Adaptive Ad Systems

AATV

Advertising Agencies · Communication Services

Price

$0.11

+0.00 (+0.00%)

Market Cap

$5.3M

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Share count falling — buybacks

−8.1% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 49.8M (2021) → 45.8M (2025)

Adaptive Ad Systems is a small advertising technology company that helps businesses run digital ads more effectively. It builds software tools that use data to automatically adjust and optimize ad campaigns for its clients, which are typically small and mid-sized businesses looking to get more out of their online marketing budgets. The company operates in the digital advertising industry, competing against many larger, better-funded platforms.

The company earns revenue by charging clients fees for using its ad management software and related services, which may include a mix of subscriptions and service contracts. It is a very small company with a market cap near zero, and its negative operating margin means it is currently spending significantly more than it earns. The biggest risk facing Adaptive Ad Systems is its ability to reach profitability before it runs out of resources, as it competes in a crowded market dominated by much larger players like Google and Meta.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-69.0% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-175.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$186,336/ year

↓ Declining (-31% vs prior year)

9.8% of revenue

In line with sector average (12%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

100.0%ownership

Insiders own a meaningful stake in the company

Cash Runway

5+ years

Quarterly Free Cash Flow

↓ Burn rate worsening

$11M cash & investments at current burn rate

Revenue declining

Adaptive Ad Systems's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

15.3%

Thin — 15.3% gross margin

Operating Margin

-56.4%

Losing money on operations — -56.4%

ROCE

-1.8%

Weak — -1.8% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-48.6%

Shrinking sales (-48.6% YoY)

EPS YoY

-151.7%

Earnings shrinking (-151.7% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

18.8%

Converts sales into free cash efficiently (18.8%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.00

Conservative — low debt load (0.00)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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