Advent Technologies Holdings

ADNH

Semiconductors · Technology

Price

$0.35

-0.02 (-5.91%)

Market Cap

$1.3M

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Share count rising — dilution

+282.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 684K (2020) → 2.6M (2024)

Advent Technologies Holdings is a small company that makes fuel cell technology and components. Fuel cells generate electricity through a chemical reaction, without burning fuel, and are used in things like backup power systems, military equipment, and clean energy vehicles. The company focuses on high-temperature fuel cells and sells to government agencies, defense contractors, and industrial customers.

Advent makes money by selling fuel cell hardware, components, and related services. It operates mainly in the United States and Europe, with research and manufacturing facilities in both regions. The company is very small, with a market cap near zero, and its financials show it is spending far more than it earns — the deeply negative margins signal it is still in an early, money-losing stage. The biggest risk is whether Advent can secure enough contracts and funding to survive long enough to scale its technology before it runs out of cash.

Winston Score History

Score breakdown

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Quality

Gross Margin

-938.7%

Thin — -938.7% gross margin

Operating Margin

-4111.3%

Losing money on operations — -4111.3%

ROCE

N/A

Data not available

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Growth

Sales YoY

-99.0%

Shrinking sales (-99.0% YoY)

EPS YoY

N/A

—

Data not available

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

-4773.5%

Burning cash (-4773.5%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

3.2x

Attractive valuation — P/E 3.2

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

+3.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (3.2 → 0.0)

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Dividends

Not applicable for this business.

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