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Advent Technologies Holdings Inc (ADNWW)



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Upturn Advisory Summary
07/10/2025: ADNWW (1-star) is currently NOT-A-BUY. Pass it for now.
Analysis of Past Performance
Type Stock | Historic Profit -64.91% | Avg. Invested days 16 | Today’s Advisory PASS |
Upturn Star Rating ![]() ![]() | Upturn Advisory Performance ![]() | Stock Returns Performance ![]() |
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Key Highlights
Company Size Small-Cap Stock | Market Capitalization 437.76M USD | Price to earnings Ratio - | 1Y Target Price - |
Price to earnings Ratio - | 1Y Target Price - | ||
Volume (30-day avg) - | Beta 0.74 | 52 Weeks Range 0.00 - 0.02 | Updated Date 06/14/2025 |
52 Weeks Range 0.00 - 0.02 | Updated Date 06/14/2025 | ||
Dividends yield (FY) - | Basic EPS (TTM) - |
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin - | Operating Margin (TTM) 3586.07% |
Management Effectiveness
Return on Assets (TTM) -53.72% | Return on Equity (TTM) -1021.66% |
Valuation
Trailing PE - | Forward PE - | Enterprise Value - | Price to Sales(TTM) - |
Enterprise Value - | Price to Sales(TTM) - | ||
Enterprise Value to Revenue - | Enterprise Value to EBITDA - | Shares Outstanding - | Shares Floating 2359144 |
Shares Outstanding - | Shares Floating 2359144 | ||
Percent Insiders - | Percent Institutions - |
Upturn AI SWOT
Advent Technologies Holdings Inc
Company Overview
History and Background
Advent Technologies Holdings Inc. was founded in 2012 and is headquartered in Boston, Massachusetts. It develops, manufactures, and assembles fuel cell systems, electrolyzers, and advanced materials. It went public via a SPAC merger in 2021.
Core Business Areas
- Fuel Cell Systems: Development, manufacturing, and sales of fuel cell systems, primarily for the stationary power and backup power markets. These systems are designed to provide reliable and clean energy solutions.
- Electrolyzers: Development and production of electrolyzers, which are used to produce hydrogen from water using electricity. This segment supports the growing hydrogen economy.
- Advanced Materials: Production and sale of proprietary membrane electrode assemblies (MEAs) and other advanced materials used in fuel cells and electrolyzers.
Leadership and Structure
Vasilis Gregoriou is the Chairman and CEO. The company has a board of directors with experience in technology, finance, and energy. The organizational structure is functional, with departments focused on research and development, manufacturing, sales, and marketing.
Top Products and Market Share
Key Offerings
- SereneU Fuel Cells: Stationary fuel cell systems designed for backup power and combined heat and power (CHP) applications. Market share data is not publicly available, but competitors include Bloom Energy and Ballard Power Systems. They directly compete with diesel generators in applications requiring uninterruptible power.
- Ion Pair Membranes: Proprietary membrane electrode assemblies (MEAs) used in fuel cells and electrolyzers. Market share data is not publicly available. Competitors include Gore and 3M, though Advent's focus is high-temperature PEM.
- Electrolyzer Components: Components used in electrolyzer systems, primarily for hydrogen production. Market share data is not publicly available. Competitors include Plug Power and Cummins.
Market Dynamics
Industry Overview
The fuel cell and hydrogen energy industries are experiencing significant growth, driven by increasing demand for clean energy solutions and government support for decarbonization initiatives. However, the industry remains relatively nascent, with challenges related to cost, infrastructure, and technology maturity.
Positioning
Advent Technologies is positioned as an innovator in high-temperature PEM fuel cell technology, which offers advantages in terms of fuel flexibility and tolerance to contaminants. The company is focused on developing cost-effective and reliable fuel cell systems for various applications.
Total Addressable Market (TAM)
The TAM for fuel cells and electrolyzers is projected to reach hundreds of billions of dollars in the coming decades. Advent is positioned to capture a portion of this market by focusing on high-temperature PEM technology, and their modular solutions could increase their competitiveness.
Upturn SWOT Analysis
Strengths
- Proprietary high-temperature PEM technology
- Strong intellectual property portfolio
- Experienced leadership team
- Strategic partnerships
- Manufacturing capabilities in Europe and the US
Weaknesses
- Limited commercial traction
- Relatively small revenue base
- Dependence on government funding and subsidies
- High operating expenses
- Ongoing losses
Opportunities
- Growing demand for clean energy solutions
- Increasing government support for hydrogen and fuel cells
- Expansion into new markets and applications
- Strategic acquisitions and partnerships
- Technological advancements
Threats
- Competition from established players
- Technological disruption
- Economic downturns
- Regulatory changes
- Supply chain disruptions
Competitors and Market Share
Key Competitors
- PLUG
- FCEL
- BE
Competitive Landscape
Advent Technologies' advantages lie in its high-temperature PEM technology and strategic partnerships. Disadvantages include its limited commercial traction and relatively small size compared to established players. ADN could gain a competitive advantage from their unique high-temperature PEM technology.
Major Acquisitions
HTMaterial.tech S.r.l.
- Year: 2021
- Acquisition Price (USD millions): 6.8
- Strategic Rationale: Strengthens Advent's technology portfolio and provides access to advanced materials for fuel cell development.
Growth Trajectory and Initiatives
Historical Growth: Historical growth has been limited due to early stage of commercialization.
Future Projections: Future projections are contingent on successful technology development and market adoption. Analyst estimates suggest significant growth potential, but considerable uncertainty remains.
Recent Initiatives: Recent initiatives include strategic partnerships to develop fuel cell systems for various applications. Development and deployment of fuel cell systems for the maritime, stationary power, and defense sectors.
Summary
Advent Technologies is a company with innovative technology but is still in the early stages of commercialization. It shows promise in the fuel cell technology market and boasts strength in high-temperature PEM technology. However, it needs to significantly expand its revenue base to be considered financially sustainable. The company should be careful of the risks of the hydrogen economy failing to take off.
Peer Comparison
Sources and Disclaimers
Data Sources:
- Company Website
- SEC Filings
- Analyst Reports
Disclaimers:
This analysis is based on publicly available information and analyst estimates. It is not financial advice. Market share data is estimated and may not be precise.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About Advent Technologies Holdings Inc
Exchange NASDAQ | Headquaters Livermore, CA, United States | ||
IPO Launch date 2019-01-24 | CEO, Interim CFO & Director Mr. Gary L. Herman | ||
Sector Industrials | Industry Electrical Equipment & Parts | Full time employees 26 | Website https://www.advent.energy |
Full time employees 26 | Website https://www.advent.energy |
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.

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