Ares Acquisition Corp II (AACT) Financials
Newest figures come from the 10-K 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 Corp 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 financing-led model combines shrinking revenue with rising development spending and cash investment disconnected from operating sales.
In FY2025, the net loss was-$585.5M against an operating loss of-$112.6M , so below-operating items dominated reported earnings. That divergence is an earnings-quality signal: the headline loss cannot be read as a simple measure of ongoing operating costs.
Revenue fell from
FY2025 free cash flow of
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. 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 Corp 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 Corp II, and counted as zero in the overall score.
Ares Acquisition Corp 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 Corp II scores 6/100 among other emerging companies.
Ares Acquisition Corp 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 Corp II scores 73/100 among other emerging companies.
Ares Acquisition Corp 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 Corp II scores 5/100 among other emerging companies.
Ares Acquisition Corp 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 Corp II scores 17/100 among other emerging companies.
Not available for Ares Acquisition Corp II, and counted as zero in the overall score.
Ares Acquisition Corp II scores -8.26, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($587.0M) relative to total liabilities ($442.5M). 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 Corp 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, neither operating efficiency signal passes.
Ares Acquisition Corp 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 Corp 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 Corp 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 Corp II's EBITDA was -$36.4M in Q1 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 101.7% from the same quarter a year earlier.
Ares Acquisition Corp II reported $26.5M in net income in Q1 2026. This represents an increase of 120.7% from the same quarter a year earlier.
Cash & Balance Sheet
Ares Acquisition Corp II recorded an outflow of $35.0M in free cash flow in Q1 2026, representing a cash shortfall after capex. This represents a decrease of 86.0% from the same quarter a year earlier. Against the prior quarter it is down 1.9%.
Ares Acquisition Corp 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 Corp 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 Corp 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 | Q1'2610-K | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-K | Q4'2410-K | 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 | -$37.9M-103.5% | -$38.7M-309.2% | -$30.0M-64.6% | -$5.5M-1374.6% | -$18.6M-3983.1% | -$9.5M | -$18.2M-4642.5% | -$373K-21.5% |
| EBITDA | -$36.4M-101.7% | N/A | -$29.1M-70.9% | 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 | $0 | N/A | $1K | N/A | $0 | N/A |
| Net Income | $26.5M+120.7% | N/A | -$269.9M-1310.0% | -$113.7M-533.0% | -$128.2M-612.2% | N/A | -$19.1M-399.1% | -$18.0M-603.8% |
| EPS (Basic) | $0.12+105.6% | N/A | -$3.89-1078.8% | N/A | -$2.16 | N/A | -$0.33 | N/A |
| EPS (Diluted) | $0.10 | N/A | -$3.89-1078.8% | 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 | Q1'2610-K | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-K | Q4'2410-K | 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 | -$245.9M+34.7% | -$283.1M-12.8% | -$219.5M+7.8% | -$486.9M-120.6% | -$376.6M-84.7% | -$250.8M-34.1% | -$238.2M-1100.9% | -$220.8M-1035.7% |
| Retained Earnings | -$827.2M-3242.6% | -$853.7M-218.4% | -$780.0M-3521.6% | -$24.1M-14.1% | -$24.7M-19.4% | -$268.1M-1223.2% | -$21.5M-8.6% | -$21.1M-8.5% |
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 | Q1'2610-K | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-K | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$29.5M-78.7% | -$24.2M-64.4% | -$68.1M-90.8% | $14.4M+5954.9% | -$16.5M-6205.3% | -$14.7M+65.5% | -$35.7M-13802.4% | -$247K+70.3% |
| 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 | -$35.0M-86.0% | -$34.4M-100.1% | N/A | N/A | -$18.8M | -$17.2M | N/A | N/A |
| Investing Cash Flow | $39.5M+1801.3% | -$79.6M-3161.6% | -$17.5M-2169.5% | $8.0M | -$2.3M | -$2.4M-100.5% | -$773K | N/A |
| Financing Cash Flow | $4.2M-78.7% | $8.3M+1102.7% | $216.0M+409.1% | -$24.2M | $19.8M | $693K+100.1% | $42.4M+449126.5% | 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 | Q1'2610-K | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-K | Q4'2410-K | 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.
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 debt-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 Corp II Ranks
Frequently Asked Questions
What is Ares Acquisition Corp II's annual revenue?
Ares Acquisition Corp 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 Corp II's revenue growing?
Ares Acquisition Corp II (AACT) revenue declined by 74.6% year-over-year, from $14.9M to $3.8M in fiscal year 2025.
Is Ares Acquisition Corp II profitable?
No, Ares Acquisition Corp II (AACT) reported a net income of -$585.5M in fiscal year 2025.
What is Ares Acquisition Corp II's EBITDA?
Ares Acquisition Corp 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 Corp II have?
As of fiscal year 2025, Ares Acquisition Corp II (AACT) had $50.8M in cash and equivalents against $29.9M in long-term debt.
What is Ares Acquisition Corp II's free cash flow?
Ares Acquisition Corp II (AACT) recorded an outflow of $116.5M in free cash flow during fiscal year 2025. This represents a -115.1% change compared to the previous fiscal year. 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 Corp II's operating cash flow?
Ares Acquisition Corp 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 Corp II's total assets?
Ares Acquisition Corp II (AACT) had $159.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Ares Acquisition Corp II's capital expenditures?
Ares Acquisition Corp II (AACT) invested $22.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Ares Acquisition Corp II spend on research and development?
Ares Acquisition Corp II (AACT) invested $50.2M in research and development during fiscal year 2025.
What is Ares Acquisition Corp II's current ratio?
Ares Acquisition Corp II (AACT) had a current ratio of 4.73 as of fiscal year 2025, which is generally considered healthy.
What is Ares Acquisition Corp II's return on assets (ROA)?
Ares Acquisition Corp 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 Corp II's debt-to-equity ratio negative or not reported?
Ares Acquisition Corp II (AACT) has negative shareholder equity of -$283.1M as of fiscal year 2025, so no debt-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 Corp II's Altman Z-Score?
Ares Acquisition Corp 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 Corp II's Piotroski F-Score?
Ares Acquisition Corp 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 Corp II's earnings high quality?
Ares Acquisition Corp 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 Corp II cover its interest payments?
Ares Acquisition Corp 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 Corp II?
Ares Acquisition Corp II (AACT) scores 17 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is a 0-100 composite 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. 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.