Alpha Technology Group Limited (ATGL) Cash Flow Statement

NASDAQ: ATGLOperating cash, capex, free cash flow and buybacks.

Where ATGL’s cash came from and went, FY2025

September 30, 2025 · Hong Kong dollars

Cash from operations: −HK$13.1M
Capital expenditures: HK$783,644
Free cash flow: −HK$13.9M
Returned to shareholders: —
Change in cash: −HK$10.9M

Cash from operations

−HK$13.1M

Capital expenditures

−HK$783,644

Net borrowing (repayment)

+HK$2.1M

Other financing

+HK$954,238

Currency & other

−HK$90,058

Change in cash

−HK$10.9M

Drawn to scale: where the cash came from and how it was used. Hover for values.

ATGL operating cash flow, capex and free cash flow

Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)

ATGL cash flow trends, FY2021–FY2025

Alpha Technology Group Limited cash flow trends
Metric	Then	Latest	Change
Operating cash flow	−HK$531,828FY2021	−HK$13.1MFY2025	—
Capital expenditures	HK$92,068FY2021	HK$783,644FY2025	+104.2%/yr
Free cash flow	−HK$623,896FY2021	−HK$13.9MFY2025	—
Free cash flow margin	−15.4%FY2021	−188.5%FY2025	−173.1 pts
Capex / revenue	2.3%FY2021	10.6%FY2025	+8.3 pts

Change is the average annual growth (CAGR) or the difference between the first and latest year.

ATGL cash flow by activity

OperatingInvestingFinancingChange in cash

ATGL net income vs operating cash flow

Net incomeOperating cash flow

Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).

ATGL cash flow statement in Hong Kong dollars

Alpha Technology Group Limited annual cash flow statement
	FY2025	FY2024	FY2022	FY2021
Operating activities
Net income	−HK$70.3M	−HK$5.5M	−HK$2.7M	−HK$981,035
Depreciation & amortization	HK$1.2M	HK$721,446	HK$137,588	HK$44,170
Change in working capital	−HK$1.6M	−HK$14.7M	HK$3.6M	HK$51,909
Other non-cash items	HK$57.6M	−HK$90,235	HK$464,002	HK$353,128
Cash from operating activities	−HK$13.1M	−HK$19.6M	HK$1.6M	−HK$531,828
Investing activities
Capital expenditures	−HK$783,644	−HK$82,968	−HK$25,455	−HK$92,068
Investments (net)	—	−HK$82,968	HK$378,727	−HK$901,238
Acquisitions & other investing	−HK$31	HK$82,968	HK$25,455	HK$92,068
Cash from investing activities	−HK$783,675	−HK$82,968	HK$378,727	−HK$901,238
Financing activities
Net borrowing (repayment)	HK$2.1M	HK$797,228	−HK$538,615	HK$2.7M
Shares issued	HK$0	HK$44.1M	HK$0	HK$0
Other financing	HK$954,238	HK$12.9M	−HK$38,000	HK$0
Cash from financing activities	HK$3.1M	HK$57.8M	−HK$576,615	HK$2.7M
Summary
Net change in cash	−HK$10.9M	HK$38.2M	HK$1.4M	HK$1.3M
Cash at end of period	HK$30.9M	HK$41.8M	HK$2.8M	HK$1.4M
Free cash flow	−HK$13.9M	−HK$19.7M	HK$1.5M	−HK$623,896
Free cash flow margin	−188.5%	−159.3%	34.8%	−15.4%
Capex / revenue	10.6%	0.7%	0.6%	2.3%

Alpha Technology Group Limited quarterly cash flow statement
	Jun '26	Dec '25	Mar '25	Dec '24	Mar '24	Dec '23
Operating activities
Net income	−HK$10.0M	−HK$64.6M	−HK$5.6M	−HK$238,542	−HK$2.5M	−HK$4.6M
Depreciation & amortization	—	HK$1.2M	HK$46,113	HK$323,890	HK$320,354	HK$700,202
Change in working capital	—	−HK$1.6M	—	—	—	HK$7.0M
Other non-cash items	−HK$136,828	HK$57.1M	HK$459,392	−HK$479,680	HK$69,386	HK$17,353
Cash from operating activities	−HK$10.2M	−HK$8.0M	−HK$5.1M	−HK$394,332	−HK$2.1M	HK$3.2M
Investing activities
Capital expenditures	−HK$1.6M	−HK$783,644	HK$0	HK$0	HK$0	−HK$48,405
Acquisitions & other investing	HK$712,413	−HK$31	—	−HK$10,625	—	HK$1,911
Cash from investing activities	−HK$855,587	−HK$783,675	—	−HK$10,625	—	−HK$46,493
Financing activities
Shares issued	HK$0	HK$0	HK$0	HK$0	HK$0	HK$0
Other financing	−HK$909,700	HK$1.2M	HK$1.9M	HK$161,055	HK$7.2M	−HK$10.9M
Cash from financing activities	−HK$909,700	HK$1.2M	HK$1.9M	HK$161,055	HK$7.2M	−HK$10.9M
Summary
Net change in cash	—	HK$30.9M	−HK$429,142	−HK$208,670	HK$5.1M	−HK$7.8M
Cash at end of period	—	HK$30.9M	HK$5.0M	HK$5.4M	HK$5.6M	HK$3.6M
Free cash flow	−HK$11.8M	−HK$8.8M	−HK$5.1M	−HK$394,332	−HK$2.1M	HK$3.1M
Free cash flow margin	−259.6%	−203.1%	−168.1%	−12.5%	−70.3%	98.9%
Capex / revenue	34.6%	18.1%	0.0%	0.0%	0.0%	1.5%

Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Hong Kong dollars as reported; data from EODHD.

ATGL cash generation

In fiscal 2025 (ended September 30, 2025), Alpha Technology generated -HK$13.1 million of cash from operations and spent HK$0.8 million on capital expenditures, leaving free cash flow of -HK$13.9 million, −188.5% of revenue. Cash and equivalents fell by HK$10.9 million over the year.

Related: ATGL income statement, ATGL balance sheet. See the ATGL stock overview for the latest quote and news.

ATGL cash flow FAQ

What is Alpha Technology's free cash flow?

Alpha Technology's free cash flow was -HK$13.9 million in fiscal 2025: -HK$13.1 million of operating cash flow minus HK$0.8 million of capital expenditures It was -HK$19.7 million a year earlier..

How much cash does Alpha Technology generate from operations?

Alpha Technology generated -HK$13.1 million of cash from operating activities in fiscal 2025.

How much does Alpha Technology spend on capital expenditures?

Alpha Technology spent HK$0.8 million on capital expenditures in fiscal 2025, 10.6% of revenue, compared with HK$0.1 million the year before.