Alset Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Alset Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	24.3	16.2	19.8	4.48	22.1	21.1	4.47
Cost of revenue	20	12.1	11.3	3.73	14.6	12.8	3.22
Gross profit	4.29	4.15	8.5	0.75	7.51	8.33	1.25
General and administrative	5.86	6.34	23.5	7.84	9.53	10.8	15
Operating expenses	31.2	18.4	34.8
Operating income	-6.94	-2.18	-15	-7.09	-2.87	-4.12	-15.2
Interest expense	0.37	0.15	0.32	0	0	0.11	0.05
Other non-operating income	-0.02	-2.49	-103	-39.1	-58.3	0.1	-33.8
Pre-tax income	-6.96	-4.67	-118	-46.2	-61.2	-4.02	-48.9
Income tax	0.43	0.01	0.53		0.09	0.15	0.43
Income from continuing operations	-7.39	-4.68	-119
Net income to minority interests			-15.7	-5.72	-2.33	-0.2	-1.94
Net income	-8.05	-5.1	-119	-40.5	-58.9	-3.97	-47.4
EBITDA	-6.92	-2.18	-14.9	-6.21	-1.82	-3.04	-14.1
EPS, basic	-0.66	-0.38	-73.85	-6.22	-6.52	-0.43	-2.22
EPS, diluted	-0.66	-0.38	-3.69	-6.22	-6.52	-0.43	-2.22
Shares, basic (weighted)	7.9	8.35	1.4	6.51	9.04	9.24	21.4
Shares, diluted (weighted)	7.9	8.35	28	6.51	9.04	9.24	21.4

Balance sheet

	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	7.33	31.7	60.8	17.8	26.9	27.2	25.2
Receivables		1.37	0.04	0.05	0.08	0.08	0.06
Inventory	0.12	0.09	0.05	0.04	0.01	0	0.01
Other current assets	0.15	1.47	1.2	0.19	0.25	0.21	0.18
Total current assets	11.8	85.5	143	95.4	55.5	59.8	44.8
Property, plant and equipment	0.08	0.09	0.26	1.3	0.74	0.59
Lease right-of-use assets	0.15	0.57	0.66	1.61	1.47	1.47	0.49
Goodwill					0.06
Total assets	35.9	108	184	153	126	96.8	137
Accounts payable	4	1.29	11.3	2.98	4.37	3.61	5.04
Deferred revenue				0.02	0	0
Total current liabilities	7.03	8.89	13.5	3.24	8.11	5.48	5.93
Long-term debt	0	0.64		0.15	0.13	0.09	0.66
Lease liabilities	0.09	0.19	0.38	1.58	0.83	0.99	0.33
Total liabilities	13.6	9.72	13.9	4.83	9.07	6.56	6.92
Total debt	0	0.64	0.19	0.19	0.16	0.12
Paid-in capital	54.3	103	296	323	332	334	421
Retained earnings	-40.5	-44.9	-148	-189	-248	-252	-299
Treasury stock							-1
Other comprehensive income	1.46	2.14	0.34	3.84	3.61	-0.85	0.17
Shareholders' equity	15.2	60	148	138	88.2	81.3	121
Minority interests	6.98	38	21.9	11	8.6	8.87	8.59
Total equity	23.7	98	170	149	96.8	90.2	130
Total liabilities and equity	35.9	108	184	153	126	96.8	137
Shares outstanding	7.9	8.57	4.37	7.42	9.24	9.24	38.9

Cash flow statement

	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-7.39	-4.4	-119	-46.2	-61.3	-4.17	-49.4
Depreciation and amortization	0.02	0	0.12	0.88	1.05	1.07	1.07
Stock-based compensation	0	1.56	0.13	0	0	0	2.42
Deferred income tax	-3.59	-2.05	-3.99	-2.74	5.72	-2.16	2.73
Change in receivables	-0.29	-1.63	0.85	-0.22	0.22	0	0.01
Change in inventory	-0.06	-0.04	0.03	0.01	0.03	0	0
Change in payables	-0.35	0.42	9.66	-9.54	0.31	-0.26	1.7
Cash from operations	5.96	0.32	-16.7	-31.9	7.48	5.16	-5.93
Capital expenditures	-0	-0.02	-0.23	-0.6	-0.03	-0.1	-0.18
Purchases of investments	0	-0.2
Sales and maturities of investments				0.1
Cash from investing	-0.13	1.78	-56	-15.1	-2.13	17.5	2.25
Stock issued	0	13.2	105	6.21	3.43		2.61
Share buybacks						-21.1
Cash from financing	-3.99	21.1	103	6.06	3.19	-21.4	1.1
Net change in cash	1.84	23.2	30.7	-40.9	8.54	1.21	-2.58
Free cash flow	5.95	0.3	-16.9	-32.5	7.45	5.05	-6.1
Interest paid	0.02	0.86	0.02	0	0	0.04	0.01
Income taxes paid	0	0.69	0.45				0.05

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $0.78 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	33.5%	Gross profit / revenue.
Operating margin	-302.1%	Operating income / revenue.
EBITDA margin	-275.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-975.7%	Pre-tax income / revenue.
Net margin	-951.4%	Net income / revenue.
FCF margin	-206.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-204.2%	Cash from operations / revenue.
Return on equity (ROE)	-35.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-32.5%	Net income / average total assets.
Return on invested capital (ROIC)	-10.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	37.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.8%	Capital expenditures / revenue.
D&A / revenue	26.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-78.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-0.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-22.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-85.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	18.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-21.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-215.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-220.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	48.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-4.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	15.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	41.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-3.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	4.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	131.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	48.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	20.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	12.0x	Current assets / current liabilities.
Quick ratio	4.91x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	4.89x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	2.2%	Total liabilities / total assets.
Working capital	$27.7M	Current assets - current liabilities.
Tangible book value	$114.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.03x	Revenue / average total assets.
Inventory turnover	374x	Cost of revenue / average inventory.
Days inventory	1 days	365 x average inventory / cost of revenue.
Receivables turnover	76.2x	Revenue / average receivables.
Days sales outstanding	5 days	365 x average receivables / revenue.
Days payables	222 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-216 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$1.05	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$0.11	Revenue / diluted weighted shares.
FCF per share	-$0.23	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.22	Cash from operations / diluted weighted shares.
Book value per share	$2.94	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$2.94	Tangible book value / shares outstanding.
Cash per share	$0.32	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$30.5M	Share price x shares outstanding.
Enterprise value	$18.2M	Market cap + total debt - cash - short-term investments.
P/S	7.14x	Market cap / revenue.
P/B	0.27x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.27x	Market cap / tangible book value, when positive.
EV/Sales	4.25x	Enterprise value / revenue.
FCF yield	-29.0%	Free cash flow / market cap.
Earnings yield	-133.3%	Net income / market cap (the inverse of P/E).

What was Alset Inc.'s revenue in fiscal 2025?

Alset Inc. reported revenue of $4.5M for fiscal 2025, 78.8% lower than the year before.

Was Alset Inc. profitable in fiscal 2025?

No. It reported a net loss of $47.4M.

How much free cash flow did Alset Inc. generate in fiscal 2025?

Cash from operations of $5.9M minus capital expenditures of $175.5K left free cash flow of -$6.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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