Alset Capital Acquisition (ACAXU) Q3 2025 Earnings Report

Alset Capital Acquisition Corp. posted a mixed QQ3 2025 with a pronounced revenue decline and persistent losses driven primarily by high operating expenses relative to a modest revenue base. Reported revenue for Q3 2025 was USD 206,778, down 40.16% year-over-year from USD 345,523 in Q3 2024 and down 33.38% quarter-over-quarter from USD 310,391 in Q2 2025. Despite a healthy gross margin of approximately 59.8%, operating losses persisted with EBITDA of -201,394 and a net loss of -291,004. EBITDA margin stood at -0.97x and net income margin at -1.41x, underscoring a burn profile consistent with a SPAC in pre-merger mode. The liquidity snapshot remains acceptable near term (current ratio 1.713, quick ratio 1.712, cash ratio 1.286), but profitability and cash flow remain the primary risks to investment thesis absent a timely and value-creating business combination.