Advent Technologies Holdng Inc Financials

ADN

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Piotroski F-Score Neutral

4/9

Advent Technologies Holdng Inc passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Mixed

-0.03x

For every $1 of reported earnings, Advent Technologies Holdng Inc generates $-0.03 in operating cash flow ($1.4M OCF vs -$41.0M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

-34.3x

Advent Technologies Holdng Inc earns $-34.3 in operating income for every $1 of interest expense (-$18.4M vs $535K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

This page shows Advent Technologies Holdng Inc (ADN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$3.3M

YoY+113.3%

Advent Technologies Holdng Inc generated $3.3M in revenue in fiscal year 2024. This represents an increase of 113.3% from the prior year.

EBITDA

-$16.8M

YoY+65.2%

Advent Technologies Holdng Inc's EBITDA was -$16.8M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 65.2% from the prior year.

Free Cash Flow

N/A

Net Income

-$41.0M

YoY+42.6%

Advent Technologies Holdng Inc reported -$41.0M in net income in fiscal year 2024. This represents an increase of 42.6% from the prior year.

EPS (Diluted)

$-15.65

YoY+58.0%

Advent Technologies Holdng Inc earned $-15.65 per diluted share (EPS) in fiscal year 2024. This represents an increase of 58.0% from the prior year.

Cash & Debt

$381K

YoY-88.1%

5Y CAGR-20.5%

Advent Technologies Holdng Inc held $381K in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

YoY+2.2%

Advent Technologies Holdng Inc had 3M shares outstanding in fiscal year 2024. This represents an increase of 2.2% from the prior year.

Gross Margin

54.6%

YoY+408.0pp

Advent Technologies Holdng Inc's gross margin was 54.6% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 408.0 percentage points from the prior year.

Operating Margin

-560.7%

YoY+2740.9pp

Advent Technologies Holdng Inc's operating margin was -560.7% in fiscal year 2024, reflecting core business profitability. This is up 2740.9 percentage points from the prior year.

Net Margin

-1251.3%

YoY+3396.9pp

Advent Technologies Holdng Inc's net profit margin was -1251.3% in fiscal year 2024, showing the share of revenue converted to profit. This is up 3396.9 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$3.2M

YoY-57.4%

Advent Technologies Holdng Inc invested $3.2M in research and development in fiscal year 2024. This represents a decrease of 57.4% from the prior year.

Share Buybacks

N/A

Capital Expenditures

N/A

ADN Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$3.3M+113.3%	$1.5M-80.4%	$7.8M+10.9%	$7.1M+865.9%	$732K	N/A
Cost of Revenue	$1.5M-78.6%	$7.0M-18.8%	$8.6M+58.7%	$5.4M+952.1%	$514K	N/A
Gross Profit	$1.8M+132.9%	-$5.4M-629.6%	-$744K-144.7%	$1.7M+350.9%	$369K	N/A
R&D Expenses	$3.2M-57.4%	$7.6M-22.8%	$9.8M+176.6%	$3.5M+3353.4%	$103K	N/A
SG&A Expenses	$14.3M-50.3%	$28.8M-19.7%	$35.9M-14.2%	$41.9M+1080.7%	$3.5M	N/A
Operating Income	-$18.4M+63.8%	-$50.7M+40.6%	-$85.4M-93.7%	-$44.1M-1335.1%	-$3.1M-341.3%	-$697K
Interest Expense	-$535K-614.4%	$104K+100.0%	$52K+202.0%	-$51K-820.2%	-$6K	N/A
Income Tax	-$55K+32.9%	-$82K+95.8%	-$2.0M-113.4%	-$923K	$0-100.0%	$1.1M
Net Income	-$41.0M+42.6%	-$71.4M+4.0%	-$74.3M-262.2%	-$20.5M-557.6%	-$3.1M-114.5%	$21.5M
EPS (Diluted)	$-15.65+58.0%	$-37.24+14.0%	$-43.28	$-0.45-200.0%	$-0.15	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$62K-37.4%	$99K-25.0%	$132K+3.1%	$128K-80.4%	$654K-76.1%	$2.7M+81.8%	$1.5M+1244.6%	$112K
Cost of Revenue	$437K+11.5%	$392K+25.6%	$312K-7.1%	$336K+304.8%	$83K-82.6%	$477K-96.2%	$12.4M+1441.8%	$807K
Gross Profit	-$375K-28.0%	-$293K-62.8%	-$180K+13.5%	-$208K-136.4%	$571K-74.7%	$2.3M+120.7%	-$10.9M-1473.5%	-$695K
R&D Expenses	$229K-33.0%	$342K-3.9%	$356K-13.4%	$411K-40.9%	$695K-50.9%	$1.4M-64.2%	$4.0M+230.6%	$1.2M
SG&A Expenses	N/A	N/A	$2.3M-28.2%	$3.1M-50.8%	$6.4M+2.9%	$6.2M-8.0%	$6.7M-15.8%	$8.0M
Operating Income	-$2.4M+18.8%	-$2.9M+0.4%	-$2.9M+62.9%	-$7.9M-396.6%	$2.7M+161.2%	-$4.4M+83.0%	-$25.7M-166.8%	-$9.6M
Interest Expense	-$685K-110.8%	-$325K-33.2%	-$244K-1642.9%	-$14K+74.1%	-$54K+76.7%	-$232K-427.3%	-$44K+38.9%	-$72K
Income Tax	$0	$0-100.0%	$1K	$0	$0+100.0%	-$55K-5400.0%	-$1K+98.8%	-$81K
Net Income	$8.6M+327.2%	-$3.8M-16.0%	-$3.3M+82.3%	-$18.5M-64.3%	-$11.3M-20.5%	-$9.4M+63.6%	-$25.7M-117.2%	-$11.8M
EPS (Diluted)	$2.92+305.6%	$-1.42-14.5%	$-1.24+82.4%	$-7.03-64.3%	$-4.28-18.2%	$-3.62+69.9%	$-12.04-104.4%	$-5.89

ADN Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$8.0M-76.9%	$34.7M-61.2%	$89.6M-45.0%	$163.0M+8507.5%	$1.9M-99.2%	$226.0M
Current Assets	$2.7M-69.5%	$8.8M-82.2%	$49.5M-49.2%	$97.4M+5642.8%	$1.7M+193.5%	$578K
Cash & Equivalents	$381K-88.1%	$3.2M-90.3%	$32.9M-58.8%	$79.8M+15366.1%	$516K-57.0%	$1.2M
Inventory	$8K-95.9%	$195K-98.5%	$12.6M+81.4%	$7.0M+6346.2%	$108K	N/A
Accounts Receivable	$962K+1427.0%	$63K-93.6%	$979K-68.8%	$3.1M+645.5%	$421K	N/A
Goodwill	N/A	N/A	$5.7M-80.9%	$30.0M	$0	N/A
Total Liabilities	$29.3M+37.6%	$21.3M-16.3%	$25.4M-22.5%	$32.8M+790.3%	$3.7M-98.4%	$226.8M
Current Liabilities	$28.8M+141.5%	$11.9M-12.8%	$13.7M-27.6%	$18.9M+450.4%	$3.4M+167.0%	$1.3M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	-$21.3M-258.4%	$13.4M-79.0%	$64.1M-50.7%	$130.2M+7357.6%	-$1.8M-115.2%	-$834K
Retained Earnings	-$220.2M-22.9%	-$179.2M-66.3%	-$107.8M-222.4%	-$33.4M-159.1%	-$12.9M-163.8%	$20.2M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$6.7M-0.2%	$6.7M-6.7%	$7.2M-10.4%	$8.0M-44.3%	$14.4M-55.3%	$32.2M-7.4%	$34.7M-37.3%	$55.4M
Current Assets	$1.8M+18.4%	$1.5M-22.7%	$2.0M-27.3%	$2.7M-61.1%	$6.9M-4.3%	$7.2M-18.2%	$8.8M-62.4%	$23.5M
Cash & Equivalents	$468K+524.0%	$75K-77.2%	$329K-13.6%	$381K-44.1%	$682K-11.9%	$774K-75.8%	$3.2M-12.6%	$3.7M
Inventory	$50K0.0%	$50K-78.1%	$228K+2750.0%	$8K-99.6%	$2.0M-4.4%	$2.1M+965.1%	$195K-98.6%	$13.9M
Accounts Receivable	$87K+29.9%	$67K-52.5%	$141K-85.3%	$962K+4.3%	$922K-15.0%	$1.1M+1622.2%	$63K-92.4%	$833K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$24.5M-32.3%	$36.1M+13.4%	$31.9M+8.7%	$29.3M+69.9%	$17.2M-33.8%	$26.1M+22.5%	$21.3M-6.7%	$22.8M
Current Liabilities	$17.8M-39.3%	$29.4M-5.5%	$31.1M+7.9%	$28.8M+82.3%	$15.8M-8.6%	$17.3M+44.9%	$11.9M-7.0%	$12.8M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	-$17.8M+39.6%	-$29.4M-19.2%	-$24.7M-15.9%	-$21.3M-639.7%	-$2.9M-147.4%	$6.1M-54.8%	$13.4M-58.7%	$32.6M
Retained Earnings	-$218.6M+3.8%	-$227.2M-1.7%	-$223.4M-1.5%	-$220.2M-10.2%	-$199.8M-6.0%	-$188.5M-5.2%	-$179.2M-16.8%	-$153.4M

ADN Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$1.4M+106.7%	-$21.0M+34.7%	-$32.1M+10.4%	-$35.8M-2414.8%	-$1.4M-125.9%	-$631K
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$1.2M+122.8%	-$5.3M+63.4%	-$14.5M+43.2%	-$25.6M-20760.7%	-$123K-146.2%	$265K
Financing Cash Flow	$850K-90.6%	$9.1M+22747.5%	-$40K-100.0%	$141.5M+15937.2%	$882K	$0
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	$0-100.0%	$69K	$0

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$264K+118.3%	-$1.4M-611.0%	$282K+116.7%	-$1.7M-20.6%	-$1.4M+46.1%	-$2.6M-117.0%	$15.3M+188.0%	-$17.3M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$878K
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-$18.2M
Investing Cash Flow	-$1K	$0+100.0%	-$29K-103.1%	$939K+212.0%	$301K+1137.9%	-$29K-103.8%	$762K+218.1%	-$645K
Financing Cash Flow	$1.2M+10.7%	$1.1M+617.3%	-$214K-137.7%	$568K+264.1%	$156K+23.8%	$126K-96.5%	$3.6M+71.8%	$2.1M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

ADN Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	54.6%+408.0pp	-353.4%-343.9pp	-9.5%-33.0pp	23.5%-26.9pp	50.4%	N/A
Operating Margin	-560.7%+2740.9pp	-3301.6%-2211.6pp	-1090.0%-466.0pp	-624.0%-204.0pp	-420.0%	N/A
Net Margin	-1251.3%+3396.9pp	-4648.2%-3699.7pp	-948.5%-658.2pp	-290.3%+136.1pp	-426.4%	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-512.0%-306.4pp	-205.5%-122.6pp	-83.0%-70.4pp	-12.6%+152.2pp	-164.8%-174.3pp	9.5%
Current Ratio	0.09-0.6	0.74-2.9	3.62-1.5	5.16+4.7	0.49+0.0	0.45
Debt-to-Equity	-1.38-3.0	1.58+1.2	0.40+0.1	0.25+2.3	-2.06+270.0	-272.06
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	-604.8%-308.9pp	-296.0%-159.6pp	-136.4%+26.1pp	-162.5%-249.8pp	87.3%+4.7pp	82.6%+808.7pp	-726.2%-105.6pp	-620.5%
Operating Margin	-3829.0%-874.5pp	-2954.6%-728.8pp	-2225.8%+3967.2pp	-6193.0%-6601.7pp	408.7%+568.1pp	-159.4%+1547.1pp	-1706.5%+6892.6pp	-8599.1%
Net Margin	13911.3%+17746.6pp	-3835.3%-1355.0pp	-2480.3%+11990.0pp	-14470.3%-12746.6pp	-1723.7%-1382.0pp	-341.7%+1366.9pp	-1708.6%+8868.2pp	-10576.8%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	129.2%+186.0pp	-56.8%-11.1pp	-45.6%+207.1pp	-252.7%-174.3pp	-78.5%-49.4pp	-29.1%+45.0pp	-74.1%-52.7pp	-21.4%
Current Ratio	0.10+0.0	0.05-0.0	0.06-0.0	0.09-0.3	0.44+0.0	0.42-0.3	0.74-1.1	1.84
Debt-to-Equity	-1.38-0.1	-1.23+0.1	-1.29+0.1	-1.38+4.6	-5.99-10.3	4.29+2.7	1.58+0.9	0.70
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-16267.0%

Note: Shareholder equity is negative (-$21.3M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

Note: The current ratio is below 1.0 (0.09), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is Advent Technologies Holdng Inc's annual revenue?

Advent Technologies Holdng Inc (ADN) reported $3.3M in total revenue for fiscal year 2024. This represents a 113.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Advent Technologies Holdng Inc's revenue growing?

Advent Technologies Holdng Inc (ADN) revenue grew by 113.3% year-over-year, from $1.5M to $3.3M in fiscal year 2024.

Is Advent Technologies Holdng Inc profitable?

No, Advent Technologies Holdng Inc (ADN) reported a net income of -$41.0M in fiscal year 2024, with a net profit margin of -1251.3%.

What is Advent Technologies Holdng Inc's earnings per share (EPS)?

Advent Technologies Holdng Inc (ADN) reported diluted earnings per share of $-15.65 for fiscal year 2024. This represents a 58.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Advent Technologies Holdng Inc's EBITDA?

Advent Technologies Holdng Inc (ADN) had EBITDA of -$16.8M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Advent Technologies Holdng Inc's gross margin?

Advent Technologies Holdng Inc (ADN) had a gross margin of 54.6% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Advent Technologies Holdng Inc's operating margin?

Advent Technologies Holdng Inc (ADN) had an operating margin of -560.7% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Advent Technologies Holdng Inc's net profit margin?

Advent Technologies Holdng Inc (ADN) had a net profit margin of -1251.3% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Advent Technologies Holdng Inc's operating cash flow?

Advent Technologies Holdng Inc (ADN) generated $1.4M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Advent Technologies Holdng Inc's total assets?

Advent Technologies Holdng Inc (ADN) had $8.0M in total assets as of fiscal year 2024, including both current and long-term assets.

How much does Advent Technologies Holdng Inc spend on research and development?

Advent Technologies Holdng Inc (ADN) invested $3.2M in research and development during fiscal year 2024.

How many shares does Advent Technologies Holdng Inc have outstanding?

Advent Technologies Holdng Inc (ADN) had 3M shares outstanding as of fiscal year 2024.

What is Advent Technologies Holdng Inc's current ratio?

Advent Technologies Holdng Inc (ADN) had a current ratio of 0.09 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.

What is Advent Technologies Holdng Inc's debt-to-equity ratio?

Advent Technologies Holdng Inc (ADN) had a debt-to-equity ratio of -1.38 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Advent Technologies Holdng Inc's return on assets (ROA)?

Advent Technologies Holdng Inc (ADN) had a return on assets of -512.0% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

Why is Advent Technologies Holdng Inc's debt-to-equity ratio negative or unusual?

Advent Technologies Holdng Inc (ADN) has negative shareholder equity of -$21.3M as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

What is Advent Technologies Holdng Inc's Piotroski F-Score?

Advent Technologies Holdng Inc (ADN) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Advent Technologies Holdng Inc's earnings high quality?

Advent Technologies Holdng Inc (ADN) has an earnings quality ratio of -0.03x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Advent Technologies Holdng Inc cover its interest payments?

Advent Technologies Holdng Inc (ADN) has an interest coverage ratio of -34.3x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.