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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission File Number: 001-38742

Advent Technologies Holdings, Inc.

(Exact name of registrant as specified in its charter)

Delaware		83-0982969
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification Number)

5637 La Ribera St., Suite A Livermore, CA		94550
(Address of principal executive offices)		(Zip code)

(925) 455-9400

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.0001 per share	ADNH	Over The Counter (OTC) Market
Warrants	ADNHW	Over The Counter (OTC) Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☐ No ☒

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☐ No ☒

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of November 14, 2025, the registrant had 3,788,634 shares of common stock, par value $0.0001 per share, issued and outstanding.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements, which reflect our current views with respect to, among other things, our operations and financial performance. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding our future results of operations and financial position, business strategy and plans and our objectives for future operations, are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “could,” “target,” “predict,” “seek” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short- and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those referenced in the section titled “Risk Factors” in this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2024 (“2024 Annual Report”) which could cause actual results to differ materially. Moreover, we operate in a very competitive and rapidly changing environment and new risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in or implied by any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this Quarterly Report on Form 10-Q may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.

Some of the key factors that could cause actual results to differ from our expectations include:

●

our ability to maintain the listing of our shares of common stock and warrants on Nasdaq;

●

our ability to raise financing in the future;

●

our success in retaining or recruiting officers, key employees or directors;

●

factors relating to our business, operations and financial performance, including:

○

our ability to control the costs associated with our operations;

○

our ability to grow and manage growth profitably;

○

our reliance on complex machinery for our operations and production;

○

the market’s willingness to adopt our technology;

○

our ability to maintain relationships with customers;

○

the potential impact of product recalls;

○

our ability to compete within our industry;

○

increases in costs, disruption of supply or shortage of raw materials;

○

risks associated with strategic alliances or acquisitions;

○

the impact of unfavorable changes in U.S. and international regulations;

○

the availability of and our ability to meet the terms and conditions for government grants and economic incentives; and

○

our ability to protect our intellectual property rights;

●

market conditions and global and economic factors beyond our control;

●

volatility of our stock price and potential share dilution;

●

future exchange and interest rates; and

●

other factors detailed within the 2024 Annual Report under the section entitled “Risk Factors.”

The forward-looking statements included in this Quarterly Report on Form 10-Q are made only as of the date of this report. You should not rely upon forward-looking statements as predictions of future events. We cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. We undertake no obligation to update publicly any forward-looking statements for any reason after the date of this Quarterly Report on Form 10-Q to conform these statements to actual results or reflect interim developments.

As a result of a number of known and unknown risks and uncertainties, our actual results or performance may be materially different from those expressed or implied by these forward-looking statements. For a discussion of the risks involved in our business and investing in our common stock, see the section entitled “Risk Factors” within the 2024 Annual Report.

Should one or more of these risks or uncertainties materialize, or should any of the underlying assumptions prove incorrect, actual results may vary in material respects from those expressed or implied by these forward-looking statements. You should not place undue reliance on these forward-looking statements.

Advent Technologies Holdings, Inc.

Table of Contents

		Page
PART I—FINANCIAL INFORMATION

Item 1.	Unaudited Condensed Consolidated Financial Statements	1
	Unaudited Condensed Consolidated Balance Sheets	1
	Unaudited Condensed Consolidated Statements of Operations	2
	Unaudited Condensed Consolidated Statements of Comprehensive Loss	3
	Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity/(Deficit)	4
	Unaudited Condensed Consolidated Statements of Cash Flows	8
	Notes to Unaudited Condensed Consolidated Financial Statements	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	38
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	59
Item 4.	Controls and Procedures	60

PART II—OTHER INFORMATION

Item 1.	Legal Proceedings	63
Item 1A.	Risk Factors	64
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	64
Item 3.	Defaults Upon Senior Securities	64
Item 4.	Mine Safety Disclosures	64
Item 5.	Other Information	64
Item 6.	Exhibits	65

Signatures		66

PART I—FINANCIAL INFORMATION

Item 1. Unaudited Condensed Consolidated Financial Statements

ADVENT TECHNOLOGIES HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in USD thousands, except share and per share amounts)


	As of
	September 30, 2025			December 31, 2024
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	468		$	381
Accounts receivable, net		87			962
Contract assets		617			623
Inventories		-			8
Prepaid expenses and Other current assets		620			719
Total current assets		1,792			2,693
Non-current assets:
Intangibles, net		92			85
Property and equipment, net		4,380			4,638
Right-of-use assets		177			274
Other non-current assets		235			317
Available for sale financial asset		-			-
Total non-current assets		4,884			5,314
Total assets	$	6,676		$	8,007

LIABILITIES AND STOCKHOLDERS’ EQUITY/(DEFICIT)
Current liabilities:
Trade and other payables	$	6,969		$	16,730
Due to related parties		387			305
Deferred income from grants, current		1,233			396
Contract liabilities		4,147			3,187
Loss contingency liabilities		-			5,126
Other current liabilities		2,927			2,210
Operating lease liabilities		154			89
Short-term loan payable, net of discount		1,801			559
Income tax payable		192			170
Total current liabilities		17,810			28,772
Non-current liabilities:
Long-term operating lease liabilities		23			184
Defined benefit obligation		109			97
Deferred income from grants, non-current		748			248
Other long-term liabilities		5,769			1
Total non-current liabilities		6,649			530
Total liabilities		24,459			29,302

Commitments and contingent liabilities

Stockholders’ equity/(deficit)
Common stock ($0.0001 par value per share; Shares authorized: 500,000,000 at September 30, 2025 and December 31, 2024; Issued and outstanding: 3,291,634 and 2,636,508 at September 30, 2025 and December 31, 2024, respectively)		-			-
Preferred stock ($0.0001 par value per share; Shares authorized: 1,000,000 at September 30, 2025 and December 31, 2024; nil 0 issued and outstanding at September 30, 2025 and December 31, 2024)		-			-
Additional paid-in capital		202,008			199,015
Accumulated other comprehensive loss		(1,192	)		(157	)
Accumulated deficit		(218,599	)		(220,153	)
Total stockholders’ equity/(deficit)		(17,783	)		(21,295	)
Total liabilities and stockholders’ equity/(deficit)	$	6,676		$	8,007

ADVENT TECHNOLOGIES HOLDINGS, INC. 10-Q