Executive Summary
Altair International Corp (ATAO) reported Q1 2026 revenue of $7.43 million, up 26.4% QoQ from the prior quarter, with a thin gross margin of 2.98% and an operating loss of $0.82 million. Net income was a negative $0.999 million, and earnings per share were -$0.004. Despite an improving top line and tighter losses on a margin basis, the company’s balance sheet remains structurally fragile, evidenced by negative stockholders’ equity of approximately $-3.78 million and near-zero liquidity (current ratio ~0.09). Operating cash flow turned positive at $1.21 million during the quarter, supporting free cash flow of $1.21 million, yet net cash declined modestly to $59k by period end due to working capital movements and investing/financing activity. The absence of tax expense and depreciation data in the quarter amplifies the need for additional disclosures around capex plans, potential impairments, and project de-risking progress. Management commentary (where available) would be critical to assess feasibility timelines for Stonewall and any capital strategy to fund near-term development. The combination of improving quarterly performance on revenue and cash generation against a deteriorating balance sheet and lack of stated guidance implies a high-risk, high-uncertainty profile with meaningful upside if leverageable milestones (reserve/feasibility updates, permitting, or financing) materialize. This report synthesizes the disclosed quarterly metrics with the limited transcript data and outlines a view for investors anchored in quantitative signals and qualitative risk factors.
Key Performance Indicators
QoQ: 3.78% | YoY:-2 267.87%
QoQ: 18.31% | YoY:-2 207.05%
QoQ: 18.37% | YoY:-185.71%
Key Insights
Revenue: $7.427m (+26.4% QoQ; 2025 Q4: $5.876m). Gross Profit: $0.221m (gross margin 2.98%, up from 2.49% QoQ). Operating Income: -$0.824m (margin -11.09%); EBITDA: -$0.824m; Net Income: -$1.000m (net margin -13.46%); EPS: -$0.0040.
Liquidity and capital structure: Current assets $0.842m vs current liabilities $9.651m (current ratio ~0.09; quick ratio ~0.09). Cash and cash equivalents: $0.059m; Total assets: $28.652m; Total liabilities: $32.435m; Stockholders’ equity: -$3.784m (negative equi...
Financial Highlights
Revenue: $7.427m (+26.4% QoQ; 2025 Q4: $5.876m). Gross Profit: $0.221m (gross margin 2.98%, up from 2.49% QoQ). Operating Income: -$0.824m (margin -11.09%); EBITDA: -$0.824m; Net Income: -$1.000m (net margin -13.46%); EPS: -$0.0040.
Liquidity and capital structure: Current assets $0.842m vs current liabilities $9.651m (current ratio ~0.09; quick ratio ~0.09). Cash and cash equivalents: $0.059m; Total assets: $28.652m; Total liabilities: $32.435m; Stockholders’ equity: -$3.784m (negative equity). Net debt: -$0.059m (cash exceeds debt by a small margin).
Cash flow and capitalization: Net cash provided by operating activities: $1.212m; Free cash flow (as reported): $1.212m. Net change in cash: -$0.087m; Cash at end of period: $0.059m; Key working capital drivers include a -$1.889m change in working capital and a $0.593m increase in accounts payable. Investing activities: -$1.115m; Financing activities: -$0.183m.
Earnings momentum: QoQ revenue growth and margin improvement contrasted with a material negative equity position and ongoing losses. The lack of a disclosed tax expense and depreciation in the data limits interpretation of cash earnings versus accounting earnings.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
7.43M |
N/A |
26.40% |
| Gross Profit |
221.46K |
N/A |
51.08% |
| Operating Income |
-823.66K |
-2 267.87% |
3.78% |
| Net Income |
-999.95K |
-2 207.05% |
18.31% |
| EPS |
0.00 |
-185.71% |
18.37% |
Management Commentary
No earnings call transcript data provided in the supplied material. As a result, no management quotes or thematic quotes are available to anchor the qualitative narrative from the call. Investors should expect management commentary on development timelines (Stonewall project), capex plans, potential partnerships, and capital structure in subsequent filings or press releases.
Forward Guidance
No quantified forward guidance was issued in the provided materials. The absence of explicit targets for 2026 raises the risk profile but leaves room for near-term catalysts (e.g., Stonewall feasibility updates, reserve/resource announcements, permitting progress, or strategic partnerships). Investors should monitor: (1) updates on Stonewall feasibility study timelines and capital requirements, (2) any disclosed capex plans or debt/equity financing discussions, and (3) announced milestones that could meaningfully impact liquidity and equity position. Given the current balance sheet and cash position, short-term guidance would likely hinge on capital raising efficiency and near-term development milestones rather than pure operating performance.