Aether Holdings, Inc. is a US-listed company in the application software industry. Its financial year ends in September.
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Under review: every model's value for Aether Holdings, Inc. is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.
Under review: data-quality checks not passed. We'll show the comparison once resolved.
Aether Holdings, Inc. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Aether has little or no product revenue yet. It passes 1 of our 5 financial-health checks.
Our model value for Aether Holdings is under review, so past values are not shown until it is resolved.
Source: 10-Q filed August 13, 2026 on SEC EDGAR · Financials · Valuation
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.
Aether Holdings, Inc.'s trailing-twelve-month revenue fell 3.3% year on year, with a free-cash-flow margin of -435.9%.
Current signal Gross margin expanding: TTM gross margin reached 79.3%, up 10.4pp year over year.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
Nothing in Aether Holdings, Inc.'s latest figures clears our strength thresholds.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
We value Aether Holdings, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.1 times a 4.5% equity risk premium.
| 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: This model is withheld pending its input or assumption review. |
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. | ~$0.0 ~$0.2–$0.7 | Left out: out of range vs price (0.00x) |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Aether Holdings, Inc. with Application 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.
| At fiscal year end | 2025 | Now |
|---|---|---|
| Share price | $6.02 | $2.63 |
| Market value | $66m | $32m |
| + Net debt (− = net cash) | −$159564 | $3m |
| Enterprise value | $66m | $34m |
| Multiples | ||
| Price / sales | 48.0x | 23.7x |
| Price / earnings | — | — |
| Price / free cash flow | — | — |
| EV / EBITDA | — | — |
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: High.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | −$0.40 | — | $1m | −1% |
| Next | −$0.30 | +25% | $5m | +278% |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | −$0.12 | −$0.11 | +8.3% |
| Mar 2026 | −$0.10 | −$0.08 | +20.0% |
| Dec 2025 | −$0.11 | −$0.11 | 0.0% |
| Sept 2025 | −$0.09 | −$0.13 | −44.4% |
Adjusted EPS as companies report it, against the average analyst estimate.
Last 12 months −57.5%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $1m | $1m | −3.3% |
| P/S multiple | 46.7x | 23.7x | −49.2% |
| Share count | 10m | 12m | −13.5% |
Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.
| Calendar year | 2026 to date |
|---|---|
| Return | |
| ATHR | −58% |
| Industry peers (median) | −14% |
| S&P 500 | +11% |
| Months that ended higher | |
| ATHR | 27% |
| S&P 500 | 46% |
| Largest fall from a high during the year | |
| ATHR | −68% |
| S&P 500 | −9% |
Worst fall since April 10, 2025: 88% from May 22, 2025 to April 2, 2026. Getting back needed a 765% gain, and the shares have not yet recovered.
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY25 Q1 | $1.4M |
| FY25 Q2 | $1.4M |
| FY25 Q3 | $1.4M |
| FY25 Q4 | $1.4M |
| FY26 Q1 | $1.4M |
| FY26 Q2 | $1.4M |
| FY26 Q3 | $1.3M |
| Fiscal year | 2024 Sept 2024 | 2025 Sept 2025 | LTM Jun 2026 |
|---|---|---|---|
| Income | |||
| Revenue | 1,440 | 1,381 | 1,345 |
| Gross profit | 995 | 977 | 1,067 |
| Net income | −939 | −3,141 | −5,092 |
| Diluted EPS | −$0.10 | −$0.29 | −$0.42 |
| Growth (year on year) | |||
| Revenue | — | −4.1% | −3.3% |
| Margins | |||
| Gross margin | 69.1% | 70.8% | 79.3% |
| Net margin | −65.2% | −227.5% | −378.5% |
| Free-cash-flow margin | — | −258.7% | −435.9% |
| Cash flow | |||
| Cash from operations | −689 | −3,570 | −4,688 |
| Capital spending | — | 2 | 1,176 |
| Free cash flow | — | −3,572 | −5,864 |
| Balance sheet | |||
| Cash | 192 | 160 | 254 |
| Total debt | 0 | 0 | 2,800 |
| Net debt (negative = net cash) | −192 | −160 | 2,546 |
| Diluted shares | 10m | 11m | 12m |
| Returned to shareholders | |||
| Buybacks | 218 | — | — |
| Total returned | 218 | — | — |
| Quarter | 2024 Q4 Sept 2024 | 2025 Q1 Dec 2024 | 2025 Q2 Mar 2025 | 2025 Q3 Jun 2025 | 2025 Q4 Sept 2025 | 2026 Q1 Dec 2025 | 2026 Q2 Mar 2026 | 2026 Q3 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 353 | 355 | 342 | 342 | 342 | 339 | 336 | 329 |
| Gross profit | 240 | 247 | 232 | 239 | 259 | 272 | 271 | 264 |
| Net income | −364 | −322 | −390 | −1,006 | −1,423 | −1,297 | −1,029 | −1,343 |
| Diluted EPS | −$0.04 | −$0.03 | −$0.04 | −$0.08 | −$0.13 | −$0.11 | −$0.08 | −$0.11 |
| Growth (year on year) | ||||||||
| Revenue | — | — | −6.4% | −4.0% | −3.1% | −4.5% | −1.7% | −4.0% |
| Margins | ||||||||
| Gross margin | 68.2% | 69.7% | 67.9% | 69.9% | 75.7% | 80.4% | 80.7% | 80.4% |
| Net margin | −103.3% | −90.9% | −114.1% | −293.7% | −416.2% | −382.9% | −306.2% | −408.5% |
| Free-cash-flow margin | — | — | — | — | −460.2% | −642.5% | −273.5% | −363.6% |
| Cash flow | ||||||||
| Cash from operations | −385 | −258 | −104 | −1,998 | −1,572 | −1,008 | −919 | −1,189 |
| Capital spending | — | — | — | — | 1 | 1,169 | 0 | 7 |
| Free cash flow | — | — | — | — | −1,573 | −2,177 | −919 | −1,195 |
| Last 12 months unless stated | ATHR | WCT | AUID | PDC | TWAV | SPAI | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $1m | $1m | $1m | $2m | $2m | $3m | $479m |
| Revenue growth, last 12 months | −3.3% | −41.6% | −42.0% | −42.0% | 4.1% | 92.6% | 11.9% |
| Revenue growth, 3-year average | — | — | 50.7% | — | −18.9% | — | 11.1% |
| Revenue growth, latest quarter | −4.0% | — | −66.0% | — | −11.8% | >999% | 11.8% |
| Gross margin | 79.3% | 42.7% | 67.4% | 59.5% | 52.3% | 62.2% | 69.3% |
| Operating margin | — | −469.1% | <−999% | <−999% | −121.8% | −513.8% | 1.1% |
| Operating margin, 3-year average | — | — | <−999% | — | −136.4% | −588.4% | −0.8% |
| Net margin | −378.5% | −543.2% | <−999% | <−999% | −272.1% | −500.0% | 1.6% |
| Cash from operations / revenue | −348.4% | −468.7% | <−999% | −250.3% | −142.2% | −287.6% | 18.1% |
| Free-cash-flow margin | −435.9% | −468.7% | <−999% | −253.4% | −142.2% | −292.3% | 14.9% |
| Free-cash-flow margin, 3-year average | — | — | −916.0% | — | −109.4% | — | 16.2% |
| Stock pay / revenue | — | 80.5% | 310.7% | 0.9% | 13.7% | — | 9.3% |
| Change in share count | — | 280.9% | 31.6% | 16.1% | 386.5% | 44.0% | 2.2% |
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Axiom Investment Management LLC | $156,065 | 33K | 26.5% | 0.0% |
| Vanguard Capital Management LLC | $152,750 | 32K | 25.9% | ▲ 2.9% |
| Geode Capital Management, LLC | $110,924 | 24K | 18.8% | ▼ 12.6% |
| Blackrock, Inc. | $78,741 | 17K | 13.4% | ▲ 53.5% |
| Vanguard Fiduciary Trust Co | $71,168 | 15K | 12.1% | 0.0% |
| UBS Group AG | $17,460 | 4K | 3.0% | ▲ 604.8% |
| Tower Research Capital LLC (TRC) | $2,346 | 0K | 0.4% | ▼ 93.3% |
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 Aether Holdings, Inc.'s complete shareholder register. Values are as reported by the filers .
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.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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