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Alpha Technology Group Ltd (ATGL) stock

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NASDAQ: ATGL Nasdaq Systems Software

E Fundamentals grade

Alpha Technology Group Ltd is a US-listed company in the systems software industry. Its financial year ends in September.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

Not valued: the figures our models need are missing or failed our data-quality checks.

Price vs value

No model value: cash-flow, stock-pay or share-count figures missing or out of date. How we value companies.

Alpha Technology Group Ltd valuation: adjust assumptions and compare models →

Value diary

Our note on each quarter Alpha Technology Group files

Where Alpha Technology stands after its latest Filing

Alpha Technology has little or no product revenue yet; it used $2m of cash in the twelve months. That puts it 36 of 37 for growth among the systems software companies we cover. The diluted share count is up 10.0% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades E. It passes 4 of our 6 financial-health checks.

Our models give no value for Alpha Technology Group at present, so past values are not shown.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Alpha Technology Group Ltd's trailing-twelve-month revenue fell 40.0% year on year, with a free-cash-flow margin of -188.5%. Where it stands out: long-term debt as % of assets of 0.9% ranks 4 of 23 systems software companies we cover. Where it lags: stock pay as % of revenue of 585.4% ranks 36 of 36 systems software companies we cover.

Current signal Revenue growth decelerating: TTM revenue growth slowed to -40.0% (-82.5pp vs the prior quarter), the 2nd consecutive quarterly slowdown.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Net cash. Cash exceeds long-term debt by $0.0bn.

Things to watch

  • Revenue shrinking. Revenue fell 40.0% over the last 12 months.
  • Growth slowing. The growth rate is 82.5 points lower than a quarter earlier.
  • Loss-making. Operating margin is -770.5%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 719.9 points on a year ago.
  • Burning cash. Free cash flow was -188.5% of revenue over the last 12 months.
  • Heavy stock-based pay. Stock pay equals 585.4% of revenue, against a median of 8.5% for systems software companies we cover: a real cost that cash-flow figures leave out.

Price chart

  • 1 day-10.0%
  • 1 week-14.8%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$948,865
Operating margin
-770.5%
Net margin
-952.0%
EPS (TTM, diluted)
$-0.55

Growth

Revenue growth
−40.0%
Change in growth rate
−82.5 pts
Share count change
+10.0%

Cash

Free cash flow (TTM)
-$1.8M
FCF margin
-188.5%
Stock pay % of revenue
585.4%

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for ATGL from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Alpha Technology Group Ltd valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: cash-flow, stock-pay or share-count figures missing or out of date.

Valuation models

We value Alpha Technology Group Ltd as an operating company, with every model that fits that kind of business. Cost of equity 10.4%: the 10-year Treasury yield (4.9%) plus a beta of 1.2 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: revenue and margins don't support a positive value
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. — 0 Does not apply: no positive value
Combined value Weighted average of the models that apply: the primary model (revenue-to-maturity model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. — No model applies: the filings don’t yet support a value.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Alpha Technology Group Ltd with Systems Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

No analyst estimates are published for Alpha Technology Group Ltd: too few analysts cover it.

Positioning

Short interest
0.2%
of tradable shares
Days to cover
0.51
at average volume
Short interest, 1 month
+28%
to October 15, 2026
Held by institutions
0%
of shares
Held by insiders
82.5%
of shares
Employees
28
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Alpha Technology Group Ltd in five measures

Fundamentals grade E
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Alpha Technology Group Ltd
$0 $500K $1M $1.5M $2M FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Revenue (TTM), FY21 Q4: $522.4K Revenue (TTM), FY22 Q4: $565.2K Revenue (TTM), FY23 Q4: $1.1M Revenue (TTM), FY24 Q4: $1.6M Revenue (TTM), FY25 Q4: $948.9K $948.9K

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Revenue (TTM)
FY21 Q4 $522.4K
FY22 Q4 $565.2K
FY23 Q4 $1.1M
FY24 Q4 $1.6M
FY25 Q4 $948.9K
Revenue growth, TTM YoY Alpha Technology Group Ltd
-50% 0% 50% 100% FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Revenue growth, TTM YoY, FY22 Q4: 8.2% Revenue growth, TTM YoY, FY23 Q4: 96.3% Revenue growth, TTM YoY, FY24 Q4: 42.5% Revenue growth, TTM YoY, FY25 Q4: -40.0% -40.0%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Revenue growth, TTM YoY
FY22 Q4 8.2%
FY23 Q4 96.3%
FY24 Q4 42.5%
FY25 Q4 -40.0%
Operating margin (TTM) Alpha Technology Group Ltd
-800% -600% -400% -200% 0% FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Operating margin (TTM), FY21 Q4: -22.8% Operating margin (TTM), FY22 Q4: -61.4% Operating margin (TTM), FY23 Q4: -77.7% Operating margin (TTM), FY24 Q4: -50.6% Operating margin (TTM), FY25 Q4: -770.5% -770.5%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Operating margin (TTM)
FY21 Q4 -22.8%
FY22 Q4 -61.4%
FY23 Q4 -77.7%
FY24 Q4 -50.6%
FY25 Q4 -770.5%
FCF margin (TTM) Alpha Technology Group Ltd
-200% -100% 0% 100% FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 FCF margin (TTM), FY21 Q4: -13.5% FCF margin (TTM), FY22 Q4: 34.8% FCF margin (TTM), FY23 Q4: 45.7% FCF margin (TTM), FY24 Q4: -158.9% FCF margin (TTM), FY25 Q4: -188.5% -188.5%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period FCF margin (TTM)
FY21 Q4 -13.5%
FY22 Q4 34.8%
FY23 Q4 45.7%
FY24 Q4 -158.9%
FY25 Q4 -188.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F, 20-F/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2021 Sept 2021 2022 Sept 2022 2023 Sept 2023 2024 Sept 2024 2025 Sept 2025
Income
Revenue 522 565 1,110 1,581 949
Gross profit 188 128 363 827 467
EBITDA −119 −346 −861 −798 −7,300
Operating income −119 −347 −863 −800 −7,311
Net income −126 −340 −892 −702 −9,033
Diluted EPS — — −$0.77 — −$0.51
Growth (year on year)
Revenue — +8.2% +96.3% +42.5% −40.0%
Margins
Gross margin 35.9% 22.7% 32.8% 52.3% 49.2%
EBITDA margin −22.8% −61.2% −77.6% −50.5% −769.4%
Operating margin −22.8% −61.4% −77.7% −50.6% −770.5%
Net margin −24.2% −60.2% −80.4% −44.4% −952.0%
Free-cash-flow margin −13.5% 34.8% 45.7% −158.9% −188.5%
Cash flow
Cash from operations −69 200 513 −2,509 −1,688
Capital spending 2 3 6 4 101
Free cash flow −70 196 507 −2,513 −1,789
Stock-based pay — — — — 5,555
Free cash flow after stock pay — — — — −7,344
Balance sheet
Cash 185 357 463 5,380 3,974
Total debt 0 — 188 116 39
Net debt (negative = net cash) −185 −357 −275 −5,264 −3,935
Diluted shares — 20m 1m 15m 16m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 6 checks passed · September 30, 2025
What it owns · $4m
Short-term assets $4mLonger-term assets $0m
What it owes, and who funded it · $4m
Short-term liabilities $1mLonger-term liabilities $0mShareholders' equity $3m
  • Short-term assets cover short-term liabilities $4m of assets due within a year against $1m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $4m short-term assets against $57,853 of longer-dated liabilities.
  • More cash than debt $4m of cash against $39,154 of debt.
  • Debt below 40% of shareholders' equity Debt is 1% of equity.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt −$2m of operating cash flow against $39,154 of debt.
  • Operating profit covers interest at least five times over Operating income of −$7m against $146,570 of interest.

From Alpha Technology Group Ltd's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+10.0%
year over year
Sales & admin spending
234.3%
of revenue
Days sales outstanding
53 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in systems software
Last 12 months unless stated ATGL OWLS QBTS RGTI HUBC CHOW Median
Revenue, last 12 months $948865 $8m $12m $13m $32m $32m $1.1bn
Revenue growth, last 12 months −40.0% 3.9% −44.2% 68.5% 7.1% 38.3% 16.9%
Revenue growth, 3-year average — — 19.0% −2.5% — — 16.1%
Revenue growth, latest quarter — — −0.6% 185.3% — — 19.6%
Gross margin 49.2% 2.6% 64.2% 34.6% 16.7% 12.9% 69.6%
Operating margin −770.5% −409.8% <−999% −727.6% −222.0% −9.4% 3.7%
Operating margin, 3-year average — — −810.3% −744.1% — — 4.0%
Net margin −952.0% −405.2% <−999% <−999% −378.3% −9.4% 2.4%
Cash from operations / revenue −177.9% −146.7% −892.4% −454.7% −99.2% −22.5% 16.6%
Free-cash-flow margin −188.5% −153.5% −963.8% −655.9% −99.3% −22.5% 15.0%
Free-cash-flow margin, 3-year average — — −598.1% −638.3% — — 18.8%
Stock pay / revenue 585.4% 217.7% 250.5% 170.7% 10.1% — 8.2%
Change in share count 10.0% — 40.1% 28.9% 537.5% 2.7% 2.7%

Median of all 37 companies we cover in systems software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

37 systems software companies
Measure Company Peer median Rank
Revenue growth Growth -40.0% 16.9% 36 of 37
Change in growth rate Growth -82.5pp -0.3pp 36 of 37
Gross margin Profitability 49.2% 70.4% 23 of 32
Operating margin Profitability -770.5% 3.8% 33 of 34
Net margin Profitability -952.0% 2.4% 35 of 37
Free-cash-flow margin Cash generation -188.5% 17.3% 32 of 34
Stock pay as % of revenue Cash generation 585.4% 8.5% 36 of 36
Long-term debt as % of assets Balance sheet 0.9% 4.3% 4 of 23
Change in share count Balance sheet 10.0% 3.1% 27 of 34
Days sales outstanding Balance sheet 53 days 72 days 6 of 29

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

13F filings for June 30, 2026
Reported value
$481
Institutions reporting
1
Shares held vs prior quarter
▼ 79.0%
Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
UBS Group AG $481 0K 100.0% ▼ 79.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Alpha Technology Group Ltd's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

Data status

When each part of this page on Alpha Technology Group Ltd was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Alpha Technology Group Ltd in brief

What does Alpha Technology Group Ltd do?
Alpha Technology Group Ltd is a US-listed company in the systems software industry. Its financial year ends in September.
What is Alpha Technology Group Ltd's stock ticker?
Alpha Technology Group Ltd trades under the ticker ATGL on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Alpha Technology Group Ltd's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Alpha Technology Group Ltd reported revenue of $948,865, 40.0% lower than a year earlier, according to its SEC filings.
What is Alpha Technology Group Ltd's free cash flow?
Alpha Technology Group Ltd's free-cash-flow margin is -188.5% of revenue over the trailing twelve months, ranking 32 of the 34 systems software companies we cover.
How much debt does Alpha Technology Group Ltd have?
Alpha Technology Group Ltd's debt-to-equity ratio is 1.2%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
Who are Alpha Technology Group Ltd's competitors?
In our Systems Software peer group, the companies closest to Alpha Technology Group Ltd are Obook Holdings Inc., D-wave Quantum Inc., Rigetti Computing, Inc., Hub Cyber Security Ltd. and Chowchow Cloud International Holdings Ltd. The side-by-side comparison below sets their revenue, margins and growth against Alpha Technology Group Ltd's.