Tearsheet

Advent Technologies (ADN)

Market Price (10/31/2025): $0.88 | Market Cap: $2.3 Mil
Sector: Industrials | Industry: Electrical Components & Equipment

Advent Technologies (ADN)

Market Price (10/31/2025): $0.88
Market Cap: $2.3 Mil
Sector: Industrials
Industry: Electrical Components & Equipment

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 3687%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 3614%	Weak multi-year price returns 2Y Excs Rtn is -157%, 3Y Excs Rtn is -175%	Penny stock Mkt Price is 0.9
1	Attractive yield FCF Yield is 170%		Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -23 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -19600%
2			Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 65%
3			Expensive valuation multiples P/SPrice/Sales ratio is 21x
4			Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -98%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -48%, Rev Chg QQuarterly Revenue Change % is -85%
5			Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 1106%
6			Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -1124%
7			High stock price volatility Vol 12M is 183%

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 3687%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 3614%
1	Attractive yield FCF Yield is 170%
2	Weak multi-year price returns 2Y Excs Rtn is -157%, 3Y Excs Rtn is -175%
3	Penny stock Mkt Price is 0.9
4	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -23 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -19600%
5	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 65%
6	Expensive valuation multiples P/SPrice/Sales ratio is 21x
7	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -98%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -48%, Rev Chg QQuarterly Revenue Change % is -85%
8	Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 1106%
9	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -1124%
10	High stock price volatility Vol 12M is 183%

Market Valuation & Key Metrics

Valuation
Key Metrics

	10/31/25	2024	2023	2022	2021
Share Price CYE	$0.88	$5.00	$6.68	$54.30	$210.30
Market Cap CYE ($ Mil)	2.3	13.1	14.3	93.6	359.7
Total Debt ($ Mil)	1.7	0.8	10.4	12.1	0.0
Total Cash ($ Mil)	0.1	0.4	3.2	32.9	79.8
Enterprise Value ($ Mil)	3.9	13.9	24.7	105.7	359.7
Valuation Ratios
P/S TTM	20.4	4.0	8.3	11.9	45.4
P/EBIT TTM	-0.1	-0.7	-0.3	-2.0	-7.3
P/E TTM	-0.1	-0.3	-0.2	-1.2	-15.7
Sector Ratios
P/S TTM (Sector)	1.7	1.4	1.4	1.1	1.6
P/EBIT TTM (Sector)	11.4	10.1	10.0	8.3	12.1
P/E TTM (Sector)	15.5	13.6	14.0	11.2	15.5

	10/31/25	2024	2023
Share Price CYE	$0.88	$5.00	$6.68
Market Cap CYE ($ Mil)	2.3	13.1	14.3
Total Debt ($ Mil)	1.7	0.8	10.4
Total Cash ($ Mil)	0.1	0.4	3.2
Enterprise Value ($ Mil)	3.9	13.9	24.7
Valuation Ratios
P/S TTM	20.4	4.0	8.3
P/EBIT TTM	-0.1	-0.7	-0.3
P/E TTM	-0.1	-0.3	-0.2
Sector Ratios
P/S TTM (Sector)	1.7	1.4	1.4
P/EBIT TTM (Sector)	11.4	10.1	10.0
P/E TTM (Sector)	15.5	13.6	14.0

	ADN	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	0.0
Rev Chg Q	-84.9%	6.4%
Rev Chg LTM	-97.6%	5.4%
Rev Chg 3Y Avg	-47.6%	5.3%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	-0.0
CFO LTM ($ Bil)	0.0
Net Inc LTM ($ Bil)	-0.0
Op Mgn LTM	-19,600.0%	18.7%
CFO/Rev LTM	3,687.0%	20.4%
Net Inc Mgn	-23,857.4%	12.8%
VALUATION	MODERATE
P/S	20.4	3.2
P/CFO	0.6	15.5
P/FCF	0.6	20.6
P/E	-0.1	23.6
STABILITY	POOR
Debt/Equity	0.71	0.21
Cash/Assets	0.01	0.07

ADN Stock

Return (1M):

Factor Drivers of Stock Movement

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Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
ADN Return	48%	-53%	-74%	-88%	-25%	-82%	-99%
Peers Return	-8%	1%	19%	45%	50%	-1%	137%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	110%
Monthly Win Rates [3]
ADN Win Rate	58%	25%	25%	33%	42%	33%
Peers Win Rate	8%	15%	33%	27%	65%	53%
S&P 500 Win Rate	58%	75%	42%	67%	75%	67%
Max Drawdowns [4]
ADN Max Drawdown	-2%	-56%	-83%	-89%	-74%	-63%
Peers Max Drawdown	-14%	-4%	-22%	-22%	-14%	-39%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: POWL, ADSE, CCTG, ELPW, EPOW.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 10/30/2025 (YTD)

How Low Can It Go

Unique Key	Event	ADN	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-98.9%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	9117.9%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-12.7%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	14.5%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	7 days	148 days

Compare to POWL, ADSE, CCTG, ELPW, EPOW

In The Past

Advent Technologies's stock fell -98.9% during the 2022 Inflation Shock from a high on 1/14/2021. A -98.9% loss requires a 9117.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Advent Technologies (ADN)

Business Description

Advent Technologies Holdings, Inc., an advanced materials and technology development company, operates in the fuel cell and hydrogen technology markets. It develops, manufactures, and assembles fuel cell systems and critical components that determine the performance of hydrogen fuel cells and other energy systems. The company offers high-temperature proton exchange membrane (HT-PEM) fuel cells, HT-PEM based membrane electrode assemblies, membranes, and electrodes. It serves stationary and portable power, automotive, aviation, energy storage, and sensor markets. The company is headquartered in Boston, Massachusetts.

Better Bets than Advent Technologies (ADN)

	ADN	Better Performance than ADN
Metric	Value	Industry (Electrical Components & Equipm)
Rev Chg LTM	-97.6%	ETN (7.7%), EMR (4.8%), VRT (28.8%), AME (3.7%), ROK (-8.3%)
Rev Chg 3Y Avg	-47.6%	ETN (9.5%), EMR (24.9%), VRT (21.4%), AME (5.9%), ROK (3.2%)
Op Mgn LTM	-19600.0%	ETN (18.8%), EMR (18.8%), VRT (18.0%), AME (26.2%), ROK (15.5%)
CFO/Rev LTM	3687.0%
FCF/Rev LTM	3613.9%
Total Yield	-1119.0%	ETN (2.9%), EMR (3.8%), VRT (1.5%), AME (3.8%), ROK (3.8%)

	ADN	Better Performance than ADN
Metric	Value	Sector (Industrials)
Rev Chg LTM	-97.6%	GE (17.7%), CAT (-4.9%), RTX (8.8%), UBER (18.2%), GEV (9.4%)
Rev Chg 3Y Avg	-47.6%	GE (15.7%), CAT (5.8%), RTX (9.4%), UBER (23.2%), BA (10.1%)
Op Mgn LTM	-19600.0%	GE (20.5%), CAT (18.2%), RTX (10.3%), UBER (9.5%), GEV (3.7%)
CFO/Rev LTM	3687.0%
FCF/Rev LTM	3613.9%
Total Yield	-1119.0%	GE (2.5%), CAT (4.4%), RTX (4.2%), UBER (6.3%), GEV (1.2%)

	ADN	Better Performance than ADN
Metric	Value	All Other Sectors
Rev Chg LTM	-97.6%	NVDA (71.6%), AAPL (6.0%), MSFT (15.6%), GOOGL (13.4%), AMZN (10.9%)
Rev Chg 3Y Avg	-47.6%	NVDA (92.0%), AAPL (1.8%), MSFT (13.2%), GOOGL (11.0%), AMZN (11.3%)
Op Mgn LTM	-19600.0%	NVDA (58.1%), AAPL (31.9%), MSFT (46.3%), GOOGL (32.2%), AMZN (11.4%)
CFO/Rev LTM	3687.0%	TCPC (30451.7%), CREG (65162.6%)
FCF/Rev LTM	3613.9%	TCPC (30451.7%), CREG (64215.1%)
Total Yield	-1119.0%	NVDA (1.8%), AAPL (2.8%), MSFT (3.3%), GOOGL (3.9%), AMZN (3.0%)

		Best Bets In Industrials Sector
	ADN	GATX	VRSK	ADT	CPRT	NDSN	TDG	PCTY	FTV	VRRM	CSL
What You Pay
P/E	-0.1	17.8	32.9	11.7	26.5	28.8	39.3	36.8	28.1	73.3	11.4
P/EBIT	-0.1	8.5	22.5	5.6	24.2	19.5	19.1	27.8	13.7	21.7	12.6
What You Get
Rev Chg Q	-84.9%	11.3%	5.9%	6.8%	5.2%	12.1%	9.3%	12.2%	2.3%	16.1%	-0.1%
Rev Chg LTM	-97.6%	11.7%	7.3%	6.6%	9.7%	4.5%	12.8%	7.0%	27.9%	8.5%	4.4%
Rev Chg 3Y Avg	-47.6%	9.8%	13.4%	2.6%	9.9%	3.6%	18.2%	22.7%	9.4%	9.1%	5.2%
FCF/Rev 3Y Avg	967.4%	38.6%	33.2%	24.1%	23.7%	21.5%	20.8%	20.5%	20.1%	19.0%	18.3%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 16%, alpha of 4.2%, and sharpe of 0.76

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Advent Technologies Stock Lost 66%, Buy Or Wait?	Return

	Title
0	ARTICLES
1	Advent Technologies Stock Lost 66%, Buy Or Wait?

Trade Ideas

Select past ideas related to ADN. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
FCN_9302025_Dip_Buyer_ValueBuy	09302025	FCN	FTI Consulting	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	4.4%	4.4%	-6.2%
ODFL_9122025_Monopoly_xInd_xCD_Getting_Cheaper	09122025	ODFL	Old Dominion Freight Line	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-6.0%	-6.0%	-7.3%
EFX_8312025_Monopoly_xInd_xCD_Getting_Cheaper	08312025	EFX	Equifax	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-12.9%	-12.9%	-12.9%
UHAL_8312025_Monopoly_xInd_xCD_Getting_Cheaper	08312025	UHAL	U-Haul	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-7.2%	-7.2%	-7.2%
BWXT_8312025_Quality_Momentum_RoomToRun_10%	08312025	BWXT	BWX Technologies	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	31.9%	31.9%	-1.2%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
FCN_9302025_Dip_Buyer_ValueBuy	09302025	FCN	FTI Consulting	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	4.4%	4.4%	-6.2%
ODFL_9122025_Monopoly_xInd_xCD_Getting_Cheaper	09122025	ODFL	Old Dominion Freight Line	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-6.0%	-6.0%	-7.3%
EFX_8312025_Monopoly_xInd_xCD_Getting_Cheaper	08312025	EFX	Equifax	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-12.9%	-12.9%	-12.9%
UHAL_8312025_Monopoly_xInd_xCD_Getting_Cheaper	08312025	UHAL	U-Haul	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-7.2%	-7.2%	-7.2%
BWXT_8312025_Quality_Momentum_RoomToRun_10%	08312025	BWXT	BWX Technologies	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	31.9%	31.9%	-1.2%

Recent Active Movers

1 Day Top Gainers

#	Ticker	Company	1D Rtn	YTD Rtn
1	GH	Guardant Health	27.9%	202.5%
2	GCI	Gannett	27.7%	3.8%
3	FORM	FormFactor	24.2%	34.7%
4	VIAV	Viavi Solutions	22.3%	69.3%
5	GSAT	Globalstar	22.2%	63.5%
6	MTSR	Metsera	22.1%	63729900.0%
7	PRM	Perimeter Solutions	21.1%	102.3%
8	CHRW	C.H. Robinson Worldwide	19.7%	52.6%
9	INSM	Insmed	16.3%	181.3%
10	CAH	Cardinal Health	15.4%	62.8%

1 Day Top Losers

#	Ticker	Company	1D Rtn	YTD Rtn
1	FMC	FMC	-46.5%	-66.6%
2	APLS	Apellis Pharmaceuticals	-31.0%	-35.0%
3	THRY	Thryv	-30.2%	-44.8%
4	SFM	Sprouts Farmers Market	-26.1%	-39.2%
5	IART	Integra Lifesciences	-23.5%	-47.9%
6	ITRI	Itron	-21.1%	0.4%
7	WOLF	Wolfspeed	-18.2%
8	CMG	Chipotle Mexican Grill	-18.2%	-46.1%
9	CI	Cigna	-17.4%	-9.2%
10	EME	EMCOR	-16.6%	43.0%

1 Week Top Gainers

#	Ticker	Company	1W Rtn	YTD Rtn
1	INBX	Inhibrx Biosciences	176.8%	409.8%
2	PUMP	ProPetro	71.2%	16.2%
3	RNA	Avidity Biosciences	43.5%	139.6%
4	DYN	Dyne Therapeutics	42.8%	-0.0%
5	GCI	Gannett	39.3%	3.8%
6	FORM	FormFactor	38.3%	34.7%
7	MBX	MBX Biosciences	35.1%	18.2%
8	BBNX	Beta Bionics	33.8%
9	GH	Guardant Health	33.3%	202.5%
10	LUMN	Lumen Technologies	32.7%	94.7%

1 Week Top Losers

#	Ticker	Company	1W Rtn	YTD Rtn
1	PMI	Picard Medical	-75.2%	5106.3%
2	LRN	Stride	-56.1%	-35.8%
3	NTLA	Intellia Therapeutics	-52.6%	5.2%
4	FMC	FMC	-48.7%	-66.6%
5	FI	Fiserv	-47.4%	-68.3%
6	VRNS	Varonis Systems	-43.8%	-21.2%
7	THRY	Thryv	-33.4%	-44.8%
8	NFE	New Fortress Energy	-30.5%	-91.9%
9	AKBA	Akebia Therapeutics	-29.5%	10.5%
10	UAMY	United States Antimony	-28.9%	371.2%

1 Month Top Gainers

#	Ticker	Company	1M Rtn	YTD Rtn
1	PRAX	Praxis Precision Medicines	279.1%	161.2%
2	INBX	Inhibrx Biosciences	131.0%	409.8%
3	PUMP	ProPetro	99.6%	16.2%
4	DYN	Dyne Therapeutics	88.4%	-0.0%
5	VICR	Vicor	85.4%	89.2%
6	CELC	Celcuity	74.6%	503.2%
7	GLUE	Monte Rosa Therapeutics	73.5%	87.5%
8	NVTS	Navitas Semiconductor	72.1%	251.8%
9	LUMN	Lumen Technologies	70.3%	94.7%
10	BALY	Ballys	63.4%	4.1%

1 Month Top Losers

#	Ticker	Company	1M Rtn	YTD Rtn
1	PMI	Picard Medical	-62.9%	5106.3%
2	LRN	Stride	-53.8%	-35.8%
3	FMC	FMC	-51.0%	-66.6%
4	FI	Fiserv	-48.3%	-68.3%
5	NFE	New Fortress Energy	-43.6%	-91.9%
6	VG	Venture Global	-41.7%
7	OGN	Organon	-40.2%	-55.0%
8	VRNS	Varonis Systems	-39.5%	-21.2%
9	ITGR	Integer	-38.5%	-52.2%
10	LENZ	LENZ Therapeutics	-37.9%	5.5%

Recent Active Movers

1 Day Top Gainers

#	Ticker	Company	1D Rtn	YTD Rtn
1	GH	Guardant Health	27.9%	202.5%
2	GCI	Gannett	27.7%	3.8%
3	FORM	FormFactor	24.2%	34.7%
4	VIAV	Viavi Solutions	22.3%	69.3%
5	GSAT	Globalstar	22.2%	63.5%
6	MTSR	Metsera	22.1%	63729900.0%
7	PRM	Perimeter Solutions	21.1%	102.3%
8	CHRW	C.H. Robinson Worldwide	19.7%	52.6%
9	INSM	Insmed	16.3%	181.3%
10	CAH	Cardinal Health	15.4%	62.8%

1 Day Top Losers

#	Ticker	Company	1D Rtn	YTD Rtn
1	FMC	FMC	-46.5%	-66.6%
2	APLS	Apellis Pharmaceuticals	-31.0%	-35.0%
3	THRY	Thryv	-30.2%	-44.8%
4	SFM	Sprouts Farmers Market	-26.1%	-39.2%
5	IART	Integra Lifesciences	-23.5%	-47.9%
6	ITRI	Itron	-21.1%	0.4%
7	WOLF	Wolfspeed	-18.2%
8	CMG	Chipotle Mexican Grill	-18.2%	-46.1%
9	CI	Cigna	-17.4%	-9.2%
10	EME	EMCOR	-16.6%	43.0%

1 Week Top Gainers

#	Ticker	Company	1W Rtn	YTD Rtn
1	INBX	Inhibrx Biosciences	176.8%	409.8%
2	PUMP	ProPetro	71.2%	16.2%
3	RNA	Avidity Biosciences	43.5%	139.6%
4	DYN	Dyne Therapeutics	42.8%	-0.0%
5	GCI	Gannett	39.3%	3.8%
6	FORM	FormFactor	38.3%	34.7%
7	MBX	MBX Biosciences	35.1%	18.2%
8	BBNX	Beta Bionics	33.8%
9	GH	Guardant Health	33.3%	202.5%
10	LUMN	Lumen Technologies	32.7%	94.7%

1 Week Top Losers

#	Ticker	Company	1W Rtn	YTD Rtn
1	PMI	Picard Medical	-75.2%	5106.3%
2	LRN	Stride	-56.1%	-35.8%
3	NTLA	Intellia Therapeutics	-52.6%	5.2%
4	FMC	FMC	-48.7%	-66.6%
5	FI	Fiserv	-47.4%	-68.3%
6	VRNS	Varonis Systems	-43.8%	-21.2%
7	THRY	Thryv	-33.4%	-44.8%
8	NFE	New Fortress Energy	-30.5%	-91.9%
9	AKBA	Akebia Therapeutics	-29.5%	10.5%
10	UAMY	United States Antimony	-28.9%	371.2%

Peer Comparisons for Advent Technologies

Financials

	ADN	POWL	ADSE	CCTG	ELPW	EPOW	Median
Name	Advent T.	Powell I.	ADS-TEC .	CCSC Tec.	Elong Po.	Sunrise .
Mkt Price	0.92	377.69	10.36	1.29	0.32	1.16	1.23
Mkt Cap	0.0	4.6	-	-	-	-	2.3
Rev LTM	0	1,081	-	-	-	-	541
Op Inc LTM	-23	211	-	-	-	-	94
FCF LTM	4	81	-	-	-	-	43
FCF 3Y Avg	-13	130	-	-	-	-	58
CFO LTM	4	101	-	-	-	-	53
CFO 3Y Avg	-8	141	-	-	-	-	66

Growth & Margins

	ADN	POWL	ADSE	CCTG	ELPW	EPOW	Median
Name	Advent T.	Powell I.	ADS-TEC .	CCSC Tec.	Elong Po.	Sunrise .
Rev Chg LTM	-97.6%	14.3%	-	-	-	-	-41.6%
Rev Chg 3Y Avg	-47.6%	30.0%	-	-	-	-	-8.8%
Rev Chg Q	-84.9%	-0.7%	-	-	-	-	-42.8%
QoQ Delta Rev Chg LTM	-82.8%	-0.2%	-	-	-	-	-41.5%
Op Mgn LTM	-19,600.0%	19.5%	-	-	-	-	-9,790.3%
Op Mgn 3Y Avg	-7,022.8%	14.1%	-	-	-	-	-3,504.4%
QoQ Delta Op Mgn LTM	-17,071.3%	0.3%	-	-	-	-	-8,535.5%
CFO/Rev LTM	3,687.0%	9.3%	-	-	-	-	1,848.1%
CFO/Rev 3Y Avg	1,074.9%	16.5%	-	-	-	-	545.7%
FCF/Rev LTM	3,613.9%	7.5%	-	-	-	-	1,810.7%
FCF/Rev 3Y Avg	967.4%	15.4%	-	-	-	-	491.4%

Valuation

	ADN	POWL	ADSE	CCTG	ELPW	EPOW	Median
Name	Advent T.	Powell I.	ADS-TEC .	CCSC Tec.	Elong Po.	Sunrise .
Mkt Cap	0.0	4.6	-	-	-	-	2.3
P/S	21.3	4.2	-	-	-	-	12.8
P/EBIT	-0.1	21.6	-	-	-	-	10.8
P/E	-0.1	26.0	-	-	-	-	13.0
P/CFO	0.6	45.2	-	-	-	-	22.9
Total Yield	-1,119.0%	4.0%	-	-	-	-	-557.5%
Dividend Yield	0.0%	0.1%	-	-	-	-	0.1%
FCF Yield 3Y Avg	-42.5%	10.4%	-	-	-	-	-16.0%
D/E	0.7	0.0	-	-	-	-	0.3
Net D/E	0.6	-0.1	-	-	-	-	0.3

Returns

	ADN	POWL	ADSE	CCTG	ELPW	EPOW	Median
Name	Advent T.	Powell I.	ADS-TEC .	CCSC Tec.	Elong Po.	Sunrise .
1M Rtn	-72.4%	23.9%	-13.7%	-5.1%	4.6%	-17.1%	-9.4%
3M Rtn	-50.6%	59.3%	-19.4%	18.3%	-91.6%	31.1%	-0.5%
6M Rtn	-56.5%	97.9%	-23.0%	-5.8%	-89.7%	20.5%	-14.4%
12M Rtn	-48.4%	49.0%	-26.7%	-46.7%	-	23.4%	-26.7%
3Y Rtn	-98.6%	1,487.0%	86.7%	-	-	-63.8%	11.5%
1M Excs Rtn	-74.9%	17.4%	-12.3%	-3.9%	-4.9%	-18.2%	-8.6%
3M Excs Rtn	-59.2%	56.5%	-24.4%	9.1%	-100.4%	22.1%	-7.7%
6M Excs Rtn	-78.2%	76.2%	-44.7%	-27.6%	-111.4%	-1.3%	-36.1%
12M Excs Rtn	-67.2%	29.0%	-45.3%	-66.8%	-	-0.3%	-45.3%
3Y Excs Rtn	-175.4%	1,475.2%	16.7%	-	-	-143.8%	-63.6%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	6/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	8/12/2025	6/6/2025	8/13/2024	3/31/2023	3/31/2022	3/26/2021	3/26/2021
Key Financials
Total Revenue	0	3	2	8	7	1	0
EBITDA	-22	-17	-39	-42	-42	-3	-1
Operating Income	-23	-19	-41	-47	-44	-3	-1
Net Income	-27	-41	-71	-74	-21	-3	3
EPS	-10.39	-15.65	-37.24	-43.28	-13.50	-4.50	4.20
Growth Rates
Total Revenue Growth	-97.6%	113.3%	-80.4%	10.9%	700.9%	∞%	-
EBITDA Growth	37.7%	56.6%	7.8%	0.3%	-1288.5%	-338.0%	-
Operating Income Growth	38.5%	55.4%	10.8%	-5.4%	-1335.1%	-341.3%	-
Net Income Growth	52.9%	42.6%	4.0%	-262.2%	-557.6%	-208.6%	-
Margins
EBITDA Margin	-18780.0%	-516.5%	-2536.5%	-539.1%	-599.3%	-345.7%	-
Operating Income Margin	-19600.0%	-565.1%	-2701.4%	-593.4%	-624.0%	-348.2%	-
Net Income Margin	-23857.4%	-1251.3%	-4648.2%	-948.5%	-290.3%	-353.6%	-
Cash & Debt
Total Cash	0	0	3	33	80	1	1
Total Debt	2	1	10	12	0	0	0
Net Debt / (Cash)	2	0	7	-21	-80	-0	-1
Cash Flows
Net Cash from Operations	4	1	-21	-32	-36	-1	-1
Free Cash from Operations	4	1	-25	-46	-42	-2	-1
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	-0	-0	-0	-0	-0	0	-0

$ Mil \| FY: 12/31	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3
Period End	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Filing Date	8/12/2025	6/30/2025	6/6/2025	12/27/2024	10/15/2024	10/15/2024	8/13/2024	11/14/2023	8/14/2023	5/15/2023	3/31/2023	11/14/2022
Key Financials Quarterly
Total Revenue	0	0	-0	0	1	3	1	0	1	1	2	2
Ebitda	-3	-3	-8	-8	3	-4	-25	-9	-11	-11	-11	-10
Operating Income	-3	-3	-9	-8	3	-5	-25	-10	-12	-12	-11	-11
Net Income	-4	-3	-2	-19	-11	-9	-26	-12	-22	-12	-48	-11
EPS	-1.42	-1.24	-0.70	-7.03	-4.28	-3.62	-12.46	-5.89	-12.26	-6.93	-27.60	-6.60
Key Financials TTM
Total Revenue TTM	0	1	3	5	5	5	4	4	6	8	8	9
Ebitda TTM	-22	-16	-17	-33	-35	-48	-56	-42	-43	-43	-44	-49
Operating Income TTM	-23	-17	-19	-35	-37	-51	-58	-44	-46	-45	-47	-52
Net Income TTM	-27	-35	-41	-65	-58	-69	-71	-93	-93	-82	-74	-36
Growth Rates Quarterly
Total Revenue Growth	-84.9%	-95.2%	-118.6%	14.3%	-41.2%	180.2%	-32.9%	-95.3%	-50.0%	-22.2%	-32.6%	43.3%
EBITDA Growth	-189.2%	28.3%	66.2%	15.6%	128.9%	65.9%	-134.4%	10.9%	-1.0%	9.7%	34.1%	22.4%
Operating Income Growth	-209.4%	34.9%	65.1%	18.9%	123.2%	61.9%	-124.4%	11.9%	-3.4%	9.7%	33.0%	19.1%
Net Income Growth	66.3%	65.0%	92.8%	-56.4%	48.4%	22.0%	46.0%	-3.3%	-95.8%	-192.7%	-428.8%	-1.7%
Margins Quarterly
EBITDA Margin	-2742.4%	-2078.0%	-	-6110.9%	465.3%	-139.7%	-1875.0%	-8274.1%	-947.7%	-1146.6%	-537.1%	-433.3%
Operating Income Margin	-2954.5%	-2225.8%	-	-6193.0%	408.7%	-164.7%	-1906.2%	-8723.2%	-1037.3%	-1210.2%	-570.4%	-462.4%
Net Income Margin	-3835.4%	-2480.3%	-	-14470.3%	-1723.7%	-341.7%	-1958.3%	-10576.8%	-1963.2%	-1227.0%	-2433.6%	-478.0%
Cash & Debt
Total Cash	0	0	0	0	1	1	3	4	10	20	33	42
Total Debt	2	1	1	0	1	10	10	11	11	12	12	0
Net Debt / (Cash)	2	0	0	0	0	9	7	7	1	-8	-21	-42
Cash Flows Quarterly
FCF from Operations	-1	0	-2	7	-1	-3	15	-17	-7	-11	0	-3
Cash Flows TTM
FCF from Operations TTM	4	4	1	18	-6	-12	-21	-36	-22	-24	-32	-43
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-5.9%	-5.9%	-17.6%	-15.8%	5.4%	-8.8%	-50.2%	-20.0%	-25.2%	-28.3%	-29.4%	-33.8%
Return on Invested Capital (ROIC) TTM
ROIC TTM	-11.3%	-8.5%	-9.3%	-17.4%	-18.6%	-24.9%	-29.1%	-22.9%	-24.9%	-26.9%	-30.0%	-38.8%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021
Sales of goods	1	6	7	1
Sales of services	1	1	0
Total	2	8	7	1

Assets by Segment

$ Mil	2024	2023	2022	2021	2020
Single Segment					226
Total					226

Price Behavior

Price Behavior

Market Price	$0.92
Market Cap ($ Bil)	0.0
First Trading Date	01/23/2019
Distance from 52W High	-87.9%
	50 Days	200 Days
DMA Price	$3.47	$3.44
DMA Trend	down	up
Distance from DMA	-73.5%	-73.3%
	3M	1YR
Volatility	222.5%	184.2%
Downside Capture	243.78	-22.94
Upside Capture	-193.19	-83.45
Correlation (SPY)	24.2%	3.9%

ADN Betas & Captures as of 9/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	-0.94	4.53	3.94	0.20	0.21	1.04
Up Beta	-2.65	6.16	3.62	-0.12	-0.36	0.48
Down Beta	15.26	7.71	6.87	0.72	1.54	1.61
Up Capture	-410%	567%	463%	-9%	13%	13%
Bmk +ve Days	13	23	35	74	144	420
Stock +ve Days	9	22	28	53	110	319
Down Capture	51%	-9%	161%	46%	-53%	110%
Bmk -ve Days	8	19	29	52	107	330
Stock -ve Days	11	18	32	66	132	409

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date	10152025
Short Interest: Shares Quantity	97,810
Short Interest: % Change Since 9302025	-15.6%
Average Daily Volume	205,961
Days-to-Cover Short Interest	1
Basic Shares Quantity	2,665,089
Short % of Basic Shares	3.7%

Returns Analyses

	Title
0	Advent Technologies Stock Lost 66%, Buy Or Wait?

SEC Filings

Expand for More

Report Date	Filing Date	Filing
6302025	8122025	10-Q 6/30/2025
3312025	6302025	10-Q 3/31/2025
12312024	6062025	10-K 12/31/2024
9302024	12272024	10-Q 9/30/2024
6302024	10152024	10-Q 6/30/2024
3312024	10152024	10-Q 3/31/2024
12312023	8132024	10-K 12/31/2023
9302023	11142023	10-Q 9/30/2023
6302023	8142023	10-Q 6/30/2023
3312023	5152023	10-Q 3/31/2023
12312022	3312023	10-K 12/31/2022
9302022	11142022	10-Q 9/30/2022
6302022	8092022	10-Q 6/30/2022
3312022	5122022	10-Q 3/31/2022
12312021	3312022	10-K 12/31/2021
9302021	11152021	10-Q 9/30/2021

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Advent Technologies (ADN)

Market Price (10/31/2025): $0.88 | Market Cap: $2.3 MilSector: Industrials | Industry: Electrical Components & Equipment

Advent Technologies (ADN)

Market Price (10/31/2025): $0.88Market Cap: $2.3 MilSector: IndustrialsIndustry: Electrical Components & Equipment

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Market Price (10/31/2025): $0.88 | Market Cap: $2.3 Mil
Sector: Industrials | Industry: Electrical Components & Equipment

Market Price (10/31/2025): $0.88
Market Cap: $2.3 Mil
Sector: Industrials
Industry: Electrical Components & Equipment