MeritValue

ADVENT TECHNOLOGIES HOLDINGS, INC.

ADNHdata completeness 75%6 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'totalDebt'

The thesis, from the filings

ADVENT TECHNOLOGIES HOLDINGS, INC. earns about -206% on invested capital, and has bought back 87% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2020FY 2021FY 2022FY 2023FY 2024
Revenue$882,6521$7.07M2$7.84M3$1.54M4$3.28M4
Net income−$3.12M5−$20.5M6−$74.3M7−$71.4M8−$41M8
Operating cash flow−$1.43M9−$35.8M10−$32.1M11−$21M12$1.4M12
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$515,73413$79.8M14$32.9M15$3.2M16$381,00016
Diluted shares20.5M45.8M1.7M1.9M2.6M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−$81.31
your share of equity
Profit it earned you last year
−$156.53
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$81.31 of net worth that earned you −$156.53 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-206% avg · 5y
FY20 —FY21 -34%FY22 -193%FY23 -392%FY24 —

It earned an average -206% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−87% shares · 5y

Share count is down 87% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2020-12-31 · accession 0001140361-22-012369 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2021-12-31 · accession 0001829126-23-002501 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2022-12-31 · accession 0001829126-24-005453 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2023-12-31 · accession 0001829126-25-004289 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2020-12-31 · accession 0001140361-22-012369 (NetIncomeLoss)
  6. 10-K · period ending 2021-12-31 · accession 0001829126-23-002501 (NetIncomeLoss)
  7. 10-K · period ending 2022-12-31 · accession 0001829126-24-005453 (NetIncomeLoss)
  8. 10-K · period ending 2023-12-31 · accession 0001829126-25-004289 (NetIncomeLoss)
  9. 10-K · period ending 2020-12-31 · accession 0001140361-22-012369 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001829126-23-002501 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2022-12-31 · accession 0001829126-24-005453 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2023-12-31 · accession 0001829126-25-004289 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2020-12-31 · accession 0001140361-22-012369 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2021-12-31 · accession 0001829126-23-002501 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0001829126-24-005453 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0001829126-25-004289 (CashAndCashEquivalentsAtCarryingValue)