What is Alset's operating income?

Alset's total operating income in 2025 was -$15.15 million, based on the following breakdown: Total Gross Profit: $1.25 million Total Operating Expenses: $16.40 million

Alset (AEI) Financials

$1.05 +0.01 (+0.96%)

Closing price 07/29/2026 04:00 PM Eastern

Extended Trading

$1.03 -0.02 (-1.90%)

As of 07/29/2026 07:34 PM Eastern

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Annual Income Statements for Alset

This table shows Alset's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-5.23	-3.15	-103	-40	-59	-3.97	-47
Consolidated Net Income / (Loss)	-8.05	-5.10	-119	-46	-61	-4.17	-49
Net Income / (Loss) Continuing Operations	-7.39	-4.68	-119	-46	-61	-4.17	-49
Total Pre-Tax Income	-6.96	-4.67	-118	-46	-61	-4.02	-49
Total Operating Income	-6.94	-2.18	-15	-7.09	-2.87	-4.12	-15
Total Gross Profit	4.29	4.15	8.50	0.75	7.51	8.33	1.25
Total Revenue	24	16	20	4.48	22	21	4.47
Operating Revenue	24	16	20	4.48	22	21	4.47
Total Cost of Revenue	20	12	11	3.73	15	13	3.22
Operating Cost of Revenue	20	12	11	3.73	15	13	3.22
Total Operating Expenses	11	25	23	7.84	10	12	16
Selling, General & Admin Expense	5.86	6.34	23	7.84	9.53	11	15
Impairment Charge	5.23	-	-	0.00	0.86	1.61	1.39
Total Other Income / (Expense), net	-0.02	-2.49	-103	-39	-58	0.10	-34
Interest Expense	0.32	0.15	0.32	-0.07	-0.52	-0.55	-2.91
Interest & Investment Income	-	0.07	0.13	-0.69	-24	-3.23	-2.13
Other Income / (Expense), net	0.30	-2.41	-103	-39	-34	2.78	-35
Income Tax Expense	0.43	0.01	0.53	0.00	0.09	0.15	0.43
Net Income / (Loss) Attributable to Noncontrolling Interest	-2.82	-1.95	-16	-5.72	-2.33	-0.20	-1.94
Basic Earnings per Share	($0.52)	($0.38)	($73.85)	($6.22)	($6.52)	($0.43)	($2.22)
Weighted Average Basic Shares Outstanding	10.00M	8.35M	1.40M	6.51M	9.04M	9.24M	21.36M
Diluted Earnings per Share	($0.52)	($0.38)	-	($6.22)	($6.52)	($0.43)	($2.22)
Weighted Average Diluted Shares Outstanding	10.00M	8.35M	27.98M	6.51M	9.04M	9.24M	21.36M
Weighted Average Basic & Diluted Shares Outstanding	10.00M	8.35M	27.98M	9.24M	-	10.74M	38.90M

This table shows Alset's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-16	-33	-6.77	-1.24	1.72	2.33	-8.33	-8.22	1.51	-32	-4.52
Consolidated Net Income / (Loss)	-17	-34	-7.31	-1.15	1.47	2.83	-9.50	-8.84	1.96	-33	-5.26
Net Income / (Loss) Continuing Operations	-17	-34	-7.31	-1.15	1.47	2.83	-9.50	-8.84	1.96	-33	-5.26
Total Pre-Tax Income	-17	-34	-7.31	-1.15	1.47	2.98	-9.46	-8.84	1.97	-33	-5.26
Total Operating Income	-2.08	-3.82	-2.27	-2.81	-0.96	1.92	-3.93	-2.76	-2.58	-5.88	-2.65
Total Gross Profit	0.41	-0.55	1.43	0.30	2.01	4.60	0.29	0.26	0.24	0.46	0.28
Total Revenue	0.99	1.02	6.09	1.13	4.96	8.94	1.07	1.10	1.00	1.30	0.98
Operating Revenue	0.99	1.02	6.09	1.13	4.96	8.94	1.07	1.10	1.00	1.30	0.98
Total Cost of Revenue	0.58	1.57	4.66	0.83	2.95	4.34	0.78	0.84	0.76	0.84	0.71
Operating Cost of Revenue	0.58	1.57	4.66	0.83	2.95	4.34	0.78	0.84	0.76	0.84	0.71
Total Operating Expenses	2.49	3.27	3.69	3.11	2.97	2.67	4.22	3.01	2.82	6.34	2.93
Selling, General & Admin Expense	2.49	2.41	3.25	2.80	2.22	2.57	3.60	2.95	2.25	6.21	2.93
Impairment Charge	-	-	0.44	0.31	0.76	0.10	0.63	0.06	0.57	0.13	0.00
Total Other Income / (Expense), net	-15	-30	-5.05	1.66	2.43	1.06	-5.53	-6.09	4.55	-27	-2.60
Interest Expense	-0.10	-0.29	-0.23	-0.08	-0.06	-0.18	-0.09	-0.11	-2.13	-0.58	-0.11
Interest & Investment Income	-4.57	-20	-1.12	-0.86	-0.59	-0.67	-0.63	-0.68	-0.65	-0.17	-0.11
Other Income / (Expense), net	-10	-11	-4.16	2.43	2.96	1.54	-4.99	-5.52	3.06	-27	-2.61
Income Tax Expense	0.05	0.05	0.00	0.00	0.00	0.15	0.04	0.00	0.00	0.38	0.00
Net Income / (Loss) Attributable to Noncontrolling Interest	-1.01	-0.85	-0.54	0.09	-0.25	0.50	-1.17	-0.62	0.45	-0.60	-0.73
Basic Earnings per Share	($1.73)	($3.68)	($0.73)	($0.13)	$0.19	$0.25	($0.78)	($0.71)	$0.05	($0.78)	($0.12)
Weighted Average Basic Shares Outstanding	9.24M	9.04M	9.24M	9.24M	9.24M	9.24M	10.70M	11.57M	32.60M	21.36M	38.90M
Diluted Earnings per Share	($1.73)	($3.68)	($0.73)	($0.13)	$0.19	$0.25	($0.78)	($0.71)	$0.05	($0.78)	($0.12)
Weighted Average Diluted Shares Outstanding	9.24M	9.04M	9.24M	9.24M	9.24M	9.24M	10.70M	11.57M	32.60M	21.36M	38.90M
Weighted Average Basic & Diluted Shares Outstanding	9.24M	0.00	9.24M	9.24M	9.24M	10.74M	11.74M	39.22M	38.91M	38.90M	38.90M

This table details how cash moves in and out of Alset's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	3.66	24	31	-41	8.54	1.21	-2.58
Net Cash From Operating Activities	5.96	0.32	-17	-32	7.48	5.16	-5.93
Net Cash From Continuing Operating Activities	6.55	0.74	-17	-32	7.48	5.16	-5.93
Net Income / (Loss) Continuing Operations	-7.39	-5.10	-119	-46	-61	-4.17	-49
Consolidated Net Income / (Loss)	-7.39	-5.10	-119	-46	-61	-4.17	-49
Depreciation Expense	0.02	0.02	0.17	0.96	1.22	1.23	1.20
Non-Cash Adjustments To Reconcile Net Income	14	6.66	42	24	68	8.27	40
Changes in Operating Assets and Liabilities, net	0.19	-1.07	8.73	-11	-0.53	-0.17	1.96
Net Cash From Investing Activities	-0.13	1.78	-56	-15	-2.13	17	2.25
Net Cash From Continuing Investing Activities	-0.00	1.78	-56	-15	-2.13	17	2.25
Purchase of Property, Plant & Equipment	-0.00	-0.02	-26	-7.42	-0.71	-0.10	-0.18
Acquisitions	-	0.00	-1.24	-	-	-0.81	-0.04
Sale and/or Maturity of Investments	-	2.10	2.05	1.11	2.67	0.00	4.18
Other Investing Activities, net	0.00	0.20	-12	-0.38	-3.34	18	-1.72
Net Cash From Financing Activities	-3.99	21	103	6.06	3.19	-21	1.10
Net Cash From Continuing Financing Activities	-3.99	21	103	6.06	3.19	-21	1.10
Repayment of Debt	-5.11	-6.90	-7.67	-0.28	-0.03	-0.45	-0.58
Repurchase of Common Equity	-	-	-	-	0.00	-21	0.00
Issuance of Debt	0.00	0.89	5.61	0.12	0.00	0.13	0.07
Issuance of Common Equity	0.00	13	105	6.21	3.43	0.00	2.61
Other Financing Activities, net	2.94	14	3.25	0.00	-0.21	0.00	-1.00
Cash Interest Paid	0.02	0.86	0.02	0.00	0.00	0.04	0.01
Cash Income Taxes Paid	0.00	0.69	0.45	0.00	0.00	0.00	0.05

This table details how cash moves in and out of Alset's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	0.70	-2.38	-3.51	-4.12	-3.78	13	-1.88	-0.49	-0.51	0.30	-4.15
Net Cash From Operating Activities	0.85	-0.78	-1.51	-4.39	-2.85	14	-3.76	-2.62	0.88	-0.44	-1.49
Net Cash From Continuing Operating Activities	0.85	-0.78	-1.51	-4.39	-2.85	14	-3.76	-2.62	0.88	-0.44	-1.49
Net Income / (Loss) Continuing Operations	-17	-34	-7.31	-1.15	1.47	2.83	-9.50	-8.84	1.96	-33	-5.26
Consolidated Net Income / (Loss)	-17	-34	-7.31	-1.15	1.47	2.83	-9.50	-8.84	1.96	-33	-5.26
Depreciation Expense	0.27	0.34	0.31	0.31	0.28	0.33	0.33	0.29	0.32	0.26	0.28
Non-Cash Adjustments To Reconcile Net Income	20	30	6.04	-1.89	-4.06	8.18	6.22	6.24	-1.87	30	6.42
Changes in Operating Assets and Liabilities, net	-2.24	2.63	-0.54	-1.65	-0.55	2.57	-0.80	-0.31	0.48	2.59	-2.94
Net Cash From Investing Activities	-0.14	-1.38	-1.76	21	-0.91	-1.24	-0.46	2.14	-1.06	1.64	-2.66
Net Cash From Continuing Investing Activities	-0.14	-1.38	-1.76	21	-0.91	-1.24	-0.46	2.14	-1.06	1.64	-2.66
Purchase of Property, Plant & Equipment	-0.01	0.05	-0.00	-0.03	-0.03	-0.04	-0.06	-0.08	-0.06	0.03	-0.01
Purchase of Investments	-0.06	-	-0.61	0.60	0.01	-	0.00	-	-0.04	-	-0.01
Sale and/or Maturity of Investments	0.00	-0.00	-	-	-	-	0.00	2.53	-	1.57	0.10
Other Investing Activities, net	-0.07	-1.64	-1.14	21	-0.88	-0.40	-0.40	-0.31	-0.96	0.03	-2.73
Net Cash From Financing Activities	-0.01	-0.22	-0.24	-21	-0.02	-0.05	2.33	-0.01	-0.33	-0.90	-0.01
Net Cash From Continuing Financing Activities	-0.01	-0.22	-0.24	-21	-0.02	-0.05	2.33	-0.01	-0.33	-0.90	-0.01
Repayment of Debt	-0.01	-0.01	-0.36	-0.02	-0.02	-0.05	-0.28	0.02	-0.01	-0.31	-0.01
Issuance of Debt	-	-	0.12	0.01	-	-0.00	0.00	-	0.08	-0.01	0.00
Issuance of Common Equity	-	-	0.00	-	-	-	2.61	0.00	-	-	0.00
Cash Interest Paid	0.00	0.00	0.00	0.04	0.00	0.00	0.00	0.00	-	0.01	0.00
Cash Income Taxes Paid	-	-	0.00	-	-	-	0.04	-	-	0.00	0.00

This table presents Alset's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	36	108	184	153	126	97	137
Total Current Assets	12	85	143	95	55	60	45
Cash & Equivalents	2.77	25	56	18	27	27	25
Restricted Cash	4.45	6.77	4.74	0.69	0.97	0.94	0.11
Short-Term Investments	3.22	49	67	73	22	21	15
Note & Lease Receivable	-	0.65	13	3.62	1.69	1.68	1.48
Accounts Receivable	0.85	2.01	0.37	0.49	2.65	6.33	3.05
Inventories, net	0.12	0.09	0.05	0.04	0.01	0.00	0.01
Prepaid Expenses	0.15	1.47	1.20	0.19	0.25	0.21	0.18
Other Current Assets	0.07	0.05	0.28	0.00	1.34	1.99	0.08
Plant, Property, & Equipment, net	0.08	0.09	0.26	1.30	0.74	0.59	0.48
Total Noncurrent Assets	24	22	41	57	70	36	91
Long-Term Investments	-	-	-	-	-	0.00	55
Noncurrent Note & Lease Receivables	-	0.84	-	0.00	4.86	3.97	2.13
Other Noncurrent Operating Assets	24	21	41	57	65	32	34
Total Liabilities & Shareholders' Equity	36	108	184	153	126	97	137
Total Liabilities	14	9.72	14	4.83	9.07	6.56	6.92
Total Current Liabilities	7.03	8.89	14	3.24	8.11	5.48	5.93
Short-Term Debt	0.16	2.71	1.15	0.19	0.05	1.34	0.31
Accounts Payable	4.41	1.67	11	2.98	4.37	3.61	5.04
Other Current Liabilities	0.06	0.38	0.28	0.05	0.67	0.53	0.58
Total Noncurrent Liabilities	6.62	0.83	0.38	1.58	0.95	1.09	0.99
Long-Term Debt	0.00	0.64	-	0.00	0.13	0.09	0.66
Other Noncurrent Operating Liabilities	1.65	0.19	0.38	1.58	0.83	0.99	0.33
Commitments & Contingencies	-	-	-	-	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	22	98	170	149	97	90	130
Total Preferred & Common Equity	15	60	148	138	88	81	121
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	15	60	148	138	88	81	121
Common Stock	54	103	296	323	332	334	421
Retained Earnings	-40	-45	-148	-189	-248	-252	-299
Treasury Stock	-	-	-	-	-	0.00	-1.00
Accumulated Other Comprehensive Income / (Loss)	1.47	2.14	0.34	3.84	3.61	-0.85	0.17
Noncontrolling Interest	6.98	38	22	11	8.60	8.87	8.59

This table presents Alset's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	157	97	93	99	90	86	169	132
Total Current Assets	88	48	48	57	54	44	45	35
Cash & Equivalents	28	24	19	17	25	26	25	21
Restricted Cash	0.73	0.97	0.83	0.95	1.13	0.11	0.11	0.00
Short-Term Investments	52	17	18	27	18	7.02	14	9.19
Note & Lease Receivable	1.74	1.82	1.64	1.41	1.18	1.52	1.82	1.71
Accounts Receivable	5.01	2.92	6.76	8.66	6.03	9.38	3.20	2.71
Inventories, net	0.03	0.01	0.01	0.00	0.00	0.01	0.02	0.01
Prepaid Expenses	0.40	0.16	0.14	0.12	0.17	0.16	0.12	0.11
Other Current Assets	-	1.64	1.75	1.94	2.29	0.23	0.26	0.08
Plant, Property, & Equipment, net	1.17	0.68	0.67	0.62	0.61	0.68	0.50	0.46
Total Noncurrent Assets	68	48	45	41	36	41	124	96
Long-Term Investments	-	-	-	-	-	8.00	85	55
Noncurrent Note & Lease Receivables	4.86	6.01	1.76	1.06	3.70	1.74	1.80	4.65
Other Noncurrent Operating Assets	63	42	43	40	32	32	37	36
Total Liabilities & Shareholders' Equity	157	97	93	99	90	86	169	132
Total Liabilities	8.15	6.67	5.76	5.39	5.65	4.74	4.71	3.99
Total Current Liabilities	6.50	4.64	3.72	3.37	4.82	4.07	4.23	3.23
Short-Term Debt	0.05	0.38	0.34	0.38	1.14	1.17	1.28	0.44
Accounts Payable	6.25	3.68	2.46	2.04	2.95	2.19	2.27	2.29
Other Current Liabilities	0.21	0.58	0.93	0.94	0.71	0.70	0.68	0.51
Total Noncurrent Liabilities	1.65	2.03	2.04	2.02	0.84	0.67	0.48	0.75
Long-Term Debt	0.13	1.06	1.09	1.06	0.09	0.08	0.07	0.56
Other Noncurrent Operating Liabilities	1.52	0.97	0.95	0.96	0.75	0.58	0.41	0.20
Commitments & Contingencies	0.00	-	-	-	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	128	90	88	93	85	81	164	128
Total Preferred & Common Equity	119	82	79	84	76	73	156	119
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	119	82	79	84	76	73	156	119
Common Stock	332	334	334	334	336	337	420	424
Retained Earnings	-214	-255	-256	-254	-260	-268	-267	-304
Treasury Stock	-	-	-	-	-	-	-	-1.00
Accumulated Other Comprehensive Income / (Loss)	1.35	2.60	1.55	4.60	0.21	4.14	2.82	0.35
Noncontrolling Interest	9.07	8.37	8.28	9.20	8.45	8.46	8.71	8.36

This table displays calculated financial ratios and metrics derived from Alset's official financial filings.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	0.00	8,570,000.00	45,721,779.00	148,507,188.00	9,235,119.00	9,235,119.00	38,905,255.00
DEI Adjusted Shares Outstanding	0.00	428,500.00	2,286,089.00	7,425,359.00	9,235,119.00	9,235,119.00	38,905,255.00
DEI Earnings Per Adjusted Shares Outstanding	0.00	-7.36	-45.20	-5.45	-6.38	-0.43	-1.22
Growth Metrics	-	-	-	-	-	-	-
Revenue Growth	0.00%	-33.06%	21.93%	-77.37%	393.00%	-4.40%	-78.83%
EBITDA Growth	0.00%	35.57%	-1,480.91%	33.71%	18.50%	99.70%	-45,350.50%
EBIT Growth	0.00%	30.83%	-2,475.92%	61.46%	18.35%	96.41%	-3,623.22%
NOPAT Growth	0.00%	68.53%	-586.31%	52.72%	59.48%	-43.32%	-267.99%
Net Income Growth	0.00%	36.67%	-2,233.53%	61.17%	-32.60%	93.20%	-1,084.66%
EPS Growth	0.00%	26.92%	0.00%	0.00%	-4.82%	93.40%	-416.28%
Operating Cash Flow Growth	0.00%	-94.67%	-5,353.06%	-90.93%	123.48%	-31.06%	-214.96%
Free Cash Flow Firm Growth	0.00%	0.00%	-730.58%	42.72%	37.15%	288.84%	-117.64%
Invested Capital Growth	0.00%	14.38%	115.40%	33.10%	17.55%	-38.03%	-15.58%
Revenue Q/Q Growth	0.00%	0.00%	-23.86%	-30.57%	0.63%	60.07%	-63.08%
EBITDA Q/Q Growth	0.00%	0.00%	-106.43%	20.28%	1.14%	99.41%	-304.88%
EBIT Q/Q Growth	0.00%	0.00%	-41.34%	19.74%	1.34%	93.08%	-275.17%
NOPAT Q/Q Growth	0.00%	0.00%	-252.65%	53.80%	-274.19%	58.22%	-106.30%
Net Income Q/Q Growth	0.00%	0.00%	-42.44%	34.02%	-100.57%	89.87%	-264.12%
EPS Q/Q Growth	0.00%	0.00%	0.00%	8.53%	-54.50%	89.95%	-469.23%
Operating Cash Flow Q/Q Growth	0.00%	107.71%	-230.18%	17.32%	58.05%	154.11%	-170.43%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	46.19%	24.52%	96.37%	-208.04%
Invested Capital Q/Q Growth	0.00%	0.00%	56.47%	9.17%	-0.83%	-15.65%	-13.37%
Profitability Metrics	-	-	-	-	-	-	-
Gross Margin	17.68%	25.57%	42.92%	16.70%	34.01%	39.46%	27.94%
EBITDA Margin	-26.97%	-25.96%	-336.63%	-986.05%	-163.02%	-0.51%	-1,084.81%
Operating Margin	-28.62%	-13.45%	-75.73%	-158.23%	-13.01%	-19.50%	-338.87%
EBIT Margin	-27.37%	-28.28%	-597.50%	-1,017.59%	-168.53%	-6.32%	-1,111.62%
Profit (Net Income) Margin	-33.20%	-31.41%	-601.13%	-1,031.43%	-277.42%	-19.73%	-1,103.82%
Tax Burden Percent	115.70%	109.11%	100.45%	100.00%	100.15%	103.76%	100.88%
Interest Burden Percent	104.83%	101.78%	100.16%	101.36%	164.37%	300.79%	98.43%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-27.59%	-8.10%	-33.03%	-9.81%	-3.20%	-5.24%	-27.33%
ROIC Less NNEP Spread (ROIC-NNEP)	41.72%	0.56%	72.98%	28.07%	81.33%	-2.61%	27.14%
Return on Net Nonoperating Assets (RNNOA)	-8.65%	-0.39%	-55.69%	-19.17%	-42.89%	1.22%	-17.56%
Return on Equity (ROE)	-36.24%	-8.49%	-88.72%	-28.98%	-46.09%	-4.02%	-44.89%
Cash Return on Invested Capital (CROIC)	0.00%	-21.52%	-106.21%	-38.21%	-19.33%	41.72%	-10.43%
Operating Return on Assets (OROA)	-18.51%	-6.40%	-81.05%	-27.00%	-26.61%	-1.20%	-42.60%
Return on Assets (ROA)	-22.45%	-7.10%	-81.54%	-27.37%	-43.80%	-3.73%	-42.30%
Return on Common Equity (ROCE)	-24.86%	-5.31%	-68.90%	-25.99%	-39.14%	-3.28%	-41.33%
Return on Equity Simple (ROE_SIMPLE)	-52.82%	-8.50%	-80.21%	-33.57%	-69.49%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-4.86	-1.53	-10	-4.96	-2.01	-2.88	-11
NOPAT Margin	-20.04%	-9.42%	-53.01%	-110.76%	-9.10%	-13.65%	-237.21%
Net Nonoperating Expense Percent (NNEP)	-69.31%	-8.66%	-106.01%	-37.88%	-84.53%	-2.63%	-54.47%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-2.07%	-3.15%	-8.12%
Cost of Revenue to Revenue	82.32%	74.43%	57.08%	83.30%	65.99%	60.54%	72.06%
SG&A Expenses to Revenue	24.16%	39.03%	118.65%	174.93%	43.14%	51.32%	335.72%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	46.30%	152.48%	118.65%	174.93%	47.02%	58.96%	366.81%
Earnings before Interest and Taxes (EBIT)	-6.64	-4.59	-118	-46	-37	-1.33	-50
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-6.54	-4.22	-67	-44	-36	-0.11	-49
Valuation Ratios	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.99	0.85	0.17	0.12	0.11	0.12	1.11
Price to Tangible Book Value (P/TBV)	0.99	0.85	0.17	0.12	0.11	0.12	1.11
Price to Revenue (P/Rev)	0.62	3.16	1.29	3.81	0.43	0.45	29.93
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.67	0.57	0.00	0.00	0.00	0.00	1.36
Enterprise Value to Revenue (EV/Rev)	0.49	0.70	0.00	0.00	0.00	0.00	10.80
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	1.98	35.98	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-
Debt to Equity	0.01	0.03	0.01	0.00	0.00	0.02	0.01
Long-Term Debt to Equity	0.00	0.01	0.00	0.00	0.00	0.00	0.01
Financial Leverage	-0.21	-0.69	-0.76	-0.68	-0.53	-0.47	-0.65
Leverage Ratio	1.61	1.19	1.09	1.06	1.05	1.08	1.06
Compound Leverage Factor	1.69	1.22	1.09	1.07	1.73	3.23	1.04
Debt to Total Capital	0.70%	3.30%	0.67%	0.13%	0.15%	1.56%	0.74%
Short-Term Debt to Total Capital	0.70%	2.67%	0.67%	0.13%	0.04%	1.46%	0.24%
Long-Term Debt to Total Capital	0.00%	0.63%	0.00%	0.00%	0.11%	0.10%	0.50%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	31.17%	37.52%	12.78%	7.40%	24.75%	9.68%	6.57%
Common Equity to Total Capital	68.13%	59.18%	86.55%	92.47%	75.10%	88.76%	92.68%
Debt to EBITDA	-0.02	-0.79	-0.02	0.00	0.00	-13.42	-0.02
Net Debt to EBITDA	1.57	18.47	1.90	2.06	1.37	450.90	1.94
Long-Term Debt to EBITDA	0.00	-0.15	0.00	0.00	0.00	-0.87	-0.01
Debt to NOPAT	-0.03	-2.19	-0.11	-0.04	-0.09	-0.50	-0.09
Net Debt to NOPAT	2.12	50.90	12.09	18.32	24.54	16.70	8.88
Long-Term Debt to NOPAT	0.00	-0.42	0.00	0.00	-0.06	-0.03	-0.06
Altman Z-Score	-0.69	3.44	-1.20	0.17	-2.47	-1.94	7.70
Noncontrolling Interest Sharing Ratio	31.39%	37.43%	22.34%	10.32%	15.07%	18.28%	7.94%
Liquidity Ratios	-	-	-	-	-	-	-
Current Ratio	1.67	9.61	10.54	29.41	6.84	10.91	7.55
Quick Ratio	0.97	8.67	10.08	29.13	6.52	10.34	7.48
Cash Flow Metrics	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-4.06	-34	-19	-12	23	-4.05
Operating Cash Flow to CapEx	164,053.80%	1,465.41%	-65.20%	-429.07%	1,057.43%	5,018.10%	-3,378.20%
Free Cash Flow to Firm to Interest Expense	0.00	-27.52	-106.37	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	18.58	2.15	-52.59	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	18.56	2.00	-133.24	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-
Asset Turnover	0.68	0.23	0.14	0.03	0.16	0.19	0.04
Accounts Receivable Turnover	28.47	11.34	16.60	10.33	14.04	4.70	0.95
Inventory Turnover	171.11	116.90	164.56	90.68	718.38	2,440.83	579.06
Fixed Asset Turnover	302.15	196.05	113.37	5.74	21.65	31.59	8.34
Accounts Payable Turnover	4.53	3.98	1.74	0.52	3.96	3.20	0.75
Days Sales Outstanding (DSO)	12.82	32.18	21.99	35.34	26.00	77.62	382.66
Days Inventory Outstanding (DIO)	2.13	3.12	2.22	4.03	0.51	0.15	0.63
Days Payable Outstanding (DPO)	80.52	91.76	210.13	700.53	92.10	113.91	489.83
Cash Conversion Cycle (CCC)	-65.56	-56.46	-185.93	-661.16	-65.59	-36.14	-106.55
Capital & Investment Metrics	-	-	-	-	-	-	-
Invested Capital	18	20	43	58	68	42	36
Invested Capital Turnover	1.38	0.86	0.62	0.09	0.35	0.38	0.12
Increase / (Decrease) in Invested Capital	0.00	2.53	23	14	10	-26	-6.56
Enterprise Value (EV)	12	11	-79	-63	-11	-30	48
Market Capitalization	15	51	26	17	9.51	9.42	134
Book Value per Share	$1.52	$7.00	$3.25	$0.93	$9.55	$8.81	$3.11
Tangible Book Value per Share	$1.52	$7.00	$3.25	$0.93	$9.54	$8.81	$3.11
Total Capital	22	101	171	149	117	92	131
Total Debt	0.16	3.34	1.15	0.19	0.17	1.43	0.97
Total Long-Term Debt	0.00	0.64	0.00	0.00	0.13	0.09	0.66
Net Debt	-10	-78	-127	-91	-49	-48	-94
Capital Expenditures (CapEx)	0.00	0.02	26	7.42	0.71	0.10	0.18
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-5.55	-1.91	2.31	1.28	-2.12	6.07	-0.83
Debt-free Net Working Capital (DFNWC)	4.89	79	130	92	47	56	39
Net Working Capital (NWC)	4.73	77	129	92	47	54	39
Net Nonoperating Expense (NNE)	3.19	3.57	109	41	59	1.28	39
Net Nonoperating Obligations (NNO)	-4.61	-78	-127	-91	-49	-48	-94
Total Depreciation and Amortization (D&A)	0.10	0.38	52	1.41	1.22	1.23	1.20
Debt-free, Cash-free Net Working Capital to Revenue	-22.88%	-11.78%	11.65%	28.64%	-9.59%	28.77%	-18.59%
Debt-free Net Working Capital to Revenue	20.15%	488.21%	658.35%	2,061.67%	214.57%	263.42%	875.56%
Net Working Capital to Revenue	19.50%	471.54%	652.54%	2,057.33%	214.35%	257.08%	868.57%
Earnings Adjustments	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	($6.00)	($73.80)	($6.22)	($6.52)	($0.43)	($2.22)
Adjusted Weighted Average Basic Shares Outstanding	0.00	417.62K	5.66M	6.51M	9.04M	9.24M	21.36M
Adjusted Diluted Earnings per Share	$0.00	($6.00)	($73.80)	$0.00	($6.52)	($0.43)	($2.22)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	417.62K	5.66M	9.24M	9.04M	9.24M	21.36M
Adjusted Basic & Diluted Earnings per Share	$0.00	($6.00)	($73.80)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	417.62K	1.40M	9.24M	0.00	10.74M	38.90M
Normalized Net Operating Profit after Tax (NOPAT)	-1.20	-1.53	-10	-4.96	-1.41	-1.75	-9.63
Normalized NOPAT Margin	-4.94%	-9.42%	-53.01%	-110.76%	-6.39%	-8.30%	-215.45%
Pre Tax Income Margin	-28.69%	-28.79%	-598.44%	-1,031.43%	-277.01%	-19.01%	-1,094.16%
Debt Service Ratios	-	-	-	-	-	-	-
EBIT to Interest Expense	-20.70	-31.11	-372.85	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	-15.15	-10.36	-33.08	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	-20.71	-31.25	-453.50	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	-15.16	-10.51	-113.73	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	-10.22%	-2.20%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	-10.22%	-2.20%	0.00%	0.00%	-506.57%	0.00%

This table displays calculated financial ratios and metrics derived from Alset's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	9,235,119.00	9,235,119.00	9,235,119.00	9,235,119.00	9,235,119.00	9,235,119.00	10,735,119.00	11,735,119.00	39,221,676.00	38,905,255.00	38,895,830.00
DEI Adjusted Shares Outstanding	9,235,119.00	9,235,119.00	9,235,119.00	9,235,119.00	9,235,119.00	9,235,119.00	10,735,119.00	11,735,119.00	39,221,676.00	38,905,255.00	38,895,830.00
DEI Earnings Per Adjusted Shares Outstanding	-1.73	-3.60	-0.73	-0.13	0.19	0.25	-0.78	-0.70	0.04	-0.83	-0.12
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	37.16%	15.63%	556.59%	-94.12%	400.98%	778.79%	-82.45%	-2.49%	-79.87%	-85.41%	-8.19%
EBITDA Growth	3.97%	2.84%	-60.63%	98.80%	118.67%	126.78%	-40.58%	-11,383.54%	-64.93%	-963.02%	42.10%
EBIT Growth	1.87%	3.37%	-56.87%	93.84%	115.99%	123.90%	-38.94%	-2,091.85%	-75.80%	-1,051.99%	41.05%
NOPAT Growth	-0.28%	-123.06%	-8.46%	-154.99%	33.71%	168.34%	-73.49%	1.92%	-166.97%	-325.64%	32.54%
Net Income Growth	31.65%	-906.33%	-69.18%	80.22%	108.63%	108.29%	-29.96%	-668.82%	33.67%	-1,265.50%	44.71%
EPS Growth	-9.49%	-79.51%	-58.70%	79.37%	110.98%	106.79%	-6.85%	-446.15%	-73.68%	-412.00%	84.62%
Operating Cash Flow Growth	106.93%	77.95%	54.11%	-141.01%	-437.41%	1,890.23%	-148.88%	40.32%	130.95%	-103.14%	60.30%
Free Cash Flow Firm Growth	36.11%	17.70%	199.14%	303.01%	203.56%	315.86%	-14.70%	-43.84%	-64.16%	-91.18%	-158.96%
Invested Capital Growth	29.40%	17.55%	-13.84%	-23.39%	-27.14%	-38.03%	-16.51%	-18.75%	-17.81%	-15.58%	3.30%
Revenue Q/Q Growth	-94.83%	2.76%	498.14%	-81.48%	340.15%	80.26%	-88.05%	2.87%	-9.11%	30.63%	-24.83%
EBITDA Q/Q Growth	-110.64%	-15.77%	56.83%	98.86%	3,388.16%	66.02%	-326.64%	7.18%	110.04%	-4,185.89%	84.79%
EBIT Q/Q Growth	-104.15%	-15.95%	55.71%	94.12%	629.94%	73.25%	-357.53%	7.30%	105.85%	-6,916.47%	84.05%
NOPAT Q/Q Growth	-140.65%	-83.71%	40.60%	-23.96%	50.99%	289.40%	-250.79%	29.92%	-33.40%	-60.08%	54.92%
Net Income Q/Q Growth	-192.87%	-100.38%	78.56%	84.28%	227.76%	92.53%	-436.02%	6.98%	122.21%	-1,778.64%	84.06%
EPS Q/Q Growth	-174.60%	-112.72%	80.16%	82.19%	246.15%	31.58%	-412.00%	8.97%	107.04%	-1,660.00%	84.62%
Operating Cash Flow Q/Q Growth	-92.09%	-191.84%	-94.28%	-190.74%	34.96%	587.27%	-127.01%	30.28%	133.73%	-149.37%	-241.91%
Free Cash Flow Firm Q/Q Growth	-151.25%	24.70%	150.20%	113.77%	28.18%	56.94%	-80.16%	40.74%	-18.21%	-61.36%	-232.56%
Invested Capital Q/Q Growth	1.93%	-0.83%	-26.52%	3.14%	-3.06%	-15.65%	-1.00%	0.38%	-1.94%	-13.37%	21.15%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	41.32%	-54.04%	23.46%	26.36%	40.54%	51.41%	27.22%	23.29%	24.27%	35.24%	28.05%
EBITDA Margin	-1,235.38%	-1,391.78%	-100.45%	-6.16%	46.05%	42.41%	-804.54%	-725.91%	80.20%	-2,508.41%	-507.44%
Operating Margin	-209.75%	-374.98%	-37.24%	-249.28%	-19.43%	21.50%	-368.07%	-250.73%	-258.20%	-450.96%	-270.44%
EBIT Margin	-1,262.92%	-1,424.99%	-105.53%	-33.49%	40.32%	38.75%	-835.32%	-752.74%	48.45%	-2,528.17%	-536.34%
Profit (Net Income) Margin	-1,719.45%	-3,352.86%	-120.17%	-102.03%	29.62%	31.63%	-889.72%	-804.50%	196.63%	-2,526.75%	-535.83%
Tax Burden Percent	100.27%	100.14%	100.00%	100.00%	100.00%	94.94%	100.45%	100.00%	99.77%	101.18%	100.00%
Interest Burden Percent	135.79%	234.96%	113.88%	304.70%	73.46%	85.99%	106.03%	106.88%	406.78%	98.78%	99.90%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	5.06%	0.00%	0.00%	0.23%	0.00%	0.00%
Return on Invested Capital (ROIC)	-53.10%	-92.27%	-13.18%	-27.12%	-4.33%	7.84%	-90.60%	-60.47%	-68.63%	-36.37%	-19.59%
ROIC Less NNEP Spread (ROIC-NNEP)	-36.45%	-47.42%	-4.44%	-28.39%	-8.26%	5.78%	-74.38%	-42.20%	-74.07%	4.19%	-14.28%
Return on Net Nonoperating Assets (RNNOA)	22.10%	25.01%	2.44%	14.81%	4.22%	-2.71%	35.43%	18.90%	47.95%	-2.71%	8.59%
Return on Equity (ROE)	-31.00%	-67.26%	-10.74%	-12.32%	-0.11%	5.12%	-55.17%	-41.57%	-20.68%	-39.08%	-11.01%
Cash Return on Invested Capital (CROIC)	-26.52%	-19.33%	10.91%	13.54%	19.74%	41.72%	9.15%	12.09%	8.24%	-10.43%	-26.18%
Operating Return on Assets (OROA)	-172.36%	-224.98%	-22.78%	-2.36%	4.16%	7.34%	-143.68%	-134.80%	4.38%	-96.88%	-21.16%
Return on Assets (ROA)	-234.67%	-529.37%	-25.95%	-7.18%	3.05%	5.99%	-153.04%	-144.07%	17.77%	-96.82%	-21.14%
Return on Common Equity (ROCE)	-26.83%	-57.12%	-9.88%	-10.43%	-0.09%	4.19%	-49.86%	-37.45%	-19.24%	-35.98%	-10.14%
Return on Equity Simple (ROE_SIMPLE)	-25.59%	0.00%	-78.70%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-1.45	-2.67	-1.59	-1.97	-0.96	1.83	-2.75	-1.93	-2.57	-4.12	-1.86
NOPAT Margin	-146.82%	-262.49%	-26.07%	-174.49%	-19.43%	20.41%	-257.65%	-175.51%	-257.61%	-315.67%	-189.31%
Net Nonoperating Expense Percent (NNEP)	-16.65%	-44.85%	-8.74%	1.26%	3.93%	2.06%	-16.21%	-18.27%	5.44%	-40.56%	-5.32%
Return On Investment Capital (ROIC_SIMPLE)	-	-2.75%	-1.73%	-2.21%	-1.02%	1.99%	-3.20%	-2.34%	-1.55%	-3.15%	-1.44%
Cost of Revenue to Revenue	58.68%	154.04%	76.54%	73.64%	59.46%	48.59%	72.78%	76.71%	75.73%	64.76%	71.95%
SG&A Expenses to Revenue	251.07%	236.83%	53.41%	248.27%	44.65%	28.78%	336.55%	268.88%	225.28%	475.86%	298.49%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	251.07%	320.94%	60.70%	275.64%	59.96%	29.91%	395.29%	274.02%	282.47%	486.20%	298.49%
Earnings before Interest and Taxes (EBIT)	-13	-14	-6.42	-0.38	2.00	3.47	-8.92	-8.27	0.48	-33	-5.26
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-12	-14	-6.11	-0.07	2.28	3.79	-8.59	-7.98	0.80	-33	-4.98
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.10	0.11	0.08	0.19	0.14	0.12	0.14	0.21	0.64	1.11	0.60
Price to Tangible Book Value (P/TBV)	0.10	0.11	0.08	0.19	0.14	0.12	0.14	0.21	0.64	1.11	0.60
Price to Revenue (P/Rev)	0.56	0.43	0.24	1.66	0.90	0.45	0.66	0.95	8.20	29.93	16.33
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.36	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	10.80	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.02	0.02	0.02	0.02	0.01	0.02	0.01	0.01	0.01
Long-Term Debt to Equity	0.00	0.00	0.01	0.01	0.01	0.00	0.00	0.00	0.00	0.01	0.00
Financial Leverage	-0.61	-0.53	-0.55	-0.52	-0.51	-0.47	-0.48	-0.45	-0.65	-0.65	-0.60
Leverage Ratio	1.04	1.05	1.06	1.06	1.06	1.08	1.07	1.06	1.04	1.06	1.05
Compound Leverage Factor	1.42	2.47	1.20	3.22	0.78	0.92	1.14	1.14	4.23	1.05	1.04
Debt to Total Capital	0.12%	0.15%	1.58%	1.60%	1.52%	1.56%	1.43%	1.52%	0.82%	0.74%	0.77%
Short-Term Debt to Total Capital	0.03%	0.04%	0.42%	0.38%	0.40%	1.46%	1.33%	1.42%	0.77%	0.24%	0.34%
Long-Term Debt to Total Capital	0.09%	0.11%	1.16%	1.22%	1.12%	0.10%	0.10%	0.10%	0.04%	0.50%	0.43%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	19.76%	24.75%	9.15%	9.29%	9.70%	9.68%	9.82%	10.25%	5.26%	6.57%	6.49%
Common Equity to Total Capital	80.12%	75.10%	89.27%	89.11%	88.78%	88.76%	88.75%	88.23%	93.93%	92.68%	92.73%
Debt to EBITDA	0.00	0.00	-0.04	-0.04	-0.08	-13.42	-0.47	-0.12	-0.11	-0.02	-0.02
Net Debt to EBITDA	2.21	1.37	1.05	1.11	2.41	450.90	16.67	3.76	10.30	1.94	1.89
Long-Term Debt to EBITDA	0.00	0.00	-0.03	-0.03	-0.06	-0.87	-0.03	-0.01	-0.01	-0.01	-0.01
Debt to NOPAT	-0.33	-0.09	-0.68	-0.19	-0.21	-0.50	-0.30	-0.31	-0.26	-0.09	-0.10
Net Debt to NOPAT	149.59	24.54	18.81	4.72	6.31	16.70	10.66	9.84	24.00	8.88	8.73
Long-Term Debt to NOPAT	-0.24	-0.06	-0.50	-0.14	-0.15	-0.03	-0.02	-0.02	-0.01	-0.06	-0.06
Altman Z-Score	-0.52	-1.87	-2.51	-1.58	-1.42	-1.77	-2.39	-2.01	10.80	8.11	7.74
Noncontrolling Interest Sharing Ratio	13.44%	15.07%	7.98%	15.35%	15.95%	18.28%	9.62%	9.90%	6.95%	7.94%	7.91%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	13.49	6.84	10.38	12.88	16.94	10.91	11.22	10.81	10.59	7.55	10.92
Quick Ratio	13.32	6.52	9.79	12.15	16.04	10.34	10.47	10.69	10.46	7.48	10.86
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-17	-13	6.43	14	18	28	5.48	7.72	6.31	2.44	-3.23
Operating Cash Flow to CapEx	6,515.48%	0.00%	-72,840.11%	-13,131.05%	-8,892.04%	39,552.54%	-6,133.10%	-3,132.44%	1,447.93%	0.00%	-21,703.60%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.14	0.16	0.22	0.07	0.10	0.19	0.17	0.18	0.09	0.04	0.04
Accounts Receivable Turnover	7.87	14.04	15.40	1.25	1.93	4.70	3.60	1.99	2.04	0.95	1.00
Inventory Turnover	442.94	718.38	907.86	346.75	644.75	2,440.83	1,574.98	1,126.33	505.96	579.06	500.41
Fixed Asset Turnover	19.40	21.65	27.81	9.78	14.71	31.59	24.92	23.92	21.56	8.34	8.22
Accounts Payable Turnover	2.91	3.96	4.26	1.78	2.41	3.20	2.69	3.84	3.12	0.75	1.20
Days Sales Outstanding (DSO)	46.40	26.00	23.70	292.39	189.06	77.62	101.51	183.28	178.80	382.66	364.23
Days Inventory Outstanding (DIO)	0.82	0.51	0.40	1.05	0.57	0.15	0.23	0.32	0.72	0.63	0.73
Days Payable Outstanding (DPO)	125.43	92.10	85.68	205.22	151.21	113.91	135.91	95.07	117.10	489.83	303.73
Cash Conversion Cycle (CCC)	-78.20	-65.59	-61.58	88.22	38.42	-36.14	-34.16	88.53	62.41	-106.55	61.24
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	68	68	50	51	50	42	42	42	41	36	43
Invested Capital Turnover	0.36	0.35	0.51	0.16	0.22	0.38	0.35	0.34	0.27	0.12	0.10
Increase / (Decrease) in Invested Capital	16	10	-8.02	-16	-19	-26	-8.24	-9.65	-8.89	-6.56	1.38
Enterprise Value (EV)	-39	-11	-25	-13	-22	-30	-24	-16	-15	48	-4.79
Market Capitalization	12	9.51	6.43	15	12	9.42	11	15	99	134	72
Book Value per Share	$12.93	$9.55	$8.84	$8.60	$9.12	$8.81	$8.27	$6.20	$3.97	$3.11	$3.07
Tangible Book Value per Share	$12.90	$9.54	$8.84	$8.59	$9.12	$8.81	$8.27	$6.20	$3.97	$3.11	$3.07
Total Capital	149	117	91	89	95	92	86	83	166	131	129
Total Debt	0.18	0.17	1.44	1.43	1.44	1.43	1.23	1.25	1.35	0.97	0.99
Total Long-Term Debt	0.13	0.13	1.06	1.09	1.06	0.09	0.09	0.08	0.07	0.66	0.56
Net Debt	-80	-49	-40	-36	-44	-48	-43	-39	-123	-94	-85
Capital Expenditures (CapEx)	0.01	-0.05	0.00	0.03	0.03	0.04	0.06	0.08	0.06	-0.03	0.01
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.72	-2.12	2.29	6.91	9.15	6.07	6.00	8.40	2.47	-0.83	1.83
Debt-free Net Working Capital (DFNWC)	81	47	44	45	54	56	50	41	42	39	32
Net Working Capital (NWC)	81	47	43	44	54	54	49	40	41	39	32
Net Nonoperating Expense (NNE)	16	31	5.73	-0.82	-2.43	-1.00	6.75	6.91	-4.54	29	3.40
Net Nonoperating Obligations (NNO)	-80	-49	-40	-36	-44	-48	-43	-39	-123	-94	-85
Total Depreciation and Amortization (D&A)	0.27	0.34	0.31	0.31	0.28	0.33	0.33	0.29	0.32	0.26	0.28
Debt-free, Cash-free Net Working Capital to Revenue	3.27%	-9.59%	8.41%	74.90%	69.34%	28.77%	37.29%	52.26%	20.43%	-18.59%	41.71%
Debt-free Net Working Capital to Revenue	370.29%	214.57%	161.03%	483.28%	410.07%	263.42%	312.96%	255.80%	345.43%	875.56%	741.44%
Net Working Capital to Revenue	370.08%	214.35%	159.63%	479.64%	407.17%	257.08%	305.86%	248.51%	334.88%	868.57%	731.50%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.73)	($3.68)	($0.73)	($0.13)	$0.19	$0.25	($0.78)	($0.71)	$0.05	($0.78)	($0.12)
Adjusted Weighted Average Basic Shares Outstanding	9.24M	9.04M	9.24M	9.24M	9.24M	9.24M	10.70M	11.57M	32.60M	21.36M	38.90M
Adjusted Diluted Earnings per Share	($1.73)	($3.68)	($0.73)	($0.13)	$0.19	$0.25	($0.78)	($0.71)	$0.05	($0.78)	($0.12)
Adjusted Weighted Average Diluted Shares Outstanding	9.24M	9.04M	9.24M	9.24M	9.24M	9.24M	10.70M	11.57M	32.60M	21.36M	38.90M
Adjusted Basic & Diluted Earnings per Share	$0.00	($3.68)	$0.00	$0.00	$0.00	$0.25	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	9.24M	0.00	9.24M	9.24M	9.24M	10.74M	11.74M	39.22M	38.91M	38.90M	38.90M
Normalized Net Operating Profit after Tax (NOPAT)	-1.45	-2.67	-1.28	-1.75	-0.14	1.92	-2.31	-1.89	-2.00	-4.02	-1.86
Normalized NOPAT Margin	-146.82%	-262.49%	-20.97%	-155.34%	-2.88%	21.49%	-216.53%	-171.92%	-200.54%	-308.44%	-189.31%
Pre Tax Income Margin	-1,714.90%	-3,348.22%	-120.17%	-102.03%	29.62%	33.32%	-885.70%	-804.50%	197.08%	-2,497.27%	-535.83%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	-35.40%	-51.33%	-506.57%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Alset (NASDAQ: AEI) shows a mixed but still fragile financial picture in Q1 2026. The company ended the quarter with a strong cash and investment position, but it remained unprofitable, produced negative operating cash flow, and continues to carry a large accumulated deficit. Compared with the same quarter a year ago, revenue was lower and losses widened at the operating and net-income levels.

Strong liquidity cushion: AEI reported $21.5 million in cash and equivalents and $9.2 million in short-term investments at March 31, 2026, giving it a meaningful near-term liquidity buffer.
Balance sheet leverage looks modest: Total liabilities were just $4.0 million versus $131.7 million in total assets, suggesting relatively low on-balance-sheet debt pressure.
Positive gross profit remains intact: Q1 2026 revenue of $980.8 thousand generated $275.1 thousand of gross profit, showing the business still sells services/products above direct cost.
Operating cash burn improved versus the prior quarter: Operating cash flow was negative $1.5 million in Q1 2026, better than the negative $32.9 million net loss in Q4 2025 and less severe than some prior periods.
Capital structure continues to be supported by equity: Total equity and noncontrolling interests stood at $127.8 million, which is substantially higher than total liabilities.
Revenue was relatively stable sequentially: Q1 2026 revenue of $980.8 thousand was only slightly below Q3 2025 and Q2 2025 levels, but it remained far below the much stronger Q4 2024 period.
Large investment and receivable balances matter: AEI holds significant long-term investments, receivables, and other noncurrent operating assets, so asset values may depend on market conditions and collectability.
Noncontrolling interests are significant: AEI has $8.4 million in noncontrolling interest on the balance sheet, which complicates the view of value attributable to common shareholders.
Net losses remain substantial: Q1 2026 net loss attributable to common shareholders was $4.5 million, or $0.12 per share.
Operating expenses far exceeded gross profit: SG&A was $2.9 million versus just $275 thousand of gross profit, leaving the company with an operating loss of $2.7 million.
Other expenses were a major drag: AEI reported $2.6 million in net other expense, which pushed pre-tax loss to $5.3 million.
Cash from operations was negative: The company used $1.5 million in operating cash during the quarter, and cash and equivalents fell by $4.2 million overall.
Year-over-year results weakened sharply: In Q1 2025, AEI reported $1.07 million in revenue and a $9.5 million net loss; in Q1 2026, revenue slipped to $980.8 thousand while the net loss remained large at $5.3 million.
Retained earnings remain deeply negative: Retained earnings were $(303.8) million, reflecting years of accumulated losses.

Bottom line: AEI’s cash position and low reported liabilities provide some financial flexibility, but the core business is still struggling to produce consistent profits or operating cash flow. For retail investors, the main question is whether the company can turn its asset base and investment holdings into durable earnings growth before cash consumption becomes a bigger issue.

07/30/26 06:06 AM ETAI Generated. May Contain Errors.

Alset Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Alset's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Alset's net income appears to be on an upward trend, with a most recent value of -$49.35 million in 2025, rising from -$8.05 million in 2019. The previous period was -$4.17 million in 2024. See Alset's forecast for analyst expectations on what's next for the company.

Alset's total operating income in 2025 was -$15.15 million, based on the following breakdown:

Total Gross Profit: $1.25 million
Total Operating Expenses: $16.40 million

Over the last 6 years, Alset's total revenue changed from $24.26 million in 2019 to $4.47 million in 2025, a change of -81.6%.

Alset's total liabilities were at $6.92 million at the end of 2025, a 5.5% increase from 2024, and a 49.3% decrease since 2019.

In the past 6 years, Alset's cash and equivalents has ranged from $2.77 million in 2019 to $56.06 million in 2021, and is currently $25.18 million as of their latest financial filing in 2025.

Over the last 6 years, Alset's book value per share changed from 1.52 in 2019 to 3.11 in 2025, a change of 104.1%.

Related Companies

Financial statements for NASDAQ:AEI last updated on 7/16/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Alset (AEI) Financials

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Alset (AEI) Financials

Annual Income Statements for Alset

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Quarterly Cash Flow Statements for Alset

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Quarterly Metrics And Ratios for Alset

Financials Breakdown Chart

Key Financial Trends

Alset Financials - Frequently Asked Questions

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How has Alset's book value per share changed over the last 6 years?

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