Altair International Corp (ATAO) reported QQ3 2025 revenue of $5.46 million, down 5.39% year over year, with a gross profit of $1.14 million and a gross margin of approximately 20.8%. Despite a notable margin expansion versus prior periods, the company remains unprofitable at the net level, posting a net loss of $31,065 and a negative EBITDA of $28,177 for the quarter. Operating cash flow was negative ($28,177), and the company ended the period with minimal cash on hand ($76). The balance sheet shows a highly leveraged position with long-term debt and indications of thin liquidity, which raises near-term risk but leaves room for substantial upside if development of the Stonewall project progresses and financing options materialize.
The QQ3 2025 results reflect a modest improvement in gross profitability despite a revenue contraction, suggesting cost discipline or a favorable product mix within a constrained revenue base. However, the company continues to burn cash from operations and faces meaningful indebtedness and equity deterioration. Given the lack of a formal forward-looking guidance in the available materials, the near-term trajectory hinges on (1) progress on capital deployment and permitting for the Stonewall project, (2) access to new financing or strategic partnerships, and (3) commodity price dynamics and external funding conditions for green/industrial materials initiatives. Investors should weigh the potential transformative value of Stonewall against the persistent liquidity and balance-sheet vulnerabilities.
Key takeaway: ATAO shows a low-capital, asset-light-looking quarterly profitability signal (gross margin expansion) but remains structurally levered with weak liquidity. The stock presents high-risk, high-reward characteristics tied to project execution and capital markets access.
EBITDA: -28,177 USD (margin: -0.52% of revenue; YoY: N/A)
Financial Highlights
Overview of QQ3 2025 results with YoY and QoQ context where available:
- Revenue: 5,455,080 USD (YoY: -5.39%; QoQ: N/A)
- Gross Profit: 1,137,205 USD (YoY: +55.41%; QoQ: N/A)
- Gross Margin: 20.85% (calculated from gross profit and revenue)
- Operating Income: -28,177 USD (YoY: N/A; QoQ: N/A)
- EBITDA: -28,177 USD (margin: -0.52% of revenue; YoY: N/A)
- Net Income: -31,065 USD (YoY: -136.06%; QoQ: 20.65%)
- Earnings per Share (EPS): -0.0009 USD (YoY: -125.71%; QoQ: 25.00%)
- Weighted Average Shares: 32,906,833
- Operating Cash Flow: -28,177 USD
- Free Cash Flow: -28,177 USD
- Cash and cash equivalents: 76 USD at period-end
- Total Debt: 141,444 USD (composite of reported debt line items; note: data shows long-term debt of 13,303,388 USD and other debt components; overall balance sheet data appears inconsistent in the provided file)
- Net Debt: 141,368 USD
Notes on data quality: The balance sheet data points (Total Assets: 76; Total Liabilities: 260,766; Total Equity: -260,690) are internally inconsistent with other liquidity and leverage figures (e.g., long-term debt and total debt lines). Caution is advised when reconciling these figures against cash flow and income statement items. The figures cited above are taken directly from the provided dataset.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
5.46M
-5.39%
N/A
Gross Profit
1.14M
55.41%
N/A
Operating Income
-28.18K
19.33%
22.06%
Net Income
-31.07K
-136.06%
20.65%
EPS
0.00
-125.71%
25.00%
Key Financial Ratios
currentRatio
0
returnOnAssets
-40875%
returnOnEquity
11.9%
debtEquityRatio
-0.54
operatingCashFlowPerShare
$-0
freeCashFlowPerShare
$-0
priceToBookRatio
-6.06
priceEarningsRatio
-12.71
Net Income vs. Revenue
Expense Breakdown
Management Commentary
Earnings call transcript data was not provided in the source material. As a result, management commentary, strategic color, and explicit forward-looking guidance from the QQ3 2025 call could not be summarized. If a transcript becomes available, a synthesis should cover topics such as:
- Strategy and capital allocation: Stonewall project development plans, permitting timeline, potential joint ventures or offtake agreements.
- Operational updates: progress on project milestones, cost controls, and any catalysts for margin expansion beyond current quarter.
- Market conditions: commodity price outlook for relevant metals and green technology inputs, and sensitivity to price volatility.
- Financial discipline: expected capital needs, guidance on breakeven realization, and liquidity management.
Recommendation: Once transcript data is accessible, align quotes with the themes above to enrich the narrative.
N/A
— N/A
N/A
— N/A
Forward Guidance
No explicit forward guidance is contained within the provided QQ3 2025 data. Given ATAO’s current financials, the forward outlook hinges on several key factors:
- Stonewall project viability: advancement milestones, permitting approvals, and potential capital requirements. Positive progress could unlock resource-scale value and potential partnerships.
- Financing environment: ability to access equity or debt markets to fund ongoing needs without excessive dilution or onerous terms.
- Commodity price trajectory: sustained stronger metals prices or favorable green-tech inputs could improve margins and attract strategic interest.
- Operational leverage: any reduction in cost of goods sold or operating expenses would meaningfully impact EBITDA and net income given the current scale of revenue.
Investment hinges on watching for concrete milestones (milestones, capex plans, and financing terms) and signs of liquidity stabilization. Investors should monitor: (1) Stonewall permit and feasibility update, (2) new financing arrangements or strategic collaborations, (3) quarterly cash burn rate and any emerging cost-structure improvements.
Competitive Position
Company
Gross Margin
Operating Margin
Return on Equity
P/E Ratio
ATAO Focus
20.85%
0.00%
11.90%
-12.71%
BITTF
0.00%
0.00%
-0.84%
-14.09%
AVRTF
0.00%
0.00%
2.83%
-18.72%
BBBMF
0.00%
0.00%
26.80%
-1.88%
ADTLF
0.00%
0.00%
-0.01%
-17,915.00%
Gross Profit Margin
Operating Profit Margin
Return on Equity
P/E Ratio Comparison
Investment Outlook
ATAO presents a high-risk, high-variance investment profile. Near-term concerns include negative earnings, negative cash flow from operations, and a fragile liquidity position amid substantial indebtedness. The stock’s value proposition is increasingly anchored to the Stonewall project’s advancement and the company’s ability to secure favorable financing or strategic partnerships. If Stonewall milestones are achieved on a clear path to funding and the company can stabilize cash flow and reduce financing risk, the upside could materialize through resource development and potential strategic collaborations. Absent visible progress on liquidity and project milestones, the investment thesis remains highly speculative with material downside risk associated with leverage, balance-sheet quality, and the need for external capital infusions.
Key Investment Factors
Growth Potential
Potential upside tied to the Stonewall project and related green/industrial materials initiatives. If the development timeline accelerates, permitting clears, and a strategic partner or favorable financing is secured, ATAO could transition from an earnings-focused concern to a value-driven growth story centered on resource development and optionality in green tech.
Profitability Risk
Very high risk. The QQ3 2025 results show negative net income and negative free cash flow with a fragile liquidity position. The balance sheet data is inconsistent, and debt levels are substantial relative to cash. Dependence on a single flagship project (Stonewall) exposes ATAO to project, regulatory, and commodity-price risks. Financing risk and potential dilution are ongoing concerns if the company cannot stabilize cash flows in the near term.
Financial Position
Near-term liquidity stressed with minimal cash (76 USD) and substantial indebtedness. Reported long-term debt and other liabilities dominate the balance sheet, with negative equity in the snapshots provided. While gross margin improved to about 20.8%, operating and net losses persist, highlighting fragility without a clear financing plan or milestone-driven catalysts.
SWOT Analysis
Strengths
Gross margin improvement to approximately 20.8% in QQ3 2025, indicating potential cost discipline or advantageous product mix within a constrained revenue base.
Positive quarterly gross profit of about $1.14 million, providing a base from which to drive profitability if volume or efficiency rises.
Presence of a flagship project (Stonewall) with potential value creation through development, partnerships, and green technology applications.
Weaknesses
Net loss of $31,065 and negative EBITDA (-$28,177) in QQ3 2025, underscoring ongoing profitability and cash-flow challenges.
Very tight liquidity (cash of $76) and substantial leverage, creating near-term financing risk.
Reported balance sheet inconsistencies (e.g., Total Assets vs. Total Liabilities) that complicate credit assessment and raise governance concerns.
Opportunities
Stonewall project milestones could unlock scalable value if permits, feasibility updates, and financing align with development timelines.
Strategic partnerships or off-take agreements in metals, mining, or green technologies could de-risk funding needs and accelerate value realization.
Favorable macro trends in green industrial materials and metals could bolster demand and pricing for the company’s core initiatives.
Threats
Commodity price volatility and macroeconomic headwinds that could dampen project economics or delay financing.
Execution risk and potential dilution if additional capital is required to advance Stonewall or sustain operations.
Regulatory and environmental compliance risks inherent to mining development in Nevada and related green-tech ventures.
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