MeritValue

Axe Compute Inc.

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

Axe Compute Inc. earns about -206% on equity, and has bought back 68% 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$1.42M1$1.51M2$1.63M3$84,8124$125,2844
Net income−$19.7M5−$25.7M6−$14M7−$12.7M8−$233.1M8
Operating cash flow−$12.2M9−$12.4M10−$13.2M10−$10.1M11−$9.88M11
Capital expenditure$910,42912$419,86913$21,53314$9,51015$015
Free cash flow (derived)−$13.1M9−$12.8M10−$13.2M10−$10.1M11−$9.88M11
Total debt$016————
Cash & equivalents$28.2M17$22.1M18$8.73M19$611,82220$10.8M20
Diluted shares54.9M3.7M4.0M363,58317.4M

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
$27.38
your share of equity
Profit it earned you last year
−$133.73
Free cash flow it threw off
−$5.67
Debt you’d be carrying
—

10 shares is a claim on $27.38 of net worth that earned you −$133.73 and generated −$5.67 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-206% avg · 5y
FY21 -49%FY22 -118%FY23 -169%FY24 —FY25 -488%

It earned an average -206% 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
−68% shares · 5y

Share count is down 68% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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 2021-12-31 · accession 0001171843-23-001805 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001171843-24-001694 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001171843-25-001863 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001171843-26-002094 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001171843-23-001805 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001171843-24-001694 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001171843-25-001863 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001171843-26-002094 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001171843-23-001805 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001171843-24-001694 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001171843-26-002094 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  12. 10-K · period ending 2021-12-31 · accession 0001171843-23-001805 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0001171843-24-001694 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0001171843-25-001863 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-12-31 · accession 0001171843-26-002094 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0001171843-22-002237 (LongTermDebt)
  17. 10-K · period ending 2021-12-31 · accession 0001171843-23-001805 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001171843-24-001694 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001171843-25-001863 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001171843-26-002094 (CashAndCashEquivalentsAtCarryingValue)