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Revenue volatility remains significant, with quarterly figures ranging from $49.5 million to $91.7 million, while operating margins have frequently dipped into deep negative territory, such as the -77.3% recorded in 2024Q4.
AlTi Global, Inc. (ALTI) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Net Interest Income | 1.31M | 1.07M | -16.78M | -14.5M | -427K | -121.58K | -654.84K | -880.07K |
| NII Growth % | 291.18% | 106.4% | -15.74% | -3296.02% | -251.21% | 81.43% | 25.59% | - |
| Net Interest Margin % | 0.12% | 0.09% | -1.34% | -1.15% | -0.46% | -0.09% | -0.53% | -0.76% |
| Interest Income | 1.22M | 1.42M | 5.36M | 0 | 0 | 275.42K | 339.46K | 186.51K |
| Interest Expense | -89K | 347K | 22.15M | 14.5M | 427K | 397K | 994.3K | 1.07M |
| Loan Loss Provision | 130.57M | 189.45M | 147.74M | 193.75M | 50.81M | 47.02M | 53.56M | 42.68M |
| Non-Interest Income | 276.4M | 253.53M | 201.57M | 246.92M | 76.87M | 75.43M | 70.89M | 61.53M |
| Non-Interest Income % | 99.53% | 99.58% | 109.08% | 106.24% | 100.56% | 100.16% | 100.93% | 101.45% |
| Total Net Revenue | 277.71M | 254.61M | 184.79M | 232.42M | 76.44M | 75.31M | 70.23M | 60.65M |
| Revenue Growth % | 36.39% | 37.78% | -20.49% | 204.03% | 1.51% | 7.23% | 15.8% | - |
| Non-Interest Expense | 221.7M | 139.11M | 123.89M | 137.91M | 26.96M | 20.52M | 23.89M | 23.27M |
| Efficiency Ratio | 79.83% | 54.64% | 67.05% | 59.34% | 35.26% | 27.25% | 34.01% | 38.37% |
| Operating Income | -74.56M | -73.94M | -86.85M | -99.25M | -1.32M | 7.77M | -7.22M | -5.3M |
| Operating Margin % | -26.85% | -29.04% | -47% | -42.7% | -1.72% | 10.32% | -10.28% | -8.74% |
| Operating Income Growth % | - | 14.86% | 12.49% | -7430.27% | -116.97% | 207.59% | -36.2% | - |
| Pretax Income | -91.95M | -105.13M | -195.44M | -321.75M | -5.47M | 4.31M | -5.03M | -4.22M |
| Pretax Margin % | -33.11% | -41.29% | -105.76% | -138.44% | -7.16% | 5.72% | -7.16% | -6.97% |
| Income Tax | 24.83M | 18.59M | -21.13M | -10.53M | 527K | 515K | -429.51K | 670.04K |
| Effective Tax Rate % | -27% | -17.68% | 10.81% | 3.27% | -9.63% | 11.96% | 8.54% | -15.86% |
| Net Income | -113.02M | -119.7M | -103.03M | -165.58M | -5.88M | 3.94M | -6.6M | -6.15M |
| Net Margin % | -40.7% | -47.01% | -55.76% | -71.24% | -7.7% | 5.23% | -9.4% | -10.15% |
| Net Income Growth % | 26.01% | -16.17% | 37.78% | -2713.66% | -249.4% | 159.65% | -7.29% | - |
| Net Income (Continuing) | -116.78M | -123.72M | -174.31M | -311.21M | -6M | 3.79M | -4.6M | -4.89M |
| EPS (Diluted) | -1.13 | -1.23 | -1.29 | -2.70 | -0.10 | 0.07 | -0.00 | -0.00 |
| EPS Growth % | 45.94% | 4.65% | 52.22% | -2600% | -242.86% | - | - | - |
| EPS (Basic) | - | -1.23 | -1.29 | -2.70 | -0.10 | 0.07 | -0.00 | -0.00 |
| Diluted Shares Outstanding | 99.87M | 99.87M | 79.69M | 61.4M | 57.49M | 57.49M | 57.49M | 57.49M |
Quick answers to the most common questions about buying ALTI stock.
For fiscal year 2025, AlTi Global, Inc. (ALTI) reported total revenue of $254.6M. This represents a 319.8% increase compared to $60.7M in 2019.
AlTi Global, Inc. (ALTI) reported a net loss of $119.7M for the fiscal year ending 2025.
AlTi Global, Inc. (ALTI) reported an operating income of $-73.9M, resulting in an operating profit margin of -29.0%. This margin reflects the operational efficiency of the business before interest and taxes.
AlTi Global, Inc. (ALTI) generated $65.2M in gross profit for the year, representing a gross profit margin of 25.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent negative operating margins
Metrics are mathematically derived from official filings.
Revenue Volatility Masks Structural Challenges
According to the provided quarterly income statements, ALTI's revenue exhibits significant volatility, fluctuating between $49.5 million and $91.7 million over the last ten quarters, suggesting that the firm's growth trajectory remains inconsistent and highly dependent on the timing of transactional merchant banking and advisory fee realizations.
The lack of a clear, sustained upward trend in top-line performance indicates that the firm's integration of its legacy entities has yet to produce a stable, recurring revenue base. Investors should monitor whether the recent capital infusion from strategic partners can stabilize these fluctuations or if the business model remains inherently susceptible to cyclical M&A and advisory market conditions.
Gross Margin Compression Remains Prevalent
As reported in financial statements, ALTI's gross margin has experienced extreme variance, plummeting to a low of 4.4% in 2024Q4 before recovering to 93.6% in 2026Q1, which highlights the unpredictable nature of direct costs associated with the firm's bespoke UHNW service and investment ecosystem.
This erratic margin profile suggests that the firm's cost of service is not yet optimized, potentially reflecting high revenue-sharing arrangements or the irregular recognition of performance-based fees. The wide swings in profitability metrics imply that the firm lacks the pricing power or cost predictability seen in more established asset management peers.
Operating Leverage Remains Elusive Currently
Based on the historical income data, ALTI has struggled to achieve positive operating leverage, with operating margins frequently dipping into deep negative territory, such as the -77.3% recorded in 2024Q4, indicating that SG&A expenses are currently scaling faster than the firm's ability to generate gross profit.
The persistent inability to cover overhead costs suggests that the firm's global footprint and integration expenses are currently outweighing the benefits of its scale. Until the firm can demonstrate a consistent reduction in SG&A as a percentage of revenue, the path to sustainable operating profitability appears to be a significant hurdle for management.
Earnings Quality Obscured by Volatility
Analysis of the reported figures reveals that ALTI's net income is highly inconsistent, swinging from a $29.7 million profit in 2024Q1 to an $84.1 million loss in 2025Q3, which suggests that GAAP earnings are heavily influenced by non-operating items and the complex accounting of business combinations.
The frequent use of stock-based compensation, which reached $7.4 million in 2025Q1, further complicates the assessment of true economic earnings. Investors should be cautious of relying on headline EPS, as the firm's bottom line appears to be more reflective of accounting adjustments and integration costs than core operational performance.
Structural Risks to Profitability Narrative
While some may argue that current losses represent necessary customer acquisition costs, the data indicates that ALTI's operating margin has remained negative for the majority of the last ten quarters, casting doubt on the firm's ability to achieve the scale required for long-term profitability.
Short-term observers may focus on the firm's inability to reach breakeven despite significant revenue growth, suggesting that the business model may be fundamentally over-leveraged in terms of fixed costs. The reliance on external capital to fund operations warrants further investigation into whether the firm can achieve self-sustaining growth without continuous dilution or debt accumulation.