I will then hand over to Kevin, who will give a review of our financial performance and outlook in more detail. We remain focused on expanding and executing on commercial pipeline with a view to embedding our technology and product portfolio in these key power sectors. We also maintained our capital investment program in state-of-the-art equipment that's required to complete the scaling of production capacity. 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 these two suitable partnerships.
We look forward to growing our commercial activities and achieving long-term profitable growth. As part of this commitment, the industry is planning to significantly increase electrolyzer production in the EU, aiming to ramp up capacity by a factor of seven within seven years. This land acquisition underscores Advent's unwavering dedication to establishing a robust infrastructure that will effectively and strategically support the objective of the Green HiPo IPCEI project. Turning to our financials, we delivered revenue of $1.1 million in the second quarter, and income from grants of $0.7 million, for a total of $1.8 million.
As I mentioned earlier, we raised $3.4 million in the month of June using this equity line of credit, sufficient to cover our current monthly run rate for operating and capital expenses. Aside from raising capital, we will continue to manage our cost structure closely and capitalize on opportunities to reduce costs where possible. As we all know, however, not every opportunity in the pipeline will transpire due to factors that are beyond Advent's control. Due to the long-term contract nature of our business model, the timing of our revenue can also be difficult to predict.
| Metric | Period | Current guidance |
|---|---|---|
| 2023 revenue and income from grants outlook | FY2023 | Not provided due to uncertainty and Green HiPo still under Greek-state review |
| Monthly operating and capital spend | H2 2023 | $2.5M to $3M per month |
| Metric | YoY | Note |
|---|---|---|
| Total operating expenses | +$0.6 million to $11.2 million | Higher R&D costs and expenses related to the new Hood Park facility in Charlestown, Mass. |
| Topic | Previous mention | Current period | Trend |
|---|---|---|---|
| Green HiPo IPCEI project | Update given May 15 on milestones | Land acquired in Kozani and hiring started, but state-aid funding still under Greek-state review as of August 4; company escalated the delay to the European Commission | — |
| Business focus | Consolidating operations | Focused on core mobility and stationary power sectors, advancing high-temperature PEM technology and MEA/components sales | — |
| Liquidity and funding | Equity line of credit with Lincoln Park Capital finalized in April | Added a $50M ATM facility with H.C. Wainwright in June; drew $3.4M from the Lincoln Park line; relying on both facilities until Green HiPo or other funding arrives | — |