ALTI earnings analysis
What we found in ALTI's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
AlTi’s Q2 results were weak relative to expectations: revenue was $58.023 million and diluted EPS was $(0.31), missing consensus of $61.8 million and $0.06, respectively. Recurring management fees rose 11% and operating expenses fell 12%, but a $21.377 million unrealized investment loss contributed to a $30.751 million net loss from continuing operations. The filing also confirms that disclosure controls remain not fully effective, with one of three remaining material weaknesses tied to insufficiently documented process-level controls. No new quantitative guidance was provided.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue grew year over year but missed estimates
- Q2 revenue was $58.023 million, down from $73 million in Q1 2026 but up from $53 million in Q2 2025. Revenue was 6.11% below the $61.8 million consensus estimate.
- Recurring fees increased 11%
- Recurring management fees increased 11% year over year, supporting underlying fee growth despite lower total revenue.
- Operating expenses fell 12%
- Operating expenses declined 12% year over year, indicating progress on cost control.
- Gross margin remained at 100%
- Gross margin remained 100.0% in Q2, consistent with each quarter shown in the provided financial history from Q4 2024 through Q1 2026.
- Control remediation continued
- Management continued remediation efforts during the six months ended June 30, 2026, including testing process-level, management-review and information-technology controls.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Material earnings and revenue miss
- Q2 diluted EPS was a loss of $0.31 versus a $0.06 consensus estimate, while revenue of $58.023 million was 6.11% below the $61.8 million estimate.
- Investment losses drove GAAP loss
- An unrealized investment loss of $21.377 million contributed to a $30.751 million net loss from continuing operations, increasing earnings volatility beyond recurring fee performance.
- Material weaknesses remain unresolved
- Disclosure controls were not fully effective as of June 30, 2026. Management stated that one of the three remaining material weaknesses involved insufficiently documented process-level controls, and that controls were not fully operating effectively as of that date.
- Higher control-remediation costs ahead
- The company expects additional remediation costs as it ceases to be an emerging growth company effective December 31, 2026, including external-auditor costs to assess remediation.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.31
- Gross margin
- 100.0%
What they said about what is next.
The filing does not provide new quantitative EPS or revenue guidance. The previously disclosed FY2026 revenue outlook was $290 million-$310 million; no change to that outlook is stated in the provided filing text.
The filing reads worse than the one before it.
What came before.
- 10-Q · May 11, 2026
- AlTi Global reported a Q4 FY2026 revenue of $88 million, surpassing analyst expectations of $86.6 million, with a minor EPS loss of $0.00 against estimates of $0.02. The company's performance reflects a significant…
- 10-K · March 31, 2026
- AlTi repositioned itself in 2025 by disposing of its International Real Estate businesses (administrators appointed July 11, 2025) and is now organized as a single operating segment focused on Wealth & Capital…
- 10-Q · August 11, 2025
- AlTi reported Q2 revenue of $53.127M, up from $49.453M in Q2 2024 (+$3.674M, +7.4%), but profitability deteriorated: operating loss widened to $30.147M (‑56.8% margin) vs a $14.955M loss (‑30.2% margin) year‑ago,…
- 10-K · March 17, 2025
- AlTi positions itself as an independent global wealth manager with a two-segment model (Wealth & Capital Solutions; International Real Estate) and manages or advises approximately $75.7 billion of combined assets as of…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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