Advent Technologies Holdings, Inc. (ADN) Financials
Newest figures come from the 10-Q for Q3 FY2025, filed Nov 17, 2025. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the ADN SEC filings page.
Advent Technologies Holdings, Inc. (ADN) reported $3.3M in revenue for fiscal year 2024, up 113.3% from the prior fiscal year. This page shows its 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).
Revenue recovered and gross margin returned, but overhead, cash-flow volatility, and a liability-heavy balance sheet still define the business.
The FY2024 return to operating cash flow of$1.4M from-$21.0M in FY2023 occurred while operating income remained a loss of$18.4M . That disconnect indicates reported cash generation was driven by working-capital or other noncash effects rather than operating profitability.
Gross profit returned to
Equity moved from positive
Financial Health Signals
Scored against emerging companies for FY2024. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Advent Technologies Holdings, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Not available for Advent Technologies Holdings, Inc., and counted as zero in the overall score.
Advent Technologies Holdings, Inc. had 3M shares outstanding at the end of fiscal year 2024, against 3M in fiscal year 2023. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Advent Technologies Holdings, Inc. scores 32/100 among other emerging companies.
Advent Technologies Holdings, Inc. spent $3.2M on research and development in fiscal year 2024, which was 14.9% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Advent Technologies Holdings, Inc. scores 46/100 among other emerging companies.
Advent Technologies Holdings, Inc. reported revenue of $3.3M in fiscal year 2024, against $1.5M in fiscal year 2023. Revenue Progress ranks emerging companies on the three-year path of that line, and Advent Technologies Holdings, Inc. scores 11/100 among other emerging companies.
Advent Technologies Holdings, Inc.'s operations generated $1.4M of cash in fiscal year 2024, against $21.0M used in fiscal year 2023. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Advent Technologies Holdings, Inc. scores 88/100 among other emerging companies.
Not available for Advent Technologies Holdings, Inc., and counted as zero in the overall score.
Advent Technologies Holdings, Inc. scores -49.39, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($8.2M) relative to total liabilities ($29.3M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Advent Technologies Holdings, Inc. passes 3 of 5 computable financial strength tests (4 of the nine could not be computed from available data). All 1 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
Advent Technologies Holdings, Inc. reported an operating loss of $18.4M against $535K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Advent Technologies Holdings, Inc. generated $62K in revenue in Q3 2025. This represents a decrease of 51.6% from the same quarter a year earlier. Against the prior quarter it is down 37.4%.
Advent Technologies Holdings, Inc.'s EBITDA was -$2.2M in Q3 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 72.0% from the same quarter a year earlier. Against the prior quarter it is up 20.3%.
Advent Technologies Holdings, Inc. reported $8.6M in net income in Q3 2025. This represents an increase of 146.6% from the same quarter a year earlier. Against the prior quarter it is up 327.2%.
Advent Technologies Holdings, Inc. earned $2.92 per diluted share (EPS) in Q3 2025. This represents an increase of 141.5% from the same quarter a year earlier. Against the prior quarter it is up 305.6%.
Cash & Balance Sheet
Advent Technologies Holdings, Inc. held $468K in cash as of Q3 2025; long-term debt is not reported for that period.
Not reported for Q3 2025.
Not reported for Q3 2025.
Margins & Returns
Not shown for Q3 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q3 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q3 2025: the reported ratio is above 100.0% of revenue, so it does not read as a share of revenue.
Not reported for Q3 2025.
Capital Allocation
Advent Technologies Holdings, Inc. invested $229K in research and development in Q3 2025. This represents a decrease of 44.3% from the same quarter a year earlier. Against the prior quarter it is down 33.0%.
Not reported for Q3 2025.
Not reported for Q3 2025.
ADN Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-Q | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $62K-51.6% | $99K-84.9% | $132K-95.2% | N/A | $128K+14.3% | $654K-41.2% | $2.7M+180.2% | $1.5M-23.0% |
| Cost of Revenue | $437K+30.1% | $392K+372.3% | $312K-34.6% | N/A | $336K-58.4% | $83K-95.6% | $477K-67.9% | $12.4M+406.8% |
| Gross Profit | -$375K-80.3% | -$293K-151.3% | -$180K-108.0% | N/A | -$208K+70.1% | $571K+172.0% | $2.3M+546.0% | -$10.9M-2096.0% |
| R&D Expenses | $229K-44.3% | $342K-50.8% | $356K-74.8% | N/A | $411K-65.7% | $695K-75.9% | $1.4M-55.0% | $4.0M+61.0% |
| SG&A Expenses | N/A | N/A | $2.3M-63.7% | N/A | $3.1M-60.8% | $6.4M-23.5% | $6.2M-27.0% | $6.7M-27.3% |
| Operating Income | -$2.4M+70.1% | -$2.9M-209.4% | -$2.9M+32.7% | N/A | -$7.9M+17.7% | $2.7M+112.6% | -$4.4M+63.1% | -$25.7M+48.7% |
| EBITDA | -$2.2M+72.0% | -$2.7M-194.6% | -$2.7M+25.5% | N/A | -$7.7M+10.3% | $2.9M+114.2% | -$3.7M+67.1% | N/A |
| Interest Expense | -$685K-4792.9% | -$325K-501.9% | -$244K-5.2% | N/A | -$14K+80.6% | -$54K-775.0% | -$232K-310.9% | -$44K-172.1% |
| Income Tax | $0 | $0 | $1K+101.8% | N/A | $0+100.0% | $0-100.0% | -$55K-106.9% | -$1K+99.7% |
| Net Income | $8.6M+146.6% | -$3.8M+66.3% | -$3.3M+65.0% | N/A | -$18.5M-56.4% | -$11.3M+48.4% | -$9.4M+22.0% | -$25.7M+46.0% |
| EPS (Basic) | $3.06+143.5% | -$1.42+66.8% | -$1.24+65.7% | N/A | -$7.03-19.4% | -$4.28+65.1% | -$3.62+47.7% | -$12.04+56.4% |
| EPS (Diluted) | $2.92+141.5% | -$1.42+66.8% | -$1.24+65.7% | N/A | -$7.03 | -$4.28 | -$3.62 | -$12.04+56.4% |
| Diluted Shares (Avg) | 3M+12.1% | 3M+1.2% | 3M+2.0% | N/A | 3M | 3M | 3M | 2M+24.0% |
ADN Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-Q | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $6.7M-8.9% | $6.7M-53.4% | $7.2M-77.7% | $8.0M-76.9% | $7.3M-86.8% | $14.4M-77.5% | $32.2M-60.2% | $34.7M-61.2% |
| Current Assets | $1.8M+25.8% | $1.5M-78.1% | $2.0M-72.9% | $2.7M-69.5% | $1.4M-93.9% | $6.9M-78.0% | $7.2M-81.5% | $8.8M-82.2% |
| Cash & Equivalents | $468K+143.8% | $75K-89.0% | $329K-57.5% | $381K-88.1% | $192K-94.8% | $682K-93.2% | $774K-96.0% | $3.2M-90.3% |
| Inventory | $50K-48.5% | $50K-97.5% | $228K-89.0% | $8K-95.9% | $97K-99.3% | $2.0M-86.9% | $2.1M-86.0% | $195K-98.5% |
| Accounts Receivable | $87K-68.2% | $67K-92.7% | $141K-87.0% | $962K+1427.0% | $274K-67.1% | $922K-9.6% | $1.1M+92.7% | $63K-93.6% |
| Total Liabilities | $24.5M-3.7% | $36.1M+109.4% | $31.9M+22.2% | $29.3M+37.6% | $25.4M+11.3% | $17.2M-27.7% | $26.1M+1.1% | $21.3M-16.3% |
| Current Liabilities | $17.8M-29.2% | $29.4M+86.1% | $31.1M+79.9% | $28.8M+141.5% | $25.1M+96.2% | $15.8M+17.9% | $17.3M+15.8% | $11.9M-12.8% |
| Non-Current Liabilities | $6.6M+2467.2% | $6.8M+359.5% | $801K-90.9% | $530K-94.3% | $259K-97.4% | $1.5M-86.0% | $8.8M-19.0% | $9.4M-20.4% |
| Total Equity | -$17.8M+1.6% | -$29.4M-922.0% | -$24.7M-506.0% | -$21.3M-258.4% | -$18.1M-155.5% | -$2.9M-107.2% | $6.1M-89.0% | $13.4M-79.0% |
| Retained Earnings | -$218.6M-0.1% | -$227.2M-13.7% | -$223.4M-18.5% | -$220.2M-22.9% | -$218.3M-42.3% | -$199.8M-41.1% | -$188.5M-57.4% | -$179.2M-66.3% |
Not reported in any period shown, so not listed: Short-Term Investments, Long-Term Investments, Goodwill, Long-Term Debt.
ADN Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-Q | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $264K-96.3% | -$1.4M-2.9% | $282K+110.8% | -$1.7M-111.1% | $7.1M+140.9% | -$1.4M+81.2% | -$2.6M+77.3% | $15.3M+37129.3% |
| Depreciation & Amortization | $207K+3.0% | $207K+3.0% | $195K-71.5% | N/A | $201K-80.2% | $201K-79.7% | $685K+10.1% | N/A |
| Stock-Based Compensation | N/A | N/A | $393K-79.7% | N/A | N/A | N/A | $1.9M-24.8% | N/A |
| Investing Cash Flow | -$1K | $0-100.0% | -$29K0.0% | $939K+23.2% | $0+100.0% | $301K+108.5% | -$29K+98.5% | $762K+107.2% |
| Financing Cash Flow | $1.2M | $1.1M+609.6% | -$214K-269.8% | $568K-84.1% | $0-100.0% | $156K | $126K | $3.6M+357000.0% |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Dividends Paid, Share Buybacks.
ADN Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-Q | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | -604.8% | -296.0% | -136.4% | N/A | -162.5% | 87.3%+158.6pp | 82.6%+134.5pp | -726.2% |
| Operating Margin | -3829.0% | -2954.6% | -2225.8% | N/A | -6193.0% | 408.7% | -159.4% | -1706.5% |
| Net Margin | 13911.3% | -3835.3% | -2480.3% | N/A | -14470.3% | -1723.7% | -341.7% | -1708.6% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | -153.9%-132.1pp | -191.3%-117.1pp |
| Return on Assets | 129.2%+381.9pp | -56.8%+21.7pp | -45.6%-16.5pp | N/A | -252.7%-231.3pp | -78.5%-44.3pp | -29.1%-14.3pp | -74.1%-20.9pp |
| Current Ratio | 0.100.0x | 0.05-0.4x | 0.06-0.4x | 0.09-0.6x | 0.06-1.8x | 0.44-1.9x | 0.42-2.2x | 0.74-2.9x |
| Debt-to-Equity | N/A | N/A | N/A | N/A | N/A | N/A | 4.29+3.8x | 1.58+1.2x |
| Asset Turnover | 0.010.0x | 0.010.0x | 0.02-0.1x | N/A | 0.020.0x | 0.050.0x | 0.09+0.1x | 0.040.0x |
Not reported in any period shown, so not listed: FCF Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Gross Margin, Operating Margin, Net Margin.
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.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Advent Technologies Holdings, Inc. ADN | FY2024 | $3.3M | N/A | N/A | $8.2M | 30/100 |
| Linkers Industries Limited LNKS | FY2025 | $5.3M | -$1.2M | -22.0% | $1.7M | 44/100 |
| Polar Power, Inc. POLA | FY2025 | $6.3M | -$9.1M | N/A | $4.9M | 36/100 |
| Expion Energy, Inc. XPON | FY2025 | $9.7M | -$6.2M | -64.6% | $4.0M | 42/100 |
| Solidion Technology, Inc. STI | FY2025 | $13K | N/A | N/A | $51.1M | — |
| Erayak Power Solution Group Inc. RAYA | FY2025 | $22.9M | -$1.4M | -6.1% | $1.8M | 42/100 |
Where Advent Technologies Holdings, Inc. Ranks
Frequently Asked Questions
What is Advent Technologies Holdings, Inc.'s annual revenue?
Advent Technologies Holdings, 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 Holdings, Inc.'s revenue growing?
Advent Technologies Holdings, Inc. (ADN) revenue grew by 113.3% year-over-year, from $1.5M to $3.3M in fiscal year 2024.
What is Advent Technologies Holdings, Inc.'s EBITDA?
Advent Technologies Holdings, Inc. (ADN) had EBITDA of -$16.8M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
What is Advent Technologies Holdings, Inc.'s gross margin?
Advent Technologies Holdings, 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 Holdings, Inc.'s operating cash flow?
Advent Technologies Holdings, Inc. (ADN) generated $1.4M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Advent Technologies Holdings, Inc.'s total assets?
Advent Technologies Holdings, 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 Holdings, Inc. spend on research and development?
Advent Technologies Holdings, Inc. (ADN) invested $3.2M in research and development during fiscal year 2024.
What is Advent Technologies Holdings, Inc.'s current ratio?
Advent Technologies Holdings, 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.
Why is Advent Technologies Holdings, Inc.'s debt-to-equity ratio negative or not reported?
Advent Technologies Holdings, Inc. (ADN) has negative shareholder equity of -$21.3M as of fiscal year 2024, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. 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 Holdings, Inc.'s Altman Z-Score?
Advent Technologies Holdings, Inc. (ADN) has an Altman Z-Score of -49.39, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Advent Technologies Holdings, Inc.'s Piotroski F-Score?
Advent Technologies Holdings, Inc. (ADN) has a Piotroski F-Score of 3 out of 5 computable signals; 4 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Can Advent Technologies Holdings, Inc. cover its interest payments?
Advent Technologies Holdings, Inc. (ADN) reported an operating loss of $18.4M against $535K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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.
How financially healthy is Advent Technologies Holdings, Inc.?
Advent Technologies Holdings, Inc. (ADN) scores 30 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.