Detailed financial statements for Aduro Clean Technologies Inc. (ADUR): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Aduro Clean Technologies Inc. is focused on pioneering water-based chemical recycling solutions. Their primary technological platform is designed to efficiently convert discarded materials such as end-of-life plastics and tire rubber into valuable specialty chemicals and different types of fuels.
Analysis Summary
Aduro Clean Technologies Inc. reported revenue of $169230 in the most recent fiscal year, growing at a 5-year CAGR of 34.9%.
Trailing-twelve-month margins: gross margin -211.9%, operating margin -107.8%, net margin -160.6%.
At the current price of $12.27, ADUR has negative trailing earnings (P/E not meaningful) and an ROE of -101.75%. Market capitalisation stands at $415M.
Balance sheet quality for ADUR: current ratio of 49.4, net cash position of $37.8M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | $110000 | $234470 | $37930 | 0 | $109629 | $337516 | $231212 | $169230 |
| Cost of Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $710578 |
| Gross Profit | 0 | $110000 | $234470 | $37930 | 0 | $109629 | $337516 | $231212 | -$541346 |
| Research & Development | 0 | 0 | $13267 | $310626 | $1.0M | $2.5M | $3.3M | $5.5M | $7.6M |
| Selling, General & Admin | $18300 | $236015 | $369800 | $2.9M | $3.7M | $3.3M | $4.0M | $6.1M | $10.1M |
| Operating Expenses | $18300 | $356452 | $429364 | $3.2M | $4.8M | $5.9M | $7.7M | $12.1M | $17.7M |
| Operating Income | -$18300 | -$246452 | -$194894 | -$3.2M | -$4.8M | -$5.8M | -$7.4M | -$11.8M | -$18.2M |
| EBITDA | -$18300 | -$246452 | -$157491 | -$3.1M | -$5.0M | -$5.7M | -$7.0M | -$11.6M | -$17.5M |
| Interest Expense | 0 | 0 | $49209 | $68427 | $46347 | $25946 | $31674 | $27044 | $31876 |
| Pre-tax Income | -$18300 | -$244919 | -$247979 | -$3.2M | -$5.1M | -$5.9M | -$7.4M | -$12.1M | -$27.2M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$18300 | -$244919 | -$247979 | -$3.2M | -$5.1M | -$5.9M | -$7.4M | -$12.1M | -$27.2M |
| EPS | $-0.01 | $-0.11 | $-0.18 | $-1.05 | $-0.41 | $-0.33 | $-0.36 | $-0.45 | $-0.84 |
| EPS (Diluted) | $-0.01 | $-0.11 | $-0.18 | $-1.05 | $-0.41 | $-0.33 | $-0.36 | $-0.45 | $-0.84 |
| Shares Outstanding (Diluted) | $2.4M | $2.2M | $1.4M | $5.5M | $12.4M | $17.6M | $20.4M | $27.2M | $32.2M |
Balance Sheet (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $302094 | $36081 | $45420 | $2.9M | $2.1M | $4.0M | $2.8M | $7.0M | $38.3M |
| Short-term Investments | 0 | $278750 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $468 | $1537 | $8291 | $76880 | $158408 | $461144 | $328277 | $304424 | $253537 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $304562 | $321868 | $53711 | $2.9M | $2.6M | $4.9M | $3.7M | $8.6M | $39.4M |
| Property, Plant & Equipment | 0 | 0 | $84957 | $70839 | $634620 | $2.7M | $3.3M | $4.3M | $8.9M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | $299534 | $49501 | $21232 | $4918 | $1366 | 0 | 0 | 0 |
| Total Assets | $304562 | $621868 | $188169 | $3.0M | $3.2M | $7.6M | $7.0M | $12.8M | $48.2M |
| Accounts Payable | 0 | $1665 | $479327 | $405243 | $585104 | $455048 | $461947 | $468037 | $707521 |
| Short-term Debt | 0 | 0 | $304774 | $30496 | $30935 | $27478 | 0 | 0 | $89493 |
| Total Current Liabilities | $2600 | $31298 | $1.0M | $584379 | $662165 | $517291 | $502303 | $528658 | $797014 |
| Long-term Debt | 0 | 0 | $299960 | $625816 | $27360 | 0 | 0 | 0 | 0 |
| Total Liabilities | $2600 | $31298 | $1.4M | $1.2M | $826748 | $613025 | $600533 | $1.0M | $18.4M |
| Retained Earnings | -$18339 | -$263258 | -$1.3M | -$4.5M | -$9.6M | -$15.5M | -$22.9M | -$35.0M | -$61.9M |
| Total Equity | $301962 | $590570 | -$1.2M | $1.8M | $2.4M | $7.0M | $6.4M | $11.8M | $29.9M |
| Total Debt | 0 | 0 | $695812 | $668922 | $241644 | $157977 | $138586 | $170953 | $485065 |
| Net Debt | -$302094 | -$314831 | $650392 | -$2.2M | -$1.9M | -$3.9M | -$2.7M | -$6.8M | -$37.8M |
| Working Capital | $301962 | $290570 | -$961853 | $2.4M | $1.9M | $4.4M | $3.2M | $8.0M | $38.6M |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Income | -$244919 | -$248545 | -$288215 | -$5.1M | -$5.9M | -$7.4M | -$12.1M | -$27.2M |
| Depreciation & Amortization | 0 | $32259 | $47353 | $47910 | $151313 | $431153 | $536302 | $710578 |
| Stock-based Compensation | $15000 | 0 | $1.0M | $1.8M | $1.9M | $1.5M | $3.2M | 0 |
| Change in Working Capital | -$4245 | -$20326 | -$368989 | -$348930 | -$701000 | $304106 | -$829674 | $697795 |
| Operating Cash Flow | -$234164 | -$17719 | -$1.0M | -$3.3M | -$4.5M | -$5.2M | -$9.0M | -$9.3M |
| Capital Expenditure | -$21626 | -$938 | -$19051 | -$410997 | -$2.0M | -$1.1M | -$1.4M | -$4.9M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | $10993 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$255790 | -$18657 | -$1.0M | -$3.7M | -$6.5M | -$6.4M | -$10.4M | -$14.1M |
Growth & Margins (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +113.2% | -83.8% | -100.0% | +207.9% | -31.5% | -26.8% | |||
| Net Income Growth (YoY) | -1238.4% | -1.2% | -1194.0% | -58.3% | -15.4% | -26.8% | -63.3% | -123.7% | |
| EPS Growth (YoY) | -1328.6% | -63.6% | -483.3% | +61.0% | +19.5% | -9.1% | -25.0% | -86.7% | |
| Shares Change (YoY) | -8.6% | -36.8% | +301.9% | +125.7% | +41.5% | +16.4% | +33.2% | +18.2% | |
| FCF Growth (YoY) | +92.7% | -5506.2% | -254.7% | -75.3% | +2.2% | -64.0% | -35.5% | ||
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | -319.9% | ||
| Operating Margin | -224.0% | -83.1% | -8355.2% | -5318.8% | -2190.3% | -5122.2% | -10777.9% | ||
| EBITDA Margin | -224.0% | -67.2% | -8149.2% | -5194.2% | -2072.1% | -5016.0% | -10358.0% | ||
| Net Margin | -222.7% | -105.8% | -8459.6% | -5348.3% | -2203.4% | -5253.1% | -16057.6% | ||
| FCF Margin | -232.5% | -8.0% | -2757.6% | -5931.1% | -1883.4% | -4508.6% | -8349.5% | ||
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.12 | $-0.01 | $-0.19 | $-0.30 | $-0.37 | $-0.31 | $-0.38 | $-0.44 | |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Shares Outstanding (Basic) | $2.4M | $2.2M | $1.4M | $5.5M | $12.4M | $17.6M | $20.4M | $27.2M | $32.2M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | -101.75% |
| Return on Invested Capital | -37.95% |
| Return on Assets | -55.71% |
| Gross Margin | -211.87% |
| Operating Margin | -10777.85% |
| Net Margin | -16057.45% |
Financial Health
| Debt / Equity | 0.02 |
| Current Ratio | 49.41 |
Key Ratios (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|
| P/E | -752.16 | -54.92 | -34.22 | -5.13 | -13.79 | -18.38 | -16.92 | -25.18 | -28.21 |
| P/B | 45.40 | 22.12 | -6.93 | 16.29 | 29.29 | 15.28 | 19.58 | 26.16 | 25.52 |
| P/S | 0.00 | 118.76 | 35.92 | 780.95 | 0.00 | 971.29 | 368.76 | 1334.26 | 4505.39 |
| Gross Margin | 0.0% | 100.0% | 100.0% | 100.0% | 0.0% | 100.0% | 100.0% | 100.0% | -319.9% |
| Operating Margin | 0.0% | -224.0% | -83.1% | -8355.2% | 0.0% | -5318.8% | -2190.3% | -5122.2% | -10777.9% |
| Net Margin | 0.0% | -222.7% | -105.8% | -8459.6% | 0.0% | -5348.3% | -2203.4% | -5253.1% | -16057.6% |
Explore sector: Industrials · Industrial - Pollution & Treatment Controls
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