Advent Technologies Holdings (ADN) AI Stock Analysis

• Market Cap: $8.92M
• Dividend Yield: N/A
• Average Volume (3M): 1.85M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.57
• Revenue Growth: -98.36%
• EPS Growth: 56.27%
• Country: US
• Employees: 100
• Sector: Industrials
• Sector Strength: 73
• Industry: Renewable Utilities
• EPS (TTM): -1.43
• Shares Outstanding: 2,670,286
• 10 Day Avg. Volume: 602,754
• 30 Day Avg. Volume: 1,845,462
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 0.84
• Enterprise Value/Revenue: 1.82
• Enterprise Value/Gross Profit: 3.69
• Enterprise Value/Ebitda: -0.23
• 1Y Price Target: $3.00
• Price Target Upside: -10.18% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 0

• Rating: 45 Neutral
• Price Target: $3.00 ▼(-10.18% Downside)

Advent Technologies Holdings faces significant financial and operational challenges, reflected in its low financial performance score due to negative equity and recurring losses. While technical indicators show some potential for upward momentum, the valuation remains unattractive with a negative P/E ratio. The potential Nasdaq delisting is a major risk, though the recent stock sale agreement offers some financial relief.

Advent Technologies Holdings Business Overview & Revenue Model

Company Description

Advent Technologies Holdings, Inc., an advanced materials and technology development company, operates in the fuel cell and hydrogen technology markets. It develops, manufactures, and assembles fuel cell systems and critical components that determine the performance of hydrogen fuel cells and other energy systems. The company offers high-temperature proton exchange membrane (HT-PEM) fuel cells, HT-PEM based membrane electrode assemblies, membranes, and electrodes. It serves stationary and portable power, automotive, aviation, energy storage, and sensor markets. The company is headquartered in Boston, Massachusetts.

How the Company Makes Money

Advent Technologies generates revenue through the sale of its fuel cell systems and electrolyzers, which are utilized in various applications including electric vehicles, backup power systems, and renewable energy integration. The company's revenue model includes direct sales to original equipment manufacturers (OEMs) and end-users, as well as licensing agreements for its proprietary technologies. Key revenue streams also involve partnerships with government entities and private companies focused on energy transition projects, often supported by grants and subsidies aimed at promoting clean energy technologies. Additionally, Advent may engage in research and development contracts, allowing them to secure funding for innovation while advancing their product offerings.

Advent Technologies Holdings Financial Statement Overview

Summary

Advent Technologies Holdings shows a mixed financial performance with improvements in cash flow but continued challenges in profitability and balance sheet strength. The negative equity and recurring losses are critical areas of concern, demanding strategic operational and financial restructuring.

Income Statement

Advent Technologies Holdings has experienced significant volatility in its revenue and profitability. While the company managed to reduce its net loss in the latest year, the revenue growth has been inconsistent, with a notable decline from 2022 to 2023. Gross profit margin improved significantly in 2024, but the EBIT and EBITDA margins remain negative, indicating operational challenges. The net profit margin is also negative, showing the company is not profitable yet.

Balance Sheet

The company's balance sheet reveals a negative stockholders' equity position in 2024, suggesting financial instability and potential solvency issues. The debt-to-equity ratio is not calculable due to negative equity, but the company has a significant amount of liabilities compared to equity. The equity ratio has dramatically decreased over the years, indicating deteriorating financial health.

Cash Flow

Advent Technologies Holdings improved its operating cash flow to positive in 2024, marking a significant turnaround from previous years. The free cash flow has also turned positive after years of negative figures. However, the operating cash flow to net income ratio is distorted by the negative net income, and the overall cash flow stability is uncertain.

Breakdown	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	3.28M	4.86M	7.84M	7.07M	882.65K
Gross Profit	1.79M	-13.43M	-744.00K	1.66M	-539.92K
EBITDA	-16.92M	-53.23M	-44.62M	-34.07M	-3.05M
Net Income	-40.99M	-71.40M	-74.34M	-20.52M	-993.85K
Balance Sheet
Total Assets	8.01M	34.74M	89.59M	163.03M	93.92M
Cash, Cash Equivalents and Short-Term Investments	381.00K	3.56M	32.87M	79.76M	24.95K
Total Debt	832.00K	10.42M	12.08M	137.81K	2.77M
Total Liabilities	29.30M	21.29M	25.44M	32.83M	88.92M
Stockholders Equity	-21.30M	13.45M	64.15M	130.20M	5.00M
Cash Flow
Free Cash Flow	1.31M	-36.74M	-46.33M	-41.98M	-3.32M
Operating Cash Flow	1.40M	-32.12M	-32.13M	-35.84M	-3.20M
Investing Cash Flow	1.21M	-6.23M	-14.52M	-25.56M	132.93M
Financing Cash Flow	850.00K	9.06M	-40.00K	141.50M	-130.22M

Advent Technologies Holdings Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 3.34
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ADN, the sentiment is Negative. The current price of 3.34 is below the 20-day moving average (MA) of 3.95, above the 50-day MA of 2.78, and below the 200-day MA of 3.89, indicating a neutral trend. The MACD of 0.33 indicates Positive momentum. The RSI at 46.86 is Neutral, neither overbought nor oversold. The STOCH value of 3.08 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ADN.

Advent Technologies Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	64 Neutral	$10.75B	15.69	7.62%	2.01%	2.75%	-15.14%
NRGV	54 Neutral	$335.04M	―	-101.08%	―	-82.87%	-59.38%
WAVE	54 Neutral	$50.16M	―	-43.16%	―	-46.17%	-54.38%
ADN	45 Neutral	$8.92M	―	-771.66%	―	-98.36%	56.27%
HTOO	39 Underperform	$7.24M	―	-1134.77%	―	―	―
BNRG	32 Underperform	$5.64M	―	-335.00%	―	―	―
CREG	31 Underperform	$4.28M	―	-2.67%	―	―	-75.14%

Advent Technologies Holdings Corporate Events

Advent Technologies Enters Securities Purchase Agreement with Hudson

On August 28, 2025, Advent Technologies Holdings, Inc. entered into a Securities Purchase Agreement with Hudson Global Ventures LLC, resulting in a loan of $418,000 evidenced by a Convertible Promissory Note. The agreement includes a pre-funded warrant for Hudson to purchase 130,000 shares of common stock. The loan will be repaid in eleven monthly installments starting October 1, 2025, with a maturity date of August 1, 2026. The funds will be used for corporate expenses and working capital, and the agreement includes various rights and conditions for Hudson in case of fundamental transactions or defaults.

Advent Technologies Appeals Nasdaq Delisting Decision

On October 18, 2024, Advent Technologies Holdings was notified by Nasdaq that it was not in compliance with a listing rule requiring a minimum stockholders’ equity of $2,500,000. Although the company believed it had regained compliance by April 16, 2025, it failed to meet the necessary equity adjustments in its quarterly report filed on August 12, 2025. Consequently, on August 18, 2025, Nasdaq issued a delist determination letter, prompting the company to appeal the decision to prevent its securities from being delisted.

Advent Technologies Enters $52M Stock Sale Agreement

On August 14, 2025, Advent Technologies Holdings entered into a purchase agreement with Hudson Global Ventures, allowing the company to sell up to $52 million worth of its common stock over a 24-month period. This strategic move is expected to provide Advent with additional working capital and support its corporate operations, potentially impacting its market positioning by enhancing financial flexibility and operational capacity.

Advent Technologies Enters Securities Purchase Agreement

On August 1, 2025, Advent Technologies Holdings, Inc. entered into a Securities Purchase Agreement with Hudson Global Ventures LLC, resulting in a $235,000 loan evidenced by a Convertible Promissory Note. The agreement includes a pre-funded warrant for Hudson to purchase 130,000 shares of Advent’s common stock. The company intends to use the loan proceeds to settle a $12.25 million claim, eliminating this liability from its balance sheet. Additionally, Advent agreed to purchase the assets of its bankrupt subsidiary for 100,000 Euros, with all parties releasing further claims.

Advent Technologies Settles Dispute with Fischer

On July 1, 2025, Advent Technologies Holdings, Inc. resolved a dispute with F.E.R. fischer Edelstahlrohre GmbH through a settlement agreement related to a share purchase agreement from June 2021. The company agreed to pay Fischer €5,366,625.55, with a potential reduction if paid by June 30, 2026. Additionally, Advent regained compliance with Nasdaq listing requirements by filing its quarterly report for the period ending March 31, 2025.