ADNH · CIK 0001744494

Advent Technologies Holdings, Inc.

Annual figures as reported, FY2018–FY2024. Ratios and growth rates derived on-page.

Revenue

$3.3M

▲ +113.3% vs FY2023

Net income

−$41.0M

▲ +42.6% vs FY2023

Operating cash flow

$1.4M

▲ +106.7% vs FY2023

Diluted EPS

−$15.65

▲ +58.0% vs FY2023

Revenue

Annual, as reported

Net income

Losses shown in terracotta

Recent quarters

momentum · last 12 quarters

Revenue — Sep ’25 quarter

$62K

▼ −51.6% vs Sep ’24

Net income — Sep ’25 quarter

$8.6M

▲ +146.6% vs Sep ’24

Revenue — trailing 12 months

$49K

▼ −99.0% vs Sep ’24

Diluted EPS — trailing 12 months

−$0.46

▲ +98.3% vs Sep ’24

Quarterly revenue

Discrete quarters; Q4 derived from the annual figure

Quarterly net income

Losses shown in terracotta

Quarter	Revenue	Rev. YoY	Gross margin	Net income	Net margin	Diluted EPS
Sep ’25	$62K	−51.6%	−604.8%	$8.6M	13911.3%	$2.92
Jun ’25	$99K	−84.9%	−296.0%	−$3.8M	−3835.4%	−$1.42
Mar ’25	$132K	−95.2%	−136.4%	−$3.3M	−2480.3%	−$1.24
Dec ’24	−$244K	−116.2%	342.6%	−$1.8M	755.3%	−$0.72
Sep ’24	$128K	14.3%	−162.5%	−$18.5M	−14470.3%	−$7.03
Jun ’24	$654K	−41.2%	87.3%	−$11.3M	−1723.7%	−$4.28
Mar ’24	$2.7M	180.2%	82.6%	−$9.4M	−341.7%	−$3.62
Dec ’23	$1.5M	−23.0%	−726.2%	−$25.7M	−1708.6%	−$12.04

Profitability & returns

quality of earnings

Margins

Share of revenue kept at each line

Gross marginOperating marginNet margin

Returns on capital

Net income vs year-end equity and assets

Return on equityReturn on assets

Cash flow

cash generation

Operating cash flow

Net cash from operations

Shareholder returns

capital allocation

Diluted shares outstanding

Falling count means buybacks outpace dilution

Balance sheet

financial position

Stockholders’ equity

At fiscal year end

Growth rates

compounding, annualized

Revenue CAGR

−22.6%

Key ratios

derived per fiscal year

Fiscal year	Gross margin	Op. margin	Net margin	ROE	ROA	Current ratio
FY2024	54.6%	−560.7%	−1251.3%	—	−512.0%	0.09×
FY2023	−353.4%	−3301.6%	−4648.2%	−530.9%	−205.5%	0.74×
FY2022	−9.5%	−1090.0%	−948.5%	−115.9%	−83.0%	3.62×
FY2021	23.5%	−624.0%	−290.3%	−15.8%	−12.6%	5.16×
FY2020	41.8%	−348.2%	−353.6%	—	−164.8%	0.49×
FY2019	—	—	—	—	9.5%	0.45×
FY2018	—	—	—	—	—	4.11×

Annual figures

as reported

Fiscal year	Revenue	Gross profit	Op. income	Net income	Diluted EPS	Op. cash flow	Capex	Total assets	Liabilities	Equity	Cash	LT debt
FY2024	$3.3M	$1.8M	−$18.4M	−$41.0M	−$15.65	$1.4M	—	$8.0M	$29.3M	−$21.3M	$381K	—
FY2023	$1.5M	−$5.4M	−$50.7M	−$71.4M	−$37.24	−$21.0M	—	$34.7M	$21.3M	$13.4M	$3.2M	—
FY2022	$7.8M	−$744K	−$85.4M	−$74.3M	−$43.28	−$32.1M	—	$89.6M	$25.4M	$64.1M	$32.9M	—
FY2021	$7.1M	$1.7M	−$44.1M	−$20.5M	−$13.50	−$35.8M	—	$163.0M	$32.8M	$130.2M	$79.8M	—
FY2020	$883K	$369K	−$3.1M	−$3.1M	−$4.50	−$1.4M	—	$1.9M	$14.7M	−$1.8M	$516K	—
FY2019	—	—	−$697K	$21.5M	−$1.50	−$631K	—	$226.0M	$18.2M	−$834K	$1.2M	—
FY2018	—	—	—	—	—	—	—	$222.1M	$222.1M	$0	$0	—

Latest filings

the most recent regulatory filings

8-KCurrent report — material event2026-05-15 ↗NT 10-KSEC filing2026-03-31 ↗25-NSEDelisting notice2026-01-21 ↗25-NSEDelisting notice2026-01-21 ↗8-KCurrent report — material event2026-01-15 ↗10-QQuarterly report2025-11-17 ↗NT 10-QSEC filing2025-11-14 ↗8-KCurrent report — material event2025-11-10 ↗8-KCurrent report — material event2025-11-03 ↗8-KCurrent report — material event2025-10-29 ↗

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Quarter

Revenue

Rev. YoY

Gross margin

Net income

Net margin

Diluted EPS

Sep ’25

$62K

−51.6%

−604.8%

$8.6M

13911.3%

$2.92

Jun ’25

$99K

−84.9%

−296.0%

−$3.8M

−3835.4%

−$1.42

Mar ’25

$132K

−95.2%

−136.4%

−$3.3M

−2480.3%

−$1.24

Dec ’24

−$244K

−116.2%

342.6%

−$1.8M

755.3%

−$0.72

Sep ’24

$128K

14.3%

−162.5%

−$18.5M

−14470.3%

−$7.03

Jun ’24

$654K

−41.2%

87.3%

−$11.3M

−1723.7%

−$4.28

Mar ’24

$2.7M

180.2%

82.6%

−$9.4M

−341.7%

−$3.62

Dec ’23

$1.5M

−23.0%

−726.2%

−$25.7M

−1708.6%

−$12.04

Fiscal year

Gross margin

Op. margin

Net margin

ROE

ROA

Current ratio

FY2024

54.6%

−560.7%

−1251.3%

—

−512.0%

0.09×

FY2023

−353.4%

−3301.6%

−4648.2%

−530.9%

−205.5%

0.74×

FY2022

−9.5%

−1090.0%

−948.5%

−115.9%

−83.0%

3.62×

FY2021

23.5%

−624.0%

−290.3%

−15.8%

−12.6%

5.16×

FY2020

41.8%

−348.2%

−353.6%

—

−164.8%

0.49×

FY2019

—

9.5%

0.45×

FY2018

—

4.11×

Fiscal year

Revenue

Gross profit

Op. income

Net income

Diluted EPS

Op. cash flow

Capex

Total assets

Liabilities

Equity

Cash

LT debt

FY2024

$3.3M

$1.8M

−$18.4M

−$41.0M

−$15.65

$1.4M

—

$8.0M

$29.3M

−$21.3M

$381K

—

FY2023

$1.5M

−$5.4M

−$50.7M

−$71.4M

−$37.24

−$21.0M

—

$34.7M

$21.3M

$13.4M

$3.2M

—

FY2022

$7.8M

−$744K

−$85.4M

−$74.3M

−$43.28

−$32.1M

—

$89.6M

$25.4M

$64.1M

$32.9M

—

FY2021

$7.1M

$1.7M

−$44.1M

−$20.5M

−$13.50

−$35.8M

—

$163.0M

$32.8M

$130.2M

$79.8M

—

FY2020

$883K

$369K

−$3.1M

−$4.50

−$1.4M

—

$1.9M

$14.7M

−$1.8M

$516K

—

FY2019

—

−$697K

$21.5M

−$1.50

−$631K

—

$226.0M

$18.2M

−$834K

$1.2M

—

FY2018

—

$222.1M

—