Investment Thesis
Advent Technologies is in severe financial distress with negative stockholders' equity of -$17.8M, indicating the company is technically insolvent. The company generated only $293K in revenue against massive operating losses of -$8.2M, while reporting negative free cash flow of -$4.1M, demonstrating fundamental inability to sustain operations. The paradoxical positive net income of $1.6M appears driven by non-operating factors rather than core business performance, masking an underlying business that is economically unviable.
ADNH Strengths
- Company is not bankrupt yet; retained some cash position of $468K
- Some positive net income reported in latest period
- Modest capital deployment of $3.2M suggests management restraint
ADNH Risks
- Negative stockholders' equity of -$17.8M indicates technical insolvency
- Revenue of only $293K with -$8.2M operating losses shows unsustainable economics
- Liabilities of $24.5M against assets of only $6.7M creates immediate solvency crisis
- Negative free cash flow of -$4.1M depletes remaining cash at accelerating rate
- Current ratio of 0.10x indicates critical liquidity stress and inability to meet obligations
- Operating losses of -2811% operating margin demonstrate fundamental business model failure
- No insider buying activity in last 90 days suggests lack of confidence from management
Key Metrics to Watch
- Stockholders' equity trend - monitor for covenant breaches or bankruptcy filing
- Cash burn rate and months of cash runway remaining
- Revenue growth and path to operating cash flow breakeven
ADNH Financial Metrics
ADNH Profitability Ratios
ADNH Balance Sheet & Liquidity
ADNH 5-Year Financial Trend
5-Year Trend Summary: ADVENT TECHNOLOGIES HOLDINGS, INC.'s revenue has declined by 54% over the 5-year period, indicating business contraction. The most recent EPS of $-37.24 indicates the company is currently unprofitable.
ADNH Growth Metrics (YoY)
ADNH Quarterly Performance
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q3 2025 | $62.0K | $1.6M | $0.56 |
| Q2 2025 | $99.0K | -$3.8M | $-1.42 |
| Q1 2025 | $132.0K | -$3.3M | $-1.24 |
| Q3 2024 | $112.0K | -$11.8M | $-5.89 |
| Q2 2024 | $805.0K | -$11.3M | $-4.28 |
| Q1 2024 | $977.0K | -$9.4M | $-3.62 |
| Q3 2023 | $1.3M | -$11.5M | $-0.20 |
| Q2 2023 | $1.1M | -$11.1M | $-0.22 |
Data sourced from SEC EDGAR 10-Q quarterly filings. Figures may represent quarterly or cumulative values.
ADNH Capital Allocation
ADNH SEC Filings
Access official SEC EDGAR filings for ADVENT TECHNOLOGIES HOLDINGS, INC. (CIK: 0001744494)