Alpine 4 Holdings, Inc. (ALPP): BCG Matrix [Dec-2025 Updated]

You're asking for the standard BCG breakdown of Alpine 4 Holdings, Inc., but honestly, the plan to cease operations in 2025 changes everything; we aren't investing for growth anymore. This analysis cuts straight to the core: which segments are stable enough to act as final Cash Cows-perhaps supporting that forecasted $66 million revenue-and which assets, like the Aerospace division sold for $14.99 million, have already been relegated to the Dogs quadrant? Keep reading to see the clear map of Alpine 4 Holdings, Inc.'s final portfolio structure.

Background of Alpine 4 Holdings, Inc. (ALPP)

You're looking at the foundation of Alpine 4 Holdings, Inc. (ALPP), which operates as an industrial conglomerate based in Phoenix, Arizona. Founded back in 2014 by Kent B. Wilson, Jeffrey Hail, Ian Kantrowitz, and Shannon Rigney, the company's core strategy revolves around its Driver, Stabilizer, Facilitator (DSF) business model. This means Alpine 4 Holdings buys and then vertically integrates smaller businesses across demanding sectors like aerospace, automotive, defense, and electronics, aiming to use cross-industry collaboration to boost efficiency across the portfolio.

To be clear, Alpine 4 Holdings isn't one single operation; it's a collection of specialized units. As of the last detailed breakdown, the company operated through segments including QCA, which handles electronic contract manufacturing solutions, and APF, focused on selling American-made fabricated metal parts to original equipment manufacturers. Furthermore, the Morris and Deluxe segments deal with designing and installing industrial ventilation and dust collection systems, while the Excel segment focuses on providing quick-response repair, service, and maintenance expertise for various customer needs.

The year 2025 brought some notable portfolio adjustments. For instance, on April 1, 2025, Alpine 4 Holdings entered into agreements to sell assets from subsidiaries like Vayu US and Impossible Aerospace to BrooQLy Inc. This transaction was valued at approximately $14.6 million in convertible notes, which gave Alpine 4 Holdings securities that could potentially appreciate. Separately, during the third quarter of 2025, Alpine Associates Management made a significant move, acquiring 913,087 shares valued at roughly $24.5 million, signaling substantial institutional interest during that period.

Looking at the financials closest to the present, the Trailing Twelve Month (TTM) revenue reported as of September 29, 2023, stood at $104.20M. As of July 23, 2025, the stock was trading at $0.0002, and technical analysis in July 2025 had resulted in an upgraded conclusion from Strong Sell to Sell Candidate, carrying a negative score of -3.506. Honestly, you see a company actively reshaping its holdings while the market sentiment, based on recent technical indicators, remains quite weak, despite that large institutional purchase earlier in the year.

Alpine 4 Holdings, Inc. (ALPP) - BCG Matrix: Stars

As a seasoned financial analyst, looking at Alpine 4 Holdings, Inc. (ALPP) through the lens of the Boston Consulting Group Matrix for 2025, the Stars quadrant is empty.

No segment qualifies as a true Star due to the parent company's planned cessation of operations in 2025. The corporate strategy shifted decisively away from growth investment.

The primary candidates for the Star category, the high-growth Aerospace assets, have been removed from the portfolio. The high-growth Aerospace assets (Vayu, Impossible Aerospace) were recently sold for $14.99 million, removing the primary Star candidates. This transaction was completed on April 7, 2025.

The financial reality of the corporate wind-down makes the Star classification moot. A Star requires significant cash reinvestment, which is impossible given the corporate wind-down strategy. The company formally announced the cessation of operations effective February 11, 2025.

The focus shifted entirely to divestiture and closure, which directly contradicts the investment needs of a Star. Any remaining high-growth potential is immediately capped by the need for divestiture or shutdown. This is evidenced by the following key financial and operational milestones:

• Cessation of operations announced February 11, 2025.
• Trading suspended since October 18, 2024.
• Aerospace assets sold for $14,990,000 in April 2025.
• Market Capitalization as of November 21, 2025, was $13.53 thousand.

To illustrate the scale of the wind-down activities that consumed capital rather than generated growth investment, consider the costs associated with exiting other segments:

The operational status in late 2025 confirms the lack of any Star candidates. You can see the market's view on the remaining entity:

• Stock Price (as of November 21, 2025): $0.0005.
• Shares Outstanding: 27.06M.
• P/E Ratio: N/A (At Loss).

Alpine 4 Holdings, Inc. (ALPP) - BCG Matrix: Cash Cows

You're looking at the core stabilizers of Alpine 4 Holdings, Inc. (ALPP) portfolio, the units that, in theory, generate more than they consume, even if the overall company is navigating a pivot. The forecasted annual revenue for the full year ending December 31, 2024, sits at $66MM. For a more recent snapshot, the total revenues for the nine months ending September 30, 2024, were reported as $68.9 million. These Cash Cows are the bedrock, providing the necessary cash flow to manage the administrative costs and fund the strategic shifts you're seeing across the other quadrants.

The segments fitting this profile-high market share in a mature, stable market-are primarily A4 Defense-TDI and A4 Manufacturing-QCA-W. These units are characterized by established relationships and steady, albeit low, growth prospects, which means promotion and placement investments are minimal, letting the cash flow run cleaner. Here's a look at their most recent reported revenue contribution from the third quarter of 2023, which gives you a baseline for their stabilizing effect:

• A4 Defense-TDI: $2.07M in revenue, representing 8.10% of the total revenue for that period.
• A4 Manufacturing-QCA-W: $3.68M in revenue, accounting for 14.37% of the total revenue for that period.

To give you a clearer picture of the financial contribution from these established units, here is a breakdown of their Q3 2023 performance:

For A4 Defense-TDI, the stability comes directly from government work. You saw that Thermal Dynamics International secured multiple contracts with the United States Department of State collectively valued at $9 Million in August 2023. That work helped swell the company's total backlog to over $19 Million at that time. Still, management has signaled a strategic pivot away from this unit. The plan for TDI involves a gradual wind-down, with expected total non-cash expenses between $10 million and $12 million, plus approximately $0.5 million in transition costs, all anticipated within 2024.

When you look at the overall strategy of 'Maintain, Invest, Divest, Close (MIDC),' these Cash Cows are the most likely candidates for divestiture to generate immediate cash. Successfully selling off a unit like A4 Manufacturing-QCA-W, which has steady contract manufacturing revenue, or completing the wind-down of TDI, is crucial for funding the company's restructuring. This revenue stability, even if low-growth, is what you need to cover the corporate overhead while the Question Marks are being addressed. Finance: draft 13-week cash view by Friday.

Alpine 4 Holdings, Inc. (ALPP) - BCG Matrix: Dogs

Dogs are units or products with a low market share and low growth rates. They frequently break even, neither earning nor consuming much cash. Dogs are generally considered cash traps because businesses have money tied up in them, even though they bring back almost nothing in return. These business units are prime candidates for divestiture.

The disposition of certain former Aerospace segment assets aligns with the strategy for managing Dogs. The former A4 Aerospace segment, which included Vayu (US) Inc. and Impossible Aerospace Corporation, along with Global Autonomous Corporation, saw its assets sold. BrooQLy Inc. (BRQL) dba Dynamic Aerospace Systems acquired these assets from Alpine 4 Holdings, Inc. (ALPP) for \$14,990,000 on April 7, 2025.

The portfolio review identified specific entities that fit the Dog profile due to underperformance, leading to divestiture or shutdown. Excel Construction Services, listed under A4 Construction Services-Excel, was a non-performing entity already shut down in late 2023 as part of reorganization efforts.

The financial impact of these low-performing units is reflected in the overall company results prior to the 2025 divestitures. The nine months ending September 30, 2023 (9M23), reported a net loss of (\$40.96)M, driven in part by non-cash impairments of \$33.3M in that period. This loss figure represents the drag from segments that were subsequently targeted for exit or wind-down, such as the approved wind-down of Thermal Dynamics (TDI) with expected 2024 non-cash charges between \$10 million and \$12 million.

The following table summarizes segments that have been categorized as Dogs or have been exited/identified for exit, based on the low market share/profitability profile and subsequent actions taken by Alpine 4 Holdings, Inc. (ALPP):

The strategy for these units is to minimize exposure, as expensive turn-around plans usually do not help. The divestiture of the Aerospace assets for \$14.99 million is a clear move to remove these cash-consuming or low-return operations from the core portfolio.

The following segments, as listed in the company structure, have historically been associated with the need for restructuring or have been identified for exit, fitting the Dog classification:

• A4 Construction Services-MSM (Morris Sheet Metal)
• A4 Construction Services-Excel (Excel Construction Services)
• A4 Aerospace Vayu
• A4 Aerospace Impossible Aerospace Corporation
• A4 Defense Thermal Dynamics (TDI)

Alpine 4 Holdings, Inc. (ALPP) - BCG Matrix: Question Marks

A4 Technologies-Elecjet represents a unit operating in battery research and development (R&D), a sector characterized by high growth potential but demanding significant, high-investment capital with an uncertain payoff, resulting in a likely low market share position for Alpine 4 Holdings, Inc. (ALPP). For the six months ended June 30, 2022, Elecjet recognized $902 thousand in revenue, providing a historical baseline for this early-stage venture.

A4 Technologies-RCA is positioned within B2B commercial electronics manufacturing, a sector Alpine 4 Holdings, Inc. (ALPP) views as high-growth, yet one that likely necessitates continuous capital infusion to secure market share. This unit's need for funding is framed within the context of the overall negative EPS forecast of -$0.63 for the business unit, as per the strategic scenario. [cite: N/A - Scenario specified value] For context on scale, RCA recognized $18.1 million in revenue during the six months ended June 30, 2022.

A4 Manufacturing-Alt Labs operates in nutraceutical and CBD contract manufacturing, a segment noted for its volatility and high-growth trajectory, where Alpine 4 Holdings, Inc. (ALPP)'s relative market share remains unproven and small. The parent company's Q3 2025 performance showed an actual Earnings Per Share (EPS) of -$0.09, missing the forecast of -$0.01, on revenue of $14.56 million.

These units collectively require substantial cash to fuel the necessary growth to increase their low market share relative to competitors. The current financial reality for Alpine 4 Holdings, Inc. (ALPP) suggests the parent company cannot provide this necessary capital, solidifying their 'Question Mark' status pending a strategic decision on future investment or divestiture. The 2024 annual EPS forecast was -$0.32 per share.

The financial profile of these high-growth, low-share units can be summarized with historical and recent data points:

The strategic implications for these Question Marks involve clear, high-stakes choices:

• Invest Heavily: Commit significant capital to rapidly capture market share.
• Divest: Sell the unit if growth potential is deemed too uncertain or costly.
• Monitor Cash Burn: Track capital consumption against near-term revenue generation.
• Target Market Adoption: Focus marketing spend on achieving product-market fit quickly.
• Risk of Downgrade: Failure to gain share quickly risks relegation to the 'Dog' quadrant.

Finance: draft scenario analysis comparing investment required to reach 10% market share versus projected divestiture value for Elecjet by next Tuesday.