Revenue has experienced a severe contraction, falling from $8.9M in 2024Q4 to $980.8K in 2026Q1, while NOI margins remain volatile at 28.1%.
| Revenue | 4.38M | 4.47M | 21.12M | 22.09M | 4.48M | 19.8M | 16.24M | 24.26M | 20.38M | 10.76M | 1.23M |
| Revenue Growth % | -72.77% | -78.83% | -4.4% | 393% | -77.37% | 21.93% | -33.06% | 19.02% | 89.47% | 772.39% | - |
| Property Operating Expenses | 3.15M | 3.22M | 12.78M | 14.58M | 3.73M | 11.3M | 12.09M | 19.97M | 15.53M | 7.53M | 1.02M |
| Net Operating Income (NOI) | 1.23M | 1.25M | 8.33M | 7.51M | 748.45K | 8.5M | 4.15M | 4.29M | 4.85M | 3.23M | 208.82K |
| NOI Margin % | 28.14% | 27.94% | 39.46% | 34.01% | 16.7% | 42.92% | 25.57% | 17.68% | 23.78% | 30.02% | 16.94% |
| Operating Expenses | 13.71M | 15.01M | 12.45M | 10.38M | 7.84M | 23.49M | 6.34M | 11.23M | 7.62M | 8.13M | 5.96M |
| G&A Expenses | -667.86K | 15.01M | 10.84M | 9.53M | 7.84M | 23.49M | 6.34M | 5.86M | 7.16M | 7.78M | 4.28M |
| EBITDA | -11.33M | -12.56M | -2.89M | -1.66M | -6.13M | -14.22M | -1.83M | -6.85M | 17.87M | -4.84M | -5.16M |
| EBITDA Margin % | -258.42% | -280.97% | -13.68% | -7.5% | -136.73% | -71.8% | -11.25% | -28.22% | 87.68% | -45.03% | -418.55% |
| Depreciation & Amortization | 1.15M | 1.2M | 1.23M | 1.22M | 963.08K | 777.7K | 357.85K | 97.01K | 22.1M | 58.03K | 89K |
| D&A / Revenue % | 26.31% | 26.81% | 5.82% | 5.51% | 21.5% | 3.93% | 2.2% | 0.4% | 108.44% | 0.54% | 7.22% |
| Operating Income | -12.48M | -13.76M | -4.12M | -2.87M | -7.09M | -14.99M | -2.18M | -6.94M | -4.23M | -4.9M | -5.25M |
| Operating Margin % | -284.73% | -307.78% | -19.5% | -13.01% | -158.23% | -75.73% | -13.45% | -28.62% | -20.76% | -45.57% | -425.77% |
| Interest Expense | -40.95K | 54.55K | 112.08K | 3.98K | 1.85K | 317.28K | 0 | 372.9K | 509.21K | 0 | 0 |
| Interest Coverage | - | -895.78x | -34.82x | -506.86x | -24938.29x | -212.10x | - | -17.67x | -11.36x | - | - |
| Non-Operating Income | 32.22M | 35.1M | -214.12K | -855.85K | 39.12M | 52.3M | 2.34M | -355.38K | 2.61M | 2.55M | 0 |
| Pretax Income | -44.71M | -48.92M | -4.02M | -61.19M | -46.21M | -118.48M | -4.67M | -6.96M | -7.39M | -7.45M | -5.75M |
| Pretax Margin % | -1020.04% | -1094.16% | -19.01% | -277.01% | -1031.43% | -598.44% | -28.79% | -28.69% | -36.28% | -69.29% | -466.57% |
| Income Tax | 389.14K | 432.09K | 150.79K | 92.35K | 0 | 534.01K | 8.54K | 431.39K | -2.65M | -588.66K | 585.71K |
| Effective Tax Rate % | -0.87% | -0.88% | -3.76% | -0.15% | 0% | -0.45% | -0.18% | -6.2% | 35.9% | 7.9% | -10.18% |
| Net Income | -43.6M | -47.41M | -3.97M | -58.95M | -40.49M | -103.32M | -3.15M | -5.23M | -4.99M | -4.31M | -6.34M |
| Net Margin % | -994.75% | -1060.53% | -18.78% | -266.86% | -903.73% | -521.87% | -19.41% | -21.56% | -24.48% | -40.05% | -514.07% |
| Net Income Growth % | -688.53% | -1095.57% | 93.27% | -45.58% | 60.81% | -3178.38% | 39.74% | -4.82% | -15.81% | 32.03% | - |
| Funds From Operations (FFO) | -42.45M | -46.22M | -2.74M | -57.73M | -39.53M | -102.55M | -2.79M | -5.13M | 17.11M | -4.25M | -6.25M |
| FFO Margin % | -968.44% | -1033.72% | -12.97% | -261.35% | -882.23% | -517.94% | -17.21% | -21.16% | 83.96% | -39.51% | -506.85% |
| FFO Growth % | -2022.87% | -1588.11% | 95.26% | -46.05% | 61.45% | -3570.46% | 45.58% | -130% | 502.58% | 31.99% | - |
| FFO per Share | -1.09 | -2.16 | -0.30 | -6.38 | -6.07 | -73.29 | -6.69 | -10.27 | 34.22 | -8.50 | -12.50 |
| FFO Payout Ratio % | 0% | 0% | 0% | -0.37% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| EPS (Diluted) | -1.12 | -2.22 | -0.43 | -6.52 | -6.22 | -73.85 | -6.55 | -9.14 | -7.58 | -8.17 | -12.68 |
| EPS Growth % | -380.45% | -416.28% | 93.4% | -4.82% | 91.58% | -1027.48% | 28.34% | -20.58% | 7.22% | 35.57% | - |
| EPS (Basic) | - | -2.22 | -0.43 | -6.52 | -6.22 | -73.85 | -6.55 | -9.14 | -7.58 | -8.17 | -12.68 |
| Diluted Shares Outstanding | 38.9M | 21.36M | 9.24M | 9.04M | 6.51M | 1.4M | 417.62K | 500.05K | 500.05K | 500.05K | 500.05K |
Operational scale and liquidity
As reported in recent financial filings, Alset Inc. experienced a severe revenue decline, with quarterly figures dropping from $8.9M in 2024Q4 to $980.8K by 2026Q1, signaling a significant contraction in project completions and land sales that warrants close scrutiny from prospective investors regarding future growth viability.
The sharp volatility in top-line performance suggests that the company's project-based revenue model lacks the recurring stability necessary to support its current corporate overhead. Investors should monitor whether the recent decline reflects a strategic pivot away from residential development or an inability to secure new project approvals in the current interest rate environment.
Based on the provided income statement data, NOI margins have fluctuated significantly, reaching a low of -54.0% in 2023Q4 before recovering to 28.1% in 2026Q1, which highlights the difficulty of maintaining property-level profitability amidst a fragmented and high-cost corporate structure across multiple disparate business segments.
While property-level margins show some recovery, the persistent gap between gross performance and net profitability suggests that corporate G&A expenses remain disproportionately high relative to the company's current revenue scale. This structure appears to undermine the potential for meaningful bottom-line contributions from the real estate segment.
According to historical earnings reports, FFO per share has exhibited extreme swings, ranging from a positive $0.29 in 2024Q4 to a deeply negative -$1.50 in 2025Q4, indicating that the company's core earnings power remains highly inconsistent and susceptible to non-recurring charges or segment-specific operational failures.
The erratic nature of FFO suggests that the company's earnings are not yet stabilized by a predictable rental or service income stream. Analysts should view these figures with caution, as the lack of consistent positive FFO raises questions about the long-term sustainability of the current business model without further capital infusion.
Financial statements indicate that Alset's diversification into biohealth and digital technology, while intended to create a sustainable ecosystem, appears to have introduced significant earnings noise, as evidenced by the -1060.53% net margin and the reliance on non-core activities that complicate the assessment of true real estate performance.
The inclusion of trading securities and unrelated business lines within the income statement makes it difficult to isolate the underlying health of the real estate development arm. Investors should consider whether this conglomerate approach is a strategic advantage or merely a distraction that obscures the core operational challenges facing the company.
Quick answers to the most common questions about buying AEI stock.
For fiscal year 2025, Alset Inc. (AEI) reported total revenue of $4.5M. This represents a 262.6% increase compared to $1.2M in 2016.
Alset Inc. (AEI) reported a net loss of $47.4M for the fiscal year ending 2025.
Alset Inc. (AEI) reported an operating income of $-13.8M, resulting in an operating profit margin of -307.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Alset Inc. (AEI) generated $1.2M in gross profit for the year, representing a gross profit margin of 27.9%. This demonstrates the company's core pricing power and production efficiency.