Advent Technologies Holdings Inc
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Quick analysis of Advent (30 sec.)

1. Valuation of Advent (5 min.)

Live pricePrice per share (EOD)

$0.73

Book Value per Share

$1.21

2. Growth of Advent (5 min.)

Is Advent growing?

	Current year	Previous year	Grow	Grow %
How rich?	$64.1m	$94.4m	$10m	9.6%

How much money is Advent making?

	Current year	Previous year	Grow	Grow %
Making money	-$18.5m	-$5.7m	-$12.8m	?
Net Profit Margin	-934.7%	-344.5%	-	-

How much money comes from the company's main activities?

Quarterly Yearly

3. Financial Health of Advent (5 min.)

4. Comparing to competitors in the Utilities-Renewable industry (5 min.)

Industry Rankings (Utilities-Renewable)

Richest
#132 / 187

Most Revenue
#146 / 187

Most Profit
#168 / 187

Most Efficient
#181 / 187

Fundamentals of Advent

Financial Health

Profitability Details

	Compared to previous year	Compared to industry
The company is making a huge loss.
Using its assets, the company is very inefficient in making profit.
Using its investors money, the company is very inefficient in making profit.

Operating Efficiency Details

	Compared to previous year	Compared to industry
The company is operating very inefficient.
The company is inefficient in keeping operating costs low.

Liquidity Details

	Compared to previous year	Compared to industry
The company is very able to pay all its short-term debts.
The company is very able to pay all its short-term debts with the most liquid assets.

Solvency Details

	Compared to previous year	Compared to industry
The company is very able to pay all its debts by selling its assets.
The company is very able to pay all its debts with equity.

1.1. Profitability of Advent Technologies Holdings Inc.

1.1. Profitability

1.1.1. Net Profit Margin

Measures how much net profit Advent earns for each $1 of revenue.

Above 10% is considered healthy but always compare Advent to the Utilities-Renewable industry mean.
A Net Profit Margin of -2,433.6% means that $-24.34 for each $1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of Advent Technologies Holdings Inc:

The MRQ is -2,433.6%. The company is making a huge loss. -2
The TTM is -934.7%. The company is making a huge loss. -2

Trends

Current period		Compared to		+/-
MRQ	-2,433.6%	TTM	-934.7%	-1,498.9%
TTM	-934.7%	YOY	-344.5%	-590.2%
TTM	-934.7%	5Y	-373.6%	-561.0%
5Y	-373.6%	10Y	-373.6%	0.0%

Compared to industry (Utilities-Renewable)

Period	Company	Industry (mean)	+/-
MRQ	-2,433.6%	4.9%	-2,438.5%
TTM	-934.7%	5.5%	-940.2%
YOY	-344.5%	4.4%	-348.9%
5Y	-373.6%	4.5%	-378.1%
10Y	-373.6%	4.3%	-377.9%

Measures how much net profit Advent earns for each $1 of revenue.

Revenue is the amount of profit Advent generates before taxes and all other costs. For example, when you buy a cup of coffee it will cost you $3. The company does not earn $3 in profit but also has to pay various costs and taxes to create that cup of coffee. Let's assume the cost of creating a cup of coffee is $1.5.

The $3 you pay for a cup of coffee is called revenue.
The $1.5 that’s left over when all costs to create that cup of coffee (including taxes) are deduced from the revenue is called net profit.

The net profit margin looks at how much net profit Advent earns for each $1 in revenue.

How to use net profit margin

Higher profit margin is better (more profit).
Above 10% is considered healthy but always compare Advent to the Utilities-Renewable industry mean.
Can be used to compare companies within the Utilities-Renewable industry.

You typically want a high profit margin. This means that for each $1 in sales, Advent makes more profit. This shows the investor how efficiently Advent is operating in general and compared to other companies in the same industry. Advent operates in the Utilities-Renewable industry.

Why do investors use net profit margin in their analysis

It helps investors to determine the efficiency of Advent. If profit margins remain low (compared to the Utilities-Renewable industry mean) and there are no improvements to make in production costs or other areas that might be a warning sign. If profit margins are high that means the company has low overhead costs and is efficiently using its resources to generate profit.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Net Profit Margin of Advent is -24.34. This means that Advent earned $-24.34 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Net Profit Margin of the Utilities-Renewable industry is 4.9%.
What is the trend?
The trend is important because it shows you how Advent is performing over time. The most recent quarter might be important if Advent released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Advent up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare Advent with other companies in the same industry (Utilities-Renewable).
Net profit margin should rise over the years.
Can be influenced when Advent sells assets (profit will increase while costs remain the same).
It won’t show what part of Advent is doing great or needs improvement (it only looks at total revenue and total net income).

How to calculate net profit margin

Net profit margin = net income / total revenue * 100%

Real example of Advent

You need the following data to determine net profit margin:

Income statement from the period you want to calculate (for example, MRQ or TTM).

Net income MRQ Advent = -47,625
Total revenue MRQ Advent = 1,957
$-47,625 / $1,957 = -24.34 or -2,433.6%

Higher is better

The higher the net profit margin, the more efficient the company is generating income. This helps investors to determine how the company is managing money. The net profit margin is an important indicator when diving into the financial health of a company. Overall, you want to see the net profit margin rising over the years. That means the company improved their production and made it more efficient (if possible).

You can use the net profit margin to compare companies within the same industry. If there are two companies where one is much bigger but the smaller one has a higher net profit margin, that means the smaller company is more efficiently using operational costs.

Important: Profit margins can be very different between industries. Companies with assembly lines or transports are much more prone to see shifting in prices for fuel, ingredients and maintenance compared to companies that only provide services. You should never compare net profit margin between different industries.

1.1.2. Return on Assets

Shows how efficient Advent is using its assets to generate profit.

Above 5% is considered healthy but always compare Advent to the Utilities-Renewable industry mean.
-53.2% Return on Assets means that Advent generated $-0.53 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of Advent Technologies Holdings Inc:

The MRQ is -53.2%. Using its assets, the company is very inefficient in making profit. -2
The TTM is -18.3%. Using its assets, the company is very inefficient in making profit. -2

Trends

Current period		Compared to		+/-
MRQ	-53.2%	TTM	-18.3%	-34.9%
TTM	-18.3%	YOY	-3.5%	-14.8%
TTM	-18.3%	5Y	-5.8%	-12.5%
5Y	-5.8%	10Y	-5.8%	0.0%

Compared to industry (Utilities-Renewable)

Period	Company	Industry (mean)	+/-
MRQ	-53.2%	0.5%	-53.7%
TTM	-18.3%	0.6%	-18.9%
YOY	-3.5%	0.3%	-3.8%
5Y	-5.8%	0.5%	-6.3%
10Y	-5.8%	0.5%	-6.3%

Shows how efficient Advent is using its assets to generate profit.

For a farm, a tractor is considered an asset. The tractor helps ploughing the land making it possible to plant and harvest crops. But the tractor might be old and needing maintenance all the time reducing its efficiency. Return on assets indicates how effectively the farm is using the tractor (and other assets that help the core business) to plough the land.

How to use return on assets

Higher is better.
Above 5% is considered healthy but always compare Advent to the Utilities-Renewable industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on assets in their analysis

Shows the investor how effectively Advent is using its resources to generate profit. If the return on assets (-53.2%) from Advent are higher than the Utilities-Renewable mean (0.5%) that means Advent is using its resources better than their competitors. If not, that means their competitors are more efficient in using their resources to generate profit.

An investor should always look at:

What is the current return on assets?
The current most recent quarter (MRQ) Return on Assets of Advent is -53.2%. This means the company generated $-0.53 for each $1 in assets.
How does it compare to the industry?
The mean MRQ Return on Assets of the Utilities-Renewable industry is 0.5%.
What is the trend?
The trend is important because it shows you how Advent is performing over time. The most recent quarter might be important if Advent released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Advent up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
If a company has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

How to calculate return on assets

Return on assets = net income / total assets * 100%

Real example Advent

You need the following data to determine return on assets (ROA):

Income statement
Balance sheet

Net income MRQ (income statement) from Advent = -47,625
Total assets MRQ (balance sheet) from Advent = 89,588
-47,625 / 89,588 = -0.53 or -53.2%

ROA is an important ratio as it will tell you how effectively Advent is using its resources to generate profits. Example:

Bob and Kristin both sell ice cream in the summer. They both have an ice cream truck. The truck Bob owes cost him $20.000 and the truck Kristin owes cost her $1500. Over the summer, Bob earned $2000 and Kristin earned $200. To calculate the return on assets:

Bob: $2000 / $20.000 * 100% = 10%
Kristin: $200 / $1500 * 100% = 13.3%

This tells you Bob’s company is more valuable but Kristin's company is more efficient. Be aware that total assets can change over time. A transportation business will buy and sell trucks or planes all the time. Before using return on assets as a guideline, you have to know what the exact assets are. For a company that has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

1.1.3. Return on Equity

Shows how efficient Advent is using its investors money to generate profit.

Above 15%-20% is considered healthy but always compare Advent to the Utilities-Renewable industry mean.
-74.2% Return on Equity means Advent generated $-0.74 for each $1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of Advent Technologies Holdings Inc:

The MRQ is -74.2%. Using its investors money, the company is very inefficient in making profit. -2
The TTM is -24.4%. Using its investors money, the company is very inefficient in making profit. -2

Trends

Current period		Compared to		+/-
MRQ	-74.2%	TTM	-24.4%	-49.9%
TTM	-24.4%	YOY	-2.4%	-22.0%
TTM	-24.4%	5Y	-7.2%	-17.2%
5Y	-7.2%	10Y	-7.2%	0.0%

Compared to industry (Utilities-Renewable)

Period	Company	Industry (mean)	+/-
MRQ	-74.2%	1.6%	-75.8%
TTM	-24.4%	1.5%	-25.9%
YOY	-2.4%	1.2%	-3.6%
5Y	-7.2%	1.2%	-8.4%
10Y	-7.2%	1.1%	-8.3%

Shows how efficient Advent is using its investors money to generate profit.

A publicly traded company (any company that issues shares to the public) is owned by its shareholders. Return on equity calculates the amount of profit for every $1 the shareholders invested.

How to use return on equity

Higher is better.
Above 15%-20% is considered healthy but always compare Advent to the Utilities-Renewable industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on equity in their analysis

To find out the owners/management's attitude toward their company. You typically want the owners/management to invest in the company and focus on generating profit. If not enough profit is generated (compared to the Utilities-Renewable industry mean), the company might not be investing their money efficiently.

The three steps every investor should look at:

What is the current return on equity?
The current most recent quarter (MRQ) Return on Equity of Advent is -74.2%. This means Advent generated $-0.74 for each $1 the owners (shareholders) invested.
How does it compare to the industry?
The mean MRQ Return on Equity of the Utilities-Renewable industry is 1.6%.
What is the trend?
The trend is important because it shows you how Advent is performing over time. The most recent quarter might be important if Advent released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Advent up to 10 years back (depending if Advent existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Does not include intangible assets (non physical assets like licences, computer software, etc.).
Stockholders equity and shareholders equity refer to the same thing.
Liabilities should not be more than three times return on equity.

How to calculate return on equity

Return on equity = net profit / shareholders equity * 100%

Real example of Advent

You need the following data to determine ROE:

Income statement
Balance sheet
Net profit MRQ (income statement) Advent = -47,625
Shareholders equity (balance sheet) MRQ Advent = 64,148
-47,625 / 64,148 = -0.74 or -74.2%

A negative shareholder equity is a warning sign. It means the company has more liabilities than assets. It might also mean that the owners did not invest enough money or they are taking money out of the business.

1.2. Operating Efficiency of Advent Technologies Holdings Inc.

1.2. Operating Efficiency

1.2.1. Operating Margin

Measures how efficient Advent is operating .

Measures how much profit Advent makes for each $1 of sales after paying variable costs (production costs, wages, etc) but before taxes.
Above 15% is considered healthy but always compare Advent to the Utilities-Renewable industry mean.
An Operating Margin of 1,311.9% means the company generated $13.12 for each $1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of Advent Technologies Holdings Inc:

The MRQ is 1,311.9%. The company is operating very efficient. +2
The TTM is -173.7%. The company is operating very inefficient. -2

Trends

Current period		Compared to		+/-
MRQ	1,311.9%	TTM	-173.7%	+1,485.5%
TTM	-173.7%	YOY	-455.9%	+282.2%
TTM	-173.7%	5Y	-181.2%	+7.5%
5Y	-181.2%	10Y	-181.2%	0.0%

Compared to industry (Utilities-Renewable)

Period	Company	Industry (mean)	+/-
MRQ	1,311.9%	14.6%	+1,297.3%
TTM	-173.7%	12.2%	-185.9%
YOY	-455.9%	16.8%	-472.7%
5Y	-181.2%	16.0%	-197.2%
10Y	-181.2%	12.3%	-193.5%

Measures how efficient Advent is operating .

The more effecient a company creates products or provides services, the more profit it generates.

How to use operating margin

Higher is better
Above 15% is considered healthy but always compare Advent to the Utilities-Renewable industry mean.
Can be very different between industries
Can be used to compare companies

Why do investors use operating margin in their analysis

To determine how much profit Advent is making from it’s core business.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Operating Margin of Advent is 1,311.9%. This means that Advent earned $13.12 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Margin of the Utilities-Renewable industry is 14.6%.
What is the trend?
The trend is important because it shows you how Advent is performing over time. The most recent quarter might be important if Advent released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Advent up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Can be calculated in different ways

How to calculate operating margin

Operating margin = operating earnings / total revenue

Real example of Advent

You need the following data to determine operating margin:

Income statement
Operating earnings MRQ Advent = 25,673
Total revenue MRQ Advent = 1,957
$25,673 / $1,957 = 13.12 or 1,311.9%

Operating margin is used to calculate how much profit a company makes after variable costs of production but before paying interest and taxes. Some variable costs examples are wages, raw materials, packaging, and transaction fees. The amount of variable costs is different for each company and industry. In general, a higher operating margin is better as this implicates that a company is running efficiently.

For investors, a higher operating margin is a good sign. Although you should always look at operating margin in the long term. If operating margin is fluctuating over the years this might be a sign that things are not running efficiently enough. It’s a way to check how much profit a company is making from its core business.

Operation earnings can be calculated in multiple ways:

Operation earnings = EBIT - non operating income + non operating expense
Operation earnings = Gross profit - operating expense - depreciation and amortisation
Operation earnings = Total revenue - COGS (costs of goods sold) - indirect costs

1.2.2. Operating Ratio

Measures how efficient Advent is keeping operating costs low.

Below 1 is considered healthy (always compare to Utilities-Renewable industry mean).
An Operation Ratio of 6.70 means that the operating costs are $6.70 for each $1 in net sales.

Let's take a look of the Operating Ratio trends of Advent Technologies Holdings Inc:

The MRQ is 6.704. The company is inefficient in keeping operating costs low. -1
The TTM is 7.442. The company is inefficient in keeping operating costs low. -1

Trends

Current period		Compared to		+/-
MRQ	6.704	TTM	7.442	-0.738
TTM	7.442	YOY	4.106	+3.336
TTM	7.442	5Y	3.574	+3.868
5Y	3.574	10Y	3.574	0.000

Compared to industry (Utilities-Renewable)

Period	Company	Industry (mean)	+/-
MRQ	6.704	1.181	+5.523
TTM	7.442	1.188	+6.254
YOY	4.106	1.090	+3.016
5Y	3.574	1.161	+2.413
10Y	3.574	1.105	+2.469

Measures how efficient Advent is keeping operating costs low.

If the operating ratio is below 1 that means the company is making money. The lower the operating ratio, the more efficient the company.

How to use operating ratio

Lower is better.
Below 1 is considered healthy but always compare Advent to the Utilities-Renewable industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use operating ratio in their analysis

Shows if costs of creating products and or services is increasing or decreasing. The lower the operating ratio, the more efficient the company is creating products and services.

The three steps every investor should look at:

What is the current Operatin ratio?
The current most recent quarter (MRQ) Operating Ratio of Advent is 670.4%. This means that Advent earned $6.70 for each $1 in net sales in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Ratio of the Utilities-Renewable industry is 1.18.
What is the trend?
The trend is important because it shows you how Advent is performing over time. The most recent quarter might be important if Advent released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Advent up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
You need COGS to calculate operating ratio which is not always shown in the income statement.
Does not consider debt.

How to calculate operating ratio

Operating ratio = Operating expenses + COGS \ Net sales

Real life example Advent

You need the following data to determine operating ratio:

Income statement

COGS is not always specified on the income statement. If so you can use the following calculation:

(cost of revenue + total operating expenses) \ total revenue
(2,455 +10,664) \ 1,957 = 6.70

The operating ratio measures the efficiency of a company at keeping low costs while generating profits from sales. It compares the total operating expenses to the net amount of sales. The total operating expenses exists of:

COGS (materials, labour, rent of facility, repairs)
Operating expenses (legal fees, marketing, wages, rent, maintenance/repairs)

Operating expenses are all the costs the company makes that are not directly tied to the production of the service or product. Where COGS are costs that are directly tied to the production of a product or service.

Do note that COGS is not always available in the income statement. Some companies include COGS in the operating expenses while others list COGS separately. To make it even more confusing, COGS is also known as “costs of sales” and costs of sales is the same as costs of revenue.

The operating ratio tells you how efficient the company is creating its products or services while keeping prices low. In this case, a lower ratio is better. Higher or rising operating ratios might tell you that costs are rising while sales are not improving or staying the same.

1.3. Liquidity of Advent Technologies Holdings Inc.

1.3. Liquidity

1.3.1. Current Ratio

Measures if Advent is able to pay off Short-term Debt.

Above 1.5 is considered healthy (always compare to Utilities-Renewable industry mean).
A Current Ratio of 3.62 means the company has $3.62 in assets for each $1 in short-term debts.

Let's take a look of the Current Ratio trends of Advent Technologies Holdings Inc:

The MRQ is 3.622. The company is very able to pay all its short-term debts. +2
The TTM is 4.725. The company is very able to pay all its short-term debts. +2

Trends

Current period		Compared to		+/-
MRQ	3.622	TTM	4.725	-1.103
TTM	4.725	YOY	11.426	-6.700
TTM	4.725	5Y	4.521	+0.204
5Y	4.521	10Y	4.521	0.000

Compared to industry (Utilities-Renewable)

Period	Company	Industry (mean)	+/-
MRQ	3.622	1.351	+2.271
TTM	4.725	1.294	+3.431
YOY	11.426	1.246	+10.180
5Y	4.521	1.330	+3.191
10Y	4.521	1.350	+3.171

Measures if Advent is able to pay off Short-term Debt.

How to use current ratio

Higher is better
Above 1.5 is considered healthy (always compare to Utilities-Renewable industry mean).
Can be very different between industries
Can be used to compare companies

Why do investors use current ratio in their analysis

Shows if the company can pay of short term debts if needed. A company that can't pay off it's short term debts might get in trouble if they have to pay off their short term debts for whatever reason. For example, markets can change due to global events like covid-19 or the war in Ukraine versus Russia. Because debts are always taken based on future income, it might become troublesome for Advent if something happens in the market that will cause sales to plummet.

The three steps every investor should look at:

What is the current current Ratio?
The current most recent quarter (MRQ) Current Ratio of Advent is 3.62. This means Advent has $3.62 in assets for each $1 in short-term debts.
How does it compare to the industry?
The mean MRQ Current Ratio of the Utilities-Renewable industry is 1.35.
What is the trend?
The trend is important because it shows you how Advent is performing over time. The most recent quarter might be important if Advent released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Advent up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Might be deluded.
Not all assets can always be quickly sold.
Can be manipulated by increasing or decreasing the assets and/or liabilities.

How to calculate current ratio

Current ratio = current assets \ current liabilities

Real life example Advent

You need the following data to determine operating ratio:

Balance sheet
Current ratio = current assets \ current liabilities
49,500 \ 13,666) = 3.62

The current ratio measures if Advent is able to pay short-term debts (obligations). Short term in this context means all debt obligations that are about to expire within one year. The current ratio incorporates current liabilities and current assets. Current assets are all the assets a company has that are expected to be consumed or sold within standard business operations. You can find the current assets in the balance sheet. They consist of:

Inventory
Accounts receivable
Marketable securities
Prepaid expenses
Cash
Cash equivalents
liquid assets

The current liabilities are short term obligations that are due within one year. These consist of:

Short term debts
Dividends
Income taxes
Short-term debts
Accounts payable
Interest payments

The result shows an investor if Advent is able to pay all its short-term debts if they were due all at once. When the result of the above formula is below 1, then Advent does not have enough capital after selling all its assets to pay all short-term debts. If the ratio drops far below 1 that might indicate Advent is or will be in financial trouble anytime soon.

Although this gives an investor some clues, the current ratio may also be deluded. Because owning assets does not mean the company can easily sell them. Also, Accounts receivable may be quite old (they will probably never pay) which deludes the current ratio. As with all ratios, you should only compare them between the same industries and companies.

1.3.2. Quick Ratio

Measures if Advent is able to pay off Short-term Debt but only using the most liquid assets.

Above 1 is considered healthy but always compare Advent to the Utilities-Renewable industry mean.
A Quick Ratio of 2.48 means the company can pay off $2.48 for each $1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of Advent Technologies Holdings Inc:

The MRQ is 2.481. The company is very able to pay all its short-term debts with the most liquid assets. +2
The TTM is 3.493. The company is very able to pay all its short-term debts with the most liquid assets. +2

Trends

Current period		Compared to		+/-
MRQ	2.481	TTM	3.493	-1.012
TTM	3.493	YOY	11.094	-7.602
TTM	3.493	5Y	4.027	-0.535
5Y	4.027	10Y	4.027	0.000

Compared to industry (Utilities-Renewable)

Period	Company	Industry (mean)	+/-
MRQ	2.481	0.637	+1.844
TTM	3.493	0.713	+2.780
YOY	11.094	0.757	+10.337
5Y	4.027	0.823	+3.204
10Y	4.027	0.761	+3.266

1.4. Solvency of Advent Technologies Holdings Inc.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Measures how much % of Advent assets are financed with debt.

Below 1 (100%) is considered healthy but always compare Advent to Utilities-Renewable industry mean.
A Debt to Asset Ratio of 0.28 means that Advent assets are financed with 28.4% credit (debt) and the remaining percentage (100% - 28.4%) is financed by its owners/shareholders.

Let's take a look of the Debt to Asset Ratio trends of Advent Technologies Holdings Inc:

The MRQ is 0.284. The company is very able to pay all its debts by selling its assets. +2
The TTM is 0.178. The company is very able to pay all its debts by selling its assets. +2

Trends

Current period		Compared to		+/-
MRQ	0.284	TTM	0.178	+0.106
TTM	0.178	YOY	0.387	-0.208
TTM	0.178	5Y	0.177	+0.001
5Y	0.177	10Y	0.177	0.000

Compared to industry (Utilities-Renewable)

Period	Company	Industry (mean)	+/-
MRQ	0.284	0.611	-0.327
TTM	0.178	0.615	-0.437
YOY	0.387	0.608	-0.221
5Y	0.177	0.616	-0.439
10Y	0.177	0.611	-0.434

Measures how much % of Advent assets are financed with debt.

When there are more debts than assets, that means creditors have a larger stake Advent than its shareholders.

How to use debt to asset ratio

Lower is better.
below 1 (100%) is considered healthy but always compare Advent to Utilities-Renewable industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to asset ratio in their analysis

It shows how much debt the company used to finance its assets. If a company is almost entirely financed with debt that means the company might get into serious trouble when emergencies arise like a raise in interest.

The three steps every investor should look at:

What is the current debt to asset ratio?
The current most recent quarter (MRQ) Debt to Asset Ratio of Advent is 0.28. This means means that Advent is financed with 28.4% credit and the remaining percentage is financed by it's owners (shareholders).
How does it compare to the industry?
The mean MRQ Current Ratio of the Utilities-Renewable industry is 135.1%.
What is the trend?
The trend is important because it shows you how Advent is performing over time. The most recent quarter might be important if Advent released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Advent up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Some companies can have higher debt to assets ratio's (for example, banks).
Debt to asset ratio should improve over the years.
If the debt to asset ratio is above 1, look at the industry mean and find out why Advent has so much debt.

How to calculate debt to asset ratio

Debt to asset ratio = total debt \ total assets

Real life example Advent

You need the following data to determine debt to asset ratio:

Balance sheet
Debt to asset ratio = total debt \ total assets
25,440 \ 89,588 = 28.4% or 0.28.

The debt to total assets ratio shows if the company is owned by creditors or shareholders. Or in other words, the total debt in relation to the total amount of assets. It shows how much debt the company used to finance its assets.

1.4.2. Debt to Equity Ratio

Measures if Advent is able to pay off its debts by using shareholders equity.

Below 2 is considered healthy but always compare Advent to the Utilities-Renewable industry mean.
A Debt to Equity ratio of 39.7% means that company has $0.40 debt for each $1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of Advent Technologies Holdings Inc:

The MRQ is 0.397. The company is very able to pay all its debts with equity. +2
The TTM is 0.225. The company is very able to pay all its debts with equity. +2

Trends

Current period		Compared to		+/-
MRQ	0.397	TTM	0.225	+0.172
TTM	0.225	YOY	4.634	-4.410
TTM	0.225	5Y	1.452	-1.228
5Y	1.452	10Y	1.452	0.000

Compared to industry (Utilities-Renewable)

Period	Company	Industry (mean)	+/-
MRQ	0.397	1.659	-1.262
TTM	0.225	1.845	-1.620
YOY	4.634	1.688	+2.946
5Y	1.452	1.748	-0.296
10Y	1.452	1.832	-0.380

Measures if Advent is able to pay off its debts by using shareholders equity.

How to use debt to equity ratio

Lower is better.
Below 2 is considered healthy (always use industry average).
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to shareholders equity ratio in their analysis

It shows how much debt the company uses to finance their operations. Shareholders equity is whats left over when you subtract total liabilities from total assets. It's another way to meassure how much of Advent is financed with debt or own resources.

The three steps every investor should look at:

What is the current debt to equity ratio?
The current most recent quarter (MRQ) quickRatio of Advent is 0.40. This means that Advent can pay off $0.40 for each $1 in debt.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Utilities-Renewable industry is 1.66.
What is the trend?
The trend is important because it shows you how Advent is performing over time. The most recent quarter might be important if Advent released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Advent up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Not all debt is equally risky (for example, short term risk is less risky).

How to calculate debt to equity ratio

Debt to equity ratio = total debt \ shareholders equity.

Real life example Advent

You need the following data to determine equity ratio:

Balance sheet
Debt to equity ratio = total debt \ shareholders equity
25,440 \ 64,148 = 0.40 or 39.7%

Debt to equity measures the total debt versus the total shareholders equity. While the total debts to total assets ratio uses total assets, the debt to equity ratio looks at the total equity of shareholders. Where equity of shareholders are:

Common shares.
Preferred shares.
Retained earnings.

You can find the shareholders' equity in the balance sheet. A ratio between 0,5 and 1,5 is preferred. If the ratio is above 1.5, that would indicate creditors have significantly more stake (debt) in the company than the shareholders. In other words, the company is using a lot of debt to finance their operations.

Not all debt is equally risky. Meaning you can adjust the ratio by including or excluding certain amounts of debt. Short term debts are less risky because they have to be paid back within one year anyway. It’s much easier to plan one year ahead versus five or ten years.

2. Market Valuation of Advent Technologies Holdings Inc

2. Earnings Per Share

2.1. Price to Earnings Ratio

Measures how much money you pay for each share for every $1 in earnings Advent generates.

Above 15 is considered overpriced but always compare Advent to the Utilities-Renewable industry mean.
A PE ratio of -2.01 means the investor is paying $-2.01 for every $1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of Advent Technologies Holdings Inc:

The EOD is -0.814. Company is losing money. -2
The MRQ is -2.010. Company is losing money. -2
The TTM is -14.511. Company is losing money. -2

Trends

Current period		Compared to		+/-
EOD	-0.814	MRQ	-2.010	+1.196
MRQ	-2.010	TTM	-14.511	+12.501
TTM	-14.511	YOY	-0.109	-14.402
TTM	-14.511	5Y	-129.258	+114.747
5Y	-129.258	10Y	-129.258	0.000

Compared to industry (Utilities-Renewable)

Period	Company	Industry (mean)	+/-
EOD	-0.814	8.360	-9.174
MRQ	-2.010	8.280	-10.290
TTM	-14.511	5.373	-19.884
YOY	-0.109	5.255	-5.364
5Y	-129.258	7.595	-136.853
10Y	-129.258	17.819	-147.077

Measures how much money you pay for each share for every $1 in earnings Advent generates.

Indicates if the company’s shares are under or overvalued.

How to use PE ratio

Above 15 is considered overpriced but is hard to determine. Always compare Advent to the Utilities-Renewable industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use PE ratio in their analysis

The PE ratio tells investors the current sentiment in the market for that company. As with every stock, the stock price never shows the real valuation of a company but rather how the market thinks how much the stock is worth.

In other words, the current stock price also incorporates any future earnings or business opportunities in the future. The best example is the stock market crash in 2000. The PE ratio for any internet based company was going through the roof. Only based on the general assumption the internet and all associated businesses would thrive in the future. But this was based on nothing. A business still needs a good product or service to be able to survive. Instead, every investor bought any stock which did something related to the internet. Result: huge market crash.

Many investors were willing to pay premium prices and that was causing the PE ratio to rise. A high PE ratio is a warning sign that investors might be overvaluing a stock based on future earnings.

The three steps every investor should look at:

What is the current PE Ratio?
The current most recent quarter (MRQ) PE Ratio of Advent is -2.01. This means the investor is paying $-2.01 for every $1 in earnings.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Utilities-Renewable industry is 8.28.
What is the trend?
The trend is important because it shows you how Advent is performing over time. The most recent quarter might be important if Advent released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Advent up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Some industries might have very high or very low PE ratios in general.
PE ratios can be high for several years, it does not mean a sudden collapse is imminent.
Earnings growth is not included in the PE ratio.

How to calculate PE ratio

PE ratio = market value per share \ earnings per share

Real life example Advent

You need the following data to determine the PE ratio:

Balance sheet
Income statement

The PE ratio is a very commonly used ratio to determine the value of a company by comparing the current stock price relative to its earnings per share (EPS). Before we can calculate the PE ratio we need to know the EPS. EPS is calculated as follows:

EPS = (net profit - preferred dividends) \ end of period outstanding shares*
Net profit = revenue - expenses
\ 51,529 = EPS
PE ratio MRQ = -2.01

* The net profit minus preferred dividends can be found in the incomestatement as netIncomeApplicableToCommonShares.

The PE value helps investors to determine if the current stock price is under or overvalued. It also projects future growth.

In general, a higher PE ratio means that investors predict higher future growth. If the PE ratio is too high, then investors expect way too much future growth the company can never fulfil. This is most likely to happen in faster moving companies like tech companies or automobile companies like Tesla. These are hot and booming markets where investors expect much future growth driven by new technology (electric cars). When looking at the current MRQ (most recent quarter) PE ratio of Tesla ( jan. 2021) it's about 247 while the average in the industry is only 6. That might be a clue that Tesla is trading for way too high prices compared to their current assets and is more based on future growth.

2.2. Price Earnings to Growth Ratio

Measures the predicted future growth of Advent.

Lower is better.
A PEG ratio of 1 means the market price of the stock and the expected future earnings are on par.

Let's take a look of the Price Earnings to Growth Ratio trends of Advent Technologies Holdings Inc:

The MRQ is 0.934. Good. +1
The TTM is -4.105. Very Bad. -2

Trends

Current period		Compared to		+/-
MRQ	0.934	TTM	-4.105	+5.039
TTM	-4.105	YOY	51.788	-55.893
TTM	-4.105	5Y	604.901	-609.005
5Y	604.901	10Y	604.901	0.000

Compared to industry (Utilities-Renewable)

Period	Company	Industry (mean)	+/-
MRQ	0.934	8.758	-7.824
TTM	-4.105	21.761	-25.866
YOY	51.788	21.846	+29.942
5Y	604.901	62.928	+541.973
10Y	604.901	118.627	+486.274

PEG Ratio	Meaning
0.5	You can buy the stock cheap based on future growth
1	You pay a fair price based on future growth
2	The stock is overpriced based on future growth

2. Book Value per Share

2.3. Price to Book Ratio

Measures if the stock price of Advent is to cheap or to expensive compared to its book value.

At or below 1 is considered healthy (always compare to Utilities-Renewable industry mean).
A PB ratio of 1.49 means the investor is paying $1.49 for each $1 in book value.

Let's take a look of the Price to Book Ratio trends of Advent Technologies Holdings Inc:

The EOD is 0.604. Very good. +2
The MRQ is 1.493. Good. +1
The TTM is 1.271. Good. +1

Trends

Current period		Compared to		+/-
EOD	0.604	MRQ	1.493	-0.888
MRQ	1.493	TTM	1.271	+0.222
TTM	1.271	YOY	38.167	-36.897
TTM	1.271	5Y	12.309	-11.039
5Y	12.309	10Y	12.309	0.000

Compared to industry (Utilities-Renewable)

Period	Company	Industry (mean)	+/-
EOD	0.604	1.283	-0.679
MRQ	1.493	1.367	+0.126
TTM	1.271	1.623	-0.352
YOY	38.167	2.055	+36.112
5Y	12.309	1.752	+10.557
10Y	12.309	1.843	+10.466

2. Total Gains per Share

3. Holders & Insider Transactions

Let's take a look at which institutions, funds and insiders are holding shares of Advent Technologies Holdings Inc.

3.1. Institutions holding Advent Technologies Holdings Inc

Institutions are holding 23.504% of the shares of Advent Technologies Holdings Inc.

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2022-12-31	BNP Paribas Investment Partners SA	10.6188	0.036	5549573	85357	1.5621
2022-12-31	National Asset Management Inc	9.8073	0.2335	5125446	5125446	0
2022-12-31	Vanguard Group Inc	2.5177	0.0001	1315800	36355	2.8415
2022-12-31	Penserra Capital Management, LLC	1.668	0.0346	871710	127138	17.0753
2022-12-31	BlackRock Inc	1.3805	0	721464	472	0.0655
2022-09-30	Prince Street Capital Management LLC	1.3394	5.3161	700000	370000	112.1212
2022-12-31	Renaissance Technologies Corp	1.2749	0.0017	666300	311000	87.5317
2022-12-31	AllianceBernstein L.P.	0.762	0.0003	398226	104455	35.5566
2022-12-31	Geode Capital Management, LLC	0.6655	0.0001	347798	3534	1.0265
2022-12-31	First Trust Advisors L.P.	0.6209	0.0007	324478	-9698	-2.9021
2022-12-31	Mirae Asset Global Investments (Korea) Co Ltd	0.6041	0.0015	315728	236864	300.3449
2022-12-31	Van Eck Associates Corporation	0.3254	0.0008	170072	32322	23.4642
2022-12-31	State Street Corporation	0.3067	0	160304	30400	23.4019
2022-12-31	Bank of New York Mellon Corp	0.1831	0	95671	82396	620.6855
2022-12-31	Susquehanna International Group, LLP	0.1489	0	77817	77817	0
2022-12-31	Morgan Stanley - Brokerage Accounts	0.127	0	66393	-82704	-55.4699
2022-12-31	Northern Trust Corp	0.1183	0	61822	0	0
2022-12-31	Banque Cantonale Vaudoise	0.103	0.0051	53809	1728	3.3179
2022-12-31	HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND	0.0802	0.0004	41910	10594	33.8294
2022-12-31	FMR Inc	0.0801	0	41862	-230	-0.5464
Total		32.7318	5.6309	17106183	+6543246	+38.3%

3.2. Funds holding Advent Technologies Holdings Inc

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2023-03-31	BNP Paribas Energy Transition C D	13.8978	0.3685	7263231	-1235	-0.017
2023-03-31	Vanguard Total Stock Mkt Idx Inv	1.4554	0.0001	760618	0	0
2022-12-31	Vanguard Instl Ttl Stck Mkt Idx Tr	1.4554	0.0001	760618	35697	4.9243
2023-03-31	Vanguard Extended Market Index Investor	0.9686	0.0006	506225	0	0
2023-02-28	AB All Market Real Return I	0.7501	0.0691	391999	14559	3.8573
2023-03-31	Defiance Next Gen H2 ETF	0.7136	1.0072	372962	0	0
2023-03-31	Global X Hydrogen ETF	0.6663	0.9224	348224	0	0
2023-03-31	VanEck Hydrogen Ecoy ETF A USD	0.3899	0.1892	203743	0	0
2023-02-28	Fidelity® Extended Market Index	0.3029	0.0009	158293	0	0
2023-03-31	iShares Micro-Cap ETF	0.1607	0.0099	84006	0	0
2023-03-31	BlackRock Extended Mkt Composite	0.1585	0.0007	82857	0	0
2023-02-28	Fidelity® Total Market Index	0.1423	0.0002	74346	0	0
2023-03-31	BlackRock Extended Equity Market K	0.1374	0.0007	71782	-838	-1.154
2023-02-28	Fidelity® Series Total Market Index	0.0794	0.0001	41512	0	0
2023-03-31	NT Ext Equity Mkt Idx Fd - NL	0.0602	0.0007	31453	0	0
2023-03-31	NT Ext Equity Mkt Idx Fd - DC - NL - T2	0.0509	0.0007	26620	1086	4.2532
2023-03-31	Northern Trust Extended Eq Market Idx	0.0486	0.0005	25416	0	0
2023-03-31	NT Ext Equity Mkt Idx Fd - L	0.0486	0.0005	25416	0	0
2023-02-28	Fidelity® NASDAQ Composite Index®	0.0483	0.0004	25238	0	0
2023-03-31	Vanguard Balanced Index Inv	0.04	0	20900	0	0
Total		21.5749	2.5725	11275459	+49269	+0.4%

4. Summary

4.1. Key Performance Indicators

The key performance indicators of Advent Technologies Holdings Inc compared to the Most Recent Quarter (MRQ).

	End of day	+/-	Most Recent Quarter	Trailing 12 Months	+/-	Year-Over-Year	+/-	5 Year	+/-	10 Year	+/-
Book Value Change Per Share	-	-	-0.818	-0.312	-62%	0.223	-467%	0.081	-1111%	0.081	-1111%
Book Value Growth	-	-	0.597	0.853	-30%	5.906	-90%	2.306	-74%	2.306	-74%
Book Value Per Share	-	-	1.213	1.977	-39%	1.786	-32%	2.564	-53%	2.564	-53%
Book Value Per Share Growth	-	-	0.597	0.853	-30%	5.906	-90%	2.306	-74%	2.306	-74%
Current Ratio	-	-	3.622	4.725	-23%	11.426	-68%	4.521	-20%	4.521	-20%
Debt To Asset Ratio	-	-	0.284	0.178	+59%	0.387	-27%	0.177	+60%	0.177	+60%
Debt To Equity Ratio	-	-	0.397	0.225	+77%	4.634	-91%	1.452	-73%	1.452	-73%
Dividend Per Share	-	-	-	-	0%	-	0%	-	0%	-	0%
Eps	-	-	-0.900	-0.351	-61%	-0.097	-89%	-0.121	-87%	-0.121	-87%
Eps Growth	-	-	-2.153	-0.090	-96%	0.559	-485%	0.219	-1083%	0.219	-1083%
Free Cash Flow Per Share	-	-	-0.198	-0.219	+10%	-0.150	-24%	-0.105	-47%	-0.105	-47%
Free Cash Flow Per Share Growth	-	-	-0.850	0.664	-228%	0.197	-532%	-0.078	-91%	-0.078	-91%
Free Cash Flow To Equity Per Share	-	-	-0.198	-0.220	+11%	-0.766	+286%	-0.433	+118%	-0.433	+118%
Free Cash Flow To Equity Per Share Growth	-	-	-0.818	0.671	-222%	1.045	-178%	-23.227	+2738%	-23.227	+2738%
Gross Profit Margin	-	-	0.635	0.909	-30%	-3.144	+595%	-0.130	+120%	-0.130	+120%
Intrinsic Value_10Y_max	-	-	10.292	-	-	-	-	-	-	-	-
Intrinsic Value_10Y_min	-	-	-11.928	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_max	-	-	-0.296	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_min	-	-	-0.936	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_max	-	-	0.122	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_min	-	-	-3.054	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_max	-	-	1.760	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_min	-	-	-5.419	-	-	-	-	-	-	-	-
Net Profit Margin	-	-	-24.336	-9.347	-62%	-3.445	-86%	-3.736	-85%	-3.736	-85%
Operating Margin	-	-	13.119	-1.737	+113%	-4.559	+135%	-1.812	+114%	-1.812	+114%
Operating Ratio	-	-	6.704	7.442	-10%	4.106	+63%	3.574	+88%	3.574	+88%
Pb Ratio	0.604	-147%	1.493	1.271	+17%	38.167	-96%	12.309	-88%	12.309	-88%
Pe Ratio	-0.814	+60%	-2.010	-14.511	+622%	-0.109	-95%	-129.258	+6330%	-129.258	+6330%
Peg Ratio	-	-	0.934	-4.105	+540%	51.788	-98%	604.901	-100%	604.901	-100%
Price Per Share	0.733	-147%	1.810	2.428	-25%	9.685	-81%	8.279	-78%	8.279	-78%
Price To Total Gains Ratio	-0.896	+60%	-2.214	-26.072	+1078%	-12.743	+476%	153.699	-101%	153.699	-101%
Profit Growth	-	-	-2.153	-0.090	-96%	176.543	-101%	50.636	-104%	50.636	-104%
Quick Ratio	-	-	2.481	3.493	-29%	11.094	-78%	4.027	-38%	4.027	-38%
Return On Assets	-	-	-0.532	-0.183	-66%	-0.035	-93%	-0.058	-89%	-0.058	-89%
Return On Equity	-	-	-0.742	-0.244	-67%	-0.024	-97%	-0.072	-90%	-0.072	-90%
Revenue Growth	-	-	0.816	1.025	-20%	2.077	-61%	1.120	-27%	1.120	-27%
Total Gains Per Share	-	-	-0.818	-0.312	-62%	0.223	-467%	0.081	-1111%	0.081	-1111%
Total Gains Per Share Growth	-	-	-2.009	-0.899	-55%	1.027	-296%	-20.878	+939%	-20.878	+939%
Usd Book Value	-	-	64148000.000	104569250.000	-39%	94497023.250	-32%	135607983.333	-53%	135607983.333	-53%
Usd Book Value Change Per Share	-	-	-0.818	-0.312	-62%	0.223	-467%	0.081	-1111%	0.081	-1111%
Usd Book Value Per Share	-	-	1.213	1.977	-39%	1.786	-32%	2.564	-53%	2.564	-53%
Usd Dividend Per Share	-	-	-	-	0%	-	0%	-	0%	-	0%
Usd Eps	-	-	-0.900	-0.351	-61%	-0.097	-89%	-0.121	-87%	-0.121	-87%
Usd Free Cash Flow	-	-	-10494000.000	-11581500.000	+10%	-7942152.250	-24%	-5534597.733	-47%	-5534597.733	-47%
Usd Free Cash Flow Per Share	-	-	-0.198	-0.219	+10%	-0.150	-24%	-0.105	-47%	-0.105	-47%
Usd Free Cash Flow To Equity Per Share	-	-	-0.198	-0.220	+11%	-0.766	+286%	-0.433	+118%	-0.433	+118%
Usd Price Per Share	0.733	-147%	1.810	2.428	-25%	9.685	-81%	8.279	-78%	8.279	-78%
Usd Profit	-	-	-47625000.000	-18584250.000	-61%	-5751207.750	-88%	-6397032.719	-87%	-6397032.719	-87%
Usd Revenue	-	-	1957000.000	1959250.000	0%	1263379.500	+55%	852683.467	+130%	852683.467	+130%
Usd Total Gains Per Share	-	-	-0.818	-0.312	-62%	0.223	-467%	0.081	-1111%	0.081	-1111%
	EOD	+3 -2	MRQ	TTM	+9 -31	YOY	+12 -28	5Y	+11 -29	10Y	+11 -29

4.2. Fundamental Score

Let's check the fundamental score of Advent Technologies Holdings Inc based on Penke's default stock scanner.

Penke's Stock Scanner

Indicator	Condition		Value
Price to Earnings Ratio (EOD)	Between	0-15	-0.814
Price to Book Ratio (EOD)	Between	0-1	0.604
Net Profit Margin (MRQ)	Greater than	0	-24.336
Operating Margin (MRQ)	Greater than	0	13.119
Quick Ratio (MRQ)	Greater than	1	2.481
Current Ratio (MRQ)	Greater than	1	3.622
Debt to Asset Ratio (MRQ)	Less than	1	0.284
Debt to Equity Ratio (MRQ)	Less than	1	0.397
Return on Equity (MRQ)	Greater than	0.15	-0.742
Return on Assets (MRQ)	Greater than	0.05	-0.532
Total			6/10 (60.0%)

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4.3. Technical Score

Let's check the technical score of Advent Technologies Holdings Inc based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Open	Greater than	Close	0.850
Total			1/1 (100.0%)

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Reversals in quarterly reports

I have detected a reversal (positive to negative, negative to positive) in the following values of the quarterly reports.

	2021-12-31		2022-03-31		2022-06-30		2022-09-30		2022-12-31
EBIT	-8,134	-4,965	-13,099	1,947	-11,152	60	-11,092	36,765	25,673
EBITDA	-6,577	-5,826	-12,403	2,187	-10,216	764	-9,452	35,776	26,324
Operating Income	-16,660	3,561	-13,099	1,947	-11,152	60	-11,092	36,765	25,673

Latest Balance Sheet

Balance Sheet of 2022-12-31. Currency in USD. All numbers in thousands.

Summary

Total Assets	89,588
Total Liabilities	25,440
Total Stockholder Equity	64,148

	As reported
Total Liabilities	25,440
Total Stockholder Equity	+ 64,148
Total Assets	= 89,588

Assets

Total Assets	89,588
Total Current Assets	49,500
Long-term Assets	49,500

Total Current Assets

Total Current Assets (as reported)	49,500
Cash And Cash Equivalents	32,869
Net Receivables	1,031
Inventory	12,620
Other Current Assets	2,980
Total Current Assets (calculated)	49,500
+/-	0

Long-term Assets

Long-term Assets (as reported)	40,088
Property Plant Equipment	21,993
Goodwill	5,742
Long Term Investments	320
Intangible Assets	6,062
Long-term Assets Other	5,971
Long-term Assets (calculated)	40,088
+/-	0

Liabilities & Shareholders' Equity

Total Current Liabilities	13,666
Long-term Liabilities	11,774
Total Stockholder Equity	64,148

Total Current Liabilities

Total Current Liabilities (as reported)	13,666
Short-term Debt	2,280
Accounts payable	4,680
Other Current Liabilities	4,886
Total Current Liabilities (calculated)	11,846
+/-	1,820

Long-term Liabilities

Long-term Liabilities (as reported)	11,774
Capital Lease Obligations	12,082
Long-term Liabilities (calculated)	12,082
+/-	308

Total Stockholder Equity

Total Stockholder Equity (as reported)	64,148
Common Stock	5
Retained Earnings	-107,762
Accumulated Other Comprehensive Income	-2,604
Other Stockholders Equity	174,509
Total Stockholder Equity (calculated)	64,148
+/-	0

Other

Capital Stock	5
Cash and Short Term Investments	32,869
Common Stock Shares Outstanding	51,529
Current Deferred Revenue	1,820
Liabilities and Stockholders Equity	89,588
Net Debt	-20,787
Net Invested Capital	64,148
Net Working Capital	35,834
Short Long Term Debt Total	12,082

Balance Sheet

Currency in USD. All numbers in thousands.

Trend

2022-12-31

2022-09-30

2022-06-30

2022-03-31

2021-12-31

2021-09-30

2021-06-30

2021-03-31

2020-12-31

2020-09-30

2020-06-30

2020-03-31

2019-12-31

2019-09-30

2019-06-30

2019-03-31

2018-09-30

> Total Assets

164
223,196
224,066
225,146
226,011
226,380
152,980
153,917
93,923
93,923
130,359
173,964
163,031
148,172
137,357
127,494
89,588

89,588

127,494

137,357

148,172

163,031

173,964

130,359

93,923

153,917

152,980

226,380

226,011

225,146

224,066

223,196

164

> Total Current Assets

34
875
729
630
578
460
189
136
583
583
121,375
108,364
97,351
82,624
71,026
61,345
49,500

49,500

61,345

71,026

82,624

97,351

108,364

121,375

583

136

189

460

578

630

729

875

Cash And Cash Equivalents

34
736
639
589
520
377
118
110
25
25
116,109
92,492
79,764
59,282
46,536
42,446
32,869

32,869

42,446

46,536

59,282

79,764

92,492

116,109

110

118

377

520

589

639

736

Net Receivables

0
0
0
0
0
555
555
637
886
2,263
1,982
7,930
9,190
3,896
3,552
6,039
1,031

1,031

6,039

3,552

3,896

9,190

7,930

1,982

2,263

886

637

555

Other Current Assets

0
0
0
0
0
82
71
26
116
558
2,426
2,343
1,439
10,235
10,690
270
2,980

2,980

270

10,690

10,235

1,439

2,343

2,426

558

116

> Long-term Assets

130
222,320
223,337
224,516
225,433
225,920
152,791
153,781
93,340
93,340
8,984
65,600
65,680
65,548
66,331
66,149
40,088

40,088

66,149

66,331

65,548

65,680

65,600

8,984

93,340

153,781

152,791

225,920

225,433

224,516

223,337

222,320

130

Property Plant Equipment

0
0
0
0
0
140
140
163
199
318
1,115
7,883
8,585
8,964
9,648
9,745
21,993

21,993

9,745

9,648

8,964

8,585

7,883

1,115

318

199

163

140

Goodwill

0
0
0
0
0
0
0
0
0
0
0
0
30,030
30,030
30,030
30,030
5,742

5,742

30,030

Long Term Investments

0
0
0
0
0
0
0
0
0
0
0
0
0
0
311
291
320

320

291

311

Intangible Assets

0
0
0
0
0
0
0
0
0
5,179
5,208
54,282
23,344
22,657
22,041
21,338
6,062

6,062

21,338

22,041

22,657

23,344

54,282

5,208

5,179

Long-term Assets Other

130
222,320
223,337
224,516
225,433
225,920
152,791
153,781
93,340
93,340
7,869
56,437
2,475
2,523
2,696
2,918
5,971

5,971

2,918

2,696

2,523

2,475

56,437

7,869

93,340

153,781

152,791

225,920

225,433

224,516

223,337

222,320

130

> Total Liabilities

143
8,295
8,322
8,562
9,002
9,006
8,611
10,166
10,898
88,923
23,705
37,831
32,829
19,624
19,173
20,097
25,440

25,440

20,097

19,173

19,624

32,829

37,831

23,705

88,923

10,898

10,166

8,611

9,006

9,002

8,562

8,322

8,295

143

> Total Current Liabilities

143
577
604
844
1,284
1,288
892
2,447
3,180
3,180
3,642
15,410
18,870
14,379
13,768
14,022
13,666

13,666

14,022

13,768

14,379

18,870

15,410

3,642

3,180

2,447

892

1,288

1,284

844

604

577

143

Short-term Debt

143
0
0
0
0
0
746
2,330
0
2,766
0
0
0
0
0
0
2,280

2,280

2,766

2,330

746

143

Short Long Term Debt

0
0
0
0
0
0
0
0
2,766
0
0
0
0
0
0
0
0

2,766

Accounts payable

0
0
0
0
0
40
79
58
827
349
2,883
5,523
4,837
5,474
4,929
3,630
4,680

4,680

3,630

4,929

5,474

4,837

5,523

2,883

349

827

Other Current Liabilities

0
0
0
0
0
1,248
67
59
642
25
361
7,626
12,709
8,155
7,702
8,265
4,886

4,886

8,265

7,702

8,155

12,709

7,626

361

642

1,248

> Long-term Liabilities

0
7,718
7,718
7,718
7,718
7,718
7,718
7,718
85,742
85,742
20,064
22,421
13,959
5,245
5,405
6,075
11,774

11,774

6,075

5,405

5,245

13,959

22,421

20,064

85,742

7,718

Other Liabilities

0
0
0
0
0
219
219
183
216
23,419
19,881
22,421
12,963
5,245
5,405
6,075
0

6,075

5,405

5,245

12,963

22,421

19,881

23,419

216

183

219

Deferred Long Term Liability

0
0
0
0
0
0
0
0
0
23,351
19,705
21,040
0
0
4,472
5,284
0

5,284

4,472

21,040

19,705

23,351

> Total Stockholder Equity

0
0
0
0
0
217,374
144,369
143,751
5,000
5,000
106,654
136,133
130,202
128,548
118,184
107,397
64,148

64,148

107,397

118,184

128,548

130,202

136,133

106,654

5,000

143,751

144,369

217,374

Common Stock

0
0
0
0
0
212,374
139,370
138,752
3
1
5
5
5
5
5
5
5

138,752

139,370

212,374

Retained Earnings Total Equity

-60,137

-48,669

-24,419

-13,139

-9,996

Accumulated Other Comprehensive Income

0
0
0
0
0
0
0
0
0
131
-176
-717
-1,273
-1,691
-3,132
-4,313
-2,604

-2,604

-4,313

-3,132

-1,691

-1,273

-717

-176

131

Capital Surplus

0
0
0
0
0
0
0
0
0
118,568
119,965
161,264
0
0
169,980
171,842
0

171,842

169,980

161,264

119,965

118,568

Treasury Stock

Other Stockholders Equity

0
0
0
0
0
1,454
1,872
2,490
112
2,813
119,965
161,264
164,894
167,755
169,980
171,842
174,509

174,509

171,842

169,980

167,755

164,894

161,264

119,965

2,813

112

2,490

1,872

1,454

Balance Sheet

Currency in USD. All numbers in thousands.

	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31
Accounts Payable	4,680	4,837	349	25	109
Accumulated Other Comprehensive Income	-2,604	-1,291	-	-	-
Capital Lease Obligations	12,082	-	-	-	-
Capital Stock	5	5	1	1	-
Capital Surpluse	-	-	53,536	-	-
Cash	32,869	79,764	25	520	886
Cash And Short Term Investments	32,869	79,764	25	520	886
Common Stock	5	5	1	1	209,111
Common Stock Shares Outstanding	51,529	45,815	20,519	20,519	-
Common Stock Total Equity	-	-	78,024	212,009	209,111
Current Deferred Revenue	1,820	1,323	-	-	-
Deferred Long Term Liab	-	-	109,467	-	-
Good Will	5,742	30,030	-	-	-
Intangible Assets	6,062	23,344	-	-	-
Inventory	12,620	6,958	108	32	28
Liabilities And Stockholders Equity	89,588	163,031	93,923	226,011	222,076
Long Term Debt	-	138	-	-	-
Long Term Investments	320	-	-	-	-
Net Debt	-20,787	-79,627	2,741	-520	-886
Net Invested Capital	64,148	130,202	85,790	217,008	-
Net Receivables	1,031	4,756	886	587	371
Net Tangible Assets	-	76,828	-1,796	-836	-4,760
Net Working Capital	35,834	78,481	-2,598	-707	-
Non Current Assets Total	40,088	65,680	93,340	225,433	221,060
Non Current Liabilities Other	852	996	7,718	-	-
Non Current Liabilities Total	11,774	13,959	85,742	219,727	7,718
Non Currrent Assets Other	5,971	2,475	93,340	225,433	221,060
Other Assets	-	3,721	93,340	0	0
Other Current Assets	2,980	5,873	354	57	130
Other Current Liab	4,886	12,709	65	1,259	138
Other Liab	-	12,963	216	209	87
Other Stockholder Equity	174,509	164,894	2,813	1,819	4,999
Property Plant And Equipment Net	21,993	8,585	-	-	-
Property Plant Equipment	-	8,585	199	85	68
Retained Earnings	-107,762	-33,406	2,187	3,181	-9,409
Retained Earnings Total Equity	-	-	-79,980	-	-
Short Long Term Debt	-	-	2,766	-	-
Short Long Term Debt Total	12,082	138	2,766	-	-
Short Term Debt	2,280	-	2,766	-	-
Total Assets	89,588	163,031	93,923	226,011	222,076
Total Current Assets	49,500	97,351	583	578	1,016
Total Current Liabilities	13,666	18,870	3,180	1,284	247
Total Liab	25,440	32,829	88,923	221,011	7,966
Total Stockholder Equity	64,148	130,202	5,000	5,000	214,111

	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-09-30
Accounts Payable	4,680	3,630	4,929	5,474	4,837	5,523	2,883	349	827	58	79	40	-	-	-	-	-
Accumulated Other Comprehensive Income	-2,604	-4,313	-3,132	-1,691	-1,273	-717	-176	131	-	-	-	-	-	-	-	-	-
Capital Lease Obligations	12,082	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Capital Stock	5	5	5	5	5	5	5	-	-	-	-	-	-	-	-	-	-
Capital Surpluse	-	171,842	169,980	-	-	161,264	119,965	118,568	-	-	-	-	-	-	-	-	-
Cash	32,869	42,446	46,536	59,282	79,764	92,492	116,109	25	25	110	118	377	520	589	639	736	34
Cash And Short Term Investments	32,869	42,446	46,536	59,282	79,764	92,492	116,109	25	-	110	118	377	-	-	-	-	-
Common Stock	5	5	5	5	5	5	5	1	3	138,752	139,370	212,374	-	-	-	-	-
Common Stock Shares Outstanding	51,529	51,660	51,477	51,254	51,254	48,325	46,126	46,106	6,725	23,183	18,736	6,719	6,719	6,699	6,700	-	-
Common Stock Total Equity	-	5	5	-	-	5	5	78,024	78,024	138,752	139,370	212,374	212,009	211,585	210,744	209,901	1
Current Deferred Revenue	1,820	2,127	1,137	750	1,323	1,127	206	351	-	-	-	-	-	-	-	-	-
Deferred Long Term Liab	-	5,284	4,472	-	-	21,040	19,705	23,351	-	-	-	-	-	-	-	-	-
Good Will	5,742	30,030	30,030	30,030	30,030	-	-	-	-	-	-	-	-	-	-	-	-
Intangible Assets	6,062	21,338	22,041	22,657	23,344	54,282	5,208	5,179	-	-	-	-	-	-	-	-	-
Inventory	12,620	10,933	10,248	9,211	6,958	5,599	858	813	108	107	95	95	-	-	-	-	-
Liabilities And Stockholders Equity	89,588	127,494	137,357	148,172	163,031	173,964	130,359	93,923	15,898	153,917	152,980	226,380	226,011	225,146	224,066	223,196	164
Long Term Debt	-	-	-	-	138	-	-	-	-	-	-	-	-	-	-	-	-
Long Term Investments	320	291	311	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Debt	-20,787	-42,446	-46,536	-59,282	-79,627	-92,492	-116,109	2,741	-25	2,220	628	-377	-520	-589	-639	-736	109
Net Invested Capital	64,148	107,397	118,184	128,548	130,202	136,133	106,654	108,708	7,766	-	-	-	-	-	-	-	-
Net Receivables	1,031	6,039	3,552	3,896	9,190	7,930	1,982	2,263	886	637	555	555	-	-	-	-	-
Net Tangible Assets	-	56,029	66,113	75,861	76,828	81,851	101,446	103,529	-1,796	-556	-16	-16	-	-	-	-	-
Net Working Capital	35,834	47,323	57,258	68,245	78,481	92,954	117,733	126,823	-2,598	-	-	-	-	-	-	-	-
Non Current Assets Total	40,088	66,149	66,331	65,548	65,680	65,600	8,984	93,340	93,340	153,781	152,791	225,920	225,433	224,516	223,337	222,320	130
Non Current Liabilities Other	852	791	933	956	996	1,381	182	194	-	-	-	-	-	-	-	-	-
Non Current Liabilities Total	11,774	6,075	5,405	5,245	13,959	22,421	20,064	85,742	85,742	7,718	7,718	7,718	7,718	7,718	7,718	7,718	-
Non Currrent Assets Other	5,971	2,918	2,696	2,523	2,475	56,437	7,869	93,340	93,340	153,781	152,791	225,920	225,433	224,516	223,337	222,320	130
Other Assets	-	4,745	4,612	3,897	3,721	3,435	2,661	93,340	0	0	0	0	-	-	-	-	-
Other Current Assets	2,980	270	10,690	10,235	1,439	2,343	2,426	558	116	26	71	82	-	-	-	-	-
Other Current Liab	4,886	8,265	7,702	8,155	12,709	7,626	361	25	642	59	67	1,248	-	-	-	-	-
Other Liab	-	6,075	5,405	5,245	12,963	22,421	19,881	23,419	216	183	219	219	-	-	-	-	-
Other Stockholder Equity	174,509	171,842	169,980	167,755	164,894	161,264	119,965	2,813	112	2,490	1,872	1,454	-	-	-	-	-
Property Plant And Equipment Gross	-	-	-	-	-	-	1,115	318	-	-	-	-	-	-	-	-	-
Property Plant And Equipment Net	21,993	9,745	9,648	8,964	8,585	7,883	1,115	318	-	-	-	-	-	-	-	-	-
Property Plant Equipment	-	9,745	9,648	8,964	8,585	7,883	1,115	318	199	163	140	140	-	-	-	-	-
Retained Earnings	-107,762	-60,137	-48,669	-37,521	-33,425	-24,419	-13,139	2,187	2,187	2,509	3,127	3,546	3,181	2,756	1,941	1,098	-4
Retained Earnings Total Equity	-	-60,137	-48,669	-	-	-24,419	-13,139	-9,996	-	-	-	-	-	-	-	-	-
Short Long Term Debt	-	-	-	-	-	-	-	-	2,766	-	-	-	-	-	-	-	-
Short Long Term Debt Total	12,082	-	-	-	138	-	-	2,766	-	2,330	746	-	-	-	-	-	143
Short Term Debt	2,280	-	-	-	-	-	-	2,766	-	2,330	746	-	-	-	-	-	143
Total Assets	89,588	127,494	137,357	148,172	163,031	173,964	130,359	93,923	93,923	153,917	152,980	226,380	226,011	225,146	224,066	223,196	164
Total Current Assets	49,500	61,345	71,026	82,624	97,351	108,364	121,375	583	583	136	189	460	578	630	729	875	34
Total Current Liabilities	13,666	14,022	13,768	14,379	18,870	15,410	3,642	3,180	3,180	2,447	892	1,288	1,284	844	604	577	143
Total Liab	25,440	20,097	19,173	19,624	32,829	37,831	23,705	88,923	10,898	10,166	8,611	9,006	9,002	8,562	8,322	8,295	143
Total Stockholder Equity	64,148	107,397	118,184	128,548	130,202	136,133	106,654	5,000	5,000	143,751	144,369	217,374	-	-	-	-	-

Cash Flow

Currency in USD. All numbers in thousands.

	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31
Begin Period Cash Flow	79,764	516	520	886	-
Capital Expenditures	14,201	6,121	123	35	35
Cash And Cash Equivalents Changes	-	-	-495	-	-
Cash Flows Other Operating	-	-	-1,497	-	-
Change In Cash	-46,145	79,249	-495	-366	-31
Change In Working Capital	-6,999	-1,128	-1,370	1,135	-
Change To Account Receivables	1,830	-373	-139	-269	18
Change To Inventory	-5,932	-1,595	-75	-4	-28
Change To Liabilities	-	2,432	784	40	116
Change To Netincome	-	-15,929	871	91	42
Change To Operating Activities	-	-1,603	225	250	356
Depreciation	4,257	1,744	23	17	22
End Period Cash Flow	33,619	79,764	25	520	886
Free Cash Flow	-46,326	-41,975	-3,201	-631	-
Investments	-14,517	-25,557	132,930	265	-
Issuance Of Capital Stock	0	262	-	-	-
Net Borrowings	-	118	-500	-500	-500
Net Income	-74,337	-20,523	-994	2,873	-565
Other Cashflows From Financing Activities	-14,517	141,121	2,766	265	141,121
Other Cashflows From Investing Activities	-	-	132,930	-	-
Other Non Cash Items	36,510	-15,313,665,402	-837	-4,638	-
Sale Purchase Of Stock	-	0	-132,990	0	-
Stock Based Compensation	10,414	7,709	-	-	-
Total Cash From Financing Activities	-40	141,501	-130,225	1,351	1,351
Total Cash From Operating Activities	-32,125	-35,837	-3,201	-631	-41
Total Cashflows From Investing Activities	-	-25,557	-123	-35	-35

	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30
Begin Period Cash Flow	42,446	46,536	59,282	79,764	92,492	116,109	124,975	929	929	1,347	377	520	589	639	736	886	34	-
Capital Expenditures	10,535	872	1,781	1,013	1,562	1,100	3,400	77	33	24	32	32	0	0	0	0	0	0
Cash And Cash Equivalents Changes	-	-3,714	-11,996	-	-	-23,617	-8,866	124,459	-	-	-	-	-	-	-	-	-	-
Change In Cash	-8,827	-4,090	-12,746	-20,482	-12,728	-23,617	-8,866	-904	-904	-418	-259	-143	-68	-50	-96	-151	852	-
Change In Working Capital	49,662	-22,121	-10,045	-19,311	-39,253	-14,473	-9,090	129,421	-	-286	125	125	-122	-493	-339	-173	407	0
Change To Account Receivables	1,830	-	-	-	940	-373	-373	-373	-139	-139	-139	-139	-	-	-	-	-	-
Change To Inventory	-5,932	-	-	-	-1,595	-1,595	-1,595	-1,595	-75	-75	-75	-75	-	-	-	-	-	-
Change To Liabilities	-	0	0	0	2,432	0	0	0	784	0	0	0	-	-	-	-	-	-
Change To Netincome	-	8,762	86	-15,615	-3,418	2,541	-893	-15,289	498	395	-11	-11	-	-	-	-	-	-
Change To Operating Activities	-	-	-	-	-1,603	-1,603	-1,603	-1,603	225	225	225	225	-	-	-	-	-	-
Depreciation	4,257	-104	1,017	400	1,557	280	-29	187	23	23	23	23	-	-	-	-	-	-
End Period Cash Flow	33,619	42,446	46,536	59,282	79,764	92,492	116,109	25	25	929	118	377	520	589	639	736	886	34
Exchange Rate Changes	-	-	-	-	-	-552	-291	15	-	-	-	-	-	-	-	-	-	-
Free Cash Flow	-10,494	-3,682	-11,826	-20,324	-12,709	-9,558	-7,435	-2,066	-2,066	-378	-1,647	-352	-79	-50	-351	-151	-110	-4
Investments	-10,532	9	-328	-1,010	-1,555	-14,602	-5,347	-4,053	133,019	-24	-	-	-	-	-	-	-	-
Issuance Of Capital Stock	0	0	-	-	0	0	262	-	-	-	-	-	-	-	-	-	-	-
Net Borrowings	-	-	-	-	5	-4	117	117	117	117	-250	-250	-	-	-	-	-	-
Net Income	-74,337	-11,468	-11,148	-4,096	-9,006	-11,280	-3,143	424	-1	-749	-312	365	425	815	843	790	311	-4
Other Cashflows From Financing Activities	41	-41	-2,112	-1,010	5	-4	117	1,814	1,814	-24	73,227	209	10	-	-	-	963	13
Other Cashflows From Investing Activities	-	4	-61	3	3	-12,891	-4,476	-3,976	-	-	-	-	-	-	-	-	-	-
Other Non Cash Items	10,045	19,311	11,148	-15,215	-2,141	2,821	-892	-2,580	-2,155	395	-1,460	-843	-	-	-	-	-	-
Sale Purchase Of Stock	-	-	-	-	0	0	262	-132,921	-132,921	-35	-	-	-	-	-	-	-	-
Stock Based Compensation	10,414	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total Cash From Financing Activities	1	-41	-41	-41	5	-4	807	-131,107	-131,107	-26	454	454	-	-	-	-	221,484	38
Total Cash From Operating Activities	41	-2,810	-10,045	-19,311	-11,147	-8,459	-4,035	-2,156	-2,156	-354	-1,647	-352	-79	-50	-351	-151	-110	-4
Total Cashflows From Investing Activities	-	-863	-2,112	-1,010	-1,555	-14,602	-5,347	-4,053	-33	-24	-32	-32	-	-	-	-	-	-

Income Statement

Currency in USD. All numbers in thousands.

	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31
Cost Of Revenue	8,581	5,406	1,423	-	-
Depreciation And Amortization	71,324	1,744	-	-	-
Ebit	-85,427	-35,800	-1,631	3,942	-351
Ebitda	-14,103	-42,366	-1,631	-697	-
Gross Profit	-744	1,663	-1,423	-	-
Income Before Tax	-76,307	-21,446	-795	3,942	-
Income Tax Expense	-1,970	-923	199	1,069	101
Interest Expense	29,852	52	837	4,638	0
Net Income	-74,337	-20,523	-994	2,873	-
Net Income Applicable To Common Shares	-	-20,523	-3,121	-358	-565
Net Income From Continuing Ops	-74,337	-20,523	-994	2,873	-
Net Interest Income	52	-52	-	-	-
Non Operating Income Net Other	-	-	-98,384	-	-
Operating Income	-85,427	-44,110	-1,631	-697	-
Other Operating Expenses	54,342	829	1,631	697	436
Reconciled Depreciation	4,257	1,744	-	-	-
Research Development	9,796	3,541	-	-	-
Selling General Administrative	35,915	41,877	-	439	-
Tax Provision	-1,970	-923	199	1,069	-
Total Operating Expenses	45,761	51,179	1,631	697	-
Total Other Income Expense Net	9,120	22,716	837	4,638	-
Total Revenue	7,837	7,069	0	0	-

	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30
Cost Of Revenue	2,455	2,339	2,270	1,517	2,744	1,646	669	347	-	90	218	-	-	-	-
Depreciation And Amortization	651	1,640	936	696	1,557	310	-29	187	-	-	-	-	-	-	-
Ebit	25,673	-11,092	-11,152	-13,099	-8,134	-11,317	-3,140	2,916	-1,662	-773	-346	520	790	1,015	1,117
Ebitda	26,324	-9,452	-10,216	-12,403	-6,577	-11,007	-3,169	623	-218	-750	-309	520	-1,066	-1,343	-1,424
Gross Profit	-498	60	-45	-261	158	28	334	1,142	-	135	-18	-	-	-	-
Income Before Tax	-47,932	-12,035	-11,587	-4,753	-9,878	-11,331	-3,143	623	-1	-752	-309	520	790	1,015	1,117
Income Tax Expense	-307	-567	-439	-657	872	-51	-	199	-199	-3	3	155	366	200	274
Interest Expense	28,507	696	718	10	25	14	3	10	-	2	1	-	-	-	-
Net Income	-47,625	-11,468	-11,148	-4,096	-9,006	-11,280	-3,143	424	-1	-749	-312	365	425	815	843
Net Income Applicable To Common Shares	-	-11,468	-11,148	-4,096	-9,006	-11,280	-3,143	2,906	-1,703	-749	-335	-335	-	-	-
Net Income From Continuing Ops	-47,625	-11,468	-11,148	-4,096	-9,006	-11,382	-3,143	2,906	424	-749	-312	-	-	-	-
Net Interest Income	61	0	1	-10	-25	-14	-3	-10	-	-2	-1	-	-	-	-
Non Operating Income Net Other	-	-943	-436	-	-	2,391	3,645	9,873	-	-	-	-	-	-	-
Operating Income	25,673	-11,092	-11,152	-13,099	-16,660	-13,708	-6,786	-220	-2	-773	-407	-176	-138	-164	-154
Other Operating Expenses	13,119	13,491	13,377	14,355	764	15,382	7,789	306	21	999	607	176	138	164	154
Reconciled Depreciation	651	696	718	699	717	310	-29	187	-	0	0	-	-	-	-
Research Development	2,458	2,547	2,642	2,149	1,979	893	639	29	-	38	0	-	-	-	-
Selling And Marketing Expenses	-17,399	-	-	-	-	-	6,596	7,922	-	-	-	-	-	-	-
Selling General Administrative	26,657	8,203	7,956	10,498	14,318	13,041	6,596	7,922	-	887	444	117	88	114	103
Tax Provision	-307	-567	-439	-657	-872	-51	0	0	199	-3	3	-	-	-	-
Total Operating Expenses	10,664	11,152	11,107	12,838	-1,979	13,736	7,120	68	21	908	389	176	138	164	154
Total Other Income Expense Net	-73,605	-943	-435	8,346	6,782	2,377	3,642	843	-1	21	98	696	-928	-1,179	-1,271
Total Revenue	1,957	2,399	2,225	1,256	2,902	1,674	1,003	-526	-526	225	200	-	-	-	-

Latest Income Statement (annual, 2022-12-31)

Gross Profit (+$)
totalRevenue	7,837
Cost of Revenue	-8,581
Gross Profit	-744	-744

Operating Income (+$)
Gross Profit	-744
Operating Expense	-45,761
Operating Income	-85,427	-46,505

Operating Expense (+$)
Research Development	9,796
Selling General Administrative	35,915
Selling And Marketing Expenses	-
Operating Expense	45,761	45,711

Net Interest Income (+$)
Interest Income	-
Interest Expense	-29,852
Other Finance Cost	-29,904
Net Interest Income	52

Pretax Income (+$)
Operating Income	-85,427
Net Interest Income	52
Other Non-Operating Income Expenses	-
Income Before Tax (EBT)	-76,307	-94,547 EBIT - interestExpense = -115,279 -76,307 -44,485
Interest Expense	29,852
Earnings Before Interest and Taxes (EBIT)	-85,427	-46,455
Earnings Before Interest and Taxes (EBITDA)	-14,103

After tax Income (+$)
Income Before Tax	-76,307
Tax Provision	--1,970
Net Income From Continuing Ops	-74,337	-74,337
Net Income	-74,337
Net Income Applicable To Common Shares	-

Non-recurring Events
Discontinued Operations	-
Extraordinary Items	-
Effect of Accounting Charges	-
Other Items	-
Non Recurring	-
Other Operating Expenses	54,342
Total Other Income/Expenses Net	9,120	-52

Technicals of Advent

1. Trend Indicators

1.1 Moving Averages

Shows the moving average of the selected period.

Moving averages are lagging trend indicators.
There are many types of moving averages.
Moving averages are also used within other indicators.

Directionalities and relatives.

Moving Average	Amount of candles	Trend	Price +/-	vs. MA 50	vs. MA 100	vs. MA 200

Explanation: https://www.youtube.com/watch?v=xwW8h0lrQ-I

Shows the moving average of the selected period.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

There are various kinds of moving averages:

Simple moving average (SMA);
Exponential moving average (EMA);
Smoothed moving average (SMMA);
Linear weighted moving average (LWMA).

The moving average looks at a certain period of time and it calculates the price average. The various types of averages are using various formulas. Don’t worry, you don’t have to memorize any formula. All moving averages are calculated automatically by basically every charting software you use. But it’s good to know how moving averages are actually calculated.

Simple moving average

SMA is calculated by summing up the price closures of the selected period. The price is then divided by the selected period. For example, when using the 21 day moving average you sum up all the closing prices for each day and divide that by 21. The result is a line on the chart representing the average. Because it’s an average in the selected timeframe, the trend is always lagging. An moving average looks like this on the chart:

Source: Tradingview.com

In this case, the blue line represents a 21 day moving average. Because the average is based on results from the past, the indicator will always lag behind. For example, when price would suddenly go up, the moving average won't immediately follow.

All other moving averages discussed below look the same on the chart. The only difference is that the line will move in different directions based on the maths behind the used indicators and the amount of days used to determine the average.

Exponential moving average

The EMA gives more weight to the latest closing prices by giving them more value in the equation. EMA is calculated by adding a certain percentage to the latest closing prices:

EMA = (CLOSE (i) * P) + (EMA (i - 1) * (1 - P))

Where:

CLOSE (i) = current period close price.
EMA (i - 1) = value of the Moving Average of a preceding period.
P = the percentage of using the price value.

Smoothed moving average

A smoothed moving average is an exponential moving average with a long lookback period. Older prices are reduced in weight but are never left out in the calculation. Unlike SMA and EMA where prices are removed when they are beyond the selected period. SMMA is a combination of the SMA and EMA. The main advantage is that it smooths out fluctuations in price.

Linear weighted moving average

The LWMA gives the latest price the highest weight and then lineary scales down with each price before that. The result is that the LWMA reacts quicker to changes in price than the SMA or EMA. The formula:

LWMA = ((Pn∗W1)+(Pn−1∗W2)+(Pn−2∗W3)...) / ∑W

Where:

P = Price for the period.
n = The most recent period, n-1 is the prior period, and n-2 is two periods prior.
W = The assigned weight to each period, with the highest weight going first and then descending linearly based on the number of periods being used.

Moving averages are widely used by many traders. Which moving average you need depends on your trading strategy. Common practise is using a combination of multiple periods. For example, the EMA21, EMA50, EMA100 and EMA200. How does that look on a chart:

Source: Tradingview.com

The lowest (purple) line on the chart represents the EMA200 then following up the EMA100, EMA50 and EMA21.

You can use moving averages to determine a trend. The 200 moving average is mostly used as a baseline for determining the current trend:

When the 200 moving average is moving up it is considered a bullish trend.
When the 200 moving average is down it is considered a bearish trend.
When moving averages are flatlined, there is no clear trend so you should look for market structure, consolidation or trend reversals. Depending on how you want to trade.

This is not set in stone. Most trading strategies use multiple moving averages each with different settings. While one strategy might use the EMA20, the other uses the SMA21. There can be hundreds of different variations. Moving averages can also be used as support and resistance. More often than not, prices will bounce on moving averages.

Advent Technologies Holdings Inc Daily Moving Averages Chart

1.2 Moving Average Convergence/Divergence (MACD)

Shows the momentum of the selected period based on two moving averages.

MACD is a lagging momentum indicator.
Uses two moving averages.
Can show buy or sell signals based on momentum.
Can show overbought. and oversold. levels.

Let's take a look of the Moving Average Convergence/Divergence (MACD) of Advent Technologies Holdings Inc:

Advent Technologies Holdings Inc Daily Moving Average Convergence/Divergence (MACD) Chart

1.3 Directional Movement Index (DMI)

The DMI is a collection of 3 indicators: +DI (Plus Direction Indicator), -DI (Minus Direction Indicator) and ADX (Average Directional Index).

The ADX helps you determine the strength of a trend. Let's take a look of the ADX of Advent Technologies Holdings Inc:

The ADX is .

Advent Technologies Holdings Inc Daily Directional Movement Index (DMI) Chart

1.4 Parabolic SAR

Shows the current trend and potential entry and exit signals.

Parabolic SAR (stop and reverse) is a lagging trend indicator.
Shows the current trend.
Shows potential entry signals.
Shows potential exit signals.
Can be used to place trailing stoplosses..

The Parabolic SAR is lower than the price. The current trend is up. +2

Advent Technologies Holdings Inc Daily Parabolic SAR Chart

2. Momentum Indicators

2.1 Relative Strength Index (RSI)

Measures the speed and change of price movements.

Leading momentum indicator, meaning the signals are instant.
Ranges between 0 and 100.
Above 70 is considered overbought.
Below 30 is considered oversold.
Above or below 50 can also be used to determine price trend or support and resistance.
RSI divergence looks at a deviation between RSI and price movement. Penketrading automatically calculates RSI divergences.
Can be used in many different ways

The RSI is below 50. -1
The RSI is below 30 and oversold. +2

Measures the speed and change of price movements.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

The RSI measures the magnitude of recent price changes to determine if the asset is overbought or oversold.

Overbought (RSI above 70) means that the trading price is above its intrinsic value. This might indicate a sell or short signal.
Oversold (RSI below 30) means that the trading price is below its intrinsic value. This might indicate a buy or long signal.
RSI levels above or below 50 can also be used to determine a trend.
RSI divergence looks at a deviation between RSI and price movement.
Can be used in many different ways.

Original usage

Keep in mind that almost every indicator can be used in different ways. Even beyond the orginal settings. The relative strength index was developed by J. Welles Wilder. Wilder recommended a smoothing period of 14 days. That means a 14 day moving average (read more about this setting below). Another quote from the wikipedia page:

Wilders also considers the RSI 50 line as both support and resistance. I recommend to always read the original settings first before using an indicator. Many traders and websites are using their own version of the indicator which might be confusing.

How you can use RSI (Divergence)

First and foremost, there is no real right or wrong usage of the RSI indicator. You can use it in any way you want. Wilder recommends using a 14 day average but you can make it 50 or 100 if you like. Just keep in mind that using an indicator is just part of a larger trading plan. In other words, it’s not recommended to do any trading or investing based on a single indicator like the RSI.

The RSI is measured on a scale between 0 and 100. From 30 till 0 is considered oversold. and from 70 -100 is overbought. The RSI is a leading indicator, meaning the signals are instant.

I like to use the RSI as a trend\momentum indicator and not as an overbought or oversold indicator. I use the middle (50) as the baseline. When prices go above RSI 50 the trend is bullish and can indicate long positions. When below 50 it is considered bearish and can indicate short positions. Other traders use the 70 and 30 levels as overbought/oversold depending on the used strategy. The RSI indicator looks like this:

Source: Tradingview.com

The general concensus is that an RSI above 70 indicates that the security is overbought. In other words, the price this security is trading for is to high and should come down. So if RSI hits 70 or above this might indicate a sell signal or taking a short position (expecting the price will go down). Although RSI above 70 indicates the security is trading above it's fair value, that does not mean the price will go down.

Use tradingview to add indicators

I highly recommend using tradingview to add indicators to a chart. It has all the indicators you can think off and can add them for free (up to three indicators) to any chart you want. You can see that the levels 30 and 70 are marked with a dotted line. If you want you can remove these lines or give it another colour using Tradingview. You can also adjust the moving average used. You can also find RSI indicators made by the community that include other settings like RSI divergences.

Tradingview

Use Tradingview to (back)test your strategies and add hundreds of indicators created by the community.

View tool on Tradingview.com

RSI divergence

RSI is not only used to determine momentum but can also spot reversals or continuations of the trend. A reversal means that the trend is going in the opposite direction. From bullish to bearish or from bearish to bullish. These reversals can be spotted by looking at the price and the direction of the RSI. When the price is going up but the RSI is going down that means there is a divergence. This is also the case when RSI goes up but price is going down.

There are four types of divergences:

Regular bullish divergence
Regular bearish divergence
Hidden bullish divergence
Hidden bearish divergence

Regular bullish divergence

With a regular bullish divergence, the price is making lower highs but the oscillator (in this case the RSI) is making higher lows. A regular bullish divergence might indicate the end of the current trend. You’ll see regular bullish divergences mostly at the end of a downtrend. But that does not mean that every regular bullish divergence is a trend reversal.

Price is making lower highs
RSI is making higher lows
Indicating bullish reversal (price might go up)

Source: Tradingview.com

Regular bearish divergence

With a regular bearish divergence the price is making higher highs but the oscillator (in this case the RSI) is making lower highs. This might indicate the end of an uptrend.

Price is making higher highs
RSI is making lower highs
Indicating bearish reversal

Source: Tradingview.com

Hidden bullish divergence

With a hidden bullish divergence, the price is making a higher low while the RSI is making a lower low. This might indicate bullish trend continuation.

Price is making higher lows
RSI is making lower lows
Indicating bullish continuation

Source: Tradingview.com

As you have noticed, you can have multiple divergences in a row.

Hidden bearish divergence

With a hidden bearish divergence, price is making lower highs but RSI is making higher highs. This might indicate bearish trend continuation.

Price is making lower highs
RSI making higher highs
Indicating bearish continuation

Source: Tradingview.com

You can find many cheatsheets of RSI divergences online. Search for "RSI divergence overview" and you'll find a lot of examples. You can print these to learn the various types of divergences.

Advent Technologies Holdings Inc Daily Relative Strength Index (RSI) Chart

2.2 Stochastic Oscillator

Compares a certain price to multiple prices ranging over time.

Leading momentum indicator, meaning the signals are instant.
Used to determine overbought and oversold areas much like the RSI.
Ranges between 0 and 100.
Above 80 is considered overbought.
Below 20 is considered oversold.
Consists of two lines named K and D.
K compares the highest high and lowest low on the selected price range.
The D line is a moving average of the K line.
Can be used to spot divergences

The Stochastic is below 50. -1
The Stochastic is below 30 and oversold. +2

Advent Technologies Holdings Inc Daily Stochastic Oscillator Chart

2.3 Commodity Channel Index (CCI)

Advent Technologies Holdings Inc Daily Commodity Channel Index (CCI) Chart

2.4 Chande Momentum Oscillator (CMO)

Advent Technologies Holdings Inc Daily Chande Momentum Oscillator (CMO) Chart

2.5 Williams %R

Advent Technologies Holdings Inc Daily Williams %R Chart

3. Volatility Indicators

3.1 Bollinger Bands

Advent Technologies Holdings Inc Daily Bollinger Bands Chart

3.2 Average True Range (ATR)

Advent Technologies Holdings Inc Daily Average True Range (ATR) Chart

4. Volume Indicators

4.1 On-Balance Volume (OBV)

Advent Technologies Holdings Inc Daily On-Balance Volume (OBV) Chart

4.2 Money Flow Index (MFI)

Advent Technologies Holdings Inc Daily Money Flow Index (MFI) Chart

5. Summary

5.1. Notifications

Type	Notification	Date
Currently no notifications for Advent Technologies Holdings Inc.

5.2. Trading Signals

Date	Indicator	Entry signal	Exit signal
2023-05-25	STOCH	SHORT ENTRY	LONG CLOSE	80 crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE
2023-05-26	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	MFI	80 crossover to upside
2023-05-30	SAR	LONG ENTRY	SHORT CLOSE	price crossed sar to upside
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE

5.2. Technical Score

Let's check the technical score of Advent Technologies Holdings Inc based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Open	Greater than	Close	0.850
Total			1/1 (100.0%)

Create your own Symbol Scanner

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Quick analysis of Advent (30 sec.)

1. Valuation of Advent (5 min.)

$0.73

$1.21

2. Growth of Advent (5 min.)

Is Advent growing?

How much money is Advent making?

How much money comes from the company's main activities?

3. Financial Health of Advent (5 min.)

4. Comparing to competitors in the Utilities-Renewable industry (5 min.)

Industry Rankings (Utilities-Renewable)

Fundamentals of Advent

Financial Health

1.1. Profitability of Advent Technologies Holdings Inc.

1.1. Profitability

1.1.1. Net Profit Margin

Trends

Compared to industry (Utilities-Renewable)

1.1.2. Return on Assets

Trends

Compared to industry (Utilities-Renewable)

1.1.3. Return on Equity

Trends

Compared to industry (Utilities-Renewable)

1.2. Operating Efficiency of Advent Technologies Holdings Inc.

1.2. Operating Efficiency

1.2.1. Operating Margin

Trends

Compared to industry (Utilities-Renewable)

1.2.2. Operating Ratio

Trends

Compared to industry (Utilities-Renewable)

1.3. Liquidity of Advent Technologies Holdings Inc.

1.3. Liquidity

1.3.1. Current Ratio

Trends

Compared to industry (Utilities-Renewable)

1.3.2. Quick Ratio

Trends

Compared to industry (Utilities-Renewable)

1.4. Solvency of Advent Technologies Holdings Inc.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Trends

Compared to industry (Utilities-Renewable)

1.4.2. Debt to Equity Ratio

Trends

Compared to industry (Utilities-Renewable)

2. Market Valuation of Advent Technologies Holdings Inc

2. Earnings Per Share

2.1. Price to Earnings Ratio

Trends

Compared to industry (Utilities-Renewable)

2.2. Price Earnings to Growth Ratio

Trends

Compared to industry (Utilities-Renewable)

2. Book Value per Share

2.3. Price to Book Ratio

Trends

Compared to industry (Utilities-Renewable)

Advent Technologies Holdings Inc
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