All In FutureTech Alliance, Inc.Delisted

Red flags

• The company reported a $34.6 million net loss on $8.0 million of revenue, versus a $22.6 million loss on $9.1 million in 2024; basic and diluted loss per share widened to $0.83 from $0.42.
• Loans receivable include substantial past-due exposures: Loan 1 was approximately $8.8 million and Loan 5 approximately $9.5 million, with repayment and interest not received at the stated extended maturities; management recorded a $2.6 million CECL allowance on loans receivable.
• Debt stood at $33.1 million at December 31, 2025, while 2025 borrowings under the credit facility totaled $50.0 million and repayments totaled $42.5 million.
• The two largest customers represented 38% and 23% of 2025 revenue, while the two largest customers represented 80% and 19% of accounts receivable at year-end, creating significant collection and concentration exposure.
• The company held $43.4 million of short-term investments and related instruments at year-end, but these included $26.1 million of equity-linked, bond-linked and Treasury investments and a Level 3 derivative liability of $0.7 million rather than purely cash-like assets.