Advent Technologies Holdings (ADNH) AI Stock Analysis

• Market Cap: $1.42M
• Dividend Yield: N/A
• Average Volume (3M): 17.69K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.44
• Revenue Growth: -99.17%
• EPS Growth: 98.77%
• Country: US
• Employees: 26
• Sector: Industrials
• Sector Strength: 72
• Industry: Electrical Equipment & Parts
• EPS (TTM): -1.43
• Shares Outstanding: 3,788,634
• 10 Day Avg. Volume: 9,719
• 30 Day Avg. Volume: 17,691
• PEG Ratio: <0.01
• Price to Book (P/B): -0.61
• Price to Sales (P/S): 4.00
• P/FCF Ratio: -1.97
• Enterprise Value/Market Cap: 2.35
• Enterprise Value/Revenue: 68.25
• Enterprise Value/Gross Profit: -1.77
• Enterprise Value/Ebitda: -0.78
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 41 Neutral
• Price Target: $0.46 ▼(-12.50% Downside)

The score is primarily weighed down by very weak financial performance (shrinking revenue, deeply negative profitability, negative free cash flow, and negative equity). Technical indicators also reflect a sustained downtrend with negative momentum, while valuation provides limited support due to losses and no dividend data.

Positive Factors

Exposure to hydrogen and fuel-cell markets

Advent operates in the structural clean-energy hydrogen and fuel-cell market, serving transport, aerospace and stationary power. Those secular tailwinds support a large addressable market and long-term demand potential for its products and partnerships, aiding growth prospects.

Proprietary product set and materials

Ownership of specialized fuel-cell systems, electrolyzers and proprietary materials implies technological differentiation. Durable product IP and materials science can create higher barriers to entry, enable licensing or JV opportunities, and support margin improvement as scale is achieved.

Track record of securing and settling financing

Management’s ability to both secure financing and later repay and terminate a promissory note demonstrates operational credibility with lenders. This track record can help maintain access to capital markets, a durable capability given ongoing cash needs in capital-intensive tech development.

Negative Factors

Collapsed revenue and deep operating losses

TTM revenue has collapsed to negligible levels and margins are deeply negative, showing weak product commercialization and poor cost absorption. Persistent operating losses and negative equity erode solvency and limit the firm’s ability to invest organically without external capital.

Ongoing cash burn and negative free cash flow

Consistent negative operating and free cash flow indicate the business consumes capital to operate. This structural cash-burn pattern forces recurring external financing, reducing flexibility and creating execution risk if capital markets tighten or dilutive financing becomes unaffordable.

Recent convertible secured financing raises dilution and collateral risk

The CHF secured convertible note provides near-term liquidity but includes conversion rights, first‑priority collateral and a short maturity. Structurally this raises dilution and asset-pledge risk; reliance on such instruments signals constrained internal funding and potential pressure on capital structure.

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 in North America and Europe. 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; and electrodes for applications in the fuel cell and energy storage markets, as well as membrane electrode assemblies (MEA). It is also involved in the design of fuel cell stacks and complete fuel cell systems for stationary power, portable power, automotive, aviation, energy storage, and sensor markets. Advent Technologies Holdings, Inc. is headquartered in Livermore, California.

How the Company Makes Money

Advent Technologies generates revenue through the sale of its fuel cell systems and components, as well as through the provision of hydrogen production technologies. Key revenue streams include direct product sales to various industries such as transportation, aerospace, and stationary power generation, as well as long-term contracts and partnerships with governmental and commercial entities focused on clean energy initiatives. The company also benefits from collaborations with research institutions and other companies in the energy sector, which can lead to funding for development projects and additional revenue opportunities through joint ventures or licensing agreements.

Advent Technologies Holdings Financial Statement Overview

Summary

Financials indicate severe strain: revenue has collapsed in the TTM period, margins are deeply negative, free cash flow remains negative (ongoing cash burn), and shareholders’ equity is negative, raising solvency and funding risk despite some moderation in losses.

Income Statement

Operating performance remains very weak. Revenue in TTM (Trailing-Twelve-Months) collapsed to roughly $0.05M (down ~57%), and profitability deteriorated sharply with deeply negative gross and operating margins, signaling poor cost absorption at the current scale. While net income loss in TTM appears much smaller than the prior annual loss, the underlying run-rate still shows heavy operating losses and no clear margin stabilization.

Balance Sheet

The balance sheet is stressed by negative shareholders’ equity in the most recent periods (TTM and 2024), which limits financial flexibility and raises solvency risk. Total debt is not large in absolute terms in TTM, but leverage metrics are distorted by negative equity, and the capital structure has weakened significantly versus earlier years when equity was positive. Overall asset base has also shrunk materially from prior years, suggesting a reduced operating footprint.

Cash Flow

Cash generation remains a key concern: operating and free cash flow are negative across all periods, including TTM (Trailing-Twelve-Months), indicating ongoing cash burn. The cash outflow rate improved versus prior years (notably compared with 2022–2023), but free cash flow still does not cover operational needs, implying continued reliance on external funding or asset actions to sustain operations.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	49.00K	3.28M	1.54M	7.84M	7.07M	882.65K
Gross Profit	-1.89M	1.79M	-5.43M	-744.00K	1.66M	368.83K
EBITDA	-4.29M	-16.78M	-38.42M	-44.62M	-34.07M	-3.05M
Net Income	-289.00K	-40.99M	-71.40M	-74.34M	-20.52M	-3.12M
Balance Sheet
Total Assets	6.68M	8.01M	34.74M	89.59M	163.03M	1.89M
Cash, Cash Equivalents and Short-Term Investments	468.00K	381.00K	3.20M	32.87M	79.76M	515.73K
Total Debt	2.39M	832.00K	10.36M	12.08M	137.81K	2.81M
Total Liabilities	24.46M	29.30M	21.29M	25.44M	32.83M	3.69M
Stockholders Equity	-17.78M	-21.30M	13.45M	64.15M	130.20M	-1.79M
Cash Flow
Free Cash Flow	-2.27M	-6.65M	-35.81M	-46.21M	-41.98M	-1.55M
Operating Cash Flow	-2.28M	-6.61M	-32.11M	-32.13M	-35.84M	-1.43M
Investing Cash Flow	895.00K	1.17M	-6.24M	-14.52M	-25.56M	-122.51K
Financing Cash Flow	2.69M	1.39M	9.06M	-40.00K	141.50M	882.33K

Advent Technologies Holdings Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.52
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ADNH, the sentiment is Negative. The current price of 0.52 is above the 20-day moving average (MA) of 0.43, above the 50-day MA of 0.47, and below the 200-day MA of 2.04, indicating a bearish trend. The MACD of -0.04 indicates Negative momentum. The RSI at 40.25 is Neutral, neither overbought nor oversold. The STOCH value of 4.95 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ADNH.

Advent Technologies Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
RNW	61 Neutral	$1.95B	18.72	7.64%	―	42.09%	219.69%
WAVE	45 Neutral	$26.99M	-7.90	-54.43%	―	-40.99%	-46.52%
VGAS	43 Neutral	$65.49M	-4.18	-21.33%	―	―	23.66%
BNRG	42 Neutral	$1.46M	-0.05	-327.21%	―	―	―
ADNH	41 Neutral	$1.42M	-0.84	―	―	-99.17%	98.77%
HTOO	39 Underperform	$6.14M	-0.24	-125.98%	―	―	―

Advent Technologies Holdings Corporate Events

Advent Technologies Secures Convertible CHF Promissory Note Financing

On January 8, 2026, Advent Technologies Holdings, Inc. entered into a CHF 500,000 secured promissory note with lender Chris Antonopoulos, carrying an annual interest rate of 8.5%, maturing on January 7, 2027, and secured by a first‑priority security interest in certain company collateral. The note, for which Advent received funding on January 14, 2026, provides for repayment in a single lump sum but allows prepayment without penalty, includes customary default provisions, and features a conversion option enabling the lender to convert amounts due into common stock based on recent trading prices or automatically upon a qualified $25 million financing, with additional protections that allow the lender to obtain more favorable terms if later investors receive better conditions; Advent intends to use the proceeds for corporate expenses and general working capital, underscoring its near‑term liquidity needs and flexible financing strategy.

The most recent analyst rating on (ADNH) stock is a Hold with a $0.43 price target. To see the full list of analyst forecasts on Advent Technologies Holdings stock, see the ADNH Stock Forecast page.

Advent Technologies Completes Loan Repayment and Agreement Termination

On August 1, 2025, Advent Technologies Holdings entered into a Securities Purchase Agreement with Hudson Global Ventures LLC, resulting in a $235,000 loan evidenced by a Convertible Promissory Note. By November 5, 2025, Advent Technologies had repaid the loan and fulfilled all conditions, leading to the termination of the Promissory Note.

The most recent analyst rating on (ADNH) stock is a Sell with a $1.00 price target. To see the full list of analyst forecasts on Advent Technologies Holdings stock, see the ADNH Stock Forecast page.