The company has recorded zero revenue across the last ten quarters while SG&A expenses surged to $3.9 million in 2026Q2, reflecting a lack of operational traction.
| Metric | TTM | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 | Mar'00 | Mar'99 | Mar'98 |
|---|
| Sales/Revenue | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 0 | -35K | -54K | -1K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 180.63K | -48.73K | 0 | 0 | 6.26K | 312.6K | 644.75K | 1.59M | 311.46K | 0 | 10.39K | 41.92K | 76.14K | -932.28K | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | 183.54% | - | - | - | 100% | 100% | 100% | 100% | 89.95% | - | 100% | 100% | 100% | -3776.27% | - | - |
| Gross Profit Growth % | - | 35.19% | -5300% | - | - | - | - | - | - | - | - | - | -100% | 470.71% | - | - | -100% | -98% | -51.52% | -59.54% | 411.6% | - | -100% | -75.21% | -44.95% | 108.17% | - | - | - |
| Operating Expenses | 10.53M | 7.38M | 18.2M | 16.57M | 15.59M | 12.44M | 5.98M | 2.76M | 2.23M | 35.49M | 9.19M | 4.32M | 2.78M | 1.54M | 1.69M | 3.49M | 3.28M | 500.47K | 799.95K | 678.13K | 5.53M | 4.36M | 1.07M | 226.99K | 711.16K | 440.32K | 24.97K | 316.48K | 389.6K |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | 1562.82% | - | - | - | 7998.56% | 255.91% | 105.18% | 346.88% | 1259.12% | - | 2184.06% | 1696.47% | 578.28% | 101.15% | - | - |
| Selling, General & Admin | 8.2M | 4.25M | 5.66M | 8.36M | 8.82M | 5.13M | 1.87M | 1.87M | 1.45M | 2.56M | 4.52M | 1.3M | 1.5M | 1.56M | 1.6M | 2.49M | 2.56M | 631K | 728.74K | 674.53K | 2.2M | 4.36M | 1.07M | 226.99K | 688.12K | 418.16K | 10.19K | 12.56K | 45.91K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | 1583.14% | - | - | - | 10084.77% | 233.12% | 104.62% | 138.09% | 1259.12% | - | 2184.06% | 1641.51% | 549.18% | 41.29% | - | - |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | -10.53M | -7.42M | -18.25M | -16.58M | -15.59M | -12.44M | -5.98M | -2.76M | -2.23M | -35.49M | -9.19M | -4.32M | -2.78M | -1.36M | -1.61M | -3.89M | -3.17M | -494.21K | -487.35K | -33.37K | -3.93M | -4.01M | -1.07M | -216.59K | -669.24K | -364.18K | -957.26K | -316.5K | -396.64K |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | -1378.9% | - | - | - | -7898.56% | -155.91% | -5.18% | -246.88% | -1159.12% | - | -2084.05% | -1596.46% | -478.28% | -3877.43% | - | - |
| Operating Income Growth % | - | 59.36% | -10.12% | -6.34% | -25.31% | -108.1% | -116.28% | -23.67% | 93.7% | -286.28% | -112.83% | -55.07% | -105.15% | 15.8% | 58.56% | -22.49% | -542.44% | -1.41% | -1360.32% | 99.15% | 1.98% | -274.77% | -394.43% | 67.64% | -83.77% | 61.96% | -202.45% | 20.2% | - |
| EBITDA | -10.49M | -7.38M | -18.2M | -16.57M | -14.77M | -14.71M | -5.95M | -70K | 123.77M | -35.32M | -5 | -4.32M | -2.78M | -1.36M | -1.61M | -3.89M | -3.17M | -492.61K | -486.56K | -29.78K | -607K | -4.01M | -1.04M | -216.59K | -646.2K | -342.01K | -942.48K | -304.32K | -385.16K |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | -1377.1% | - | - | - | -7872.91% | -155.65% | -4.62% | -38.09% | -1159.12% | - | -2084.05% | -1541.51% | -449.18% | -3817.56% | - | - |
| EBITDA Growth % | 10.15% | 59.43% | -9.8% | -12.19% | -0.4% | -147.23% | -8402.86% | -100.06% | 450.38% | -99999900% | 100% | -55.29% | -105.33% | 15.79% | 58.59% | -22.49% | -544.1% | -1.24% | -1533.68% | 95.09% | 84.88% | -287.74% | -377.9% | 66.48% | -88.94% | 63.71% | -209.7% | 20.99% | - |
| D&A (Non-Cash Add-back) | 37.5K | 35K | 54K | 1K | 0 | 0 | 0 | 2.69M | 0 | 168K | 9.19M | 0 | 1.16K | 1.77K | 2.25K | 2.39K | 2.11K | 1.6K | 794 | 0 | 0 | 0 | 35.81K | 0 | 23.04K | 22.16K | 14.78K | 12.18K | 11.48K |
| EBIT | -16.4M | -6.78M | -18.25M | -122.25M | -14.77M | -14.71M | -5.95M | -3.34M | 123.77M | -35.5M | -9.19M | -4.32M | -6.62M | -1.47M | -2.49M | -3.71M | -3.3M | -494.21K | -553.94K | -29.78K | -607K | -4.01M | -1.03M | -216.59K | -669.24K | -364.18K | -957.26K | -316.5K | 0 |
| Net Interest Income | 5K | 86K | 242K | 208K | -43K | -177K | -546K | 23K | -24K | -552.42K | -7.38K | -20.04K | -3.35K | 0 | 0 | -4.03K | -631.48K | 4.39K | 69.63K | 0 | 23.23K | -1.91K | -2.64K | 0 | -1.08K | 3.61K | 0 | 0 | 0 |
| Interest Income | 5K | 89K | 274K | 217K | 0 | 0 | 11K | 111K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.26K | 71.21K | 0 | 26.68K | 1.33K | 191 | 0 | 0 | 9.76K | 0 | 0 | 0 |
| Interest Expense | 0 | 3K | 32K | 9K | 43K | 177K | 557K | 88K | 24K | 552.42K | 7.38K | 20.04K | 3.35K | 2.18K | 1.75K | 4.03K | 631.48K | 1.87K | 1.58K | 0 | 3.46K | 3.24K | 2.83K | 0 | 1.08K | 6.15K | 0 | 0 | 0 |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | -19.7M | -6.78M | -85.7M | -122.52M | -14.82M | -14.89M | -6.51M | -3.59M | 123.74M | -641.27K | -9.2M | -4.34M | -6.63M | -1.47M | -2.49M | -3.72M | -3.42M | -494.21K | -487.35K | -33.37K | -3.93M | -4.01M | -1.04M | -216.59K | -669.24K | -364.18K | -957.26K | 0 | 0 |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | -1493.53% | - | - | - | -7898.56% | -155.91% | -5.18% | -246.88% | -1159.12% | - | -2084.05% | -1596.46% | -478.28% | -3877.43% | - | - |
| Income Tax | 5K | -3K | -10.55M | -17.86M | 4.35M | 2.3M | 740K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -52.79K | 677.91K | 51.77K | 68.17K | -535.92K | -1.42M | 18.04K | -35.81K | 987 | 166.5K | 725.42K | 0 | 24 | 7.04K |
| Effective Tax Rate % | -0.03% | 0.04% | 12.31% | 14.57% | -29.37% | -15.42% | -11.37% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 1.42% | -19.82% | -10.48% | -13.99% | 1605.86% | 36.17% | -0.45% | 3.46% | -0.46% | -24.88% | -199.2% | 0% | - | - |
| Net Income | -19.69M | -6.77M | -75.34M | -104.61M | -16.87M | -15.83M | -5.33M | -2.63M | 123.74M | 16.3M | -5.71M | -3.12M | -6.3M | -1.47M | -2.48M | -3.84M | -3.85M | -545.98K | -555.52K | 502.55K | -2.51M | -4.18M | -1.04M | -217.58K | -835.74K | -1.09M | -957.26K | -316.5K | -396.64K |
| Net Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | -1493.72% | - | - | - | -8725.97% | -177.71% | 77.94% | -157.58% | -1207.22% | - | -2093.53% | -1993.66% | -1431% | -3877.43% | - | - |
| Net Income Growth % | 70.73% | 91.02% | 27.98% | -520.1% | -6.55% | -196.89% | -102.39% | -102.13% | 659.19% | 385.64% | -82.98% | 50.54% | -328.91% | 40.63% | 35.45% | 0.44% | -605.7% | 1.72% | -210.54% | 120.01% | 39.93% | -302.73% | -377.03% | 73.97% | 23.3% | -13.82% | -202.45% | 20.2% | - |
| Net Income (Continuing) | -19.7M | -6.78M | -75.15M | -104.67M | -19.17M | -17.19M | -7.25M | -3.59M | 123.74M | -641.27K | -9.2M | -4.34M | -6.63M | -1.47M | -2.49M | -3.72M | -3.93M | -545.98K | -555.52K | 502.55K | -2.51M | -4.03M | -1.04M | -217.58K | -835.74K | -1.09M | -957.26K | 0 | 0 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -148.53K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -704K | -704K | -693K | -650K | 44.23M | 46.15M | 49.11M | 48.88M | 0 | 0 | 2.06M | 1.46M | 2.68M | 0 | 0 | 0 | -350.02K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -7.85 | -5.72 | -3.70 | -6.49 | -1.29 | -1.35 | -9.74 | -0.55 | 917.80 | 120.00 | -2.38 | -1.61 | -3.52 | -1.80 | -3.15 | -4.89 | -8.97 | -1.81 | -1.93 | 1.84 | -15.91 | -35.55 | -28.31 | -21.08 | -118.28 | -168.85 | -3312.31 | -103.87 | -251.36 |
| EPS Growth % | -106.45% | -54.59% | 42.99% | -403.1% | 4.44% | 86.14% | -1670.91% | -100.06% | 664.83% | 5142.02% | -47.83% | 54.26% | -95.56% | 42.86% | 35.58% | 45.48% | -395.58% | 6.22% | -204.89% | 111.57% | 55.25% | -25.57% | -34.3% | 82.18% | 29.95% | 94.9% | -3088.9% | 58.68% | - |
| EPS (Basic) | - | -5.72 | -3.70 | -6.49 | -1.29 | -1.35 | -9.74 | -0.55 | 924.14 | 6.42 | -2.38 | -1.61 | -3.52 | -1.80 | -3.15 | -4.89 | -8.97 | -1.81 | -1.93 | 1.84 | -15.91 | -35.55 | -28.31 | -21.08 | -118.28 | -168.85 | -3312.31 | -103.87 | -251.36 |
| Diluted Shares Outstanding | 2.51M | 1.18M | 20.34M | 16.12M | 13.06M | 11.73M | 547.6K | 4.82M | 2.7M | 2.72M | 2.4M | 1.93M | 1.79M | 817.59K | 787.14K | 785.18K | 429.63K | 301.71K | 288.41K | 272.81K | 157.81K | 117.59K | 36.66K | 10.32K | 7.07K | 6.45K | 289 | 3.05K | 1.58K |
| Basic Shares Outstanding | 2.51M | 1.18M | 20.34M | 16.12M | 13.06M | 11.73M | 547.6K | 4.82M | 2.68M | 2.54M | 2.4M | 1.93M | 1.79M | 817.59K | 787.14K | 785.18K | 429.63K | 301.71K | 288.41K | 272.81K | 157.81K | 117.59K | 36.66K | 10.32K | 7.07K | 6.45K | 289 | 3.05K | 1.58K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Capital structure dilution risk
As indicated by the company's historical financial statements, AlphaTON Capital Corp. has recorded zero revenue across the last ten quarters, reflecting a complete lack of operational traction following its strategic pivot from the clinical-stage biotech sector into a digital asset treasury model.
The absence of top-line growth suggests that the company has yet to successfully monetize its staking infrastructure or generate yield from its treasury holdings. Investors should monitor whether this zero-revenue trajectory persists, as it highlights the significant execution gap between the firm's stated business model and its current operational reality.
Based on reported figures, SG&A expenses have surged to $3.9 million in 2026Q2, representing a significant increase from the $919.5K quarterly run rate observed in late 2025, which underscores the heavy cost of maintaining a public listing without corresponding revenue generation.
The rising administrative cost structure appears to be driven by the specialized compliance and technical requirements of managing a digital asset treasury. This expense trajectory warrants further investigation, as the company is currently consuming its limited cash reserves to fund overhead rather than scaling its core investment activities.
According to recent SEC filings, AlphaTON consistently utilizes stock-based compensation, with $984.0K recorded in 2026Q2 alone, which serves to dilute existing shareholders while the company continues to report substantial net losses that reached $10.4 million in the most recent quarter.
The reliance on equity-based incentives in the absence of positive net income suggests a misalignment between management compensation and shareholder value creation. Analysts should consider the impact of this ongoing dilution on future EPS, as the current earnings quality is severely compromised by these non-cash charges.
As reported in financial statements, the company's cash position of $1.67 million is insufficient to support its stated $100 million treasury target, suggesting that the firm may face a critical liquidity inflection point that necessitates aggressive capital raising or further shareholder dilution.
The disconnect between the company's ambitious treasury goals and its current cash burn rate indicates a high probability of future equity issuance. Investors should be wary of the potential for significant value destruction if the company is forced to raise capital at a discount to its net asset value.
Quick answers to the most common questions about buying ATON stock.
AlphaTON Capital Corp. (ATON) reported a net loss of $6.8M for the fiscal year ending 2025.