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Proshares Morningstar Alts Solu Financials

ALTS
Source SEC Filings (10-K/10-Q) Data as of Mar 28, 2026 Currency USD FYE December

This page shows Proshares Morningstar Alts Solu (ALTS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 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).

Rhea AI ALTS FY2025

FY2025 reads as a capital-funded balance-sheet expansion, while the core operating model still consumed cash.

From FY2024 to FY2025, assets expanded from $75.7M to $1.2B, which means the company’s larger footprint was built mainly with new capital rather than new borrowing. That reading fits the cash-flow shape: $716.8M of financing inflow was almost matched by -$706.6M of investing outflow, so the headline scale change was financial repositioning more than operating self-funding.

The income statement did not improve with the bigger balance sheet; revenue rose to $24.8M while the operating loss widened to -$22.9M. Because SG&A expansion outran gross profit creation even with gross margin still at 41.0%, added sales were not yet producing operating leverage.

Liquidity stayed tighter than the enlarged asset base suggests: cash ended FY2025 at $6.2M against current liabilities of $51.4M. That leaves the company looking equity-rich but working-capital thin, with a larger paper balance sheet than its near-term cash flexibility would imply.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Cash Runway Dilution R&D Intensity Revenue Progress Burn Trend Balance Sheet 18 / 100
Financial Health Score 18/100
Scored as: Emerging companies peer group

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 Proshares Morningstar Alts Solu'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.

Cash Runway
40
Dilution
4
Revenue Progress
27
Burn Trend
15
Balance Sheet
23
Altman Z-Score Distress
0.67

Proshares Morningstar Alts Solu scores 0.67, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($119.6M) relative to total liabilities ($60.3M). 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.

Piotroski F-Score Weak
2/9

Proshares Morningstar Alts Solu passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Low Quality
0.02x

For every $1 of reported earnings, Proshares Morningstar Alts Solu generates $0.02 in operating cash flow (-$7.2M OCF vs -$344.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue
$24.8M
YoY+98.2%
5Y CAGR-6.0%
10Y CAGR-14.0%

Proshares Morningstar Alts Solu generated $24.8M in revenue in fiscal year 2025. This represents an increase of 98.2% from the prior year.

EBITDA
-$19.5M
YoY-248.0%

Proshares Morningstar Alts Solu's EBITDA was -$19.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 248.0% from the prior year.

Net Income
-$344.5M
YoY-4452.2%

Proshares Morningstar Alts Solu reported -$344.5M in net income in fiscal year 2025. This represents a decrease of 4452.2% from the prior year.

EPS (Diluted)
$-5.91

Proshares Morningstar Alts Solu earned $-5.91 per diluted share (EPS) in fiscal year 2025.

Cash & Balance Sheet

Free Cash Flow
-$7.2M

Proshares Morningstar Alts Solu generated -$7.2M in free cash flow in fiscal year 2025, representing cash available after capex.

Cash & Debt
$6.2M
YoY-13.3%
5Y CAGR+4.2%
10Y CAGR+10.4%

Proshares Morningstar Alts Solu held $6.2M in cash against $563K in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
126M

Proshares Morningstar Alts Solu had 126M shares outstanding in fiscal year 2025.

Margins & Returns

Gross Margin
41.0%
YoY-4.1pp
5Y CAGR+15.0pp
10Y CAGR+18.3pp

Proshares Morningstar Alts Solu's gross margin was 41.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 4.1 percentage points from the prior year.

Operating Margin
-92.0%
YoY-36.8pp
5Y CAGR-65.4pp
10Y CAGR-88.3pp

Proshares Morningstar Alts Solu's operating margin was -92.0% in fiscal year 2025, reflecting core business profitability. This is down 36.8 percentage points from the prior year.

Net Margin
-1386.9%
YoY-1326.5pp
5Y CAGR-1361.8pp
10Y CAGR-1383.4pp

Proshares Morningstar Alts Solu's net profit margin was -1386.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1326.5 percentage points from the prior year.

Return on Equity
-29.9%
YoY+30.9pp
5Y CAGR+70.2pp
10Y CAGR+6.1pp

Proshares Morningstar Alts Solu's ROE was -29.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 30.9 percentage points from the prior year.

Capital Allocation

R&D Spending
N/A
Share Buybacks
N/A
Capital Expenditures
$11K
5Y CAGR-53.5%
10Y CAGR-30.3%

Proshares Morningstar Alts Solu invested $11K in capex in fiscal year 2025, funding long-term assets and infrastructure.

ALTS Income Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Revenue $4.7M-22.0% $6.0M-20.3% $7.6M+18.8% $6.4M+31.5% $4.8M N/A $4.9M+127.8% $2.2M
Cost of Revenue $1.1M-64.1% $3.2M-35.9% $5.0M+37.4% $3.6M+23.3% $2.9M N/A $2.6M+140.9% $1.1M
Gross Profit $3.6M+24.8% $2.9M+9.2% $2.6M-5.5% $2.8M+44.1% $1.9M N/A $2.4M+115.0% $1.1M
R&D Expenses N/A N/A N/A N/A N/A N/A N/A N/A
SG&A Expenses $6.3M+23.0% $5.1M-73.2% $19.2M+293.5% $4.9M+25.8% $3.9M N/A $3.1M-12.4% $3.5M
Operating Income -$2.7M-20.8% -$2.3M+86.3% -$16.5M-689.5% -$2.1M-7.7% -$1.9M N/A -$732K+69.9% -$2.4M
Interest Expense N/A N/A N/A N/A N/A N/A N/A N/A
Income Tax -$85.1M+13.3% -$98.2M-912.4% $12.1M+2897.0% -$432K-92.0% -$225K N/A -$415K+84.9% -$2.8M
Net Income -$271.5M+28.9% -$382.0M-880.1% $49.0M+637.2% -$9.1M-281.1% -$2.4M N/A -$822K-239.6% $589K
EPS (Diluted) $-2.14 N/A $0.29+159.2% $-0.49 $-0.15 N/A $-0.06-185.7% $0.07

ALTS Balance Sheet

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Total Assets $959.7M-21.3% $1.2B-25.6% $1.6B+1632.1% $94.7M+21.4% $78.0M+3.0% $75.7M+1.1% $74.9M-0.7% $75.4M
Current Assets $32.2M+9.3% $29.5M-34.2% $44.8M+32.8% $33.7M+6.1% $31.8M-7.5% $34.4M+7.7% $31.9M+3.3% $30.9M
Cash & Equivalents $10.5M+69.1% $6.2M-15.0% $7.3M-23.5% $9.6M-11.6% $10.8M+50.6% $7.2M-17.2% $8.7M+50.4% $5.8M
Inventory N/A N/A N/A N/A N/A N/A N/A N/A
Accounts Receivable N/A N/A $439K N/A N/A $57K-93.3% $853K-1.4% $865K
Goodwill $12.3M0.0% $12.3M-38.9% $20.1M0.0% $20.1M+71.9% $11.7M+201.9% $3.9M-49.8% $7.7M0.0% $7.7M
Total Liabilities $62.6M+3.9% $60.3M-24.8% $80.1M+30.1% $61.6M+26.1% $48.8M-12.5% $55.8M+9.8% $50.8M+4.5% $48.6M
Current Liabilities $39.1M-24.0% $51.4M-8.9% $56.4M+47.4% $38.3M+0.2% $38.2M-6.6% $40.9M-3.4% $42.3M-0.4% $42.5M
Long-Term Debt $75K-86.7% $563K N/A N/A N/A $563K N/A N/A
Total Equity $889.7M-22.8% $1.2B-25.8% $1.6B+5860.9% $26.1M+19.3% $21.8M+75.4% $12.4M-38.4% $20.2M-11.8% $22.9M
Retained Earnings -$674.1M-67.4% -$402.7M-1924.4% -$19.9M+71.1% -$68.9M-15.3% -$59.7M-2.6% -$58.2M-9.8% -$53.0M-1.6% -$52.2M

ALTS Cash Flow Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Operating Cash Flow -$12.3M-247.9% $8.3M+195.1% -$8.7M-64.8% -$5.3M-272.7% -$1.4M+27.1% -$2.0M-146.6% $4.2M+5141.3% $80K
Capital Expenditures N/A -$5K N/A N/A N/A N/A N/A N/A
Free Cash Flow N/A $8.3M N/A N/A N/A N/A N/A N/A
Investing Cash Flow N/A $4.7M+100.7% -$711.4M-583234.4% $122K $0 $0 $0-100.0% $5.9M
Financing Cash Flow $8.5M+428.5% -$2.6M-100.4% $715.7M+33049.0% $2.2M+39.8% $1.5M-61.6% $4.0M+346.2% $900K+56.0% $577K
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks N/A N/A N/A N/A N/A N/A N/A N/A

ALTS Financial Ratios

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Gross Margin 75.8%+28.4pp 47.4%+12.8pp 34.6%-8.9pp 43.5%+3.8pp 39.7% N/A 47.8%-2.8pp 50.6%
Operating Margin -58.2%-20.6pp -37.6%+180.7pp -218.3%-185.5pp -32.9%+7.3pp -40.1% N/A -14.8%+97.4pp -112.2%
Net Margin -5761.7%+564.2pp -6326.0%-6972.3pp 646.4%+789.3pp -142.9%-93.6pp -49.3% N/A -16.6%-43.8pp 27.2%
Return on Equity -30.5%+2.7pp -33.2%-36.3pp 3.1%+38.1pp -35.0%-24.0pp -11.0% N/A -4.1%-6.6pp 2.6%
Return on Assets -28.3%+3.0pp -31.3%-34.3pp 3.0%+12.6pp -9.6%-6.6pp -3.1% N/A -1.1%-1.9pp 0.8%
Current Ratio 0.82+0.3 0.57-0.2 0.79-0.1 0.88+0.0 0.830.0 0.84+0.1 0.75+0.0 0.73
Debt-to-Equity 0.000.0 0.00-0.1 0.05-2.3 2.36+0.1 2.24+2.2 0.05-2.5 2.51+0.4 2.12
FCF Margin N/A 137.5% N/A N/A N/A N/A N/A N/A

Note: The current ratio is below 1.0 (0.57), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

Proshares Morningstar Alts Solu (ALTS) reported $24.8M in total revenue for fiscal year 2025. This represents a 98.2% 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.

Proshares Morningstar Alts Solu (ALTS) revenue grew by 98.2% year-over-year, from $12.5M to $24.8M in fiscal year 2025.

No, Proshares Morningstar Alts Solu (ALTS) reported a net income of -$344.5M in fiscal year 2025, with a net profit margin of -1386.9%.

Proshares Morningstar Alts Solu (ALTS) reported diluted earnings per share of $-5.91 for fiscal year 2025. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Proshares Morningstar Alts Solu (ALTS) had EBITDA of -$19.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Proshares Morningstar Alts Solu (ALTS) had $6.2M in cash and equivalents against $563K in long-term debt.

Proshares Morningstar Alts Solu (ALTS) had a gross margin of 41.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Proshares Morningstar Alts Solu (ALTS) had an operating margin of -92.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Proshares Morningstar Alts Solu (ALTS) had a net profit margin of -1386.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Proshares Morningstar Alts Solu (ALTS) has a return on equity of -29.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Proshares Morningstar Alts Solu (ALTS) generated -$7.2M in free cash flow during fiscal year 2025. 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.

Proshares Morningstar Alts Solu (ALTS) generated -$7.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Proshares Morningstar Alts Solu (ALTS) had $1.2B in total assets as of fiscal year 2025, including both current and long-term assets.

Proshares Morningstar Alts Solu (ALTS) invested $11K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Proshares Morningstar Alts Solu (ALTS) had 126M shares outstanding as of fiscal year 2025.

Proshares Morningstar Alts Solu (ALTS) had a current ratio of 0.57 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

Proshares Morningstar Alts Solu (ALTS) had a debt-to-equity ratio of 0.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Proshares Morningstar Alts Solu (ALTS) had a return on assets of -28.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Based on fiscal year 2025 data, Proshares Morningstar Alts Solu (ALTS) had $6.2M in cash against an annual operating cash burn of $7.2M. This gives an estimated cash runway of approximately 10 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Proshares Morningstar Alts Solu (ALTS) has an Altman Z-Score of 0.67, 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.

Proshares Morningstar Alts Solu (ALTS) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. 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.

Proshares Morningstar Alts Solu (ALTS) has an earnings quality ratio of 0.02x, considered low quality (accrual-driven). 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.

Proshares Morningstar Alts Solu (ALTS) scores 18 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.

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