olivLaw · US equity research
ATIF Holdings Limited AUC
Services-Management Consulting Services · SIC 8742
ATIF Holdings Limited is a business consulting firm that helps small and medium-sized enterprises become listed companies, with a growing focus on North American clients. In its latest fiscal year revenue rose 94 percent while the company reported a net loss of 4.6 million USD, and in 2025 it expanded into bitcoin.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, ATIF Holdings Limited (AUC) stock was 6.32 USD (−10.99% on the day), with market capitalisation 109.4 m USD, beta 0.14, 52-week range 4.48–9.33 USD. Latest reported quarter (Q3 2025): revenue of 250.0 k USD (+25.0% YoY), net income of -1.6 m USD, diluted EPS -0.09 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 37.3
- weak (30–45)
- Bollinger (20, 2)
- 6.47 – 9.88
- below the lower band · %B -0.04 · band width 41.8%
- SMA 50 / 200
- 7.86 / 7.27
- mixed trend
- MACD (12, 26, 9)
- -0.38 / -0.12
- 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
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −25.2% | −1.1% | −24.1 pp | — |
| 3 months | −3.2% | −0.5% | −2.8 pp | — |
| 6 months | −14.5% | +4.4% | −18.9 pp | — |
| Year to date | +11.5% | +12.3% | −0.9 pp | — |
| 1 year | −25.6% | +13.5% | −39.2 pp | — |
| 3 years | −68.1% | +76.4% | −144.6 pp | — |
| 5 years | −91.2% | +63.7% | −154.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2025 · 30 Apr 2025
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 150.0 k | 125.0 k | 25.0 k | 200.0 k | 270.0 k | — | 200.0 k | 250.0 k |
| Operating income | -1.2 m | -656.8 k | -547.5 k | -521.3 k | -234.4 k | -521.1 k | -350.8 k | -189.0 k |
| Depreciation & amortisation | 28.8 k | 29.7 k | 29.7 k ≈ | 29.7 k ≈ | 23.0 k | 6.3 k | 0 ≈ | 0 ≈ |
| Pre-tax income | -3.8 m | -625.5 k | -407.6 k | -807.6 k | -1.3 m | -367.1 k | -1.9 m | -1.6 m |
| Income tax | -543.9 k | — | — | — | — | — | — | — |
| Net income | -3.2 m | -625.5 k | -407.6 k | -807.6 k | -1.4 m | -367.1 k | -1.9 m | -1.6 m |
| Diluted EPS | -0.34 ≈ | -0.06 | -0.04 | -0.08 | -0.11 ≈ | -0.03 | -0.16 | -0.09 |
| Operating cash flow | -972.8 k | 195.4 k | -212.8 k ≈ | -62.6 k ≈ | -40.5 k | -800.6 k | -395.1 k ≈ | -939.0 k ≈ |
| Capex | -7.6 k | 4.3 k | 754 ≈ | 0 ≈ | 0 | — | — | — |
≈ 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.
Fiscal years
| Fiscal year | 2017 | 2018 | ⚠ 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.6 m | 5.3 m | 3.1 m | 645.1 k | 936.9 k | 1.7 m | 2.5 m | 620.0 k |
| Revenue YoY | unavailable | +46.0% | — | −79.0% | +45.2% | +78.0% | +46.9% | −74.7% |
| Net income | 641.0 k | 1.9 m | 429.2 k | -14.9 m | -9.0 m | -2.9 m | -2.9 m | -3.2 m |
| Net income YoY | unavailable | +203.7% | — | −3,567.3% | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | unavailable | unavailable | -0.90 | -0.31 | -0.30 | -0.31 |
| Diluted EPS YoY | unavailable | unavailable | — | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | 17.6% | 36.7% | 13.9% | -2,306.9% | -960.6% | -174.6% | -117.6% | -514.8% |
| Free cash flow | 138.8 k | 2.0 m | -3.0 m | -6.8 m | -2.8 m | -248.9 k | -2.3 m | -125.6 k |
The series breaks before 2019: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2024 · 31 Jul 2024
- Cash
- 1.2 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 1.8 m USD
- Total assets
- 3.0 m USD
- Debt / equity
- unavailable
- Current ratio
- 2.93x
- ROE
- -193.8%
- ROA
- -94.1%
- FCF margin
- -20.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 3.1 m | 645.1 k | 936.9 k | 1.7 m | 2.5 m | 620.0 k | SEC (XBRL)· 13 Nov 2024verified |
| Cost of revenue | — | 227.4 k | — | 660.0 k | — | — | SEC (XBRL)· 02 Nov 2022verified |
| Gross profit | 3.1 m | 458.6 k | 936.9 k | 1.0 m | 2.5 m | — | SEC (XBRL)· 13 Nov 2023verified |
| Operating income | 671.6 k | -6.4 m | -2.4 m | -2.2 m | -760.9 k | -2.0 m | SEC (XBRL)· 13 Nov 2024verified |
| Depreciation & amortisation | 50.3 k | 120.7 k | 209.0 k | 158.6 k | 138.8 k | 112.0 k | SEC (XBRL)· 13 Nov 2024verified |
| EBITDA | 721.9 k ≈ | -6.3 m ≈ | -2.2 m ≈ | -2.1 m ≈ | -622.1 k ≈ | -1.8 m ≈ | SEC (XBRL)· 13 Nov 2024derived |
| Pre-tax income | 706.1 k | -6.3 m | -2.4 m | -3.4 m | -2.9 m | -3.2 m | SEC (XBRL)· 13 Nov 2024verified |
| Income tax | 276.8 k | 76.3 k | — | — | 31.2 k | 3.3 k | SEC (XBRL)· 13 Nov 2024verified |
| Net income | 429.2 k | -14.9 m | -9.0 m | -2.9 m | -2.9 m | -3.2 m | SEC (XBRL)· 13 Nov 2024verified |
| Diluted EPS | — | — | -0.90 | -0.31 | -0.30 | -0.31 | SEC (XBRL)· 13 Nov 2024verified |
| Weighted average diluted shares | — | — | 9.5 m | 9.5 m | 9.6 m | 10.2 m | SEC (XBRL)· 13 Nov 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 6.5 m | 409.7 k | 5.6 m | 1.8 m | 606.0 k | 1.2 m | SEC (XBRL)· 13 Nov 2024verified |
| Receivables | 1.5 m | 939.4 k | 1.0 m | — | 650.0 k | — | SEC (XBRL)· 13 Nov 2023verified |
| Inventories | — | 46.8 k | — | 2.7 m | — | — | SEC (XBRL)· 17 Mar 2023verified |
| Current assets | 10.6 m | 5.2 m | 9.8 m | 6.0 m | 2.5 m | 2.9 m | SEC (XBRL)· 13 Nov 2024verified |
| Property, plant & equipment, net | 49.0 k | 606.2 k | 572.0 k | 272.7 k | 93.6 k | 60.0 k | SEC (XBRL)· 13 Nov 2024verified |
| Goodwill | 0 | 25.9 m | — | — | — | — | SEC (XBRL)· 31 Dec 2020verified |
| Intangibles (excl. goodwill) | 428.8 k | 330.5 k | 233.3 k | 153.3 k | 73.3 k | — | SEC (XBRL)· 18 Mar 2024verified |
| Total assets | 12.3 m | 45.8 m | 11.4 m | 8.1 m | 3.8 m | 3.0 m | SEC (XBRL)· 13 Nov 2024verified |
| Accounts payable | — | 482 | 482 | 482 | 293.1 k | 957.1 k | SEC (XBRL)· 13 Nov 2024verified |
| Current liabilities | 1.1 m | 7.8 m | 1.3 m | 2.8 m | 1.5 m | 988.4 k | SEC (XBRL)· 13 Nov 2024verified |
| Total liabilities | 1.1 m | 11.2 m | 1.7 m | 3.8 m | 2.2 m | 1.3 m | SEC (XBRL)· 13 Nov 2024verified |
| Equity | 11.2 m | 34.6 m | 9.7 m | 4.4 m | 1.5 m | 1.8 m † | SEC (XBRL)· 13 Nov 2024verified |
| Shares outstanding at year end | 37.1 m | 47.0 m | 9.2 m | — | — | — | SEC (XBRL)· 09 Dec 2021verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -3.0 m | -5.9 m | -2.7 m | -146.9 k | -2.3 m | -120.5 k | SEC (XBRL)· 13 Nov 2024verified |
| Capex | 20.8 k | 874.4 k | 106.5 k | 102.0 k | 1.4 k | 5.1 k | SEC (XBRL)· 13 Nov 2024verified |
| Free cash flow | -3.0 m ≈ | -6.8 m ≈ | -2.8 m ≈ | -248.9 k ≈ | -2.3 m ≈ | -125.6 k ≈ | SEC (XBRL)· 13 Nov 2024derived |
| Investing cash flow | 739.1 k | -176.5 k | 861.9 k | -1.6 m | 459.8 k | -1.6 m | SEC (XBRL)· 13 Nov 2024verified |
| Financing cash flow | 8.7 m | 142.0 k | 6.8 m | -2.0 m | 730.0 k | 2.3 m | SEC (XBRL)· 13 Nov 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 37.5% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 109.4 m USD
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
38% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
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%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -55.0% | 0 (on a fixed band) | 28% |
| Net margin · Quality | -723.7% | 0 (on a fixed band) | 17% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -12.9% | 0 (on a fixed band) | 22% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 31.2x | 100 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -2.0% | 0 (on a fixed band) | 22% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality0/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 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
ATIF HOLDINGS LIMITED (AUC). Latest full fiscal year: 2024; data up to 2025-04-30.
Figures computed from the financial statements: revenue 620.0 k USD in 2024; YoY growth -74.7%; net margin -723.7%; ROE -90.5%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 31.2x
What contradicts it
- ROIC: -55.0%
- Net margin: -723.7%
- Revenue CAGR 3Y: -12.9%
- FCF yield: -2.0%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Not enough comparable companies with data for an average.
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
Scenarios are not available. input data missing
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.
Possibly outdated: the newest document it read is from 09 Dec 2025; since then the company filed 6-K (10 Sept 2026), 6-K (31 Jul 2026), 6-K (15 Jul 2026), 6-K (05 Jun 2026).
In brief
ATIF Holdings Limited is a business consulting firm that helps small and medium-sized enterprises become listed companies, with a growing focus on North American clients. In its latest fiscal year revenue rose 94 percent while the company reported a net loss of 4.6 million USD, and in 2025 it expanded into bitcoin 1.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Persistent net losseshigh
The company expects losses could continue in the near future, which could limit resources available for development 1.
- Dependence on few clientshigh
Revenue comes from a small group of clients, and losing one could have a significant impact 1.
- Bitcoin exposuremedium
Bitcoin activity carries volatility and risks specific to digital assets that could influence results 1.
- Chinese regulatory uncertaintymedium
Changes in Chinese policy could affect consulting work for clients wishing to list 1.
- Shareholder dilutionmedium
Raising additional capital through share or warrant issuances could reduce the stake of existing shareholders 1.
Investment thesis
What would need to be true (bull case)
What would break the thesis
What to watch
- Trend in revenue and number of North American clientsnext 10-K
- Level of net losses and general and administrative expensesQ1 2027
- Progress of the bitcoin accumulation plan and mining operations2027
- Changes to Chinese rules on companies listing in the US2027
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.
Possibly outdated: the newest document it read is from 09 Dec 2025; since then the company filed 6-K (10 Sept 2026), 6-K (31 Jul 2026), 6-K (15 Jul 2026), 6-K (05 Jun 2026).
The business
Geographically, the company reported revenue from Hong Kong, the United States, Mexico and Singapore, with no operations in mainland China in fiscal 2025. Its structure includes California subsidiaries such as ATIF Business Consulting LLC for commercial advisory and ATIF Business Management LLC for enterprise management services 1. In May 2022 the company shifted its geographic focus from China to North America 1.
The company is a British Virgin Islands business company with its operating office in California, which allows it to serve clients seeking a US listing 1.
Segments
Going public consulting
This is the core service, in which the company prepares small and medium-sized enterprises for listing on US capital markets through IPOs, reverse mergers or acquisitions. The company has helped nine Chinese enterprises get quoted on US OTC markets and three clients list on Nasdaq 1.
Management and investment services
The company has extended its model toward enterprise management, administration, human resources and investment activities, including project and IPO-related investments, through dedicated entities in California and the British Virgin Islands 1.
Market context
The market for listing consultancy for small and medium-sized enterprises is fragmented, with low barriers to entry that may attract new players and intensify competition, according to the company 1. Demand depends largely on the openness and conditions of US capital markets, and policy changes in China have already affected the company's activity there 1.
International market developments, such as evolving rules for companies seeking US listings, could influence demand for services like those the company offers, and their effects are hard to anticipate 1.
Trends
- Shift to North Americamixed
Moving the focus from China to North American clients could support growth if demand for US listings stays solid 1.
- Chinese rules on US listingsheadwind
Statements by Chinese authorities about companies seeking US listings could slow the consulting business until clients regain confidence in the regulatory framework 1.
- Interest in bitcoinmixed
The bitcoin expansion reflects a focus on digital assets that could create new revenue but also brings high volatility to results 1.
- Weak economic environmentheadwind
The company said its operations were affected by a declining economic environment, which could limit client demand for listing services 1.
Competitive position
The company operates in a highly competitive market, where some rivals have considerably greater financial, technical and marketing resources 1. Low barriers to entry mean the number of players could grow, which could pressure pricing and the ability to win clients 1.
The analysed sources do not name specific competitors, so the list below cannot be fully completed from the available document, and the company's relative position remains limited to general assessment 1.
- Unnamed listing consultancy firms
Larger financial consulting firms mentioned only generically in the filing could compete for the same clients.
- Asian financial consultancy firms
Regional providers could compete for the Hong Kong and Singapore client base.
- US listing service providers
Firms experienced in IPO or reverse merger listings may be alternatives for clients.
- Online consultancy platforms
New entrants with lower operating costs could create competitive pressure.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)10 Sept 2026
- Current report (foreign issuer)31 Jul 2026
- Current report (foreign issuer)15 Jul 2026
- Current report (foreign issuer)05 Jun 2026
- Annual report (foreign issuer)09 Dec 2025
- Current report (foreign issuer)15 Oct 2025
- Current report (foreign issuer)28 Aug 2025
- Current report (foreign issuer)01 Aug 2025
- Current report31 Jul 2025Item 3.02
- Current report22 Jul 2025Material agreement · Financial statements and exhibits
Sources
- [1] Form 20-F, fiscal year ended 2025-07-31 · SEC / ATIF Holdings Limited · 09 Dec 2025
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.