Thunder Power Holdings, Inc.

AIEVdata completeness 63%4 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

Thunder Power Holdings, Inc. earns about -121% on invested capital, but has diluted owners by 830% over 4 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

Figure	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	—	—	—	—
Net income	$404,616¹	−$1.82M²	−$2.5M³	−$2.12M³
Operating cash flow	−$528,176⁴	−$658,729⁵	−$1.23M⁶	−$1.51M⁶
Capital expenditure	—	—	—	—
Free cash flow (derived)	—	—	—	—
Total debt	—	—	—	—
Cash & equivalents	$546,632⁷	$18,330⁷	$52,616⁸	$10,093⁸
Diluted shares	5.5M	34.9M	44.7M	50.7M

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

Net assets behind them

$0.95

your share of equity

Profit it earned you last year

−$0.42

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on $0.95 of net worth that earned you −$0.42 last year.

iii. Is this a good business?

Moat signal · return on invested capital

-121% avg · 4y

FY22 —FY23 -297%FY24 -31%FY25 -35%

It earned an average -121% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+830% shares · 4y

Share count is up 830% over 4 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

only 0 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

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

10-K · period ending 2022-12-31 · accession 0001213900-24-020453 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0001213900-25-026239 (NetIncomeLoss)
10-K · period ending 2024-12-31 · accession 0001213900-26-041108 (NetIncomeLoss)
10-K · period ending 2022-12-31 · accession 0001213900-24-020453 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001213900-25-026239 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001213900-26-041108 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-12-31 · accession 0001213900-24-020453 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2024-12-31 · accession 0001213900-26-041108 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)