Detailed financial statements for Alpha Compute Corp (ATON): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Alpha Compute Corp. (Nasdaq: ALP) is a high-performance GPU infrastructure and confidential-compute technology company built for the artificial intelligence economy. Structured as a holding company focused on sovereign AI compute, Alpha Compute owns the infrastructure that powers modern intelligence and enforces privacy directly at the hardware level.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $0.29, ATON has negative trailing earnings (P/E not meaningful) and an ROE of -5.34%. Market capitalisation stands at $1M.
Balance sheet quality for ATON: current ratio of 0.3, net cash position of $1.7M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $97000 |
| Cost of Revenue | 0 | 0 | 0 | 0 | 0 | 0 | $1000 | $54000 | $35000 | 0 |
| Gross Profit | 0 | 0 | 0 | 0 | 0 | 0 | -$1000 | -$54000 | -$35000 | $97000 |
| Research & Development | $32.5M | $788000 | $762000 | $4.1M | $7.3M | $6.8M | $8.2M | $12.5M | $3.1M | $2.8M |
| Selling, General & Admin | $2.6M | $1.4M | $1.9M | $1.9M | $5.1M | $8.8M | $8.4M | $5.7M | $4.3M | $20.2M |
| Operating Expenses | $35.5M | $2.2M | $2.8M | $6.0M | $12.4M | $15.6M | $16.6M | $18.2M | $7.4M | $23.2M |
| Operating Income | -$35.5M | -$2.2M | -$2.8M | -$6.0M | -$12.4M | -$15.6M | -$16.6M | -$18.3M | -$7.4M | -$23.1M |
| EBITDA | -$35.3M | $123.8M | -$650000 | -$5.7M | -$13.7M | -$14.8M | -$122.3M | -$18.2M | -$6.7M | -$8.4M |
| Interest Expense | $552422 | $24000 | $88000 | $557000 | $177000 | $43000 | $9000 | $32000 | $3000 | $1.0M |
| Pre-tax Income | -$641274 | $123.7M | -$3.6M | -$6.5M | -$14.9M | -$14.8M | -$122.5M | -$85.7M | -$6.8M | -$38.6M |
| Income Tax | 0 | 0 | 0 | $740000 | $2.3M | $4.4M | -$17.9M | -$10.5M | -$3000 | 0 |
| Net Income | $16.3M | $123.7M | -$2.6M | -$5.3M | -$15.8M | -$16.9M | -$104.6M | -$75.3M | -$6.8M | -$38.6M |
| EPS | $6.42 | $924.14 | $-0.55 | $-9.74 | $-1.35 | $-1.29 | $-6.49 | $-3.70 | $-5.72 | $-4.18 |
| EPS (Diluted) | $120.00 | $917.80 | $-0.55 | $-9.74 | $-1.35 | $-1.29 | $-6.49 | $-3.70 | $-5.72 | $-4.18 |
| Shares Outstanding (Diluted) | $2.7M | $2.7M | $4.8M | $547600 | $11.7M | $13.1M | $16.1M | $20.3M | $1.2M | $9.2M |
Income Statement (Quarterly)
| Year | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | 0 | 0 |
| Operating Income | -$1.5M | -$1.5M | -$3.1M | -$4.5M |
| EBITDA | -$1.5M | -$1.5M | -$3.1M | -$10.4M |
| Net Income | -$1.9M | -$1.9M | -$5.6M | -$10.4M |
| EPS | $-0.17 | $-0.17 | $-2.57 | $-4.13 |
| EPS (Diluted) | $-0.17 | $-0.17 | $-2.57 | $-4.13 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Cash & Equivalents | $159377 | $7.5M | $6.2M | $3.2M | $2.8M | $23.4M | $10.5M | $5.0M | $1.7M | $486000 |
| Short-term Investments | $58.9M | $52000 | $103000 | $68000 | 0 | 0 | 0 | 0 | 0 | $1.3M |
| Receivables | $16000 | $28000 | $263000 | $560000 | $683000 | $209000 | $682000 | $39000 | $12000 | $21000 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $59.1M | $7.6M | $6.6M | $3.8M | $4.9M | $24.8M | $13.7M | $7.7M | $2.2M | $4.0M |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 | -$2.6M | $35000 | 0 | $1.3M |
| Goodwill | 0 | 0 | $43.3M | $43.3M | $43.3M | $43.3M | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | $117.4M | $117.4M | $117.4M | $117.4M | $81.7M | 0 | 0 | 0 |
| Total Assets | $59.9M | $10.0M | $173.7M | $173.2M | $174.9M | $194.7M | $99.1M | $7.8M | $2.2M | $19.5M |
| Accounts Payable | $109000 | $29000 | $388000 | $343000 | $113000 | $188000 | $274000 | $482000 | $427000 | $4.1M |
| Short-term Debt | 0 | 0 | $663000 | $300000 | $150000 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $109061 | $151000 | $1.8M | $2.6M | $3.2M | $783000 | $1.9M | $2.9M | $1.1M | $12.7M |
| Long-term Debt | $180815 | $233000 | $3.0M | $3.4M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $309426 | $384000 | $25.2M | $27.5M | $27.3M | $29.2M | $23.7M | $4.5M | $3.1M | $13.0M |
| Retained Earnings | $15.0M | -$14.3M | -$17.0M | -$22.3M | -$38.1M | -$55.0M | -$159.6M | -$239.3M | -$245.5M | -$284.1M |
| Total Equity | $59.6M | $9.6M | $99.7M | $96.5M | $101.4M | $121.2M | $76.0M | $4.0M | -$123000 | $7.2M |
| Total Debt | $180815 | $233000 | $3.7M | $3.7M | $150000 | 0 | 0 | $47000 | 0 | $138000 |
| Net Debt | -$58.9M | -$7.3M | -$2.6M | $441000 | -$2.6M | -$23.4M | -$10.5M | -$5.0M | -$1.7M | -$1.7M |
| Working Capital | $59.0M | $7.5M | $4.8M | $1.2M | $1.7M | $24.0M | $11.8M | $4.8M | $1.1M | -$8.7M |
Balance Sheet (Quarterly)
| Year | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 |
|---|
| Cash & Equivalents | $1.7M | $1.7M | $1.7M | $183000 |
| Total Assets | $2.2M | $2.2M | 0 | $30.6M |
| Total Liabilities | $3.1M | $3.1M | $827000 | $21.7M |
| Total Equity | -$123000 | -$123000 | -$827000 | $9.6M |
| Total Debt | 0 | 0 | 0 | 0 |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Net Income | -$641274 | $123.7M | -$3.6M | -$7.2M | -$17.2M | -$19.2M | -$104.7M | -$75.3M | -$6.8M | -$38.6M |
| Depreciation & Amortization | $168 | 0 | 0 | $265000 | $1.0M | 0 | $1000 | $54000 | $35000 | $193000 |
| Stock-based Compensation | $1.7M | $1.1M | $1.2M | $2.2M | $8.8M | $9.1M | $4.3M | $2637 | $321000 | $1.7M |
| Change in Working Capital | -$50880 | $50000 | $715000 | -$114000 | -$744000 | -$461000 | -$10000 | $982000 | $1.5M | $110000 |
| Operating Cash Flow | -$1.3M | -$1.1M | -$858000 | -$3.7M | -$4.3M | -$6.8M | -$12.1M | -$14.3M | -$5.5M | -$20.5M |
| Capital Expenditure | 0 | 0 | 0 | 0 | $1.0M | 0 | -$3000 | 0 | 0 | -$10.3M |
| Acquisitions | -$3.4M | -$681000 | $504000 | 0 | -$1.0M | 0 | 0 | 0 | 0 | -$50000 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$1.3M | -$1.1M | -$858000 | -$3.7M | -$3.3M | -$6.8M | -$12.1M | -$14.3M | -$5.5M | -$30.9M |
Cash Flow (Quarterly)
| Year | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 |
|---|
| Operating Cash Flow | -$1.1M | -$1.1M | -$715000 | -$715000 |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$1.1M | -$1.1M | -$715000 | -$715000 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $307500 | $307500 | $517000 | $984000 |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Net Income Growth (YoY) | | +659.2% | -102.1% | -102.4% | -196.9% | -6.5% | -520.1% | +28.0% | +91.0% | -470.8% |
| EPS Growth (YoY) | | +14294.7% | -100.1% | -1670.9% | +86.1% | +4.4% | -403.1% | +43.0% | -54.6% | +26.9% |
| Shares Change (YoY) | | -1.0% | +78.8% | -88.6% | +2042.6% | +11.3% | +23.4% | +26.2% | -94.2% | +681.7% |
| FCF Growth (YoY) | | +18.8% | +20.0% | -332.9% | +11.6% | -106.0% | -78.5% | -18.4% | +61.8% | -465.7% |
| Gross Margin | | | | | | | | | | 100.0% |
| Operating Margin | | | | | | | | | | -23810.3% |
| EBITDA Margin | | | | | | | | | | -8645.4% |
| Net Margin | | | | | | | | | | -39820.6% |
| FCF Margin | | | | | | | | | | -31851.5% |
| Effective Tax Rate | -0.0% | 0.0% | -0.0% | -11.4% | -15.4% | -29.4% | 14.6% | 12.3% | 0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| FCF Per Share | $-0.49 | $-0.40 | $-0.18 | $-6.78 | $-0.28 | $-0.52 | $-0.75 | $-0.70 | $-4.62 | $-3.34 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $2.5M | $2.7M | $4.8M | $547600 | $11.7M | $13.1M | $16.1M | $20.3M | $1.2M | $9.2M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | -534.32% |
| Return on Invested Capital | -336.97% |
| Return on Assets | -197.78% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 0.88 |
| Piotroski F-Score | 3 |
| Altman Z-Score | -162.69 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| P/E | 59.19 | 0.16 | -341.82 | -18.69 | -414.37 | -101.86 | -9.52 | -2.99 | -1.62 | -0.08 |
| P/B | 16.20 | 41.76 | 9.09 | 1.03 | 64.70 | 14.16 | 13.10 | 55.94 | -88.97 | 0.40 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 30.13 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 100.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -23810.3% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -39820.6% |