Logo

ADAM

Adamas Trust, Inc.

ADAM

Adamas Trust, Inc. • NASDAQ
$7.62 ▼ -0.52% (-0.04)
Market Cap $688.15 M
52w High $7.75
52w Low $5.01
Dividend Yield 0.83%
P/E 40.11
Volume 386.03K
Outstanding Shares 90.31M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $174.011M ▲ $0 ▼ $44.82M ▲ 25.757% ▲ $0.36 ▲ $45.423M ▲
Q2-2025 $156.818M ▼ $48.085M ▼ $8.546M ▼ 5.45% ▼ $-0.039 ▼ $14.383M ▼
Q1-2025 $187.179M ▲ $52.83M ▼ $42.155M ▲ 22.521% ▲ $0.33 ▲ $48.358M ▲
Q4-2024 $129.592M ▼ $69.849M ▲ $-31.389M ▼ -24.221% ▼ $-0.46 ▼ $-19.373M ▼
Q3-2024 $181.786M $50.871M $42.849M 23.571% $0.36 $56.617M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $185.285M ▼ $12.402B ▲ $10.997B ▲ $1.391B ▲
Q2-2025 $1.419B ▼ $10.552B ▲ $9.156B ▲ $1.381B ▼
Q1-2025 $4.824B ▲ $10.004B ▲ $8.586B ▲ $1.402B ▲
Q4-2024 $3.996B ▲ $9.217B ▲ $7.806B ▲ $1.395B ▼
Q3-2024 $3.58B $8.906B $7.434B $1.444B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $4.44M ▼ $39.219M ▲ $-359.965M ▲ $313.463M ▼ $-7.283M ▲ $39.219M ▲
Q1-2025 $37.065M ▲ $25.819M ▼ $-794.225M ▼ $713.783M ▲ $-54.623M ▼ $25.819M ▲
Q4-2024 $-30.279M ▼ $29.116M ▲ $-584.265M ▲ $552.176M ▼ $-2.973M ▲ $25.663M ▲
Q3-2024 $40.467M ▲ $-922K ▲ $-834.055M ▼ $798.824M ▲ $-36.153M ▼ $-922K ▲
Q2-2024 $-24.082M $-993K $-572.131M $550.543M $-22.581M $-993K

Five-Year Company Overview

Income Statement

Income Statement Over the past few years the company has stayed very small in terms of revenue, but sales are clearly moving upward after a soft patch in the middle of the period. Profitability, however, remains the key challenge. The business shifted from being meaningfully profitable earlier in the period to posting losses, likely as it invested heavily in its new direction. Those losses have been narrowing, which suggests better cost control and some operating leverage, but the company is still not earning enough to fully cover its expenses. Overall, this looks like a business in transition: growth improving, margins still thin, and earnings not yet stable or predictable.

Balance Sheet

Balance Sheet The balance sheet shows a company that is growing its asset base but leaning more on borrowed money to do it. Total assets have stepped up each year, which fits a story of expansion and retooling. At the same time, debt has climbed noticeably faster than equity, and the equity cushion has gradually eroded as losses accumulate. Cash on hand remains quite modest, not much higher than a working-capital buffer. This combination—more leverage, thinner equity, and limited cash—points to increased financial risk and a higher dependence on continued access to financing or a clear path to stronger earnings.

Cash Flow

Cash Flow Cash generation from the underlying business has been slightly positive but very thin, especially for a company trying to scale. Operating cash flow has stayed above water, which is a plus, but there is not much margin for error. Free cash flow has also been just barely positive after modest capital spending, helped by the fact that investment outlays dropped back after a heavier spending year in the middle of the period. In practice, this means the business has not been burning large amounts of cash, but it also has limited internally generated funds to support aggressive growth, making external capital and careful cash management important watch points.

Competitive Edge

Competitive Edge Despite being labeled as a real estate / mortgage REIT in some data, the narrative clearly describes a pivot into lab‑grown diamonds and advanced materials. In that space, the company appears to have some meaningful advantages: a sizable patent portfolio around its diamond‑growing process, in‑house equipment and know‑how, and a vertically integrated model that can cover growth, cutting, polishing, and potentially downstream products. Its focus on high‑quality stones and “Made in the USA” production may appeal to both jewelry brands and technology customers. However, the lab‑grown diamond market is increasingly crowded, with both low‑cost overseas producers in jewelry and well‑financed players in industrial and semiconductor uses. As a small, loss‑making player, the company’s competitive position will depend on its ability to scale efficiently, secure long‑term partnerships, and differentiate on technology and reliability rather than price alone.

Innovation and R&D

Innovation and R&D Innovation is clearly a core pillar of the strategy. The company’s proprietary CVD technology, broad patent coverage, and success in producing top‑grade colorless diamonds show strong technical capabilities. It is also pushing beyond jewelry into higher‑value industrial and semiconductor applications, where its ability to precisely control diamond properties could be a real differentiator. The creation of a dedicated technology subsidiary, the focus on quantum and power‑electronics use cases, and the addition of experienced semiconductor advisors all point to a serious R&D and partnership approach rather than a pure commodity model. The main uncertainty is execution: turning advanced materials science into repeatable, large‑scale commercial contracts typically takes time, capital, and deep customer integration.

Summary

Adamas looks like a small, technically ambitious company that has undergone a major strategic shift and is still working through the financial consequences. Revenues are growing again but from a low base, profitability has not yet recovered to earlier levels, and the balance sheet has become more leveraged with only a modest cash buffer. On the strategic side, the business sits in a structurally growing area—lab‑grown diamonds for both jewelry and technology—where it appears to have real technical strengths, patents, and an integrated model that could support a defensible niche. The opportunity is significant if the company can scale production, secure durable industrial and semiconductor relationships, and build a recognizable consumer brand. The risks center on its small size, ongoing losses, reliance on debt and external funding, and the need to execute a complex transition in markets that are both competitive and fast‑evolving.

NEWS

October 29, 2025 · 3:51 PM UTC

Adamas Trust, Inc. Reports Third Quarter 2025 Results

Read more

October 21, 2025 · 4:05 PM UTC

Adamas Trust 2025 Third Quarter Conference Call Scheduled for Thursday, October 30, 2025

Read more