Aduro Clean Technologies (ADUR)
Market Price (7/30/2026): $12.42 | Market Cap: $409.2 MilSector: Industrials | Industry: Environmental & Facilities Services
Aduro Clean Technologies (ADUR)
Market Price (7/30/2026): $12.42Market Cap: $409.2 MilSector: IndustrialsIndustry: Environmental & Facilities Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Circular Economy & Recycling, Energy Transition & Decarbonization, and Hydrogen Economy. Themes include Advanced Recycling Technologies, Show more. | Not profitable at operating income levelOp 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 multiplesP/SPrice/Sales ratio is 1,726x Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -6.5%, Rev Chg QQuarterly Revenue Change % is null Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 2580% Not cash flow generativeCFO/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 expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 61% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -8.7% Key risksADUR key risks include [1] its pre-revenue stage with ongoing financial losses and a high cash burn rate, Show more. |
| Megatrend and thematic driversMegatrends include Circular Economy & Recycling, Energy Transition & Decarbonization, and Hydrogen Economy. Themes include Advanced Recycling Technologies, Show more. |
| Not profitable at operating income levelOp 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 multiplesP/SPrice/Sales ratio is 1,726x |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -6.5%, Rev Chg QQuarterly Revenue Change % is null |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 2580% |
| Not cash flow generativeCFO/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 expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 61% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -8.7% |
| Key risksADUR key risks include [1] its pre-revenue stage with ongoing financial losses and a high cash burn rate, Show more. |
Qualitative Assessment
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Aduro Clean Technologies (ADUR) stock has gained about 20% since 3/31/2026 because of the following key factors:
1. Advancement of the Next Generation Process (NGP) Pilot Plant and Successful Pilot Results.
Aduro Clean Technologies completed the commissioning and transitioned its NGP pilot plant into initial operating campaigns in fiscal Q3 2026, which concluded on February 28, 2026. This milestone, reported on April 15, 2026, moved the company from system readiness to active process operation, allowing for the generation of integrated operating data and evaluation of real-world feedstocks. Further boosting investor confidence, early June 2026 saw the company report successful pilot plant results, demonstrating the conversion of waste plastic into 86% C20-and-below hydrocarbons, which subsequently sparked a stock surge.
2. Significant Progress and Funding for First-of-a-Kind (FOAK) Industrial Program.
The company made tangible progress on its FOAK industrial program, including the selection of a site at Chemelot and the awarding of a permitting contract to Ebert HERA B.V. in April 2026. This advancement towards industrial deployment was supported by a robust financial position. As of February 28, 2026 (fiscal Q3 2026), Aduro's cash position strengthened to $39.42 million, primarily due to a U.S. public offering in fiscal Q3 2026 that generated approximately US$20 million in gross proceeds, along with an additional US$3 million from an over-allotment option in January 2026.
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Aduro Clean Technologies (ADUR) stock has gained about 20% since 3/31/2026 because of the following key factors:
1. Advancement of the Next Generation Process (NGP) Pilot Plant and Successful Pilot Results.
Aduro Clean Technologies completed the commissioning and transitioned its NGP pilot plant into initial operating campaigns in fiscal Q3 2026, which concluded on February 28, 2026. This milestone, reported on April 15, 2026, moved the company from system readiness to active process operation, allowing for the generation of integrated operating data and evaluation of real-world feedstocks. Further boosting investor confidence, early June 2026 saw the company report successful pilot plant results, demonstrating the conversion of waste plastic into 86% C20-and-below hydrocarbons, which subsequently sparked a stock surge.
2. Significant Progress and Funding for First-of-a-Kind (FOAK) Industrial Program.
The company made tangible progress on its FOAK industrial program, including the selection of a site at Chemelot and the awarding of a permitting contract to Ebert HERA B.V. in April 2026. This advancement towards industrial deployment was supported by a robust financial position. As of February 28, 2026 (fiscal Q3 2026), Aduro's cash position strengthened to $39.42 million, primarily due to a U.S. public offering in fiscal Q3 2026 that generated approximately US$20 million in gross proceeds, along with an additional US$3 million from an over-allotment option in January 2026.
3. Sustained Positive Analyst Coverage and High Price Targets.
Aduro Clean Technologies benefited from consistent "Strong Buy" ratings and optimistic price targets from analysts throughout the period. For example, D. Boral Capital reiterated a "Buy" rating and a $46 price target on April 10, 2026, implying a significant upside of 243.80%. Additionally, a consensus of analysts projected a mean price target of $30.92 as of June 11, 2026, suggesting a potential upside of 100%, contributing to positive market sentiment.
4. Strategic Partnerships and Expansion of Hydrochemolytic™ Technology Applications.
The company expanded the market reach and potential applications of its Hydrochemolytic™ (HCT) technology through new strategic collaborations. This included signing a Memorandum of Understanding (MOU) with AstroTurf for synthetic turf recycling on June 30, 2026, and advancing its Mexico plastics collaboration with ECOCE by completing Phase 1 feedstock mapping and moving to HCT testing on July 16, 2026. Furthermore, Aduro extended its HCT to paraffinic crude oils on April 23, 2026, diversifying its addressable markets.
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Stock Movement Drivers
Fundamental Drivers
The 20.8% change in ADUR stock from 3/31/2026 to 7/29/2026 was primarily driven by a 60.9% change in the company's P/S Multiple.| (LTM values as of) | 3312026 | 7292026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.49 | 12.67 | 20.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | -20.8% |
| P/S Multiple | 1,072.2 | 1,725.7 | 60.9% |
| Shares Outstanding (Mil) | 31 | 33 | -5.3% |
| Cumulative Contribution | 20.8% |
Market Drivers
3/31/2026 to 7/29/2026| Return | Correlation | |
|---|---|---|
| ADUR | 20.8% | |
| Market (SPY) | 12.2% | 38.5% |
| Sector (XLI) | 9.2% | 33.7% |
Fundamental Drivers
The 22.3% change in ADUR stock from 12/31/2025 to 7/29/2026 was primarily driven by a 19.4% change in the company's P/S Multiple.| (LTM values as of) | 12312025 | 7292026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.36 | 12.67 | 22.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 9.6% |
| P/S Multiple | 1,445.3 | 1,725.7 | 19.4% |
| Shares Outstanding (Mil) | 31 | 33 | -6.5% |
| Cumulative Contribution | 22.3% |
Market Drivers
12/31/2025 to 7/29/2026| Return | Correlation | |
|---|---|---|
| ADUR | 22.3% | |
| Market (SPY) | 7.3% | 47.4% |
| Sector (XLI) | 14.2% | 39.3% |
Fundamental Drivers
The 41.4% change in ADUR stock from 6/30/2025 to 7/29/2026 was primarily driven by a 74.0% change in the company's P/S Multiple.| (LTM values as of) | 6302025 | 7292026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.96 | 12.67 | 41.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | -6.5% |
| P/S Multiple | 991.7 | 1,725.7 | 74.0% |
| Shares Outstanding (Mil) | 29 | 33 | -13.1% |
| Cumulative Contribution | 41.4% |
Market Drivers
6/30/2025 to 7/29/2026| Return | Correlation | |
|---|---|---|
| ADUR | 41.4% | |
| Market (SPY) | 19.1% | 36.4% |
| Sector (XLI) | 21.0% | 31.8% |
Fundamental Drivers
The 481.9% change in ADUR stock from 6/30/2023 to 7/29/2026 was primarily driven by a 315.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 6302023 | 7292026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.18 | 12.67 | 481.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 315.0% |
| P/S Multiple | 661.2 | 1,725.7 | 161.0% |
| Shares Outstanding (Mil) | 18 | 33 | -46.3% |
| Cumulative Contribution | 481.9% |
Market Drivers
6/30/2023 to 7/29/2026| Return | Correlation | |
|---|---|---|
| ADUR | 481.9% | |
| Market (SPY) | 70.4% | 24.0% |
| Sector (XLI) | 71.5% | 23.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ADUR Return | 2% | 3% | 50% | 89% | 67% | 25% | 524% |
| Peers Return | 13% | -25% | 21% | 21% | -19% | 4% | 5% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 9% | 98% |
Monthly Win Rates [3] | |||||||
| ADUR Win Rate | 67% | 50% | 50% | 42% | 58% | 43% | |
| Peers Win Rate | 57% | 42% | 55% | 45% | 43% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 43% | |
Max Drawdowns [4] | |||||||
| ADUR Max Drawdown | - | -59% | -25% | -24% | -43% | -38% | |
| Peers Max Drawdown | -37% | -47% | -33% | -34% | -45% | -35% | |
| 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 7/29/2026 (YTD)
How Low Can It Go
| 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 |
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.
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Asset Allocation
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| 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 |
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)
Aduro Clean Technologies (ADUR) is an early-stage Canadian clean technology company that has developed a proprietary chemical recycling platform called Hydrochemolytic™ Technology. This innovative platform is designed to transform low-value feedstocks, such as various waste materials and heavy oils, into useful, higher-value chemical feedstocks and fuels. The company holds eight U.S. patents, with its technology rooted in hydrothermal upgrading, initially for heavy oils, and later expanded through scientific development.
Aduro's Hydrochemolytic™ platform targets three main applications: Hydrochemolytic™ Plastics Upcycling, which converts plastic waste into valuable chemicals; Hydrochemolytic™ Bitumen Upgrading, which enhances heavy oils; and Hydrochemolytic™ Renewables Upgrading, which processes renewable oils. The company's technology aims to address challenges in waste management and resource utilization by creating more valuable outputs from problematic inputs. While the technology can be implemented independently, Aduro believes its maximum economic relevance is achieved by integrating it into existing thermal operation infrastructure at industrial plants.
The company's primary business model revolves around licensing its technology, earning royalties, and engaging in research and development. Aduro intends to develop commercial partnerships by collaborating with industrial players through demonstration projects. Its target customers and markets include sectors dealing with plastic waste, heavy crude oil, and renewable oils, such as petrochemical companies, refiners, and waste management firms, who could integrate Aduro's technology to upgrade their feedstocks and enhance their operational value. The company's strategy is to enable widespread adoption of its clean technology through strategic licensing arrangements.
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.
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- 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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 36.58 |
| Mkt Cap | 4.4 |
| Rev LTM | 3,035 |
| Op Inc LTM | 335 |
| FCF LTM | 227 |
| FCF 3Y Avg | 169 |
| CFO LTM | 432 |
| CFO 3Y Avg | 389 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -7.1% |
| Rev Chg 3Y Avg | 4.6% |
| Rev Chg Q | -5.6% |
| QoQ Delta Rev Chg LTM | -1.4% |
| Op Inc Chg LTM | -49.7% |
| Op Inc Chg 3Y Avg | -28.7% |
| Op Mgn LTM | -780.1% |
| Op Mgn 3Y Avg | 6.6% |
| QoQ Delta Op Mgn LTM | -0.6% |
| CFO/Rev LTM | -667.7% |
| CFO/Rev 3Y Avg | 10.9% |
| FCF/Rev LTM | -804.7% |
| FCF/Rev 3Y Avg | 5.4% |
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 |
| $ 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
| Market Price | $12.67 | |
| Market Cap ($ Bil) | 0.4 | |
| First Trading Date | 07/23/2021 | |
| Distance from 52W High | -27.1% | |
| 50 Days | 200 Days | |
| DMA Price | $14.80 | $12.92 |
| DMA Trend | up | up |
| Distance from DMA | -14.4% | -1.9% |
| 3M | 1YR | |
| Volatility | 90.4% | 82.2% |
| Downside Capture | 218.72 | 282.32 |
| Upside Capture | 229.53 | 247.21 |
| Correlation (SPY) | 40.6% | 39.2% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.02 | 2.59 | 2.84 | 3.03 | 2.45 | 1.08 |
| Up Beta | 0.37 | 0.79 | 2.21 | 2.16 | 2.14 | 0.78 |
| Down Beta | 6.28 | 4.51 | 4.25 | 4.37 | 3.04 | 1.70 |
| Up Capture | 80% | 287% | 408% | 531% | 477% | 206% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 11 | 23 | 36 | 65 | 122 | 354 |
| Down Capture | 137% | 222% | 232% | 203% | 163% | 86% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 10 | 18 | 27 | 60 | 129 | 364 |
[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 | 19.0% | 82.4% | 0.56 | - |
| Sector ETF (XLI) | 15.6% | 16.9% | 0.69 | 34.6% |
| Equity (SPY) | 15.6% | 12.8% | 0.86 | 39.2% |
| Gold (GLD) | 21.6% | 28.1% | 0.68 | 31.0% |
| Commodities (DBC) | 31.5% | 19.7% | 1.27 | 7.9% |
| Real Estate (VNQ) | 15.9% | 14.0% | 0.82 | 18.1% |
| Bitcoin (BTCUSD) | -46.1% | 42.9% | -1.32 | 36.6% |
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 | 22.8% | 69.4% | 0.61 | - |
| Sector ETF (XLI) | 12.9% | 17.6% | 0.57 | 20.4% |
| Equity (SPY) | 12.4% | 17.1% | 0.55 | 20.5% |
| Gold (GLD) | 17.1% | 18.4% | 0.75 | 16.9% |
| Commodities (DBC) | 9.3% | 19.5% | 0.36 | 9.2% |
| Real Estate (VNQ) | 2.9% | 18.9% | 0.05 | 15.7% |
| Bitcoin (BTCUSD) | 14.7% | 53.3% | 0.46 | 16.8% |
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 | 10.8% | 69.4% | 0.61 | - |
| Sector ETF (XLI) | 13.6% | 20.0% | 0.60 | 20.4% |
| Equity (SPY) | 14.7% | 17.9% | 0.70 | 20.5% |
| Gold (GLD) | 11.3% | 16.1% | 0.57 | 16.9% |
| Commodities (DBC) | 7.1% | 18.0% | 0.32 | 9.2% |
| Real Estate (VNQ) | 5.1% | 20.7% | 0.21 | 15.7% |
| Bitcoin (BTCUSD) | 57.7% | 66.2% | 0.98 | 16.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 6/2/2026| 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 | |||
| 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 | |||
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