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.

Advent Technologies Holdng Inc Financials

ADN

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

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).

Rhea AI ADN FY2024 2026-04-22

Advent's economics are being driven by cost retrenchment and balance-sheet compression, while commercial revenue remains too small to carry the company.

With revenue only $3.3M in FY2024, positive operating cash flow of $1.4M did not mean the core business was suddenly self-funding. Set against an operating loss of -$18.4M and FY2023 cash burn of -$21.0M, it points to cash being released from expense cuts, non-cash charges, or working-capital unwind rather than from sales covering the model.

The move from negative gross profit in FY2023 to a gross margin of 54.6% in FY2024 shows product-level economics improved sharply, so FY2023 was not a stable baseline. But gross profit of $1.8M still sat far below combined SG&A and R&D of about $17.5M, which means overhead scale is the bigger obstacle than manufacturing economics.

The balance sheet is liquidity-constrained: cash of $381K versus current liabilities of $28.8M leaves almost no near-term cushion. A current ratio of 0.1x and negative equity of -$21.3M mean the business is being financed more by obligations than by a durable capital base.

Financial Health Signals

Financial Profile 12/100

Based on FY2024 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Advent Technologies Holdng 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.

Profitability

Advent Technologies Holdng Inc has an operating margin of -560.7%, meaning the company retains $-561 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -3301.6% the prior year.

Growth

Advent Technologies Holdng Inc's revenue surged 113.3% year-over-year to $3.3M, reflecting rapid business expansion. This strong growth earns a score of 0/100.

Leverage

Advent Technologies Holdng Inc carries a low D/E ratio of -1.38, meaning only $-1.38 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 70/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Advent Technologies Holdng Inc's current ratio of 0.09 is below the typical benchmark, resulting in a score of 0/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Piotroski F-Score Weak

3/9

Advent Technologies Holdng Inc passes 3 of 9 financial strength tests. 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.

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.

Key Financial Metrics

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Earnings & Revenue

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.

Net Income

N/A

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 & Balance Sheet

Free Cash Flow

N/A

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.

Margins & Returns

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

N/A

Return on Equity

N/A

Capital Allocation

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

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	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Total Assets	$6.7M-0.2%	$6.7M-6.7%	$7.2M-10.4%	$8.0M+9.3%	$7.3M-49.0%	$14.4M-55.3%	$32.2M-7.4%	$34.7M
Current Assets	$1.8M+18.4%	$1.5M-22.7%	$2.0M-27.3%	$2.7M+89.1%	$1.4M-79.4%	$6.9M-4.3%	$7.2M-18.2%	$8.8M
Cash & Equivalents	$468K+524.0%	$75K-77.2%	$329K-13.6%	$381K+98.4%	$192K-71.8%	$682K-11.9%	$774K-75.8%	$3.2M
Inventory	$50K0.0%	$50K-78.1%	$228K+2750.0%	$8K-91.8%	$97K-95.1%	$2.0M-4.4%	$2.1M+965.1%	$195K
Accounts Receivable	$87K+29.9%	$67K-52.5%	$141K-85.3%	$962K+251.1%	$274K-70.3%	$922K-15.0%	$1.1M+1622.2%	$63K
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+15.3%	$25.4M+47.3%	$17.2M-33.8%	$26.1M+22.5%	$21.3M
Current Liabilities	$17.8M-39.3%	$29.4M-5.5%	$31.1M+7.9%	$28.8M+14.4%	$25.1M+59.4%	$15.8M-8.6%	$17.3M+44.9%	$11.9M
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-17.8%	-$18.1M-527.8%	-$2.9M-147.4%	$6.1M-54.8%	$13.4M
Retained Earnings	-$218.6M+3.8%	-$227.2M-1.7%	-$223.4M-1.5%	-$220.2M-0.8%	-$218.3M-9.3%	-$199.8M-6.0%	-$188.5M-5.2%	-$179.2M

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	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Operating Cash Flow	$264K+118.3%	-$1.4M-611.0%	$282K+116.7%	-$1.7M-123.8%	$7.1M+606.0%	-$1.4M+46.1%	-$2.6M-117.0%	$15.3M
Capital Expenditures	N/A	N/A	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	N/A	N/A
Investing Cash Flow	-$1K	$0+100.0%	-$29K-103.1%	$939K	$0-100.0%	$301K+1137.9%	-$29K-103.8%	$762K
Financing Cash Flow	$1.2M+10.7%	$1.1M+617.3%	-$214K-137.7%	$568K	$0-100.0%	$156K+23.8%	$126K-96.5%	$3.6M
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	N/A	-4648.2%-3699.7pp	-948.5%-658.2pp	-290.3%+136.1pp	-426.4%	N/A
Return on Equity	N/A	-530.9%-415.0pp	-115.9%-100.1pp	-15.8%	N/A	N/A
Return on Assets	N/A	-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	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Gross Margin	-604.8%-308.9pp	-296.0%-159.6pp	-136.4%	N/A	-162.5%-249.8pp	87.3%+4.7pp	82.6%+808.7pp	-726.2%
Operating Margin	-3829.0%-874.5pp	-2954.6%-728.8pp	-2225.8%	N/A	-6193.0%-6601.7pp	408.7%+568.1pp	-159.4%+1547.1pp	-1706.5%
Net Margin	13911.3%+17746.6pp	-3835.3%-1355.0pp	-2480.3%	N/A	-14470.3%-12746.6pp	-1723.7%-1382.0pp	-341.7%+1366.9pp	-1708.6%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	-153.9%+37.4pp	-191.3%
Return on Assets	129.2%+186.0pp	-56.8%-11.1pp	-45.6%	N/A	-252.7%-174.3pp	-78.5%-49.4pp	-29.1%+45.0pp	-74.1%
Current Ratio	0.10+0.0	0.05-0.0	0.06-0.0	0.09+0.0	0.06-0.4	0.44+0.0	0.42-0.3	0.74
Debt-to-Equity	-1.38-0.1	-1.23+0.1	-1.29+0.1	-1.38+0.0	-1.41+4.6	-5.99-10.3	4.29+2.7	1.58
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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.

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 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.

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 3 out of 9, indicating weak 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 to 9 indicate strong and improving fundamentals. 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.

How financially healthy is Advent Technologies Holdng Inc?

Advent Technologies Holdng Inc (ADN) scores 12 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.