Tearsheet

ALT5 Sigma (ALTS)

Market Price (3/30/2026): $1.22 | Market Cap: $88.9 Mil
Sector: Information Technology | Industry: Application Software

ALT5 Sigma (ALTS)

Market Price (3/30/2026): $1.22
Market Cap: $88.9 Mil
Sector: Information Technology
Industry: Application Software

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 37%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 33%	Weak multi-year price returns 2Y Excs Rtn is -74%, 3Y Excs Rtn is -66%	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -24 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -97%
1	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 250%		Significant share based compensation SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 24%
2	Megatrend and thematic drivers Megatrends include Crypto & Blockchain, and Digital & Alternative Assets. Themes include Cryptocurrency Exchanges, and Digital Asset Custody.		Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -70%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -70%
3			Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 61%
4			High stock price volatility Vol 12M is 130%
5			Significant short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 22%
6			Key risks ALTS key risks include [1] severe regulatory non-compliance, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 37%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 33%
1	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 250%
2	Megatrend and thematic drivers Megatrends include Crypto & Blockchain, and Digital & Alternative Assets. Themes include Cryptocurrency Exchanges, and Digital Asset Custody.
3	Weak multi-year price returns 2Y Excs Rtn is -74%, 3Y Excs Rtn is -66%
4	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -24 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -97%
5	Significant share based compensation SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 24%
6	Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -70%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -70%
7	Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 61%
8	High stock price volatility Vol 12M is 130%
9	Significant short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 22%
10	Key risks ALTS key risks include [1] severe regulatory non-compliance, Show more.

Valuation, Metrics & Events

	3/30/26	2025	2024	2023	2022	2021
Share Price CYE	$1.22	$1.10	$4.65	$0.56	$1.37	$4.09
Market Cap CYE ($ Mil)	88.9	80.2	59.5	2.3	4.3	11.6
Total Debt ($ Mil)	17.8	17.8	11.3	0.0	12.3	6.7
Total Cash ($ Mil)	7.3	7.3	8.7	0.4	0.9	2.8
Enterprise Value ($ Mil)	99.4	98.0	70.8	2.3	16.6	18.3
Valuation Ratios
P/S TTM	3.6	3.2	8.4	-	0.4	0.3
P/EBIT TTM	1.7	1.6	-8.8	-0.6	-3.5	-2.0
P/E TTM	2.7	2.4	-3.0	0.2	-1.3	-1.4
P/FCF TTM	-5.1	-4.6	17.9	3.6	-0.8	-2.2
Sector Ratios
P/S TTM (Sector)	3.4	3.6	3.8	3.5	2.9	5.6
P/EBIT TTM (Sector)	7.8	8.9	7.0	3.4	0.7	7.2
P/E TTM (Sector)	5.5	6.0	1.6	0.2	-0.1	8.0
P/FCF TTM (Sector)	12.1	14.7	17.4	15.7	12.5	18.4

	3/30/26	2025	2024
Share Price CYE	$1.22	$1.10	$4.65
Market Cap CYE ($ Mil)	88.9	80.2	59.5
Total Debt ($ Mil)	17.8	17.8	11.3
Total Cash ($ Mil)	7.3	7.3	8.7
Enterprise Value ($ Mil)	99.4	98.0	70.8
Valuation Ratios
P/S TTM	3.6	3.2	8.4
P/EBIT TTM	1.7	1.6	-8.8
P/E TTM	2.7	2.4	-3.0
P/FCF TTM	-5.1	-4.6	17.9
Sector Ratios
P/S TTM (Sector)	3.4	3.6	3.8
P/EBIT TTM (Sector)	7.8	8.9	7.0
P/E TTM (Sector)	5.5	6.0	1.6
P/FCF TTM (Sector)	12.1	14.7	17.4

	ALTS	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	0.0
Rev Chg Q	53.3%	7.3%
Rev Chg LTM	250.1%	6.7%
Rev Chg 3Y Avg	75.0%	5.7%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	-0.0
CFO LTM ($ Bil)	-0.0
Net Inc LTM ($ Bil)	0.0
Op Mgn LTM	-96.6%	18.6%
CFO/Rev LTM	-70.0%	20.7%
Net Inc Mgn	133.1%	12.8%
VALUATION	VERY LOW
P/S	3.6	3.1
P/CFO	-5.1	14.8
P/FCF	-5.1	19.4
P/E	2.7	23.7
STABILITY	FAIR
Debt/Equity	0.20	0.22
Cash/Assets	0.00	0.07

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Metric	Value	Date	Source
Number of Customers	over 1,000	3282025	Link
Quarterly Transaction Volume	in excess of $600 million	11122024	Link
Annual Transaction Volume	in excess of US$1.2 billion	12312023	Link
Cumulative Transaction Volume Since Inception (2018)	over $5 billion	10082025	Link

Recent
3/27/2026	Earnings Release	Rev: $15 Mil (E) EPS: $-0.18 (E)
Upcoming
5/19/2026	Earnings Release	Rev: $15 Mil (E) EPS: $-0.14 (E)

Price Chart

Return (1M):

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Why The Stock Moved

Qualitative Assessment

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ALT5 Sigma (ALTS) stock has lost about 35% since 11/30/2025 because of the following key factors:

1. Nasdaq Non-Compliance and Auditor Resignation in late 2025.

ALT5 Sigma received a Nasdaq notification on November 19, 2025, indicating non-compliance due to a delayed third-quarter (Q3) report filing with the SEC. This was compounded by the resignation of the company's auditor, Hudgens CPA, on November 21, 2025, raising significant concerns about operational oversight and financial reporting reliability.

2. Executive Leadership Changes and Governance Instability.

Effective November 21, 2025, Jonathan Hugh's employment as Acting CEO was concluded, and Tony Isaac was appointed as the new Acting CEO. This leadership change, occurring at the beginning of the specified period, contributed to investor uncertainty regarding the company's strategic direction and stability.

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Stock Movement Drivers

Fundamental Drivers

The -34.2% change in ALTS stock from 11/30/2025 to 3/29/2026 was primarily driven by a -74.5% change in the company's Shares Outstanding (Mil).

(LTM values as of)	11302025	3292026	Change
Stock Price ($)	1.87	1.23	-34.2%
Change Contribution By:
Total Revenues ($ Mil)	22	25	11.8%
P/S Multiple	1.6	3.6	131.1%
Shares Outstanding (Mil)	19	73	-74.5%
Cumulative Contribution			-34.2%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 3/29/2026

	Return	Correlation
ALTS	-34.2%
Market (SPY)	-5.3%	27.5%
Sector (XLK)	-9.1%	26.6%

Fundamental Drivers

The -84.4% change in ALTS stock from 8/31/2025 to 3/29/2026 was primarily driven by a -74.5% change in the company's Shares Outstanding (Mil).

(LTM values as of)	8312025	3292026	Change
Stock Price ($)	7.88	1.23	-84.4%
Change Contribution By:
Total Revenues ($ Mil)	22	25	11.8%
P/S Multiple	6.6	3.6	-45.2%
Shares Outstanding (Mil)	19	73	-74.5%
Cumulative Contribution			-84.4%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 3/29/2026

	Return	Correlation
ALTS	-84.4%
Market (SPY)	0.6%	27.8%
Sector (XLK)	-0.7%	27.2%

Fundamental Drivers

The -79.7% change in ALTS stock from 2/28/2025 to 3/29/2026 was primarily driven by a -82.4% change in the company's Shares Outstanding (Mil).

(LTM values as of)	2282025	3292026	Change
Stock Price ($)	6.05	1.23	-79.7%
Change Contribution By:
Total Revenues ($ Mil)	7	25	250.1%
P/S Multiple	10.9	3.6	-66.9%
Shares Outstanding (Mil)	13	73	-82.4%
Cumulative Contribution			-79.7%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2025 to 3/29/2026

	Return	Correlation
ALTS	-79.7%
Market (SPY)	9.8%	23.7%
Sector (XLK)	15.9%	24.4%

Fundamental Drivers

The -23.4% change in ALTS stock from 2/28/2023 to 3/29/2026 was primarily driven by a -95.7% change in the company's Shares Outstanding (Mil).

(LTM values as of)	2282023	3292026	Change
Stock Price ($)	1.61	1.23	-23.4%
Change Contribution By:
Total Revenues ($ Mil)	11	25	134.1%
P/S Multiple	0.5	3.6	657.2%
Shares Outstanding (Mil)	3	73	-95.7%
Cumulative Contribution			-23.4%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2023 to 3/29/2026

	Return	Correlation
ALTS	-23.4%
Market (SPY)	69.4%	14.3%
Sector (XLK)	94.5%	14.7%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
ALTS Return	-16%	-67%	-59%	738%	-76%	20%	-73%
Peers Return	-19%	-86%	239%	-6%	-23%	-19%	-78%
S&P 500 Return	27%	-19%	24%	23%	16%	-5%	72%
Monthly Win Rates [3]
ALTS Win Rate	25%	42%	42%	50%	33%	33%
Peers Win Rate	38%	29%	62%	38%	47%	22%
S&P 500 Win Rate	75%	42%	67%	75%	67%	33%
Max Drawdowns [4]
ALTS Max Drawdown	-21%	-67%	-78%	-10%	-76%	0%
Peers Max Drawdown	-27%	-87%	-26%	-61%	-44%	-28%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-5%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: COIN, GLXY, BKKT.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/27/2026 (YTD)

How Low Can It Go

Unique Key	Event	ALTS	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-97.7%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	4230.0%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-55.1%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	122.6%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	92 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-75.0%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	300.6%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	609 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-90.4%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	937.7%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	Not Fully Recovered days	1,480 days

Compare to COIN, GLXY, BKKT

In The Past

ALT5 Sigma's stock fell -97.7% during the 2022 Inflation Shock from a high on 1/28/2021. A -97.7% loss requires a 4230.0% gain to breakeven.

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About ALT5 Sigma (ALTS)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

JanOne Inc., a clinical-stage biopharmaceutical company, focuses on identifying, acquiring, licensing, developing, partnering, and commercializing novel, non-opioid, and non-addictive therapies to address the unmet medical need for the treatment of pain and addiction. It operates through three segments: Biotechnology, Recycling, and Technology. The company's lead product candidate is JAN101, a patented oral and sustained release pharmaceutical composition of sodium nitrite that targets poor blood flow to the extremities in patients with diabetes or peripheral artery disease to treat pain. It also provides turnkey appliance recycling and replacement services for utilities and other sponsors of energy efficiency programs; and designs, develops, and sells cellular transceiver modules and associated wireless services. The company was formerly known as Appliance Recycling Centers of America, Inc. and changed its name to JanOne Inc. in September 2019. JanOne Inc. was founded in 1976 and is headquartered in Las Vegas, Nevada.

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Based on the provided description, JanOne Inc. (which the request associates with ALT5 Sigma and the symbol ALTS) primarily sells to other companies. Its major customer categories, across its three segments, are:

Utilities and Sponsors of Energy Efficiency Programs: These are the customers for the company's turnkey appliance recycling and replacement services.
Pharmaceutical Distributors and Healthcare Providers: Once its lead product candidate, JAN101, is commercialized, the company would primarily sell to pharmaceutical distributors, hospitals, and large pharmacy chains.
Technology and Telecommunication Companies: Customers for its cellular transceiver modules and associated wireless services would include companies integrating these modules into their products (e.g., IoT device manufacturers) or utilizing the wireless services.

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HTML output:

Tony Isaac, President & Acting Chief Executive Officer

Tony Isaac has served as a Director of ALT5 Sigma since 2015 and previously held the CEO position in 2016. He is also the Chairman and Co-Founder of Isaac Organization, a private investment firm. With over 40 years of experience in real estate, corporate finance, and strategic transactions, he specializes in complex deal negotiations and financial structuring, supporting ALT5 Sigma's growth and corporate strategy.

Steven Plumb, Chief Financial Officer

Steven Plumb is an experienced Certified Public Accountant. Since 2001, he has owned and served as president of Clear Financial Solutions, a consulting firm providing interim Chief Financial Officer services to small public companies. In this role, he has been responsible for preparing SEC filings, managing investor relations, raising capital, and conducting mergers and acquisition activities. He is a former auditor with PriceWaterhouseCoopers and KPMG. Plumb has also served as fractional Chief Executive Officer of Prophase Labs, Inc. and Chief Financial Officer for several companies including Driveitaway Holdings, Inc., A Game Beverages, Inc., Endexx Corp., and Gaming Technologies, Inc.

Vay Tham, Chief Revenue Officer (CRO), President Fintech

Vay Tham brings over 25 years of experience in capital markets, having held roles in research, investment banking, and finance. He previously served as Managing Director, Head of Technology Investment Banking at PI Financial Corp. Tham also founded, grew, and successfully sold his own fund, which managed over $300 million in assets. His career has primarily focused on technology companies.

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The key risks to ALT5 Sigma (ALTS) are primarily centered around financial transparency, governance, and the inherent volatility of the digital asset market.

Financial Transparency Issues and Governance Crisis: ALT5 Sigma faces significant scrutiny regarding its financial transparency and corporate governance. The company has missed deadlines for filing quarterly financial reports, leading to a Nasdaq non-compliance notice. Concerns have been exacerbated by the appointment of an auditor whose license had expired and an investigation following a substantial stock price drop, coupled with the termination of its CEO and CFO. Additionally, a subsidiary has been implicated in legal issues involving illicit enrichment and money laundering, further raising questions about the company's integrity and potentially leading to increased regulatory scrutiny. Financial indicators, such as a low Altman Z-Score and a high Beneish M-Score, suggest financial distress and potential for manipulation.
Volatility and Sector-Specific Risks of the Fintech and Digital Asset Industry: Operating within the fintech and blockchain sectors, ALT5 Sigma is exposed to the extreme volatility and unpredictable nature of digital assets. The value of digital assets can fluctuate significantly, and the company's platforms are vulnerable to operational risks such as fraud, technical glitches, cyber-attacks, or even permanent shutdowns. Regulatory uncertainty also poses a risk, particularly regarding the classification of digital assets as securities, which could impact the company's offerings and compliance requirements. The overall adoption rate of digital assets by consumers and businesses also influences their long-term value and the company's growth prospects.
Weak Financial Health and Performance: ALT5 Sigma currently exhibits significant financial challenges, including negative revenue growth, operating margins, net margins, and return on equity. This indicates a struggle for profitability and sustainable growth, making the company vulnerable to market downturns and limiting its ability to invest in future development or withstand operational challenges.

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Expected Drivers of Future Revenue Growth for ALT5 Sigma (ALTS) over the Next 2-3 Years:

Expansion and Increased Adoption of Core Fintech Platforms: ALT5 Sigma's primary strategic focus on blockchain-powered digital asset solutions, including its institutional-grade over-the-counter trading platform ALT5 Prime and cryptocurrency payment gateway ALT5 Pay, is expected to drive revenue growth. The company anticipates continued increases in processed transaction volumes through increasing adoption from enterprise, institutional, and international clients.
Growth of the USD1 Stablecoin Ecosystem and WLFI Digital Asset Treasury Strategy: ALT5 Sigma holds a significant stake in $WLFI, the governance token associated with the USD1 stablecoin. The company expects heightened demand for $WLFI as the adoption of the USD1 stablecoin grows, which, combined with the integration of USD1 into its payment platforms, is anticipated to expand transaction volumes and enhance revenue.
Strategic Acquisitions to Broaden Fintech Offerings: The successful acquisition of Mswipe, a provider of multi-currency fiat and crypto-enabled payment card solutions, has already contributed to revenue growth in ALT5 Sigma's fintech operations. Future strategic acquisitions are likely to be a driver, expanding the company's fintech offerings and market reach.

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ALT5 Sigma Corporation, formerly known as JanOne Inc., has made several capital allocation decisions over the last three to five years, reflecting its strategic shift towards fintech while maintaining a biotechnology segment. The company officially rebranded to ALT5 Sigma Corporation and changed its Nasdaq ticker symbol from JAN to ALTS effective July 15, 2024.

Share Repurchases

ALT5 Sigma Corporation announced board approval to pursue a major stock buyback program on January 29, 2026.

Share Issuance

ALT5 Sigma Corporation announced a substantial stock offering on January 29, 2026, which caused its stock to surge.
As of February 7, 2025, JanOne (JAN) had approximately 12.2 million shares outstanding.

Outbound Investments

The company acquired ALT5 Sigma, a fintech company, as part of its strategic shift towards financial technology.
The company reported acquisitions, such as the purchase of Mswipe.
ALT5 Sigma maintains a minority strategic holding in WLFI, a governance token associated with the USD1 stablecoin.

Interactive Breakdown

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Better Bets vs. ALT5 Sigma (ALTS)

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Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	ALT5 Sigma Earnings Notes	12/16/2025
2	Can ALT5 Sigma Stock Recover If Markets Fall?	10/17/2025

	Title
0	ARTICLES

Trade Ideas

Select ideas related to ALTS.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
BMI_2282026_Insider_Buying_45D_2Buy_200K	02282026	BMI	Badger Meter	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	0.0%	0.0%	0.0%
VRNS_2282026_Insider_Buying_45D_2Buy_200K	02282026	VRNS	Varonis Systems	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	0.0%	0.0%	0.0%
ITRI_2272026_Dip_Buyer_FCFYield	02272026	ITRI	Itron	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	0.0%	0.0%	0.0%
FSLR_2272026_Dip_Buyer_ValueBuy	02272026	FSLR	First Solar	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	0.0%	0.0%	0.0%
PEGA_2272026_Dip_Buyer_ValueBuy	02272026	PEGA	Pegasystems	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	0.0%	0.0%	0.0%

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BUR	Burford Capital	0.9	-51.4%	-53.6%
OLMA	Olema Pharmaceuticals	1.2	-44.0%	-45.3%
WING	Wingstop	4.3	-43.1%	-35.2%
FRMI	Fermi	3.7	-43.0%	-22.8%
PAR	PAR Technology	0.5	-43.0%	-64.7%
SES	SES AI	0.3	-42.6%	-45.1%
USAS	Americas Gold And Silver	1.5	-41.9%	7.6%
ITRG	Integra Resources	0.4	-41.0%	-36.2%
VITL	Vital Farms	0.6	-40.6%	-58.9%

Peer Comparisons

Peers to compare with:

Financials

	ALTS	COIN	GLXY	BKKT	Median
Name	ALT5 Sig.	Coinbase.	Galaxy D.	Bakkt
Mkt Price	1.23	161.14	18.00	7.32	12.66
Mkt Cap	0.1	43.2	3.4	0.2	1.8
Rev LTM	25	7,181	47,431	2,354	4,768
Op Inc LTM	-24	1,456	840	-147	408
FCF LTM	-17	2,426	-1,113	-157	-87
FCF 3Y Avg	-4	2,047	-450	-84	-44
CFO LTM	-17	2,426	-317	-153	-85
CFO 3Y Avg	-4	2,068	-175	-78	-41

Growth & Margins

	ALTS	COIN	GLXY	BKKT	Median
Name	ALT5 Sig.	Coinbase.	Galaxy D.	Bakkt
Rev Chg LTM	250.1%	9.4%	42.6%	-32.1%	26.0%
Rev Chg 3Y Avg	-	39.3%	-	516.8%	278.0%
Rev Chg Q	53.3%	-21.6%	-34.4%	-83.3%	-28.0%
QoQ Delta Rev Chg LTM	11.8%	-6.4%	-10.3%	-38.7%	-8.3%
Op Mgn LTM	-96.6%	20.3%	1.8%	-6.3%	-2.2%
Op Mgn 3Y Avg	-	17.5%	1.1%	-7.9%	1.1%
QoQ Delta Op Mgn LTM	-59.6%	-8.0%	-0.8%	-4.5%	-6.3%
CFO/Rev LTM	-70.0%	33.8%	-0.7%	-6.5%	-3.6%
CFO/Rev 3Y Avg	-	34.2%	-0.4%	-5.2%	-0.4%
FCF/Rev LTM	-70.0%	33.8%	-2.3%	-6.7%	-4.5%
FCF/Rev 3Y Avg	-	33.6%	-1.0%	-5.7%	-1.0%

Valuation

	ALTS	COIN	GLXY	BKKT	Median
Name	ALT5 Sig.	Coinbase.	Galaxy D.	Bakkt
Mkt Cap	0.1	43.2	3.4	0.2	1.8
P/S	3.6	6.0	0.1	0.1	1.8
P/EBIT	1.8	26.9	45.1	-1.3	14.3
P/E	2.7	34.3	9.8	-1.7	6.3
P/CFO	-5.1	17.8	-10.8	-1.2	-3.2
Total Yield	36.9%	2.9%	10.5%	-57.4%	6.7%
Dividend Yield	0.0%	0.0%	0.3%	0.0%	0.0%
FCF Yield 3Y Avg	3.9%	3.5%	-	-36.7%	3.5%
D/E	0.2	0.2	1.6	0.0	0.2
Net D/E	0.1	-0.1	0.7	-0.1	0.0

Returns

	ALTS	COIN	GLXY	BKKT	Median
Name	ALT5 Sig.	Coinbase.	Galaxy D.	Bakkt
1M Rtn	-11.5%	-8.4%	-12.6%	-23.4%	-12.0%
3M Rtn	4.2%	-32.0%	-23.1%	-30.6%	-26.8%
6M Rtn	-60.3%	-48.5%	-41.7%	-59.2%	-53.8%
12M Rtn	-70.2%	-7.4%	-21.1%	-19.6%	-20.4%
3Y Rtn	5.1%	151.2%	-21.1%	-82.1%	-8.0%
1M Excs Rtn	-5.6%	-3.2%	-10.1%	-21.8%	-7.9%
3M Excs Rtn	12.4%	-24.7%	-18.2%	-24.1%	-21.1%
6M Excs Rtn	-56.2%	-43.9%	-40.4%	-57.1%	-50.1%
12M Excs Rtn	-84.5%	-28.4%	-32.5%	-44.6%	-38.6%
3Y Excs Rtn	-65.7%	47.1%	-82.8%	-140.2%	-74.2%

FDIC Bank Data

Bank Capital

null

Bank Deposits

null

Bank Assets

null

Bank Loans

null

FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/28	LTM	2024	2023	2022	2021	2020	2019
Period End	9/27/2025	12/28/2024	12/30/2023	12/31/2022	1/1/2022	1/2/2021	12/28/2019
Filing Date	1/12/2026	3/28/2025	4/8/2024	4/17/2023	4/1/2022	3/30/2021	4/6/2020
Key Financials
Total Revenue	25	13	0	0	40	34	35
EBITDA	56	-5	-3	-3	2	-4	-8
Operating Income	-24	-8	-5	-3	-3	-9	-12
Net Income	33	-6	-8	11	-17	-8	-12
EPS	-0.32	-0.56	-1.95	3.49	-6.35	-4.59	-6.78
Growth Rates
Total Revenue Growth	250.1%	∞%	-	-100.0%	18.2%	-3.5%	-4.6%
EBITDA Growth	1176.2%	-51.0%	-4.7%	-265.6%	144.2%	48.5%	-298.0%
Operating Income Growth	-253.9%	-59.3%	-50.7%	2.2%	64.2%	27.6%	-103.9%
Net Income Growth	264.1%	20.1%	-171.1%	165.1%	-98.7%	29.0%	-113.3%
Margins
EBITDA Margin	226.7%	-39.7%	-	-	4.7%	-12.7%	-23.8%
Operating Income Margin	-96.6%	-60.3%	-	-	-8.0%	-26.6%	-35.4%
Net Income Margin	133.1%	-49.8%	-	-	-42.2%	-25.1%	-34.1%
Cash & Debt
Total Cash	7	7	0	0	1	0	0
Total Debt	18	13	1	0	7	7	5
Net Debt / (Cash)	10	6	1	0	6	6	4
Cash Flows
Net Cash from Operations	-17	2	1	-3	-5	-1	-4
Free Cash from Operations	-17	2	1	-5	-7	-1	-4
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0

$ Mil \| FY: 12/28	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/27/2025	6/28/2025	3/29/2025	12/28/2024	9/28/2024	6/29/2024	3/30/2024	12/30/2023	9/30/2023	7/1/2023	4/1/2023	12/31/2022
Filing Date	1/12/2026	8/12/2025	5/13/2025	3/28/2025	11/12/2024	8/19/2024	5/3/2024	4/8/2024	11/14/2023	8/15/2023	5/22/2023	4/17/2023
Key Financials Quarterly
Total Revenue	8	6	6	5	5	2	0	0	0	0	0	0
Ebitda	60	-2	-1	-1	-0	-2	-1	-1	-0	-1	-1	-1
Operating Income	-17	-2	-2	-3	-1	-2	-2	-2	-1	-1	-1	-1
Net Income	49	-9	-3	-4	-1	1	-2	-18	-0	0	10	3
EPS	0.67	-0.49	-0.18	-0.32	-0.06	0.07	-0.34	-4.66	-0.05	0.03	3.15	0.92
Key Financials TTM
Total Revenue TTM	25	22	18	13	7	2	0	0	0	0	0	0
Ebitda TTM	56	-4	-5	-5	-5	-5	-4	-3	-3	-3	-3	-3
Operating Income TTM	-24	-8	-9	-8	-7	-7	-5	-5	-4	-4	-4	-3
Net Income TTM	33	-17	-7	-6	-20	-20	-20	-8	13	11	20	11
Growth Rates Quarterly
Total Revenue Growth	53.3%	194.1%	-	-	-	-	-	-	-	-	-	-100.0%
EBITDA Growth	33509.9%	28.5%	21.1%	5.1%	54.9%	-249.2%	-58.8%	-21.9%	34.4%	-6.2%	-7.9%	-168.6%
Operating Income Growth	-2159.4%	13.9%	-20.2%	-78.1%	4.2%	-129.6%	-64.3%	-52.0%	-25.0%	-61.1%	-61.4%	-408.1%
Net Income Growth	6056.4%	-1647.5%	-33.4%	78.3%	-284.1%	378.9%	-121.3%	-716.5%	89.2%	-98.6%	732.8%	125.2%
Margins Quarterly
EBITDA Margin	798.3%	-27.3%	-16.7%	-25.6%	-3.7%	-112.2%	-	-	-	-	-	-
Operating Income Margin	-218.3%	-32.8%	-39.4%	-59.9%	-14.8%	-112.2%	-	-	-	-	-	-
Net Income Margin	646.4%	-142.9%	-51.9%	-71.3%	-16.6%	27.2%	-	-	-	-	-	-
Cash & Debt
Total Cash	7	10	11	7	9	6	0	0	0	0	0	0
Total Debt	18	23	14	13	11	11	3	1	0	0	0	0
Net Debt / (Cash)	10	13	3	6	3	5	3	1	-0	-0	-0	0
Cash Flows Quarterly
FCF from Operations	-9	-5	-2	-2	4	0	-1	-0	-0	-0	2	-1
Cash Flows TTM
FCF from Operations TTM	-17	-4	1	2	3	-1	-2	1	1	-2	-3	-3
Returns to Shareholders Quarterly
Dividends	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
Return on Invested Capital (ROIC) Quarterly
ROIC	-3.3%	-7.2%	-10.2%	-15.5%	-2.0%	-12.2%	-11.8%	-15.0%	-5.9%	-9.2%	-7.1%	-9.4%
Return on Invested Capital (ROIC) TTM
ROIC TTM	-1.1%	-7.4%	-7.3%	-6.7%	-7.5%	-7.3%	-9.0%	-9.6%	-8.8%	-8.6%	-7.8%	-6.2%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2020
Biotechnology	0	0	0
Corporate and other	0
Fintech	0
Recycling			35
Technology			0
Total	0	0	35

Operating Income by Segment

$ Mil	2024	2023	2020
Fintech	0
Biotechnology	-2	-3	-1
Corporate and other	-18
Recycling			-6
Technology			-5
Total	-20	-3	-12

Net Income by Segment

$ Mil	2024	2023
Discontinued operations	9	3
Biotechnology	-2	8
Corporate and other	-16
Total	-8	11

Assets by Segment

$ Mil	2024	2023	2022	2021	2020
Biotechnology	18	29	0	0	0
Corporate and other	1
Discontinued operations	0	18
Fintech	0
Recycling			15	11	12
Technology			0	14	18
Total	18	47	15	24	29

Price Behavior

Price Behavior

Market Price	$1.23
Market Cap ($ Bil)	0.1
First Trading Date	11/08/1991
Distance from 52W High	-88.0%
	50 Days	200 Days
DMA Price	$1.65	$3.62
DMA Trend	down	down
Distance from DMA	-25.3%	-66.0%
	3M	1YR
Volatility	138.3%	130.4%
Downside Capture	1.77	2.31
Upside Capture	431.96	144.84
Correlation (SPY)	29.3%	20.3%

ALTS Betas & Captures as of 2/28/2026

	1M	2M	3M	6M	1Y	3Y
Beta	5.34	3.54	3.40	3.35	1.56	1.21
Up Beta	6.66	4.90	6.33	3.75	1.23	1.24
Down Beta	1.22	4.25	4.12	4.83	1.01	0.95
Up Capture	396%	424%	140%	-18%	170%	191%
Bmk +ve Days	9	20	31	70	142	431
Stock +ve Days	8	17	23	48	109	335
Down Capture	673%	198%	283%	304%	166%	110%
Bmk -ve Days	12	21	30	54	109	320
Stock -ve Days	13	23	35	71	134	400

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with ALTS
ALTS	-72.0%	130.1%	-0.37	-
Sector ETF (XLK)	22.4%	26.8%	0.73	21.1%
Equity (SPY)	14.5%	18.9%	0.59	20.2%
Gold (GLD)	50.2%	27.7%	1.46	12.5%
Commodities (DBC)	17.8%	17.6%	0.85	17.1%
Real Estate (VNQ)	0.4%	16.4%	-0.15	18.6%
Bitcoin (BTCUSD)	-23.7%	44.2%	-0.49	35.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with ALTS
ALTS	-31.4%	122.0%	0.22	-
Sector ETF (XLK)	15.4%	24.6%	0.56	18.7%
Equity (SPY)	11.8%	17.0%	0.54	18.7%
Gold (GLD)	20.7%	17.7%	0.96	5.6%
Commodities (DBC)	11.6%	18.9%	0.50	1.8%
Real Estate (VNQ)	3.0%	18.8%	0.07	12.2%
Bitcoin (BTCUSD)	4.0%	56.6%	0.29	17.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with ALTS
ALTS	-12.5%	121.7%	0.40	-
Sector ETF (XLK)	20.8%	24.3%	0.79	16.5%
Equity (SPY)	14.0%	17.9%	0.67	16.7%
Gold (GLD)	13.3%	15.8%	0.70	3.2%
Commodities (DBC)	8.2%	17.6%	0.39	4.6%
Real Estate (VNQ)	4.7%	20.7%	0.19	12.8%
Bitcoin (BTCUSD)	66.4%	66.8%	1.06	7.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	3132026
Short Interest: Shares Quantity	15.7 Mil
Short Interest: % Change Since 2282026	-1.7%
Average Daily Volume	2.2 Mil
Days-to-Cover Short Interest	7.0 days
Basic Shares Quantity	72.9 Mil
Short % of Basic Shares	21.6%

Returns Analyses

	Title
0	Can ALT5 Sigma Stock Recover If Markets Fall?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
8/11/2025	-26.4%	-33.8%	-55.3%
3/31/2025	14.7%	9.8%	43.3%
11/13/2024	5.6%	-1.3%	53.4%
SUMMARY STATS
# Positive	2	1	2
# Negative	1	2	1
Median Positive	10.1%	9.8%	48.4%
Median Negative	-26.4%	-17.5%	-55.3%
Max Positive	14.7%	9.8%	53.4%
Max Negative	-26.4%	-33.8%	-55.3%

	Forward Returns
8/11/2025	-26.4%	-33.8%	-55.3%
3/31/2025	14.7%	9.8%	43.3%
11/13/2024	5.6%	-1.3%	53.4%
SUMMARY STATS
# Positive	2	1	2
# Negative	1	2	1
Median Positive	10.1%	9.8%	48.4%
Median Negative	-26.4%	-17.5%	-55.3%
Max Positive	14.7%	9.8%	53.4%
Max Negative	-26.4%	-33.8%	-55.3%

SEC Filings

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Report Date	Filing Date	Filing
09/30/2025	01/12/2026	10-Q
06/30/2025	08/12/2025	10-Q
03/31/2025	05/13/2025	10-Q
12/31/2024	03/28/2025	10-K
09/30/2024	11/12/2024	10-Q
06/30/2024	08/19/2024	10-Q
03/31/2024	05/03/2024	10-Q
12/31/2023	04/08/2024	10-K
09/30/2023	11/14/2023	10-Q
06/30/2023	08/15/2023	10-Q
03/31/2023	05/22/2023	10-Q
12/31/2022	04/17/2023	10-K
09/30/2022	11/14/2022	10-Q
06/30/2022	08/15/2022	10-Q
03/31/2022	05/12/2022	10-Q
12/31/2021	04/01/2022	10-K

Recent Forward Guidance [BETA]

Latest: null Earnings Reported N/A/N/A/N/A | Prior: null Earnings Reported N/A/N/A/N/A

null

Insider Activity

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Danziger, David C		Direct	Buy	10092025	7.30	10,000	73,000	146,000	Form

ALTS Trade Sentinel

Stock Conviction

null

CONVICTION RATIONALE

null

STOCK ARCHETYPE

null

INVESTMENT THESIS

null

Mechanism: null

Supporting Evidence:

PRIMARY RISK

null

Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

null

Diversification Alternatives

How Is The Market Pricing ALTS?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What ALTS Makes & Who Pays

TTM figures based on

ALTS Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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ALT5 Sigma (ALTS)

Market Price (3/30/2026): $1.22 | Market Cap: $88.9 MilSector: Information Technology | Industry: Application Software

ALT5 Sigma (ALTS)

Market Price (3/30/2026): $1.22Market Cap: $88.9 MilSector: Information TechnologyIndustry: Application Software

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About ALT5 Sigma (ALTS)

Expected Drivers of Future Revenue Growth for ALT5 Sigma (ALTS) over the Next 2-3 Years:

Share Repurchases

Share Issuance

Outbound Investments

Interactive Breakdown

Better Bets vs. ALT5 Sigma (ALTS)

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FDA Approved Drugs Data

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Based On 1-Year Data

Based On 5-Year Data

Based On 10-Year Data

Short Interest

Returns Analyses

Earnings Returns History

SEC Filings

Recent Forward Guidance [BETA]

Insider Activity

ALTS Trade Sentinel

null

CONVICTION RATIONALE

STOCK ARCHETYPE

INVESTMENT THESIS

PRIMARY RISK

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Position Sizing

null

Market Price (3/30/2026): $1.22 | Market Cap: $88.9 Mil
Sector: Information Technology | Industry: Application Software

Market Price (3/30/2026): $1.22
Market Cap: $88.9 Mil
Sector: Information Technology
Industry: Application Software