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olivLaw · US equity research

AtlasClear Holdings, Inc. ATCH

Finance Services · SIC 6199 · Vertical: Finance Services (SIC 6199)

0.14USD+1.67% · 1 dayClose 04 Nov 2026

AtlasClear Holdings is building a technology-enabled fintech platform for trading, clearing, settlement and banking aimed at smaller financial firms that larger clearing providers do not adequately serve. In fiscal 2026 total revenue rose 85% to 20.1 million USD, and the company reported a second consecutive year of positive GAAP net income, although a large part of it reflects non-cash fair-value gains.

At the close of 04 Nov 2026, AtlasClear Holdings, Inc. (ATCH) stock was 0.14 USD (+1.67% on the day), with market capitalisation 21.3 m USD, P/E 7.0 on diluted EPS of 0.02 USD over the last 12 months, beta 1.38, 52-week range 0.14–0.36 USD. Latest reported quarter (Q4 2026): revenue of 6.5 m USD (+136.8% YoY), net income of -2.5 m USD, diluted EPS -0.03 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
21.3 m USD
shares as of 22 Sept 2026
P/E (TTM)
7.0
Diluted EPS TTM 0.02 · TTM to 30 Jun 2026
E/P (TTM)
14.26%
TTM to 30 Jun 2026
Dividend yield
unavailable
Beta (2y)
1.38
Volatility (1y) 69%
52-week range
0.140.36

Price history

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Technical reading

RSI (14)
32.6
weak (30–45)
Bollinger (20, 2)
0.13 – 0.18
in the lower half of the band · %B 0.13 · band width 30.6%
SMA 50 / 200
0.18 / 0.21
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.01 / -0.01
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−21.2%−1.1%−20.1 pp—
3 months−20.7%−0.5%−20.3 pp—
6 months−44.8%+4.4%−49.2 pp—
Year to date−44.1%+12.3%−56.4 pp—
1 year−58.1%+13.5%−71.7 pp−47.3%
3 years−100.0%+76.4%−176.4 pp−62.8%
5 years−100.0%+63.7%−163.7 pp—
Max drawdown (1y)
−62.3%
09 Dec 2025 → 02 Nov 2026
Max drawdown (5y)
−100.0%
03 Nov 2023 → 02 Nov 2026
Compound annual growth (5y)
−81.2%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q4 2026 · 30 Jun 2026

Revenue
6.5 m USD
+136.8% YoY
Net income
-2.5 m USD
unavailable YoY
Diluted EPS
-0.03
unavailable YoY
net / operating
-37.4% / -53.6%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
Revenue2.8 m2.7 m2.5 m2.8 m4.3 m5.1 m4.2 m6.5 m
Operating income-941.1 k-1.1 m-1.1 m-1.8 m-877.2 k-2.5 m-2.9 m-3.5 m
Interest expense1.5 m2.7 m2.8 m1.2 m1.4 m2.8 m432.6 k439.9 k
Pre-tax income10.8 m-505.1 k-3.2 m-1.6 m-593.3 k7.0 m-2.1 m-2.5 m
Income tax21.8 k-85.4 k-304.2 k108.4 k-153.0 k196.0 k-195.6 k-99.5 k
Net income10.7 m-419.7 k-2.9 m-1.7 m-440.3 k6.8 m-1.9 m-2.5 m
Diluted EPS-1.90-1.11-1.25-0.08 ≈-0.010.05-0.01-0.03 ≈
Operating cash flow175.6 k585.8 k ≈-1.8 m ≈1.9 m-2.5 m1.5 m ≈-4.0 m ≈-1.2 m

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 0 percentile of its own 1-quarter history (min 64.6, median 64.6, max 64.6; quarters with earnings only).

Fiscal years

Fiscal year2022202320252026
Revenueunavailableunavailable10.9 m20.1 m
Revenue YoYunavailableunavailableunavailable+84.7%
Net income11.0 m795.0 k5.8 m2.0 m
Net income YoYunavailable−92.8%unavailable−65.9%
Diluted EPSunavailableunavailable0.960.02
Diluted EPS YoYunavailableunavailableunavailable−97.9%
net %unavailableunavailable53.0%9.8%
Free cash flowunavailableunavailableunavailableunavailable

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2026 · 30 Jun 2026

Cash
15.4 m USD
Financial debt
14.3 m USD
Net debt
-1.1 m USD
Equity
21.1 m USD
Total assets
71.2 m USD
Debt / equity
0.68x
Current ratio
1.50x
ROE
unavailable
ROA
3.0%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
—
2025
10.9 m
2026
20.1 m

SEC (XBRL)· 24 Sept 2026verified

Operating income
2023
-2.7 m
2025
-4.9 m
2026
-9.8 m

SEC (XBRL)· 24 Sept 2026verified

Interest expense
2023
—
2025
8.1 m
2026
5.1 m

SEC (XBRL)· 24 Sept 2026verified

Pre-tax income
2023
1.5 m
2025
5.5 m
2026
1.7 m

SEC (XBRL)· 24 Sept 2026verified

Income tax
2023
726.0 k
2025
-259.4 k
2026
-252.1 k

SEC (XBRL)· 24 Sept 2026verified

Net income
2023
795.0 k
2025
5.8 m
2026
2.0 m

SEC (XBRL)· 24 Sept 2026verified

Diluted EPS
2023
—
2025
0.96
2026
0.02

SEC (XBRL)· 24 Sept 2026verified

Weighted average diluted shares
2023
—
2025
6.0 m
2026
125.0 m

SEC (XBRL)· 24 Sept 2026verified

Balance sheet · USD

Cash
2023
619.6 k
2025
7.5 m
2026
15.4 m

SEC (XBRL)· 24 Sept 2026verified

Current assets
2023
55.5 m
2025
34.9 m
2026
45.0 m

SEC (XBRL)· 24 Sept 2026verified

Goodwill
2023
—
2025
6.1 m
2026
6.1 m

SEC (XBRL)· 24 Sept 2026verified

Intangibles (excl. goodwill)
2023
—
2025
12.9 m
2026
11.7 m

SEC (XBRL)· 24 Sept 2026verified

Total assets
2023
55.5 m
2025
60.9 m
2026
71.2 m

SEC (XBRL)· 24 Sept 2026verified

Accounts payable
2023
5.5 m
2025
803.9 k
2026
3.9 m

SEC (XBRL)· 24 Sept 2026verified

Short-term debt
2023
—
2025
4.5 m
2026
1.2 m

SEC (XBRL)· 24 Sept 2026verified

Long-term debt
2023
—
2025
11.6 m
2026
13.1 m

SEC (XBRL)· 24 Sept 2026verified

Current liabilities
2023
12.1 m
2025
41.0 m
2026
29.9 m

SEC (XBRL)· 24 Sept 2026verified

Total liabilities
2023
12.4 m
2025
67.7 m
2026
50.1 m

SEC (XBRL)· 24 Sept 2026verified

Equity
2023
-11.5 m †
2025
-6.8 m †
2026
21.1 m †

SEC (XBRL)· 24 Sept 2026verified

Cash flow · USD

Operating cash flow
2023
-1.8 m
2025
822.0 k
2026
-6.2 m

SEC (XBRL)· 24 Sept 2026verified

Investing cash flow
2023
152.3 m
2025
-145.0 k
2026
-65.0 k

SEC (XBRL)· 24 Sept 2026verified

Financing cash flow
2023
-150.0 m
2025
1.6 m
2026
16.5 m

SEC (XBRL)· 24 Sept 2026verified

Computed indicators

Growth

Revenue growth (YoY)
84.7%
computed by olivLawFY 2026
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
-65.9%
computed by olivLawFY 2026
Net income CAGR 3Y
35.2%
computed by olivLawFY 2023 → FY 2026
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
-97.9%
computed by olivLawFY 2026
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
unavailable
input data missing
EBIT margin
-48.7%
computed by olivLawFY 2026
Net margin
9.8%
computed by olivLawFY 2026
FCF margin
unavailable
input data missing

Returns

ROE
27.4%
computed by olivLawFY 2026 · balance sheet at 30 Jun 2026
ROA
3.0%
computed by olivLawFY 2026 · balance sheet at 30 Jun 2026
ROIC
-75.3%
computed by olivLawFY 2026 · balance sheet at 30 Jun 2026
ROCE
-23.7%
computed by olivLawFY 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
-1.1 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.7x
computed by olivLawbalance sheet at 30 Jun 2026
Interest coverage
-1.9x
computed by olivLawFY 2026

Liquidity

Current ratio
1.5x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
unavailable
input data missing
Cash ratio
0.5x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
-6.2 m USD
computed by olivLawFY 2026
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
21.3 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
20.2 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Market cap / net income TTM
10.9x
computed by olivLawFY 2026
P/E (TTM)
7.0x
computed by olivLawFY 2026
Earnings yield
14.3%
computed by olivLawFY 2026
P/B
1.0x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
1.1x
computed by olivLawFY 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
insufficient data
EV/Sales
1.0x
computed by olivLawFY 2026 · balance sheet at 30 Jun 2026
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 5 of at least 6
  • score weight coverage: 37.5% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

0.14 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 21.3 m USD

Key indicators

Market capitalisation
21.3 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
7.0x
computed by olivLawFY 2026
P/B
1.0x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
ROE
27.4%
computed by olivLawFY 2026 · balance sheet at 30 Jun 2026
Net margin
9.8%
computed by olivLawFY 2026
Revenue growth (YoY)
84.7%
computed by olivLawFY 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

22/37 reporting lines present
Latest full fiscal year: 2026
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 22 Sept 2026
Source: SEC (XBRL)published 24 Sept 2026
verified 360derived 18

Score by group

38% · Insufficient data

Estimated value range

Low
0.13
USD per share
Mid
0.29
USD per share
High
0.47
USD per share
Price: 0.14 USD
The price is within the range
Potential to the central value: 104.1% (value / price − 1)
Margin of safety: 51.0% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.13 – 0.47 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/E0.13 – 0.47 (Mid 0.29)
    8 companies used · median multiple 14.3x · quartiles 6.4x – 23.4x
    ABTC, AXP, CPSS, DEFT, JFU, PURR, RHLD, SOFI
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Multiple comparisons use the SIC vertical: Finance Services (SIC 6199)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%

FactorValueScoreWeight used
ROIC · Quality-75.3%22 (vs peers)28%
Net margin · Quality9.8%81 (vs peers)17%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet-1.9x0 (on a fixed band)17%
Current ratio · Balance sheet1.5x59 (on a fixed band)11%
P/E (TTM) · Valuation7.0x80 (vs peers)28%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet23/100 · 2/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality44/100 · 2/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial80/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

AtlasClear Holdings, Inc. (ATCH). Latest full fiscal year: 2026; data up to 2026-06-30.

Figures computed from the financial statements: revenue 20.1 m USD in 2026; YoY growth 84.7%; net margin 9.8%; ROE 27.4%.

The estimated value range is 0.13–0.47 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.29 USD, the price of 0.14 USD leaves a potential of 104.1% (value / price − 1) and a margin of safety of 51.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Net margin: 9.8%
  • P/E (TTM): 7.0x

What contradicts it

  • ROIC: -75.3%
  • Interest coverage: -1.9x

Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Finance Services (SIC 6199) · same industry (4-digit SIC) · compared with 39 companies

Multiples and returns vs the median

P/E
7.0x
vertical median 20.9x
below median (−66.5%)
EV/EBITDA
—
vertical median —
P/S
1.1x
vertical median 7.1x
below median (−85.1%)
P/B
1.0x
vertical median 1.1x
below median (−7.1%)
ROE
27.4%
vertical median -26.3%
above median
Net margin
9.8%
vertical median -107.2%
above median
EBIT margin
-48.7%
vertical median -160.1%
above median
Revenue YoY
84.7%
vertical median 15.2%
above median (+458.1%)
Net debt/EBITDA
—
vertical median —
Dividend yield
—
vertical median 0.0%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
AXPAmerican Express Co223.0 bn18.735.9%27.9%+6.4%−9% / +95%
COINCoinbase Global, Inc.40.1 bn—-4.7%-12.5%+9.4%−44% / +21%
SOFISoFi Technologies, Inc.22.4 bn36.37.1%104.3%+23.1%−42% / +138%
IRENIREN Limited7.8 bn—-23.4%-99.4%+41.1%−55% / +340%
HUTHut 8 Corp.5.9 bn—-34.5%-169.8%+44.8%+9% / +415%
BLSHBullish3.5 bn—-27.3%-0.3%−2.2%−47% / unavailable
PURRHyperliquid Strategies Inc1.9 bn3.032.6%3,229.8%unavailableunavailable / unavailable
CLSKCleanSpark, Inc.1.7 bn—-68.6%-130.2%+102.2%−55% / +9%
WLTHWealthfront Corporation1.7 bn—-20.5%-19.4%+18.2%unavailable / unavailable
BTDRBitdeer Technologies Group1.5 bn—-196.7%-171.3%−5.1%−51% / +45%
RHLDResolute Holdings Management, Inc.1.0 bn24.1—4.2%+9.9%−26% / unavailable
AMBRAmber International Holding Limited865.0 m—-116.1%-88.7%−9.0%−27% / −51%
CDChaince Digital Holdings Inc.741.4 m—-12.3%-182.5%+277.9%−30% / +622%
TRONTron Inc.664.1 m96.83.8%135.6%+10.0%−24% / −48%
JFU9F Inc.536.7 m23.24.7%125.2%+12.2%−52% / −43%
ABTCAmerican Bitcoin Corp.516.7 m7.5-10.5%-26.7%+158.8%−90% / −99%
ORBSEightco Holdings Inc.340.9 m—-157.0%-1,260.9%−16.8%−70% / −74%
CHADDefi Development Corp.310.0 m—-589.3%-1,319.5%+442.3%unavailable / unavailable
CPSSConsumer Portfolio Services, Inc.221.6 m9.97.5%5.0%+10.4%+23% / +7%
DGXXDigi Power X Inc.217.0 m—-24.7%-114.8%−7.6%−48% / +50%
TONXTon Strategy Company159.7 m—-75.5%-532.8%+1,327.8%−15% / −93%
DEFTDefi Technologies Inc.152.4 m2.374.0%62.9%+215.5%−74% / unavailable
HSDTSolana Company127.0 m—-183.2%-1,302.8%+1,057.1%−49% / −100%
AGPUAxe Compute Inc86.2 m—-1,565.2%-7,769.8%+47.7%+24% / −85%
MGLDThe Marygold Companies, Inc.84.1 m—-20.7%-17.3%+8.0%+93% / +91%

1- and 3-year price returns: for ATCH from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
0.06
Total return -58% · Per year -58%
0.10
Total return -26% · Per year -26%
0.16
Total return 11% · Per year 11%
3 years
0.07
Total return -50% · Per year -21%
0.14
Total return -2% · Per year -1%
0.23
Total return 61% · Per year 17%
5 years
0.08
Total return -41% · Per year -10%
0.18
Total return 30% · Per year 5%
0.32
Total return 131% · Per year 18%
What moves the 3-year price the most
  • Exit P/E± 0.03
  • Net margin± 0.02
  • Annual revenue growth± 0.02
  • Annual dilution± 0.00

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

AtlasClear Holdings is building a technology-enabled fintech platform for trading, clearing, settlement and banking aimed at smaller financial firms that larger clearing providers do not adequately serve. In fiscal 2026 total revenue rose 85% to 20.1 million USD, and the company reported a second consecutive year of positive GAAP net income, although a large part of it reflects non-cash fair-value gains 2.

SWOT

Strengths

  • Strong revenue growth and diversification toward non-commission sources, with a second consecutive year of positive GAAP net income 2.
  • A modern, flexible technology platform, described as not burdened by legacy systems, offers an advantage in speed and cost 1.

Weaknesses

  • A short operating history makes long-term performance difficult to assess 1.
  • Significant operating losses, with reported net profit relying largely on non-cash fair-value gains 2.
  • Substantial dependence on one principal clearing customer and significant indebtedness with payment obligations to creditors 1.

Opportunities

  • Integrating the six new correspondent broker-dealers could bring asset volumes and interest income if it materializes 2.
  • Completing the bank acquisition could combine banking and clearing and potentially lower the cost of capital 12.
  • International expansion and strategic acquisitions could open new markets if financing and integration succeed 1.

Threats

  • Failure to complete announced acquisitions could affect strategic plans and the value of an investment 1.
  • SEC and FINRA regulation and possible sanctions could generate significant costs and reputational harm 1.
  • Volatility in OTC microcap markets and macroeconomic conditions could reduce client activity 1.

Risks

  • Funding continuity and debthigh

    The company has convertible debt with restrictive covenants and payment obligations that, if not covered, could lead to default and doubt about going-concern status 12.

  • Unfinished bank acquisitionhigh

    The Commercial Bancorp transaction is subject to regulatory approvals and could fail to close or fail to deliver the expected synergies 12.

  • Dependence on one principal customermedium

    AtlasClearing depends heavily on one principal customer, and losing it could significantly reduce revenue 1.

  • Profit based on non-cash gainsmedium

    Reported net income includes non-cash fair-value gains, and without them the operating result could look different 2.

  • Regulation and compliancemedium

    SEC and FINRA sanctions or additional requirements could bring fines and higher compliance costs 1.

Investment thesis

What would need to be true (bull case)

  • If revenue growth and stock locate income continue and the six new correspondents are integrated, the company could show that its diversified model is sustainable 2.
  • Higher net capital and lower liabilities could ease financial pressure and make it possible to fund acquisitions 2.
  • If the bank acquisition closes, combining it with clearing services could lower capital costs and widen interest margins 1.

What would break the thesis

  • The operating loss and the reliance on non-cash gains could suggest that the core business is not yet profitable 2.
  • High-rate convertible debt and contractual restrictions could limit flexibility and growth 1.
  • Dependence on unfinished acquisitions and on one main client could make future results harder to predict 1.

What to watch

  • Onboarding of the new correspondent broker-dealers and their contribution to revenueFiscal 2027
  • Whether the Commercial Bancorp acquisition closes and the regulatory approvals it receives2027
  • Trends in stock locate and interest incomenext 10-K
  • Compliance with convertible debt obligations and NSCC net capital requirementsQ1 2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

AtlasClear Holdings, Inc. aims to build a technology-enabled financial services firm with a more efficient platform for trading, clearing, settlement and banking, including innovative products such as crypto 1. Its target clients are financial services firms with annual revenues of up to 1 billion USD, such as brokerages, hedge funds, pension plans and family offices, that larger clearing firms have priced out through higher minimums 1. The company relies on its subsidiary AtlasClearing, Inc., formerly Wilson-Davis, a correspondent clearing broker-dealer registered with the SEC and a FINRA member, and on acquisitions that are announced but not assured 12.

Its revenue model combines transactional income, which depends on client activity, with recurring sources such as platform minimums, asset-based fees, securities lending and interest 1. Fiscal 2026 shows a rising share of revenue from sources other than commissions, particularly stock locate services 2.

The company signed clearing agreements with six new correspondent broker-dealers, but these relationships contributed no meaningful revenue in fiscal 2026, and onboarding is expected to continue into fiscal 2027 2.

Segments

Banking and technology platform

The plan includes acquiring Commercial Bancorp, the parent of Farmers State Bank in Wyoming, to combine banking and clearing; the transaction remains subject to regulatory approval and has not closed 12.

Market context

The company targets the market of smaller and mid-sized financial firms, especially those that use intermediaries and lose transparency and control as a result 1. Demand for lower-cost digital solutions and integrated investing platforms could grow if the convergence of financial services continues 1.

The OTC microcap market in which AtlasClearing is active has limited trading volume and volatile prices, which makes the company's revenue sensitive to activity in these segments 1.

Trends

  • Convergence of financial servicestailwind

    Consumers want one-stop solutions for investing, banking and borrowing, which could push non-financial firms to offer financial services, and AtlasClear positions itself as the platform provider 1.

  • Rising demand for stock locatemixed

    The fast growth in stock locate revenue suggests expanding demand, but this income is new and could be volatile if lending activity shifts 2.

  • Cost of capital and interest ratesheadwind

    Inflation and Federal Reserve rate increases could raise the cost of capital and limit access to funding, which would affect growth plans 1.

  • Regulation and complianceheadwind

    SEC, FINRA and anti-money laundering requirements are complex and changing, and compliance costs could rise as activity expands 1.

Competitive position

The company argues that no single competitor offers a comparable modern platform, although several participants offer subsets of its services 1. The main competition comes from large custody and clearing banks and large financial firms, which the company describes as more expensive and less flexible because of legacy technology 1.

High barriers to entry from technology and overhead costs, capital and collateral requirements and a complex regulatory environment could protect the company's position if its execution succeeds 1.

  • Large trust banks and custody providers

    Traditional providers of clearing and custody services, described in the filing as having legacy technology and higher costs 1.

  • Large financial firms offering clearing services

    Large firms that raised minimums, leaving smaller firms without direct access 1.

  • Piggy-backing intermediaries

    Indirect providers through which smaller firms reach clearing services, at additional fees 1.

  • Newer digital trading platforms

    Digital providers competing for new market entrants, not named in the source 1.

News & filings

In the press

No news in our archive over the last 180 days.

SEC filings

  • Current report15 Oct 2026
    Material agreement · Creation of a direct financial obligation · Item 3.02 · Other events · Financial statements and exhibits
  • Current report24 Sept 2026
    Results of operations · Financial statements and exhibits
  • Annual report24 Sept 2026
  • Current report23 Sept 2026
    Results of operations · Financial statements and exhibits
  • Current report16 Sept 2026
    Material agreement · Financial statements and exhibits
  • Current report01 Jun 2026
    Departure or appointment of officers · Financial statements and exhibits
  • Current report29 May 2026
    Shareholder vote
  • Current report13 May 2026
    Results of operations · Financial statements and exhibits
  • Quarterly report13 May 2026
  • Current report12 May 2026
    Other events

Sources

  1. [1] Form 10-K, fiscal year ended 2026-06-30 · SEC / AtlasClear Holdings, Inc. · 24 Sept 2026
  2. [2] Form 8-K, results release (exhibit 99.1) · SEC / AtlasClear Holdings, Inc. · 24 Sept 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.