AIFA

AIFA (formerly Allied Gaming & Entertainment) is a sub-scale experiential-gaming company whose fundamentals are moving the wrong way on every axis. Revenue fell 12.2% to $7.98M in FY2025, and the MD&A shows the decline is concentrated in the higher-margin casual mobile segment, where revenue dropped from $4,409K to $3,033K (-31%) — the modest $272K uptick in in-person arena revenue does not offset it. Against this shrinking top line, the company posted a $32.8M net loss and a -489.7% operating margin. The loss is not a one-off: net income has been negative for four straight years (FY2022–FY2025) and the accumulated deficit now stands at -$163M.

The FY2025 blow-up is driven by two lines in the MD&A that should alarm any owner. G&A expense more than doubled from $13,349K to $31,051K — a $17,702K unfavorable swing that dwarfs total revenue of $7,975K — and the company took $7,248K of long-lived-asset impairments plus $668K of goodwill impairment. A company writing down assets and running G&A at ~4x its entire revenue base is destroying capital, and ROE of -94.3% confirms it. R&D, the supposed engine of a 'FutureTech' rebrand, is a trivial $673K and falling (-22.2%).