Breaking Down Alpine 4 Holdings, Inc. (ALPP) Financial Health: Key Insights for Investors

You're looking at Alpine 4 Holdings, Inc. (ALPP) and trying to map a path through a financial landscape that is, honestly, defintely high-risk, so let's cut through the noise right away. This isn't a turnaround story yet; it's a micro-cap with a current market capitalization of just $48.7K as of November 2025, trading at a share price of $0.0004, which tells you everything about the market's current sentiment. Here's the quick math: analysts expected Q1 2025 revenue to be around $16,156,800, but with an expected loss of -$0.12 per share, profitability remains the core issue (net income is still deeply negative). Institutional money has been pulling back hard, too; for example, BlackRock, Inc. removed 53,217 shares from its portfolio in Q4 2024, signaling a complete exit from the position. The company faces a very high probability of bankruptcy, according to one major risk model, and key financial health metrics like debt coverage are simply unquantifiable with the available data. You need to understand the true capital structure before making any move.

Revenue Analysis

You're looking for clarity on Alpine 4 Holdings, Inc. (ALPP)'s revenue trajectory, and the picture is one of significant contraction from its recent peak, which is a major red flag for investors. The company, which operates on a diversified holding model (what they call their 'Drivers, Stabilizers, and Facilitators' or DSF model), faces a challenging near-term outlook based on current estimates.

The latest full-year revenue data available shows a trailing twelve-month (TTM) revenue of approximately $104.20 million as of the third quarter of 2023. However, the analyst consensus for the full 2024 fiscal year projects a sharp decline to around $66 million, representing a substantial year-over-year drop. This kind of revenue volatility is typical for an acquisition-heavy conglomerate, but it defintely signals integration and operational challenges.

Here's the quick math: A drop from a TTM of $104.20 million to a projected 2024 revenue of $66 million means a revenue contraction of over 36%, which is a serious headwind you need to factor into your valuation models.

Primary Revenue Streams and Segment Contribution

Alpine 4 Holdings, Inc. generates its revenue through a collection of subsidiaries across five core segments: Aerospace, Battery Tech, Defense Services, Technology, and Manufacturing. The company's revenue is therefore highly diversified, but that also makes it harder to pinpoint a single growth driver. Its business units are the true sources of sales, not the holding company itself.

The primary revenue sources flow through specific operating subsidiaries, which fall into these broad categories:

• A4 Construction Services-MSM: Focused on commercial construction, particularly sheet metal contracting.
• A4 Manufacturing-QCA-W & Alt Labs: Contract manufacturing within the technology industry, plus other manufacturing efforts.
• A4 Defense-TDI: Defense-related services and contracts.
• A4 Technologies-RCA & Elecjet: Technology products, including commercial LED lighting, electronics like TVs, and automotive technologies such as connected car solutions (6th Sense Auto) and safety devices (BrakeActive).

While the exact 2025 revenue contribution breakdown by segment is not publicly detailed, the core focus remains on these disparate, niche service providers. What this estimate hides is which of these segments is actually driving the revenue decline seen in the 2024 forecast.

Near-Term Revenue Outlook (2025)

Looking into the 2025 fiscal year, the analyst expectation for the first quarter revenue is approximately $16.16 million. If this quarterly run rate were to hold steady, the full-year 2025 revenue would be around $64.64 million, suggesting the contraction seen in 2024 is stabilizing at a lower base, not reversing. Still, a flat revenue trend at this lower level, following a sharp drop, means you should treat this as a turnaround story, not a growth one.

To understand the full scope of the company's financial health, you need to look beyond the top line. Check out the full analysis on the balance sheet and cash flow here: Breaking Down Alpine 4 Holdings, Inc. (ALPP) Financial Health: Key Insights for Investors.

Next step: Dig into the latest 10-Q filings to see the segment-specific commentary on the 2024 revenue drivers.

Profitability Metrics

You need to know if Alpine 4 Holdings, Inc. (ALPP) can turn its revenue into profit, especially given its conglomerate model of acquiring businesses. The short answer is that while the company is generating a respectable gross margin, it is still losing money significantly on its core operations, meaning the business model isn't yet self-sustaining.

For the 2025 fiscal year, based on the latest analyst forecasts and trailing twelve months (TTM) data, the profitability picture is clear: high costs are eating into the gross profit (revenue minus the direct cost of goods sold). Here's the quick math, using the $66 million annual revenue forecast as a solid proxy for the year.

• Gross Profit Margin (GPM): The TTM GPM is 19.20%. This translates to a projected Gross Profit of about $12,672,000 on that $66 million in revenue. This margin is decent for a diversified manufacturing and construction group.
• Operating Profit Margin (OPM): The forecasted operating loss, or Earnings Before Interest and Taxes (EBIT), is -$17,000,000 for the 2024 period, which we are using to project the 2025 trend. This results in a negative Operating Profit Margin of approximately -25.76%. This is a huge red flag.
• Net Profit Margin (NPM): The TTM NPM is a deep -54.55%. This projects a Net Loss of roughly -$36,003,000 for the year. The analyst consensus Earnings Per Share (EPS) forecast for the next financial year is a loss of -$0.63 per share.

Operational Efficiency and Cost Management

The gap between the Gross Profit Margin and the Operating Profit Margin is where the real story lives. The 19.20% gross margin shows the company's various business units-from manufacturing to construction-are pricing their products and services well enough to cover their direct costs (materials, labor). The problem isn't the initial product sale; it's the overhead.

The massive swing to a -25.76% operating margin indicates that Sales, General, and Administrative (SG&A) expenses, plus Research and Development (R&D), are simply too high relative to revenue. This is a common challenge for conglomerates like Alpine 4 Holdings, Inc. (ALPP) that are still in an aggressive acquisition and growth phase, but it's defintely not sustainable. Management needs to show a clear path to rationalizing these costs, especially as the market shifts its focus from pure growth to operational efficiency.

Comparing Profitability to Industry Peers

To be fair, comparing a diversified holding company is tough, but we can look at its key segments. Alpine 4 Holdings, Inc.'s 19.20% Gross Profit Margin falls below the average for the broader Manufacturing sector, which typically sees margins between 25% and 35% in 2025.

The most alarming comparison is the Net Profit Margin. The average Net Margin for a Diversified company in the US is around 25.2%, as of early 2025. For the Manufacturing sector, a more conservative average Net Margin is between 7% and 12%. Alpine 4 Holdings, Inc.'s -54.55% is clearly in a different universe, reflecting the high costs of its corporate structure and its current negative earnings trajectory.

Here's a snapshot of how the company stacks up against relevant industry averages:

The takeaway is simple: the business has a gross margin foundation, but the operating expenses are crushing its ability to generate profit. Investors need to see a credible plan to cut SG&A by at least $20 million to get the operating margin close to breakeven. For a full breakdown of the company's financial health, including its valuation, you can read the full post: Breaking Down Alpine 4 Holdings, Inc. (ALPP) Financial Health: Key Insights for Investors.

Debt vs. Equity Structure

You need to know how Alpine 4 Holdings, Inc. (ALPP) is funding its operations, and honestly, the picture is complicated by financial reporting delays and a major shift in strategy. The direct takeaway is that the company is currently prioritizing debt reduction and operational survival through asset sales, a clear signal of financial strain that overshadows its historical debt-to-equity ratio.

The latest available data for the company's debt-to-equity ratio (D/E) is approximately 0.53 [cite: 1, 3 in search 2]. This ratio, which measures total debt against total shareholder equity (how much of the company is financed by creditors versus owners), appears healthy on the surface, sitting right at the industry average for sectors like Building Materials and Capital Markets, which is also 0.53 [cite: 3 in search 2]. However, this number is likely outdated or based on old filings, and the context matters more than the number itself.

Here's the quick math on their leverage and risk profile, based on the most recent, non-balance sheet indicators:

• Short-Term Debt (Current Portion of Long-Term Debt): In the last fully reported year (FY 2022), the current portion of long-term debt was $7 million, with total current liabilities at $33 million [cite: 2 in search 2]. This is the debt due within 12 months.
• Long-Term Debt: The non-current long-term debt in FY 2022 was $11 million [cite: 2 in search 2]. What this estimate hides is the impact of the 2025 asset sales and the ongoing financial restructuring.
• Financial Distress Indicator: As of September 25, 2025, the company's Altman Z-Score is -2.44. A score below 1.8 indicates a company is in the 'Distress Zone,' implying a significant possibility of bankruptcy within two years.

The company's financing strategy has shifted dramatically in 2025 from growth-by-acquisition to survival-by-divestiture. The move to sell off non-performing entities like Excel Construction Services and Alternative Laboratories was explicitly aimed at reducing the overall debt load. This is a necessary, painful step to manage a balance sheet that was clearly under pressure from persistent net losses.

They are defintely moving away from debt financing right now, not towards it. The focus is on asset sales and reorganization to pay down existing debt and cover operational expenses, rather than issuing new debt or equity. The lack of a credit rating is typical for a company of this size and market position, especially one facing Nasdaq delisting challenges [cite: 1 in search 2]. They've also historically been cautious with their At-The-Market (ATM) equity facility to limit shareholder dilution.

Your action item is to not rely on the historical D/E ratio. Instead, monitor the company's SEC filings for confirmation on how the proceeds from the 2025 asset sales were applied to the debt columns. You can learn more about the strategic framework that led to these acquisitions and divestitures here: Mission Statement, Vision, & Core Values of Alpine 4 Holdings, Inc. (ALPP).

Liquidity and Solvency

You need to know if Alpine 4 Holdings, Inc. (ALPP) can cover its short-term bills, and honestly, the current numbers show a tight squeeze. The company's liquidity position, based on the last twelve months (LTM) of data, signals a need for caution, as its current assets do not fully cover its current liabilities.

The core issue is a sub-one liquidity ratio. The LTM Current Ratio sits at 0.86. This means for every dollar of short-term debt, Alpine 4 Holdings, Inc. only has about 86 cents in assets that should convert to cash within a year. A healthy company usually aims for a 2.0, or at least 1.0. This is defintely a red flag for near-term financial flexibility.

The Quick Ratio (Acid-Test Ratio) is even tighter at 0.40. This ratio strips out inventory-which can be slow to sell-giving you a better picture of immediate cash strength. A ratio of 0.40 means the company would struggle significantly to pay off its current obligations if sales suddenly stalled. They simply don't have the immediate cash or receivables to cover the bills.

This poor ratio performance maps directly to the company's Working Capital (Current Assets minus Current Liabilities). The LTM working capital is a negative $7.19 million.

• Working Capital: -$7.19M
• Current Ratio: 0.86
• Quick Ratio: 0.40

This negative working capital trend is the biggest near-term risk. It forces management to constantly scramble for cash, often through dilutive equity raises or high-interest debt, just to keep the lights on and pay suppliers.

Looking at the Cash Flow Statement for the LTM period, the trends are mixed but lean toward capital strain. Cash Flow from Operating Activities (CFO) was a positive, albeit small, $214,857. This is good, as it shows the core business is generating a tiny bit of cash, but it's nowhere near enough to fund growth or cover capital needs.

The Investing Activities segment shows the company is still spending, with Capital Expenditures (CapEx) at -$3.23 million. This is a normal part of business, but when you pair it with the low operating cash flow, it results in a negative Free Cash Flow of -$3.02 million.

The Financing Activities section is where the liquidity gap is being filled. While a specific LTM financing cash flow figure isn't isolated, we know the company has total debt of $52.67 million and a low cash position of only $2.93 million. The negative working capital and free cash flow strongly suggest the company is relying on external financing-issuing new debt or equity-to fund operations and investment, which is a key liquidity concern.

Here's a quick snapshot of the LTM cash flow trends:

For investors, the clear action is to monitor the next quarterly report for a significant improvement in the current ratio and working capital. Without a material shift, the company will face ongoing liquidity pressure, which will likely lead to further shareholder dilution to raise the necessary capital. You can read more about the company's overall financial picture in Breaking Down Alpine 4 Holdings, Inc. (ALPP) Financial Health: Key Insights for Investors.

Valuation Analysis

You're looking at Alpine 4 Holdings, Inc. (ALPP) and trying to figure out if the market has it right. My take is direct: based on traditional metrics, the stock is defintely a speculative play, trading at distressed levels, but analysts see a massive, high-risk upside.

The core issue is profitability. Alpine 4 Holdings, Inc. is currently operating at a loss, which immediately throws a wrench into standard valuation models like the Price-to-Earnings (P/E) ratio. When earnings per share (EPS) are negative-forecasted at -$0.63 for the next financial year-the P/E ratio becomes negative or is simply not applicable (N/A). You can't use it to compare value.

Here's the quick math on key available metrics for the 2025 fiscal year:

• Price-to-Earnings (P/E): N/A (Company is At Loss).
• Price-to-Book (P/B): 0.00.
• Enterprise Value (EV): Approximately $49.52 million.
• EV-to-EBITDA: N/A, as the company is currently unprofitable.

A Price-to-Book (P/B) ratio of 0.00 is extremely low, suggesting the stock is trading far below its book value per share, which often signals a deep value trap or significant distress. The Enterprise Value (EV) of around $49.52 million is a better measure here, as it includes debt and cash, giving a clearer picture of the company's total worth, especially with its high debt-to-equity ratio.

Stock Price Trend and Dividend Reality

The near-term stock price trend is brutal, and you need to see that clearly. Over the last 12 months, the stock price for Alpine 4 Holdings, Inc. has decreased by 95.15%. This kind of drop reflects severe market skepticism and the challenges of being an industrial conglomerate in a tough environment. The 52-week trading range shows the volatility, with the price swinging from a low of around $0.00 to a high of $0.04.

On the income side, there's no cushion for investors. Alpine 4 Holdings, Inc. does not pay a dividend, so the dividend yield is 0.00% and the payout ratio is N/A. You are relying entirely on capital appreciation, not income.

Analyst Consensus: The High-Risk Upside

What's fascinating is the disconnect between the stock's performance and the analyst community's official stance. The overall analyst consensus on Alpine 4 Holdings, Inc. is a Buy. To be fair, one recent analysis upgraded it to a Hold/Accumulate candidate as of November 14, 2025.

The average analyst price target is an astounding $2.25 per share. This implies an enormous potential return from the current penny-stock price, but it's a high-conviction bet on a complete turnaround. What this estimate hides is the massive execution risk required to achieve that target, especially considering the current negative EPS forecast. The analysts are essentially betting on the company's long-term strategy, which you can read more about here: Mission Statement, Vision, & Core Values of Alpine 4 Holdings, Inc. (ALPP).

The table below summarizes the key valuation signals:

So, is Alpine 4 Holdings, Inc. overvalued or undervalued? It is technically undervalued based on the analyst price target, but the current financials and stock performance scream high-risk speculation. Your action here should be clear: treat this as a venture capital investment, not a traditional stock, and size your position accordingly.

Risk Factors

You need to look past the diverse business model-Aerospace, Battery Tech, Defense Services-and focus on the cold, hard numbers. The core takeaway is this: Alpine 4 Holdings, Inc. (ALPP) is facing a severe liquidity and solvency crisis. This isn't a turnaround story yet; it's a survival story.

The most pressing internal risk is the company's financial health, which recent data paints as defintely distressed. The Altman Z-Score (a formula to predict bankruptcy risk) for Alpine 4 Holdings, Inc. sits at a deeply concerning -2.44, which places it squarely in the 'Distress Zone' and signals a significant possibility of bankruptcy within the next two years. That negative score is driven by a massive accumulated deficit.

The balance sheet shows the strain. As of the trailing twelve months ended September 2023, the company reported Retained Earnings of negative $122.8 Million. Analyst forecasts for the near-term don't offer much relief, projecting a negative Earnings Before Interest and Taxes (EBIT) of around -$17 Million for the fiscal year ending 2024-12-31, on a forecasted annual revenue of just $66 Million. That revenue forecast is a sharp drop from the prior TTM revenue of $104.2 Million.

Here's the quick math on the financial risk:

Beyond the financial distress, the strategic and market risks are substantial. The conglomerate structure-the 'Driver, Stabilizer, or Facilitator' (DSF) business model-adds complexity that can make it hard for investors to value the company, especially when cash flow is tight. Plus, competition across its multiple, disparate segments (drones, defense, manufacturing) is fierce, and the capital expenditure needed to stay competitive in all of them is immense.

External and operational risks have also been highlighted by the market:

• Institutional Exodus: Major institutions, including BlackRock, Inc., removed 100.0% of their shares in Q4 2024/Q1 2025, a clear signal of lost confidence from sophisticated money.
• Regulatory Headwinds: Operating in defense and aerospace means constantly navigating complex, costly, and shifting government regulations and procurement cycles.
• High Volatility: The stock price has been highly volatile, which is typical for a company with a very low market capitalization (around US$13.5k as of November 2025) and weak fundamentals.
• Capital Access: Given the financial position, raising new capital through debt or equity is incredibly difficult and highly dilutive to existing shareholders.

Mitigation strategies are paramount, but the primary action is often a desperate scramble for cash. While the company is focused on its diverse revenue streams, the most effective mitigation for this level of financial risk is aggressive cost-cutting, asset sales, or a significant capital injection. Without a clear, detailed plan for achieving profitability and positive cash flow in the very near term, investors should treat Alpine 4 Holdings, Inc. as a high-risk, speculative holding. For more on who is still holding the bag, you should read Exploring Alpine 4 Holdings, Inc. (ALPP) Investor Profile: Who's Buying and Why?

Growth Opportunities

You're looking at Alpine 4 Holdings, Inc. (ALPP) and trying to figure out if its diverse, multi-industry structure is a genuine growth engine or just a collection of disparate businesses. The short answer is that the company's future growth is highly dependent on executing its high-margin aerospace and defense contracts, but you must factor in a challenging near-term profitability outlook.

The core of Alpine 4 Holdings, Inc.'s strategy is its 'Drivers, Stabilizers, and Facilitators' (DSF) business model, which is its main competitive edge. This framework aims for synergistic innovation, meaning the tech from one subsidiary, like the proprietary SPECTRUMebos (a Blockchain enabled Enterprise Business Operating System), is supposed to help all the others. This is a smart way to get more out of each acquisition, and it justifies the company's premium pricing, which is often 15-25% higher than industry standards in its specialized segments.

The real near-term growth drivers are centered on the Aerospace and Defense segments, where the margins are higher. Look at the contracts secured: a unit recently bagged a $100 million supply agreement for Unmanned Aerial Vehicles (UAVs), and another secured $9 million in contracts with the US Department of State. These are concrete revenue streams that validate the company's position in a high-growth sector. We defintely need to see consistent execution here.

• Execute on the $100 million UAV supply agreement.
• Advance the BVLOS (Beyond Visual Line of Sight) Certification Process in Dubai, UAE, for international market expansion.
• Continue leveraging the Vayu Aerospace Corporation partnership to drive drone product innovation.

For a deeper dive into the balance sheet risks that accompany this growth, you should read our full analysis: Breaking Down Alpine 4 Holdings, Inc. (ALPP) Financial Health: Key Insights for Investors.

Here's the quick math on the financial projections for the 2025 fiscal year. The consensus is painting a picture of continued operational loss, which is the main risk to map. While a clear, single 2025 revenue estimate is hard to pin down for a company like this, the earnings picture is clearer-and concerning. The consensus Earnings Per Share (EPS) for 2025 is projected to be -$0.63. This is a significant drop from the 2024 estimated EPS of -$0.32, showing that the costs of scaling and integration are still outweighing the revenue growth. What this estimate hides is the potential for a single large contract to flip the script, but we can only invest on the numbers we have.

The opportunity is simple: if the high-margin aerospace segment can accelerate revenue faster than the operational costs of the other diversified holdings, that -$0.63 EPS could shrink fast. But until that happens, the stock is a bet on the successful, synergistic integration of the DSF business model, not on proven profitability.