In Q1 2023 Advent Technologies reported $1.5 million of total revenue and income from grants ($1.0M revenue plus $0.5M grants) and a net loss of $12 million, or $0.23 per share, with total operating expenses of $11.6 million down about $1 million year over year on 2022 administrative cost cuts. The quarter's momentum came from commercial and strategic milestones: a Hyundai joint development agreement, a Siemens Energy maritime collaboration with an initial 20-unit Serene order, the opening of the Hood Park facility in Boston, and a BASF supply-chain agreement, alongside purchasing the Kozani site for the Green HiPo gigafactory. However, cash fell $13.4 million to $19.5 million and management flagged a going-concern risk, noting existing cash is not expected to fund operations for the next 12 months. To bridge this, Advent finalized a $50 million equity line of credit with Lincoln Park Capital and continued pursuing the up-to-EUR 782.1 million Green HiPo funding from the Greek state, whose timing remains outside its control. Management declined to give a 2023 revenue outlook given uncertainty but expects to provide one on the next call.
Thank you, operator. Good morning to everyone listening in, and thank you for joining us on Advent's first quarter 2023 earnings call. On today's call, I will provide 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. During my last update on March 31st, I highlighted that Advent has further consolidated its business operations and it was focusing on the core sectors of mobility and stationary power. This has continued in the first quarter. We remain focused on expanding and executing our commercial pipeline with a view to embed our technology and product portfolio in these key power sectors. The opening of our new facility at Hood Park in Boston represents a significant milestone achievement for Advent because this will provide a firm anchor to our business growth in North America.
Hood Park encapsulates R&D and production facilities as well as our headquarters. Its commission has expanded our global footprint for manufacturing. We also continued our capital investment program in state-of-the-art equipment that's required to complete our scale North production capacity. We intend for this progress to continue towards large-scale manufacturing as soon as our Green HiPo project commences. The broad support for the energy transition through legislation and economic incentives is snowballing globally. We believe that the future demand for Advent's high-temperature PEM technology and related products will create a significant opportunity, and we believe Advent will be ideally positioned to capitalize on this. In the first quarter, we continued to execute on our strategy of innovation, commercial focus, and market permeation. We look forward to growing our commercial activities and achieving long-term profitable growth.
Our business focus is on the production of advanced fuel cell materials leading to direct sales, the development of advanced fuel cell systems, and joint development agreements in collaboration with OEMs, which enables to enter long-term licensing agreements. The latter is expected to deliver revenue consisting of milestone payments and royalties, which will provide the upside to our business. I will now give you an overview of key business updates. In March, Advent and Hyundai announced the conclusion of a successful technology assessment. The assessment evaluated Advent's proprietary MEA technology for supplying Hyundai's high-temperature fuel cell needs, and following its success, the two companies entered into a joint development agreement. This agreement solidified the interest of one of the world's leaders in fuel cell technology to further develop the high-temperature PEM technology in collaboration with Advent. The first step of the JDA focuses on the MEA.
Advent's goal is to provide its MEAs and its high temperature PEM fuel cell development expertise to co-develop with automotive manufacturers the next generation of fuel cell systems for heavy-duty mobility. Will pursue strategic joint development agreements to achieve its goal of supplying key MEA components and technology to the mobility market. In the maritime sector in February, Advent announced a new collaboration with Siemens Energy, offering sustainable solution across the entire energy value chain. Advent and Siemens Energy will work together to develop a 50 KW-500 KW maritime fuel cell solution for a range of super yachts, which will provide a sustainable and reliable source of auxiliary power and offer improved power density.
This maritime fuel cell solution is initially expected to be used as a hybrid power source, enabling clean electricity generation instead of using conventional diesel engines and generators for procedures such as anchoring and maneuvering. As part of the agreement, Siemens Energy has placed an initial order of 20 of Advent's methanol-powered Serene fuel cell systems. Following the completion of the project, the two parties will explore the potential of developing similar solutions for a wide range of business applications beyond maritime, such as industrial power solutions. In March, Advent announced that the opening of the new R&D and manufacturing facility at Hood Park in Boston, Massachusetts.
Located at the heart of one of Boston's newest innovation and R&D communities, the Hood Park facility will enable Advent to scale up and deliver on the increasing global demand for electrochemical components in the clean energy sector by including state-of-the-art coating machines to support the seamless transition from prototypes to production runs for advanced membranes and electrodes, a complete analytical facility dedicated to quality control, performance analysis, and improving product lifetime. Fuel cell and water electrolysis test station for statistical process control and development of next generation MEA materials, and a mechanical engineering lab for developing automated assembly processes for MEAs. One of the products will be manufactured at Hood Park is the Ion Pair Advent MEA, which is currently being developed within the framework of the L'Innovator, the company's joint development program with the U.S. Department of Energy.
Advent intends that its proprietary fuel cell products such as Serene and Honey Badger 50 will incorporate the Ion Pair MEA beginning in 2024. The company expects the introduction of the Ion Pair MEA will significantly reduce the cost of our Serene flagship product suite and thus expand the immediate addressable market. Furthermore, the expected system increase in power density and lifetime will highly differentiate Advent's fuel cells in the heavy-duty mobility industry. In May, Advent and BASF Environmental Catalyst and Metal Solutions, a global leader in precious metals and catalysts, jointly announced a new agreement to join efforts in building a closed loop component supply chain for fuel cells and enter discussions to extend the partnerships into the field of water electrolysis.
For 20 years, BASF Environmental Catalysts and Metal Solutions has been a leader in membrane and MEA technology for high-temperature PEM fuel cells with a strong foundation in precious metal service and catalysts. High-temperature PEM fuel cells operate at 120 to 180 degrees Celsius, offer a broad operating window, and tolerate impurities in the hydrogen fuel source. The fuel cells also enable simplifying cooling and need no humidification. Advent offers competitive fuel cell systems for stationary and portable applications based on methanol and on-site reform. In the future, high-temperature PEM fuel cells will also be available for heavy-duty mobility and maritime power. The scope of the agreement includes BASF's role in scaling up MEA production at Advent's planned state-of-the-art manufacturing facility in Western Macedonia, Greece, while offering Advent its full portfolio of products and services to enable circular economy material.
Both companies will cooperate on BASF latest membrane development, Celtec-Z, and the new Ion Pair MEA by Advent, aiming for improved performance, lifetime, and cost competitiveness. Finally, turning to Green HiPo, I was elected as the chair of the EU Important Projects of Common European Interest Hy2Tech Facilitation Group. The election took place at the first general assembly for Hy2Tech and Hy2Use of the European Union's IPCEIs. The general assembly was held in March in Berlin and was attended by executives from companies with project ratified by the European Union under the IPCEI framework, as well as government and EU officials. Advent's Green HiPo project received a notification in June 2022 for up to EUR 782.1 million in funding from the Greek state, the highest amount of funding received for a project under IPCEI Hy2Tech.
The European Union officially ratified the project in July 2022. Green HiPo will be based in the Western Macedonia region of Greece, where a state-of-the-art facility will be established for the R&D production of innovative fuel cells and electrolysis systems for the production of power and green hydrogen, respectively. We have already progressed to identify a suitable site and have now purchased the site and commenced planning. Advent is actively working with the Greek state for the timely sign of the contract. We look forward to reporting on future progress. Advent is well positioned to take advantage of the growing focus on clean energy. We're continuously developing our technologies and consolidating our operations to address new and key opportunities.
We have a product portfolio that's focused to enable a greener economy, one that will abate the reliance on fossil fuels and will disenfranchise the energy supply market, therefore providing energy security to communities and economies. With that, I would like to hand over to our CFO, Kevin Brackman.
Thank you, Vassilis, and good morning, everyone. Turning to our financials, we delivered revenue of $1 million in the first quarter and income from grants of $0.5 million, for a total of $1.5 million. R&D expenses were $3.1 million in the first quarter, primarily related to internal R&D costs incurred in each of our businesses, as well as our cooperative research and development agreement with the U.S. Department of Energy. Administrative and selling expenses were $8.5 million in the first quarter. Combined with R&D expenses, total operating expenses were $11.6 million, a year-over-year decrease of $1 million, primarily due to administrative cost reductions implemented throughout 2022, which were partially offset by an increase in research and development expenses. Net loss in Q1 was $12 million or $0.23 per share.
Unrestricted cash reserves were $19.5 million as of March 31, 2023, a decrease of $13.4 million from December 31st, 2022, driven by R&D and administrative and selling expenses, as well as annual insurance renewals, a $2.2 million increase in inventory, and $1.9 million of CapEx spending in the first quarter. Our existing cash balances and projected operating cash flows are not expected to be sufficient to support planned operations for the next 12 months. However, as Vassilis discussed earlier, we have been working actively with the Greek state for a timely implementation of the funding mechanism for the Green HiPo project. Additionally, we have been evaluating various opportunities to raise additional capital.
In April this year, we finalized an agreement for an equity line of credit with Lincoln Park Capital, which gives us the option to access up to $50 million of capital over the three-year term. The use of this equity line of credit is entirely at Advent's discretion and provides us with an effective buffer, if required, that can be used alongside other sources of capital. In the meantime, we will manage our cost structure closely and capitalize on opportunities to reduce costs where possible. I will now turn to our outlook. Advent entered 2023 with a strong pipeline of opportunities. As we all know, however, not every opportunity in the pipeline will transpire due to factors that are 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. Due to the level of uncertainty caused by these factors, we are not providing a revenue outlook for 2023 on this call. However, we expect to provide an outlook for revenue and income from grants on the next earnings call. With that, I will hand back to Vassilis for closing remarks.
Thank you, Kevin. Advent has significant opportunities for its technology, advanced material, and fuel cell system products. Along with Hood Park, the Green HiPo project will cement our global reach and focus in the mobility and stationary power markets. Advent is a clear energy technology company developing innovation and products for key sectors that require clean energy. We look forward to growing the business and to keep you abreast of developments. I would like to thank you all for joining us today, and we're ready to answer questions from the conference analysts. Thank you very much.