Shareholder equity has eroded significantly to $24.5M in 2025Q4, down from $52.1M in 2024Q2, while the recent disappearance of $10.2M in goodwill suggests potential asset impairment risks.
| Total Current Assets | 32.14M | 43.69M | 25.53M | 6.11M | 4.03M |
| Cash & Short-Term Investments | 30.92M | 41.8M | 3.63M | 2.8M | 1.44M |
| Cash Only | 30.92M | 41.8M | 3.63M | 2.8M | 1.44M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 1.12M | 1.32M | 931.19K | 1.35M | 2.13M |
| Days Sales Outstanding | 55.27 | 38.92 | 39.11 | 111.26 | 192.11 |
| Inventory | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - |
| Other Current Assets | 107.5K | 523.39K | 20.85M | 1.84M | 461K |
| Total Non-Current Assets | 2.71M | 16.13M | 15M | 448.85K | 711.62K |
| Property, Plant & Equipment | 1.78M | 1.68M | 221.83K | 448.85K | 711.62K |
| Fixed Asset Turnover | 4.14x | 7.35x | 39.17x | 9.85x | 5.70x |
| Goodwill | 0 | 10.18M | 10.18M | 0 | 0 |
| Intangible Assets | 0 | 4.09M | 4.61M | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 931.65K | 179.28K | 0 | 0 | 0 |
| Total Assets | 34.86M | 59.82M | 40.53M | 6.56M | 4.74M |
| Asset Turnover | 0.21x | 0.21x | 0.21x | 0.67x | 0.85x |
| Asset Growth % | -41.73% | 47.59% | 518.15% | 38.19% | - |
| Total Current Liabilities | 9.88M | 6.86M | 20.1M | 9.05M | 3.78M |
| Accounts Payable | 363.75K | 0 | 0 | 0 | 0 |
| Days Payables Outstanding | 2.88 | - | - | - | - |
| Short-Term Debt | 4.55M | 1.45M | 562.33K | 681.05K | 431.75K |
| Deferred Revenue (Current) | 2.07M | 1.75M | 6.01M | 6.53M | 1.7M |
| Other Current Liabilities | 2.89M | 844.27K | 844.27K | 0 | 50 |
| Current Ratio | 3.25x | 6.37x | 1.27x | 0.67x | 1.07x |
| Quick Ratio | 3.25x | 6.37x | 1.27x | 0.67x | 1.07x |
| Cash Conversion Cycle | - | - | - | - | - |
| Total Non-Current Liabilities | 450.15K | 1.32M | 1.05M | 1.73M | 2.52M |
| Long-Term Debt | 450.15K | 305.49K | 911.27K | 1.47M | 2.15M |
| Capital Lease Obligations | 450.15K | 1.02M | 143.06K | 259.9K | 371.63K |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | -450.15K | 0 | 0 | 0 | 0 |
| Total Liabilities | 10.33M | 8.18M | 21.15M | 10.78M | 6.3M |
| Total Debt | 5.45M | 3.42M | 1.73M | 2.52M | 3.25M |
| Net Debt | -25.47M | -38.38M | -1.9M | -279.6K | 1.81M |
| Debt / Equity | 0.22x | 0.07x | 0.09x | - | - |
| Debt / EBITDA | - | - | - | - | - |
| Net Debt / EBITDA | - | - | - | - | - |
| Interest Coverage | -61.56x | -52.72x | -87.20x | -28.90x | -19.03x |
| Total Equity | 24.53M | 51.64M | 19.38M | -4.22M | -1.56M |
| Equity Growth % | -52.5% | 166.49% | 558.78% | -170.74% | - |
| Book Value per Share | 1.49 | 3.38 | 1.46 | -0.28 | -0.10 |
| Total Shareholders' Equity | 24.53M | 51.64M | 19.38M | -4.22M | -1.56M |
| Common Stock | 12.81K | 54.11M | 10M | 20K | 20K |
| Retained Earnings | -82.89M | -12.48M | -6.99M | -4.24M | -1.58M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 10M | 10M | 16.36M | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
Rapid Capital Erosion
According to recent financial statements, ATGL's total equity has declined from $52.1M in 2024Q2 to $24.5M by 2025Q4, reflecting a persistent and aggressive erosion of shareholder value driven by the company's inability to align its cost structure with its shrinking revenue base.
The consistent decline in total assets alongside a ballooning deficit in retained earnings suggests that the company is consuming its capital base to fund ongoing operational losses. Investors should monitor whether this trajectory indicates a structural failure of the business model rather than a temporary cyclical downturn.
As reported in the latest quarterly filings, ATGL's cash position has fallen to $30.9M from a peak of $43.7M in 2024Q2, indicating that the firm's liquidity buffer is being depleted at an unsustainable rate to cover mounting operational deficits and project-related cash outflows.
While the current ratio of 3.25 appears superficially healthy, the underlying cash burn suggests that the company's runway is shortening rapidly. The reliance on cash reserves to sustain operations warrants further investigation into the firm's ability to reach a cash-flow-positive state before liquidity becomes constrained.
Based on the company's reported figures, retained earnings have plummeted to -$82.9M in 2025Q4, a stark deterioration from the -$2.4M reported in 2023Q2, which highlights the severe impact of sustained operational losses on the firm's overall equity quality and long-term financial stability.
The rapid accumulation of negative retained earnings suggests that the company has failed to generate any meaningful return on invested capital since its inception. This trend implies that shareholders are effectively subsidizing a business model that has yet to demonstrate a path toward sustainable profitability.
As evidenced by the disappearance of $10.2M in goodwill from the balance sheet between 2025Q2 and 2025Q4, the company appears to have recognized significant impairments, which may indicate that previous acquisitions or intangible assets are failing to provide the anticipated economic benefits to the firm.
The sudden write-down of these intangible assets suggests that the company's historical capital allocation strategy may have been flawed. Analysts should remain cautious regarding the valuation of remaining assets, as further impairments could potentially trigger additional volatility in the firm's equity position.
Quick answers to the most common questions about buying ATGL stock.
As of 2025, Alpha Technology Group Limited (ATGL) had total assets of $34.9M including $32.1M in current assets.
Alpha Technology Group Limited (ATGL) carries total debt of $5.5M, offset by $30.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Alpha Technology Group Limited (ATGL) has total shareholders' equity (book value) of $24.5M ($1.49 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Alpha Technology Group Limited (ATGL) reported a current ratio of 3.25x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.