Despite achieving a peak gross margin of 86.3% in 2025Q3, the company continues to report negative operating margins frequently exceeding -50% due to high SG&A expenses.
| Sales/Revenue | 16.07M | 14.61M | 10.86M | 4M | 9.09M | 13.31M | 0 |
| Revenue Growth % | 48.43% | 34.61% | 171.31% | -55.98% | -31.72% | - | - |
| Cost of Goods Sold | 6.51M | 3.27M | 2.1M | 1.3M | 2.39M | 1.54M | 0 |
| COGS % of Revenue | - | 22.41% | 19.38% | 32.48% | 26.25% | 11.54% | - |
| Gross Profit | 9.56M | 11.34M | 8.75M | 2.7M | 6.7M | 11.78M | 0 |
| Gross Margin % | 59.5% | 77.59% | 80.62% | 67.52% | 73.75% | 88.46% | - |
| Gross Profit Growth % | - | 29.55% | 223.93% | -59.69% | -43.07% | - | - |
| Operating Expenses | 16.47M | 16.34M | 13.67M | 18.22M | 7.93M | 10.76M | 21.68K |
| OpEx % of Revenue | - | 111.84% | 125.91% | 455.42% | 87.24% | 80.8% | - |
| Selling, General & Admin | 10.35M | 8.24M | 7.41M | 4.18M | 2.12M | 2.07M | 0 |
| SG&A % of Revenue | - | 56.41% | 68.26% | 104.47% | 23.33% | 15.54% | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - |
| Other Operating Expenses | 3.78M | 8.1M | 6.26M | 14.04M | 5.81M | 8.69M | 21.68K |
| Operating Income | -6.91M | -5M | -4.92M | -15.52M | -1.23M | 1.02M | -21.68K |
| Operating Margin % | -42.99% | -34.25% | -45.29% | -387.9% | -13.49% | 7.66% | - |
| Operating Income Growth % | - | -1.78% | 68.32% | -1165.88% | -220.23% | 4804.03% | - |
| EBITDA | -5.49M | -3.59M | -3.54M | -13.92M | -1.2M | 1.06M | 0 |
| EBITDA Margin % | -34.19% | -24.54% | -32.6% | -347.96% | -13.18% | 7.94% | - |
| EBITDA Growth % | -150.29% | -1.34% | 74.58% | -1062.61% | -213.3% | - | - |
| D&A (Non-Cash Add-back) | 1.41M | 1.42M | 1.38M | 1.6M | 28.53K | 37.23K | 21.68K |
| EBIT | 8.42M | 9.67M | -345.29K | -2.46M | 259.24K | 1.88M | -21.68K |
| Net Interest Income | -2.88M | -5.13M | 2M | 3.11M | 1.41M | 296.01K | 0 |
| Interest Income | 1.83M | 1.91M | 2M | 3.11M | 1.49M | 365.86K | 0 |
| Interest Expense | 4.7M | 7.04M | - | 0 | 83.21K | 69.84K | 0 |
| Other Income/Expense | 9.6M | 0 | 10.41M | -104.99M | 1.4M | 790.8K | 0 |
| Pretax Income | 2.69M | 1.61M | 5.49M | -120.51M | 176.03K | 1.81M | -21.68K |
| Pretax Margin % | 16.77% | 11.04% | 50.58% | -3011.75% | 1.94% | 13.6% | - |
| Income Tax | -44.13K | -544.6K | -259.38K | -424.82K | 44.69K | 331.98K | 0 |
| Effective Tax Rate % | -1.64% | -33.76% | -4.72% | 0.35% | 25.39% | 18.34% | 0% |
| Net Income | 2.74M | 1.77M | 5.75M | -120.09M | 131.33K | 1.48M | -21.68K |
| Net Margin % | 17.04% | 12.08% | 52.97% | -3001.14% | 1.44% | 11.11% | - |
| Net Income Growth % | 111.31% | -69.29% | 104.79% | -91538.57% | -91.12% | 6920.33% | - |
| Net Income (Continuing) | 2.74M | 1.77M | 5.75M | -120.09M | 131.33K | 1.48M | -21.68K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.02 | -1.26 | -0.38 | 0.07 | 26.34 | -0.25 | -0.00 |
| EPS Growth % | -101.15% | -231.58% | -670.57% | -99.75% | 10636% | - | - |
| EPS (Basic) | - | -1.25 | 0.96 | 0.07 | 26.34 | -0.25 | -0.00 |
| Diluted Shares Outstanding | 148M | 162.93M | 5.99M | 11.93M | 419.27K | 22.86M | 25.16M |
| Basic Shares Outstanding | 148M | 142.68M | 5.99M | 11.93M | 419K | 22.86M | 25.16M |
| Dividend Payout Ratio | - | - | - | - | 31.22% | - | - |
Regulatory capital and scale
According to historical income statements, ATCH has demonstrated significant top-line expansion with revenue reaching $4.9M in 2025Q4, yet the growth trajectory remains inconsistent, fluctuating between 1.2% and 100.1% quarterly, suggesting that the firm is still struggling to establish a predictable, repeatable revenue base in its niche.
The erratic revenue growth suggests that the company's reliance on transaction-based clearing fees leaves it highly susceptible to market-driven volume swings. Investors should monitor whether the firm can transition toward more stable, recurring platform access fees to smooth out these quarterly revenue lurches.
As reported in financial filings, ATCH maintains a robust gross margin profile, peaking at 86.3% in 2025Q3, which highlights the inherent scalability of its technology stack despite the high fixed-cost burden that consistently drags operating margins into negative territory, often exceeding -50% in recent periods.
The wide divergence between gross and operating margins indicates that while the core clearing and technology service is efficient, the company has not yet achieved the necessary scale to absorb its heavy corporate and regulatory overhead. This structural mismatch implies that profitability is contingent upon a massive increase in correspondent clearing volume.
Based on an analysis of recent quarterly data, ATCH's net income figures are frequently distorted by non-operating items, such as the $6.8M gain in 2025Q4, which masks the underlying operational losses and complicates the assessment of the company's true earnings power and long-term sustainability.
The presence of significant, non-recurring gains suggests that investors should focus on operating income rather than net income to gauge the firm's health. These accounting anomalies appear to be a byproduct of the company's recent public transition and warrant caution regarding the quality of reported bottom-line results.
Data from recent income statements indicates that ATCH's SG&A expenses remain disproportionately high relative to revenue, with quarterly costs frequently exceeding $2M, which suggests that the company is currently over-investing in infrastructure relative to its current transaction volume and client base.
The high fixed-cost structure appears to be a deliberate investment in regulatory and clearing infrastructure, yet it creates a significant hurdle for achieving breakeven. Management's ability to control these expenses while scaling the business will be the primary determinant of whether the firm can reach sustainable profitability.
While the company positions itself as a high-growth fintech player, the income statement analysis suggests that ATCH is fundamentally constrained by the capital-intensive nature of the clearing industry, where growth is not merely a function of software deployment but of maintaining sufficient regulatory capital buffers.
Short-sellers may focus on the risk that the company's current capital position is insufficient to support the aggressive growth targets required to reach scale. The reliance on non-operating gains to bolster net income further suggests that the market may be overestimating the company's current operational maturity.
Quick answers to the most common questions about buying ATCH stock.
For fiscal year 2025, AtlasClear Holdings, Inc. (ATCH) reported total revenue of $14.6M.
AtlasClear Holdings, Inc. (ATCH) is profitable, generating $1.8M in net income for the fiscal year ending 2025 with a net profit margin of 12.1%.
AtlasClear Holdings, Inc. (ATCH) reported an operating income of $-5.0M, resulting in an operating profit margin of -34.2%. This margin reflects the operational efficiency of the business before interest and taxes.
AtlasClear Holdings, Inc. (ATCH) generated $11.3M in gross profit for the year, representing a gross profit margin of 77.6%. This demonstrates the company's core pricing power and production efficiency.