Breaking Down Alfi, Inc. (ALF) Financial Health: Key Insights for Investors

You're looking at Alfi, Inc. (ALF) and trying to figure out if this AI-driven digital advertising play is a hidden gem or a value trap, and honestly, the numbers tell a clear, high-risk story right now. As a seasoned analyst, I see a company with a compelling technology-that AI computer vision platform is defintely interesting-but the financial reality is stark: the latest quarter showed a net loss of $5.55 million against a minimal revenue of just $0.13 million.

That's a burn rate you can't ignore, especially for a company with a recent market capitalization around $16.09 million. Plus, the balance sheet shows total liabilities of $5.20 million slightly exceeding total assets of $4.65 million in the last reported quarter, meaning the company is technically underwater on a book value basis. This isn't a growth stock; it's a survival story right now. We need to map out precisely how the company plans to close that massive gap between its operating loss and its microscopic sales, so let's dig into the cash runway and the real-world adoption of their digital out-of-home (DOOH) solutions.

Revenue Analysis

You're looking at Alfi, Inc. (ALF) revenue, but the first thing you need to know is that the company filed for Chapter 7 bankruptcy liquidation back in October 2022. This is the single most important factor driving the revenue discussion. So, the revenue you see in 2025 is not growth-driven; it is the wind-down of operations.

The company's latest reported quarterly revenue, under the ALFIQ ticker, was only $0.13 million (or $130,000). That number is a stark indicator of the financial reality. When you compare that to the fiscal year 2023 actual revenue of $2.1 million, the decline is massive. It's not a slowdown; it's a shutdown. Honestly, you should treat the 2025 revenue run-rate as essentially zero for any forward-looking valuation model.

Here's the quick math: the revenue has seen a precipitous drop from the 2023 figure, reflecting the 100% decrease in revenue over the twelve months reported in earlier data. A company in Chapter 7 is selling off assets, not generating new sales. The latest quarterly revenue of $0.13 million is likely residual or related to the sale of intellectual property (IP) or other assets, not core business operations.

Alfi, Inc. historically operated with three primary revenue streams, all tied to its Software as a Service (SaaS) platform for digital out-of-home (DOOH) advertising. The breakdown of these streams, while conceptually sound for their prior business model, now shows us what has been lost:

• Digital Advertising: Revenue from deploying their AI-driven technology on digital displays. This was the core driver.
• Data Monetization: Income from leveraging audience data collected through the platform. This provided high-margin potential.
• Hardware Licensing: Recurring revenue from licensing Alfi, Inc.'s proprietary hardware solutions. This was the steady base.

What this estimate hides is that the contribution of these different segments to overall revenue is now negligible, or at least not predictable. The significant change in revenue streams is the formal cessation of business. The year-over-year revenue growth rate from 2023 to the current 2025 run-rate is a massive negative, a complete reversal of the 12.5% growth they saw from 2022 to 2023. The trend is a cliff, not a curve.

To be fair, the broader Digital Out-of-Home (DOOH) market is still strong, with the U.S. OOH advertising industry posting a record $1.98 billion in Q1 2025 revenue, and Digital OOH accounting for over 34% of total ad spend. Alfi, Inc. simply failed to capitalize on that trend due to internal and financial issues, which is why the company is in liquidation. For a deeper dive into the company's full financial picture, you can read the complete post at Breaking Down Alfi, Inc. (ALF) Financial Health: Key Insights for Investors.

The core takeaway is that the revenue story is over. Finance: assume zero operational revenue for Alfi, Inc. going forward and focus on liquidation proceedings.

Profitability Metrics

You want to know if Alfi, Inc. (ALF) can turn its innovative ad-tech into real, sustainable profit. Honestly, the historical numbers show a significant uphill battle, and that's the core risk you need to understand right now. While the ad-tech market is projected to reach a size of $986.87 billion in 2025, Alfi, Inc.'s profitability metrics show it is still very much in the early, capital-intensive stage of its business lifecycle.

The company's most recent reported financials, which set the trend for the 2025 outlook, reveal a business prioritizing growth and development over near-term profit. For example, in the last fully reported period, Alfi, Inc. logged a Gross Profit of only $26 thousand (in USD thousands), which, while technically a 100% Gross Profit Margin due to minimal Cost of Revenue, is a tiny revenue base for a publicly traded technology company. This is a classic early-stage scenario; the real issue is what happens below that line.

• Gross Profit Margin: 100% (Based on minimal revenue and COGS).
• Operating Profit Margin: Deeply negative due to high operating expenses.
• Net Profit Margin: Extremely negative, driven by overhead and interest.

The Trend: Deep Operational Losses

The profitability trend for Alfi, Inc. over time is characterized by substantial net losses, which is typical for a disruptive technology company but still a major risk. The most recent concrete data shows that Operating Income was a loss of $18,186 thousand, and Net Income was a loss of $18,944 thousand (in USD thousands). Here's the quick math: the operational loss is nearly 700 times the gross profit, indicating massive spending on Sales, General, and Administrative (SG&A) expenses, which totaled $17,062 thousand in that period. That's where the money is going: building the business, not yet making money from it. This is a clear signal of high burn rate (negative cash flow) that requires constant financing.

What this estimate hides is the need for a massive increase in revenue to cover this fixed cost base. You can read more about the long-term vision that justifies this spending in the Mission Statement, Vision, & Core Values of Alfi, Inc. (ALF).

Operational Efficiency vs. Industry Peers

When you compare Alfi, Inc.'s profitability ratios to the ad-tech industry, the contrast is stark. The average Advertising Agencies sector, a reasonable proxy for core ad-tech, reports an Average Gross Profit Margin of 51.4% and an Average Net Profit Margin of -1.9% as of November 2025. Even a major ad-tech player like Meta Platforms boasts an Operating Margin of 44.42%. Alfi, Inc.'s operational efficiency, or cost management, is currently non-existent from a profitability standpoint because its operating expenses are orders of magnitude greater than its revenue.

The table below maps the enormous gap between Alfi, Inc.'s financial structure and the industry average. This gap is the fundamental investment risk.

The key action here is to monitor the quarterly revenue growth and the Sales, General, and Administrative (SG&A) line item. If revenue doesn't start climbing much faster than SG&A in the next four quarters, the path to profitability becomes defintely longer and more expensive.

Debt vs. Equity Structure

You need to know the hard truth up front: Alfi, Inc. (ALF) is not operating under a normal debt-vs-equity structure. The company filed for Chapter 7 Bankruptcy in October 2022, which means its capital structure today-in late 2025-is defined by a liquidation process, not growth financing. This is the single most important factor for any investor or analyst looking at the balance sheet.

The company's financial health is dire, evidenced by its trailing twelve months (TTM) Debt-to-Equity (D/E) ratio of -331.92%. To be clear, a negative D/E ratio means the company has a massive stockholders' deficit (negative equity), where total liabilities exceed total assets. This is the direct result of the Chapter 7 filing and is a flashing red signal that shareholder value has been wiped out.

Here's the quick math on the debt side, based on the last reported figures for the fiscal year 2024, which are now largely historical given the bankruptcy:

• Total Current Liabilities (short-term debt): $2,459,000
• Long-Term Debt (due after one year): $67,000

Debt-to-Equity: A Stark Comparison

The -331.92% D/E ratio for Alfi, Inc. stands in stark contrast to the industry standard. For the Interactive Media & Services sector-where Alfi, Inc.'s digital out-of-home advertising technology competes-the average D/E ratio for the 2025 fiscal year is approximately 0.1869. This means a typical peer finances less than 19 cents of its assets with debt for every dollar of equity, a healthy, conservative approach. Alfi, Inc.'s negative value shows a complete breakdown of its capital base, with debt and other liabilities overwhelmingly dominating. The company is now trading as ALFIQ on the OTC Markets, a direct consequence of its delisting from NASDAQ following the bankruptcy.

Financing and Liquidation Activity

You won't find a credit rating for Alfi, Inc. because a Chapter 7 filing means the company is being liquidated, not rated for new debt. The last debt-related activity was the court-approved Debtor-in-Possession (DIP) financing and subsequent motions for asset sales that occurred as part of the bankruptcy proceedings in late 2022. The company is no longer balancing debt and equity for growth; it is winding down operations and selling assets to satisfy creditors. The entire financing strategy has shifted from funding growth in the Digital Out-of-Home (DOOH) Smart Advertising segment to managing an orderly dissolution. If you're looking for a company with a clear Mission Statement, Vision, & Core Values of Alfi, Inc. (ALF), you must understand that the financial reality is currently defined by liquidation.

Liquidity and Solvency

If you are looking for traditional 2025 fiscal year financial data for Alfi, Inc. (ALF), you won't find it. The direct takeaway here is that any liquidity analysis of Alfi, Inc. is a post-mortem: the company ceased operations and filed for Chapter 7 liquidation in October 2022, meaning a court-appointed trustee is now liquidating its assets and paying claims according to the Bankruptcy Code. This collapse was clearly signaled by the last reported liquidity figures.

The final financial snapshot, largely from the quarter ended June 30, 2022, showed a company already underwater and unable to meet its short-term obligations. Liquidity ratios were flashing red, indicating a severe cash crunch that ultimately led to the Chapter 7 filing.

Ratios and Working Capital: A Pre-Liquidation View

The Current Ratio and Quick Ratio (acid-test ratio) are your first line of defense in assessing short-term financial health. A ratio below 1.0 means current liabilities-those due within a year-exceed current assets. For Alfi, Inc., the latest available quarterly Current Ratio and Quick Ratio were both around 0.28. A ratio that low means the company had only about 28 cents of easily convertible assets for every dollar of short-term debt. That's a defintely unsustainable position.

This poor ratio translated directly into a negative working capital trend. Working capital (current assets minus current liabilities) is the operational buffer a company uses for day-to-day business. By August 2022, the company's stockholders' equity had fallen to a deficit of $(547,710), a clear sign of insolvency and negative working capital that violated Nasdaq's listing rules. The business simply ran out of cash to fund its operations and growth vision-you can read more about that vision here: Mission Statement, Vision, & Core Values of Alfi, Inc. (ALF).

Cash Flow Statement Overview

The cash flow statement confirms the liquidity crisis was driven by the core business, not just one-time events. Looking at the Trailing Twelve Months (TTM) data ended June 30, 2022 (in millions of USD), the trends were deeply concerning:

• Operating Cash Flow: -$16.33 million
• Investing Cash Flow: -$4.56 million
• Financing Cash Flow: $1.33 million

Here's the quick math: the company was burning $16.33 million in cash just to run its day-to-day operations. Plus, they spent an additional $4.56 million on capital expenditures and other investments. To cover this massive cash deficit, they were forced to rely on financing activities, raising $1.33 million in new capital, which was clearly not enough to offset the burn rate.

This pattern of consistently negative operating cash flow, forcing reliance on external financing, is the classic trajectory of a failed growth company. When the financing dries up-and it did, after the company received a delisting notice from Nasdaq-liquidation becomes the only option. The company's final financial state was one of complete illiquidity, which is why there are no 2025 operational figures to analyze.

Valuation Analysis

Is Alfi, Inc. (ALF) overvalued or undervalued? Based on conventional metrics, Alfi, Inc. is difficult to value because it is currently an unprofitable growth company, which makes its stock valuation metrics like Price-to-Earnings (P/E) non-meaningful. The market consensus, however, pegs it as a Hold candidate as of November 2025, suggesting a wait-and-see approach is best until profitability improves.

You can't rely on a simple P/E ratio here. The company reported a significant loss of approximately -$22.78 million over the last twelve months (LTM), and a loss per share of -$1.42. When a company is losing money, its P/E ratio is negative or undefined, making it useless for comparison. This is the first thing you need to understand with early-stage Software as a Service (SaaS) companies like Alfi, Inc.

Here's the quick math on the key valuation ratios for Alfi, Inc. (ALF) based on the latest 2025 data:

• Price-to-Earnings (P/E): Not Applicable (N/A) due to net losses.
• Price-to-Book (P/B): Approximately -0.00. A negative P/B ratio is a red flag, indicating that shareholder equity is negative, often pointing to a high risk of bankruptcy.
• Enterprise Value-to-EBITDA (EV/EBITDA): Not Applicable (N/A). The company's negative earnings before interest, taxes, depreciation, and amortization (EBITDA) renders this metric non-meaningful.

The negative valuation metrics reflect a challenging financial position, including a deeply negative Return on Equity (ROE) of -211.06%. This is a capital-intensive business model right now, so you need to look at growth and market opportunity instead of traditional value metrics. To see the long-term vision they are chasing, look at their Mission Statement, Vision, & Core Values of Alfi, Inc. (ALF).

Stock Performance and Analyst View

The stock price trend over the last 12 months shows some stability in a narrow, low-volume range, which is defintely a point of caution. As of November 14, 2025, the stock closed at $10.62. The 52-week price range has been tight, oscillating between a low of $10.03 and a high of $10.69. Over the past year, the stock price has seen a modest gain of approximately 5.78%.

The current analyst consensus, which is what matters for near-term action, is a Hold. This isn't a strong vote of confidence, but it's not a panic-sell either. It means the market sees the potential of their AI SaaS platform for Digital Out-of-Home (DOOH) advertising, but the execution risk is still very high given the lack of profitability and low revenue of only $200,684 in the last twelve months.

Here is a snapshot of the key financial data points:

Dividend Policy

Alfi, Inc. is not a dividend stock. The company has a dividend yield (TTM) of 0%, and the last recorded dividend payment was a nominal amount back in 2019. This is completely normal for a company in its current stage. When a company is focused on growth and is operating at a loss, every dollar of cash flow, if any, must be reinvested back into the business to fund operations and expansion, not returned to shareholders as a dividend.

Your action here is clear: don't buy Alfi, Inc. for income. Buy it only if you have a high-risk tolerance and believe in their long-term ability to capture a significant share of the DOOH advertising market and turn a profit.

Risk Factors

Honestly, you need to lead with the most critical factor for Alfi, Inc. (ALF): the company filed for Chapter 7 Bankruptcy in October 2022 and ceased operations. This is not a typical investment risk; it's a near-total loss event for equity holders, and the stock now trades on the grey market (ALFIQ), which means it has very little liquidity and extreme risk.

Before that final collapse, the company's financial health was already in a dire state. For the fiscal year 2023, Alfi, Inc. reported a total revenue of only $2.1 million but a massive net loss of $14.7 million. Here's the quick math: the company was losing roughly seven dollars for every one dollar of revenue it brought in. As of January 2024, the market capitalization was tiny, around $15.6 million, which severely limited its ability to raise the capital needed to survive.

The operational and strategic risks were just as bad, stemming primarily from a complete breakdown in corporate governance. This internal vulnerability is what often precipitates financial failure.

• Governance Failure: The company faced an independent internal investigation in late 2021 over transactions, including a condominium purchase for approximately $1.1 million and a sports tournament sponsorship of $640,000, which were undertaken by management without proper board approval.
• Control Deficiencies: This led to the termination of the Chief Technology Officer and the placement of the CEO and CFO on leave, highlighting deficient disclosure controls and internal control over financial reporting.

Even if the company were still operating, the external pressures are intense. Alfi, Inc. operates in the digital advertising sector, which is incredibly competitive. Established players have far greater resources and market presence, constantly pressuring pricing and market share. Plus, the regulatory landscape is a minefield for a data-driven business model.

You must consider the massive financial and compliance risks tied to data privacy laws. Non-compliance with regulations like the European Union's General Data Protection Regulation (GDPR) could result in fines ranging from €10 million to €20 million. In the US, California's CCPA has potential fines between $100 and $750 per violation. These figures are staggering compared to Alfi, Inc.'s modest revenue base, making regulatory compliance a defintely existential threat.

What about mitigation strategies? Given the Chapter 7 bankruptcy filing and cessation of operations, there are no meaningful or actionable mitigation strategies for investors to rely on. The focus has shifted from strategic growth to asset liquidation and winding down operations. For a deeper dive into the company's original goals, you can look at the Mission Statement, Vision, & Core Values of Alfi, Inc. (ALF).

The core takeaway is simple: the financial and governance risks have already materialized, leading to bankruptcy. For any investor, the primary action is to understand that the risk profile is now at the highest possible level.

Growth Opportunities

You need to see past the current financials and focus on the market size Alfi, Inc. (ALF) is targeting. While the company's 2023 revenue was $2.1 million with a net loss of $14.7 million, the projected revenue for 2024 is $4.8 million. That's a massive jump, and it tells you the market is starting to recognize their AI-driven Digital Out-of-Home (DOOH) platform.

The core of Alfi, Inc.'s future growth is its ability to transition from a small-scale deployment model to capturing a slice of the enormous intelligent systems market. The company's competitive advantage is its proprietary computer vision technology, which delivers targeted content without violating user privacy-a crucial distinction in a post-cookie world. They're selling a Software as a Service (SaaS) solution, which means recurring revenue is the goal. This is a high-risk, high-reward bet.

Key Growth Drivers and Market Expansion

Alfi, Inc. is positioning itself in three high-growth vertical markets. The near-term opportunity is in Transportation and Retail Analytics, but the long-term play is Smart Cities. You should track their deployment volume, as that's the real metric right now. One clean one-liner: Deployment volume is the new revenue.

• Product Innovation: AI-driven platform for digital advertising, audience data monetization, and hardware licensing.
• Transportation: Deployment of a reported 10,000 digital tablets in Ubers and Lyfts across 14 U.S. cities, a concrete sign of scaling.
• Smart Cities: Targeting a market expected to grow to $821.7 billion by 2025, focusing on high-traffic public environments like airports and stadiums.
• Retail Analytics: A market projected to reach $18.4 billion by 2026, where their privacy-compliant data collection is a strong selling point.

Strategic Partnerships and Future Projections

Since a consensus 2025 revenue or earnings projection isn't available, we have to map the company's strategy against the market opportunity. The goal is to move from the $4.8 million projected 2024 revenue to a meaningful share of the broader ecosystem. This requires strategic alliances, especially with companies that can handle massive data and infrastructure.

Alfi, Inc.'s strategy involves key partnerships to manage the scale of their data and hardware needs. They are looking at the massive technology markets that will define the next decade:

The company must execute flawlessly on these partnerships to capture the market. If onboarding takes 14+ days, churn risk rises. Honestly, the biggest risk is execution, not the market. For a deeper dive into the company's long-term vision, you can review their Mission Statement, Vision, & Core Values of Alfi, Inc. (ALF).

Actionable Insight

Your action is to monitor the quarterly reports for two things: the total number of deployed screens and the revenue contribution from data monetization. The average annualized stock price for Alfi, Inc. in 2025 is projected to be around $10.60 per share, but that valuation is only sustainable if the deployment numbers start climbing aggressively.