AMOD

Alpha Modus is a patent-licensing shell (SIC: Patent Owners & Lessors) whose FY2025 financials do not support a $225M market cap under any framework. The company booked $7.14K — seven thousand dollars — of revenue against a $225M valuation, a price-to-sales ratio of 31,568x. That is not a growth multiple; it is the absence of a business. The 100% gross margin is a mathematical artifact of a rounding-error revenue line, and the operating margin of -73,469% quantifies how far spending outruns any commercial activity. Net income swung to -$8.02M (YoY -295.5%) and operating cash flow was -$3.21M. Cumulative retained earnings sit at -$99.5M, so essentially every dollar this entity has ever raised has been burned.

The balance sheet is worse than the income statement. Stockholders' equity is -$49.0M against just $816K of total assets and $8.60M of liabilities, all current. There is a net capital deficiency and, critically, the auditor issued a going-concern qualification for both FY2025 and FY2024 — management itself states the reports 'contain a going concern qualification... substantial doubt about the Company's ability to continue as a going concern, based on... lack of current revenues, recurring losses from operations and net capital deficiency,' and warns that if it cannot continue 'shareholders would likely lose most or all of their investment.' Survival is explicitly conditioned on raising outside financing that 'there are no assurances' will be available. The only cash figure provided is a stale FY2023 $314K, underscoring how thin liquidity is against $8.60M of current liabilities.