Problems at Aduro Clean Technologies (ADUR)
Aduro Clean Technologies (NASDAQ: ADUR — $484 million) describes itself as “an early-stage, Ontario-based clean technology company that has developed a highly flexible chemical recycling platform.” The company has risen ~200% since uplisting to the NASDAQ in November 2024 and is a retail investor favorite with daily trading volume upwards of $6 million. The Bear Cave believes recent investor enthusiasm is premature.
In the last twelve months, Aduro Clean Technologies incurred approximately US$11 million in losses on ~US$200,000 in reported revenue. The company had 25 employees for the years ending May 31, 2024, and May 31, 2025, and is working on a “novel chemical conversion process to transform waste plastics and low-grade renewable oils into renewable fuels and specialty chemicals.”
One meaningful expense for the company is paid stock promotion.
In its annual information form filed on August 27, 2025, the company disclosed four active engagements with marketing and investor relations service providers:
“[Outside The Box Capital]: This engagement is for digital marketing services. This engagement began on January 15, 2025 and remains active for a one year term. OTBC specializes in digital marketing services through various social media channels, including Reddit, Discord, Telegram, Twitter, and StockTwits. OTBC’s focus is on creating increased company awareness and investor engagement among current and prospective shareholders.
[Kanan Corbin Schupak & Aronow]: This engagement is for investor relations and digital marketing services in the United States. This engagement began on July 9, 2024 and continued for an initial term of 6 months and thereafter on a month to month basis. KCSA is a leading New York-based communications firm that provides investor relations and digital marketing services. KCSA employs a comprehensive communications program designed to increase awareness of the company across the investment community, leveraging their AmplifIR digital IR platform.
[Crystal Research Associates]: This engagement is for the creation and distribution of an executive informational overview report and quarterly updates on the company through CRA’s social media channels and online media distribution. This engagement began on February 1, 2024 and remains active for a two year term. CRA employs a comprehensive approach, leveraging channels like Bloomberg, Thomson Reuters, FactSet, and social media platforms to enhance investor awareness and engagement.
[Common Cents Media]: This engagement is for market communications and digital content services. It began on April 14, 2023, for an initial term of six months and continues month-to-month. CCM uses a blend of digital content and strategic communications to provide awareness to shareholders. The communications are delivered on [CleanTechStocks] and through Google display and video ads.” (Emphasis ours)
Aduro has paid Outside The Box Capital “an aggregate cash compensation of C$360,000 plus applicable taxes” and 40,000 stock options, has paid Kanan Corbin Schupak & Aronow “a monthly fee of US$10,000 for investor relations services, a one-time project fee of US$12,500, and US$106,400 for digital marketing services,” has paid Common Cents Media “a fee of US$15,000 for an initial term of six months” as well as an additional monthly fees, and has paid Crystal Research Associates “an aggregate cash fee of US$90,000 plus applicable taxes” and 300,000 stock options.
Starting in May 2025, Aduro also “announced an agreement with Generation IACP to provide market making services aimed at improving the liquidity of Aduro’s common shares.” For at least $8,000 per month, Generation IACP “will trade shares to correct temporary imbalances in supply and demand without receiving stock options or other compensation.”
On August 29, 2025, Aduro announced it “entered into an agreement with The Investing Authority” for “the creation and dissemination of social media posts, influencer campaigns, video production, graphic design, email marketing, live streams, [and] newsletter distribution.” Aduro agreed to pay “an aggregate cash fee of up to US$187,500” for content to be “distributed via Discord servers, Reddit finance subreddits, X/Twitter, YouTube, Instagram, email and SMS lists, Wolf Financial live streams, and financial influencer networks.”
Below is an investor newsletter that was paid to disseminate news about Aduro.
