ALTIHIGH SIGNALFINANCIAL10-K

ALTI shows a massive 4,295% increase in current liabilities to $8.0M combined with an 86% collapse in current assets, creating severe liquidity stress despite 23% revenue growth.

The dramatic deterioration in working capital position - with current liabilities exploding while current assets collapsed - indicates potential cash flow management problems or unexpected obligations coming due. While the company grew revenue 23% and improved operating losses, the balance sheet stress combined with declining cash reserves suggests immediate liquidity concerns that could threaten operations.

Comparing 2026-03-31 vs 2025-03-17View on EDGAR →
FINANCIAL ANALYSIS

ALTI presents a mixed but concerning financial picture with strong revenue growth of 23% to $255M and improving operating performance, but these positives are overshadowed by severe balance sheet deterioration. The company's current liabilities skyrocketed over 4,000% while current assets plummeted 86%, creating a dangerous liquidity mismatch, and cash reserves declined 37% to $41.2M. Despite operational improvements including reduced capital expenditures and better operating cash flow losses, the extreme working capital deterioration signals potential financial distress that investors should monitor closely.

FINANCIAL STATEMENT CHANGES
Current Liabilities
Balance Sheet
+4295.3%
$182K$8.0M

Current liabilities surged 4295.3% — significant near-term obligations; verify ability to meet short-term debt.

Capital Expenditure
Cash Flow
-89.6%
$7.7M$806K

Capex reduced 89.6% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Current Assets
Balance Sheet
-86.2%
$622K$86K

Current assets declined 86.2% — monitor working capital adequacy and short-term liquidity.

Operating Cash Flow
Cash Flow
+38%
-$81.7M-$50.7M

Operating cash flow surged 38% — exceptional cash generation, highest quality earnings signal.

Cash & Equivalents
Balance Sheet
-37.2%
$65.5M$41.2M

Cash declined 37.2% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Revenue
P&L
+23.2%
$206.9M$255.0M

Revenue growing 23.2% — solid top-line momentum, watch margins for quality of growth.

Net Income
P&L
-16.2%
-$103.0M-$119.7M

Net income declined 16.2% — review whether driven by operations, interest costs, or non-recurring items.

Operating Income
P&L
+14.9%
-$86.8M-$73.9M

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

LANGUAGE CHANGES
NEW — 2026-03-31
PRIOR — 2025-03-17
ADDED
Shares beneficially owned by each executive officer, director, and holder of more than 10% of shares have been excluded in that such persons may be deemed to be affiliates.
The registrant had outstanding 107,438,077 shares of Class A Common Stock and 43,235,073 shares of Class B Common Stock (as defined herein) as of March 31, 2026.
Administrators means Matthew Mawhinney and David Soden, employees of Teneo.
Externally-Managed Funds means mutual funds, exchange traded funds, hedge funds, private equity, real estate or other funds managed by a third party.
International Real Estate means the segment, prior to disposal, that included the Company s public and private real estate, and co-investment business.
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REMOVED
The registrant had outstanding 96,100,040 shares of Class A Common Stock and 46,138,876 shares of Class B Common Stock (as defined herein) as of March 14, 2025.
Cayman Islands Companies Act means the Cayman Islands Companies Act (as revised) of the Cayman Islands, as the same may be amended from time to time.
Domestication means the continuation of Cartesian by way of domestication into a Delaware corporation, with the ordinary shares of Cartesian becoming shares of common stock of the Delaware corporation under the applicable provisions of the Cayman Islands Companies Act and the DGCL; the term includes all matters and necessary or ancillary changes in order to effect such Domestication, including the adoption of the Company s certificate of incorporation consistent with the DGCL and changing the name and registered office of Cartesian.
International Real Estate means the segment that includes the Company s public and private real estate, and co-investment business.
Managed Funds means mutual funds, exchange traded funds, hedge funds, private equity, real estate or other funds.
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