Advent(ADN)2024-12-27 13:41Financial Position and Risks - Advent had an unrestricted cash balance of approximately $0.2 million as of September 30, 2024[373] - Advent is exposed to market risks including changes in interest rates, inflation, and foreign exchange fluctuations, with plans to implement foreign exchange risk mitigation features as the company scales[386] - Advent's management identified material weaknesses in internal control over financial reporting as of September 30, 2024, leading to ineffective disclosure controls and procedures[374] - Advent's deferred tax assets and liabilities are measured using enacted tax rates, with valuation allowances established to reduce deferred tax assets to the amount expected to be realized[377] Research and Development - The RHyno project aims to develop innovative fuel cells and electrolysers at a megawatt (MW) scale, focusing on enhancing power density and lifespan while reducing weight and volume[15] - Advent expects to continue receiving grant income for research and development activities and is in discussions with prospective grantors[406] Technology and Products - Advent's HT-PEM MEAs operate at temperatures higher than 180°C (360°F), targeting improved performance for aviation, heavy-duty trucks, automotive, and marine use[402] - Advent's Honey Badger fuel cell technology is designed to meet the U.S. Department of Defense's needs for lightweight, portable power solutions[404] Strategic Expansion - Advent's acquisition of SerEnergy A/S and fischer eco solutions GmbH was completed on June 25, 2021, as part of its strategic expansion[392] Non-GAAP Measures - Advent's non-GAAP measures include EBITDA, Adjusted EBITDA, and Adjusted Net Income / (Loss), used to evaluate operating performance and compare with peers[381]