We are initiating coverage of ALT5 Sigma Corp. (ALTS), a fintech company providing blockchain-powered technology infrastructure and solutions tailored to the rapidly evolving cryptocurrency economy, with a BUY Rating and a $24 twelve month price target. Our revenue and EPS estimates for 2025 and 2026 are $35.1 million and ($0.51), and $57.9 million and ($0.14), respectively.

We believe that ALT5, through its merchant platform (ALT5 Pay) and its companion platform for financial institutions (ALT5Prime), has an early-mover advantage in integrated digital payment systems, effectively integrating cryptocurrency and other digital assets into traditional payment processing systems, both for merchants and for financial services organizations.

Underpinning these platforms is ALT5’s focus on blockchain powered technology for the tokenization, clearing & settlement, and custodianship of cryptocurrencies and digital assets, while offering merchants and processors a secure and fully compliant platform. Both ALT5 Pay and ALT5 Prime can easily integrate with existing payment systems among merchants as well as financial institutions.

Our $24 price target is based on a sum-of-the-parts valuation of ALT5’s Fintech business ($15.50/share), plus the midpoint of the valuation range of Alyea Therapeutics of ~$8.50/share, assuming a fully diluted share count of 28 million shares (see the Valuation section below for a detailed discussion).