Operating cash flow remains consistently negative, with a $715.0K outflow in 2026Q2 highlighting the firm's structural inability to generate internal liquidity.
| 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 |
|---|
| Cash from Operations | -3.65M | -5.46M | -14.3M | -12.07M | -6.76M | -4.28M | -3.71M | -858K | -1.07M | -1.32M | -5.84M | -2.61M | -1.94M | -1.79M | -1.34M | -2.62M | -356.14K | -287.38K | -468.92K | -458.84K | -645.5K | 0 | -321.51K | -146.9K | -156.8K | -347K | -466.9K | -345.09K | -422.97K |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | -1820.57% | - | - | - | -4592.92% | -150.01% | -71.17% | -40.51% | - | - | -1413.45% | -374.05% | -455.73% | -1891.22% | - | - |
| Operating CF Growth % | 244.99% | 61.8% | -18.42% | -78.49% | -57.89% | -15.35% | -332.87% | 20.04% | 18.78% | 77.38% | -123.4% | -35.05% | -8.02% | -33.7% | 48.94% | -636.87% | -23.93% | 38.71% | -2.2% | 28.92% | - | 100% | -118.86% | 6.31% | 54.81% | 25.68% | -35.3% | 18.41% | - |
| Net Income | -19.69M | -6.78M | -75.34M | -104.67M | -19.17M | -17.19M | -7.25M | -3.59M | 123.74M | -641.27K | -9.2M | -4.34M | -6.63M | -1.45M | -2.48M | -3.89M | -3.85M | -545.98K | -555.52K | -142.2K | -4.1M | 0 | -1.04M | -217.58K | -835.74K | -1.09M | -957.26K | -316.5K | -396.64K |
| Depreciation & Amortization | 20K | 35K | 54K | 1K | 0 | 1.02M | 265K | 0 | 0 | 168 | 0 | 0 | 1.16K | 1.74K | 2.25K | 2.5K | 2.26K | 1.6K | 794 | 0 | 0 | 0 | 0 | 0 | 23.04K | 22.16K | 14.78K | 12.18K | 11.48K |
| Stock-Based Compensation | 2.12M | 321K | 2.64K | 4.28M | 9.14M | 8.83M | 2.16M | 1.17M | 1.13M | 1.71M | 3.86M | 1.01M | 1.05M | 0 | 3.13K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | -10.56M | -17.88M | 4.39M | 2.45M | -265K | 0 | 0 | 0 | 0 | 0 | -1.05M | 0 | 84.37K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 13.24M | -558K | 70.57M | 106.21M | -670K | 1.36M | 1.49M | 853K | -125.99M | -2.34M | 0 | 19.12K | 4.88M | 108.53K | 785.75K | 1.65M | 1.25M | 234.28K | 63.92K | -241.32K | 3.47M | 0 | 536.68K | 60.52K | 471.23K | 883.45K | 494.08K | -47.75K | 14.61K |
| Working Capital Changes | 665K | 1.52M | 982K | -10K | -461K | -744K | -114K | 715K | 50K | -50.88K | -507.19K | 695.47K | -189.72K | -455.35K | 260.5K | -392.29K | 2.25M | 22.72K | 21.88K | -75.32K | -14.61K | 0 | 179.75K | 10.16K | 184.67K | -163.01K | -18.5K | 6.98K | -52.42K |
| Change in Receivables | 0 | 1.57M | -32K | -31K | 522K | -111K | -281K | 352K | 0 | 0 | -186.37K | 0 | -73.27K | 120.39K | -117.24K | -51.66K | 0 | 0 | 0 | 0 | 0 | 0 | -34.98K | 8.02K | 176.18K | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 1.21M | -880K | 281K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | -1.21M | 880K | 167K | 0 | 18K | -190.68K | -320.82K | 485.81K | 0 | 0 | 0 | 151.19K | 1.29M | 52.43K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -50K | 0 | 2.81M | -617K | 0 | -860K | 0 | -446K | 5.66M | -3.41M | -1.7M | 0 | 0 | 5.05M | 1.05M | 648.38K | -4.25M | -474.6K | -1.34M | -772.72K | -600.17K | 0 | -1.93M | 33.7K | 22.89K | 215.6K | -1.85M | -41.48K | -820 |
| Capital Expenditures | 0 | 0 | 0 | -3K | 0 | 1M | 0 | 0 | 0 | 0 | -1M | 0 | 0 | -763 | 0 | -2.66K | -4.6M | -4.16K | -6.82K | -3.59K | -3.14M | 0 | 0 | 0 | -221 | -11.33K | -114.17K | -13.86K | -820 |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | 0.78% | - | - | - | 66.52% | 2.18% | 0.56% | 197.13% | - | - | - | 0.53% | 14.87% | 462.44% | - | - |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 10.94M | 0 | 0 | 2.89M | 9.08M | 9.14M | 8.7M | 6.51M | 1.43M | 59.61M | 700K | 0 | 0 | 0 | 228.12K | 1.96M | 1.33M | 864.47K | 3.53M | 2.87M | 1.53M | 63.15K | 0 | 0 | 0 | 24.16K | 1.02M | 43.02K | 0 |
| Other Investing | -50K | 0 | 0 | -614K | 0 | -860 | 0 | -262K | -950K | 0 | 0 | 0 | 0 | 5.01M | 384.77K | -316.81K | 0 | 0 | 0 | 0 | 0 | 0 | -1.93M | 33.7K | -9.8K | 215.01K | -1.73M | -27.61K | 0 |
| Cash from Financing | 2.12M | 2.1M | 5.97M | -117K | 27.35M | 4.76M | 700K | -50K | 2.78M | 200K | 10.51M | 2.3M | 3.78M | 0 | 0 | -84.02K | 6.57M | 44.39K | 107.06K | 1.02M | 3.31M | 0 | 2.62M | 94.22K | 138.28K | -113.03K | 2.56M | 425.44K | 410.18K |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | 0 | 2.15M | 6.03M | 2.98M | 29.09M | 6.98M | 0 | 0 | 0 | 0 | 10.51M | 2.3M | 295.44K | 0 | 0 | 2.13M | 5.01M | 44.39K | 107.06K | 1.02M | 3.32M | 0 | 2.43M | 0 | 63.88K | 20.37K | 2.24M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 2.12M | 1K | -20K | -1.1M | -1.75M | -1.25M | 1M | 0 | 2.73M | 0 | 0 | 0 | 3.48M | 0 | 0 | -1.06M | 426.93K | 0 | 0 | 0 | -9.56K | 0 | 184.19K | 0 | 74.4K | -133.41K | 341.06K | 425.44K | 410.18K |
| Net Change in Cash | -1.58M | -3.36M | -5.52M | -12.81M | 20.58M | -382K | -3.01M | -1.35M | 7.36M | -4.53M | 2.97M | -313.77K | 1.84M | 3.26M | -290.77K | -2.06M | 1.96M | -717.59K | -1.71M | -214.9K | 2.06M | 0 | 366.6K | -18.98K | 4.37K | -244.44K | 248.94K | 38.88K | -13.61K |
| Free Cash Flow | -3.65M | -5.46M | -14.3M | -12.08M | -6.76M | -3.28M | -3.71M | -858K | -1.07M | -1.32M | -6.84M | -2.61M | -1.94M | -1.79M | -1.34M | -2.63M | -4.96M | -291.54K | -475.75K | -462.43K | -3.79M | 0 | -321.51K | -146.9K | -157.02K | -358.33K | -581.07K | -358.95K | -423.79K |
| FCF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | -1821.34% | - | - | - | -4659.44% | -152.19% | -71.72% | -237.64% | - | - | -1413.45% | -374.58% | -470.6% | -2353.65% | - | - |
| FCF Growth % | 63.14% | 61.8% | -18.39% | -78.53% | -106.02% | 11.6% | -332.87% | 20.04% | 18.78% | 80.68% | -161.66% | -35.05% | -7.98% | -33.76% | 48.99% | 47.04% | -1601.53% | 38.72% | -2.88% | 87.79% | - | 100% | -118.86% | 6.45% | 56.18% | 38.33% | -61.88% | 15.3% | - |
| FCF per Share | -1.45 | -4.62 | -0.70 | -0.75 | -0.52 | -0.28 | -6.78 | -0.18 | -0.40 | -0.49 | -2.85 | -1.35 | -1.08 | -2.19 | -1.70 | -3.35 | -11.55 | -0.97 | -1.65 | -1.70 | -23.99 | - | -8.77 | -14.23 | -22.22 | -55.53 | -2010.62 | -117.80 | -268.56 |
| FCF Conversion (FCF/Net Income) | 0.19x | 0.81x | 0.19x | 0.12x | 0.40x | 0.27x | 0.70x | 0.33x | -0.01x | -0.08x | 1.02x | 0.84x | 0.31x | 1.22x | 0.54x | 0.68x | 0.09x | 0.53x | 0.84x | -0.91x | 0.26x | - | 0.31x | 0.68x | 0.19x | 0.32x | 0.49x | 1.09x | 1.07x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and dilution risk
According to recent SEC filings, ATON's operating cash flow remains consistently negative, with the company reporting a $715.0K outflow in 2026Q2, highlighting a structural inability to convert its business model into positive cash generation despite the ongoing transition toward a digital asset treasury strategy.
The persistent gap between net income and operating cash flow suggests that the company is consuming capital to fund administrative overhead rather than generating internal liquidity. Investors should monitor the OCF/NI ratio, which remains erratic and fails to provide evidence of a sustainable path toward positive cash conversion.
As reported in financial statements, ATON has recorded negative free cash flow in every quarter over the last ten periods, with the most recent 2026Q2 figure of -$715.0K underscoring the company's reliance on external financing to sustain its current operational footprint and public listing requirements.
The lack of positive free cash flow indicates that the firm is currently a capital-consuming entity with no internal mechanism to fund its stated $100 million treasury target. This trajectory suggests that the company may be forced to rely on dilutive equity offerings to maintain its existence.
Based on ATON's reported figures, stock-based compensation of $984.0K in 2026Q2 effectively masks the true extent of the company's cash burn, as this non-cash expense is added back to operating cash flow while simultaneously diluting the value of existing shareholder equity in the firm.
The reliance on stock-based compensation to manage cash outflows suggests that management is attempting to preserve limited liquidity at the expense of long-term shareholder dilution. Analysts should adjust cash flow metrics to account for this compensation to understand the true economic cost of the current operating model.
Data from financial statements indicates that working capital changes have been highly inconsistent, swinging from a $968.0K inflow in 2025Q1 to a $302.3K outflow in 2024Q4, which suggests a lack of disciplined cash management during the company's transition to a digital asset treasury model.
These fluctuations in working capital appear to reflect the absence of a stable revenue-generating cycle, making it difficult to forecast future liquidity needs. The erratic nature of these adjustments warrants further investigation into the company's internal controls and its ability to manage short-term liabilities effectively.
Quick answers to the most common questions about buying ATON stock.
AlphaTON Capital Corp. (ATON) generated $-5.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
AlphaTON Capital Corp. (ATON) reported negative free cash flow of $5.5M in 2025, indicating capital requirements exceeded cash from operations.
AlphaTON Capital Corp. (ATON) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.