AIFC on Nasdaq

AI Financial Corp

AI Financial Corp is an American commodity contracts brokers and dealers company.1 It is headquartered in Las Vegas, Nevada.1 Its shares trade on Nasdaq under the symbol AIFC.1

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Last updated Oct 21, 2026.

Overview

Compare with United States Commodity Index Funds Trust, iShares S&P GSCI Commodity-Indexed Trust or Antalpha Platform Holding Company, or pick any stock.

  • TickerAIFC on Nasdaq1
  • IndustryCommodity Contracts Brokers & Dealers1
  • HeadquartersLas Vegas, Nevada1
  • Incorporated inNV2
  • Business address325 E. Warm Springs Road, Suite 102, Las Vegas, Nv 891192
  • Filer categoryNon-accelerated filer, Smaller reporting company2

March 16, 2023, ALT5 Sigma, Inc., formed a wholly-owned corporation in the State of New York, named ALT5 Sigma Markets Inc.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

41.0%Gross margin5
-92.0%Operating margin5
-1386.9%Net margin5
109.0%Revenue growth, 20255
-29.9%Return on equity5
0.00×Debt to equity5
-$7.2MFree cash flow5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Segments Total brought in 50% of the revenue AI Financial Corp broke down this way in fiscal 2025.

  1. Segments Total$24.8M550%up 109% from 2024
  2. Total Reportable Segments$24.8M550%up 109% from 2024
Business segments by year
Business segments20242025
Segments Total$11.9M$24.8M
Total Reportable Segments$11.9M$24.8M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue11¢$14.7M
  • Selling, general and admin25¢$33.0M
  • Income tax65¢$86.7M

Out of $24.8M in revenue.5 The company lost money this year.

Financial statements

Revenue67895$24.8M in 2025−29% since 2019
0$10.0M$20.0M$30.0M$40.0M2019: $35.1M$35.1M20192021: $33.9M$33.9M2021−4%2022: $0$020222023: $0$020232024: $11.9M$11.9M20242025: $24.8M$24.8M2025+109%
Gross profit67895$10.2M in 2025+31% since 2019
0$5.0M$10.0M$15.0M2019: $7.8M$7.8M20192021: $8.8M$8.8M2021+13%2022: $0$020222023: $0$020232024: $5.6M$5.6M20242025: $10.2M$10.2M2025+80%
Operating income67895-$22.9M in 2025+84% since 2019
-$30.0M-$20.0M-$10.0M02019: -$12.4M-$12.4M20192021: -$9.0M-$9.0M2021−28%2022: -$3.1M-$3.1M2022−65%2023: -$19.8M-$19.8M2023+530%2024: -$6.9M-$6.9M2024−65%2025: -$22.9M-$22.9M2025+230%
Net income67895-$344.5M in 2025+2780% since 2019
-$400.0M-$300.0M-$200.0M-$100.0M0$100.0M2019: -$12.0M-$12.0M20192021: -$8.5M-$8.5M2021−29%2022: $11.0M$11.0M20222023: -$7.8M-$7.8M20232024: -$7.6M-$7.6M2024−3%2025: -$344.5M-$344.5M2025+4452%
Fiscal year2019202020212022202320242025
Revenue$35.1M6$33.9M7$08$09$11.9M5$24.8M5
Cost of revenue$27.3M6$25.0M7$08$09$6.2M5$14.7M5
Gross profit$7.8M6$8.8M7$08$09$5.6M5$10.2M5
Selling, general and admin$20.2M6$17.8M7$3.1M8$4.7M9$12.6M5$33.0M5
Operating expenses$3.1M8$19.8M9$12.6M5$33.0M5
Operating income-$12.4M6-$9.0M7-$3.1M8-$19.8M9-$6.9M5-$22.9M5
Interest
Income before tax$1.4M8-$17.5M9-$8.5M5-$428.2M5
Income tax-$3.2M6$427.0K7-$6.6M8-$429.0K9-$160.0K5-$86.7M5
Net income-$12.0M6-$8.5M7$11.0M8-$7.8M9-$7.6M5-$344.5M5
Earnings per share-$6.786-$4.597$3.498-$1.959-$0.685-$5.915
Earnings per share (diluted)-$6.786-$4.597$3.498-$1.959-$0.685-$5.915
Shares (weighted, basic)3.2M shares84.0M shares911.2M shares558.3M shares5
Shares (weighted, diluted)3.2M shares84.4M shares911.2M shares558.3M shares5

Compare AI Financial Corp with another company

Corporate structure

AI Financial Corp sits at the top of its group. 13 entities, 4 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of AI Financial Corp

  • AI Financial Corp Las Vegas, Nevada
    • 9323-9044 Quebec Inc. DBA MSwipe Technologies Subsidiary · Quebec, Canada
    • 9406-1918 Quebec Inc. DBA Altitude Marketing Subsidiary · Quebec, Canada
    • ALT5 AI, Inc. Subsidiary · Canada
    • ALT5 Digital Holdings, Inc. Subsidiary · Wyoming, United States
    • ALT5 Markets, Inc. Subsidiary · New York, United States
    • ALT5 Sigma Canada, Inc. Subsidiary · Ontario, Canada
    • ALT5 Sigma Digital Asset Treasury Company Inc. Subsidiary · Wyoming, United States
    • ALT5 Sigma, Inc. Subsidiary · Delaware, United States
    • ALT5 sro Subsidiary · Czechia
    • ALT5, Inc. Subsidiary · Wyoming, United States
    • MSwipe Inc. Subsidiary · Delaware, United States
    • MSwipe Technologies Limited Subsidiary · United Kingdom

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What AI Financial Corp reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$65.0K5 Dec 27, 2025$5.4M12 Dec 31, 2022−98.8%
Accumulated depreciation$37.0K5 Dec 27, 2025$2.7M12 Dec 31, 2022−98.7%
Property and equipment, net$28.0K5 Dec 27, 2025$1.2M9 Dec 28, 2024−97.6%
Operating-lease assets (leased space)$102.0K5 Dec 27, 2025$121.0K5 Dec 28, 2024−15.7%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$6.2M5 Dec 27, 2025$7.2M5 Dec 28, 2024−13.3%
Marketable securities, non-current$09 Dec 28, 2024$286.0K9 Dec 30, 2023−100.0%
Loans, net of allowance$09 Dec 28, 2024$09 Dec 30, 2023

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$12.3M5 Dec 27, 2025$3.9M5 Dec 28, 2024+216.9%
Intangible assets, net (excluding goodwill)$23.0M5 Dec 27, 2025$18.7M5 Dec 28, 2024+23.4%
Finite-lived intangibles, gross$27.7M5 Dec 27, 2025$20.0M5 Dec 28, 2024+38.4%
Accumulated amortization$4.6M5 Dec 27, 2025$1.3M5 Dec 28, 2024+251.0%
Finite-lived intangibles, net$23.0M5 Dec 27, 2025$18.7M5 Dec 28, 2024+23.4%

Properties, in its own words

As of December 27, 2025, our executive offices were located in Las Vegas, Nevada in a leased facility consisting of 3,600 square feet of office space. We believe our executive office space is sufficient to meet our current needs.

Our Fintech segment maintained offices in Montreal, Quebec, Canada, across two leased facilities with approximately 2,100 and 2,500 square feet, respectively. We believe this office space is adequate to meet our current operational needs.

Item 2 of the 10-K filed Apr 13, 2026.4

Leadership

Who has led AI Financial Corp, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (23)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • 9323-9044 Quebec Inc. DBA MSwipe Technologies Quebec, Canada3
  • 9406-1918 Quebec Inc. DBA Altitude Marketing Quebec, Canada3
  • ALT5 AI, Inc. Canada3
  • ALT5 Digital Holdings, Inc. Wyoming3
  • ALT5 Markets, Inc. New York3
  • ALT5 Sigma Canada, Inc. Ontario, Canada3
  • ALT5 Sigma Digital Asset Treasury Company Inc. Wyoming3
  • ALT5 Sigma, Inc. Delaware3
  • ALT5 sro Czech Republic3
  • ALT5, Inc. Wyoming3
  • MSwipe Inc. Delaware3
  • MSwipe Technologies Limited England, UK3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • ALT5 Sigma CorpJul 17, 2024 to Apr 28, 20262
  • JanOne Inc.Sep 12, 2019 to Jun 21, 20242
  • APPLIANCE RECYCLING CENTERS OF AMERICA INC /MNFeb 14, 1994 to Aug 30, 20192

Timeline

  1. Aug 7, 20268-K Entered a material agreement; Completed an acquisition or sale49
  2. Jul 2, 20268-K Listing notice or transfer50
  3. Jun 10, 20268-K Regulation FD disclosure51
  4. May 4, 20268-K Bylaws or fiscal year changed; Regulation FD disclosure52
  5. Apr 24, 20268-K Entered a material agreement; Unregistered sale of shares53
  6. Apr 24, 20268-K Unregistered sale of shares; Executive or director change54
  7. Mar 5, 20268-K Other events55
  8. Mar 2, 20268-K Shareholder vote56
  9. Feb 23, 20268-K Other events57
  10. Feb 6, 20268-K Executive or director change58
  11. Feb 4, 20268-K Executive or director change59
  12. Feb 2, 20268-K Entered a material agreement; New debt or obligation60
  13. Aug 28, 2024New chief executive Peter Tassiopoulos becomes CEO14
  14. Aug 14, 2018New chief executive Antonios Isaac becomes CEO15
  15. Apr 1, 2009New chief executive Edward R. Cameron becomes CEO16

Calendar

Coming up

  1. Nov 16, 2026Reports results for the quarter ending Sep/202661

When it reported results

  1. Aug 11, 2025Reported quarterly or annual results62
  2. May 14, 2025Reported quarterly or annual results63
  3. Mar 31, 2025Reported quarterly or annual results64
  4. Nov 13, 2024Reported quarterly or annual results65

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

180 filings to the SEC since October 2021: 8 annual reports, 18 quarterly reports, 81 major events, 12 insider forms, 19 large holders, 42 other. The latest 20:

  1. Aug 17, 202610-Q EDGAR
  2. Aug 12, 2026NT 10-Q EDGAR
  3. Aug 12, 2026SCHEDULE 13G/A EDGAR
  4. Aug 7, 20268-K EDGAR
  5. Jul 2, 20268-K EDGAR
  6. Jun 10, 20268-K EDGAR
  7. May 18, 202610-Q EDGAR
  8. May 13, 2026NT 10-Q EDGAR
  9. May 13, 2026SCHEDULE 13G/A EDGAR
  10. May 4, 20268-K EDGAR
  11. Apr 28, 202610-K/A EDGAR
  12. Apr 24, 20268-K EDGAR
  13. Apr 24, 20268-K EDGAR
  14. Apr 13, 202610-K EDGAR
  15. Mar 27, 2026NT 10-K EDGAR
  16. Mar 26, 2026SCHEDULE 13G/A EDGAR
  17. Mar 5, 20268-K EDGAR
  18. Mar 2, 20268-K EDGAR
  19. Feb 23, 20268-K EDGAR
  20. Feb 12, 2026SCHEDULE 13G/A EDGAR

The 180 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

3 open-market trades by officers, directors and large owners since October 2021: 3 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 14, 2025DANZIGER DAVID C.DirectorBuy10,000$7.30$73.0KForm 4
Dec 6, 2024Johnson Virland ACFOBuy3,000$3.00$9.0KForm 4
Sep 9, 2024Tassiopoulos PeterChief Executive OfficerBuy5,000$2.06$10.3KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2024Peter Tassiopoulos (12,3)$928.0K$1.1M77
2024Tony Isaac71$450.5K$700.5K77
2024Virland A. Johnson$87.7K77
2023President and Secretary$617.7K$817.7K77
2023Chief Financial Officer$224.3K$349.3K77

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 74. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Crcm LP25,403,060$14.9M4.9%+12,791,530
Vanguard Capital Management LLC6,156,643$3.6M0.0%+676,992
Diametric Capital, LP5,394,578$3.2M0.3%−806,042
BlackRock, Inc.2,489,615$1.5M0.0%−302,709
UBS Group AG2,267,328$1.3M0.0%+375,710
ExodusPoint Capital Management, LP2,170,301$1.3M0.0%−84,609
Geode Capital Management, LLC1,597,432$935.0K0.0%+106,065
Jump Financial, LLC1,000,000$585.1K0.0%No change
Prelude Capital Management, LLC799,389$467.7K0.0%−2,150,766
Vanguard Fiduciary Trust Co778,862$455.6K0.0%+5,108
Charles Schwab Investment Management Inc599,969$351.0K0.0%−126,324
State Street Corp522,996$306.0K0.0%No change
Barclays PLC465,153$272.2K0.0%−142,151
Millennium Management LLC345,419$202.1K0.0%−1,163,499
Northern Trust Corp276,452$161.8K0.0%+5,093
Susquehanna International Group, Llp211,026$123.5K0.0%−476,590
Persistent Asset Partners Ltd190,191$111.3K0.0%New
Mitsubishi UFJ Asset Management Co., Ltd.161,651$94.6K0.0%New
Morgan Stanley126,259$73.9K0.0%−9,794
Jpmorgan Chase & Co108,871$64.2K0.0%New
Citigroup Inc96,218$56.3K0.0%−158,479
Private Advisor Group, LLC94,857$55.5K0.0%No change
Bank Of America Corp /de/85,660$50.1K0.0%−236,090
Vanguard Global Advisers, LLC52,461$30.7K0.0%No change
Shay Capital LLC50,558$29.6K0.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How AI Financial Corp is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARAI Financial Corp1
  • CIK0000862861
  • Employer ID (EIN)41-14545914
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; a shell company4
  • Incorporated inNevada4
  • Fiscal year endsDecember 261
  • Industry code (SIC)6221 Commodity Contracts Brokers & Dealers1
  • SEC reviewing officeOffice of Crypto Assets, Division of Corporation Finance1
  • Business address325 E. Warm Springs Road, Suite 102, Las Vegas, NV 891191
  • Phone702-997-59681
  • Shares outstanding139,836,511 as of Aug 12, 202611
  • Public float$160.6M as of Jun 27, 20254
  • AuditorL J Soldinger Associates, LLC, Deer Park, IL PCAOB ID 318; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceFeb 14, 19941
  • Filings899 in all: 8-K (329), 4 (128), 10-Q (91), SC 13G/A (40), 3 (32), DEF 14A (30), 10-K (28), UPLOAD (19)1
    All 44 form types

    SC 13D/A (18), CORRESP (15), SC 13G (14), SC 13D (13), 10-K/A (12), NT 10-Q (12), 424B5 (9), 8-K/A (9), PRE 14A (9), S-8 (9), SCHEDULE 13G (8), 4/A (7), SCHEDULE 13G/A (7), 10-Q/A (6), NT 10-K (6), S-3 (6), S-8 POS (6), EFFECT (5), ARS (3), S-2/A (3), 10-K405 (2), 3/A (2), 424B3 (2), 5 (2), CT ORDER (2), D (2), DEFR14A (2), S-2 (2), S-3/A (2), 144/A (1), 424B1 (1), 424B2 (1), DEFA14A (1), POS AM (1), REGDEX (1), RW (1)

  • Latest filingsAnnual report (10-K) Apr 13, 2026
    Quarterly report (10-Q) Aug 17, 2026
    Proxy statement (DEF 14A) Feb 3, 2026
    Latest 8-K (8-K) Aug 7, 2026

Risk factors and legal proceedings

The risks AI Financial Corp names in Item 1A of its 10-K filed Apr 13, 2026: 38 risks under these headings, as written.4

  • Risks Relating to Our Business Generally
  • We have identified and disclosed material weaknesses in our internal control over financial reporting. If we are not able to remediate these material weaknesses and maintain an effective system of internal controls, we may not be able to accurately or timely report our financial results, which could cause our stock price to fall and could adversely affect investor confidence and our ability to maintain compliance with Nasdaq listing requirements.
  • If our estimates or judgment relating to our critical accounting estimates prove to be incorrect, our operating results could be adversely affected.
  • If we fail to maintain an effective system of disclosure controls and procedures and internal control over our financial reporting, our ability to produce timely and accurate financial statements or comply with applicable regulations could be impaired.
  • Adverse economic conditions and volatility in crypto asset markets could reduce transaction volumes, customer activity, and access to banking and capital, which could adversely affect our business.
  • We may require additional capital to support business growth, and this capital might not be available.
  • We may be adversely affected by natural disasters, pandemics, and other catastrophic events, and by man-made problems such as terrorism, that could disrupt our business operations, and our business continuity and disaster recovery plans may not adequately protect us from a serious disaster.
  • Our operations in multiple foreign jurisdictions expose us to political, regulatory, legal, and currency risks that could adversely affect our business.
  • Risks Relating to Our Fintech Segment
  • Our operating results have and will continue to significantly fluctuate, including due to the highly volatile nature of crypto assets.
  • Our total fintech revenue is substantially dependent on the volume of transactions conducted on our platform. If volume declines, our business, operating results, and financial condition would be adversely affected.
  • Cyberattacks and security breaches of our platform, or those impacting our customers or third parties, could adversely affect our brand, reputation, business, operating results, and financial condition.
The other 28 risks
  • The loss or destruction of private keys required to access our digital assets or those of our customers could result in permanent, irrecoverable loss.
  • We are subject to an extensive, highly-evolving, and uncertain regulatory landscape and any adverse changes to, or our failure to comply with, any laws and regulations could adversely affect our brand, reputation, business, operating results, and financial condition.
  • The potential classification of certain crypto assets as securities by the SEC or other regulators could materially impact our business operations and require significant restructuring.
  • Evolving tax treatment of digital assets creates uncertainty in our tax obligations and potential retroactive liabilities.
  • We are exposed to risks from blockchain forks and from the decentralized and open-source nature of blockchain protocols, which could disrupt our platform operations, compromise network integrity, and create uncertainty regarding supported digital assets.
  • Our platform is exposed to chargeback, fraud, and unauthorized transaction losses, particularly in connection with our payment card and fiat-linked services.
  • Customer crypto assets held on our platform are not insured by the FDIC or SIPC, and customers could suffer losses in the event of platform failure.
  • Our banking and financial institution relationships may be disrupted, which could have a material adverse effect on our ability to operate.
  • We are subject to extensive anti-money laundering, counter-terrorism financing, know-your-customer and economic sanctions obligations, and our failure to comply with these requirements, including those administered by the U.S. Treasury’s Office of Foreign Assets Control (“OFAC”), could subject us to significant penalties and adversely affect our business.
  • Regulatory, investor and market focus on climate-related risks and the environmental impact of digital asset networks may impose additional compliance costs and reputational risks on our business.
  • Any significant disruption in our products and services, in our information technology systems, or in any of the blockchain networks we support, could result in a loss of customers or funds and adversely affect our brand, reputation, business, operating results, and financial condition.
  • If we fail to retain existing customers or add new customers, or if our customers decrease their level of engagement with our products, services and platform, our business, operating results, and financial condition may be significantly harmed.
  • We face intense competition from larger crypto platforms, decentralized networks, traditional financial institutions and payment providers, which could reduce our market share, compress margins and increase customer acquisition costs.
  • We are subject to risks associated with our compliance and risk management methods.
  • We obtain, process, and store a large amount of sensitive personal and financial data and are subject to evolving data privacy, data protection, and information security laws and regulations, and any failure to protect such data or comply with applicable requirements could adversely affect our business.
  • Our intellectual property rights are valuable, and any inability to protect them could adversely affect our business, operating results, and financial condition.
  • The loss of one or more of our key personnel, or our failure to attract and retain other highly qualified personnel in the future, could adversely affect our business, operating results, and financial condition.
  • Our culture emphasizes innovation, and if we cannot maintain this culture as we grow, our business, operating results, and financial condition could be adversely affected.
  • Our acquisition of Fortress II Holdings and its Mswipe payment card operations exposes us to integration, compliance, and operational risks specific to the payments industry.
  • Risks Relating to Our Biotechnology Segment
  • We may be unable to effectuate the planned formal separation of our biotechnology segment, which could adversely affect our financial condition and strategic objectives.
  • Effectuating a formal separation of our biotechnology segment is complex and may divert management’s attention and consume significant resources, which could adversely affect both the biotechnology segment and our remaining operations.
  • The biotechnology segment, if formally separated, may be unable to raise sufficient capital to fund its operations and development programs as a standalone entity, which could impair its viability and the value realized by our stockholders.
  • If effectuating the formal separation results in Alyea becoming a stand-alone publicly traded entity, it may not qualify for or maintain a listing on a national securities exchange, which could impair the liquidity and value of its securities owned by us or, prospectively, by our stockholders.
  • Effectuating the formal separation of the biotechnology segment in a spinoff transaction may have adverse tax consequences for our stockholders and for us.
  • Unlike currently, following a formal separation of our biotechnology segment, it will operate without our financial support and may face challenges in establishing itself as a fully independent company.
  • Risks Relating to Ownership of Our Common Stock
  • The market price of our common stock has been, and may continue to be volatile and fluctuate significantly, which could result in substantial losses for investors and subject us to securities class action litigation.
  • Sales or distribution of substantial amounts of our Common Stock, or the perception that such sales or distributions might occur, could cause the market price of our Common Stock to decline.
  • If securities or industry analysts do not publish or cease publishing research, or publish inaccurate or unfavorable research, about our business, the price of our Common Stock and its liquidity could decline.

Legal proceedings

The information in response to this item is included in Note 20, Commitments and Contingencies, to the Consolidated Financial Statements included in Part II, Item 8, of this Form 10-K.

The opening of Item 3, Legal Proceedings.4

Sources

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