Revenue growth is impressive but entirely driven by stock locate fees, a volatile revenue stream, while operating losses are widening. The six new correspondents onboarding through fiscal 2027 are the key catalyst to watch—if they generate meaningful revenue, the stock loan and interest income scaling thesis gains credibility. The pending bank acquisition (Commercial Bancorp) and digital asset deal remain non-binding and uncertain.
Price Chart
Executive Summary
AtlasClear reported fiscal 2026 revenue of $20.1M (+85% YoY) and GAAP net income of $2.0M ($0.02/share), in-line with consensus EPS of -$0.02. The revenue surge was driven by stock locate fees growing to $6.8M from $0.3M, while operating losses widened to $9.8M due to higher variable costs and $3.6M in non-cash stock-based compensation. The company's cash position more than doubled to $15.4M and going-concern doubts were alleviated, but the GAAP net income includes substantial non-cash fair-value gains, masking underlying operating losses.
Key Financial Metrics
Key Facts
- Fiscal 2026 total revenue increased 85% to $20.1M from $10.9M
- GAAP net income of $2.0M ($0.02/share) vs $5.8M ($0.96/share) in fiscal 2025
- Stock locate fees surged to $6.8M from $0.3M, now 34% of total revenue
- Loss from operations widened to $9.8M from $4.9M, including $3.6M non-cash stock-based compensation
- Cash and cash equivalents more than doubled to $15.4M from $7.5M
- Stockholders' equity improved to $21.1M from a $(6.8)M deficit
- AtlasClearing net capital increased 29% to $14.4M, $14.1M above minimum requirement
- Six new correspondent broker-dealers signed, with no meaningful revenue yet reflected
- No at-the-market or equity line financing used during fiscal 2026
- Going-concern substantial doubt alleviated; internal controls effective after remediation
Financial Impact
Revenue grew 85% to $20.1M, but operating loss expanded to $9.8M; GAAP net income of $2.0M includes $11.1M non-cash earnout gain
Risk Factors
- Operating loss nearly doubled to $9.8M, with GAAP net income dependent on non-cash fair-value gains
- Stock locate fees ($6.8M) are a new, potentially volatile revenue source with no track record
- Six new correspondents have not yet contributed meaningful revenue; onboarding delays could disappoint
- Pending acquisitions (Commercial Bancorp, Dawson James, digital asset) remain non-binding and subject to regulatory approvals
- Cash used in operations was $6.2M vs $0.8M provided in prior year, indicating negative operating cash flow
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3367922 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 15, 2026 11d ago | 8-K | $0.1771 | awaiting T+20 | — | $0.1570 (−11.35%) |
Oct 15, 2026 12d ago | Press Release | $0.1771 | awaiting T+20 | — | $0.1570 (−11.35%) |
Sep 28, 2026 29d ago | Insider Cluster | $0.1914 | awaiting T+20 | — | $0.1570 (−17.97%) |
Sep 28, 2026 29d ago | Insider Cluster | $0.1914 | awaiting T+20 | — | $0.1570 (−17.97%) |
Sep 23, 2026 4w ago | Press Release | $0.1949 $0.1534 | ▼ −21.29% | ▼ −20.87% | $0.1570 (−19.45%) |
Sep 17, 2026 5w ago | Press Release | $0.1724 $0.1771 | ▲ +2.73% | ▲ +1.52% | $0.1570 (−8.93%) |
Jun 18, 2026 18w ago | EFFECT | $0.2112 $0.1829 | ▲ +13.40% | ▲ +13.93% | $0.1570 (+25.66%) |
Apr 24, 2026 26w ago | Press Release | $0.3020 $0.2250 | ▼ −25.50% | ▼ −29.52% | $0.1570 (−48.01%) |
Apr 13, 2026 28w ago | Press Release | $0.2470 $0.2560 | ▲ +3.64% | ▼ −4.08% | $0.1570 (−36.44%) |
US Market Status
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