The company's financial health has weakened significantly, with total debt rising to $63.0 million and equity falling into a negative position of -$10.8 million.
| Total Current Assets | 66.53M | 115.04M | 89.51M | 105.25M | 127.15M | 25.32M | 49.34M |
| Cash & Short-Term Investments | 6.98M | 22.86M | 29.16M | 34.44M | 101.81M | 18K | 9.32M |
| Cash Only | 6.98M | 22.86M | 29.16M | 34.44M | 101.81M | 18K | 9.32M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 8.56M | 28.52M | 21.23M | 16.99M | 11.36M | 2.55M | 3.49M |
| Days Sales Outstanding | 87.72 | 94.62 | 72.15 | 234.69 | 125.52 | 19.67 | 66.7 |
| Inventory | 50.99M | 63.67M | 39.12M | 53.14M | 13.06M | 21.61M | 35.49M |
| Days Inventory Outstanding | 344.69 | 256.53 | 129.49 | 627.59 | 135.03 | 173.13 | 583.06 |
| Other Current Assets | 0 | 0 | 1K | 678K | 916K | 1.15M | 1.03M |
| Total Non-Current Assets | 23.68M | 30.19M | 34.9M | 34.19M | 24.07M | 20M | 13.66M |
| Property, Plant & Equipment | 10.59M | 9.61M | 9.68M | 8.76M | 4.94M | 4.52M | 3.2M |
| Fixed Asset Turnover | 3.36x | 11.45x | 11.10x | 3.02x | 6.68x | 10.47x | 5.96x |
| Goodwill | 12.9M | 0 | 1K | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 20.53M | 25.04M | 22.06M | 17.04M | 15.34M | 10.46M |
| Long-Term Investments | 0 | 5K | 5K | 3.37M | 2.08M | 140K | 0 |
| Other Non-Current Assets | 183.92K | 43K | 177K | 4K | 2K | 4K | 3K |
| Total Assets | 90.21M | 145.23M | 124.41M | 139.44M | 151.22M | 45.33M | 62.99M |
| Asset Turnover | 0.39x | 0.76x | 0.86x | 0.19x | 0.22x | 1.05x | 0.30x |
| Asset Growth % | -37.88% | 16.74% | -10.78% | -7.79% | 233.62% | -28.05% | - |
| Total Current Liabilities | 42.07M | 61.85M | 60.35M | 42.37M | 30.44M | 23.47M | 44.1M |
| Accounts Payable | 20.64M | 34.96M | 21.92M | 15.7M | 14M | 12.46M | 5.82M |
| Days Payables Outstanding | 139.55 | 140.88 | 72.55 | 185.45 | 144.72 | 99.81 | 95.59 |
| Short-Term Debt | 6.33M | 13.33M | 13.91M | 0 | 7.52M | 354K | 0 |
| Deferred Revenue (Current) | 11.95M | 6.81M | 7.45M | 23.58M | 6.21M | 8.14M | 37.83M |
| Other Current Liabilities | 3.07M | 5.58M | 16.06M | 2.06M | 2.18M | 1.97M | 214K |
| Current Ratio | 1.58x | 1.86x | 1.48x | 2.48x | 4.18x | 1.08x | 1.12x |
| Quick Ratio | 0.37x | 0.83x | 0.84x | 1.23x | 3.75x | 0.16x | 0.31x |
| Cash Conversion Cycle | 292.85 | 210.27 | 129.08 | 676.82 | 115.83 | 93 | 554.17 |
| Total Non-Current Liabilities | 58.96M | 126.19M | 30.14M | 16.32M | 23.89M | 30.45M | 17.21M |
| Long-Term Debt | 54.78M | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 1.87M | 2.34M | 2.58M | 2.63M | 1.54M | 2M | 1.4M |
| Deferred Tax Liabilities | 1.34M | 1.67M | 1.19M | 4.24M | 1.86M | 1.45M | 1.49M |
| Other Non-Current Liabilities | 960.59K | 121.92M | 26.31M | 9.31M | 20.36M | 8.95M | 1K |
| Total Liabilities | 101.03M | 188.04M | 90.49M | 58.7M | 54.33M | 53.92M | 61.3M |
| Total Debt | 62.98M | 16.81M | 17.34M | 3.48M | 9.59M | 2.91M | 1.64M |
| Net Debt | 56M | -6.04M | -11.82M | -30.96M | -92.23M | 2.89M | -7.68M |
| Debt / Equity | - | - | 0.51x | 0.04x | 0.10x | - | 0.97x |
| Debt / EBITDA | - | - | - | - | - | - | - |
| Net Debt / EBITDA | - | - | - | - | - | - | - |
| Interest Coverage | -0.97x | -4.97x | -18.23x | -81.18x | -8.25x | -3.84x | -10.92x |
| Total Equity | -10.82M | -42.81M | 33.95M | 80.75M | 96.89M | -8.59M | 1.69M |
| Equity Growth % | 74.73% | -226.11% | -57.96% | -16.66% | 1228.09% | -607.92% | - |
| Book Value per Share | -0.18 | -0.84 | 0.69 | 1.65 | 3.82 | -0.18 | 0.03 |
| Total Shareholders' Equity | -10.82M | -42.81M | 33.95M | 80.75M | 96.89M | -8.59M | 1.69M |
| Common Stock | 5K | 5K | 4K | 4K | 4K | 32K | 32K |
| Retained Earnings | -344.2M | -191.2M | -136.12M | -117.21M | -117.21M | -19.29M | -7.24M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 333.38M | -97.96M | -55.08M | -18.91M | -87.64M | -10.28M | -12.05M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Insolvency and liquidity crisis
As reported in recent financial filings, ADSE's equity position has deteriorated into negative territory, reaching -$10.8 million by 2025Q4, a trend that reflects the persistent accumulation of losses and signals a significant weakening of the company's overall financial health and long-term viability.
The shift from positive equity in 2023 to a deficit suggests that the company is consuming its capital base at an unsustainable rate. Investors should monitor whether this trajectory necessitates a dilutive equity raise or a fundamental restructuring to prevent further erosion of shareholder value.
Based on the latest balance sheet data, total debt has surged to $63.0 million in 2025Q4, representing a substantial increase from the $3.5 million reported in 2022Q4, which indicates a growing reliance on external financing to bridge the gap between operational cash burn and revenue generation.
This rapid accumulation of debt in the face of contracting revenue suggests that the company is increasingly dependent on credit to maintain its operations. The lack of clear deleveraging pathways warrants further investigation into the terms of these obligations and the potential for future covenant breaches.
According to the most recent quarterly figures, ADSE's cash reserves have dwindled to $7.0 million, a sharp decline from the $37.9 million held in 2025Q2, which highlights a precarious liquidity position that leaves little room for error in managing ongoing operating expenses.
The rapid depletion of cash reserves relative to historical burn rates suggests that the company may face imminent liquidity constraints. This limited buffer appears insufficient to support the current business model, potentially forcing management to seek emergency financing under unfavorable market conditions.
As indicated by the company's balance sheet, goodwill has fluctuated significantly, reaching $12.9 million in 2025Q4, which may mask underlying impairment risks given the company's inability to generate consistent positive earnings or demonstrate a clear path to profitability in its core hardware segments.
The presence of significant goodwill on a balance sheet characterized by negative equity and deep operating losses suggests that these assets may be subject to future impairment charges. Investors should be cautious, as these non-cash adjustments could further exacerbate the already strained equity position.
Quick answers to the most common questions about buying ADSE stock.
As of 2025, ADS-TEC Energy PLC (ADSE) had total assets of $90.2M including $66.5M in current assets.
ADS-TEC Energy PLC (ADSE) carries total debt of $63.0M, offset by $7.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
ADS-TEC Energy PLC (ADSE) has total shareholders' equity (book value) of $-10.8M ($-0.18 book value per share). Book value represents the net worth of the company belonging to common stock holders.
ADS-TEC Energy PLC (ADSE) reported a current ratio of 1.58x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.