goodwill) | $85.0K5 Dec 31, 2024 | $79.0K5 Dec 31, 2023 | +7.6% |
| Finite-lived intangibles, gross | $24.3M5 Dec 31, 2023 | $24.3M8 Dec 31, 2022 | 0% |
| Accumulated amortization | -$4.7M5 Dec 31, 2023 | -$4.0M8 Dec 31, 2022 | −15.9% |
| Finite-lived intangibles, net | $79.0K5 Dec 31, 2023 | $5.7M8 Dec 31, 2022 | −98.6% |
Inventory
| Item | Latest | A year before | Change |
|---|---|---|---|
| Inventory, total | $8.0K5 Dec 31, 2024 | $195.0K5 Dec 31, 2023 | −95.9% |
| Work in process | $90.0K5 Dec 31, 2023 | $547.0K8 Dec 31, 2022 | −83.5% |
| Finished goods | $229.0K5 Dec 31, 2024 | $259.0K5 Dec 31, 2023 | −11.6% |
Properties, in its own words
Our principal office is located at 5637 La Ribera St., Suite A, Livermore, CA 94550. We also lease approximately 3,400 square feet of laboratory space in Patras, Greece, approximately 1,000 square feet of office space in Athens, Greece, and approximately 800 square feet of office space in Kozani, Greece.
We believe that all our properties have been adequately maintained, are generally in good condition, and are suitable and adequate for our business.
Item 2 of the 10-K filed Jun 6, 2025.4
Leadership
Who has led ADVENT TECHNOLOGIES HOLDINGS, INC., and when. Pick a name to see everywhere that person has worked.
President
Chief financial officer
Chief operating officer
- Chief executive officerGary L. Herman Mar 11, 2025 to Mar 11, 202514
- Chief executive officerVassilios Gregoriou Feb 5, 2021 to Sep 8, 202315
- Chief executive officerJohn Hunter William Nov 15, 2018 to Nov 15, 201816
- ChairVassilios Gregoriou Feb 5, 2021 to Sep 8, 202315
- PresidentJohn Hunter William Feb 5, 2021 to Jun 15, 202117
- Chief financial officerNaiem Hussain Feb 12, 2024 to Feb 20, 202418
- Chief financial officerKevin L. Brackman Jul 20, 2021 to Sep 8, 202319
- Chief financial officerJohn Hunter William Nov 15, 2018 to Jun 15, 202116
- Chief operating officerJames F. Coffey Feb 5, 2021 to Apr 14, 202320
Board members and other officers (19)
- Chief Marketing OfficerChristos Kaskavelis Feb 5, 2021 to Apr 14, 202321
- Executive Vice PresidentBrian Beem Nov 15, 2018 to Nov 15, 201822
- Board memberGary L. Herman Mar 11, 2025 to Mar 11, 202514
- Board memberJoseph Patrick Celia Mar 11, 2025 to Mar 11, 202523
- Board memberMarc Seelenfreund Mar 11, 2025 to Mar 11, 202524
- Board memberSeth M. Lukash Mar 11, 2025 to Mar 11, 202525
- Board memberAvtar Dhaliwal Apr 2, 2025 to Apr 2, 202526
- Board memberLawrence Epstein Apr 18, 2022 to Jun 17, 202227
- Board memberWayne Threatt Jun 14, 2022 to Jun 17, 202228
- Board memberPanoraia Gourdoupi Aug 5, 2022 to Apr 14, 202329
- Board memberVon McConnell Nov 14, 2022 to Nov 14, 202230
- Board memberAnggelos Skutaris Feb 5, 2021 to Jun 17, 202231
- Board memberKatherine E. Fleming Feb 5, 2021 to Jun 15, 202132
- Board memberKatrina Fritz Feb 5, 2021 to Jun 15, 202133
- Board memberGary Evan Uren Nov 15, 2018 to Nov 15, 201834
- Board memberJason Grant Nov 15, 2018 to Nov 15, 201835
- Board memberJohn Hunter William Nov 15, 2018 to Jun 15, 202116
- Board memberLawrence M. Clark Jr. Nov 15, 2018 to Jun 15, 202136
- General counselJames F. Coffey Feb 5, 2021 to Aug 26, 202220
Subsidiaries and ownership
Subsidiaries (Exhibit 21)
- Advent Technologies GmbH Germany3
- Advent Technologies Inc. Delaware3
- Advent Technologies LLC Delaware3
- Advent Technologies SA Greece3
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Former names
- AMCI Acquisition Corp.Jul 20, 2018 to Feb 4, 20212
Timeline
- Jul 22, 20268-K Other events37
- May 15, 20268-K Other events38
- Jan 15, 20268-K Entered a material agreement; Unregistered sale of shares; Executive or director change39
- Nov 10, 20258-K Ended a material agreement40
- Nov 3, 20258-K Executive or director change41
- Oct 29, 20258-K Listing notice or transfer42
- Oct 22, 20258-K Shareholder vote43
- Sep 12, 20258-K Ended a material agreement44
- Sep 4, 20258-K Entered a material agreement; Unregistered sale of shares45
- Aug 22, 20258-K Listing notice or transfer46
- Aug 18, 20258-K Entered a material agreement; Unregistered sale of shares47
- Aug 12, 20258-K Other events48
- Mar 11, 2025New chief executive Gary L. Herman becomes CEO14
- Feb 5, 2021New chief executive Vassilios Gregoriou becomes CEO15
- Nov 15, 2018New chief executive John Hunter William becomes CEO16
Calendar
When it reported results
- Aug 20, 2024Reported quarterly or annual results49
- Nov 14, 2023Reported quarterly or annual results50
- Aug 11, 2023Reported quarterly or annual results51
- May 15, 2023Reported quarterly or annual results52
- Mar 31, 2023Reported quarterly or annual results53
- Nov 14, 2022Reported quarterly or annual results54
- Aug 9, 2022Reported quarterly or annual results55
- May 12, 2022Reported quarterly or annual results56
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
193 filings to the SEC since October 2021: 4 annual reports, 13 quarterly reports, 75 major events, 33 insider forms, 11 large holders, 57 other. The latest 20:
- Jul 22, 20268-K EDGAR
- May 15, 20268-K EDGAR
- Mar 31, 2026NT 10-K EDGAR
- Jan 21, 202625-NSE EDGAR
- Jan 21, 202625-NSE EDGAR
- Jan 15, 20268-K EDGAR
- Nov 17, 202510-Q EDGAR
- Nov 14, 2025NT 10-Q EDGAR
- Nov 10, 20258-K EDGAR
- Nov 3, 20258-K EDGAR
- Oct 29, 20258-K EDGAR
- Oct 22, 20258-K EDGAR
- Sep 30, 2025DEF 14A EDGAR
- Sep 12, 20258-K EDGAR
- Sep 4, 20258-K EDGAR
- Aug 27, 2025EFFECT EDGAR
- Aug 27, 2025424B3 EDGAR
- Aug 25, 2025CORRESP EDGAR
- Aug 25, 2025UPLOAD EDGAR
- Aug 22, 20258-K EDGAR
The 193 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
14 open-market trades by officers, directors and large owners since October 2021: 0 buys and 14 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 6, 2023 | Gregoriou VassiliosCEO, Chair | Sale | 14,157 | $0.53 | $7.5K | Form 4 |
| Sep 6, 2023 | Brackman Kevin L.CFO | Sale | 27,771 | $0.53 | $14.7K | Form 4 |
| Feb 8, 2023 | Gregoriou VassiliosCEO, Chair | Sale | 22,696 | $1.92 | $43.6K | Form 4 |
| Feb 8, 2023 | Gregoriou VassiliosCEO, Chair | Sale | 22,696 | $1.92 | $43.6K | Form 4 |
| Feb 8, 2023 | De Castro Emory SayreCTO | Sale | 9,248 | $1.96 | $18.1K | Form 4 |
| Feb 8, 2023 | Coffey James F.COO, GC | Sale | 9,136 | $1.92 | $17.5K | Form 4 |
| Feb 7, 2023 | Gregoriou VassiliosCEO, Chair | Sale | 34,338 | $1.96 | $67.3K | Form 4 |
| Feb 7, 2023 | Gregoriou VassiliosCEO, Chair | Sale | 34,338 | $1.96 | $67.3K | Form 4 |
| Feb 7, 2023 | De Castro Emory SayreCTO | Sale | 13,992 | $1.96 | $27.4K | Form 4 |
| Feb 7, 2023 | Coffey James F.COO, GC | Sale | 13,823 | $1.96 | $27.1K | Form 4 |
| Feb 6, 2023 | Gregoriou VassiliosCEO, Chair | Sale | 18,642 | $2.00 | $37.3K | Form 4 |
| Feb 6, 2023 | Gregoriou VassiliosCEO, Chair | Sale | 18,642 | $2.00 | $37.3K | Form 4 |
| Feb 6, 2023 | De Castro Emory SayreCTO | Sale | 7,596 | $2.00 | $15.2K | Form 4 |
| Feb 6, 2023 | Coffey James F.COO, GC | Sale | 7,505 | $2.00 | $15.0K | Form 4 |
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- LMR Partners LLPSC 13G/A, 2 filings Feb 9, 2023 to Feb 12, 202457
- BNP Paribas Asset Management UK LtdSC 13G/A, 5 filings Jan 31, 2022 to Jan 10, 202458
- F.E.R. fischer Edelstahlrohre GmbHSC 13G/A, 1 filing Apr 4, 202359
- InvescoSC 13G/A, 2 filings Feb 14, 2022 to Feb 8, 202360
- FMR LLCSC 13G/A, 1 filing Feb 9, 202261
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2024 | Vassilios Gregoriou | $800.0K62 | ||
| 2024 | James Coffey | 60 | $475.0K62 | |
| 2024 | Emory De Castro | 68 | $350.0K62 | |
| 2024 | Gary Herman | 60 | $062 | |
| 2023 | Former Chairman of the Board of DirectorsFormer Chief Executive Officer and Former Acting Chief Financial Officer | $800.0K62 | ||
| 2023 | Chief Operating Officer and General Counsel | $475.0K62 | ||
| 2023 | Chief Technology Officer and Director | $350.0K62 | ||
| 2023 | Chief Executive Officer and Interim Chief Financial OfficerDirector | $062 | ||
| 2022 | Former Chairman of the Board of DirectorsFormer Chief Executive Officer and Former Acting Chief Financial Officer | $800.0K | $1.7M62 | |
| 2022 | Chief Operating Officer and General Counsel | $475.0K62 | ||
| 2022 | Chief Executive Officer and Interim Chief Financial OfficerDirector | $062 | ||
| 2022 | Chief Technology Officer and Director | $062 |
SEC filer profile
How ADVENT TECHNOLOGIES HOLDINGS, INC. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARADVENT TECHNOLOGIES HOLDINGS, INC.1
- CIK0001744494
- Employer ID (EIN)83-09829694
- Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company4
- Incorporated inDelaware4
- Fiscal year endsDecember 311
- Industry code (SIC)3690 Miscellaneous Electrical Machinery, Equipment & Supplies1
- SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance1
- Business address500 Rutherford Avenue, Suite 102, Boston, MA 021291
- Phone857-264-70351
- Shares outstanding3,788,634 as of Nov 14, 202512
- Public float$6.7M as of Jun 30, 20244
- AuditorM&K CPAS, PLLC, The Woodlands, TX PCAOB ID 2738; no auditor attestation of internal control over financial reporting4
- On EDGAR sinceJul 20, 20181
- Filings388 in all: 8-K (107), 4 (46), 424B3 (32), 3 (30), 10-Q (21), SC 13G/A (21), SC 13G (14), 8-K/A (9)1
All 37 form types
CORRESP (9), DEF 14A (9), DEFA14A (9), EFFECT (8), 10-K (7), NT 10-Q (7), UPLOAD (7), 4/A (6), 425 (6), 424B5 (4), NT 10-K (4), PRE 14A (4), S-1 (4), 25-NSE (3), POS AM (2), S-1/A (2), S-4 (2), S-4/A (2), S-8 (2), SC 13D (2), 10-K/A (1), 424B4 (1), 8-A12B (1), CERT (1), DRS (1), DRS/A (1), DRSLTR (1), RW (1), S-3 (1)
- Latest filingsAnnual report (10-K) Jun 6, 2025
Quarterly report (10-Q) Nov 17, 2025
Proxy statement (DEF 14A) Sep 30, 2025
Latest 8-K (8-K) Jul 22, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Stock, par value $0.0001 per share | ADN | Nasdaq |
| Warrants to purchase one share of common stock, each at an exercise price of $345.00 | ADNWW | Nasdaq |
From the cover page of the 10-K filed Jun 6, 2025 (Section 12(b) of the Exchange Act).4
Risk factors and legal proceedings
The risks ADVENT TECHNOLOGIES HOLDINGS, INC. names in Item 1A of its 10-K filed Jun 6, 2025: 46 risks under these headings, as written.4
- We have identified material weaknesses in our system of internal controls pursuant to Section 404 of the Sarbanes-Oxley Act of 2002. If not remediated, these material weaknesses could result in material misstatements in our consolidated financial statements. We may be unable to develop, implement and maintain appropriate controls in future periods.
- If we fail to maintain an effective system of internal controls, we may not be able to accurately report our financial results or detect fraud. Consequently, shareholders could lose confidence in our financial reporting, and this may decrease the trading price of our common stock.
- Our audited financial statements included a statement that there is a substantial doubt about our ability to continue as a going concern and a continuation of negative financial trends could result in our inability to continue as a going concern.
- We have incurred losses since inception and we expect that we will continue to incur losses for the foreseeable future.
- We may be unable to adequately control the costs associated with our operations.
- We may need to raise additional funds and these funds may not be available to us when we need them. If we cannot raise additional funds when we need them, our operations and prospects could be negatively affected.
- We continue to generate a low level of revenue from our core products.
- If we fail to manage our future growth effectively, we may not be able to market and sell our fuel cells successfully.
- We will rely on complex machinery for our operations and production involves a significant degree of risk and uncertainty in terms of operational performance and costs.
- Our future growth is dependent upon the market’s willingness to adopt our hydrogen-powered fuel cell and membrane technology.
- Future product recalls could materially adversely affect our business, prospects, operating results and financial condition.
- If we are unable to attract and retain key employees and hire qualified management, technical and fuel cell and system engineering personnel, our ability to compete could be harmed.
The other 34 risks
- Increases in costs, disruption of supply or shortage of raw materials could harm our business.
- We are or may be subject to risks associated with strategic alliances or acquisitions.
- We may experience difficulties integrating the operations of acquired companies into our business and in realizing the expected benefits of these acquisitions.
- We are subject to substantial regulation and unfavorable changes to, or failure by us to comply with, these regulations could substantially harm our business and operating results.
- We face risks associated with our international operations, including unfavorable regulatory, political, tax and labor conditions, which could harm our business.
- The unavailability, reduction or elimination of government and economic incentives could have a material adverse effect on our business, prospects, financial condition and operating results.
- We may not be able to obtain or agree on acceptable terms and conditions for all or a significant portion of the government grants, loans and other incentives for which we may apply in the future. As a result, our business and prospects may be adversely affected.
- Certain members of our management team have limited experience managing a public company.
- Obtaining the MIL-STD certification for the Honey Badger and advancing it for U.S. army integration is subject to risks and uncertainty.
- Cybersecurity risks and attacks, security incidents, and data breaches could compromise our intellectual property or other proprietary information, could disrupt our electronic infrastructure, operations and manufacturing, and could impact our competitive position, reputation, results of operations, financial condition, and cash flows.
- Our global operations are subject to data privacy laws and regulations that impose significant compliance costs and create reputational and legal risk.
- Adverse developments affecting the financial services industry, such as actual events or concerns involving liquidity, defaults, or non-performance by financial institutions or transactional counterparties, could adversely affect the Company’s current and projected business operations and its financial condition and results of operations.
- Failure of our information technology systems could significantly disrupt the operation of our business.
- Risks Related to Ownership of Our Common Stock and Warrants
- NASDAQ may delist our securities from trading on its exchange, which could limit investors’ ability to make transactions in our securities and subject us to additional trading restrictions.
- If our common stock were delisted and determined to be a “penny stock,” a broker-dealer may find it more difficult to trade our common stock and an investor may find it more difficult to acquire or dispose of our common stock in the secondary market.
- Delaware law and our second amended and restated certificate of incorporation and second amended and restated bylaws contain certain provisions, including anti-takeover provisions, that limit the ability of stockholders to take certain actions and could delay or discourage takeover attempts that stockholders may consider favorable.
- Our second amended and restated certificate of incorporation designates a state or federal court located within the State of Delaware as the exclusive forum for substantially all disputes between us and our stockholders, and also provide that the federal district courts will be the exclusive forum for resolving any complaint asserting a cause of action arising under the Securities Act, each of which could limit the ability of our stockholders to choose the judicial forum for disputes with us or our directors, officers, or employees.
- An active market for our securities may not develop, which would adversely affect the liquidity and price of our securities.
- Our common stock price may change significantly and you could lose all or part of your investment as a result.
- Because there are no current plans to pay cash dividends on our common stock for the foreseeable future, you may not receive any return on investment unless you sell your common stock at a price greater than what you paid for it.
- Our stockholders may experience dilution in the future.
- If securities or industry analysts do not publish research or reports about our business, if they change their recommendations regarding our common stock or if our operating results do not meet their expectations, our common stock price and trading volume could decline.
- As a public company, we are subject to additional laws, regulations and stock exchange listing standards, which impose additional costs on us and may strain our resources and divert our management’s attention.
- We may redeem unexpired public warrants prior to their exercise at a time that is disadvantageous for warrant holders.
- Changes in accounting standards and subjective assumptions, estimates and judgments by management related to complex accounting matters could significantly affect our financial condition and results of operations.
- The exercise of Warrants for our common stock would increase the number of shares eligible for future resale in the public market and result in dilution to our stockholders.
- Changes in US trade policy, including the imposition of tariffs and the resulting consequences, may have a material adverse impact on our business and results of operations.
- Risks Related to Our Intellectual Property
- Our ability to protect our intellectual property and proprietary technology is uncertain.
- We may need to defend ourselves against patent or trademark infringement claims, which may be time-consuming and cause us to incur substantial costs.
- Our business may be adversely affected if we are unable to protect our intellectual property rights from unauthorized use by third parties.
- Our patent applications may not issue as patents, which may have a material adverse effect on our ability to prevent others from commercially exploiting products similar to ours.
- We may not be able to protect our intellectual property rights throughout the world.
- If we are unable to protect the confidentiality of our trade secrets, our business and competitive position could be harmed.
- Third parties may assert that our employees or consultants have wrongfully used or disclosed confidential information or misappropriated trade secrets.
Legal proceedings
From time to time, we may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business. However, litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm our business.
On May 9, 2025, Chris Kaskavelis (“Kaskavelis”), a former employee of Advent SA, filed a claim against the Company’s wholly owned subsidiary in Greece, Advent SA, before the Athens First Instance Court (LABOR CLAIMS). A hearing is on the claim is scheduled for October 20, 2025. In connection with the claim, Kaskavelis alleges that Advent should pay him the following amounts: (1) €107,194.90 for unpaid wages, (2) €612,206.40 for unpaid severance, (3) €50,000 for “moral damages” and (4) related court expenses stemming from the lawsuit. The Company denies the Kaskavelis claims as they are unsubstantiated and without merit as he was terminated by the Company for cause per the terms of his employment agreement. Notwithstanding the same, and as a contingency, the Company has accrued for the unpaid wages portion of his claim in the amount of €107,194.90 ($124,000). The Company believes that the remainder of the Kaskavelis claims are wholly without merit and intends to defend itself vigorously in these proceedings, although we cannot accurately predict the ultimate outcome of this matter.
The opening of Item 3, Legal Proceedings.4
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 17SEC EDGARJohn Hunter William, President
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- 22SEC EDGARBrian Beem, Executive Vice President
- 23SEC EDGARJoseph Patrick Celia, Board member
- 24SEC EDGARMarc Seelenfreund, Board member
- 25SEC EDGARSeth M. Lukash, Board member
- 26SEC EDGARAvtar Dhaliwal, Board member
- 27SEC EDGARLawrence Epstein, Board member
- 28SEC EDGARWayne Threatt, Board member
- 29SEC EDGARPanoraia Gourdoupi, Board member
- 30SEC EDGARVon McConnell, Board member
- 31SEC EDGARAnggelos Skutaris, Board member
- 32SEC EDGARKatherine E. Fleming, Board member
- 33SEC EDGARKatrina Fritz, Board member
- 34SEC EDGARGary Evan Uren, Board member
- 35SEC EDGARJason Grant, Board member
- 36SEC EDGARLawrence M. Clark Jr., Board member
- 37SEC EDGAROther events
- 38SEC EDGAROther events
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- 40SEC EDGAREnded a material agreement
- 41SEC EDGARExecutive or director change
- 42SEC EDGARListing notice or transfer
- 43SEC EDGARShareholder vote
- 44SEC EDGAREnded a material agreement
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- 46SEC EDGARListing notice or transfer
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- 48SEC EDGAROther events
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