Ares Acquisition Corporation II (AACT) Financials
Newest figures come from the S-1 for Q1 FY2026, filed May 29, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the AACT SEC filings page.
Ares Acquisition Corporation II (AACT) reported $3.8M in revenue for fiscal year 2025, down 74.6% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
The filings depict an acquisition vehicle funded mainly externally, with shrinking reported activity alongside increasingly severe losses and negative equity.
FY2025 shows a financing-led cash profile: financing activities supplied$219.9M , while operations used$94.4M . After capital spending, free cash flow was-$116.5M , indicating that the large financing inflow did not represent internally generated cash.
The vehicle's short-term coverage appeared better in FY2025, with a current ratio of 4.7x. However, total liabilities reached
Reported revenue contracted from
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed: here 4 of 6, with the others left out rather than counted as zero. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Ares Acquisition Corporation II's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Not available for Ares Acquisition Corporation II, so it is left out of the overall score, which averages the 4 of 6 dimensions that can be computed.
Ares Acquisition Corporation II had 175M shares outstanding at the end of fiscal year 2025. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Ares Acquisition Corporation II scores 7/100 among other emerging companies.
Ares Acquisition Corporation II spent $50.2M on research and development in fiscal year 2025, which was 43.1% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Ares Acquisition Corporation II scores 73/100 among other emerging companies.
Ares Acquisition Corporation II reported revenue of $3.8M in fiscal year 2025, against $14.9M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Ares Acquisition Corporation II scores 5/100 among other emerging companies.
Ares Acquisition Corporation II's operations used $94.4M of cash in fiscal year 2025, against $51.0M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Ares Acquisition Corporation II scores 18/100 among other emerging companies.
Not available for Ares Acquisition Corporation II, so it is left out of the overall score, which averages the 4 of 6 dimensions that can be computed.
Ares Acquisition Corporation II scores -8.26, below the 1.81 distress threshold. The score is pulled down most by an accumulated deficit of $853.7M against total assets of $159.4M. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Ares Acquisition Corporation II passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, the one computable operating efficiency signal (asset turnover improving) does not pass.
Ares Acquisition Corporation II reported a net loss of $585.5M while operations used $94.4M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Ares Acquisition Corporation II reported an operating loss of $112.6M against $4.1M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Ares Acquisition Corporation II generated $1.8M in revenue in Q1 2026. This represents an increase of 24.4% from the same quarter a year earlier.
Ares Acquisition Corporation II's EBITDA was -$36.4M in Q1 2026, measuring earnings before interest, taxes, depreciation, and amortization. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative.
Ares Acquisition Corporation II reported $26.5M in net income in Q1 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative.
Ares Acquisition Corporation II earned $0.10 per diluted share (EPS) in Q1 2026.
Cash & Balance Sheet
Ares Acquisition Corporation II recorded an outflow of $35.0M in free cash flow in Q1 2026, representing a cash shortfall after capex. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Ares Acquisition Corporation II held $65.0M in cash against $29.8M in long-term debt as of Q1 2026.
Not reported for Q1 2026.
Margins & Returns
Not reported for Q1 2026.
Not shown for Q1 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q1 2026: the reported ratio is above 100.0% of revenue, so it does not read as a share of revenue.
Not reported for Q1 2026.
Capital Allocation
Ares Acquisition Corporation II invested $17.6M in research and development in Q1 2026. This represents an increase of 73.2% from the same quarter a year earlier.
Ares Acquisition Corporation II invested $5.5M in capex in Q1 2026, funding long-term assets and infrastructure. This represents an increase of 138.4% from the same quarter a year earlier. Against the prior quarter it is down 45.5%.
Not reported for Q1 2026.
AACT Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'26S-1 | Q4'25S-1 | Q3'2510-Q | Q2'2510-Q | Q1'25S-1 | Q4'24S-1 | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.8M+24.4% | N/A | $770K+92.5% | N/A | $1.5M | N/A | $400K | N/A |
| R&D Expenses | $17.6M+73.2% | N/A | $13.5M+29.0% | N/A | $10.1M | N/A | $10.4M | N/A |
| SG&A Expenses | $12.4M+142.3% | N/A | $9.2M+78.2% | $5.5M+1374.6% | $5.1M+1025.1% | N/A | $5.1M+1241.1% | $373K+21.5% |
| Operating Income | -$37.9Mn/m | -$38.7Mn/m | -$30.0Mn/m | -$5.5Mn/m | -$18.6Mn/m | -$9.5M | -$18.2Mn/m | -$373Kn/m |
| EBITDA | -$36.4Mn/m | N/A | -$29.1Mn/m | N/A | -$18.1M | N/A | -$17.0M | N/A |
| Interest Expense | $896K-29.1% | N/A | $941K-22.8% | N/A | $1.3M | N/A | $1.2M | N/A |
| Income Tax | -$4K-500.0% | N/A | $0n/m | N/A | $1K | N/A | $0 | N/A |
| Net Income | $26.5Mn/m | N/A | -$269.9Mn/m | -$113.7Mn/m | -$128.2Mn/m | N/A | -$19.1M-399.1% | -$18.0M-603.8% |
| EPS (Basic) | $0.12 | N/A | -$3.89n/m | N/A | -$2.16 | N/A | -$0.33 | N/A |
| EPS (Diluted) | $0.10 | N/A | -$3.89n/m | N/A | -$2.16 | N/A | -$0.33 | N/A |
| Diluted Shares (Avg) | 216M | N/A | 69M+18.8% | N/A | 59M | N/A | 58M | N/A |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit.
AACT Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'26S-1 | Q4'25S-1 | Q3'2510-Q | Q2'2510-Q | Q1'25S-1 | Q4'24S-1 | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $130.8M-76.5% | $159.4M+348.3% | $177.8M-67.4% | $561.0M+4.2% | $557.2M+4.7% | $35.6M-93.2% | $545.7M+5.2% | $538.6M+5.2% |
| Current Assets | $95.3M+12652.4% | $126.0M+522.3% | $151.8M+10461.7% | $2.8M+59.9% | $748K-64.6% | $20.2M+738.4% | $1.4M-50.3% | $1.8M-45.4% |
| Cash & Equivalents | $65.0M+267.6% | $50.8M+203.8% | $146.2M+340.5% | $138K-90.1% | $17.7M+975.1% | $16.7M-39.8% | $33.2M+1372.3% | $1.4M-44.6% |
| Accounts Receivable | $500K | $879K-31.3% | $706K | N/A | N/A | $1.3M | N/A | N/A |
| Total Liabilities | $376.7M-59.7% | $442.5M+54.5% | $397.3M-49.3% | $1.0B+38.0% | $933.9M+26.9% | $286.4M-59.8% | $783.9M+45.6% | $759.4M+42.9% |
| Current Liabilities | $25.9M+736.3% | $26.7M-14.6% | $34.7M+5942.2% | $12.2M+2536.5% | $3.1M+616.6% | $31.2M+11083.9% | $574K+77.8% | $461K+65.1% |
| Non-Current Liabilities | $350.9M-62.3% | $415.8M+62.9% | $362.7M-53.7% | $1.0B+36.5% | $930.8M+26.5% | $255.2M-64.2% | $783.3M+45.6% | $758.9M+42.8% |
| Long-Term Debt | $29.8M+495.0% | $29.9M+70.0% | $11.1M+121.7% | $5.0M0.0% | $5.0M0.0% | $17.6M+251.5% | $5.0M0.0% | $5.0M0.0% |
| Total Equity | -$245.9Mn/m | -$283.1Mn/m | -$219.5Mn/m | -$486.9Mn/m | -$376.6Mn/m | -$250.8Mn/m | -$238.2Mn/m | -$220.8Mn/m |
| Retained Earnings | -$827.2Mn/m | -$853.7Mn/m | -$780.0Mn/m | -$24.1Mn/m | -$24.7Mn/m | -$268.1Mn/m | -$21.5Mn/m | -$21.1Mn/m |
Not reported in any period shown, so not listed: Short-Term Investments, Inventory, Long-Term Investments, Goodwill.
AACT Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'26S-1 | Q4'25S-1 | Q3'2510-Q | Q2'2510-Q | Q1'25S-1 | Q4'24S-1 | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$29.5Mn/m | -$24.2Mn/m | -$68.1Mn/m | $14.4Mn/m | -$16.5Mn/m | -$14.7Mn/m | -$35.7Mn/m | -$247Kn/m |
| Depreciation & Amortization | $1.4M+165.4% | N/A | $900K-25.0% | N/A | $532K | N/A | $1.2M | N/A |
| Stock-Based Compensation | $6.0M+220.8% | N/A | $5.2M+205.3% | N/A | $1.9M | N/A | $1.7M | N/A |
| Capital Expenditures | $5.5M+138.4% | $10.1M+315.9% | N/A | N/A | $2.3M | $2.4M | N/A | N/A |
| Free Cash Flow | -$35.0Mn/m | -$34.4Mn/m | N/A | N/A | -$18.8M | -$17.2M | N/A | N/A |
| Investing Cash Flow | $39.5Mn/m | -$79.6Mn/m | -$17.5Mn/m | $8.0M | -$2.3M | -$2.4M-100.5% | -$773Kn/m | N/A |
| Financing Cash Flow | $4.2M-78.7% | $8.3M+1102.7% | $216.0M+409.1% | -$24.2M | $19.8M | $693Kn/m | $42.4Mn/m | N/A |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
AACT Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'26S-1 | Q4'25S-1 | Q3'2510-Q | Q2'2510-Q | Q1'25S-1 | Q4'24S-1 | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | -2068.4% | N/A | -3892.1% | N/A | -1264.4% | N/A | -4552.0% | N/A |
| Net Margin | 1447.5% | N/A | -35056.5% | N/A | -8714.1% | N/A | -4786.0% | N/A |
| Return on Assets | 20.3%+43.3pp | N/A | -151.8%-148.3pp | -20.3%-16.9pp | -23.0%-19.6pp | N/A | -3.5%-4.7pp | -3.3%-4.0pp |
| Current Ratio | 3.69+3.4x | 4.73+4.1x | 4.38+1.9x | 0.23-3.6x | 0.24-4.7x | 0.65-8.0x | 2.51-6.5x | 3.83-7.8x |
| Asset Turnover | 0.010.0x | N/A | 0.000.0x | N/A | 0.00 | N/A | 0.00 | N/A |
| FCF Margin | -1913.9% | N/A | N/A | N/A | -1279.8% | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Gross Margin, Return on Equity, Debt-to-Equity, Liabilities-to-Equity.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Note: Shareholder equity is negative (-$283.1M), which causes the debt-to-equity, liabilities-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Where Ares Acquisition Corporation II Ranks
Frequently Asked Questions
What is Ares Acquisition Corporation II's annual revenue?
Ares Acquisition Corporation II (AACT) reported $3.8M in total revenue for fiscal year 2025. This represents a -74.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Ares Acquisition Corporation II's revenue growing?
Ares Acquisition Corporation II (AACT) revenue declined by 74.6% year-over-year, from $14.9M to $3.8M in fiscal year 2025.
Is Ares Acquisition Corporation II profitable?
No, Ares Acquisition Corporation II (AACT) reported a net loss of $585.5M in fiscal year 2025.
What is Ares Acquisition Corporation II's EBITDA?
Ares Acquisition Corporation II (AACT) had EBITDA of -$109.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Ares Acquisition Corporation II have?
As of fiscal year 2025, Ares Acquisition Corporation II (AACT) had $50.8M in cash and equivalents against $29.9M in long-term debt.
What is Ares Acquisition Corporation II's free cash flow?
Ares Acquisition Corporation II (AACT) recorded an outflow of $116.5M in free cash flow during fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Ares Acquisition Corporation II's operating cash flow?
Ares Acquisition Corporation II (AACT) recorded an outflow of $94.4M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Ares Acquisition Corporation II's total assets?
Ares Acquisition Corporation II (AACT) had $159.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Ares Acquisition Corporation II's capital expenditures?
Ares Acquisition Corporation II (AACT) invested $22.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Ares Acquisition Corporation II spend on research and development?
Ares Acquisition Corporation II (AACT) invested $50.2M in research and development during fiscal year 2025.
What is Ares Acquisition Corporation II's current ratio?
Ares Acquisition Corporation II (AACT) had a current ratio of 4.73 as of fiscal year 2025, which is generally considered healthy.
What is Ares Acquisition Corporation II's return on assets (ROA)?
Ares Acquisition Corporation II (AACT) had a return on assets of -367.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Why is Ares Acquisition Corporation II's debt-to-equity ratio negative or not reported?
Ares Acquisition Corporation II (AACT) has negative shareholder equity of -$283.1M as of fiscal year 2025, so no debt-to-equity or liabilities-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Ares Acquisition Corporation II's Altman Z-Score?
Ares Acquisition Corporation II (AACT) has an Altman Z-Score of -8.26, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Ares Acquisition Corporation II's Piotroski F-Score?
Ares Acquisition Corporation II (AACT) has a Piotroski F-Score of 3 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Ares Acquisition Corporation II's earnings high quality?
Ares Acquisition Corporation II (AACT) reported a net loss of $585.5M while operations used $94.4M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Ares Acquisition Corporation II cover its interest payments?
Ares Acquisition Corporation II (AACT) reported an operating loss of $112.6M against $4.1M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Ares Acquisition Corporation II?
Ares Acquisition Corporation II (AACT) scores 26 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is the average of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. For Ares Acquisition Corporation II it averages the 4 of 6 dimensions that can be computed; the others are left out rather than counted as zero. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.