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Alset cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$7.8M in Q2 2026 · −$8.8M over twelve months

Operating cash flow−$7.7M
Capital spending−$81K
Free cash flow−$7.8M
Cash conversion cycle-207 days

Analysis

In Q2 2026, Alset generated −$7.7M of operating cash flow and spent $81K on capital projects, leaving free cash flow of −$7.8M. That is $5.1M less than in Q2 2025 (−$2.7M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$8.7M; the largest uses were operating cash flow ($8.7M), other investing ($3.0M), other financing ($900K); the cash balance fell by $13.4M.

Operating cash flow was −$7.7M against net income of −$5.8M. The largest differences: payables −$400K, depreciation & amortization +$304K, gains on disposals −$17K.

Its cash conversion cycle was -207 days (receivables 5 + inventory 1 − payables 213): suppliers fund its working capital.

Free cash flow

Alset: free cash flow by quarterAlset: free cash flow by quarter−$2.9MQ3 2024$13.9MQ4 2024−$3.8MQ1 2025−$2.7MQ2 2025$822KQ3 2025−$406KQ4 2025−$1.5MQ1 2026−$7.8MQ2 2026
Operating cash flow less capital spending.
Alset: operating cash flow against capital spendingAlset: operating cash flow against capital spendingOperating cash flowCapital spending−$2.9M$32KQ3 2024$13.9M$35KQ4 2024−$3.8M$61KQ1 2025−$2.6M$84KQ2 2025$883K$61KQ3 2025−$436K−$30KQ4 2025−$1.5M$7KQ1 2026−$7.7M$81KQ2 2026
Latest (Q2 2026): Operating cash flow −$7.7M, Capital spending $81K.

Capital allocation, year by year

Alset: where the cash came from (up) and went (down), by fiscal yearAlset: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingBuybacksFY2021: Operating cash flow −$16.7MFY2021: Net borrowing −$7.6MFY2021: Shares issued $105MFY2021: Capital spending −$228K$105MFY2021FY2022: Operating cash flow −$31.9MFY2022: Net borrowing −$279KFY2022: Shares issued $6.2MFY2022: Capital spending −$600K$6.2MFY2022FY2023: Operating cash flow $7.5MFY2023: Net borrowing −$31KFY2023: Shares issued $3.4MFY2023: Capital spending −$29K$10.9MFY2023FY2024: Operating cash flow $5.2MFY2024: Net borrowing −$316KFY2024: Capital spending −$103KFY2024: Buybacks −$21.1M$5.2MFY2024FY2025: Operating cash flow −$5.9MFY2025: Net borrowing −$582KFY2025: Shares issued $2.6MFY2025: Capital spending −$175K$2.6MFY2025
Over these 5 years operating cash flow totalled −$41.8M; the largest uses were operating cash flow ($54.5M) and buybacks ($21.1M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$12.3M
Debtnone
Net cash$12.3M
Cash runway17 months

Alset is burning cash: its operations consume cash, a free cash flow of −$8.8M a year at the current rate against $12.3M of cash and investments: a runway of about 17 months before any new financing.

Where the cash came from and went

Alset: sources (+) and uses (−) of cash, Q2 2026Alset: sources (+) and uses (−) of cash, Q2 2026Cash drawn (+) / kept (−)$9.2MOperating cash flow−$7.7MOther investing−$967KNet borrowing (+) / repaid (−)−$502KCapital spending−$81KExchange rates$78K
Alset: sources (+) and uses (−) of cash, TTM to Q2 2026Alset: sources (+) and uses (−) of cash, TTM to Q2 2026Cash drawn (+) / kept (−)$13.4MOperating cash flow−$8.7MOther investing−$3.0MOther financing−$900KNet borrowing (+) / repaid (−)−$834KExchange rates$222KCapital spending−$118K

From profit to cash

Alset: net income to operating cash flow, Q2 2026Alset: net income to operating cash flow, Q2 2026Net income−$5.8MDepreciation & amortization$304KGains on disposals−$17KReceivables−$2KInventory−$2KPayables−$400KPrepaid and other assets$14KOperating cash flow−$7.7M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 202651213-207
Q1 202651467-461
Q4 202542398-392
Q3 202572271-263
Q2 202571229-221
Q1 202571380-372
Q4 20241060-59
Q3 20242070-68

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$7.7M−$81K−$502K—$9.2M−$7.8M
Q1 2026−$1.5M−$7K−$11K—$3.8M−$1.5M
Q4 2025−$436K$30K−$307K—$274K−$406K
Q3 2025$883K−$61K−$14K—$125K$822K
Q2 2025−$2.6M−$84K$19K$1K$631K−$2.7M
Q1 2025−$3.8M−$61K−$280K$2.6M$1.9M−$3.8M
Q4 2024$13.9M−$35K−$48K—−$10.6M$13.9M
Q3 2024−$2.9M−$32K−$19K—$2.1M−$2.9M

Alset: income statement and cash flow

Alset, Q2 2026: revenue $989K (-10% year over year), operating margin -181.4%. The chart follows the revenue to costs, profit and cash.

Alset: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.