Tearsheet

Aduro Clean Technologies (ADUR)

Market Price (6/13/2026): $15.0 | Market Cap: $494.2 MilSector: Industrials | Industry: Environmental & Facilities Services

Aduro Clean Technologies (ADUR)

Market Price (6/13/2026): $15.0
Market Cap: $494.2 Mil
Sector: Industrials
Industry: Environmental & Facilities Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Megatrend and thematic drivers
Megatrends include Circular Economy & Recycling, Energy Transition & Decarbonization, and Hydrogen Economy. Themes include Advanced Recycling Technologies, Show more.

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -17 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -7223%

Expensive valuation multiples
P/SPrice/Sales ratio is 1,934x

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -6.5%, Rev Chg QQuarterly Revenue Change % is null

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 2580%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -4255%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -6462%

Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 83%

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 -8.0%

Key risks
ADUR key risks include [1] its pre-revenue stage with ongoing financial losses and a high cash burn rate, Show more.

0	Megatrend and thematic drivers Megatrends include Circular Economy & Recycling, Energy Transition & Decarbonization, and Hydrogen Economy. Themes include Advanced Recycling Technologies, Show more.
1	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -17 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -7223%
2	Expensive valuation multiples P/SPrice/Sales ratio is 1,934x
3	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -6.5%, Rev Chg QQuarterly Revenue Change % is null
4	Significant share based compensation SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 2580%
5	Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -4255%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -6462%
6	Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 83%
7	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 -8.0%
8	Key risks ADUR key risks include [1] its pre-revenue stage with ongoing financial losses and a high cash burn rate, Show more.

Valuation & Metrics

FYE: 5/31	Forward FYE		Now	Historical (CYE & TTM)
	FY+2	2027	6/13/26	2025	2024	2023	2022
Share Price			$15.00	$10.36	$6.21	$1.01	$0.68
Mkt Cap ($ Mil)			494.2	323.3	170.8	20.0	11.5
+ Debt ($ Mil)			0.1	0.1	0.1	0.2	0.2
- Cash ($ Mil)			39.4	13.0	9.2	2.4	2.1
TEV ($ Mil)			454.9	323.4	170.9	20.2	11.7
Valuation Ratios
P/S	—	1,653.1	2,043.1	1,058.9	571.1	82.9	-
P/EBIT	—	—	-27.3	-16.7	-18.3	-2.8	-2.3
P/E	—	—	-27.3	-16.7	-18.2	-2.8	-2.3
P/FCF	—	—	-31.6	-21.4	-23.2	-3.1	-2.3
Sector Ratios (* = sector average)
P/S *			1.9	1.6	1.6	1.4	1.2
P/EBIT *			12.5	12.0	11.9	11.5	9.6
P/E *			17.6	16.9	17.1	15.5	12.7
P/FCF *			13.6	13.0	14.3	11.8	9.1

FYE: 5/31	Forward FYE		Now
	FY+2	2027	6/13/26
Share Price			$15.00
Mkt Cap ($ Mil)			494.2
+ Debt ($ Mil)			0.1
- Cash ($ Mil)			39.4
TEV ($ Mil)			454.9
Valuation Ratios
P/S	—	1,653.1	2,043.1
P/EBIT	—	—	-27.3
P/E	—	—	-27.3
P/FCF	—	—	-31.6
Sector Ratios (* = sector average)
P/S *			1.9
P/EBIT *			12.5
P/E *			17.6
P/FCF *			13.6

FYE: 5/31	ADUR [1]	S&P 500 [2]
REVENUE GROWTH
LTM Revenue [3]	$0.2 Mil	—
FY 2027 Sales	$0.3 Mil	—
Next FY Sales	—	—
FY 2027 Sales Growth	23.6%	—
Next FY Sales Growth	—	7.8%
EARNINGS
LTM Net Income (GAAP) [3]	$-18.1 Mil	—
FY 2027 Net Income (Non-GAAP)	$-19.6 Mil	—
Next FY Net Income (Non-GAAP)	—	—
Next FY Net Income Growth	—	14.6%
FY 2027 EPS (Non-GAAP)	$-0.72	—
Next FY EPS (Non-GAAP)	—	—
Next FY EPS Growth	—	—
VALUATION
FY 2027 P/S	1,653.1	3.3
Next FY P/S	—	—
FY 2027 P/E	—	20.1
Next FY P/E	—	—

[1] ADUR forward figures are analyst consensus for the next two fiscal years (fiscal year end 5/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
[2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 6/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
[3] LTM = reported trailing-twelve-month actuals (GAAP).

	ADUR	S&P 500
REVENUE GROWTH
Rev LTM ($ Bil)	0.0
Rev Chg Q	-100.0%	8.8%
Rev Chg LTM	-6.5%	7.4%
Rev Chg 3Y Avg	125.1%	5.8%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	-0.0
CFO LTM ($ Bil)	-0.0
Net Inc LTM ($ Bil)	-0.0
Op Mgn LTM	-7,223.1%	18.4%
CFO/Rev LTM	-4,254.8%	21.3%
Net Inc Mgn	-7,496.7%	13.0%
VALUATION	VERY HIGH
P/S	2,043.1	3.3
P/CFO	-48.0	15.2
P/FCF	-31.6	19.7
P/E	-27.3	24.2
STABILITY	VERY GOOD
Debt/Equity	0.00	0.21
Cash/Assets	0.81	0.07

AI Analysis | Feedback

Metric	Value	Date	Source
Number of Granted and Pending Patents (US)	8	5242024	Link
Total Addressable Market	Over $250B	11062025	Link
Number of Public Collaborations	4	5082025	Link
Number of Employees	25	11062025	Link

Price Chart

null

No Events

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 6/12/2026

Aduro Clean Technologies (ADUR) stock has gained about 30% since 2/28/2026 because of the following key factors:

1. Advancement in Technology and Commercialization Pathway. Aduro Clean Technologies marked significant progress in its Next Generation Process (NGP) pilot plant, completing commissioning and transitioning to operating campaigns by the end of fiscal Q3 2026 (February 28, 2026). This move from system readiness to active process operation is a critical step, enabling the generation of integrated operating data. Furthermore, the company advanced its First-of-a-Kind (FOAK) industrial program with the selection of the Chemelot site and, in March 2026, signed a non-binding Letter of Intent for a Pilot-to-FOAK validation program, which included a committed purchase arrangement for initial production from the FOAK facility.

2. Strengthened Financial Position through Public Offerings. Aduro significantly bolstered its cash reserves, reporting a cash position of CAD $39.42 million as of February 28, 2026, an increase from CAD $6.96 million at the end of fiscal Q4 2025 (May 31, 2025). This was primarily driven by a U.S. public offering in fiscal Q3 2026, which generated net cash proceeds of CAD $28.74 million. Subsequently, in June 2026, the company closed an additional underwritten public offering, raising approximately US$15.64 million, with proceeds earmarked for the design, engineering, and construction of the FOAK industrial plant, ongoing research and development, and general corporate purposes.

Show more

Holding a concentrated position? Know your true downside before the momentum shifts.

Protect Your Wealth →

Stock Movement Drivers

Fundamental Drivers

The 38.2% change in ADUR stock from 2/28/2026 to 6/13/2026 was primarily driven by a 84.2% change in the company's P/S Multiple.

(LTM values as of)	2282026	6132026	Change
Stock Price ($)	10.85	15.00	38.2%
Change Contribution By:
Total Revenues ($ Mil)	0	0	-20.8%
P/S Multiple	1,109.0	2,043.1	84.2%
Shares Outstanding (Mil)	31	33	-5.3%
Cumulative Contribution			38.2%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 6/13/2026

	Return	Correlation
ADUR	30.9%
Market (SPY)	8.4%	55.7%
Sector (XLI)	-0.3%	51.3%

Fundamental Drivers

The 13.1% change in ADUR stock from 11/30/2025 to 6/13/2026 was primarily driven by a 10.4% change in the company's P/S Multiple.

(LTM values as of)	11302025	6132026	Change
Stock Price ($)	13.26	15.00	13.1%
Change Contribution By:
Total Revenues ($ Mil)	0	0	9.6%
P/S Multiple	1,849.8	2,043.1	10.4%
Shares Outstanding (Mil)	31	33	-6.5%
Cumulative Contribution			13.1%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 6/13/2026

	Return	Correlation
ADUR	7.1%
Market (SPY)	9.2%	48.4%
Sector (XLI)	15.3%	41.4%

Fundamental Drivers

The 81.8% change in ADUR stock from 5/31/2025 to 6/13/2026 was primarily driven by a 123.7% change in the company's P/S Multiple.

(LTM values as of)	5312025	6132026	Change
Stock Price ($)	8.25	15.00	81.8%
Change Contribution By:
Total Revenues ($ Mil)	0	0	-6.5%
P/S Multiple	913.1	2,043.1	123.7%
Shares Outstanding (Mil)	29	33	-13.1%
Cumulative Contribution			81.8%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2025 to 6/13/2026

	Return	Correlation
ADUR	72.1%
Market (SPY)	27.3%	31.7%
Sector (XLI)	25.0%	30.0%

Fundamental Drivers

The 588.3% change in ADUR stock from 5/31/2023 to 6/13/2026 was primarily driven by a 315.0% change in the company's Total Revenues ($ Mil).

(LTM values as of)	5312023	6132026	Change
Stock Price ($)	2.18	15.00	588.3%
Change Contribution By:
Total Revenues ($ Mil)	0	0	315.0%
P/S Multiple	661.8	2,043.1	208.7%
Shares Outstanding (Mil)	18	33	-46.3%
Cumulative Contribution			588.3%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2023 to 6/13/2026

	Return	Correlation
ADUR	551.6%
Market (SPY)	84.5%	23.5%
Sector (XLI)	90.2%	23.0%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
ADUR Return	2%	3%	50%	89%	67%	46%	625%
Peers Return	13%	-25%	21%	21%	-19%	15%	16%
S&P 500 Return	27%	-19%	24%	23%	16%	8%	97%
Monthly Win Rates [3]
ADUR Win Rate	67%	50%	50%	42%	58%	50%
Peers Win Rate	57%	42%	55%	45%	43%	60%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
ADUR Max Drawdown	-	-59%	-25%	-24%	-43%	-38%
Peers Max Drawdown	-37%	-47%	-33%	-34%	-45%	-31%
S&P 500 Max Drawdown	-5%	-25%	-10%	-8%	-19%	-9%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: PCT, LYB, EMN, LOOP, CLH.
[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] 2026 data is for the year up to 6/12/2026 (YTD)

Event	ADUR	S&P 500
2025 US Tariff Shock
% Loss	-34.5%	-18.8%
% Gain to Breakeven	52.7%	23.1%
Time to Breakeven	31 days	79 days
Summer-Fall 2023 Five Percent Yield Shock
% Loss	-16.0%	-9.5%
% Gain to Breakeven	19.1%	10.5%
Time to Breakeven	21 days	24 days
2023 SVB Regional Banking Crisis
% Loss	-24.3%	-6.7%
% Gain to Breakeven	32.1%	7.1%
Time to Breakeven	142 days	31 days
2022 Inflation Shock & Fed Tightening
% Loss	-56.1%	-24.5%
% Gain to Breakeven	128.0%	32.4%
Time to Breakeven	39 days	427 days

Compare to PCT, LYB, EMN, LOOP, CLH

In The Past

Aduro Clean Technologies's stock fell -34.5% during the 2025 US Tariff Shock. Such a loss loss requires a 52.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

Event	ADUR	S&P 500
2025 US Tariff Shock
% Loss	-34.5%	-18.8%
% Gain to Breakeven	52.7%	23.1%
Time to Breakeven	31 days	79 days
2023 SVB Regional Banking Crisis
% Loss	-24.3%	-6.7%
% Gain to Breakeven	32.1%	7.1%
Time to Breakeven	142 days	31 days
2022 Inflation Shock & Fed Tightening
% Loss	-56.1%	-24.5%
% Gain to Breakeven	128.0%	32.4%
Time to Breakeven	39 days	427 days

Compare to PCT, LYB, EMN, LOOP, CLH

In The Past

Aduro Clean Technologies's stock fell -34.5% during the 2025 US Tariff Shock. Such a loss loss requires a 52.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Aduro Clean Technologies (ADUR)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

We are an early-stage, Ontario-based clean technology company that has developed a highly flexible chemical recycling platform featuring three unique technologies: Hydrochemolytic™ Plastics Upcycling, Hydrochemolytic™ Bitumen Upgrading, and Hydrochemolytic™ Renewables Upgrading. As of today, through acquisition and development, we own eight US-based patents, seven granted and one pending. Our future business model is based principally on licensing, royalties, and research and development. However, we are still investigating different business models that may be a better fit to our operations and bring greater value to our stakeholders. Monetization of our platform through a licensing model reduces our need for capital while enabling a pathway to commercialization that management of our company believes is relatively straightforward, timely, and capital efficient. We intend to develop commercial partnerships by means of demonstration projects. Management believes this strategy will be very effective for building a pipeline of customer interests and agreements. Deliverables include reports that detail: the technology; its performance; the key parameters and operational variables; economic considerations; operational considerations, and environmental considerations including greenhouse gases (“GHG”) footprint and life cycle analysis. Among the intended business benefits are developing long-term customer and partner relationships, a better understanding of geographical territories, behaviors, and characteristics and the potential impact of the technology from environmental, social, and governance (ESG) criteria. For our founders, Ofer Vicus, Chief Executive Officer (“CEO”), and W. Marcus Trygstad, Principal Scientist, the impetus for our formation was the vision to develop hydrothermal upgrading technology for upgrading heavy oils. But through scientific research and development efforts, our management found that hydrothermal upgrading technology also could be applied beneficially in the seemingly unrelated fields of plastic and rubber tire upcycling and renewable oil upgrading. Moreover, discoveries made while pursuing those new applications provided management with deeper insights into fundamental chemistry, including operating in connection with the original work on heavy oil. From this work, we developed our current and versatile intellectual property, including our Hydrochemolytic™ Technology platform, as well as developing eight patents (7 granted and one pending). With support from industry participants as early as 2015, our technology demonstration projects have provided validation of Hydrochemolytic™ Technology in key applications to support pre-commercial, pilot-scale demonstrations. We currently direct our Hydrochemolytic™ Technology platform toward Hydrochemolytic™ Plastics Upcycling, Hydrochemolytic™ Bitumen Upgrading, and Hydrochemolytic™ Renewables Upgrading. Our technology transforms lower-value feedstocks into useful, higher- value chemical feedstocks and fuels. Although our technology can be implemented in stand-alone operations, management believes its greatest economic relevance and impact is achieved through integration into thermal operation infrastructure at existing plants. Accordingly, we will aim to create strategic partnerships to demonstrate and implement the technology through licensing arrangements. We have developed our technology platform to address different applications and market sectors. We are currently in the stage of scaling up our technology to a commercial process for our plastic and bitumen applications. Our first significant scale-up step is the development of a semi commercial process which will be designed, built and tested on a pilot scale and subsequently scaled up further to demonstrate on a commercial scale. We have incurred recurring losses since inception and our technology platform has not yet been tested in a commercial setting. Commercializing our technology platform presents several challenges, including that the technology may not perform as expected under real-world conditions, rapid advancements in chemical recycling technology may result in new, more efficient technologies emerging, potentially rendering parts of our technology platform as less efficient, and securing funding may be difficult given the substantial investment required to scale up the technology platform on a commercial scale. We do not have a definitive timeline for scaling up our technology to a commercial process for our plastic and bitumen applications. In the meantime, we are continuing to engage with prospective customers through technology evaluation projects to guide ongoing development. We face a number of challenges since our technology is different from existing approaches in our industry. In particular, we are a new and different concept from the existing approaches in our industry and our technology is not yet tested in a commercial setting. We also face many of the common challenges in upscaling of chemical processes, including challenges related to mass- and heat transfer, and equipment design. Some particular challenges include the handling of solid or semi-solid feedstock (plastic waste, bitumen), and the high degree of contamination (especially in waste plastic). In addition, our industry has a significant amount of unsettled regulation and many different approaches and strategies. To deal with these various challenges, we have adopted an early stage approach to connecting with our prospective customers and potential partners on our path towards the commercial development of our technology. The primary objective of these connections, which we describe as customer engagements, is to provide us with guidance for the development of our technology and business. Apart from the invaluable guidance in our technological development, we regard the connections in our "Customer Engagement Program" as an endorsement of our efforts by reputable and established organizations. While we have been successful with these engagements for the evaluation of our technology so far, and we are currently in discussions with a number of prospective customers and potential partners for possible collaboration, we currently do not have any definitive partnership agreements in place. Our company was incorporated under the Business Corporations Act (British Columbia) in British Columbia, Canada under the name "Aduro Clean Technologies Inc." Our principal place of business is located at 542 Newbold St., London, Ontario, N6E 2S5, Canada. Our registered records office is located at Suite 2300, Bentall 5, 550 Burrard Street, Vancouver, British Columbia, Canada.

AI Analysis | Feedback

Here are 1-2 brief analogies for Aduro Clean Technologies (ADUR):

An Intel for industrial chemical recycling technology.
A Moderna for waste plastics and heavy oil transformation.

AI Analysis | Feedback

Hydrochemolytic™ Plastics Upcycling Technology Licensing: A licensing service for Aduro's proprietary technology that transforms plastic waste into higher-value chemical feedstocks and fuels.
Hydrochemolytic™ Bitumen Upgrading Technology Licensing: A licensing service for Aduro's proprietary technology that upgrades lower-value bitumen into useful, higher-value chemical feedstocks and fuels.
Hydrochemolytic™ Renewables Upgrading Technology Licensing: A licensing service for Aduro's proprietary technology that upgrades renewable oils into higher-value chemical feedstocks and fuels.
Technology Evaluation and Demonstration Services: Engagements with prospective customers and partners to provide detailed reports on the technology's performance, key parameters, and economic, operational, and environmental considerations.

AI Analysis | Feedback

The company Aduro Clean Technologies (ADUR) is an early-stage clean technology company that has not yet commercialized its technology platform. As such, it **does not currently have major customers** in the traditional sense of revenue-generating relationships. Based on the provided description:

Aduro's future business model is based principally on licensing, royalties, and research and development, which indicates that when commercialized, it will primarily sell to other companies.
The company's technology platform has not yet been tested in a commercial setting.
Aduro is currently engaging with "prospective customers" and "potential partners" through technology evaluation projects and its "Customer Engagement Program" to guide development and build relationships.
While these engagements have been successful for technology evaluation, Aduro currently does not have any definitive partnership agreements in place.

Therefore, Aduro Clean Technologies is in a pre-commercialization phase and is still developing its customer base for future licensing and royalty agreements.

AI Analysis | Feedback

null

AI Analysis | Feedback

Ofer Vicus, Co-Founder & Chief Executive Officer

Ofer Vicus is the Co-Founder and Chief Executive Officer of Aduro Clean Technologies, Inc., a role he has held since its launch in November 2011 (formerly Aduro Energy, Inc.). He also founded Aduro Clean Technologies, Inc. in 2018. Mr. Vicus has over 20 years of experience in developing and marketing innovative technologies and processes. His previous leadership positions include Vice President of Business Development at Spectronix Ltd., Vice President of Marketing at Qualion Ltd., Vice President of Business Development at CuraPipe Systems Ltd., and Head of Business Development at Terayon Corp.. He holds a Bachelor of Engineering in Industrial Engineering from Sunderland University and an Executive MBA from Tel-Aviv University.

Mena Beshay, Chief Financial Officer

Mena Beshay was appointed Chief Financial Officer of Aduro Clean Technologies in May 2022. He brings over 20 years of experience in senior financial leadership, encompassing financial stewardship, strategic planning, mergers and acquisitions, debt, and equity financing, and has led operational and financial turnarounds. Prior to Aduro, Mr. Beshay served as Chief Financial Officer and Global Head of Corporate Development at CloudMD, a TSX-V listed company. His experience also includes senior finance, audit, and compliance roles at Enercare (which was acquired by Brookfield Infrastructure), Domtar, and Deloitte. He is a Chartered Professional Accountant and a graduate of McGill University. Mr. Beshay has also demonstrated conviction in the company by deploying personal capital to increase his direct ownership of company shares.

Marc Trygstad, Co-Founder & Principal Scientist

Marc Trygstad is a Co-Founder and the Principal Scientist of Aduro Clean Technologies, as well as a co-inventor of the company's Hydrochemolytic™ Technology. With over 30 years of experience, he has been instrumental in developing and applying advanced strategies for monitoring, controlling, and optimizing industrial processes in various sectors, including refining, petrochemical, pharmaceutical, and specialty chemical industries. Mr. Trygstad is a principal author on multiple patents covering innovations in resource recovery, oil upgrading, and process control. His background includes roles at companies such as Yokogawa, SpectrraSensors, Invensys Operations Management, ABB Inc., and Emerson.

David Weizenbach, Chief Operating Officer

David Weizenbach was appointed Chief Operating Officer of Aduro Clean Technologies, effective July 1, 2025. He possesses over 30 years of experience in engineering leadership, operations, and industrial technology integration, including 25 years spent at NOVA Chemicals. His expertise covers process automation, safety systems, capital project delivery, and operational governance across heavy industrial environments. Before joining Aduro, Mr. Weizenbach ran an independent consulting practice, providing strategic technical guidance to industrial clients.

Arturo Gomez, Vice President of Engineering

Arturo Gomez was appointed Vice President of Engineering in January 2025. He brings over 20 years of expertise in process engineering and chemical process design, with a demonstrated history of leading teams through the successful transition of technologies from laboratory and pilot phases to commercial-scale operations. Dr. Gomez has held senior engineering roles at prominent organizations such as MilliporeSigma (a Merck KGaA), Lanxess, and Bartek Ingredients. He holds a Ph.D. in Chemical and Petroleum Engineering from the University of Calgary and is a licensed Professional Engineer (P.Eng.).

AI Analysis | Feedback

The key risks for Aduro Clean Technologies (ADUR) are primarily centered around the successful commercialization and scalability of its unproven technology, the associated financial challenges, and the complexities of market adoption and competition within a rapidly evolving industry.

Technology Commercialization and Scalability: Aduro Clean Technologies is an early-stage company whose Hydrochemolytic™ Technology platform has not yet been tested in a commercial setting. The company faces significant challenges in scaling up its technology to a commercial process for its plastic and bitumen applications, and it does not have a definitive timeline for this. There is a risk that the technology may not perform as expected under real-world conditions, and the company must overcome common challenges in upscaling chemical processes, including those related to mass- and heat transfer, equipment design, and handling of contaminated and difficult feedstocks like plastic waste and bitumen.
Funding and Financial Viability: The company has incurred recurring losses since its inception, indicating that it is not yet profitable. Commercializing its technology platform requires a substantial investment to scale it up to a commercial scale, and securing this funding may prove difficult.
Market Adoption and Competition: Aduro's technology is described as a "new and different concept" from existing approaches in the industry, which could present challenges in market acceptance and integration. Furthermore, the rapid advancements in chemical recycling technology mean that new, more efficient technologies could emerge, potentially rendering parts of Aduro's platform less competitive. The industry also has a significant amount of unsettled regulation and many different approaches and strategies, adding to the uncertainty of market penetration and sustained demand.

AI Analysis | Feedback

Rapid advancements in chemical recycling technology may result in new, more efficient technologies emerging, potentially rendering parts of Aduro's technology platform as less efficient.

AI Analysis | Feedback

Aduro Clean Technologies (ADUR) focuses on three main technologies, each addressing a distinct addressable market:

Hydrochemolytic™ Plastics Upcycling: The addressable market for upgrading waste plastics is estimated by Aduro Clean Technologies to be approximately $30 billion annually, globally. The global chemical recycling of plastics market was valued at an estimated USD 14.82 billion in 2023 and is projected to reach USD 26.88 billion by 2030. Other estimates place the global chemical recycling of plastics market at USD 17.62 billion in 2025, with a projection to reach around USD 47.60 billion by 2035.
Hydrochemolytic™ Bitumen Upgrading: Null
Hydrochemolytic™ Renewables Upgrading: The global market for the biofuels produced by this technology is expected to grow from $136.2 billion in 2019 to $153.8 billion by 2024. Additionally, the specialty chemicals that can be produced through this technology have a global market worth more than $11 billion annually.

AI Analysis | Feedback

Aduro Clean Technologies (ADUR) is poised for significant future revenue growth over the next 2-3 years, driven by several key initiatives centered around the commercialization and broader adoption of its Hydrochemolytic™ Technology platform.

Commercialization and Licensing of Hydrochemolytic™ Technology: A primary driver of future revenue growth will be the successful transition from pilot and demonstration phases to commercial-scale operations for its Hydrochemolytic™ Plastics Upcycling, Hydrochemolytic™ Bitumen Upgrading, and Hydrochemolytic™ Renewables Upgrading technologies. The company is actively scaling its Next Generation Process (NGP) Pilot Plant and developing a First-of-a-Kind (FOAK) Industrial Plant, with Chemelot Industrial Park in the Netherlands selected as the site for the latter. The business model is principally based on licensing, royalties, and research and development, which will materialize as the technology proves commercially viable and is adopted by partners.
Strategic Partnerships and Offtake Agreements: Securing definitive commercial partnerships and long-term offtake agreements for the products derived from its Hydrochemolytic™ oil is critical. Aduro has already signed a non-binding Letter of Intent (LOI) with a prominent international commodities trading company to evaluate and qualify Hydrochemolytic™ oil for future offtake, including a committed purchase for the initial production parcel from its planned FOAK Industrial Plant. These agreements represent a direct path to significant revenue streams as production scales.
Expansion into New Geographic Markets: The company is actively pursuing opportunities in new geographical territories, supported by evolving regulatory landscapes that favor circular economy initiatives. Regulatory tailwinds and collaborations in regions such as Europe and Mexico, exemplified by Mexico's new "General Circular Economy Law," are expanding the addressable market for Aduro's advanced plastics recycling technology.
Successful Demonstration Projects and Customer Engagements: While current revenue from customer engagement programs for technology evaluation is non-recurring, successful completion of these demonstration projects is vital. Positive outcomes will validate the Hydrochemolytic™ platform at scale, converting prospective customers into definitive commercial partners and licensees, which will then generate recurring licensing and royalty revenue. Management anticipates that successful pilot data could unlock licensing milestones or partnership activity from major industry players.

AI Analysis | Feedback

Share Issuance

Aduro Clean Technologies closed an underwritten U.S. public offering in December 2025, raising approximately US$20 million gross through the sale of 1,739,130 common shares with accompanying warrants.
The company closed a U.S. public offering in November 2024, which generated approximately US$4.00 million gross from the sale of 941,177 common shares, supplemented by an additional US$0.52 million from over-allotment options exercised in December 2024, totaling approximately US$4.52 million.
Subsequent to May 31, 2024, Aduro received approximately $3.5 million in gross proceeds from a non-brokered private placement and approximately $2.0 million from the exercise of options and warrants.

Inbound Investments

Aduro was accepted into the Shell Gamechanger program in November 2022, which provides non-dilutive funding and technical expertise.
In September 2024, Aduro entered a research and development (R&D) collaboration phase with TotalEnergies following positive preliminary technical evaluations.
The company maintains a "Customer Engagement Program" through which six multi-billion valuation companies, including Shell, test Aduro's technology, generating non-recurring revenue.

Capital Expenditures

Property, plant, and equipment carrying costs increased by approximately $1.0 million in fiscal year 2024 (ended May 31, 2024), driven by investments in research equipment and the completion of expanded laboratory and office facilities.
In fiscal year 2025 (ended May 31, 2025), the carrying costs for property, plant, and equipment rose by approximately $1.0 million for research equipment and laboratory facilities.
Capital work in progress for the construction of the Next Generation Process (NGP) Pilot Plant contributed to a $1.6 million increase in property, plant, and equipment carrying costs during Q1 fiscal year 2026 (ended August 31, 2025). Proceeds from public offerings in late 2024 and late 2025 are primarily designated for the construction of a Demonstration-Scale Plant and the Next Generation Process unit, alongside ongoing research and development.

Interactive Breakdown

null

null

Better Bets vs. Aduro Clean Technologies (ADUR)

Waste Connections

SECTOR: Industrials

Higher Rev Chg 3Y Avg | Lower P/S (Values for ADUR: 125.1% | 1,934.1x)

QXO (5076.7% | 1.4x)

QXO

AMPX (232.1% | 25.1x)

Amprius Technologies

EOSE (241.2% | 12.8x)

Eos Energy Enterprises

RCAT (167.4% | 24.8x)

Red Cat

HSHP (1368.4% | 5.0x)

Himalaya Shipping

Higher Rev Chg LTM (Value for ADUR: -6.5%)

BA (32.7%)

Boeing

GE (21.8%)

GE Aerospace

CAT (11.8%)

Caterpillar

RTX (10.6%)

RTX

GEV (10.3%)

GE Vernova

Higher Rev Chg 3Y Avg (Value for ADUR: 125.1%)

QXO (5076.7%)

QXO

HSHP (1368.4%)

Himalaya Shipping

EOSE (241.2%)

Eos Energy Enterprises

AMPX (232.1%)

Amprius Technologies

RCAT (167.4%)

Red Cat

Higher Op Mgn LTM (Value for ADUR: -7223.1%)

GE (18.6%)

GE Aerospace

CAT (16.5%)

Caterpillar

RTX (10.9%)

RTX

GEV (3.9%)

GE Vernova

BA (-5.9%)

Boeing

Higher CFO/Rev LTM (Value for ADUR: -4254.8%)

GEV (22.9%)

GE Vernova

GE (18.3%)

GE Aerospace

CAT (17.4%)

Caterpillar

RTX (12.3%)

RTX

BA (2.7%)

Boeing

Higher FCF/Rev LTM (Value for ADUR: -6462.1%)

GEV (19.1%)

GE Vernova

GE (15.4%)

GE Aerospace

CAT (11.2%)

Caterpillar

RTX (8.8%)

RTX

BA (-1.1%)

Boeing

Higher Total Yield (Value for ADUR: -3.9%)

RTX (4.4%)

RTX

GEV (3.8%)

GE Vernova

CAT (2.9%)

Caterpillar

GE (2.5%)

GE Aerospace

BA (1.3%)

Boeing

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for ADUR: 125.1% | 1,934.1x)

ASTS (821.2% | 282.0x)

AST SpaceMobile

IONQ (164.2% | 114.8x)

IonQ

CRCL (345.4% | 6.6x)

Circle Internet

NLY (290.4% | 6.7x)

Annaly Capital Management

BBIO (164.8% | 22.4x)

BridgeBio Pharma

Higher Rev Chg LTM (Value for ADUR: -6.5%)

NVDA (70.7%)

NVIDIA

MSFT (17.9%)

Microsoft

GOOGL (17.5%)

Alphabet

AMZN (14.2%)

Amazon.com

AAPL (12.8%)

Apple

Higher Rev Chg 3Y Avg (Value for ADUR: 125.1%)

ASTS (821.2%)

AST SpaceMobile

CRCL (345.4%)

Circle Internet

NLY (290.4%)

Annaly Capital Management

BBIO (164.8%)

BridgeBio Pharma

IONQ (164.2%)

IonQ

Higher Op Mgn LTM (Value for ADUR: -7223.1%)

NVDA (64.0%)

NVIDIA

MSFT (46.8%)

Microsoft

GOOGL (32.7%)

Alphabet

AAPL (32.6%)

Apple

AMZN (11.5%)

Amazon.com

Higher CFO/Rev LTM (Value for ADUR: -4254.8%)

MSFT (53.5%)

Microsoft

NVDA (49.6%)

NVIDIA

GOOGL (41.3%)

Alphabet

AAPL (31.1%)

Apple

AMZN (20.0%)

Amazon.com

Higher FCF/Rev LTM (Value for ADUR: -6462.1%)

NVDA (47.0%)

NVIDIA

AAPL (28.6%)

Apple

MSFT (22.9%)

Microsoft

GOOGL (15.2%)

Alphabet

AMZN (-0.3%)

Amazon.com

Higher Total Yield (Value for ADUR: -3.9%)

MSFT (5.2%)

Microsoft

GOOGL (3.9%)

Alphabet

AMZN (3.5%)

Amazon.com

AAPL (3.2%)

Apple

NVDA (3.2%)

NVIDIA

Best Bets in Industrials

What You Pay

P/EBIT (Value for ADUR: -25.8x)

GATX (8.5x)

GATX

AGX (57.5x)

Argan

PCTY (15.9x)

Paylocity

TDG (16.5x)

TransDigm

PAYC (10.6x)

Paycom Software

STRL (52.0x)

Sterling Infrastructure

WOR (19.1x)

Worthington Enterprises

NXT (25.3x)

Nextpower

HEI (39.9x)

Heico

VRT (58.8x)

Vertiv

P/E (Value for ADUR: -25.8x)

GATX (18.3x)

GATX

AGX (55.5x)

Argan

PCTY (22.7x)

Paylocity

TDG (35.1x)

TransDigm

PAYC (14.6x)

Paycom Software

STRL (76.0x)

Sterling Infrastructure

WOR (26.2x)

Worthington Enterprises

NXT (30.9x)

Nextpower

HEI (58.6x)

Heico

VRT (74.4x)

Vertiv

What You Get

Rev Chg 3Y Avg (Value for ADUR: 125.1%)

GATX (13.7%)

GATX

AGX (32.1%)

Argan

PCTY (16.5%)

Paylocity

TDG (17.3%)

TransDigm

PAYC (12.5%)

Paycom Software

STRL (17.7%)

Sterling Infrastructure

WOR (51.4%)

Worthington Enterprises

NXT (23.4%)

Nextpower

HEI (25.9%)

Heico

VRT (21.6%)

Vertiv

Rev Chg LTM (Value for ADUR: -6.5%)

GATX (16.9%)

GATX

AGX (14.5%)

Argan

PCTY (11.3%)

Paylocity

TDG (13.3%)

TransDigm

PAYC (9.4%)

Paycom Software

STRL (37.0%)

Sterling Infrastructure

WOR (15.0%)

Worthington Enterprises

NXT (20.3%)

Nextpower

HEI (18.8%)

Heico

VRT (29.0%)

Vertiv

Rev Chg Q (Value for ADUR: null)

GATX (38.4%)

GATX

AGX (50.2%)

Argan

PCTY (10.5%)

Paylocity

TDG (18.3%)

TransDigm

PAYC (7.8%)

Paycom Software

STRL (91.6%)

Sterling Infrastructure

WOR (24.4%)

Worthington Enterprises

NXT (-4.7%)

Nextpower

HEI (25.3%)

Heico

VRT (30.1%)

Vertiv

FCF/Rev 3Y Avg (Value for ADUR: -4062.4%)

GATX (37.6%)

GATX

AGX (29.2%)

Argan

PCTY (22.7%)

Paylocity

TDG (21.2%)

TransDigm

PAYC (19.1%)

Paycom Software

STRL (19.1%)

Sterling Infrastructure

WOR (18.2%)

Worthington Enterprises

NXT (17.5%)

Nextpower

HEI (17.1%)

Heico

VRT (16.2%)

Vertiv

[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

null

Trade Ideas

Select ideas related to ADUR.

null

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ROKU	Roku	21.2	20.1%	32.4%
TBN	Tamboran Resources	0.9	19.9%	48.3%
STTK	Shattuck Labs	0.6	18.2%	35.3%
SENEA	Seneca Foods	1.2	17.5%	58.5%
ALMS	Alumis	3.0	15.6%	147.4%
ELVN	Enliven Therapeutics	2.9	14.3%	199.5%
AKTS	Aktis Oncology	1.1	12.7%	∞%
ZBIO	Zenas BioPharma	1.1	11.5%	-45.5%
POET	POET Technologies	1.8	11.4%	97.9%
VYX	NCR Voyix	1.1	10.3%	-23.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
FLY	Firefly Aerospace	5.1	-19.1%	42.5%
YSS	York Space Systems	3.5	-17.9%	-17.6%
VELO	Velo3D	0.5	-16.7%	85.6%
ASTS	AST SpaceMobile	24.0	-15.5%	13.5%
OMER	Omeros	0.6	-14.2%	-49.1%
VOYG	Voyager Technologies	2.4	-14.0%	57.4%
LUNR	Intuitive Machines	3.2	-13.1%	64.0%
SHAZ	SharonAI	0.9	-12.9%	-32.6%
SWMR	Swarmer	0.7	-12.7%	45.8%
NAVN	Navan	5.0	-11.9%	16.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
VELO	Velo3D	0.5	60.9%	85.6%
TNGX	Tango Therapeutics	4.4	53.0%	249.2%
CBRL	Cracker Barrel Old Country Store	1.0	39.2%	86.6%
ICHR	Ichor	3.0	38.0%	371.0%
NUVL	Nuvalent	9.7	35.5%	22.5%
CNTN	Canton Strategic	0.6	34.3%	2.0%
PAYO	Payoneer Global	2.3	33.9%	20.1%
ELVN	Enliven Therapeutics	2.9	32.9%	199.5%
GLXY	Galaxy Digital	6.4	32.7%	49.2%
UCTT	Ultra Clean	4.9	32.7%	329.9%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
PCT	PureCycle Technologies	1.6	-29.0%	3.4%
SMCI	Super Micro Computer	18.3	-26.8%	4.1%
SWMR	Swarmer	0.7	-25.6%	45.8%
WOLF	Wolfspeed	1.7	-21.6%	147.8%
NRGV	Energy Vault	0.7	-21.4%	-6.7%
MRLN	Merlin	0.5	-20.8%	-71.0%
SAIL	SailPoint	8.2	-19.8%	-27.7%
PRIM	Primoris Services	5.3	-19.0%	-20.5%
ADBE	Adobe	83.6	-18.9%	-41.7%
TMCR	Metals Royalty	0.5	-18.6%	-33.3%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
NVRI	Enviri	1.8	295.5%	329.9%
APPS	Digital Turbine	1.1	136.9%	95.2%
HYLN	Hyliion	1.3	106.1%	302.2%
AMC	AMC Entertainment	1.3	75.9%	50.0%
REPL	Replimune	0.8	67.5%	-8.6%
ALAB	Astera Labs	62.7	63.8%	120.7%
UMAC	Unusual Machines	0.9	63.2%	91.8%
GENI	Genius Sports	1.8	62.7%	-37.8%
DELL	Dell Technologies	261.1	62.2%	215.6%
CBRL	Cracker Barrel Old Country Store	1.0	61.3%	86.6%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
ADCT	ADC Therapeutics	0.2	-69.8%	-70.3%
VRRM	Verra Mobility	0.7	-65.2%	-79.2%
BTGO	BitGo	0.5	-58.2%	-73.1%
FULC	Fulcrum Therapeutics	0.3	-52.4%	-69.5%
LWLG	Lightwave Logic	1.4	-47.4%	196.0%
MRAM	Everspin Technologies	0.6	-41.1%	163.0%
HYMC	Hycroft Mining	2.3	-41.0%	8.4%
OMER	Omeros	0.6	-39.3%	-49.1%
JBIO	Jade Biosciences	0.9	-38.8%	-0.6%
PLAB	Photronics	1.8	-38.7%	-0.7%

Peer Comparisons

Peers to compare with:

Financials

	ADUR	PCT	LYB	EMN	LOOP	CLH	Median
Name	Aduro Cl.	PureCycl.	Lyondell.	Eastman .	Loop Ind.	Clean Ha.
Mkt Price	15.00	8.80	64.58	75.23	0.96	287.50	39.79
Mkt Cap	0.5	1.6	20.8	8.6	0.0	15.2	5.1
Rev LTM	0	11	29,673	8,639	1	6,058	3,035
Op Inc LTM	-17	-170	971	833	-10	681	335
FCF LTM	-16	-176	908	498	-10	463	226
FCF 3Y Avg	-10	-206	1,702	532	-12	348	169
CFO LTM	-10	-147	2,572	1,000	-10	871	431
CFO 3Y Avg	-8	-137	3,424	1,165	-10	786	389

Growth & Margins

	ADUR	PCT	LYB	EMN	LOOP	CLH	Median
Name	Aduro Cl.	PureCycl.	Lyondell.	Eastman .	Loop Ind.	Clean Ha.
Rev Chg LTM	-6.5%	590.0%	-9.4%	-7.7%	-95.3%	1.9%	-7.1%
Rev Chg 3Y Avg	125.1%	-	-13.0%	-5.4%	2,318.8%	4.6%	4.6%
Rev Chg Q	-100.0%	161.2%	-6.3%	-4.9%	-98.4%	1.9%	-5.6%
QoQ Delta Rev Chg LTM	-20.8%	30.5%	-1.6%	-1.3%	-95.4%	0.5%	-1.4%
Op Inc Chg LTM	-69.1%	-18.3%	-58.3%	-41.2%	-76.9%	3.7%	-49.7%
Op Inc Chg 3Y Avg	-47.3%	-28.1%	-37.8%	-8.1%	13.2%	0.8%	-18.1%
Op Mgn LTM	-7,223.1%	-1,563.4%	3.3%	9.6%	-1,971.2%	11.2%	-780.1%
Op Mgn 3Y Avg	-4,579.6%	-	6.6%	12.1%	-5,444.1%	11.2%	6.6%
QoQ Delta Op Mgn LTM	-1,758.3%	427.8%	0.5%	-1.3%	-1,968.0%	0.1%	-0.6%
CFO/Rev LTM	-4,254.8%	-1,344.0%	8.7%	11.6%	-1,966.9%	14.4%	-667.7%
CFO/Rev 3Y Avg	-3,035.5%	-	10.9%	12.9%	-4,619.6%	13.5%	10.9%
FCF/Rev LTM	-6,462.1%	-1,612.6%	3.1%	5.8%	-2,008.0%	7.6%	-804.7%
FCF/Rev 3Y Avg	-4,062.4%	-	5.4%	5.9%	-5,872.4%	5.9%	5.4%

Valuation

	ADUR	PCT	LYB	EMN	LOOP	CLH	Median
Name	Aduro Cl.	PureCycl.	Lyondell.	Eastman .	Loop Ind.	Clean Ha.
Mkt Cap	0.5	1.6	20.8	8.6	0.0	15.2	5.1
P/S	2,043.1	145.7	0.7	1.0	90.3	2.5	46.4
P/Op Inc	-28.3	-9.3	21.4	10.3	-4.6	22.3	2.9
P/EBIT	-27.3	-10.0	-174.7	12.8	-3.7	21.5	-6.9
P/E	-27.3	-7.1	-26.1	21.5	-3.8	38.4	-5.4
P/CFO	-48.0	-10.8	8.1	8.6	-4.6	17.4	1.7
Total Yield	-3.9%	-14.0%	3.6%	6.9%	-26.8%	2.6%	-0.6%
Dividend Yield	0.0%	0.0%	7.5%	2.2%	0.0%	0.0%	0.0%
FCF Yield 3Y Avg	-14.4%	-19.6%	6.1%	5.3%	-12.5%	2.8%	-4.8%
D/E	0.0	0.3	0.7	0.6	0.1	0.2	0.2
Net D/E	-0.1	0.2	0.6	0.5	0.0	0.2	0.2

Returns

	ADUR	PCT	LYB	EMN	LOOP	CLH	Median
Name	Aduro Cl.	PureCycl.	Lyondell.	Eastman .	Loop Ind.	Clean Ha.
1M Rtn	5.1%	-29.0%	-10.9%	3.8%	-32.3%	-6.8%	-8.9%
3M Rtn	34.4%	52.8%	-9.7%	8.6%	-30.4%	-0.5%	4.1%
6M Rtn	17.5%	0.2%	48.8%	18.4%	-8.5%	18.9%	18.0%
12M Rtn	85.0%	-22.4%	15.8%	2.5%	-36.4%	26.7%	9.1%
3Y Rtn	589.4%	7.8%	-12.8%	2.4%	-69.4%	86.7%	5.1%
1M Excs Rtn	17.8%	-13.6%	-11.3%	2.1%	-33.1%	-4.9%	-8.1%
3M Excs Rtn	21.7%	40.8%	-21.8%	-3.4%	-42.5%	-12.5%	-8.0%
6M Excs Rtn	13.7%	-14.0%	38.1%	10.8%	-13.8%	12.5%	11.7%
12M Excs Rtn	57.5%	-44.6%	-9.6%	-24.8%	-68.4%	3.9%	-17.2%
3Y Excs Rtn	519.7%	-64.6%	-88.7%	-72.9%	-143.2%	10.1%	-68.8%

FDIC Bank Data

$ Mil \| FY: 5/31	LTM	2025	2024	2023	2022	2021	2020
Period End	2/28/2026	5/31/2025	5/31/2024	5/31/2023	5/31/2022	5/31/2021	5/31/2020
Filing Date	4/14/2026	8/27/2025	9/11/2024	9/18/2023	9/28/2022	9/27/2021	8/25/2020
Key Financials
Total Revenue	0	0	0	0	0	0	0
Gross Profit	-	-	-	-	-	-	-
EBITDA	-18	-12	-7	-6	-5	-3	-0
Operating Income	-17	-12	-7	-6	-5	-3	-0
Net Income	-18	-12	-7	-6	-5	-3	-0
EPS	-0.59	-0.45	-0.36	-0.33	-0.42	-0.78	-0.07
Growth Rates
Total Revenue Growth	-6.5%	-31.5%	207.9%	∞%	-100.0%	-83.8%	113.2%
EBITDA Growth	-81.2%	-65.8%	-22.8%	-14.3%	-61.1%	-1862.7%	36.1%
Operating Income Growth	-69.1%	-60.2%	-26.8%	-22.4%	-50.4%	-1526.1%	20.9%
Net Income Growth	-77.9%	-63.3%	-26.8%	-15.4%	-58.3%	-1194.0%	-1.2%
Margins
Gross Margin	-	-	-	-	-	-	-
EBITDA Margin	-7238.4%	-5016.0%	-2072.1%	-5194.2%	-	-8149.2%	-67.2%
Operating Income Margin	-7223.1%	-5122.2%	-2190.3%	-5318.8%	-	-8355.2%	-83.1%
Net Income Margin	-7496.7%	-5253.1%	-2203.4%	-5348.3%	-	-8459.6%	-105.8%
Cash & Debt
Total Cash	39	7	3	4	2	3	0
Total Debt	0	0	0	0	0	1	1
Net Debt / (Cash)	-39	-7	-3	-4	-2	-2	1
Cash Flows & CapEx
Net Cash from Operations	-10	-9	-5	-4	-3	-1	-0
Total CapEx	-5	-1	-1	-2	-0	-0	-0
Free Cash from Operations	-16	-10	-6	-7	-4	-1	-0
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0

$ Mil \| FY: 5/31	2026Q3	2026Q2	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4
Period End	2/28/2026	11/30/2025	8/31/2025	5/31/2025	2/28/2025	11/30/2024	8/31/2024	5/31/2024	2/29/2024	11/30/2023	8/31/2023	5/31/2023
Filing Date	4/14/2026	1/15/2026	10/16/2025	8/27/2025	4/15/2025	1/15/2025	11/5/2024	9/11/2024	4/29/2024	1/29/2024	10/30/2023	9/18/2023
Key Financials Quarterly
Total Revenue	0	0	0	0	0	0	0	0	0	0	0	0
Ebitda	-1	-6	-6	-4	-3	-3	-2	-2	-2	-2	-1	-2
Operating Income	-4	-5	-5	-3	-3	-3	-2	-2	-2	-2	-2	-2
Net Income	-2	-6	-6	-4	-3	-3	-2	-2	-2	-2	-2	-2
EPS	-0.05	-0.21	-0.20	-0.13	-0.10	-0.11	-0.10	-0.08	-0.10	-0.10	-0.08	-0.07
Key Financials TTM
Total Revenue TTM	0	0	0	0	0	0	0	0	0	0	0	0
Ebitda TTM	-18	-19	-15	-12	-10	-9	-8	-7	-7	-7	-6	-6
Operating Income TTM	-17	-17	-14	-12	-10	-9	-8	-7	-7	-7	-6	-6
Net Income TTM	-18	-19	-16	-12	-10	-9	-8	-7	-7	-7	-6	-6
Growth Rates Quarterly
Total Revenue Growth	-100.0%	221.7%	-19.1%	-27.0%	-38.8%	-47.8%	-6.1%	99.2%	77.8%	-	-	-
EBITDA Growth	46.6%	-111.6%	-164.8%	-118.5%	-41.8%	-51.3%	-58.0%	-6.5%	-6.1%	-71.0%	-22.5%	-17.3%
Operating Income Growth	-25.7%	-77.4%	-100.5%	-86.2%	-52.0%	-48.8%	-56.7%	-10.3%	-9.6%	-74.7%	-27.8%	-20.3%
Net Income Growth	42.9%	-107.5%	-156.9%	-111.0%	-40.7%	-49.9%	-56.8%	-10.2%	-9.8%	-75.3%	-27.3%	-19.8%
Margins Quarterly
EBITDA Margin	-	-5142.1%	-13886.7%	-4785.1%	-4272.7%	-7818.8%	-4242.5%	-1599.2%	-1843.6%	-2697.4%	-2522.0%	-2992.0%
Operating Income Margin	-	-4435.0%	-11047.6%	-4365.3%	-4834.3%	-8040.4%	-4457.7%	-1712.5%	-1946.0%	-2818.9%	-2672.1%	-3093.1%
Net Income Margin	-	-5266.2%	-14213.5%	-4977.6%	-4498.1%	-8165.9%	-4477.3%	-1722.9%	-1956.4%	-2842.2%	-2682.2%	-3112.9%
Cash & Debt
Total Cash	39	13	15	7	8	9	6	3	2	2	3	4
Total Debt	0	0	0	0	0	0	0	0	0	0	0	0
Net Debt / (Cash)	-39	-13	-15	-7	-8	-9	-6	-3	-2	-2	-3	-4
Cash Flows Quarterly
FCF from Operations	-3	-2	-3	-3	-3	-2	-2	-1	-2	-1	-1	-1
Cash Flows TTM
FCF from Operations TTM	-10	-10	-10	-9	-8	-7	-6	-5	-5	-5	-5	-4
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	-30.5%	-41.7%	-44.1%	-32.6%	-34.3%	-38.5%	-33.4%	-26.4%	-32.6%	-36.7%	-31.1%	-34.3%
Return on Invested Capital (ROIC) TTM
ROIC TTM	-34.6%	-32.0%	-32.1%	-29.6%	-28.9%	-29.2%	-28.2%	-27.8%	-29.2%	-31.4%	-30.7%	-31.5%

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
Developing environmentally responsible technology for converting end-of-life plastics and tire	0	0	0	0	0
Total	0	0	0	0	0

Assets by Segment

$ Mil	2023	2022	2020
Developing environmentally responsible technology for converting end-of-life plastics and tire	8	3	3
Total	8	3	3

Price Behavior

Price Behavior

Market Price	$14.20
Market Cap ($ Bil)	0.5
First Trading Date	07/23/2021
Distance from 52W High	-18.3%
	50 Days	200 Days
DMA Price	$13.36	$12.01
DMA Trend	up	up
Distance from DMA	6.3%	18.2%
	3M	1YR
Volatility	90.0%	85.0%
Downside Capture	366.78	203.20
Upside Capture	306.85	215.81
Correlation (SPY)	56.2%	35.8%

ADUR Betas & Captures as of 5/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	4.42	3.06	3.28	3.31	2.28	1.02
Up Beta	3.25	1.26	2.53	2.39	2.43	0.77
Down Beta	3.72	4.43	2.69	3.86	3.01	1.56
Up Capture	494%	472%	591%	581%	361%	182%
Bmk +ve Days	13	28	36	67	141	432
Stock +ve Days	12	24	36	59	121	354
Down Capture	553%	463%	289%	251%	146%	81%
Bmk -ve Days	7	13	27	57	109	318
Stock -ve Days	8	17	27	65	128	363

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

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with ADUR
ADUR	75.1%	85.4%	1.02	-
Sector ETF (XLI)	23.9%	16.2%	1.14	31.4%
Equity (SPY)	24.9%	12.3%	1.52	35.4%
Gold (GLD)	25.5%	27.4%	0.81	26.1%
Commodities (DBC)	30.1%	19.0%	1.25	10.2%
Real Estate (VNQ)	13.5%	13.5%	0.69	21.8%
Bitcoin (BTCUSD)	-41.7%	42.2%	-1.16	32.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with ADUR
ADUR	25.6%	69.4%	0.66	-
Sector ETF (XLI)	12.7%	17.5%	0.56	20.5%
Equity (SPY)	13.5%	17.1%	0.61	20.5%
Gold (GLD)	16.8%	18.2%	0.75	16.1%
Commodities (DBC)	8.4%	19.4%	0.33	9.7%
Real Estate (VNQ)	2.8%	18.8%	0.05	17.0%
Bitcoin (BTCUSD)	13.6%	54.4%	0.44	16.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with ADUR
ADUR	12.1%	69.4%	0.66	-
Sector ETF (XLI)	14.1%	20.0%	0.62	20.5%
Equity (SPY)	15.3%	17.9%	0.73	20.5%
Gold (GLD)	12.5%	16.1%	0.64	16.1%
Commodities (DBC)	6.7%	18.0%	0.29	9.7%
Real Estate (VNQ)	5.7%	20.7%	0.24	17.0%
Bitcoin (BTCUSD)	60.3%	66.8%	1.00	16.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	5292026
Short Interest: Shares Quantity	2.2 Mil
Short Interest: % Change Since 5152026	2.3%
Average Daily Volume	0.4 Mil
Days-to-Cover Short Interest	5.1 days
Basic Shares Quantity	32.9 Mil
Short % of Basic Shares	6.7%

Returns Analyses

null

Earnings Returns History

Updated 6/2/2026

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
SUMMARY STATS
# Positive	0	0	0
# Negative	0	0	0
Median Positive
Median Negative
Max Positive
Max Negative

SEC Filings

Expand for More

Report Date	Filing Date	Filing
11/30/2025	01/15/2026	6-K
08/31/2025	10/16/2025	6-K
05/31/2025	08/27/2025	40-F
02/28/2025	04/15/2025	6-K
11/30/2024	01/15/2025	6-K
08/31/2024	11/05/2024	6-K

Recent Forward Guidance

Updated 6/13/2026

Latest: null Earnings Reported N/A/N/A/N/A

null

Insider Activity

Updated 4/26/2026

Expand for Morenull

ADUR Trade Sentinel

Stock Conviction

null

CONVICTION RATIONALE

null

STOCK ARCHETYPE

null

Looking for high-conviction positions with a better risk/reward profile? See what's currently in the Trefis High Quality Portfolio.

INVESTMENT THESIS

null

Mechanism: null

Supporting Evidence:

PRIMARY RISK

null

Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

Diversification Alternatives

How Is The Market Pricing ADUR?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What ADUR Makes & Who Pays

TTM figures based on

ADUR Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

Industry Resources

Industrials Resources

IndustryWeek

Manufacturing.net

Aviation Week

Environmental & Facilities Services Resources

Waste360

Waste Dive

FacilitiesNet

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

Core Cache Last Updated: 6/13/2026

Aduro Clean Technologies (ADUR)

Market Price (6/13/2026): $15.0 | Market Cap: $494.2 MilSector: Industrials | Industry: Environmental & Facilities Services

Aduro Clean Technologies (ADUR)

Market Price (6/13/2026): $15.0Market Cap: $494.2 MilSector: IndustrialsIndustry: Environmental & Facilities Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

In The Past

Preserve Wealth

Asset Allocation

About Aduro Clean Technologies (ADUR)

Interactive Breakdown

Better Bets vs. Aduro Clean Technologies (ADUR)

INDUSTRY: Environmental & Facilities Services

Higher Rev Chg LTM (Value for ADUR: -6.5%)

Higher Op Mgn LTM (Value for ADUR: -7223.1%)

Higher CFO/Rev LTM (Value for ADUR: -4254.8%)

Higher FCF/Rev LTM (Value for ADUR: -6462.1%)

Higher Total Yield (Value for ADUR: -3.9%)

SECTOR: Industrials

Higher Rev Chg 3Y Avg | Lower P/S (Values for ADUR: 125.1% | 1,934.1x)

Higher Rev Chg LTM (Value for ADUR: -6.5%)

Higher Rev Chg 3Y Avg (Value for ADUR: 125.1%)

Higher Op Mgn LTM (Value for ADUR: -7223.1%)

Higher CFO/Rev LTM (Value for ADUR: -4254.8%)

Higher FCF/Rev LTM (Value for ADUR: -6462.1%)

Higher Total Yield (Value for ADUR: -3.9%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for ADUR: 125.1% | 1,934.1x)

Higher Rev Chg LTM (Value for ADUR: -6.5%)

Higher Rev Chg 3Y Avg (Value for ADUR: 125.1%)

Higher Op Mgn LTM (Value for ADUR: -7223.1%)

Higher CFO/Rev LTM (Value for ADUR: -4254.8%)

Higher FCF/Rev LTM (Value for ADUR: -6462.1%)

Higher Total Yield (Value for ADUR: -3.9%)

Best Bets in Industrials

P/EBIT (Value for ADUR: -25.8x)

P/E (Value for ADUR: -25.8x)

Rev Chg 3Y Avg (Value for ADUR: 125.1%)

Rev Chg LTM (Value for ADUR: -6.5%)

Rev Chg Q (Value for ADUR: null)

FCF/Rev 3Y Avg (Value for ADUR: -4062.4%)

Latest Trefis Analyses

Trade Ideas

Recent Active Movers

Top Gainers

Top Losers

Top Gainers

Top Losers

Top Gainers

Top Losers

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons

Financials

Growth & Margins

Valuation

Returns

Comparison Analyses

FDIC Bank Data

Bank Capital

Market Price (6/13/2026): $15.0
Market Cap: $494.2 Mil
Sector: Industrials
Industry: Environmental & Facilities Services