MeritValue

Athena Bitcoin Global

ABITdata completeness 88%24 fiscal years on file
The thesis, from the filings

Athena Bitcoin Global earns about 4% on equity, but has diluted owners by 268866% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2011FY 2012FY 2013FY 2024FY 2025
Revenue$01$02$02$285.4M3$234.6M3
Net income−$216,7964−$206,5875−$202,5085$10.3M6−$6.03M6
Operating cash flow−$20,8917−$14,8568−$18,2338$17.7M9$12.6M9
Capital expenditure$010$011$011——
Free cash flow (derived)−$20,8917−$14,8568−$18,2338——
Total debt———$256,00012$8.73M13
Cash & equivalents$1714——$17.5M15$11.4M15
Diluted shares1.5M15.2M15.2M4.47B4.10B

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$0.04
your share of equity
Profit it earned you last year
−$0.01
Free cash flow it threw off
—
Debt you’d be carrying
$0.02

10 shares is a claim on $0.04 of net worth that earned you −$0.01 last year, against $0.02 of debt.

iii. Is this a good business?
Moat signal · return on equity
4% avg · 5y
FY11 —FY12 —FY13 —FY24 48%FY25 -39%

It earned an average 4% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+268866% shares · 5y

Share count is up 268866% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 3310% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2011-12-31 · accession 0001515971-13-000067 (Revenues)
  2. 10-K · period ending 2012-12-31 · accession 0001515971-14-000063 (Revenues)
  3. 10-K · period ending 2024-12-31 · accession 0001683168-26-001588 (Revenues)
  4. 10-K · period ending 2011-12-31 · accession 0001515971-13-000067 (NetIncomeLoss)
  5. 10-K · period ending 2012-12-31 · accession 0001515971-14-000063 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001683168-26-001588 (NetIncomeLoss)
  7. 10-K · period ending 2011-12-31 · accession 0001515971-13-000067 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2012-12-31 · accession 0001515971-14-000063 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001683168-26-001588 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2011-12-31 · accession 0001515971-13-000067 (PaymentsToAcquireProductiveAssets)
  11. 10-K · period ending 2012-12-31 · accession 0001515971-14-000063 (PaymentsToAcquireProductiveAssets)
  12. 10-K · period ending 2024-12-31 · accession 0001683168-26-001588 (ShortTermBorrowings)
  13. 10-K · period ending 2025-12-31 · accession 0001683168-26-001588 (LongTermDebt)
  14. 10-K · period ending 2011-12-31 · accession 0001515971-12-000084 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-12-31 · accession 0001683168-26-001588 (CashAndCashEquivalentsAtCarryingValue)