MeritValue

APPLIED ENERGETICS, INC.

AERGdata completeness 88%16 fiscal years on file
The thesis, from the filings

APPLIED ENERGETICS, INC. earns about -2053% on invested capital, but has diluted owners by 12% 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue—$1.31M1$2.63M2$2.43M3$461,7273
Net income−$5.43M4−$5.77M5−$7.35M6−$9.17M7−$14.9M7
Operating cash flow−$3.21M8−$3.93M9−$3.45M10−$5.09M11−$9.24M11
Capital expenditure$207,36712$74,18413$369,26714$98,84715$1.23M15
Free cash flow (derived)−$3.42M8−$4M9−$3.82M10−$5.19M11−$10.5M11
Total debt—————
Cash & equivalents$3.66M16$5.64M16$1.32M17$164,81217$6.44M18
Diluted shares200.9M208.1M211.1M212.9M224.0M

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
$0.34
your share of equity
Profit it earned you last year
−$0.66
Free cash flow it threw off
−$0.47
Debt you’d be carrying
—

10 shares is a claim on $0.34 of net worth that earned you −$0.66 and generated −$0.47 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-2053% avg · 5y
FY21 —FY22 —FY23 -1932%FY24 -3180%FY25 -1046%

It earned an average -2053% 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
+12% shares · 5y

Share count is up 12% over 5 years — owners have been diluted. Worth asking what they got for it.

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 2022-12-31 · accession 0001213900-24-026107 (Revenues)
  2. 10-K · period ending 2023-12-31 · accession 0001013762-25-003924 (Revenues)
  3. 10-K · period ending 2024-12-31 · accession 0001213900-26-036517 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001213900-23-024192 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001213900-24-026107 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001013762-25-003924 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001213900-26-036517 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001213900-23-024192 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001213900-24-026107 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001013762-25-003924 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001213900-26-036517 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0001213900-23-024192 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0001213900-24-026107 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0001013762-25-003924 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-12-31 · accession 0001213900-26-036517 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0001213900-23-024192 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-12-31 · accession 0001013762-25-003924 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2025-12-31 · accession 0001213900-26-036517 (CashAndCashEquivalentsAtCarryingValue)