Persistent negative cash burn is evident as cash reserves dropped from $48.6M in 2024Q4 to $30.7M in 2026Q1, reflecting a lack of self-sustaining operational cash flow.
| Cash from Operations | -3.66M | -5.93M | 5.16M | 7.48M | -31.86M | -16.68M | 317.61K | 5.96M | 8.03M | -7.15M | -17.75M |
| Operating CF Growth % | 128.44% | -214.96% | -31.06% | 123.48% | -90.93% | -5353.06% | -94.67% | -25.76% | 212.31% | 59.74% | - |
| Operating CF / Revenue % | -83.55% | -132.58% | 24.42% | 33.86% | -710.99% | -84.27% | 1.96% | 24.56% | 39.38% | -66.43% | -1439.44% |
| Net Income | -43.6M | -49.35M | -4.17M | -61.28M | -46.21M | -119.02M | -5.1M | -7.39M | -7.39M | -6.86M | -5.75M |
| Depreciation & Amortization | 1.18M | 0 | 1.23M | 1.22M | 963.08K | 777.7K | 357.85K | 97.01K | 41.2K | 58.03K | 89K |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 134.19K | 1.56M | 0 | 0 | 0 | -89.33K |
| Other Non-Cash Items | 58.72M | 45.16M | 3.48M | 62.56M | 40.25M | 50.87M | 1.85M | 4.5M | 4.05M | 2.54M | -1.06M |
| Working Capital Changes | -240.89K | -1.74M | 4.62M | 4.98M | -26.86M | -2.41M | 1.65M | 8.75M | 11.33M | -2.88M | -10.94M |
| Cash from Investing | 54.95K | 2.25M | 17.47M | -2.13M | -15.12M | -56.04M | 1.78M | -130.63K | -85.64K | -530.54K | 243.79K |
| Acquisitions (Net) | 0 | 0 | 0 | 0 | 0 | -1.24M | -200K | 0 | -55K | 0 | 0 |
| Purchase of Investments | -692.35K | 0 | -814.16K | -756.08K | -8.43M | -19.39M | -201.23K | 0 | 0 | -500K | 0 |
| Sale of Investments | 4.28M | 0 | 0 | 0 | 103.81K | 2.59M | 2.4M | 0 | 0 | 0 | 0 |
| Other Investing | -3.34M | 2.25M | 18.39M | -1.34M | -6.2M | -37.78M | -200K | -127K | -55K | -500K | 317K |
| Cash from Financing | -1.24M | 1.1M | -21.42M | 3.19M | 6.06M | 103.42M | 21.15M | -3.99M | -6.59M | 6.22M | 14.61M |
| Dividends Paid | 0 | 0 | 0 | -214.93K | 0 | -73.75K | -109.92K | 0 | 0 | 0 | 0 |
| Common Dividends | 0 | 0 | 0 | -214.93K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | -235.99K | -509.91K | -316.21K | -31.5K | -155.52K | -1000K | -1000K | -1000K | -1000K | 1000K | 0 |
| Share Repurchases | -1M | -1M | -21.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | 0 | 0 | 979.59K | 14.07M | -736.22K | 23.5K | 4.33M | 14.61M |
| Net Change in Cash | -4.85M | -2.89M | 294.43K | 9.37M | -42.28M | 29.07M | 23.3M | 1.82M | 1.37M | -1.47M | -2.37M |
| Exchange Rate Effect | 1.22K | -314.32K | -910.84K | 830.06K | -1.36M | -1.62M | 50.68K | -18.15K | 25.09K | -14.04K | 526.93K |
| Cash at Beginning | 25.29M | 28.18M | 27.89M | 18.52M | 60.8M | 31.74M | 8.44M | 5.51M | 4.14M | 5.61M | 7.69M |
| Cash at End | 21.48M | 25.29M | 28.18M | 27.89M | 18.52M | 60.8M | 31.74M | 7.33M | 5.51M | 4.14M | 5.32M |
| Free Cash Flow | -3.78M | -6.1M | 5.05M | 7.45M | -32.46M | -16.91M | 295.94K | 5.95M | 7.99M | -7.18M | -17.82M |
| FCF Growth % | -237.72% | -220.77% | -32.17% | 122.95% | -91.9% | -5814.77% | -95.03% | -25.52% | 211.4% | 59.73% | - |
| FCF / Revenue % | -86.32% | -136.51% | 23.93% | 33.73% | -724.37% | -85.42% | 1.82% | 24.55% | 39.23% | -66.72% | -1445.38% |
Persistent negative cash burn
Based on reported financial statements, Alset's FFO frequently diverges from GAAP operating cash flow, with the 2024Q4 period showing an FFO of $2.7M against $13.9M in OCF, suggesting that non-cash adjustments and volatile working capital movements significantly distort the company's underlying cash generation profile.
The wide variance between FFO and operating cash flow indicates that Alset's reported earnings are heavily influenced by accounting adjustments rather than consistent cash inflows. Investors should monitor this disconnect, as it suggests that the company's core real estate operations may not be generating the cash necessary to support its diverse business segments.
As indicated by the historical data, Alset has consistently reported negative AFFO across nearly all observed quarters, with a notable -$32.1M in 2025Q4, confirming that the company currently lacks the distributable cash flow required to support any dividend payments to shareholders at this time.
The persistent negative AFFO highlights a structural inability to cover recurring capital requirements, let alone provide a return to investors. This trend suggests that the company is currently in a capital-consuming phase where internal cash generation is insufficient to sustain its current operational footprint.
According to recent SEC filings, the gap between GAAP Net Income and FFO is frequently exacerbated by significant non-cash charges, such as the -$32.4M net loss in 2025Q4 which aligns closely with the -$32.1M FFO, implying that depreciation and amortization provide minimal relief to the bottom line.
The alignment of net losses with FFO suggests that Alset's financial distress is driven by actual operational cash outflows rather than mere accounting depreciation. This reality warrants further investigation into the company's cost structure, as it appears that the business is burning cash at a rate that cannot be explained away by non-cash accounting entries.
Based on the provided figures, Alset maintains a $25M cash position despite consistent negative FCF, which suggests that the company is currently relying on its existing balance sheet liquidity to fund operations rather than generating self-sustaining cash flow from its real estate or biohealth segments.
The company's ability to maintain a cash buffer while reporting negative FCF appears to be a function of its low debt levels rather than operational success. Investors should monitor how long this liquidity can persist if the current burn rate continues, as the lack of positive cash flow from operations limits the company's strategic flexibility.
Quick answers to the most common questions about buying AEI stock.
Alset Inc. (AEI) generated $-5.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Alset Inc. (AEI) reported negative free cash flow of $6.1M in 2025, indicating capital requirements exceeded cash from operations.
Alset Inc. (AEI) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Alset Inc. (AEI) spent $1.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.