MeritValue

Abits Group Inc

ABTSdata completeness 100%7 fiscal years on file
The thesis, from the filings

Abits Group Inc earns about -51% on invested capital, and has bought back 87% of its shares over 5 years. 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$219,3301$164,4282$1.68M3$6.71M3$9.13M3
Net income−$2.74M4−$21.5M5−$12.6M6−$909,6606−$2.87M6
Operating cash flow−$1.1M7−$7.32M8$1.76M9$1.92M9$1.41M9
Capital expenditure—$30.7M10$9.25M11$2.6M11$3.1M11
Free cash flow (derived)—−$38M8−$7.49M9−$679,6259−$1.69M9
Total debt————$1.88M12
Cash & equivalents$2.51M13$2.51M14$884,19915$1.12M15$83,83715
Diluted shares18.9M2.4M2.4M2.4M2.4M

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
$32.83
your share of equity
Profit it earned you last year
−$12.11
Free cash flow it threw off
−$7.12
Debt you’d be carrying
$7.91

10 shares is a claim on $32.83 of net worth that earned you −$12.11 and generated −$7.12 of cash last year, against $7.91 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-51% avg · 5y
FY21 -52%FY22 -79%FY23 -95%FY24 -7%FY25 -23%

It earned an average -51% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−87% shares · 5y

Share count is down 87% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has held roughly steady.

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. 20-F/A · period ending 2021-12-31 · accession 0001493152-23-018455 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2022-12-31 · accession 0001641172-25-007826 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2023-12-31 · accession 0001493152-26-019612 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F/A · period ending 2021-12-31 · accession 0001493152-23-018455 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001641172-25-007826 (NetIncomeLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001493152-26-019612 (NetIncomeLoss)
  7. 20-F/A · period ending 2021-12-31 · accession 0001493152-23-018455 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001641172-25-007826 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001493152-26-019612 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2022-12-31 · accession 0001641172-25-007826 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2023-12-31 · accession 0001493152-26-019612 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2025-12-31 · accession 0001493152-26-019612 (LongTermDebt)
  13. 20-F/A · period ending 2021-12-31 · accession 0001493152-23-018455 (CashAndCashEquivalentsAtCarryingValue)
  14. 20-F · period ending 2022-12-31 · accession 0001641172-25-007826 (CashAndCashEquivalentsAtCarryingValue)
  15. 20-F · period ending 2023-12-31 · accession 0001493152-26-019612 (CashAndCashEquivalentsAtCarryingValue)